“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.”

In context

“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: Our next question comes from Bonnie Herzog with Goldman Sachs. Your line is now open. Bonnie Herzog: Emmanuel, I wanted to maybe ask for a little bit of more color on a point you made about or at the end of your script regarding currency headwinds and how you're hoping to mitigate these headwinds. You highlighted pricing and productivity savings, et cetera. So maybe just provide a little bit more color on those, I guess, levers if you can pull them and maybe why you're more optimistic going forward, given the never-ending currency headwinds since it continues to impact your business. I think that would be helpful. Emmanuel Babeau: Sure, Bonnie. Happ”