“And again, the clear goal for us is to end 2025 in a place where we are well positioned to deliver EPS growth in 2026.”

In context

“ularly in the productivity area of our manufacturing network, but we also have reduced overheads and the non-working media spending. So, our goal is to deliver a plan that is executing well in all non-chocolate category. And for chocolate, I think, the key will be to minimize the volume implications, together with ensuring that we exit 2025 with a reasonable profit per kilo as a key measure for us to monitor. The profit gating throughout 2025 will be more pressured in Q1, given the fact that we are in the midst of negotiations with customer and we haven't implemented the price yet, but we feel quite good at this point given the progress we have made. And I think you will start seeing profit improvement in terms of sequential improvement versus Q1 and Q4 as we progress throughout the year. And again, the clear goal for us is to end 2025 in a place where we are well positioned to deliver EPS growth in 2026. Clearly, it is quite premature to talk about 2026, but we wanted you to hear very clearly that our goal is to grow EPS for 2026. At this point in time, we see a bifurcation of scenarios into 2026. I believe the most likely scenario is that cocoa prices will come down, in which case, we will have higher earnings upside potential. But if cocoa stays elevated, we will have to take a little bit more pricing. And our approach over the last few years and in '24 as well is to take multiple pricing actions and to allow consumers to get accustomed to higher levels of pricing. And so, we believe that in either case, whether cocoa comes down or stays high, we have a path to delivering EPS growth into 2026. Andrew Lazar: Thanks so much. Luca Zaramella: Thank you, Andrew. Operator: We'll move next to”