“Yes. I mean, if I go through the regions, we clearly expect AMEA overall. If you look at how we're doing in India, in Australia, China, coming back. So we see EMEA as being a big source of volume growth for us.”

In context

“with Wells Fargo Securities. Your line is now open. Chris Carey: Hi, everyone. Thank you for the question. I wanted to start with this comment on the company's goal to demonstrate the significant volume trajectory change over the course of 2026. Can you help us understand regionally where that change might be occurring? Some of the key drivers. For example, the channel strategies that you have in North America, are those expected to be material? European, comps in Europe get quite a bit easier into the back half of the year. You mentioned the piece with PPA impacting emerging market volumes a touch and elasticity is getting better. Just give us a sense of what significant volume trajectory improvement looks like and contextualizing a bit where that's coming from and why. Dirk Van de Put: Yes. I mean, if I go through the regions, we clearly expect AMEA overall. If you look at how we're doing in India, in Australia, China, coming back. So we see EMEA as being a big source of volume growth for us. So that's certainly a region where we will see some good performance. If it then looks at Latin America, as Luca was saying, they're also we think that it's going to be quite a good year for us. North America, as I was explaining the consumer confidence there. The biscuit category is soft. We expect that the volume decline that you see in the category of 4% will ease, but we are not exactly counting on volume growth in North America. Then in Europe, what I expect there is that the first of all, in our other categories, we had a pretty good year already in 2025. We expect that to continue, and I'm talking about biscuits, cakes, and pastries and meals. And in chocolate, the price increase as we discussed, is going to ease. In fact, we are readjusting some of our pricing in certain markets.”