“We also continue to target reaching around 2x by the end of 2026 and will consider buybacks once confirmed we are on-track.”

In context

“ull-year gross and OI margin expansion, in both organic and dollar terms, at prevailing exchange rates. This includes organic expansion in both H1 and H2. After the excellent Q1 performance, we expect a strong H1 overall with organic net revenue and OI growth around the high end of our full year ranges. For Q2 specifically, we assume HTU shipment volumes of 34 billion to 35 billion and continued strong volume growth from ZYN. We forecast currency-neutral adjusted diluted EPS of $1.50 to $1.55, including an unfavorable currency variance of $0.14, at prevailing rates. With regard to our balance sheet, deleveraging remains a key priority. We continue to target a 0.3x to 0.5x improvement in our net debt to adjusted EBITDA ratio in 2024, driven by profit growth and strong cash flow generation. We also continue to target reaching around 2x by the end of 2026 and will consider buybacks once confirmed we are on-track. Now switching gear. As this quarter coincides with the publication of our 2023 Integrated Report, I would like to welcome Jennifer Motles, PMI Chief Sustainability Officer, to share an update on our sustainability progress. Jennifer, over to you. Jennifer Motles: Thank you, Emmanuel. I'm very pleased to be joining today's earnings call. As Emmanuel mentioned, our sustainability transformation and business strategies are one and the same. We're focused on creating value for the long term, where generating shareholder returns requires us to deliver on transformation, and delivering on transformation requires us to deliver on sustainability. As shown in our recent results, our product transformation fosters profitable growth and short, medium, and long-term value creation. However, our trans”