“you should expect certainly a continuation of a significant level of investment as we are accompanying the growth of our star product, IQOS and ZYN. That should probably mean quarter-on-quarter, I would say, sequential increase and still a significant growth versus last year.”

In context

“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 sequential step-up in investment relative to the level in the third quarter? Or is that more of a year-over-year higher investment compared to the fourth quarter of 2023. And I'll leave it there. Emmanuel Babeau: Yes, I think you should expect certainly a continuation of a significant level of investment as we are accompanying the growth of our star product, IQOS and ZYN. That should probably mean quarter-on-quarter, I would say, sequential increase and still a significant growth versus last year. Matthew Smith: Thank you for that. Emmanuel Babeau: Thank you. Operator: Thank you. Our next question comes from Owen Bennett with Jefferies. Owen Bennett: Good morning, Emmanuel. Hope you are well. Emmanuel Babeau: Good morning, Owen. Owen Bennett: I just wanted to ask also ZYN very, very strong in the U.S., but I wanted to ask about pouches ex U.S. So volumes only flat versus 2Q for Scandi and ex-Scandi. You mentioned you also had relaunches in Switzerland and Finland during the quarter. So I was just wondering how you see the near-term outlook for volumes at U.S.? Do you expect any meaningful acceleration over the next several quarters? And then the second question linked to that, there's some increasing chatter now that the EU is looking to potentially ban pouches as part of the new T”