“We continue to target a ratio of around two times by the end of 2026, with buybacks to be considered once confirmed we are on track.”

In context

“rrency impacts and higher-than-expected working capital needs. In 2024, we target between $10 billion and $11 billion in operating cash flow at prevailing exchange rates and subject to working capital requirements. We continue to prioritize investing in innovation and the growth of our smoke-free portfolio. In 2024, we expect capital expenditures of around $1.2 billion including the ZYN capacity expansion I just mentioned. Deleveraging remains a key priority for us, and as expected our 2023 net debt to adjusted EBITDA ratio was around three times given the 2023 purchase of the remaining Swedish Match minorities and the final U.S. IQOS payment to Altria. We target much better progress of 0.3 to 0.5 times deleverage in 2024, driven by continued EBITDA growth and strong cash flow generation. We continue to target a ratio of around two times by the end of 2026, with buybacks to be considered once confirmed we are on track. Finally, our commitment to our progressive dividend policy is unwavering and in line with our long-term commitment to return cash to shareholders. I'll now turn it back to Jacek for concluding remarks. Jacek Olczak: Thank you, Emmanuel. Let me now take a moment to cover our key strategic priorities for 2024. First is supporting the sustained growth momentum of IQOS through continuous innovation. This includes leveraging the rollout of ILUMA to maximize user growth, while innovating further on both devices and consumables. Second is to continue the strong U.S. growth of ZYN, supported by targeted commercial investment, long-term capacity expansion and organizational infrastructure, which will also support IQOS. Outside the U.S., we intend to continue developing our integrated multi-categor”