“The emerging markets will continue growing and hopefully they will do even better than what is embedded quite frankly, in the guidance.”

In context

“said, there is an element of cost that was locked for 2026. So in general, you should think about pricing net of cost as slightly positive to neutral for chocolate. That's the way we have prepared the plan. Megan Clapp: Okay. That's super helpful. Thank you. Shep Dunlap: And then just to come back to the organic sales outlook, zero to 2%, you've got some nice momentum in emerging markets. I think finished the year around high single digits. So that the expectation for 2026 that emerging markets can kind of be on in that high single digit range. And if so, I think mathematically would imply kind of developed markets decline in the low to mid single digit range. So, you know, is that math fair and just any way to kind of think about The US versus Europe and relation to that? Luca Zaramella: The emerging markets will continue growing and hopefully they will do even better than what is embedded quite frankly, in the guidance. We are happy with the momentum we are seeing in both America and EMEA now. Involve segments, have a meaningful presence in chocolate. And, if you look at how much we price, that contribution is not going to be there for 2026. But on the flip side, there should be less elasticity. Now I would say majority of the volume declines that you see, particularly in EMEA, but also in Latin America, are due to PPA. So the volume momentum is really there when you take out the PPA impact. The idea for 2026 is, again, to grow this market pretty much at the same level, but there will be a little bit less contribution from pricing and more contribution from volume mix. Megan Clapp: Okay. Thanks, Luca. Luca Zaramella: Thank you, Megan. Shep Dunlap: We'll now move on to Michael Lavery with Piper Sandler. Y”