“For 2026, we forecast a convertible pricing variance of around plus 6%, reflecting continued dynamic performance.”

In context

“mentioned investment. One example of our enhanced brand building effort is the recently announced global partnership between ZYN and Ferrari, which recognize our long-standing heritage in Formula one. We smoke-free product now at the forefront. Formula one's overwhelmingly adult audience provides a highly impactful platform to engage consumers responsibly and reinforce ZYN's premium equity. Finally, moving to combustible, which delivered another robust year of pricing of plus 7.6%, including plus 6.8% in Q4, and very good growth profit growth. Our full-year cigarette share declined by 0.2 points to 25.3% mainly due to Turkey, was otherwise stable including record high for Marlboro, both for the full year and in Q4, where its share reached 11% of the international category excluding China. For 2026, we forecast a convertible pricing variance of around plus 6%, reflecting continued dynamic performance. With that, I will now hand it back to Yatzek. Jacek Olczak: Thank you, Emmanuel. This brings me to our outlook for 2026, where we expect another year of strong and profitable growth despite several transitory headwinds. Starting with volumes, we expect continued strong underlying momentum in our smoke-free business for all three categories. Both shipments and adjusted IMS volumes are projected to grow in a high single digit after factoring in the headwinds from Japan excise taxes and US zinc inventory comparisons described earlier. For combustibles, we forecast a cigarette decline of around 3% with weaker industry volumes in India and Mexico following the recent excise tax increases and our own recovery in Turkey likely to impact comparisons in the first half. Altogether, this results in”