“We will continue to invest in working media in line with the first part of the year, but we will also start optimizing as we discussed a few times the non-working media which is still an opportunity in this outlook.”

In context

“hat's the third element to bear in mind. I think all in all we have at this point, line of sight to the upper end of our revenue guidance for the year. As far as EPS goes, importantly, we have landed the price in line with our expectations. There might be more selective price that we will be doing in light of height and cocoa, but no major deviations are expected on this front. Our commodity cost for the year is almost 100% locked, so no surprises expected on that front either. As I mentioned a few times, just bear in mind that we bought cocoa quite well for this year and that year-to-date cocoa costs are meaningfully better than the 2024 average. So there is more cost coming in the second half [although] (ph) the EPS guidance being kept in line despite the very strong results here today. We will continue to invest in working media in line with the first part of the year, but we will also start optimizing as we discussed a few times the non-working media which is still an opportunity in this outlook. And finally, we will continue to pursue cost measures and productivity. So all in all, we believe reaffirming guidance is the right thing to do. And again, July is shaping up quite well for us at this point in time. But obviously, as I said, there is more work to do, particularly around the US consumption side. Andrew Lazar: Thanks so much. Luca Zaramella: Thank you, Andrew. Operator: We'll take our next question from Ken Goldman of JPMorgan. Ken Goldman: Hi, thank you. Dirk, I wanted to… Dirk Van de Put: Hi, Ken. Ken Goldman: Hi guys. I wanted to clarify a little bit about Europe. You talked about how completing your pricing actions helps position you well in terms of volume growth for the second half. I think you also mentioned that Europe elasticities, those still modest, are moving sl”