“We are reaffirming inflation levels, interest and tax costs as well as share repurchases.”

In context

“olate players who traditionally use cocoa as an ingredients continue to reformulate with alternative components at a fraction of the cost. We believe at these levels, meaningful demand declines are expectable and will accelerate and that eventually will reflect on cocoa prices. Having said that, we remain confident in our pricing and RGM strategy and will continue to stay agile as the situation demands. Turning to our outlook on Slide 20. Our outlook for '25 remains unchanged for organic revenue, earnings per share and free cash flow. This includes approximately 5% revenue growth, which reflects successful customer negotiation and pricing in Europe as well as a softer demand environment in the US. Most of our key assumptions remain consistent with what we shared with you on our last call. We are reaffirming inflation levels, interest and tax costs as well as share repurchases. Translation ForEx impacts have changed and we are now expecting no impact to net revenue and EPS from foreign currency for the year. This reflects the dollar weakening against several currencies since our last call, including the euro and sterling. However, given dollar volatility, this could rapidly change. With respect to tariffs, the vast majority of US production is sourced from the US or is USMCA compliant. However, there is some sourcing of finished goods and ingredients that are subject to tariffs as things stand today. Although not particularly large, these are incremental to our last call and have been factored into our current earnings outlook. Before Q&A, a few words on '26. We remain focused on running a balanced P&L for '25, while continuing to maintain a sound chocolate busi”