“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.”

In context

“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 Ken Goldman with J.P. Morgan. Kenneth Goldman: Hi. Thank you, Dirk. In North America, both price and volume mix came in below the Street in the fourth quarter. I'm curious, can you maybe expand on how you view the general health of the biscuit category here in the U.S., and also your expectations roughly for both volume and price in 2025 in North America in light of how you think about that category and your share within? Dirk Van De Put: Yes. Hi, Ken. Well, the consumer in U.S. is still quite concerned, the economy, the political situation and, of course, inflation. And as we've talked in the past, the value definition has clearly changed in most categories, I would say, but also in the biscuit”