“There will be a modest dilution in Q4 with a full year $0.08 headwind.”

In context

“ormalize by 2026, our gradual approach to pricing seems still to be the best approach to take. Overall, we feel good about the fundamentals of the business, our growth opportunities, the investments we are continuing to make in the business and our plans to navigate this short term cocoa dynamic. We expect to emerge from this period of elevated cocoa prices even stronger and better positioned for attractive sustainable earnings growth. We will provide more details related to 2025 at our year-end call. Finally, a word on our sales of the JDE Peet's shares. We are happy overall with the return we realized on our coffee financial investments. Some of the proceeds will be deployed immediately towards lowering our CPE balance, but eventually will be deployed towards buyback and to support M&A. There will be a modest dilution in Q4 with a full year $0.08 headwind. We will issue an 8-K with more details over the coming weeks. With that, let's open the line for questions. Operator: [Operator Instructions] We'll go to our first question from Andrew Lazar with Barclays. Andrew Lazar: Thanks so much. Good evening. Maybe, Dirk, first, I was hoping you could discuss the puts and takes in 3Q and maybe specifically how that shapes sort of your strategy in chocolate going forward in light of the challenges that cocoa is going to present next year? Dirk Van de Put: Yes. Hello, Andrew. Well, overall, I would say we feel good about Q3, the results, and also the dynamics that we see in there. So as you could see, we have a strong top line growth. We have positive volume mix. And the consumer, I would say, in most places is holding up well. Developed markets came”