And Chief Executive Officer Steve Cahillane. However, they are here today celebrating the opportunities facing a wholly new company, Kellanova, following last year's successful U.S. cereal spinoff. Fueled by powerful brands such as Pringles, Cheez-It, Pop-Tarts, and Eggo, Kellanova today stands for snacking, for emerging markets, and expanding distribution, with over 80% of company sales now coming from global snacking categories in fast-developing economies, a tremendous transformation versus just a few years ago. And as they will be quick to tell you, Kellanova also stands for accelerated margin expansion, enhanced free cash flow generation, and disciplined capital allocation. So with that, please join me in welcoming Kellanova to the conference, and join me also in thanking the team for sponsoring the snack break that will immediately follow this session. Thank you, Steve, and good afternoon, everyone. It is terrific to be back at CAGNY with you as Kellanova and without COVID. It's also great to be back with you in the afternoon and say good afternoon instead of good morning. I think this is the first time in seven or eight years we've been in the afternoon, which is reflective of who we are today. As always, we're required to kick off the excitement with our forward-looking statements disclosure shown on slide number 2. As you're aware, certain statements made today, such as projections for future performance, are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to this slide of the presentation as well as to our public SEC filings. Now, onto the presentation. me, today we're going to discuss some of the ways that we are truly differentiated: differentiated from our past as Kellogg Company, differentiated versus our competition, and differentiated relative to how our stock has been viewed. In fact, this differentiation is so important to us that it's the first word in the name of our newly sharpened strategy, which is differentiate, drive, and deliver. Differentiation is embedded into all aspects of our strategy, from how we think about where to play, from how we think about how to win, how to protect our planet, and how we think about serving our communities, and, of course, to the financial performance that we absolutely plan to deliver. From a where-to-play standpoint, our footprint is differentiated from most companies in our peer group. As shown on this slide, we're truly global, with half of our sales coming from outside of the United States and Canada. Our portfolio is oriented toward growth, with over half of our 2023 net sales coming from advantaged snacking categories in developed markets, and nearly 30% of our 2023 net sales coming from emerging markets, which are the markets that continue to lead the globe in the growth for packaged foods. In short, Kellanova offers a very differentiated footprint. Our portfolio is also differentiated in the categories in which we compete. Now, if you look on the left-hand side of this slide, you see our portfolio split into the major category groups. On the right side, you see Euromonitor data that offers the estimated size and growth rates of the categories that comprise each portion of our portfolio. Now, clearly, these are large, global categories with plenty of runway for us to continue to gain share. And importantly, they are growing categories, categories that outpaced overall grocery both before and since the pandemic. Our portfolio is clearly differentiated in terms of its participation in advantaged categories. We also have some of the most differentiated iconic brands that you can find anywhere. Think about it: there is literally nothing like a Pringles, a Cheez-It, a Pop-Tart, an Eggo, or a Rice Krispies Treats. And that's why these brands have stood the test of time and why their brand equity scores are so incredibly high. It's also why they have grown so consistently over the years and why they still have runway for growth, especially when we consider international expansion. These are scaled and differentiated brands that are also margin-accretive to our portfolio. Today, we'd like to bring two of these to life, two examples of differentiation, to life for you. David Lawlor, who heads up our Kellanova Europe business, will provide a deeper dive into what we have done and what we will do to drive strong growth in one of our most differentiated brands, and that's Pringles. Shumit Kapoor, who leads our Kellanova AMEA business, is going to take you into one of our most differentiated markets, and that is the continent of this century, and that's Africa. So, Dave, over to you. Thank you very much, Steve. Hello, everybody. It's a delight to be back here providing some deeper color on the performance, momentum, and potential of our unique Pringles brand, which is very much, as Steve said, at the core of our global snacking powerhouse ambitions. In this presentation, what I'll take you through is, one, how the brand, how the brand's business, has been performing since we acquired it and why. Two, why are we so positive about the outlook for sustained growth momentum and how that will be driven. Three, I'll close out by touching on how we might apply this Pringles playbook to other brands within our portfolio. I'll get started. Since acquiring the Pringles brand, the business has more than doubled. Net sales for the brand now top $3 billion. You just saw it on Steve's slide. The rate of growth has accelerated. If you look at the cycles here from low single-digit during our integration years, mid-single-digit pre-pandemic, and more recently, double-digit growth rates. To the extent that a $4 billion milestone is now very much in our sights. That did not happen by accident. We've made intentional choices to invest in fueling that growth through brand building and innovation, through distribution, and the capacity to create that growth momentum. What's more on the next slide, the growth momentum is broad-based. Many of you here in this audience probably think of the brand as a very U.S.-centric equity. But it is truly a global brand. In fact, the European business, shoutout from my own team, is bigger than our U.S. business. As you can see from this slide, our businesses in AMEA and Latin America are growing double-digit and just getting started. In fact, our emerging markets business for Pringles (you can see it on the top of the slide) has grown from 14% of sales to 29% currently, and at this rate, probably not for very long. On the next slide, and in the global snacking world, this sort of performance benchmarks well. It's not just growing well where we find Pringles. It's found in more places than other major snacking brands, according to Euromonitor. And in fact, there is no other snacking brand that has grown in more countries around the world than Pringles has in the last decade. On the next slide, while we've been increasing household penetration in measured markets, there is still considerable upside relative to the overall salty snacks category. You can see the gaps in some of these major developed markets on the slide. And in the less measured emerging markets, the penetration opportunity is even greater. We are increasing distribution in key markets all around the world, both in measured and non-measured channels, and both in developed and in emerging markets. So if we maxed out on this brand, not even close. Where we've landed thus far is only a roughly 4% share of that global salty category, which itself is worth north of $100 billion in size. The category is solid. The category's growing, and we're growing with it. But as we extend our reach and continue to fuel this brand, we can add incremental growth by gaining share. So here's something to remember: every half of one single point of share growth $500 million in net sales to us. That's significant. That's big. And that's something we are very mindful of. So what I'll do now is share some of the primary drivers behind that playbook. First and foremost, in a world where brands are increasingly similar, Pringles is a truly iconic and distinctive brand. It's a poster brand for differentiation. With Kellogg and now with Kellanova, it's found a home to prioritize its potential and unlock that through elevated enterprise prioritization. It gets the focus its potential deserves. It's a brand and a food format that lends itself well to innovation. It's a brand around which we have expanded and advanced its supply chain dynamics, which in turn have enabled and emboldened our growth outlook globally. I'll touch on the first three before looking further ahead with the latter two. What makes Pringles so distinctive? Well, there's the Mark and Mr. P himself, recognized and reputable right around the world. Then there's the chips and their distinctive, hard, and expensive-to-replicate, flavor-friendly, hyperbolic paraboloid shape. Who knew that so many people around the world would know that expression? And of course, the iconic can - immediately recognizable, designed for efficient logistics and merchandising, but renowned for its infamous pop and convenient to keep fresh in home once opened - that impressive combination has established the brand as a power brand in some of the world's biggest snacks markets, in many cases ranked even above its sure position in the market. On the next slide, just have a look at some of that equity in action - tattoos, right? The brand is sufficiently iconic to generate an incredible amount of autonomous media coverage. Here's something: during the pandemic and the lockdowns, one of Pringles' viral campaigns, #PlayWithPringles, generated over 4.7 billion views as it trended with lockdown Pringles lovers. Now, great brands deserve great activation. And our commercial activation and increased prioritization have yielded positive returns in recent years. That's not just our biased perspective. By elevating our ambitions and our standards, we have received great external and award-winning recognition, including in the case of our recent innovative European gaming activation. You can see from the Cannes Lions to the Effies this recognition is from the best in the industry. I'm sure many of you enjoyed the Pringles recent Super Bowl spot just two weeks ago, which is over 4.4 billion impressions and counting. On the next slide, photos from around the world. Those standards apply equally with our in-store execution. From Mumbai to Dubai, from Mexico to Montreal, the playbook is consistent, tailored to different channels, and yet sufficiently agile to empower local teams to add local insight and color. Now, I mentioned innovation earlier on. Pringles is an innovator's dream. The brand promise, core consumption occasion, and its unique shape make it flavor-friendly. So while our sales are typically anchored around the two core flavors that you'd recognize, salted red, sour cream, and onion green, our ancillary flavors tend to differ by region and by market. And that's why you may come across local favorites like prawn in certain Asian markets or ketchup north of here in Canada. We've had great success in AMEA, for example, working with celebrity and Michelin star chefs. Most recently, for example, we co-created Tango Tomato Twist in India, a winning flavor developed in collaboration with local celebrity chef Ranveer Brar. This ability to adapt to local tastes is one of the things that makes the brand so much fun and makes future penetration so attractive and so doable. All right. So it's been an impressive decade of growth across so many markets and so many metrics. It begs the question: leveraging a baseball analogy since I'm in the States, what inning is this brand in? And the answer is very much in the early innings. We've really just got started. That's how we think about it. I want to share some of that with you next. We are absolutely clear on the building blocks for growth as we look ahead. Our sustained growth will be shaped around these four themes: one, continuing to invest our capital to meet the demand that we are both unlocking and establishing. Two, in so doing, fulfilling and accelerating our emerging market potential. Three, going deeper into the many untapped channel and occasion white spaces that exist for the brand, and that's in developed and developing markets. And four, leveraging technology for operational consumer and customer insight that creates value for the category and our business. I want to start with capacity expansion. Have a look at this slide. This was our starting point of our network in 2012. Our initial footprint was understandably oriented towards developed markets. The U.S. and Europe, Jackson, Tennessee, Mechelen, and Belgium were our sole two sites to serve demand for the brand right around the world. Have a look at a decade later. Through much prioritized capital investment on our part, this is what our manufacturing footprint looks like as we start this year: sites added in South America, Eastern Europe, Asia, not to mention capacity upgrades in those two initial sites. We're not done. Let's go to the next slide. The increase in demand for Pringles has outpaced our supply in Latin America and in Asia. We've recently announced and broken ground on new greenfield sites in Mexico and Thailand. Our proximity now to key growth markets in the Americas, Europe, Middle East, Asia, and Africa only strengthens the brand's growth credentials, enabling us to expand distribution and unlock more pack formats for more price points, occasions, and channels, and all with an evermore agile network capability and reach. That's why on the next slide, you'll see it demonstrated: white space in markets like Poland, in Central Europe, Brazil, and Mexico, in Latin America, and markets like Thailand and the Philippines and Southeast Asia. You see the growth versus the category growth speaks for itself. Let's go to the next slide. That increased network agility is also at the heart of delivering new growth horizons. Growth horizons for us across consumer snacking occasions and unpenetrated retail channels, all of which is consistent and critical for us to realize our ambition to be a global snacks powerhouse. Because if you think about it, our recent decade of growth was largely built off our single traditional can format, just like you see in that picture. That format has been at the heart of that first decade in growth. Now take a look at the formats. Today and going forward, we have the opportunity to extend this brand across economically accretive occasions and channels: single serve, multi-serve, travel. All of these represent growth white space for this brand. Initial current explorative forays are a testament to our fuller potential globally. Just one anecdote: we've just extended distribution to gas stations in Spain, where our market share index is three times our traditional big-box share. There's the example on the right-hand side of the slide here from our initial foray into airport retail, where we are quickly and increasingly proving out the potential for value creation with those new customers to us in this growing and sizable channel. Pringles is a brand with much untapped potential to delight global travelers as they move around airports and travel hubs. And as mentioned, that growth comes with accretive financial returns. Again, on the next slide, we see how much potential there is for Pringles when we unlock packaging formats for immediate consumption. Because when you think about it, current tall can Pringles consumption is for planned consumption. These occasions represent significant weight in the salty category space which we didn't typically, historically, design towards until now. To the final future growth theme for the brand: digital and analytics. Nothing new to this audience, I'm pretty sure. I recall just how consistent this theme was at last year's CAGNY conference. I have no doubt it's been exactly the same this week so far. Today, I'll share some examples of how analytics and data are helping us drive our top line through sharper consumer insights and improved bottom line delivered through advanced manufacturing insights and continuous learning. I'll start with first-party data. While we continue to work with our customers with their data to elevate our capacity to create bespoke value for their shoppers, we can also use our first-party data to better connect the brand to consumers' needs and perspectives and create value through shopping and channel insights, shaping future innovation and improving our value creation and execution with our customers. This next slide shows you just how digital and advanced analytics can come to life in store. And this year in Europe, we'll be launching Poptopia, very much with all of that in mind. The more we can gather high-quality data, the better we can evolve our consumer programs. Instead of me talking to you about it, let me show you a video which brings that to life. If we can roll that video, please. Okay, just a flavor of it. And all of that is unlocked through a simple QR code. Now, let me turn to talking to you about how we can use digital and analytics to create efficiencies and value within our supply chain. What you see on this slide is a traditional curve in red there for continuous improvement in our manufacturing environment. By intentionally empowering our culture to evolve technologically, evolving our mindsets or capability, learning through the deployment of new machinery around our network, partnering with software experts to resolve previously unimaginable roadblocks, we are step-changing our historic assumptions, asking ourselves much bigger questions, and delivering better returns for our capital spend and operational performance. And that's what you see in the blue line. In some instances, significant double-digit improvements on our traditional or historic forecast run rates and, critically, improved returns which flow through to our margins. And that builds upon the margin improvements that we've been delivering in recent years, as demonstrated in this slide. Through scale and efficiencies, we've been able to expand the gross profit margin on this brand meaningfully on a global basis, even despite a mixed shift to lower-scale markets and pack formats. This brand's gross margin is significantly above the collective margin of the rest of our brands globally. Given the scale of the brand in our portfolio, its sustained growth momentum, and its margin accretiveness, Pringles has sufficient weight to be a driver of the profit margin ambitions that we laid out at our day at CAGNY Investor event last summer. Now, in summary, our focus, our choices, and momentum all augur well for sustained and accretive growth momentum for this fantastic Pringles brand. A growth that's broad-based and has scale to it, with many existing proof points to validate our confidence. Summarized on this slide: salty snacks category, that growth that will continue around the world. Advanced analytics and technology to underpin everything we're doing. Expansion into occasions, into channels through new pack formats. Extending the brand's geographic reach, particularly in emerging markets. And expanding our capacity and our capabilities. A few reasons to believe are listed on this slide, all of which I've touched on today: emerging market scales, sales upside, sheer growth that delivers true scale. Remember, 0.5 point, $500 million. Building off sustained growth momentum, operational efficiencies that elevate our execution effectiveness and efficiency, and build on a margin that's already accretive within our portfolio, all paving the way for more profitable growth consistent with our enterprise algorithm. Now, as I said, I just want to close out with this because it doesn't necessarily stop there. We have a portfolio rich in distinctive and differentiated brands, as you just heard from Steve, with untapped global potential, one of which has the potential to compete in that $100 billion salty category. Potential because many and much of the playbook Pringles - of the Pringles playbook, rather - criteria are totally reapplicable. Let's have a look at this slide. We've been exploring our achievement potential beyond the U.S. We're now launching Canada. We're launching Mexico and Brazil, and soon planning to cross the Atlantic to launch in selected European markets. So I'll close with a video to whet your appetite for that. But for now, thank you very much for your time. Let's roll the video. 1. 2. 3. Thanks, Steve. Good afternoon, everyone. Pringles is exciting and a differentiated growth driver for us all over the world. But I'm here today to bring to life another differentiated element of our portfolio: Africa, and in particular, our noodles business. It isn't a cliché to say that Africa will be the next growth frontier for CPG companies. Africa is of strategic importance to Kellanova. It has a large young population growing rapidly. There is a demographic dividend. There is an economic dividend, and a significant upside in driving penetration. We are seeing a surge in middle-class and urban consumers who are shifting to CPG for convenience and nutritionist-branded offerings in the market. Consumer brands are still very low category penetration, showing huge opportunity and potential for us to grow. What I will cover today is the Kellanova presence in Africa, in particular, Nigeria, Egypt, and South Africa. Now, these aren't randomly chosen markets. Nigeria, Egypt, and South Africa are the three largest economies in Africa in terms of GDP, and they all have large populations. In Nigeria, we have a strong popular presence and a very vertically integrated presence, giving us a significant competitive advantage. We've taken our learnings from Nigeria into Egypt and South Africa. Our presence in these three countries gives us a strong brace across West Africa with Nigeria, Egypt in North Africa, South Africa in the south, to unlock the potential that we have across the continent and drive further expansion. So let me start with Nigeria. Nigeria is the most populous country on the African continent, with over 220 million people and growing. Being in the top three economies in Africa, it's an obvious market for us to focus on. We started our journey in Nigeria in 2015 through our partnership with the Tolaram Group. Today, that partnership extends across manufacturing and distribution. Dufil is the number one manufacturer of instant noodles in the country. Multipro is the number one distributor of consumer packaged goods in the country. And we also have a presence with our Kellanova snacks and cereal portfolio, as well as our snacks outside of Nigeria. If you look at our historical trends, we have delivered consistently strong growth. Across both net sales and operating profits, we've shown strong growth in local currency. Now, these results have been delivered due to our proven ability to execute through all macroeconomic conditions. We've faced currency devaluation. The Nigerian naira has consistently weakened versus the U.S. dollars of the last few years. However, as you can see over the past 5 years, we've been able to manage within that forex volatility, raising prices to try to keep up with the devaluation while continuing to grow volumes. We are competitively advantaged in the country through our vertically integrated business, and we have strong execution capabilities as well as market-leading brands. This unique position enables us to counter the challenging environment and maintain a healthy and profitable business. Through a consistent and constant renovation of our portfolio and a focus on improved net sales per kilo, we've delivered healthy and sustained growth in revenue and operating profit, even in U.S. dollars. In addition, Kellanova has received a sizable cash dividend payout in U.S. dollars from the business. So let me just walk you through the key elements of that, starting with our portfolio. Our Nigeria portfolio is comprised of differentiated and advantaged categories such as noodles, cereals, and snacks. This portfolio allows us a presence across multiple price points, which is very important for markets like Nigeria. And that gives us a presence across multiple channels. Today, we're going to focus on the incredible opportunity we have in noodles, both in Nigeria but elsewhere in Africa as well. But first, let me briefly explain why we feel that snacks and cereal also promise strong, sustainable growth for us. Let's start with snacks. Our portfolio includes international brands such as Pringles, and you heard Dave talk about the expansion globally that we have done. But we also have local brands like Munch iT and Minim e that cater to local taste. Munch iT and Minin e are good examples of the consumer understanding that we have built in Nigeria, allowing us to develop products that are affordable, yet aspirational, and meet local tastes. You can see the price ranges that we compete in on a naira per kilo basis across these three brands, and we exist across the pyramid of pricing. Playing across different price points allows our snacking portfolio to access multiple consumer segments and makes a snacking portfolio differentiated versus competition. Nielsen is unable to track the unbranded portion of the snacks category in detail, so we don't have exact figures. But we estimate that it's large. Likely, it's over $800 million worth of size in Nigeria alone. If I move to the cereal category. So our wide range of cereal offerings cater to diverse consumer groups, demographics, and price points. Since we introduced it in 2017, we've grown our cereal net sales by more than 6 times. Our focus in Nigeria has been on category creation. So we've invested significantly in consumer sampling, which has led to a quadrupling of the category penetration over the period that we've been there. And with that, let me take you through our noodles story in Nigeria. Instant noodles is now a staple in Nigeria. It has a presence in more than 90% of households and is considered an essential grocery item list. It's a category that's consumed across all major occasions. So it's across breakfast, lunch, and dinner. Being a staple, the category tends to grow volumes regardless of the macroeconomic volatility that exists in the market. Our noodles journey in Nigeria has been a story of rapid growth. We've grown volumes by 1.6 times over the last eight years, with consumer buying price increasing 4.3 times over that period. We've invested back. We've invested heavily in building the category through product innovation and consumer research, and that's helped us hold a lion's share of the total category. But it's not just our portfolio of powerful snacks, cereal, and noodles that propels our growth. There are a number of factors that give us a distinct competitive advantage in Nigeria. The first competitive advantage is the vertical integration that we've undertaken. Our vertical integration capabilities is an advantage because it gives us access to raw material processing, packaging material, manufacturing, and our own distribution and logistics arm. The strong ownership across the value chain gives us greater control over critical inputs, and it just ensures quality, consistency, and reliability for us as a company in Nigeria. What better way than actually to show you what that looks like? So let me just share a video that shows you some of our vertically integrated capabilities in Nigeria. Could you play the video, please? The second major competitive advantage that we have is our distribution reach. There are over 1.1 million retail outlets in Nigeria, predominantly fragmented trade that comprised mainly of high-frequency, small Mom and Pop stores. With our distribution capabilities, we reach more than 600,000 outlets with our noodles portfolio. We have an incredibly experienced team on the ground with an unwavering focus on execution. Our consistent investments in distribution and infrastructure have helped us maintain really high standards, making us one of the top CPG distribution companies in the country. Again, what better way to actually demonstrate that than through a video? So could you play the video, please? Our third competitive advantage is our understanding and communication delivered through superior marketing. We have a proven track record of building categories from scratch. We've built a deep consumer understanding of local tastes and preferences, as well as shopping habits. Our key pillar of creating and building a category has been sampling. Through that effort, we've been able to directly engage with the right target consumers. We now have the ability to annually reach more than 20 million consumers in Nigeria over the year. Here's a video to showcase what that means, really. Could you play the video? That's a good segue to how we have taken our learnings of noodles to other markets in Africa. The category creation model that we have developed in Nigeria has been a playbook for us to follow in other markets. Let's start with Egypt, which has one of the largest GDPs in Africa. Our portfolio in Egypt consists of our ready-to-eat cereal, our snacks, and noodles business. We have a leadership presence in cereal and a growing Pringles business. While our snacks and cereal business in Egypt gives us scale, I'd like to focus today on noodles, where we are replicating the Nigeria playbook. Our noodles journey in Egypt has been a promising one. We launched Kellogg's Noodles into this market in 2018. Since then, we've grown our volumes by 11 times over the past five years, significantly outpacing the category's double-digit volume growth during that period, making us now the second-largest player in the category. Let me share a short video showing our Kellogg's Noodles story in Egypt. Could you run the video? Moving to our next market for Kellogg's Noodles, which is South Africa. Overall, our portfolio in South Africa consists of our ready-to-eat cereal, snacks, and noodles. Our cereal business has a very strong legacy in South Africa. In fact, we are celebrating 100 years of Kellogg's in South Africa this year. We have a leadership position in cereal and a strong snacks position led by Pringles. Together, these two categories give us valuable scale in the market. This scale has helped us as we've replicated the Nigerian noodles playbook in South Africa. Kellogg's Noodles was launched in 2017. In 2023, which is over a five-year period, we've become the number one noodles brand in the country. We've grown our volumes by over nine times over the past five years, significantly outpacing the category's double-digit growth in volume that happened during that period. The key drivers for growth have been the same. It's been our category development playbook through local innovations and a heavy sampling program. Again, a great way to show that is to play a video on the sampling program. That was a quick roundup of our Africa and our noodles story in particular. While we've made rapid progress, the growth potential in Africa remains significant. The key message that we would like to take away in Africa for us is that Africa is an important growth engine for us with so much opportunity in the present and the future. We are replicating our Nigeria playbook to grow noodles in Egypt and South Africa, and we look to do so across other markets in Africa and the Middle East. Our cereal and our snacks portfolio gives us the scale that we need in these markets. And lastly, we have a proven playbook and execution abilities, and we are striving for ambitious financial performances across that continent. I hope that gave you a sense of our capabilities and the potential that Africa provides for us as Kellanova. And with that, I'll turn back to you, Steve, for your closing comments. Thanks, Shumit. Thanks, Dave. Hopefully, you all gained a better picture of two of the more differentiated elements of Kellanova. So very briefly, in the time we have left, I'd like to cover a couple of more elements. One is our Better Days Promise. Rather than merely setting targets for environmental sustainability and diversity and inclusion, we continue to live our founders' values. This includes focusing our Better Days Promise on people. This means prioritizing what is right for our employees, our consumers, our suppliers, and our communities. And it's backing up the talk and the targets with real action. And last but certainly not least in this audience is the differentiated financial performance we expect to drive and deliver. Our long-term target of 3%-5% organic net sales growth is supported by the categories and markets that comprise our portfolio, and it's augmented by our differentiated brands and our continuing building of capabilities. Our commitment to expanding our profit margins, including a target of reaching an operating profit margin of at least 15% by 2026, is supported by a variety of drivers that are already well underway. These help drive a long-term algorithm that differentiates itself from most of our peer group with a delivery that we intend to make reliable and consistent. Hopefully, you can appreciate why we are so confident in the value that we can create as Kellanova and the inescapable logic for the transformation that we completed last year. So now, if there's time, thank you for your time. We'd welcome any questions. Are we calling right now? Thanks so much. I'm curious if you can put some context around when all of the capacity for Pringles globally that you talked about is fully in place. About how large a business could that capacity support globally versus the $3.2 billion in sales the brand has today, even if it's directional? Yeah. So I think the capacity expansion will be through the course of this year and next year. So there are two more plants in the network. I'd say it would support growth, obviously, in those two important regions. Each facility we put up, depending on how much capacity you add, can support anywhere up to $100 million incremental sales, but with potential for further expansion. Hey, thank you. A really great presentation on Africa, which makes me embarrassed to ask this question about North America. It was a disappointing year in 2023. I think you have some pretty aggressive plans to try to correct that. Can you give us a little more detail about when you think North America might show a return to top-line growth? And I think you had a management change also. I think Chris Hood's retiring. Is there anything in that transition that would point to any more changes in how North America is run? Yeah. I'd say there's a couple of different ways to look at North America. You used the word disappointing, and we were clearly disappointed with our share performance. The team did deliver on their financial objectives. However, to have a sustainable business, we aim to and expect to grow share. So when will that happen? That should continue to build momentum starting essentially now as we're back to full commercial activity, with the back half of the year being where we'll see real momentum. So success in North America will be gaining share in all of our categories. It will be continuing to innovate around Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, all the brands that we talk about that are highly differentiated. We know we don't have a brand problem. We did have an execution problem that was entirely of our own making. So we were very conservative. We talked about this at length. We were conservative in the way we thought about merchandising, display building, and innovation in 2023, all in service of making sure that we could arrive in the high 90s in terms of fill rates. That allowed us to deliver a financial performance, but it didn't allow us to deliver a pleasing market share performance. That's changed in 2024. It's already changed. We got out of the gates strong. Obviously, with bowl game activation, Super Bowl activation, we saw an increase in the number of displays, and we're starting to see the quality of those displays really improve. TDPs, we continue to have plans to grow throughout the course of the year. Those resets, as you all know, happen throughout the course of the year. That will continue to build, but we've got good uptake on the innovations, some of which you'll see in the break. I'd encourage you to try all that. And then finally, in terms of the leadership transition, so Chris has had a three-decade, very successful career with Pringles and then later with Kellogg's and then finally with Kellanova, ran our European business very successfully, and then North America. What you get in Nico Amaya is, like these two guys next to me, a very strong operator with a very, very strong history of delivering in Latin America. If you look at his history in Latin America since he was put in charge, it's one of dependability. It's one of top-line and bottom-line growth, and it's one of share growth. He's a very strong operator, very strong marketer, very strong customer development person, and so a very, very strong leader for our North American business to take it to the next level. And that's fully what we expect from Nico. Peter? Thanks. Dave, maybe this is for you, but just post-life, post-the-spin, is there a level of scale in Europe that you could achieve through standing up Pringles more so or the high single-digit growth that you'll be able to actually have enough scale in that business to move on from maybe some of the slower growth parts of the portfolio, so a next iteration of a spin or a sale down the line? And kind of what would that level be? So the question is, is there more scale opportunity in Europe? Is that basically the question? Enough scale opportunity in Europe such that you could potentially move on. You didn't talk about European cereal, but that would be kind of the next logical step, I would think, after what you did with North American cereal. Yeah. Well, I'll talk about the opportunity in Pringles. I mean, if you go back to the presentation, I talked about, "Look at that decade of growth. We've had phenomenal growth in snacks in Europe. It's a big part of our portfolio. It's the bigger part of our portfolio now." And as I mentioned, that's really been done on the back of the toll can. When we look at the opportunity across channels, when we think of the distribution, the price points, the occasions, meal deals, all that kind of thing, there is a huge growth play that's untapped for us. And if we can build that, it enriches our full portfolio opportunity beyond Pringles because it gives us economic scale and return as we broaden how we can think about those channels and what they can generate for us. But we're equally optimistic. We are a great cereal business in Europe. We are the cereal leaders. We love that business, and we're going to continue to grow it. We're very confident of our ability to get returns from the investments we make in it. So for now, that's the play, is to grow both. If I just build on that for a second, cereal in our portfolio has different job descriptions. As Dave said, the job description in Europe is very much about scale and helping us continue to drive our Pringles business. But it's a structurally advantaged business in Europe. And terrific brands and the program that we just announced in the last earnings is going to mean really significant margin opportunities for us as well. You look outside Europe, and cereal grows like a snack, right, in our developing markets. Cereal is a fantastic business. We talk about being a snacking-led powerhouse, but we've got a portfolio that grows like snacks that includes cereal and, in some cases, even better than snacks. So we're very cognizant of the job description that we want cereal to do in our portfolio. With that, I think we'll move over to the breakout room for the remaining questions. Thanks again to Steve, David, Shumit, and Amit, and to Kellanova for the break that you all find outside. Thank you.