“So we see our chocolate business in 2027 increase its margin in a considerable way.”

In context

“y the cocoa price has declined more than anybody would have expected. And this will have some short-term pressures largely as it relates to probably having an industry or the largest players in the industry that they have already covered for 2026 at a higher price than the current market price. And this could maybe give us some unexpected competitive reactions. And so we want to build in some flexibility in our guidance because we don't quite know how that is going to play out in the market in 2026. What is good in all of this is that cocoa now has returned to a level that is much more in line with the historic price that we've seen. And that bodes very well for 2027. As I said, we're already covered for 2026. There's not a lot we can do anymore, but 2027 certainly will benefit from this. So we see our chocolate business in 2027 increase its margin in a considerable way. As it relates to 2026, like I said, we're going to remain very agile. We're going to do all the things that we said and then make sure we enter 2027 with a lot of strength. We are planning to go through a lot more detail on what our chocolate strategy is during the CAGNY conference, so I would certainly invite everybody to come and listen to us there. Andrew Lazar: Great. Really helpful. Hopefully, arrange to get some of the Biscoff stuff down there as well. That's just a personal favorite. And then, Luca, maybe shifting gears over to the Outlook. Maybe what's your thought process on the guidance range and sort of investment flexibility that Dirk mentioned in light of the fall in cocoa costs. What are your updated thoughts on sort of the cocoa environment, if you will, from here? Thanks s”