“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.”

In context

“rkets 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. Your line is now open. Michael Lavery: Thank you. Yeah. You touched on the advertising spend as a tailwind in 4Q, but you've talked about stepping up investments next year. Can you give a sense of order of magnitude? And would next would 2026 be basically back to normal? Is there, you know, any kind of push beyond that? How do we just think about what kind of investment level you've got in store for the year? Luca Zaramella: So, Michael, if you look at the A and A line, it was clearly down year on year 25% on 2024. One of the drivers there is continued overhead savings, but we had to tap a little bit into A&C too. We said many times that we didn't touch t”