The company is specifically focused on its chocolate business as it navigates cocoa cost inflation, Chief Executive Dirk Van de Put said. The company previously said it expects to raise prices.

Cadbury-parent Mondelez International forecast a bigger-than-estimated drop in its annual profit on Tuesday, signaling pressures from higher costs, including from surging cocoa prices, sending its shares down nearly 6% after the bell.

Mondelez ’s share price has taken another hit after it warned earnings will likely fall this year due to “unprecedented cocoa cost inflation ”. The Cadbury owner expects adjusted earnings per share to decline by about 10% in 2025. The stock fell 5% in after-hours trading on Tuesday, bringing its total fall to almost 30% for the past year.