“On EPS, the expected growth of around about 16% for the year implies a moderate increase in constant currency in Q4.”

In context

“w-up just for Luca, I think. Just regarding what the implications are for 4Q based on your updated full year guidance? And maybe more importantly, any high-level thoughts to consider for '24 at this point? Thanks again. Luca Zaramella: Thank you, Andrew. So our revised top line estimate of 14% to 15% implies a revenue growth for Q4, which is around about 7% to 10% which, considering we are lapping a 15.5% top line growth last year, makes really the two-year stack comparable to year-to-date numbers. And so I think that should give you a sense of where we're going to land the Q4. Keep in mind that we also want to keep a tight control on retailer inventory as we enter next year because, obviously, there is potentially some pricing, and we won't really to enter with a strong momentum into Q1. On EPS, the expected growth of around about 16% for the year implies a moderate increase in constant currency in Q4. Reason for that is, again, the heightened investment in A&C. And in addition, as I said in the prepared remarks, there is some ForEx volatility, particularly around certain markets like Argentina, Nigeria, Pakistan and Egypt. And it is quite difficult to predict what exchange rates will be in the course of the quarter. So quite, frankly, I have been a little bit cautious with our assumption. And as I don't want to surprise anyone. Also remember, gum is completely removed from this number. So this is not really a like-for-like. And I think you're going to like you realize the EPS and continued profit expansion in Q4. I also want to reassure you that the emerging markets are doing very, very, very well. And we don't necessarily disclose numbers, but EBIT is up more than 20% in emerging mark”