“Bear in mind that we want to start 2024 strong. And so if there is upside in terms of profitability and EPS, we might decide to reinvest selectively some of the upside to get really a fast start into 2024, too.”

In context

“e on a roll. We are quite happy. Some pricing is causing some areas of concern in terms of elasticity, but those are the minority of the market and not really important in the big scheme of things. The US and North America are posting a terrific P&L, and we are very pleased with Clif. And Europe has improved profitability already in Q2. But as we said last quarter, at that time, we had 80% of the price implemented. Now that pricing is 100% secured, we expect volume and revenue growth as well as margin improvement for Europe. So quite frankly, there is a good chance that we exceed the 12% plus guidance, but I prefer having another quarter under the belt and then narrow guidance for Q4. If all things play out as we have in mind, as I said, there are good chances we will exceed the guidance. Bear in mind that we want to start 2024 strong. And so if there is upside in terms of profitability and EPS, we might decide to reinvest selectively some of the upside to get really a fast start into 2024, too. Andrew Lazar: Thanks so much. Luca Zaramella: Thank you, Andrew. Operator: Our next question comes from Bryan Spillane with Bank of America. Your line is open. Bryan Spillane: Hey, thanks, operator. Good afternoon, guys. Dirk Van de Put: Hi, Brian. Luca Zaramella: Hi, Brian. Bryan Spillane: Hey, I got two questions, one on the net interest guidance and the second one on Clif. So maybe first one for you, Luca. Net interest expense guidance came down again I think by about $20 million versus where we were coming out of 1Q. And I just want to make sure, I think you paid off a $750 million term loan with the KDP proceeds. So is this just simply a function of half a year interest savings on paying the term loan off? Or is there anything else that drove the lower net interest expense? Luca Zara”