“As it relates to margins, we feel that overall from a commodity perspective that things will ease, particularly in cocoa. And so we can see a significant uplift in our chocolate margins in 2027.”

In context

“we get into 2027? I realize we may get more information on this at CAGNY, but, again, it was in the prepared remarks, so I figured I'd get a bit more context on that. Thanks. Dirk Van de Put: Yeah. So as we explained, so in 2026 we are taking a step forward and significantly increase our investments in working media as compared to 2025, taking into account that 2025, we took a step down largely in nonworking media, but also a little bit in working media. For 2027, we expect that we will do another step up in investments. We believe that we have to continue to invest in our brands. The opportunity is big. And we want to drive volume growth because that needs to be the first base of growth for the company. Combined with, hopefully, over time, a little bit of pricing. So that's our thinking. As it relates to margins, we feel that overall from a commodity perspective that things will ease, particularly in cocoa. And so we can see a significant uplift in our chocolate margins in 2027. Which will be divided by reinvesting part of it and part flowing to the bottom line. And so we are aiming for a strong EPS growth in 2027, but at the same time, we want to keep on investing in our brand. So we are not planning to flow everything to the bottom line if that would be the thing. Chris Carey: Thank you all. Appreciate it. Luca Zaramella: Thank you. Thank you. Shep Dunlap: Thank you. And we'll go next to David Palmer with Evercore ISI. Your line is now open. David Palmer: Thank you. Sort of a big picture question on European chocolate in your division there. I wonder, you know, how are you thinking about the path to a profitability recovery there to sort of a pre-2025 levels that we saw for a few years. If you think that is even the norm, you know, that we saw profitability the”