“But let's be clear, in '25 the yen had a negative impact, and we are expecting in '26 another negative impact coming from the Japanese yen.”

In context

“y is that we are going to benefit from some significant negative transactional impact in 2025, which are not going to repeat. Based on the current Forex in 2026. So when I look at the 27¢ guidance, you have twothree that is coming from translation, but around onethree is coming from a a transaction. So I believe that is probably what the street doesn't have, of course, because it's difficult to to to have. I'm not going to share precisely the hedging, but yes, we continue to have some hedging that are helping us a little bit notably on the yen because the euro has been going up. So the hedging on on the euro are no longer making a big difference. So we still enjoy a slightly better rate than the the spot you can see on on your screen. And that is limiting a little bit the negative impact. But let's be clear, in '25 the yen had a negative impact, and we are expecting in '26 another negative impact coming from the Japanese yen. Faham Baig: Thank you. Appreciate it. Thank you. James Bushnell: Thank you. Our next question comes from Gerald Pascarelli with Needham and Company. Emmanuel Babeau: Your line is open. Gerald Pascarelli: Thanks. Thank you very much for the question. Hi, Gerald. Jacek Olczak: How you doing? I I just have one. I'd love to get your thoughts But last month, it was reported that New York is considering a significant excise tax increase on nicotine pouches. So I'm just would love to get your thoughts when you consider the obvious potential for other states to maybe adopt similar proposals. And then maybe the impact you believe that this could have a promotional environment or the competitive landscape. Jacek Olczak: Thanks. Yeah. We're aware of obviously, we're aware of this proposal. I mean, t”