“I think if you look at the way the 2026 plan is structured in Europe, there are more promotions. We are going to offer more value to some of the consumers. And all in all, I think while 2026 can be a new base, 2027 can really be a step change for our chocolate market overall around the world, including Europe.”

In context

“-up. Luca Zaramella: So, the idea David, is to go back to the profit pool as it used to be. And hopefully, even a little bit better because remember, we really have growth opportunities even in Europe. And quite frankly, we still have to invest quite a bit of A&C and expand both in the developed part of Europe, but also in the developing part of Europe. We still have plenty of opportunities in terms of price points channels, segment within chocolate and our goal is to grow. The chocolate business in Europe after the meaningful price increases we have taken in 2025. If cocoa ranges at around 3,000, our goal is to get into 2027 with a much improved situation. And to really be able to get back to the old profit pool. And if we have to make some selective price investments, we will make them. I think if you look at the way the 2026 plan is structured in Europe, there are more promotions. We are going to offer more value to some of the consumers. And all in all, I think while 2026 can be a new base, 2027 can really be a step change for our chocolate market overall around the world, including Europe. David Palmer: Are there any sort of milestones this year that you're going to be really watching for, whether it's perhaps how you see the retailer brand pricing works or your own price elasticity levels remaining better than a certain threshold? I mean, what are some things that you're going to be looking for and that we could even look for in the data? Luca Zaramella: It is potential competitive reaction. Let's we said a couple of times already. David Palmer: Got it. Shep Dunlap: Thank you. We'll now move on to Scott Marks with Jefferies. Your line is now open. Scott Marks: Hey. Good afternoon, all. So much for taking our questions. First one for me. I don't believe I've heard any discussion thus far about GLP-1 and some of the more recent developments in that market, especially with so”