“If cocoa stays high, quite frankly, I would say we don't expect at this point in time a material headwind into 2026.”

In context

“that RGM had on our top line. So I expect really the demand side to impact positively the future cost of cocoa. Our goal is to exit the year with minimal elasticity or elasticities in line with what we expected and with the GP dollar that makes sense because we truly believe that even if cocoa comes down, that will allow us, A, to expand gross profit dollar in absolute terms, and B, to reinvest materially back in the category. So if cocoa comes down, I think quite frankly, it is Nirvana for us because the level we will be priced to and the ability that cocoa lower prices will give us to reinvest in the business, considering that our share is up and that we are holding the line in terms of price points, particularly in emerging markets, I think will position us well for the years to come. If cocoa stays high, quite frankly, I would say we don't expect at this point in time a material headwind into 2026. We talked to you about cocoa prices, but if I look, for instance, at cocoa butter, which is what we buy the most as opposed to cocoa powder, cocoa butter prices are already coming down for 2026. And so I think the market is anticipating some pressure on the volume side. And so a long answer to say that in either case, the plan is non-regrettable actions into 2025 and very well positioned at the end of 2025 to expand top and bottom line into 2026 for the chocolate category. Christopher Carey: Thanks, Luca. Dirk Van De Put: Thank you, Chris. Operator: We'll take our final question from David Palmer with Evercore ISI. David Palmer: Thanks for squeezing me in. The underperformance of snacks in the US just even broader than your biscuits business and what you're involved in, it seems like it's”