“This puts us firmly on track for an exceptional 2024 with accelerated top line growth and margin expansion.”

In context

“iling basis as compared to 3.2x at the end of 2023. This represents good progress towards our target of around 2x by the end of 2026. We intend to reconsider share repurchase subject to board approval once we are within sight of this goal. I will now conclude today's presentation with some closing remarks. The powerful combination of strong underlying business momentum and our own proactive steps enable us to generate best-in-class growth across key metrics. Our strategy is delivering on volumes, pricing, cash flow and dollar earnings despite ongoing currency headwinds. The success of our smoke free transformation is reflected in our remarkable first half performance with excellent underlying IQOS and ZYN growth, very robust pricing, positive category mix and stepped-up cost efficiencies. This puts us firmly on track for an exceptional 2024 with accelerated top line growth and margin expansion. Our momentum is broadening across the business with exciting multi-category growth opportunity to further support the delivery of our 2024-2026 growth targets. We remain highly focused on delivering performance in dollar. And as shown in H1, we are taking measures to mitigate currency headwinds. Finally, we are steadfastly committed to returning cash to our shareholders. Our growth outlook and strong cash flow generation underpins our capital allocation priorities to reinvest behind our rapidly transforming business alongside our progressive dividend policy. Thank you, and we are now very happy to answer your questions. Operator: [Operator Instructions] And our first question will come from Gaurav Jain of Barclays. Gaurav Jain: So 2 questions from me. One is just on the cigarette pricing”