
For full year 2025, our outlook is unchanged, and applies both including and excluding Ice Cream.
We expect underlying sales growth to be within our range of 3% to 5%. Second half growth is expected to be ahead of the first half, despite subdued market conditions. This reflects our continued strength in developed markets and improving performance in emerging markets.
We continue to anticipate an improvement in underlying operating margin for the full year, with second half margins of at least 18.5% (or at least 19.5% excluding Ice Cream), a significant improvement versus the second half of 2024.