“So yes, we are saying that we expect to be well positioned versus the overall bracket for the year in terms of revenue growth. We expect to be a bit above on OI.”

In context

“an see, we have many positive drivers behind our smoke-free business. And smoke-free business is the driver for or the first driver for margin improvement. Operator: Our next question comes from Matt Smith of Stifel. Matt Smith: Hi, Emmanuel. Thank you for the question. If we could first talk about the guidance outlook. With the strong first quarter and now the second quarter guidance, the first half EPS growth on a constant currency basis is a few points above the high end of the full year outlook. Can you talk about the factors in the second half that we should take into consideration with the constant currency EPS growth outlook implied to be a couple of points below the full year average by my math, just the shape of the year there? Emmanuel Babeau: Sure, Matt. Happy to take that one. So yes, we are saying that we expect to be well positioned versus the overall bracket for the year in terms of revenue growth. We expect to be a bit above on OI. These are the traditional difference that you can see during a year between H1 and H2. You may have some comparison basis that can play. There is potentially some phasing on how we're going to position SG&A. So there is here nothing to be read, I think, in terms of change in the underlying business between H1 and H2. These are more how a number of things are positioned in shipment through the year in terms of investment. But I would say we expect a strong year as we go through the quarters. And we've been finding the fact that we expect in some area an acceleration for IQOS in the second half in terms of IMS. But that's not going to necessarily translate into shipment as the phasing for shipment can be a bit different. So again, I think we expect strong momentum through the year for our s”