“If cocoa stays high, we would expect to gradually price more. If cocoa starts to come down, then we would expect earnings delivery to be higher. Regardless, we expect EPS growth in 2026.”

In context

“epending on stock price. We are expecting approximately $0.12 of EPS headwind related to ForEx for the year. Before opening up for Q&A, a few comments on 2026. In 2025, we are trying to strike the right balance by running a reasonable P&L, while taking a responsible and thoughtful approach to maintaining the health of the chocolate category. In that context, we continue to scrutinize every dollar we spend, including A&C, where we'll continue to prioritize brand investments and properly support brands as long as we believe the return is sufficient. We do expect EPS growth in 2026 based on cocoa levels staying elevated, but stable. Cocoa futures might come down, but we're not there yet. So, we will continue to plan various scenarios, with the base case for a continuation of elevated levels. If cocoa stays high, we would expect to gradually price more. If cocoa starts to come down, then we would expect earnings delivery to be higher. Regardless, we expect EPS growth in 2026. With that, let's open the line for questions. Operator: Thank you. [Operator Instructions] We'll take our first question from Andrew Lazar with Barclays. Andrew Lazar: Great. Thanks so much. Appreciate it. Dirk, maybe to start, given where cocoa has gone in the past few months, maybe you can talk about how that, if at all, sort of, changes your approach and chocolate strategy, and with that, the state of the European business, given that's your largest chocolate market, and it seems like even more price will likely be necessary even into '26? Dirk Van De Put: Yes. Well, hello, Andrew, and thanks for the question. Well, as it relates to cocoa and chocolate, the first thing I would say is that, in our eyes, chocolate remains a great snacking category, which so far has been remarkably durabl”