“As it relates to the U.S., we really don't see an immediate change. If anything, I think the consumer will see the full effect of the tariffs in the second half.”

In context

“lly think about as we contemplate that? Dirk Van de Put: Yes. So we're trying to be vigilant and make sure that we can execute against our agenda. I think that we have accounted in our outlook for the tougher areas, as Luca was pointing out. So the ones that we are keeping an eye on, first one would be chocolate. What we've seen in -- with chocolate in Europe is a very good Easter. We executed well in our RGM and pricing strategy that's in the market. Then in June and July, there was quite a heat wave in Europe. And so volumes were lower than expected. In the last 2 weeks, the temperatures have gone down, and we see the volumes come back. So we are quite vigilant on chocolate elasticity for the second half of the year. But it's difficult to read at this stage with the heat wave in Europe. As it relates to the U.S., we really don't see an immediate change. If anything, I think the consumer will see the full effect of the tariffs in the second half. And so we will see where the consumer confidence and the consumer spending will go. And so we have to be careful of that. And I would say those are the 2 big factors that make us keep our current outlook. Like Luca said, we've included, I think, a realistic view on what is going to happen in those 2. And that seems at this stage for me the best stance that we can take. Peter Galbo: Okay. And Luca, maybe just as a follow-up, there's obviously been a lot of discussion around the move in cocoa and cocoa butter in particular, which I think has moved in a pretty favorable direction. So maybe you could just talk about how we should extrapolate that, how you're thinking about it as you begin to contemplate hedging for '26. Luca Zaramella: I think when you look at the cocoa market fundamentals, t”