“And potentially in 2026, we'll step it up depending on the level of cocoa to the point where we really reestablish a virtual cycle, which is volume growth, share growth, generation of GP dollars and again, good cash for the company.”

In context

“r. And so if cocoa stays elevated, there might be additional pricing. But I think all in all, we should be in a good spot at the end of the year. If cocoa comes down, the question becomes what do we do to protect demand, what do we do to face potentially some competitive actions, et cetera. But in the end, I think the P&L will thrive because if I apply the elasticity we have seen on the way up to the way down, there is either material price upside or there is a potential volume rebound. Also remember one critical thing, which we said many times, the virtuous model of this company has been in the last few years to protect gross profit dollar growth as opposed to percentages, but it has also been investing, particularly in working media and in route to market, and we will continue to do so. And potentially in 2026, we'll step it up depending on the level of cocoa to the point where we really reestablish a virtual cycle, which is volume growth, share growth, generation of GP dollars and again, good cash for the company. Operator: [Operator Instructions] We will go next to Robert Moskow with TD Cowen. Robert Moskow: And maybe just a couple of things to clarify, Luca. The comment that you need to invest in working media in 2026, a lot of other companies do that when they reduced media in a given year. So it doesn't sound like that's what you're doing. So maybe you could explain whether that's like a catch-up in '26 or not. And then I'll ask a quick follow-up. Dirk Van de Put: Yes, Rob, I'll take that. So the way I would describe it is that we will have a chocolate category whereby the price will have gone up 30% to 50% in the last 2 years. And what we see is consumers are staying in the category, but they're diminishing their frequency and they're diminishing the quantity bought. So we expect that after al”