For our next presentation from Mondelez, and maybe before we get started, I'd like to just take a moment to thank Mondelez for sponsoring the break that is going to happen after this presentation. I think Andrew O'Connor just gave us pretty good advice: no running, no pushing, and watch the kids, so thank you. The last five years, Dirk Van de Put and Luca Zaramella have pushed a growth agenda at Mondelez, which was supported by portfolio change, organic investment, and really debt management of the balance sheet, and the result has been the company's compounded very good returns, so from here, I'd like to have Dirk come up and give us an update on what's going on at Mondelez. Thank you, Bryan. Thank you for the kind introduction. Thanks to all of you for joining us today. Today, we're pleased to provide an update on the continued progress against our long-term sustainable growth strategy. We'll share our plans on how to navigate the near-term cocoa cost headwinds, and we'll walk you through the robust chocolate strategy, which we believe will position us to emerge even stronger after this current cocoa crisis. Then we'll take a deep dive into cakes and pastries with an attractive, strong adjacent category where Mondelez has a unique opportunity to win. We do have a strong head start against our competitors. Then finally, Luca will provide an update on our value creation approach focused on cash generation and a disciplined capital allocation strategy. So let's get started maybe with a quick reminder of the unique opportunity and the good results of our business. As you can see, 2024 was another strong year. We delivered organic net revenue growth of 4.3%, which is an increase of about $1.5 billion versus prior year, an adjusted gross profit dollar growth of 5.1%, which is an increase of $0.7 billion versus prior year. And all this despite record cocoa inflation cost input. Our volume mix results remain strong, demonstrating that consumers continue to prioritize biscuits, baked snacks, and chocolate as everyday indulgences. We continue to increase our investments in our brands to strengthen our consumer and customer loyalty, as well as our long-term growth. And our adjusted EPS grew by 13% on top of strong growth in the past several years. Since the launch of our growth strategy in 2018, we have consistently delivered against our long-term algorithm. I'm very proud of our team's continued success in delivering against these key performance metrics, which include volume, revenue, earnings, and cash flow, and all this despite significantly high volatility. Along with our financial performance, I'm pleased to share that we are making significant progress against our goals of making our business more sustainable. First, we're continuing to advance our leadership in sourcing critical ingredients more sustainably. About 91% of the cocoa volume used in our chocolate brand is sourced through Cocoa Life, which is our signature program that works to lift up the people and restore the landscapes where cocoa is grown. Secondly, we're advancing our performance in social sustainability. Now, about 75% of the Cocoa Life communities in West Africa have child labor monitoring and remediation systems in place. And third, we're making solid progress in helping to combat climate change with significant reductions in our CO2, our emissions, our food waste, and our water usage. And finally, we continue to advance what we call our light and right packaging strategy, where about 96% of our packaging now is recyclable. These are just a few highlights of our continued progress towards making the company a more sustainable snacking company. We continue to believe that helping to drive positive change at scale is an integral part of our value creation with positive returns for all our stakeholders. We will share additional details in our annual Snacking Made Right report, which will be published in April. Another key element of our accelerated growth strategy is our focus on portfolio reshaping. We're doubling down on our core categories of biscuits, baked snacks, and chocolate because they remain resilient and durable, with very attractive growth potential in both developed and emerging markets. We're making strong progress towards our plan to deliver 90% of revenue through our three core categories. We're particularly excited about the potential to grow in the key adjacencies of cakes and pastries, which are in many ways an extension of the biscuit space, and we'll dive deeper into this opportunity later in our presentation. Consumer research shows that snacking remains the most interesting space in food, with continued long-term growth. According to our annual State of Snacking report, which is conducted in partnership with the Harris Poll consumer research firm, 91% of consumers globally snack daily, and 61% of consumers have at least two snacks per day. This trend is even more pronounced among millennials; 73% say that they couldn't live without snacks. We like that. Our data also show that snacking remains durable even during inflationary times. 71% of consumers say they continue snacking even when packaging sizes decrease or prices rise. Consumers tell us that they value snacking because it plays a key role in their lives; 81% say they snack to find quiet moments to themselves, and 77% agree that snacking is one of their few indulgences they want to let be in their lives. Importantly, our poll also shows that consumers are snacking in mindful, reflective ways. Our data continue to show that consumers firmly believe that snacking plays an important role in their active, busy lifestyles. Consumers are becoming more health-conscious, so two-thirds of consumers look for snacks that are portion-controlled. Taking together these consumer insights gives us confidence that snacking remains a great business. We are confident that we remain well positioned to deliver growth in these snacking categories and that we still have significant headroom as demand for snacking continues to accelerate. In our categories, we currently hold number one global position in biscuits with 17.4% market share in a market that is valued at $125 billion, a very close number two global position in chocolate with 12% share in a market that is valued at $134 billion, the number three global position in cakes and pastries with 3.8% share in a market that is valued at $97 billion, and the number three global position in snack bars with 9.1% share in a market of nearly $20 billion. Growth in these core snacking categories continues about 1.3 times faster than all other food categories. Along with our category focus, our geographic footprint represents an important growth driver and competitive advantage, with strong growth across all our regions in both developed and emerging markets. About 39% of our 2024 revenues came from high-growth emerging markets, which have been growing at a CAGR of more than 12% over the last five years. And at the same time, our developed markets of Europe and North America delivered a strong 5.6% revenue growth also over those five years. The strong foundation of our iconic brands, our attractive categories, and our broad geographic footprint provide us with a very long runway of growth opportunities. On top, we have other opportunities that will accelerate our growth even further. These include expanding our distribution in width and depth, accelerating revenue growth management, and reshaping our portfolio through M&A. Apart from strong growth opportunities, we think we have five key advantages. First, which is our leadership in the attractive and quite resilient core categories of biscuit, baked snacks, and chocolate. These categories allow us to benefit from consumers' consistent love for snacking as an everyday indulgence, even during inflationary times. Second, our global footprint. About 75% of our business is outside of North America, and 40% is in emerging markets. Third, our iconic brands drive tremendous consumer loyalty, enabling substantial pricing power and a win-win partnership with retailers. Fourth, our robust marketing and sales capabilities, which means that we include continued and growing investment in driving availability and visibility across channels. Finally, and perhaps most importantly, our culture enables us to attract, retain, and motivate the very best talent in the consumer packaged goods industry. The combination of our growth opportunities and competitive advantages gives us quite strong confidence that we will continue to deliver our long-term growth algorithm: 3%-5% organic net revenue growth, high single-digit adjusted EPS growth, and more than $3 billion in free cash flow. Now, let me turn to the topic that you probably have on your mind, which is cocoa and our robust playbook to effectively navigate it. We remain confident that we are strongly positioned to navigate this dynamic environment and emerge stronger. So let me walk through our chocolate principles and the playbook in a bit more detail. Fundamentally, chocolate remains a great category. It's continued to grow and showing volume resiliency. Within this great category, our brands are the leaders in numerous key markets, providing us with a robust, growing business. At the same time, we have a clear strategy to navigate record input cost, and we remain structurally advantaged to drive long-term chocolate growth. As you can see on the left side of this slide, the chocolate category continues to grow with resilient volumes. Consumers around the world love our iconic brands, which include brands like Cadbury Dairy Milk, Milka, Toblerone, Côte d'Or, Marabou, Freia, Lacta, and so on. They love to celebrate special occasions, snack with family and friends, and to unwind with a moment of mindful indulgence. It's important to underscore that consumers outside of the U.S., particularly in Europe, which has a very rich tradition of distinctive chocolate as a cultural touchpoint, maintain intense brand loyalty. In those countries where our chocolate brands represent the taste of the nations, consumers rarely consider switching, and private label fundamentally cannot compete. It's also important to remember that the leading form of chocolate outside the United States is tablets, like the ones pictured on this slide. There are other formats like stuffed pralines, which are growing, but the core consumer expectation is the unique flavor and mouthfeel of genuine chocolate. There is simply no substitute for it, and consumers consistently make room for it in their budget. As a result of this consistent consumer demand, our chocolate franchise is growing high single digits, delivering more than $11 billion in revenue, building on a strong heritage in developed markets, which represents about 60% of the business. Our chocolate business is also growing well in emerging markets with a five-year CAGR of nearly 14%. We offer some of the world's strongest, most iconic chocolate brands, including Cadbury Dairy Milk, which is a $2 billion brand that is growing double digits and is virtually synonymous with the definition of chocolate in countries like the U.K., India, Canada, Australia, and New Zealand. Milka is also growing high single digits, also with more than $2 billion in revenue, but is more anchored in the Germanic countries like Germany, also France, Poland, and Austria. And then, at the same time, we have what we call local jewel brands, which are brands like Lacta in Brazil, Côte d'Or in France and Belgium, Marabou in Sweden, Freia in Norway, and those are also delivering very strong growth for us. As you can see, we believe that we are well positioned for continued leadership in this very attractive category. Now, let's dive a little bit deeper into our strategy to navigate the current cocoa cost inflation. Our strategy consists of five key pillars. The first one is to leverage our robust RGM playbook. The second one is to continue to advance, sorry, our best-in-class marketing and sales execution. The third one is to promote agility and putting in place the right incentives in our countries around the world. The fourth is delivering against target cost savings. And five is to increase the long-term resiliency of the cocoa supply chain. Let me take you through each pillar in a bit more detail. The first pillar of our strategy is leveraging our full revenue growth management playbook. We have reconfigured most of our chocolate portfolio to the right sizes and prices to not only manage near-term cost pressure, but to also continue accelerating growth. This approach starts with offering consumers an array of pack sizes appropriate for every snacking occasion, from bite-sized treats to a delicious taste of me time to family sizes designed for sharing with family and friends. Another key element of this approach is to protect entry-level pricing to drive consumption, particularly in emerging markets in India, where low unit prices are critical to bring new and maintain existing consumers into the category. The third element of our RGM approach is full pricing to offset input cost in those segments which have low elasticity, such as seasonals and limited editions. All in all, today, we have touched more than $5 billion of our portfolio with resizing activities. The second element of our chocolate strategy is accelerating growth through enhanced marketing and sales activities. We continue to invest strongly in working media to grow brand awareness and purchase interest. At the same time, we are expanding distribution and increasing our in-store visibility and activities. For instance, our Visi-Cooler model in India is a great illustration of this approach, which enables us to offer the right mix of products to small shops without air conditioning. We are rapidly scaling our Visi-Cooler program to not only reach more stores, but also to offer a larger assortment of products. And meanwhile, in developed markets, we are increasing our category captainship with new key retailers. We're also continuing to scale up activations, including sports partnerships and other consumer promotions, which strengthen consumer relationships with their favorite chocolate brands. These activations are particularly effective in driving our seasonals business and important win-win with key customers. We're also planning a very broad range of product innovations, which are designed to drive growth in the category, not just to protect margins. For example, we are continuing to create new and exciting tastes to celebrate the holidays, and year in, year out, consumers around the world show us that Valentine's Day, Easter, and Christmas just would not be the same without our iconic chocolates. Additionally, through our partnership with Lotus Bakeries, we will soon launch delicious co-branded chocolate bars and pralines, combining the unique caramelized crispy Biscoff taste with our iconic global chocolate brands of Cadbury and Milka, and later on, during the display of products that we will have when this session finished, you will have the Cadbury Biscoff variety available for you. These innovations enable us to drive premium pricing while continuing to surprise and delight our already loyal customers and consumers. The third pillar of our chocolate strategy is promoting agility by incentivizing our local business units to stay ahead of changing consumer needs and tastes. We are closely scrutinizing pricing and volume impacts, and we will move quickly to adjust at the first sign of competitive gaps or growing elasticity. Our local-first operating model empowers our teams to closely monitor shifts in consumer penetration, consumer frequency, and sentiment, and then rapidly adjust our promotions and our activations as needed. We're confident that this targeted incentive plan will drive the right behavior to advance sustainable long-term growth. The fourth element of our chocolate strategy is delivering cost savings. First, we are making strategic adjustments to our A&C model, reducing non-working A&C spend through streamlined media production, agency efficiency, and reuse of our assets. We're also leveraging new technologies, including AI, to rapidly develop and customize new creative while reducing the development costs. It's important to note that our commitment and prioritization around working media and point-of-sale investment remains unchanged. However, we will continue to ask our teams to maximize every dollar to deliver the best returns. Along with targeted reductions in A&C, we continue to make progress on reducing overheads, building on our what I would call already lean overhead structure while protecting key investments. In addition to targeting selected cost buckets, we are increasing supply chain productivities, which are underpinned by numerous initiatives, including digitalization and automation. The fifth and final pillar of our chocolate strategy is improving the resilience and stability of the cocoa supply chain. For managing the risk on cocoa, we aim to improve crop forecasting while maintaining what I also would see as a robust cocoa hedging framework. We plan to secure more and better quality cocoa through more direct sourcing programs. Additionally, our signature sustainability sourcing program, Cocoa Life, continues to work with farmers on the ground to improve agronomy practices and increase crop yields. We're also partnering with suppliers to help transition to more large-scale farming while enhancing our processing practices and technologies to get more cocoa out of a single bean. We will also increase our geographic origin flexibility without compromising the quality and the taste of our iconic chocolate brands. And through our SnackFutures Ventures program, we are investing in alternative technologies, which includes lab-grown cocoa. In summary, we remain confident that our strong chocolate franchise is positioned for long-term success. The chocolate category continues to be attractive, resilient, and growing, and we have a solid leadership position with iconic brands and a strong financial performance. The playbook I have just described will enable us to not only navigate the current cocoa cost challenge, but more importantly, to drive category health for the long term. We continue to invest to drive growth in attractive markets and segments with significant runway, and we are confident that we'll emerge from the current environment stronger than ever. Now, let's turn to an exciting but often underappreciated growth category. Cakes and pastries is a rapidly growing space directly adjacent to both chocolate and biscuits, with numerous opportunities for cross-category collaborations and activations. Let's take a closer look. The global cakes and pastries category is currently valued at $97 billion. We believe that we have the right to win in this rapidly growing category, and we have a strong playbook to get there. The category is highly diverse, both within and across markets. Because of the nature of the products, the category offers significant opportunities to extend and build upon our iconic chocolate and biscuit brands. Additionally, our local-first operating model and deep local consumer knowledge position us well to understand the nuances in flavors, formats, and preferences across this fast-growing space. In the U.S., for example, consumer preferences range from shelf-stable filled and soft cakes, individually wrapped for on-the-go occasions like school lunches, to fresh cupcakes and donuts typically found in the grocery in-store bakery. If I switch to France, by contrast, consumers have long preferred pastries to accompany their morning coffee, as well as soft cakes or waffles for an afternoon treat. Today's increasingly active and busy lifestyles are driving French consumers to buy more packaged and shelf-stable versions. Switching to China, there are baked rolls and cakes that are increasingly popular among younger consumers with rising incomes, as more Western flavors increasingly penetrate second-tier cities. Consistent with this rising demand, the cakes and pastries market outside North America is well-developed and sophisticated. While many Americans still associate cakes with children's birthday parties, European and Asian cakes and pastries span a much broader range of occasions, from the classic morning croissant to cheesecake, mousses, and filled treats featuring dark chocolate and decadent flavor profiles. The global packaged cakes and pastries category is valued at more than $97 billion and growing at a high single-digit CAGR. It's one of the fastest-growing packaged snacks categories. While the cakes and pastries category is growing worldwide, about 70% of the growth is concentrated in the United States, Japan, China, and Western Europe. Mondelēz currently holds the number three global share position, and we're growing at a 34% CAGR. Over the past three years, we've added nearly two points of market share. We are well-positioned to accelerate this growth in this very attractive category. So let's take a closer look at why we believe we have the right to win. The global cakes and pastries market is expected to grow at a 4.4% CAGR for the next six years, reaching about $125 billion by 2030. We already have a strong presence in three of the four markets where the category currently is concentrated: Europe, the United States, and China. Our head start in these critical markets positions us well for growth in the rest of the world. Over the past few years, we've built a $2 billion cakes and pastries business by accelerating growth of our strong legacy brands, complemented with strategic bolt-on M&A. About a third of our cakes and pastries business comes from extending our legacy brands like Oreo, Milka, and the French favorite LU into products we call Chocobakery, including soft cakes, brownies, and similar treats. Building on this strong foundation, recent acquisitions account for about two-thirds of our cakes and pastries business. The highlights here include Chipita, which is a leader in croissants, baked rolls, and related snacks under the 7Days brand, anchored in Central and Eastern Europe. Give & Go, the leading manufacturer of frozen to fresh brownies, cookies, and cupcakes, and related bakery products in North America, and Evirth the leader in China's frozen to chilled cake segment, which is growing double digits. We're excited about the opportunity to innovate and grow across both our legacy brands and our recently acquired ones, as consumers continue to show interest in new ways of combining chocolate, biscuit, and bakery formats into a wide range of new snacks and occasions. The strategic combination of iconic brands complemented with bolt-on M&A makes Mondelēz the only truly global player in cakes and pastries. We rank number one in Central and Eastern Europe, number one in Southeast Asia, number one in U.S. fresh in-store bakery, and number one in European packaged croissants. Our growth strategy is anchored in geographic focus, prioritizing local flavors and cultural traditions to expand snacking occasions. Our key developed markets, which include the U.S., Canada, France, Germany, and Greece, represent about 55% of the business, and the key emerging markets, including China, Vietnam, Poland, Romania, and Brazil, represent about 45%. We do believe that we have all the right ingredients for success in cakes and pastries. Our iconic brands, robust activation, innovative products, and strong route to market give us the right to win in this attractive and growing category. Now, let's take a closer look at the playbook. Our priorities are grounded in analyzing the relative maturity of cakes and pastries markets where we operate. After that, we build strategies that meet consumers and customers where they are today while helping them build and advance the category for tomorrow. In the countries we call novice, where cakes and pastries are only beginning to grow, we focus on offering superior products. As growth accelerates, we work to establish new occasions. As the markets move towards greater maturity, we focus on premiumization, including new flavors and designs that appeal to increasingly discerning tastes. Additionally, we work to drive convenience by expanding distribution beyond the center aisle into the periphery areas of grocery stores, such as the in-store bakery section, or into the convenience channel or the traditional channel. Aligned with this market maturity model, our playbook for achieving global leadership includes three pillars. The first one is to create iconic Oreo cakes. The second one is to drive chocolate-forward bakery, and the third one is to expand into new segments. The first pillar is extending our iconic Oreo brand into new incremental occasions, broadening its appeal to young adults with growing incomes. Oreo cakes, led by Cakesters, are performing quite well. They are, at the moment, delivering already $125 million revenue last year, and they are reaching a household penetration of about 6% in the U.S. and in China. We're launching new flavors such as Golden and Double Chocolate, and that will attract new consumers. We're also launching smaller pack sizes, which are helping to reach the value-focused consumer, and we're also advancing our presence in the convenience store channel. Based on these strong growth trends, we're planning expansion into additional markets later this year. Our ambition is to grow Oreo cakes and pastries revenue four times larger than last year. The second pillar in our playbook is extending our iconic chocolate brands into cakes and pastries, for example, through Milka brownies and Cadbury Cake Bars and rolls. Our chocolate-branded cakes and pastries have delivered high single-digit CAGR over the past three years. These premium innovations generate significantly more revenue per kilo than core cakes and pastries. We have exciting plans to accelerate the launch of our hero brands into new geographies, and our ambition is to double last year's growth. Later on, when you have the snacks outside, you will find the new Milka croissant that is being launched in Europe at this stage. The third pillar in our playbook is expanding new segments. For example, our 7 Days brand has a leading position in the packaged croissant market in Europe, delivering about $500 million in revenue last year and growing high single digits since the acquisition. Moving forward, we are doubling down on croissants and baked rolls growth, with plans to expand into the United States and other emerging markets. We expect to roughly double the size of this business by 2030. In-store bakery is another important growth segment, with $650 million in revenue. Since our acquisition of Give & Go, we have delivered significant share growth, outpacing the market, while accelerating this category as a one-stop shop and strategic partner to retailers. Oreo co-branded products only last year tripled in sales, and we're continuing to drive innovations with ambitions to double our growth by 2030. We're also growing rapidly in the frozen to chilled segment in China through our recent acquisition of Evirth. Chinese consumers increasingly seek fresh premium options with innovative and sophisticated taste profiles to meet a growing range of snacking occasions. As a result, the frozen to chilled segment is growing strong double digits, currently estimated at $1.5 billion in China. Before purchasing a majority stake, we worked with Evirth for several years to develop, manufacture, and sell cakes and pastries featuring some of our iconic brands, including Oreo and Philadelphia. Again, with the snacks, later on, you will find the Oreo cheesecake from China. Our expanded partnership enables us to further accelerate growth through continuous innovation, leveraging the combination of our high-value brands with Evirth's advanced R&D and technical expertise. To summarize, we're confident we have the right strategy, the right products, and the right positioning to win in the fast-growing cakes and pastries category. We are already the number three global player, and while we're very early in the journey, we are already gaining significant share. Our strong portfolio of iconic brands, combined with recent acquisitions and more to come, represents a critical competitive advantage. We're investing to drive growth and confident that we're on the right path. With that, I'll turn over the microphone to Luca to provide an update on our cash generation and capital allocation priorities. Luca. Thank you, Dirk, and hello, everybody. To close our presentation, I'll share how discipline approach to capital allocation continues to deliver value through expanded free cash flow, returning capital to shareholders, growth-accretive M&A, and balance sheet flexibility. We remain committed to increasing free cash flow through strong gross profit dollar growth and best-in-class cash conversion cycle, and although we have made significant progress in working capital, we believe there is more to do in areas such as days inventory to further improve our cash conversion cycle. Our long-term vision is to deliver free cash flow in line with adjusted earnings. Moving to capital return, we remain focused on maintaining a strong balance sheet while prioritizing return of capital to shareholders. As a result, our dividend has grown at 10.5% CAGR over the past five years. Opportunistic share buybacks also remain an important mechanism of capital return. We have returned approximately $13 billion to shareholders over the past five years, while reducing our share count by 15%, and recently, our board approved a new $9 billion share repurchase plan, which will enable us to continue our opportunistic approach to buybacks, especially at levels that we believe do not appropriately reflect our long-term earnings power. Since 2018, we have delivered a cumulative capital return of nearly $26 billion through share repurchases and dividends. Our disciplined M&A strategy also continues to drive value. The 10 bolt-on acquisitions we have completed since 2018 have delivered more than $3 billion in annual net revenue at good growth rates and both revenue and cost synergies. Our approach is simple: acquire the right opportunities, execute a strong integration plan, and accelerate growth in the newly acquired brands through expanded distribution and elevated marketing capabilities while delivering cost savings. When evaluating potential acquisitions, we have a rigorous and disciplined process around returns and key metrics, both before and after completion. We also continue to divest non-core brands, such as the recent sale of developed market gum. At the same time, our disciplined approach to managing debt provides us with the necessary flexibility to pursue new opportunities and adapt to market changes. Our treasury team has done a lot of strong work over the past several years to further strengthen our position with an attractive average coupon rate and long maturity structure. Turning to our 2025 outlook, there is no change from what we discussed in our year-end earnings call two weeks ago. To close, we believe our company is well-positioned for strong future value creation. Our demonstrated results give us confidence that we have the right strategy, the right footprint, the right brands, and the right team to continue our track record of strong performance. We are clear-eyed about the challenges presented by record cocoa costs, but we are confident that consumers' enduring love for chocolate will not waver, and our team is at its best when we are united and focused. Our robust chocolate playbook will enable us not only to navigate the near-term headwinds but to emerge stronger than ever. We are excited about our strong playbook to win in attractive adjacencies like cakes and pastries that provide a significant runway of growth opportunities. We also believe our disciplined approach to operational execution, cost discipline, and capital allocation will enable us to continue driving strong shareholders' value for the years to come. Thank you for your time. Bryan, you want to go ahead? Bryan Spillane? Thanks for the presentation. Dirk, we're trying to calm people down. You teased the break twice, so. But I'd like to ask a question about cakes and pastries, and I guess my impression from how much we spoke about it today, there was a point in time when this was sort of an adjacency, and it sounds like it's becoming maybe more of a bigger part of the portfolio. So A, is that what we should take from this? And then second, if you can talk a little bit about if this becomes larger, how much of it needs to be inorganic versus organic, so as we're thinking about M&A going forward. I guess we're all probably here thinking you were Company A at Hostess or whatever was in the filing, but if you can talk a little bit about how you'd grow it, and again, by thinking about that right in terms of just it's maybe more important today than it would have been two years ago. Yeah, yeah. I wouldn't say it's more important, but I think we're getting clearer on what is our playbook to win in this. It's always clear that cakes and pastries is a natural extension of the biscuit market. It's not so obvious in the U.S., but if you go into a European retailer, you will have the biscuit shelf, and across, you will have the cakes and pastries shelf. I would also say that if you look at that shelf, it's much more sophisticated than what we see in the U.S. So, as we are acquired Give & Go, as our chocolate bakery business in Europe has been growing, as we are starting to do well with Chipita, we're getting clearer that we can play a significant role, not in every segment or in every level of the market, but we think about more premium, superior products that really upgrade the market. And we think we have a natural right to play there because of our brands that come from the biscuits or the chocolate market. So we've seen some very attractive growth. We're now gearing up with some of the global expansions that we're planning to do. We're getting ready for 7Days in several countries. We're starting to launch products, as I was mentioning, with our chocolate brands in the croissant segment. The in-store bakery segment, we're now understanding it much better. It's been doing very well for us. Give & Go almost has doubled its size since the acquisition. So we're looking at other in-store bakery opportunities around the world. And so the strategy is coming more together, and that's what you're feeling. On top, we've been successful, so it's accelerating for us. I would say that the cakes and pastries category is sometimes underestimated because from our perspective, it's not just an adjacency. It's a core category. It has much higher revenue per kilo than biscuits. As a consequence, also much more dollar margin per kilo for us. And it's a category that's growing as fast as some of the other snacking categories. And it's very fragmented, and we can play a leading role. So that's why you see the renewed interest. And we also had the impression that maybe there was not enough clarity around how big cakes and pastries can be for us. Oh, I think where we are now with Evirth providing us the R&D and the technology to do super premium products, not only in China but in the rest of the world, with the croissant technology we have from Chipita and then Give & Go in-store bakery, we do have some of the technologies that allow us to go around the world. So global expansion will be a big role. There will be more acquisitions. A, if we can get the right technology that would give us another segment in this market, or B, if it helps us to get distribution because some of the distribution here is frozen distribution, and so that requires often a separate setup for things. Andrew will give you. Thank you. Dirk, maybe a higher-level industry question, but it's relevant for snacking as well. You've been in the packaged food space in various roles for a long time. You've seen times when the industry was facing various fundamental challenges, and the industry has always found its way, maybe over time, not to be dismissive of challenges, but it's found a way to sort of work its way back and continue to be relevant for consumers. It seems like the way a lot of these stocks are trading today is if investors feel like the current sort of headwinds are more structural or enduring in some way. I'm just curious if your view is that this time really is different, or it's a matter of just continuing to sort of figure out, right, how best to sort of re-engage consumers where they are, even though that may take time and not everyone will do it as successfully, and certain categories are going to be advantaged and whatnot? But I wanted your perspective on that. Thank you. Yeah. Good question. I would say that, yes, the industry has always been able to work its way through these issues that we face. What's different this time? I don't believe that necessarily the issues are more structural, but there's more of it at the same time, and they are bigger. So that is the difference, I would say, with the past. If I go through them one by one, in our specific case, you have cocoa, which we believe cocoa over time will come down, not necessarily to the level it was in 2021. We don't believe that, but it will be much better than it is today. So that, I think, temporarily will walk away. In the meantime, we're doing significant price increases, PPA, RGM, and so on, and we'll see how the category reacts. First views are that the elasticity is quite good, in fact, and probably a little bit better than we would have expected. So a strong category, which I think will work its way through. Consumers will need to get used to chocolate that is 30%, 40%, 50% more expensive than it used to be because that's what we're going to see. But I do think volume will hold up. The second one is the consumer itself, particularly in North America, which has been shaken by inflation. That has happened in the past, and things come to pass. Again, they need to see their own incomes rise faster than the cost of products, which is happening at the moment. So it's going to take a few years, I think, but consumers will come back. The third one that we see is some of the geopolitical conflicts around the world, which are affecting offtake. I have high hopes that also will come to an end eventually. And then there are the changes in North America with potential tariffs and MAHA, which could require us to reformulate our products. Not particularly worried about where that probably is going, which would probably be about the ingredients we use, the colorants we use, and so on. We already have a range of products in Europe. At the moment, what I'm hearing is that's what they're comparing to, so we think we can adapt our recipes. Relatively straightforward. It's work that needs to be done. It's cost that will come. But I also believe we can work our way through this. So I don't think any of these will stick and say this industry has been changed forever, but we will have to deal with the size of these challenges. And most of it translates itself into cost pressures, which will bring its way to more pricing, I think. And it's not an easy moment to price. So I do expect it will take us a few years to work our way through this. Okay, with that, we are going to head to the breakout. Please, again, thank everyone for joining Mondelez for the insightful presentation, the product display, and we'll see you all in the breakout.