“So overall, I would say we feel good about where the chocolate market is, where the reaction of the clients and the competition has been, and we expect that the year will continue quite strongly.”

In context

“loss into slightly positive over the last month, our volume trends are improving sequentially. That was originally driven -- the volume trends were influenced by, of course, elasticities, which still continued in this year. We also did a lot of downsizing, and we had a plant outage last year. So we're starting to lap that. And we are focused on execution for the rest of the year, but we feel good about '26 and particularly about '27. We will continue to do strong activations. We are significantly stepping up investment in working media and our brands. We're doing PPA. We have reset a number of price points, which were off in certain markets, and we're starting to see a positive effect from that. And we continue to make sure that we do strong activations to draw consumers in the category. So overall, I would say we feel good about where the chocolate market is, where the reaction of the clients and the competition has been, and we expect that the year will continue quite strongly. Megan Christine Alexander: Great. That's really helpful. And then maybe just a related follow-up. You said we kind of have to wait and see what's going to happen for cocoa in the second half of the year. Prices obviously fell pretty quickly at the beginning of the year, but seem to have kind of stabilized in a range. So as you look at kind of the cocoa market and the dynamics, what's your kind of assessment of cocoa as we sit here today? Luca Zaramella: Yes. I think the -- nothing has really fundamentally changed. The mid-crop was quite positive. We are encouraged by what we see as it relates to next year crop as well. I think you know that supply, particularly out of Latin America and other places that are not the Ivory Coast of Ghana, the supply is quite positive. So I feel that from a”