We forecast 10% price inflation in 2025E at current prices. History suggests risk to volumes and margins during intense pricing periods, and we see downside risk to 2025E consensus earnings. Geographic and premium category potential. Despite its #2 position globally, JDE Peet's has room to scale internationally (US, APAC, LatAm), and tap into more premium categories in Europe. In the US, the at-home market is still one third the size of out-of-home. APAC offers some of the fastest growth in premium categories, while LatAm is seeing among the highest per capita growth rates globally. Category- wise, JDE Peet's is under-indexed to pods and premium instant vs. Nestle. Reducing strategic uncertainty.