Thank you for attending this fireside chat this afternoon with Lukas Paravicini, Chief Executive of Imperial, and Murray McGowan, CFO of Imperial Brands. I'm Damian McNeela, Research Analyst at Deutsche Bank. I think, Lukas, if we just start, we're approaching on the year anniversary of you taking over the reins of Chief Exec. Can you perhaps just provide us with some reflections on how you think the last year has gone and where your areas of focus have been? Yeah please? Well, thank you very much for hosting us, Damian, and a very warm welcome to all of you here in the room and online. As you said, it's a fast-paced time. Time passes fast, and there's never a dull moment. To start with, I have enjoyed the first eight months a lot. I've enjoyed traveling a lot to the markets, see our teams, meeting our consumers, and sense the energy, the motivation to build on our strong foundations and continue to deliver shareholder value. We are performing and transforming. We are performing in the short term. We're delivering. We had a good start to 2026. We had a good start to the strategy 2030. We're delivering operational and financial performance. We have reconfirmed our guidance for a double-digit growth in NGP for the full year. Our challenger approach remains at the heart of what we do and the source of competitive advantage. We are transforming, which is really important as well. The transformation really has two legs, which is a significant opportunity in self-help efficiencies. We have committed to GBP 320 million. We're off to track really well. We're looking at also making sure that we deliver transformation that allows us to be closer to the consumer, tap into technology, including AI, and actually search for that additional revenue, which is really the attractive part of the transformation. The efficiency is the ticket to the game. It's a necessary thing we want to do. No consumer pays for inefficiency. The added on capability to use our talents better through technology is really the added benefit. Really excited with what we have done so far and what we have in front of us. Yeah. Okay. I think obviously the recent interim results we had, the sort of a broader discussion about market share dynamics and the interplay with managing profitability. Is it worth just refreshing us on what the Imperial approach is? Yeah How we should think about the recent performance? Yeah. A very good question. I think as a consumer company, market share is a very important metric, and it has been important in the past. We have reconfirmed the importance of market share at the capital markets day last year, and it remains very important. In fact, if you look back by end of 2025, we've gained 50 basis points market share in those famous aggregate five markets, but we also gained 195 basis points in the U.S. Also, we are evolving, and we want to fine-tune, for the sake of value generation for shareholders, the market share approach, especially in an environment like the U.S., where you have the price ladder expanding significantly. What does that mean? You can make 7x your gross margin at the top versus the bottom segment. It is the extreme, I admit that. You would look at Spain and Germany, and you get 3 x that. That means that one volume share, one BPS volume share, is not equal. Hence, we are looking at where do we double down at the top while we play at the bottom, because we have consumers. We play with a balance of pricing. In a given year, we might choose to not gain market share because we don't want to invest in the bottom and rather price. That's the case in the U.S. We've gained market share, segment share in Winston, Kool, but we have not doubled down on the bottom. We've gained share, but we have not wanted to invest in the bottom. We rather took price because that is a better value long term. Value share remains important, but not every BPS of volume share is equal. Yeah. That's fair. You mentioned the U.S. It's your biggest market. It's a market that's seen quite a lot of shifts over the last 12-18 months, consumer regulation. Can you just give us some insights on how you see U.S. Combustibles business at the minute, and then perhaps specifically talk about maybe your aspirations in deep discount with Malibu? Sure. It is fair to say that we've got a portfolio of countries which are very interesting, starting with the U.S. U.S. has always been an interesting market, has been always a well-performing market, it continues to be an affordable market where we have a great offering at any price points. That has not changed. In fact, I would say compared to a year ago, you have even seen an improvement in the market in terms of volume. I remember lots of discussion a year ago, even two years ago, about volume decreases in the U.S. being at the high single digits. This time, we are at 5.5%. We've seen better improvement enforcement in vape. We've seen better price elasticity because there has been more activity, more players in the bottom segment. That has had a benefit in our consumer base. That has improved. I would also be very clear that as much as perhaps it is not, it's a bit more chaotic in terms of the announcement of the FDA. If you're fair and you stand back, over the last eight months, the FDA has gone in the right direction, it is very clear that they do genuine efforts to reduce the backlog of PMTAs and simplify the process. Do we need more clarity? Do we need more information? Do we need more codification? Yes. If you tell me about the context of the U.S., it has always been an affordable market. We have a great position, it has improved in terms of volume and FDA regulation. Within that, we have operated with discipline. We have maintained our share at Kool and Winston at the top, which have gained market segment share. We have grown market share in Crowns, but we have also priced, as I said before, to extract that value that we want. We have launched Malibu, which, to be fair, is not going to be a big brand. We're not going to put a lot of money behind it, but it allows us to have a base at the bottom that now allows us to price all other Crowns and Sonoma according to the rhythm of the tobacco industry. Don't forget, we are very strong in mass-market cigars. We have Backwoods, which is an iconic brand, which is gaining segment share again. Really very pleased with the U.S. Yeah. Okay. That's pretty clear. I think Germany is a market that historically, in the last five-year plan, you struggled to recover market share. The last couple of periods, we've seen good improvement in market share. Can you just talk about what's been happening on the ground to support that improvement in share and how we should think about developments going forward in Germany? We're really pleased with the performance of the German market. It's a market with very predictable pricing, stable tax excise regime, and a very highly affordable market. The playbook we've applied in Germany is the same as the playbook we've applied in other markets. We invested behind our brands, really pleased with the performance at the top end with the likes of Gauloises and Davidoff. Parliament at the lower end, catching those people who want to downtrade, has performed very well, really capturing some significant volume. We've also invested behind our sales force. Last year we invested behind the sales force for combustibles. We put more people in behind our NGP business today as well in Germany. It's a really appealing market for us. The playbook in Germany is the same as the playbook we applied in other markets. It's great to see the performance continue of that market after what was a number of years of significant share decline. Yeah. Okay. If we move to a market that seems to be moving from challenge to challenge in the U.K., it's still a significant profit contributor. How do you still see the attractiveness of the U.K. market, given the regulatory backdrop? The U.K. is an interesting market for us. It remains one of our top five markets, but it is a relatively low volume share now. It's around 3% of volume of the group. It's a market that has seen high excise increases over time, so it's a less affordable market compared to some of the others. I'm pleased with how our business has performed in that area. The team has done a good job, and we've prioritized value over share. Again, focusing on our brand investment to support that, but also taking reasonable pricing steps over time. The benefit in the U.K. we have is the ability to offset some of that through our next generation products business. We've got a very good position within vaping in the U.K. Just over 10% share now for our blu product, and we've recently launched into modern oral as well, which is still an early start but made a really good promising early start for next generation growth within the U.K. market. Yeah. Okay. Spain, you have a mix of international brands and local jewel brands. How different is that to other markets you operate in, and how do you manage the interplay of making sure that you deliver your targets from that portfolio? Yeah. The Spain market's interesting. It's probably one of the most affordable markets we're present in. Price for a pack of cigarettes in Spain, anything from EUR 5 up now. Versus the U.K. at probably GBP 17 for a pack of cigarettes. A real affordable market. In the market, we're very choiceful again on brand investment. We invest behind some of our local jewel brands, the likes of Ducados or some of our more scale brands such as West in Spain. We continue to make very choiceful moves across the portfolio to make sure we can optimize value creation in the marketplace. Very pleased with the way the business is performing, but it does remain a very, very highly affordable market with very low levels of volume decline over time. Very attractive market from our perspective. Yeah. Perhaps the smallest one of the sort of so-called top five markets in Australia. It continues to be challenging operating environment, but still very profitable. What steps is the business taking to protect profitability? What is the outlook for Australia, I guess, over the short to medium term? We've always said that Australia is a difficult market. That's not new. I started in this group five years ago. It was already then a difficult market. We knew that the profit pool would be shrinking. On the back of the public health bill last year in April, that has accelerated. We've now reached the flabbergasting 50% market size reduction in the first half. It is yet still a very profitable market, don't get me wrong, but it is becoming a smaller market, a much smaller market. The challenge for us is not the market itself, because it is profitable. It's a step down that you have seen in one year, which is really the pain for us. Once you go through that, we'll go back to a more normal, smaller market, but profitable market. I also would say that I'm really impressed with our team, how they, in a very difficult market. Remember, you can't go into NGP. It's a forbidden category. In that environment, our team have done a phenomenal job to extract value, to adapt the operating model. We have gone from a direct model to a hybrid model, to a now indirect model. We have reduced our labor force there. We have adapted well. I'm sure that in the next two years, we will be less talking about Australia. Currently, it is less than 1% of our volume. It's less than 1.5% of our sales. It's really not something that we're going to be talking too much about, but it will remain a valuable business going forward. Perhaps then switching to some of the areas where you might be talking a bit more, you've got quite a large range of growth markets that you operate in. Is it worth just talking about some of those bigger growth markets? Specifically, what you're doing in them and the growth opportunities you see going forward? Thanks for addressing that because I think we talk a lot about the five markets, and there are still five markets because we have committed to the aggregate market share of those five markets. In reality, if you step back, when you look at our strategy, which is a very simple, compelling strategy, is generate sustainable value out of combustible, grow our NGP business to a meaningful business, and then transform the business to generate self-help and future revenue growth. If you go back to the sustainable value generation of combustible, that's applicable to all markets. We have a very nice portfolio. We have U.K., which is an interesting NGP market. We have Australia. We also have U.S., Germany, Spain, highly affordable, highly attractive markets. We have Africa, for example. It's 10% of our AOP. It's growing ahead of the group average. We also have leading position in what we call Middle East, Africa. Sorry, Asia, Middle East. We have a leading position there. We have leading position in Central Eastern Europe. We don't talk much about it, and it's on a much smaller basis, don't get me wrong, but Southeast Europe, where we have markets like Italy, Romania, Bulgaria, they have done very well in tobacco. As I said, starting from a lower base, but they have done very well gaining share there. All these markets, be that Central Eastern Europe, Southeast Europe, or Europe in general, have huge potential in NGP as well. Yeah. Just one broader question on the ability of the combustibles business to keep delivering pricing. What's your degree of conviction that you can deliver pricing to offset the volume declines that you're seeing in general? There's one statement only. The tobacco model, excluding U.K. and Australia, as you know, is working very well. Especially where your volume decreases are lower, your pricing need is less. Our target is not an absolute pricing. Our target is a net revenue because the tobacco model works. Trading a net revenue that is slightly positive with a volume decrease, and that gives a huge lever on your operating profit. That is a tobacco model. With the affordable we see in Europe, in the U.S., Germany, Spain, with the growth we see in East, in Africa, that model works very well still. Yeah. Okay, thanks. If we move now to have a look at the NGP business, I think growth in the first half was just under 8%. The ambition is to get that to almost double. What are the levers that you're going to be pulling, or what are the things that are going to help drive that in the second half? Look, I think you're right. We were 7.5% growth in NGP in the first half, which we've still committed to the double-digit growth for the full year. There's some availments I'd call out in terms of confidence of getting there. I think, first of all, we did talk at the half-year results about a one-off charge that we had to take in the first half, which related to promotional activity over the course of our financial year-end that won't repeat. It's worth saying without that charge, it would've been double-digit growth at the half year, and the U.S. would've been very strong net revenue growth in NGP as well. In terms of if I look across different regions, what the drivers are, U.S., we continue to see good performance in the modern oral business in the U.S. We have a recent acquisition of Black Buffalo, which is a great addition to our NGP portfolio in the U.S. and allows us to go after quite a distinct consumer segment with the product. It's really targeting those users of moist smokeless tobacco today, which will be incremental in the second half. If I look at Europe, we're seeing really good performance within vaping as people transition from disposables to pod-like systems. We've got some great performance within heated tobacco in Southern Europe, particularly Italy, Romania. In the Nordics as well, we've seen some great performance of modern oral. Within RAC region, that Central Eastern Europe bloc, we're seeing good performance of heated tobacco across the likes of Poland, Hungary, Czech. I'm feeling good about the drivers we've got and the performance of the portfolio as a whole, and that we'll deliver against our double-digit commitment for the full year. Yeah. Just the Black Buffalo acquisition, I think it is a category that not many people are familiar with, perhaps caught people a little bit offside. Can you just talk us through what you saw and what you liked in the acquisition? Look, I think the acquisition for us, it was absolutely in line with us as a challenger business looking to grow a scaled proposition within next generation products. The reason we like the proposition, so it really targets those users of moist smokeless tobacco in the U.S., so loose tobacco or pouches but with real tobacco inside, but gives them a tobacco-free alternative. Often for those people that use moist smokeless today, modern oral is quite a departure from their habit they're used to, whereas the Black Buffalo proposition really recreates the habit they've got. We think it's quite a unique brand. The founders of the business did a great job of building a brand that really resonates with the target consumer. As we tested it with a very broad range of consumers, it tests very well. It tests very well against established brands within the MST category. We're feeling good about the opportunity to really scale that brand and bring another option for a reduced-risk product to consumers in the U.S. Yeah. Okay. Pretty clear. Thanks. If we look at the heated tobacco business that you've got, Pulze has been performing pretty well across a couple of European markets. Can you talk about the specifics of who you're targeting in those markets and what the strategies are to grow it? Yeah. It's a very good question. We are quite distinctive in our strategy. We have, as I said before, a clear target to grow double-digit our NGP business because we want to build a meaningful business and hopefully, over time, unlock our terminal value. It is important for our purpose. We do that with high discipline. High discipline because we recognize, as the fourth-largest player, it is not for us to create markets where they do not exist or where we do not have route to market. We will continue to be very disciplined because our focus is on our shareholders, on creating a double-digit meaningful business that is profitable. Ultimately, we want our fair share in that. It's also important if you look to your point, where we are successful, where we are playing, we focus really a lot on our consumer. We will, as a challenger, always start with our consumer, and that allows us to innovate our product. Don't get me wrong, when we go in a market, we go with everything in a market, and we will bring innovations to the market. Pulze is a very good example where we have innovated again with our latest device, which is called Pulze 3.0, and the sticks that go with it, be that herbal sticks, so we can offer flavors, or the tobacco sticks that allows smokers to move further from smoking into this heated tobacco. That product, because it resonates with the consumer, because we start with consumer, has done extremely well in Italy, in Central and Eastern Europe, and also in Greece, where that's a predominant category. Perhaps the NGP category that gets the most attention, pouches. I'll ask the FDA question first, is how do you see the changes that the FDA have put forward in terms of the criteria around the PMTA pathway to launching products? As I said before, if you step back over the last eight months, we could see a genuine interest and effort and success in the FDA, not just curbing illicit together with other federal entities and authorities, but also working on the backlogs of the FDA and simplifying the process so that manufacturers like us have a visibility that if we would submit a PMTA, we also see the light at the end of the day so that we can launch that product. I think that is very much welcome. It's not just for the pouches. We understand this is a general guidance. Like everything, we are waiting for more clarity. We need more codification, this can be perpetrated and not reversed in a year's time or in two years' time. I think that welcomes, and it aligns with the interest in this category. It does not allow everybody to play in this category. Let's be clear. It helps the big players like us because you still need a lot of money to go into a PMTA. You still need to do clinical tests, rightly so. They take 12 months at least. You have to submit a lot of documentation. You need resources. At least, we know that if we do that, we have a pathway to launch that product, which is very helpful. Let's be clear. If I go back to the OND category in the U.S., we are focusing on that category. Black Buffalo will extend, which is part of the modern oral nicotine, will extend that category for us. We'll also give better presence in the retail outlets. We have the benefit in that case that we already have a pipeline of innovations that is grandfathered. We can launch new flavors, we can launch new strengths that we do not require to have a PMTA. The FDA is more a long-term benefit for us. Short-term, we will be able to continue be successful and build share as we have done in the past in oral nicotine. Yeah. In terms of, I think at the pre-close, you made some comments about increased competition in U.S. pouch category. Given the news flow over the last couple of days with new launches coming into the market, how do you feel about the competitive nature of the U.S. pouch market over the next couple of months? I think what we need to understand, the OND market or the oral nicotine market, the modern oral nicotine market excuse me, is a nascent category. It's an attractive category from a margin point of view. It's growing fast. It is quite typical in any consumer business that if you have such a category, that the leaders of the segment, the leaders of the market would invest heavily to increase trial, to increase awareness of that category, attracting more consumers. That's not unusual. Normally what happens is that your volume growth is ahead of the net revenue growth. There is no difference today in the OND. You see volume growth ahead of the net revenue growth. In that environment, we do very well with our innovation and our focus on the consumer we know best. We're growing share. We're growing 40% volume. With the adjustment of the promotional activity at the year-end, we're growing over 20% of net revenue. I think it is a category that is, in its own dynamic, growing, and the innovation that we are seeing will only foment that. Yeah. When you look at Europe, where obviously you're performing well with Zone and Skruf, and the U.S., where you're starting to get traction, is there a market where you want to succeed more in? Is it you want to succeed equally in both those environments? I think we start with the consumer where we are, we will want to win with the consumer. Yeah. Again, winning for us means not beating the bigger players. I think that's one thing that we are very clear what is the role of being the fourth largest. We want to have our fair share. We want to have an attractive, profitable business that is growing at double-digit, and we are well on the way to it. Yeah. Okay. In vapes, you made the decision to pull out of the U.S. Can you just talk about the rationale for doing that, and whether you would ever consider going back in? Secondly, the European performance of vapes has been pretty strong. Can you just talk about how you think about that market going forwards, please? Yeah, no. We're really pleased with the performance of vape in Europe. Europe's our key focus for vaping. It's the one where we see the most established markets for vaping, and it's one where the regulation allows us to innovate at pace in the marketplace. Within Europe, you do see a transition, as talked before, around from disposables to pod-like devices. In the U.K. and France, we've seen that transition take place. I think we've performed very well through that period. We've managed to gain share as those transitions have taken place, and now double the share in vaping in the U.K. It remains a really highly attractive category in the U.K., and one we'll continue to invest behind. I think in the U.S. it's quite different. The product that we had on sale, or my blu product in the U.S., was a product which had been on sale since 2017, so almost 10 years old now. It's a product which only went after the lower-strength segment of the market. It's around 20% of the vaping market in the U.S. It was a small segment with a very aged device, up against illicit devices, which are the latest technology. For us, it was a small revenue pool making a small loss. In the world of being choice-full as a challenger, it was the right decision for us to come out. To your question about going back in, we continually look at it. I think with greater clarity on the FDA regulation and more certainty in the timeline versus what we've seen historically, then for sure we'd look at that as an opportunity for the future, especially given the strong performance of our vaping business in Europe. Yeah. Okay. One of the key attributes that everybody likes about Imperial is cash resilience, and the conversion rate. What are the key drivers that you believe sustain that strong cash generation over the medium term? Yeah. You're right. The tobacco model is a very cash generative model, so the business does create a lot of cash. We've demonstrated with the robustness of the tobacco pricing model, that we can offset volume declines through pricing in the vast majority of our markets. I would say internally, how do we manage to drive this internally? I think cash generation has the same level of focus as P&L management in the business. We talk a lot about cash and how we manage cash as business, whether that's through management or our capital spend in the business. We spend around GBP 350 million a year investing in growth of the business. Also, management of working capital. It gets a lot of time and attention from the team as a whole, that allows us to really drive a strong cash conversion for the business, which clearly we think is a compelling narrative for our investors as to why the business is an attractive investment. Yeah. Do you have any contingencies in place to defend against, I guess, worsening consumer backdrop, or particular geopolitical shocks? Yeah. As you expect every year, as we look at cash and the options of making our own capital allocation, we're very clear. First and foremost, we'll invest in our business, the GBP 350 million I talked about. Secondly, we maintain a strong balance sheet. We always keep our net debt to EBITDA ratio between 2 and 2.5. Typically lower end at the full year. We offer progressive dividend, and excess capital we look to return to our shareholders, and that's an annual discussion with the board. This year we'll complete a GBP 1.45 billion share buyback. When those discussions with the board are under headroom for that, we always consider the unexpected. Are there any potential legal cases on the rise and any tax settlements potentially on the horizon? Also giving ourselves some buffer. It's always part of that consideration each year with the board of how we use the cash in the business. Yeah. I think Lukas, you mentioned earlier, GBP 320 million of cash cost savings by 2030. Can you just talk us through the self-help opportunities that the business has to deliver on those? The confidence that you have in delivering that? Yeah. We have a lot of self-confidence on the self-help. Listen, as I said before, the transformation has two legs, which is the self-help and obviously the revenue growth that we can generate by tapping more in technology and our talent pools by enabling them better. If I start with the efficiency gains, again, we would split that in two areas largely, which is your manufacturing footprint and manufacturing excellence. Again, we have announced the closure of Langenhagen, which is one of our largest and most costly factory. We have just announced the sale of our Taiwan factory. Both of them will be concluded by mid next year. That will generate GBP 100 million savings. That's very simple. It's quite an effective way, I think it would be false to just think that we can close factories and that's the efficiency gains. Our factories, our strategic factories, there are quite a few still, they have an opportunity to really step up in their manufacturing excellence, yield management, OEE, labor efficiency, et cetera. That alone, through our Manufacturing Excellence program, with all the people we've brought in to run this now properly, has generated or will generate GBP 25 million of savings in 2026. That's on the manufacturing, and I think there's quite a bit more self-help to come. We're very confident in what we have guided. The other element is more the beyond manufacturing, what we can do there. There is where I think we knew that if we really want to accelerate the opportunity, we wanted a partner. That partner is Capgemini, who has real good experience in terms of industry, also consumer, and has done this multiple times. I think that's where, if you step back, if you look at the broader shared services, there's a varied maturity level in terms of just transactional to the high-end, more consumer-centric, shared services where you would say large consumer companies. They have gone there in 20 years. We are planning to go there in two years because we plan to go there in an end-to-end approach and design. That's a benefit of us being late to the party but now getting to a destination where others have taken much longer, and we can work with someone who has done this multiple times and for whom we will become probably the fifth largest customer. In terms of, if you just dig into that sort of Capgemini sort of relationship, I think just under 400 people have moved. Yeah from Imperial into Capgemini. Yeah. What's the sort of short to medium term outlook for those sort of more people to do that? Kind of longer term, what is the opportunity from that relationship with Capgemini? I'm very excited. Just last week I was at the Capital Markets Day of Capgemini because Aiman Ezzat, the CEO of Capgemini, interviewed me. It's an interesting interview to see what is actually the benefit of working with Capgemini if somebody is interested. For us, really, Capgemini is the partner that allows us to do this at pace. You mentioned the 400 people. We signed the contract in February. By two months later, we had 400 roles shifted into Capgemini with a retention rate of 99%. That's a start. We'll give you updates whenever we have updates. We also want to be clear, we have to go through some process to do that. You will see more coming of that. We have been very clear that Capgemini will continue to help us in those functions. What I think is very interesting though, is what we can do with Capgemini on the revenue growth opportunities is, if you think about their technology, their actual consumer insight, which they have gained with other industries, if we can do in silico modeling, if we can do digital twins, that will shorten the innovation cycle. That will allow us to get to market faster. That's a significant benefit. We are piloting, and actually we've rolled out the pilot now in full of Italy, in all of Italy and also in France, an artificial intelligence system that helps our sales force to prepare better their visits. What have we seen? We have seen a 10%-15% time efficiency. By doing that with the artificial intelligence agent that we have implemented, they gain time, but they also gain orders in the sense that the artificial intelligence agent can help prepare the sales speech much better. They can go into the customer conversation much better prepared. There are multiple opportunities there. We will be very focused on selected opportunities where we have the biggest support of our strategy, the biggest impact, but that will be the equally interesting piece to that relationship with Capgemini. The GBP 320 million, which Capgemini is a big driver of that, is the ticket to the game, which is part of what we have committed. The upside is hopefully an equally interesting opportunity. Yeah. Okay. That's very clear. As we move to the end of the meeting, capital allocation, I think you touched on it before, Murray. Lots of conversations around investing in the business for growth, and obviously you've made the recent acquisition, but can you just sort of provide the degree of conviction that you've got in the business' ability to deliver on the shareholder returns that you've got in place across dividend and obviously the evergreen buyback? We're clear that the share buyback is a great way of us delivering value to our shareholders, and we're very disciplined in the way we get to that figure with the board described earlier. I would observe, if I go back to 2021 when we had a previous Capital Markets Day, since that time between share buyback and dividend, we've delivered around GBP 11.5 billion to our shareholders. Currently around 77% of our market capitalization at times, quite an astounding statistic. We did the modeling for this five-year plan looking forward, we are very confident in the cash generation of the business and our ability to sustain an evergreen share buyback through the course of this plan. As I said before, we don't commit to future years as to what the figure is. It will be a meaningful figure. It may not necessarily go up every year, but it will be a very meaningful part of our proposition for shareholders going forward. Yeah. Okay. I'm under strict instructions from Mr. Cross to get you out of here slightly ahead of schedule. Yeah, we have a busy day. I think with that, I'd just like to say thank you very much, Lukas and Murray, for your time. It's been very enlightening. Thank you very much everybody for listening. Thank you very much. Thank you.