“The acquisitions, we started a little bit softer than expected, particularly in CLIF, and I called out some temporary issues in Ricolino, but you should see a sequential improvement throughout the year.”

In context

“ritical consumption events for us, but you should expect categories to continue their trends into Q2 and the latter part of the year. I want to spend a minute talking about pricing. We are at this point, in total, where we should be. We have implemented the price that we targeted everywhere, including Europe. We still have one main customer to finalize in Europe, which is leading to some disruption in Q2. So you should expect that. But overall, in terms of pricing, we are where we had anticipated to be by now. Inflation is, in total, in line with what we expected. And by now, we have locked cocoa for the entirety of 2024. So we have quite a good visibility on cost. I would have a special call-out here because cocoa costs will escalate throughout the year, particularly in the second half. The acquisitions, we started a little bit softer than expected, particularly in CLIF, and I called out some temporary issues in Ricolino, but you should see a sequential improvement throughout the year. Maybe another couple of points to bear in mind. Elasticities are planned in line with what we have seen in Q1, but we might see a little bit of an uptick, particularly in chocolate. But as we mentioned a few times, we will continue to support our brands. And we will not vacate critical price points, particularly in emerging markets. And we have planned for the same type of softness that we have seen in Q1 as far as the biscuit category goes. But we would expect our share to improve over time as we are revisiting some of the promo mechanics, particularly around brands like Chips Ahoy!. I mentioned that Ricolino is already recovering. So we should see good growth in Latin America going forward. And finally, as far as earnings call, we continue to make progress in removing stranded costs”