In the reported period, the company’s underlying trading operating profit rose by 2.9% to CHF 7.9 billion, with the underlying trading operating profit margin reaching 17.1%, showing a 20 basis point increase on a reported basis and 30 basis points in constant currency. Despite facing significant inflation in commodity and packaging costs, as well as salaries and wages, the company managed to partly offset the impact through pricing, cost efficiencies, and portfolio optimization, resulting in a gross margin decrease of 40 basis points to 45.6%. Distribution costs as a percentage of sales decreased by 50 basis points to 8.6%, mainly due to lower freight and energy costs. However, marketing and administration expenses as a percentage of sales were 18.6%, with advertising and marketing expenses increasing by 50 basis points compared to the previous period. Net other trading items decreased, leading to a 10.0% increase in trading operating profit to CHF 7.4 billion. Net profit also grew by 7.7% to CHF 5.6 billion, and earnings per share increased by 10.6% to CHF 2.13. Cash generated from operations and free cash flow saw significant improvements, reaching CHF 7.1 billion and CHF 3.4 billion, respectively. These results demonstrate the company’s strong financial performance and effective cost management strategies.