“We are planning to increase our investments behind our brands because in this year, our cocoa coverage is at a better cost than it was in 2025.”

In context

“revenue growth management largely through price pack architecture. And we've executed well against that chocolate playbook in 2025. If you then look at the markets around the world, I think places like India, Brazil, Australia, South Africa, some of our bigger chocolate markets, have done quite well. And also in Europe, in about half of the markets, things played out exactly as expected. However, I would say in the more northern markets in Europe, Germany, The Nordics, The UK, we saw higher than expected elasticity so we have to take adjustments in 2026. We have learned that certain price points are very important. So we have adjusted already to put our products at the right price point. Some of the PPA worked, others didn't. So we are adjusting also some of the PPA we have in the market. We are planning to increase our investments behind our brands because in this year, our cocoa coverage is at a better cost than it was in 2025. So we are able to increase substantially investment behind our brands, and we do that because we want to get back to the normal frequency and quantity of consumption that we've seen. Penetration hasn't gone down, but the frequency and the quantity of consumption did. We are also investing in price. As I mentioned, to hit those right price points. And as well in new PPA. We're going to push hard on innovation. We have the collaboration with Biscoff, which was very successful in 2025, but it really is going to go to the next level in 2026. So I think we've got a very strong innovation agenda led by Biscoff with a number of other things in Europe. And then we are going to have some important activations in store. However, as you probably have seen in the last two weeks, suddenly the cocoa pr”