“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.”

In context

“ink 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 that in LatAm, there is Argentina, which went through quite a bit of country. And on top of that, economic turmoil, there were material issues in the we decided to protect working capital and not to extend payment terms to anybody. And we did quite, I believe, a good work in keeping the business. In accordance to our operating principles that are protect cash in Argentina and bring the cash home. That's what we did. When you strip out Argentina and”