“And so as we move through the year, I think you're going to see a sequential improvement of volume and revenue, but most importantly, in terms of EBIT phasing.”

In context

“pricing that is pretty much the same as we have in 2025. In terms of cost, the way our inventory accounting works is that we will have to adjust the level of inventory in the first day of the year to the actual pipeline cost that we see in 2026 versus how we exit the year in 2025. And that is a one-time adjustment that takes place on the inventory, and that is causing in the first February, but predominantly in Q1, an impact that is at a billion dollars. And that gives you an idea of the costs that we see throughout the two years. So in terms of top line, I would say in chocolate specifically, flat pricing, in terms of volume, some implications as the risk of disruption, as there is customer disruption in Europe. And in terms of cost, higher cost in the first half versus the second half. And so as we move through the year, I think you're going to see a sequential improvement of volume and revenue, but most importantly, in terms of EBIT phasing. In all of these, investments in A and C is equally spaced throughout the quarter, so no material changes I would say, quarter on quarter in absolute terms. Of our AFC investment. Peter Galbo: Great. Thanks for that, Luca. And, Dirk, maybe to pivot to North America. I mean, I know it continues to kind of be a difficult operating environment. You know, volume trends are still a bit weak. There's a view maybe that this is more k shape or cyclical tide versus structural and maybe in the context of just one of your largest peers announcing price cuts today in the snacking category, would just love to get your perspective on, you know, the North American market, where you stand on that debate, and, on the pricing front, kind of what the go forward actions might look like there? Thanks very much”