“We believe that the impact will be lower in H2 as we go through annualization. And therefore, we expect in H2 an acceleration, as I mentioned, in the IMS growth in the second half in Europe.”

In context

“d part of the year will have more negative volume for our combustible. But clearly, we expect strength through the year. Matt Smith: Thank you for that. And as a follow-up, I wanted to talk about the IMS growth you referenced for IQOS. You had nice growth in the first quarter. I think it was above 9%. But if we look back to the fourth quarter, it was around 13%. Now you're expecting a re-acceleration in those IMS, in IQOS IMS growth across the remainder of 2025. So can you talk about some of the underlying benefits to IMS growth re-accelerating across the rest of 2025? Thank you. I'll leave it there. Emmanuel Babeau: Yes. So indeed, 9.4% was in line with our expectation. And Europe was below the average, so there are always a turbulence coming from the flavor ban implementation in Europe. We believe that the impact will be lower in H2 as we go through annualization. And therefore, we expect in H2 an acceleration, as I mentioned, in the IMS growth in the second half in Europe. But otherwise, we are expecting this 10% to 12% adjusted IMS growth through the year. So we expect overall a continuation of a nice double-digit growth. Q4 was very strong after a few quarters that have been weaker last year. So you can have some fading through the year. But after this Q1, which was in line with expectation, we expect continuation of very good growth in Europe, in Japan. And I took some time in my remark to talk about the other markets where we see also some very promising growth in several markets. Operator: Our next question comes from Eric Serotta of Morgan Stanley. Eric Serotta: Great. Thanks for the question. In terms of the full year guidance, you did raise the ZYN shipment volume. And obviously, that's a very high-margin product. You kept the constant currency EPS”