“The number one driver that will impact the most is Europe that will have to return to volume growth. With disruption behind us, we feel quite good about achieving that.”

In context

“share. And on top of all that, we will have some very impactful activations. So we talked about Star Wars in the call here. There's another big one coming up, which I cannot yet announce, but we have some very strong activations on Oreo in the second half. All that together gives us the confidence that we will see a good second half in North America. Luca? Luca Zaramella: So, for the first half, we are broadly where we would have expected to be, quite honestly. Revenue might be a little bit softer, but strong profit will allow us to reinvest into some selective additional activities in half two to deliver profitable volume growth. I think you rightly pointed out the implied top line growth for half two which current guidance requires an acceleration. And that hinges on three main drivers. The number one driver that will impact the most is Europe that will have to return to volume growth. With disruption behind us, we feel quite good about achieving that. The team in Europe has proven consistently that they can execute very well and plans are in place to activate around big key consumers' activities like back to school and Christmas. It is also important to remind ourselves that the trade stock pipeline is an opportunity in Europe as we had to pull back on shipments and so the piping the trade is a material opportunity and something that we are clearly already seeing in July. The second element is the US biscuit positive volume. I have to say the diagnostics around what is happening to the overall category and the share pressure that we see are clearly giving us an indication of what has to change. And we truly believe that hitting those price points is going to result in positive outcomes. And again, we start seeing some green shots in th”