“Most of our key assumptions remain consistent with what we shared with you in our last call, with the exception of interest expenses, which is now estimated at $275 million for the full year.”

In context

“cation in September, which will likely act as the next catalyst for cocoa costs. As we get to our Q3 earning cycles, we expect to be able to share more color around demand, market liquidity, and the range of cost [at wheels] (ph) relative to 2025, as well as EPS. I'll close with our outlook on Slide 21. Our outlook for ‘24 remains unchanged. We continue to expect on-algo delivery for revenue, earnings per share and cash flow. Note that these earnings per share include significantly higher costs related to cocoa for the second half, which is important to factor into half two models. This includes the upper end of our 3% to 5% range for organic net revenue, which considers the impact of completing price negotiations in Europe and plans to drive improvement enough to result in North America. Most of our key assumptions remain consistent with what we shared with you in our last call, with the exception of interest expenses, which is now estimated at $275 million for the full year. With that, let's open the line for questions. Operator: [Operator Instructions] We'll take our first question from Andrew Lazar of Barclays. Andrew Lazar: Great. Thanks so much. Good afternoon, everybody. Dirk Van de Put: Hi, Andrew. Andrew Lazar: Hi, there. Maybe to start off, Dirk, last quarter I think you spoke about the need to offer better value to the consumer in parts of the North America segment. In 2Q, volume declines moderated in North America, as did the benefit from pricing. So how do you see the consumer situation in North America currently and do you see the need for a more aggressive price reset? And separately for you, Luca, volume and organic sales growth needs to accelerate sequentially to hit the upper end of the 3% to 5% range for the year in a still challenging enviro”