“The idea is to continue with lower nonworking media but to clearly step up in the working part.”

In context

“unlap: 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 the working media line, but we touched the nonworking media predominantly. The idea is to continue with lower nonworking media but to clearly step up in the working part. And if you look over a couple of years, between 2024 and 2026, we will more than recover what we have to pull back in 2025 into the overall line. On the other part of S and A, as of the overheads part, we will continue with cost savings, but we will have to step up a little bit the annual incentive plan. So all in all, the investment in A and C over two years, I think it's going to be substantial if you take 2024 to 2026. It's up quite meaningfully. Michael Lavery: Okay. That's helpful. And just back to emerging markets, maybe touch on that specifically, maybe LatAm. It's down now a couple years. What can you do to grow volumes there? And can you give any sense maybe of what kind of assumptions would be baked into the guidance? Luca Zaramella: Look. I think that the simple answer there is”