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Chairman and CEO Ramon Laguarta described the backdrop as a subdued consumer environment in North America, telling investors on the 3 February 2026 earnings call : Were taking targeted actions to deliver more value to consumers, including price adjustments on certain brands, as we work to improve volume trends. He added that the company is driving productivity across the business and simplifying our portfolio to ensure were positioned to compete effectively in this environment. This is what a structurally slower market looks like in practice

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