“there are going to be some mix impact in Q4 and notably on the devices as we are rolling out ILUMA in a significant number of new markets... that is having a negative impact on the margin.”

In context

“el. Emmanuel Babeau: Good morning, Matt. Matthew Smith: If we take the full year organic profit margin guidance, the down 150 basis points or so and the year-to-date performance, along with your commentary around kind of a flattish year-over-year performance in the fourth quarter, can you talk about some of the factors in the fourth quarter. I understand there's a lot of crosswinds here, but you get the benefit of Swedish Match rolling into the organic base. And then you mentioned you've completed the shift to -- back to sea freight for HTU consumables in Japan. So can you talk about some of the headwinds to margin in the fourth quarter? Maybe some detail around your expectations around the incremental ILUMA launches or any other factors would be helpful. Emmanuel Babeau: Sure. So indeed, there are going to be some mix impact in Q4 and notably on the devices as we are rolling out ILUMA in a significant number of new markets. We are also launching some new innovation in some markets on the ILUMA device. That's going to generate, I would say, significantly accelerated activity on our device sales, and that is having a negative impact on the margin. So that's going to be clearly one element. Then on top of that, there will be certainly some investment during the fourth quarter, and that is having an impact on the margin. And then you can have some mix coming from geographies and other mix element. That is what is today behind the guidance of around flat. I mean it doesn't mean that it's going to be a bit positive. But today, we are seeing this around stability situation for our OI margin year-on-year organically for Q4. Matthew Smith: Thank you for that. And just as a follow-up, when you talk about investments in the fourth quarter, should we think of that as a”