Okay, good morning, everybody. I'm Steve Powers. I'm the head of Deutsche Bank's U.S. Consumer Packaged Goods research team, and I'm very happy to welcome you back to day three of our conference. We're gonna break new ground this morning with Kellanova. With us today, by satellite, are CEO Steve Cahillane and CFO Amit Banati. These fine gentlemen were unable to make the travel logistics here to Paris, so they are joining us from Chicago at 1:30 A.M. So a special thanks to Steve and Amit for making extraordinary efforts to be with us this morning. Steve, Amit, I- Thank you, Steve. Can you hear us okay? We can. Okay. We can hear you fine, thank you. So again, thanks for joining us. I guess maybe to start, you know, it's been now eight months or so since the split that created Kellanova and, alongside it, W.K. Kellogg, ushering in a new era for both companies. Maybe just to start, your perspective on the journey since, what have been the key lessons learned? Where are you kind of ahead of your expectations, and where do you see more work to be done? Yeah, thanks, Steve. Thanks for having us. And maybe first, just, thanks, everybody, for attending the session, and apologies for not being there in person. We would have liked to have Air Force One at our disposal, would have made it easier, but, unfortunately not. And just to explain, we're not there because we are the victims of an overambitious travel schedule. We've been on the road for about three weeks, and Amit and I both have a commitment, beginning tomorrow. Northwestern University commencement exercises begin tomorrow. Amit has a son who's graduating from Northwestern. I have a niece and a son-in-law who are graduating from various schools. And I think either independently or in cahoots with each other, our wives gave us an ultimatum about what would happen if we were not back in time. So it's very, very important engagements, and so hence coming to you from satellite so we can be tomorrow at Northwestern for these very important celebrations. So thanks for accommodating us. To your question, we are now, you know, two reported quarters into Kellanova, having reported the fourth quarter of last year and the first quarter of this year as Kellanova, and we are very pleased with the progress that we've made. I think you can see by the results that the things that we said we would do, become a faster-growing, higher-margin business, we've done. And we talked about the balance of the year and our confidence in delivering that balance of the year. That remains firm. Our confidence remains firm, led by our five big differentiated brands in North America, which we continue to invest more in, in return to merchandising and innovation activity, led by our emerging markets and our international businesses. They continue to deliver, you know, on pace and with great reliability. And so I think the things that we talked about all the way back from Investor Day, you know, you're seeing, with more visibility, so higher growth, higher margin, reliable delivery, and as we think about the back half of this year, returns of volume growth, so a better balance also between, you know, type of price and volume that we would historically, have undertaken. I I don't know, Amit, do you wanna? No, I think the only thing to add is, I think just from an operational separation standpoint, going well. I think the TSAs are all working well, and, you know, obviously, the W.K. Kellogg's up, running as an independent company. And, you know, we said that the TSA shutdown would be over a couple of years, and that process is going very well. In fact, the separation of the distribution network and the warehouses has already started, and, you know, has gone extremely well. That's great. So let's focus on the 50%+ of your business that is developed market snacking. When you think about that portfolio, you know, how do you think about the trends overall and maybe some compare and contrast between the U.S. and North America and trends here in Western Europe? Yeah. So, you know, if you think about snacking, we take a very long view, and if you take that long view, and you look in the rearview mirror, ways back, snacking has been a tremendous category, a very reliable grower, in the U.S., in Western Europe, and indeed, around the world. And what we've seen most recently is the impact of enormous amounts of price that had to be taken around the world and a delayed elasticity impact that affected snacks in markets, again, around the world. I think what you're seeing now is you saw some more pressure in North America in the last, call it six months, as those, you know, significant price increases caught up, and elasticity finally did catch up. So you saw some softness that I think is transitory. In Europe, less so, you know, a little bit more resilience in the snacking category in Europe, because if you think about our first quarter results, as reported, we kind of saw flattish snacking performance in North America in the first quarter, but low single-digit growth in Europe in the first quarter. But I think in both cases, what you're really seeing is a catch-up in some of the elasticities, but underlying that is a robustness in the category that is very real, and I think very, very long term. For us, you know, we obviously talk quite a lot about the impacts of COVID, and then obviously supply chain disruptions and our pullback in merchandising and overall innovation activity. What we're planning on now, and what we're seeing now, is a return to more historical levels of activities, which again gives us my earlier comments that increased and sustained confidence that, you know, the future, including the future of this year, continues to be bright. A lot of that for us is driven by our snacking business, which obviously is now an even more important part and a bigger part of our business. Okay, great. You know, a big question coming into the conference, and I think different companies have offered different perspectives just on the state of the U.S. consumer. So would love your, love your perspective on that. Maybe, maybe just start there, just how you're, how you're seeing the consumers. We've been using the word resilience now for 18 months, and now the question is: Is the consumer still resilient, or is it showing signs of increasing fatigue? Yeah, Steve, I think, I think the consumer is still resilient, but it's, it's a complicated story. I think the consumer is resilient, and I think the future is starting to look a little bit brighter. And, and the reason I say that is, when we were talking about a resilient consumer all the way back 18 months, you know, 24 months ago, it was perhaps artificially resilient... Mm-hmm. Propped up by a lot of government expenditure, obviously, forgiveness of student loans, lots of stimulus checks, you know, all those types of things which were artificial in nature and one-time nature. There was no precedent to the types of things that we were seeing. And fast forward to the last six months or so, and what you see is the retirement of a lot of those artificial benefits, whether they be, again, student loan forgiveness, SNAP benefits, increased SNAP benefits, as well as stimulus checks. And now the consumer is left to their kind of more natural state of affairs, and there's some shock to that, obviously. But when you look underneath all of that, and you start... You think about not having to lap that anymore, which is kind of the state we're in right now, and you see wage growth having done a pretty decent job at starting to eat away at some of that inflation that really dented household budgets and household pocketbooks. And then you look at the unemployment rate and the consumer confidence starting to show signs of, well, the unemployment or the employment outlook, never really having, you know, post-COVID, been anything other than strong, with wage growth catching up and consumer outlook starting to be positive. I think there's a lot to be optimistic about as you think about the next 12-18 months. Not out of the woods yet, by any means, and I'm not Pollyanna-ish about this, but I think there's a lot more reasons to be hopeful and to be optimistic than perhaps there were, you know, 12 months ago. Great. So in your business, you know, coming into the year, you had talked about a return to commercial activity and merchandising around innovation to drive volume after a year where that was, you know, I don't want to say put on hold, but it was sort of... You were sort of below kind of full momentum on those fronts. We've seen volume recovery over the past, you know, four-five or five or six months, which is great. I think I know from talking to investors, the question is the cost of that volume recovery, because we've seen a lot of price investments. So at least from the consumption dollar sales, haven't really accelerated. So the good news is volume is up. The caveat is at a cost of price investment. Are those price investments in line with your expectations? You know, how has the business trended, and how do you respond to investors who are a bit more concerned about the degree of price investment? Yeah, I wouldn't be concerned about the level of price investment. I think you have to definitely keep in context what we're lapping. And so we're lapping a real dearth of activity, which we've been very open about, and now getting back to more normal levels of activity. So you really should compare it to two, three, four years ago in historical norms, and what you would see is not an inordinate amount of activity. You see a closer return to pre-COVID levels of activity. Mm-hmm. You know, Keith commented in the recent past that a lot of our activity was not of the same quality, because it takes a while to ramp up. What we're seeing now is, you know, the quality improving month in and month out. But by no means any... We don't have any concerns about an overabundance of activity, an irrational amount of activity from us or from the industry. I think you're just seeing a return to, you know, good quality activity that drives consumer engagement, that seeks to grow the category, that seeks to support the innovations that we've got coming to market. You know, right now, literally as we speak, we've got lots of innovations rolling into the marketplace, new shelf sets and resets starting to happen. And so I see it as a return to a much more normal state of affairs and not having to, you know, panic or overinvest to get the volume to return. You know, we've been patient looking at the volume, understanding, again, the very unique set of circumstances that caused this whole kind of situation to exist, relative to price, value, volume. But we're confident that we've got the right level of activity, and as you look, again, as we talked about in the first quarter, you look to the rest of the year, we're very confident about the volume and the volume returning. But that is not because of any inordinate amount of activity out of... I would look at that, you know, despite the price investments, we've grown our margins. You know, we grew our margins substantially, ahead of plan in the quarter. And so, you know, the supply chain is performing a lot better. And, you know, when the supply chain was challenged last year, right, there was a lot of fines, deductions. So you're seeing all of that drop off. And so, yes, there are price investments, but there are a number of other offsets. And I think, you know, we expect from a full-year standpoint also to grow margins, despite having, you know, the price investments that are pretty much as planned. Great. Let's pivot over to Europe. As you alluded to, Steve, momentum there has been, or here, I guess, impressive, and really led by Pringles. You know, in your view, can that momentum be sustained or, you know, is there a risk that the sort of elasticities catch up in Europe as they arguably have in the U.S.? You know, I think, I think the momentum can definitely be sustained. And as you pointed out, Steve, it's, you know, it's very much snacks-led and Pringles-led. And if you look at our market share positions in country after country in Europe, there's lots of runway. We go from, you know, mid-single digits, you know, into the high teens in some markets. Mm-hmm. But in each instance, lots of, lots of opportunities to continue to grow, within the category, and watch the category grow as well. We've got a full slate of innovation coming in Pringles as well. Lots of hot flavors, literally and figuratively, coming. Lots of activity around football- Mm-hmm. Lots of activity around gaming. So a full slate of support around Pringles is happening this year, that supports, you know, really strong consumer and customer engagement. So a lot of, a lot of reason to believe that Pringles momentum is only really just begun. This is the early innings as we think about the opportunity overall in Europe. And that's with our snacking business as well. You know, everything from Rice Krispies Squares to Special K in certain markets, Barrette in Italy, they continue to show, you know, really good promise. And then if you think about our cereal business in Europe, you know, we've been very successful in just having a nice, stable cereal business that provides the scale and ballast for the rest of our business. So as we look at Europe, you know, I don't think there's many, too many companies that can talk about seven years of sustained growth in a market that can, you know, in some instances, can be very challenging. And for us, it's, it's really about portfolio management, having that, you know, good scale, very, very highly penetrated, highly loyal cereal consumer, and then, supported with and, complemented with that really exciting snacking business led by Pringles. Great. And in ready-to-eat cereal, you're in the midst of optimizing, you know, the network and optimizing the portfolio. Maybe a little bit about what that entails and what the expected benefits are, as well as where we are in the process. Yeah. So, you know, in essence, what we're doing is, you know, we are optimizing our footprint in Europe. We're going from three manufacturing facilities to two manufacturing facilities, which obviously will bring our capacity utilization significantly higher, and our OEEs, you know, our efficiencies in those plants are higher as well. Our factory absorption, obviously, will be a huge benefit because of this. We have gone through consultation with our colleagues in the Manchester plant, and I cannot overstate the degree of professionalism shown by our people there. And we've worked very hard to obviously treat everybody fairly and with dignity. We've had a lot of opportunity to reallocate people to different plants. They're not, y ou know, our, our Wales plant is not terribly far from our Manchester plant, so we've had good opportunity to redeploy our people at the same time as offering them good retirement benefits. But at the end of the day, when we're, when we're through with this project, we'll have a much more efficient and optimized supply chain, which is obviously very beneficial when we think about, you know, the margin objectives that we have, and the profit objectives that we have in Europe. Great. And how, no, I think that... Okay, great. We talked about you talked about, you alluded to Pringles. What about Cheez-It as a sort of an expandable brand outside of the U.S., not just limited to Europe, but globally? You know, what's the runway there? How fast can that runway be traveled down? And just maybe a little bit of how you're thinking about, you know, that brand's growth and expansion. Yeah. So we're very excited about Cheez-It and Cheez-It International opportunities. Amit and I actually were just this week reviewing the European plans, including the Cheez-It launch, and they are quite excited about it in Europe, and our customers are excited about it. So it's a fourth quarter launch in Europe, and a lot of enthusiasm behind that. A lot of consumer activation investments in consumer activation, consumer messaging. I think some really cut-through creative. So it's not gonna be a quiet launch in Europe in the fourth quarter. So make a lot of noise, and probably more so than we've done in the past. We launched first outside the United States and Canada... Mm-hmm. About three years ago in Latin America, in Brazil two years ago, and in Mexico in the past year. Each one of those launches we've learned from. So we're gonna make more noise with the European launch than we have with either of those because our confidence in the playbook that we've developed continues to grow. So fourth quarter launch in Europe, we'll add countries in the first quarter of 2025 and in the fourth quarter of 2025. You know, each additional biannually, we'll be adding additional countries to the mix in Europe. But Europe is really our focus in terms of international for this year. As we look at Asia, we see opportunities to launch in Asia as well. And so that will be coming. You know, the short answer is, as we look at our portfolio of differentiated brands, the next one that we see following the Pringles roadmap... Mm-hmm. To become beyond a multi-country and more a global brand is Cheez-It. We believe Cheez-It travels well, and we learn country by country, and by those learnings that our confidence grows. Okay. Cheez-It is in Paris next year. Yeah. Okay? But what about, you know, sort of emerging if we just sort of pivot to emerging markets, you know, more broadly. You know, a big part of the Kellanova story is emerging market growth. Maybe we start there, just to kind of frame, you know, the big picture, the growth opportunity that you guys see across, you know, both Latin America and EMEA. Yeah, we'll start there. Yeah. So we, we see big opportunities in emerging markets, and we have been very pleased with our emerging market performance. I mean, emerging markets by definition are quite volatile and not for the faint of heart. And when you look at our historic performance over the last several years, it's been reliably... It's been a point of reliable growth for us. And so despite the volatility, you know, the teams have delivered admirably, whether that be Latin America or Asia. And you know, obviously, Africa is a big bet for us. We continue to perform very well in Africa. Nigeria is a country that we're heavily invested in. Obviously, it's had short term, lots of currency challenges. The team on the ground has been very successful with pricing for those currencies and pricing in real terms and not reported terms. So, although challenging, we've got a very advantaged business in Nigeria. And we've applied that same playbook literally in just about every emerging markets market that we operate in, and it's really an affordability playbook. So we start with locally relevant popular foods. We focus very much on route to market, route to market advantage, and then we can layer our advantage portfolio on top of that, including Pringles at the top of the affordability pyramid. You're seeing us, if I pivot to Latin America, you're seeing us do that very successfully with Pringles now in Brazil, continuing to grow. We've got a fourth line in Brazil, that'll be filled very quickly, and we've got investments on the ground, being built right now for Pringles lines in Querétaro, Mexico, which will be our northern Latin America supply for Pringles. That will allow us to have the right pack size, the right flavor, without the barrier of minimum order quantities coming from Jackson, Tennessee. And so, we continue to have that affordability lens, that affordability pyramid, and applying that to our emerging markets around the world. And it will be, for quite some, you know, for the foreseeable future, a real growth engine for us. I mean, emerging markets now is about 30% of the portfolio. Mm-hmm. So I think, you know, it's a little bit a combination of snacks, snacking, and emerging markets. It's 80% of the portfolio. So, you know, that's and you know, both are growing, and I think, you know, both should be sources of long-term growth for us. Great. Maybe just a little bit more on, you know, the Nigeria, the Africa business, the noodles business. You did a deep dive on that at CAGNY, which I think was helpful for a lot of people. But for those who didn't see it or just a little bit more perspective on why that is such a strategic asset, and how you frame the long-term opportunity that it presents? Yeah. So, you know, we got into the noodles business through our joint venture with Tolaram and Dufil in this instance. And so our business in Nigeria is really a system business. I mean, we have a consolidated ownership position of the distributor, Multipro. But as you go back from that, we also have a, you know, almost quarter share of Dufil, which is the manufacturing arm, which makes Indomie noodles in Nigeria, which is a, you know, highly penetrated, I think over 90%, 70% share noodles business, very affordable, a staple item for families in Nigeria. And it helped us really learn the noodles business, and it's a fantastic business. It is a highly efficient manufacturing operation. It is a highly penetrated, as I said, category. It's a staple item. We've applied those learnings outside of Africa with our Tolaram joint venture, and we've launched Kellogg's noodles in South Africa and Egypt, and now most recently, very recently, in Saudi Arabia. And so we've taken all those commercial learnings and manufacturing learnings from Nigeria and applied them to those countries underneath the Kellogg's brand. And the Kellogg's brand in those countries, and indeed around Africa, is a highly valuable brand. It's seen as Western, it's seen as high quality, it's seen as aspirational. And so we put the Kellogg's name behind a very high-quality noodle offering in those countries, and have launched to great success. In South Africa, we're actually now the number one market share player in just five short years, and that's not to be underplayed, I think. That's quite a substantial achievement by the team there. Now number two in Egypt and growing rapidly, and the Saudi Arabian market is an attractive one. So it's a combination of the commercial manufacturing learnings in Nigeria that we've learned, applying them with Kellogg's equity in those new markets that's has led to that success. Great. You know, one of the, one of the questions that, you know, I, I've been around with investors, you know, since your kind of deep dive into that business at CAGNY was, how to, how to think about the balance between top-line growth and bottom-line growth in that market, and, and, and sort of the scaling up of, of margins and profitability. You know, what's, what's the balance you're striving for, top versus bottom line, I guess, in that business, and then just more broadly across, across your emerging market business as you scale it? Yeah. You want me to go? Yeah, I'd say that, you know, if you kind of look at Nigeria, right? I think as Steve mentioned, right, we've got a full system business, right? It's kind of manufacturing, marketing, and distribution. I think when you see the PNL, just because of the ownership structure that you have, you have the distributor margins, which we consolidate, right? And oftentimes, people ask us, "Why do you have a distributor business in Nigeria?" And the answer is, "No, we don't have a distributor business only. We have a distribution, but we also have a marketing and manufacturing." One gets consolidated, the other doesn't. And so I think, you know, you see that just from a reporting standpoint, it kind of feels like a bit of a disconnect. But I think, you know, you know, we've got the number one distribution system in Nigeria. So this is a market of 200 million consumers. We're number one in distribution. In fact, you know, you have a lot of other companies come to us to distribute their products, companies like Colgate, Kimberly-Clark, et cetera. So, you know, the distribution system that we have is a real competitive advantage that we have in that market, competitive from a reach standpoint, competitive from a cost standpoint as well. And obviously, that supports, you know, leading margins. I think our aspiration there would be to have, you know, leading profitable margins. It just goes through in the PNL in a slightly different way. I would say also that on the back of our distribution and the foods business, we've launched cereal, we've launched snacks. You know, we have a very, very well positioned to kind of be a leading snacks player in Nigeria. It's still early, still early days. The categories are still forming. And so I think, you know, on noodles, we have, we have leading margins, but on cereal and snacks, we're investing for growth. And as that investment kind of scales up, right, we expect our margins, you know, to get to, you know, the normal margins that we expect. And I would say from an emerging market standpoint, you know, we've got a whole range of markets across the margin spectrum. So, you know, if you look at Mexico, where we've got, you know, high 60% share in the cereal, we've been there for seven decades. You know, you look at India, where we've now been there for three decades, the cereal category is scaling up. We're getting close to the company average. And then I think, you know, in markets like, you know, Kellogg's noodles, where we're in investment stage, you know, we expect... Right now, we're in investment phase there, but, you know, we expect over time for those margins to scale up, as well. Great. Maybe to build on that, Amit, at the enterprise level, clearly, you know, Target's ambitions for long-term and consistent margin expansion and free cash flow alongside the top line growth, how would you rank the relative drivers of that kind of margin expansion at the enterprise level? 'Cause there's a lot that you've kind of talked through in terms of, you know, we've got network and supply chain optimization, revenue growth management, a lot of different drivers. How do you think about them, and which ones would you sort of say are the most pivotal to success? I think it depends on the year, it depends on the market. It's tough to give a kind of ranking, right? Because it really depends on what's happening from a commodity standpoint and but I think, you know, if you were to kind of look at it, productivity, obviously, obviously, the first, always the first line of defense. And, I think, you know, with the supply chain and now coming back to a more normal state, we're getting back to a productivity level of around that focus. And, and, you know, that was a bit on pause during, you know, all the supply chain bottlenecks and shortages that we had in the last couple of years, but it's now kind of fully ramping up, along with innovation. So, you know, the whole productivity program is ramping up as well. You know, so that's going to be a driver. I think inflation is still, will continue to be a driver. Maybe not in this price increase, but certainly price-pack architecture makes, you know, our growth continue to be drivers and important drivers of margin preservation. You know, we talked a lot about five power brands driving most of our growth, 2%-3% of our portfolio, driving even a higher percentage of our growth. These brands are power brands, and, you know, they tend to have higher margin than the rest of the portfolio. So that should be, you know, that should be accretive. We talked a little bit around scale in emerging markets. And then, of course, you know, earlier in the year, we talked about a couple of network projects that should also kind of help. I think from a, you know, we talked previously of getting to 14 operating margin, and, you know, we've had a strong start in the first quarter. And then, you know, from a longer-term perspective, you know, we expect to get to 19 margin by 2026. Okay, great. There's also been a lot of discussion, I mean, in general, but especially this week, around technology investments, and the capabilities that technology, especially AI, you know, promises. How are you thinking about, you know, AI, big data, other technology, leveraging other technology capabilities? How important of a reinvestment focus is that for Kellanova? And do you think it can be... Do you think it is or can be a source of competitive advantage? I do. We do. I mean, we've got a big investment in data transformation, including AI, including machine learning, including what we call Smart Factory. So there's a lot of opportunity there, and obviously, everybody is. If you're not in data transformation, you're gonna be competitively disadvantaged. So to actually state that it's gonna be a competitive advantage is quite bold because everybody is seeing the same thing and chasing the same opportunity. But we, you know, are in a very good position as we talked about at our first quarter. Because we're off to such a good start, we are actually doubling down on our data transformation investments, and looking at the right use cases. Clearly, manufacturing is an area where I do think we have, you know, a really good running start because we've been working at it for some period of time, originally what we call Smart Factory, which is really leveraging data technology, automation all together to make our plants run that much more efficiently. And it gets us to where, I was talking about a 4% productivity or greater, gives us, you know, line of sight and lots of confidence there. But you look at things like revenue growth management, assortment, merchandising, the whole commercial lens, and there's a big opportunity for, artificial intelligence and, you know, the leveraging of, you know, the data sets that we have. We've got more first-party data than we've ever had before, so we think about from a consumer messaging standpoint, innovation, the types of, you know, things that technology can bring to really increase that speed to value and that speed to market, is equally an area that we're very excited about. And then just the whole, you know, think back office writ large. You know, there are so many things that this technology can simplify. You know, things as simple as, you know, first drafts of creative briefs that can be done in a moment's notice that would have taken, you know, tens and tens of, you know, hours to do. So there's lots of use cases, there's lots of opportunities, but we have, we've gone through the exercise of basically prioritizing where we think for us, those best use cases are, which, you know, we keep to ourselves. I've mentioned some of them, but, you know, we do think that there's lots of opportunities to continue to become more productive, more efficient, more effective through the use of these technologies. Great. We talked a fair bit about, you know, Pringles and Cheez-Its and noodles. I guess from an overall perspective, you know, there's a lot, lots of other brands in there, you know, Pop-Tart and Eggo and Rice Krispies Treat that play key roles. From an overall perspective, how, you know, sort of satisfied are you with the current brand and geographical footprint of Kellanova versus kind of seeing opportunities to, you know, reshape that portfolio over time, you know, inorganically through M&A? Obviously, we've gone through a massive portfolio bit of work recently with the spin-off from North American Cereal. Prior to that, we obviously divested the cookies, pie crust, fruit snacks business. So we like where our portfolio is right now. Can it be improved upon? Always, and we'll always look for those bolt-on opportunities, those capability opportunities should they present themselves. But right now, our organic opportunities in front of us are very attractive. And you mentioned some of the brands. I mean, Pop-Tarts on its way to a $1 billion brand, Rice Krispies Treats is about a $600 million brand. So these are not small brands, and they're highly differentiated, and so provide great opportunities for us to continue to grow. I can go on about all these brands, and just to have some fun with it, Pop-Tarts, it... You know, there's only one Pop-Tart, right? It defines the category, just like Rice Krispies Treats, you know, just like Pringles. It defines the category that it's in. There's not too many brands that can brand, you know, that can brag about having a, you know, an internet-busting event like the Pop-Tarts Bowl was. I mean, it's absolutely, it was the best consumer activation that I've seen. It was absolutely spectacular, but it started because it's a highly differentiated, much-beloved, iconic brand, and it followed it up with a Jerry Seinfeld movie. Jerry Seinfeld made a movie about the Pop-Tart. And, you know, obviously had a cast of, you know, lots of famous comedians, and we, you know, the team leveraged that to great advantage to drive display, to drive activity, but really to drive brand love and iconicity, you know, further iconicity. And, you know, we've got those opportunities with these much-beloved brands. Eggo waffle, you know, there's only one Eggo. It defines the category that it's in. So when we talk about our strategy, about differentiate, drive, and deliver, it starts with the differentiation of these great brands, and there's loads of runway for them. And they have what every brand marketer dreams about having as a number one starting point, differentiation. And that's what we've got in this portfolio. Those top five brands drive 50% of our growth, and again, they're very advantaged. Great. Got a couple minutes left. I wanna make sure everyone here gets to their next meeting, and I wanna make sure you guys get some sleep. But if there were one or two things that you'd highlight for investors who are looking at Kellanova as an investment opportunity, what would you say just to close us out? Yeah, I would say, you know, we talked about this all the way back at Investor Day. When we had our Investor Day, there was a lot of enthusiasm and excitement for what we were undertaking and a lot of appreciation for the industrial logic of it. But there was equally and understandably a lot of, "Well, you know, you have to show us that this is actually the case. We see all the pro formas. We see that you're gonna be a higher growth, higher margin business, but, you know, show us that that's the case." We did that in the fourth quarter of last year, and we did that again in the first quarter of this year, where we talked about our outlook and our confidence in our outlook. We are a higher growing, higher margin business, driven by those brands I was just talking about and driven by that emerging markets that, Amit was talking about, and 50% of our business being outside the U.S. You know, we think we have got an outstanding portfolio. We think it stacks up against the very best of the snacking sector. So as we think about, you know, our company and the value of our company, we think it is, starting to become more appreciated, but not nearly the way it ought to be, because, again, highly advantaged brands in highly advantaged markets with lots of capabilities and a company that looks far different than the Kellogg of old. It ought to see that type of multiple appreciation going forward because it's a different business, and a business that we're highly confident in, a business that we've spent a lot of time reshaping and reworking, but it is fit for the future, that is absolutely poised to continue to, you know, win in the marketplace. That's great. I wanna thank you both for making extra efforts. I wanna thank your IT team, too, 'cause I'm sure there's people there, helping you out. So appreciate it, and good luck to everybody at Northwestern on Friday. Thank you. Thank Thank you, Steve. Thank you, everybody. Thanks, guys.