“The typical targets that we have is about a 4% gross productivity on our supply chain... we are planning to reach that in '25.”

In context

“a: That is the guidance number. We have seen elasticities that are a little bit lower than that. We monitor elasticities very closely. I can tell you that in Q3 and Q4, the elasticities for chocolate that we saw was a little bit lower. The current planning assumption for 2025 is that elasticity on average is 0.4, 0.5 times. And that number is higher than what we have seen in 2024. Thomas Palmer: Okay. Thank you. Operator: We'll move next to Max Gumport with BNP Paribas. Max Gumport: Hey. Thanks for the question. You mentioned a number of times in this call that you have one of the highest supply chain productivity programs in your history coming up in '25. I was hoping you could just put a bit of a finer point on just how big that program might be? Thanks very much. Dirk Van De Put: Yeah. The typical targets that we have is about a 4% gross productivity on our supply chain. And then, depending on inflation rates and some other investments we might do, we try to translate that into a net productivity. In the past three, four years, it has been very difficult to reach that 4%, but we are planning to reach that in '25. So, that gives you an idea. Max Gumport: Great. Thanks very much. And then, turning back to North America and what you're seeing within your biscuit and cracker categories, and I understand your share performance is improving. Consumers still feeling some financial pressure in the U.S. I didn't hear you speak much to whether or not you think there is a shift away from snacking that's going on due to a consumer that's more focused on health and wellness or a consumer that's more and more likely to be on a GLP-1 drug. So, just curious on your view on the broader snacking category in the”