Those are the three conclusions that we’re taking from our relationship so far.
Hugh Johnston: Right. And the only thing I’d add is, we’re very happy with the investment we’ve made and we feel very comfortable where we are with that company right now. I think we’re both benefiting from each other’s capabilities.
Operator: Thank you. One moment for our next question. Our next question comes from Robert Ottenstein with Evercore ISI. Your line is open.
Robert Ottenstein: Great. Thank you very much and congratulations on another terrific quarter. I’m wondering if we could focus on air, we haven’t spent that much time talking about in the past, but is really doing well and that’s in Europe. And maybe perhaps parse out for us, remind us the business mix in Europe between snacks and beverages. And then talk a little bit about how the business is doing so well, very significant pricing. I know you had relatively easy comps and whether you think that there are structural long-term changes in the pricing dynamics in Europe? I mean, for many years, Europe was very deflationary and extremely tough retail. I’m sure a lot of that persists, but are there clues here that maybe there are structural changes in that environment that can go forward? Thank you.
Ramon Laguarta: Yeah. Thank you. Yes, good — good diagnostic. The fact that our European business clearly has had a terrific first half of the year and we’re expecting that to continue in the second half. A couple of elements, I think we have a portfolio that is quite robust on the snack side. We have very good market positions in snacks. And we have good challenging positions in beverages and our zero propositions in Europe are growing very fast and they’re taking market share in some of the more affluent markets in Europe. So good portfolio mix and good focus by the team on growing that portfolio. As you said, we were a little bit late to pricing last year in ’22. And the team has been courageous and has been able to find win-win solutions with our customers in ’23.
So as you see from the numbers, good pricing levels, but what is also very remarkable in Europe is the levels of productivity that the team has been executing through simplification of the business and everything else that Hugh was saying about digitalization and automation and also moving some service to essential points that we can service the businesses more effectively, more efficiently. So good work by the European team, both on portfolio managed simplification and then in driving productivity. So we feel good about Europe. We have a very strong business in both Central Europe, Eastern Europe and parts of the economy that are growing faster. So we feel good about the portfolio composition and the business going forward.
Operator: Thank you. One moment for our next question. Our next question comes from Stephen Powers with Deutsche Bank. Your line is open.
Stephen Powers: Great. Thanks and good morning. Maybe putting a final bow around Bryan’s original top line question. I guess, Hugh, the volume cadence that you implied a little earlier, down 2% or so in the first half based on results reported to date, and if I heard you correctly flattish in the second half. How does that compare with your outlook coming into the year? Because I guess, just stepping back, I’m trying to get a better sense of whether the 4 points of upside you now see in organic growth versus that February forecast is more driven by better volumes or whether the upside is really driven by greater-than-expected price mix realization or whether it’s some kind of combination? Thanks.
Hugh Johnston: Yeah. Hi, Steve. Good morning. It’s a combination. Volumes are certainly a bit better than we expected and price realization is a little better than we had expected as well. So it’s a combo. It’s not dominant one or the other.
