“We have a small prebinder that is around doesn't mean that it can be a bit below, but around 70% gross margin And I would expect H2 not to be very materially different.”

In context

“And maybe smoke free even gross margin slightly Matt Smith: reduced to Q2 on on on Q1. Maybe if you could expand on some of the dynamics around that and maybe what you expect for for for gross margin the gross margin gap over the next couple of quarters. And and the second question is is probably simple, but if you could please remind us your FX hedge rates for for the year, both euro, Japanese yen, and then and and any other currencies that you may hedge. Thank you. Emmanuel Babeau: Yes, Sam. So on the gross margin evolution so you are really looking after the comma because in fact we are both in Q1 and and Q2 around 70% gross margin rate. So of course, the mix of ZYN or, you know, the the the importance of the device can have an impact. But globally, in line with what we said after Q1, We have a small prebinder that is around doesn't mean that it can be a bit below, but around 70% gross margin And I would expect H2 not to be very materially different. Okay? So I'm not saying it's gonna be necessarily at seventy, but I think we are ballpark in this area where there is a very nice gross margin rate for Smokree. Higher than combustible, and you noted that the gap has been narrowing a bit. It's still significant. I mean, four point five for for the full H1. And it's because CC has been improving a bit which is price and mix of of the combustible sales in in the quarter. So when I look at the at the second part of the year, I think I would really insist on the fact that the improvement of margin on the smoke free business was very important on H1 as we were facing easy comps because of a lot of Illuma device sales last year as we were launching Elooma I. Fundamentally, this is not the case again in HQ. So we don't have the same easy comps,”