“There was a lower flow because of the elections of public subsidies to the households that we think will start to normalize in H2.”

In context

“ck the Mexico comments a bit more. I think we've heard kind of different things from different companies this quarter related to Mexico. Some have mentioned the subsidy timing that you called out. Others have seen maybe more of a normalization after such a strong kind of several years in Mexico. So just curious, A, if maybe there's a bit of both going on there at this point, or if truly you think that the subsidy piece was a blip and you've already seen a re-acceleration into July? Thanks very much. Dirk Van de Put: Yes, I mean, overall the market conditions in Mexico for us are healthy. For instance, the biscuits and the chocolate category both saw mid-single-digit increase in value. Gum and meals also performed quite well. I would say the economy is doing well. There is good employment. There was a lower flow because of the elections of public subsidies to the households that we think will start to normalize in H2. But in general, if you look at minimum wage has doubled in the last years in Mexico. So the overall climate is very positive as it relates to the consumer. If you look at the low single-digit Q2 growth that we had, that largely came from our candy and our chocolate business, which was offset by growth in gum and meals. And particularly in candy, we think that there probably our price points are a little bit too high. We will need to work on those. In chocolate, a little bit the same. And we need to make sure that we're well positioned for the Christmas season there. Again, gum and meals are doing very well, and also the biscuit growth for us was quite strong. The Oreo distribution, which is critical because of the Ricolino partnership that we have, is growing well, and Oreo is growing als”