“What I will tell you is we are going to have a year that is ahead in terms of gross profit dollar growth delivery compared to our usual algorithm.”

In context

“ket. But overall I would say I think it's a temporary issue driven by these subsidies. And in the second half I'm expecting to see a good recuperation in Mexico. Peter Galbo: Great. Thanks, Dirk. That's helpful. And Luca, just maybe a quick one. We've had some questions come in. Obviously the kind of over-delivery on gross margin in the first half and I think that there was an expectation kind of coming out of the fourth quarter of this year that you'd be down -- gross margins kind of basis or more than basis points, actual points on a year-over-year basis as we exit ‘24 and just wanted to see if that's kind of still the expectation given the cocoa inflation in 2H. Thanks very much. Luca Zaramella: Yes, I think, look, we moved away from giving guidance in terms of gross margin percentage. What I will tell you is we are going to have a year that is ahead in terms of gross profit dollar growth delivery compared to our usual algorithm. I think in the end, what will really matter is the amount of pricing we would have implemented and how much pricing we're going to take into next year in light of whatever cocoa is going to be come the end of 2024. So we are very happy. I have to be honest with the level of profitability we have achieved in the first part of the year. There, would have suggested, I believe, under normal circumstances that we have upside to the guidance we gave you. But reality is cocoa is a material headwind in the second part of the year. And the reality is we might have to selectively invest in some of the activities that you have been hearing throughout the call. It is not a massive investment. It doesn't take away that in terms of profitability and ability to reinvest in A&C, we have done, I believe,”