“But we also planned for some disruption due to the usual customer negotiation process that takes place in the first part of the year.”

In context

“l, from here? Thanks so much. Luca Zaramella: Yeah. Thank you, Andrew. So before commenting on the 2026 guidance, maybe a brief comment about how we ended the year. And I think, as we said, we are quite happy with our market's momentum. And quite frankly, happy because we saw sequential improvement in developed markets, albeit we are not fully there yet. On 2026, the guiding principle of the guidance was to be prudent. Particularly as we see some short-term pressure points like in The US, you know that the biscuits category is still subdued, and, you know, the plan is that it will continue like that for the first half at least. With some marginal improvements in the second half. In Europe, we have planned for a chocolate category that is stable after the meaningful prices that were taken. But we also planned for some disruption due to the usual customer negotiation process that takes place in the first part of the year. The main reason for the guidance range is that recent and sudden cocoa dynamics might require some flexibility. Depending on how competitions will react to those prices and where cocoa eventually will stabilize. As we said, our pipeline cost for 2026 is determined at this point in time. And it is clearly at a higher than the current cocoa spot. So this is something that we hadn't anticipated before. And, as we said, it just happened in the last couple of weeks. Our objectives are clear. We want to win with the consumers. We want to win in the market and that's one of the reasons why we are investing such substantially behind our brands. And, hopefully, the goal is to have improved volume trajectory, particularly as we move through the year. On the phasing, maybe just one word. I commented”