“Although not particularly large, these are incremental to our last call and have been factored into our current earnings outlook.”

In context

“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 business and category for the long-term. The early results have been positive as it relates to our chocolate strategy. We continue to invest behind our business, while cost saving initiatives remain on target. It is early to provide specifics on 2026, but we still expect EPS growth for next year. Although cocoa prices have come down recently, they remain elevated. It is also important to note that if we do see further improvement in cocoa, we will likely reinvest a portion of that saving back into the business. With that let's open the line for questions. Operator: Thank you. [Operator Instructions] We'll go first to Andrew Lazar with Barclays. Andrew Lazar:”