“We expect both issues to subside throughout the year, and specifically Ricolino is almost back on track.”

In context

“trends. In summary, we're confident that we are well equipped to navigate a relatively short-term headwind and that we're structurally advantaged to accelerate long-term growth in this category. With that, I'll turn it over to Luca to share additional insights on our financials. Luca Zaramella: Thank you, Dirk, and good afternoon. Q1 marked a solid quarter for our business, with organic revenue growth across each region, strong profit dollar growth, substantial investment into A&C and great free cash flow generation. Revenue grew 4.2% with strong pricing execution. Volume/mix was varied for the quarter, with emerging markets flat despite being impacted by some political unrest in the Middle East and some production slowdowns in Mexico related to Ricolino being integrated into SAP. We expect both issues to subside throughout the year, and specifically Ricolino is almost back on track. On the other side, developed market volume/mix was down 3.6% for the quarter, being impacted mostly by Europe customer disruption and the U.S. biscuit market softness. On the customer front in Europe, we are happy to report that about 90% of the pricing is now implemented. One relevant customer alliance is still pending. Total revenue for emerging markets grew plus 8.3%, underpinned by strength across a number of key markets. While developed markets grew 1.4%, with solid results from Europe despite customer disruption and strength from our North America growth channels and Canada. Moving to portfolio performance on Slide 11. Biscuits and baked snacks grew 0.6% for the quarter. A number of brands delivered solid growth, including OREO, Ritz, Perk and 7Days. On the flip side, we have”