“We don't have reasons to believe that elasticity is going to be worse than what we planned for at this point in time.”

In context

“tle bit prudent in terms of projecting Europe, particularly in Q3. North America, the pure fact is that the major market category-wise is, at this point, down volume-wise minus 3%. The category started going south in Q4 and even in Q3 last year. So we are lapping, but we are projecting our category volume-wise to be down still 3%. Now there is pricing. So revenue should go up from the -- what you have seen, particularly this quarter on the positive side. And clearly, bottom line should go up as well from what we have seen this quarter. In emerging markets, we have implemented multiple waves of pricing. We are out with a new price both in India and Brazil that are the main markets we have in emerging markets. And so again, we need to stay quite prudent and see what happens to elasticities. We don't have reasons to believe that elasticity is going to be worse than what we planned for at this point in time. But again, we want to be on the cautious side. Our biscuits business continues to do well. Excluding North America, actually, year-to-date, revenue is up a little bit more than 7%. And again, we project a continuation of that. So we really want to be on the prudent side, I would say. I'm not suggesting that the guidance is a slum dunk at this point in time. You know that in the U.S. most likely, there is a wave of inflation coming up. And so we have to be -- we have to stay prudent and execute with excellence as I think we have done in most of the cases in the first half. Megan Christine Alexander: Okay. Great. Super thorough and helpful. And then maybe just a follow-up on cocoa. When we came into the year, you said there's essentially 2 scenarios in terms of '26: one is cocoa comes down”