“So that has been a plus in Q1, and we expect that to reverse later in the year for the time being.”

In context

“venue and constant currency EPS. From a high level on a constant currency basis, the first quarter EPS was about $0.20 ahead of your 1Q guidance, and you raised the full year outlook somewhat below that. Can you talk about unique benefits in the first quarter that may have changed the timing through the year? Or how are you viewing the rest of the year different now in terms of the fundamental environment or investment level? Emmanuel Babeau: Sure, Matt. I'm happy to explain why some of the bits, but only part of it, of course, because we started, as I explained in my prepared remark, the year in a very strong manner, in an underlying manner. But in addition to the very strong momentum that we are experiencing, indeed, there was around an additional 1 billion HTU stick because of Red Sea. So that has been a plus in Q1, and we expect that to reverse later in the year for the time being. So that's one element that is important. We may have been helped a bit by some volumes on combustible, but it's probably more marginal. And at the scale of the combustible business, it's probably smaller. And then the other element, of course, is the SG&A evolution, organically 1.4% increase only. We want to grow organically revenue faster than SG&A, but of course, we will have the 10 points of difference that we've been experiencing in Q1. So that will also reverse partially in the rest of the year as we are coming with some phasing on commercial actions and marketing, advertising later in the year and starting in Q2, where we will have more SG&A. So I think that with that, you have the key element that has been adding to what was, as I said, very strong momentum anyway in Q1. Operator:”