“We expect further progress in twenty twenty five placing us on track for our target ratio of around two times by the end of twenty twenty six.”

In context

“four. Once accounting costs in nonrecurring payments with a total impact of around one billion dollars. While we continue to achieve the German tax for such space. We have decided to make a zero point eight billion dollar payment this year. And we also anticipate the final transition tax payment rated to the US tax Yes. We anticipate capital expenditure of around one point five billion dollars Is the last portion of this related to you? As we prioritize the investment behind our most successful. Our sprint twenty twenty four cash flow and EBITDA growth combined with a favorable impact from our euro balance sheet AGI, allowed us to reduce our net debt to adjusted EBITDA ratio by zero point five times point sixty six. Ahead of our expectation. And representing a dramatic of power delivery. We expect further progress in twenty twenty five placing us on track for our target ratio of around two times by the end of twenty twenty six. I will now send you back to Yaczek for confirming email. Jacek Olczak: Thank you, Emmanuel. In summary, 2020 was a remarkable year for PMI. Our financial result that comprises this of our strategy and the success of our transformation the underlying momentum it took bolstered by our practice measures and pricing and cost. I remain confident in our position as the global smoke As we continue to identify on our multi category strategy, your premium brand, Emmanuel Babeau: I cost I'm Our key strategic priorities for 2025 are clear. As we continue to support a function and development of our smoke to business, what is the UI, and international. We expect continued strong momentum in 2025. And we remain confident in our ability to deliver our our twenty twenty four, twenty twenty six growth ta”