I am pleased to present Emmett Harrison, Senior Vice President, Investor Relations. Please go ahead with your meeting. Good afternoon. This is Emmett Harrison, Senior Vice President of Investor Relations, Swedish Match. Joining me today is Lars Dahlgren, our CEO, and Anders Larsson, our CFO. Two seconds. In the investor section of our swedishmatch.com website, you'll find our Q3 investor presentation. We encourage you to have that presentation at hand as you listen to our prepared commentary for this call. Several of the slides in the investor presentation repeat key messages from the interim report that we published this morning. We will focus our commentary on select slides only, and while doing so, we will refer to the applicable page number of the presentation. After our prepared commentary, we'll be taking questions. During today's call, there may be certain comments that constitute forward-looking statements and are subject to risks and uncertainties. Management believes that these statements are based on reasonable assumptions, but can give no assurance that expectations will be achieved. Risk factors are outlined in today's interim report, as well as in the annual report, which are available on our website. Swedish Match assumes no obligation to update information concerning expectations. A recording of this call will be made available on the Swedish Match website. After that intro, that was mostly read by Lars because we are in different locations, so apologies for the technical difficulties, but I will now go on with the main commentary. In today's report for the Q3, we reported record sales with year-on-year revenue growth across all product segments. Operating profit from product segments was also at record level, and considering well-executed ramps up in marketing and selling activities, the more elevated demand for some of the product lines, along with lower than normal administrative and selling expenses in Q3 of the prior year, the year-on-year profit growth reported today is a testimony to both the strength and the potential of our businesses. The smoke-free product segment represents more than 70% of our group EBIT. With nicotine pouches becoming a larger and larger portion of our product portfolios across markets, the growth prospects of the smoke-free segment are becoming increasingly attractive. For the nine-month period ending September 30, revenues attributable to nicotine pouches were approaching 40% of the sales of the entire smoke-free segment. Without exception, in our core geographies, being Scandinavia and the U.S., the consumption of nicotine pouches continued to exhibit strong double-digit growth in the Q3. Also, in several of the other markets where we are present, we see similar trends. In the U.S., more and more adult tobacco consumers are discovering the benefits of nicotine pouches over their current form of tobacco use. In Scandinavia, nicotine pouches are enhancing the already attractive dynamics of the smoke-free category by making the products more relevant for broader consumer groups, not the least women. In the U.S., ZYN continued to perform very well in the quarter. Despite aggressive and deeper promotions from large competitors, ZYN demonstrated market share resilience and grew its shipments sequentially relative to the Q2 by 7% on a constant trading day basis. Higher velocities, measured on a can per store per week basis within our existing store distribution footprint, continued to be the key driver of growth. As indicated in the Q2 conference call, we outlined an ambitious plan of activities for Q3 geared toward driving awareness, engagement, and loyalty for ZYN with both consumers and the trade. I'm very pleased to note that we successfully executed on this plan, and we were pleased with our volume development and market share resilience. Traditional smoke-free products in the U.S., however, had a weaker development in the Q3, to a large extent due to comparison with elevated demand in the prior years. Our smoke-free business in Scandinavia continued to report strong top-line developments along with earnings growth, in spite of significantly higher spending in pursuit of growth opportunities within nicotine pouches also on this side of the Atlantic. With very strong category development, Swedish Match shipment volumes grew at a respectable rate despite our portfolio skewed toward the slower-growing snus market and shipment growth for nicotine pouches that fell somewhat short of the market growth rate. Strong realized pricing contributed meaningfully to the sales development, resulting from price increases, product and segment mix effects, as well as continued high deliveries to Norway, where there is virtually no low price segment. For U.S. cigars, we pointed to likely elevated demand brought on by the COVID-19 situation in the prior year quarter. Demand from consumers and the trade has remained strong, and since the onset of COVID, manufacturers have struggled to produce enough cigars to satisfy demand. While our own supply chain organization has made impressive progress in managing a difficult situation and raising productivity for natural leaf varieties, shortage of certain raw materials brought on new challenges in Q3, which especially affects the shipment volumes of HTL varieties. Given difficult comps from Q3 of the prior year and the strained supply chain situation, I would characterize our cigar business's performance during the quarter as an accomplishment. An achievement to highlight is record shipment volumes for natural leaf cigars and resulting share gains with this strategically important segment, both versus the prior year period and sequentially compared to the Q2. Over the past 10 years, the natural leaf segment has grown at an annually compounded rate in excess of 20%. For the year-to-date period, more than 60% of the Swedish Match's cigar shipment volumes were comprised of natural leaf cigars. The successful strategy of focus on the natural leaf segment, the strong track record of innovation and nurturing of leading brands like Game, Garcia y Vega, 1882, and White Owl, position Swedish Match's cigar business in very well for growth. The cigar business has now grown to a scale where we believe that the advantages to the business of pursuing a separate, autonomous strategic agenda would outweigh any negative impacts from the loss of synergies or scale economies present under the current setup. This is the key reason why we, on September 14, announced our intention to carve out the U.S. cigar business into its own independent company and to list the new cigar entity on a U.S. stock exchange via a spin-off to shareholders. The remainder of Swedish Match U.S. business has had an even more impressive historical track record of growth in recent years. The current scale of that business implies that the administrative and other dyssynergies that would result from a cigar spin-off are manageable. While some resources are anticipated to transfer to the new cigar company in conjunction with the intended spin-off, the intention is that the new cigar company will establish a more streamlined and fit-for-purpose sales and administrative structure. What this means for the remainder of Swedish Match in the U.S. is that even more resources would be available to focus on expanding and executing on the smoke-free growth strategy, with the ability to, with full dedication, crystallize both the significant harm reduction and commercial opportunities of that business in line with our vision of a world without cigarettes. Following these introductory remarks, we will now provide some more comments to select slides of our Q3 investor presentation. Starting on slide 8. Slide 8 illustrates the impressive trajectory for ZYN shipment volumes in the U.S. on a 12-month rolling basis. During the Q3, we delivered record volumes of 46.2 million cans, which brought the 12-month rolling shipment volume to close to 160 million cans. For the year-to-date period ending September 30, ZYN shipment volumes in the U.S. grew by more than 50% compared to the corresponding period in the prior year, with continued strong growth in the Western region where we initially launched the product, and also in the other regions outside of the West, where we started building presence at a more meaningful scale from the spring of 2019. Slide 9 illustrates the volume development for all nicotine pouch brands in the U.S. as measured by MSA data. As we have pointed out before, MSA data is particularly helpful in analyzing trends over a longer period of time, while isolated quarters can be susceptible to waves of distribution expansion, promotional offerings, et cetera, that cause retailers to stock up. Viewed over several quarters, however, the chart depicts the impressive growth trajectory of the nicotine pouch segment, which we now estimate to have reached the size of about 280 million cans on an annualized basis based on the current run rates. The dotted line in the chart illustrates the resilience in ZYN market share over the past quarters, and we are very encouraged to note that ZYN has held up its position very well, despite continued broad-based and deep promotional activities from major competitors. During the quarter, there were also certain summer promotions for ZYN that were calibrated to well align with the premium profile of the brand, which implied a promoted discount per can at retail level well below rebates typically seen from major competitors. Slide 10 provides some more details of the trajectory for ZYN based on the same MSA data. Starting with the graph to the left, which shows the number of stores selling ZYN with historical 13- and 26-week periods, you will note that the store count for ZYN has increased in a controlled manner. Currently, the number of stores selling ZYN is around 110,000. To the right-hand side of the slide, you can see the consistent growth in velocity for ZYN on a quarterly basis. In the Q2, the velocity for ZYN benefited somewhat from the sell-in of Menthol and Chill varieties at the national level, while this year's summer promotion had a favorable impact in the Q3. We urge you to take a longer term perspective, and if you compare to the Q3 one year ago, the number of stores have grown by 13%. As a testimony to the appeal of the ZYN franchise, the velocity has grown by an impressive 27%. Turning to slide 11. Based on recently conducted consumer research, we have updated some of our benchmarks for the nicotine pouches segment in the U.S. On this slide, we look at benchmarks for our estimated number of ZYN consumers, users, and consumers of any brand of nicotine pouches, bearing in mind that ZYN enjoys a market share well above 70% in the West. Our most recent estimate indicates that the number of ZYN consumers in the West now makes up more than 10% when compared to the number of cigarette smokers. The corresponding number nationally has grown to close to 5%. These benchmarks not only demonstrate the high level of acceptance that ZYN has among consumers, but more importantly, they highlight and reinforce the future growth potential for ZYN, including its great harm reduction potential. When comparing the trajectory for velocity growth for the nicotine, for nicotine pouches in the expansion markets versus the West, the velocity development in the expansion markets up to this point shows a similar growth rate, but in slightly higher levels compared to what was noted for the West region based on a comparable number of months in the market. It should also be noted that in addition to cigarette smokers, adult users of other forms of tobacco, such as moist snuff and not the least ENDS, have proven to be an important source of users for ZYN. In addition, one needs to remember that across the entire user base, estimated average consumption for nicotine pouches are still relatively low, in and around two cans per week. This can be compared to reported consumption patterns for a consumer registered in the ZYN loyalty program, now well in excess of 100,000 consumers, whose average consumption is about twice that number, which is largely consistent with consumption patterns reported for U.S. moist snuff consumers and Scandinavian snus users. The combination of consumer migration rates from other tobacco and nicotine categories, coupled with likely increased weekly consumption levels bode extremely well for the future growth prospects of the nicotine pouch segment and its market-leading brand ZYN. With that, I will give the word over to Anders. Thank you, Lars. Moving on to slide 12 and the Scandinavian smoke-free category. The strong volume trend for smoke-free products in Scandinavia continued in the Q3, supported by solid consumption growth in all three Scandinavian countries, Sweden, Norway, and Denmark. Swedish Match's best estimate is that the overall Scandinavian smoke-free market grew by close to 10% year to date in volume terms. While nicotine pouches were the key source of growth, snus also contributed with low single-digit growth for the combined Swedish and Norwegian markets. Slide 13, which depicts the volume trajectory for the Scandinavian smoke-free category on a 12-month rolling basis, based on Nielsen and online sales data, clearly demonstrates the acceleration of growth resulting from the broader consumer adoption of nicotine pouches. More than half of the nicotine pouch user base is comprised of women and as cigarette consumption historically has been higher for women, we view this as a very positive development from both a harm reduction and a commercial perspective. A word of caution is warranted when viewing the acceleration of growth that this slide indicates in or around the onset of COVID. With the travel restrictions and changes in consumer purchase pattern, the data is susceptible to differences in data coverage between different classes of trade. In our estimate of close to 10% overall category growth, for the year-to-date period, we have adjusted for this, but it remains a challenge to estimate consumption data with precision. While a margin of error should be applied to the overall estimate, the data indicates that the sharp reduction of retail prices in Norway following the excise tax reduction in January of this year has fueled consumption growth further. On page 14, we look at market share development in the Scandinavian snus market as reported by Nielsen. Our share for snus in Scandinavia has been stable over the past two years, and we remain the clear market leader, more than twice the size of the next largest competitor. While the declining percentage of snus relative to the entire smokefree category is apparent, as illustrated to the right on the slide, this needs to be considered in light of very strong overall category growth. Further, with the low price snus segment in Sweden that has remained relatively stable and almost an absence of low price products in the growing Norwegian snus market, the premium segment share of the overall Scandinavian snus market has grown slightly. On the following slide, page 15, we look at share trends for the nicotine pouch market in Scandinavia using Nielsen data. The competitive intensity of the nicotine pouch market has escalated even further during the Q3, with a high level of activity, both in terms of new brands and varieties, and in terms of promotional offerings, both online and in traditional retail channels. The high activity level has supported growth of the category, which now represents close to 22% of the Scandinavian smoke-free category, according to Nielsen data. As illustrated in the graph to the left, Swedish Match's nicotine pouch volumes continue to grow strongly in the Q3, to some extent aided by Volt launched during the Q2. With a competitor of ours having what can be described as a first mover advantage, a proliferation of product and brand offerings available to consumers, and the intensity of competitive activity generally. Improving our share of the Scandinavian nicotine pouch market remains a challenge that takes time to address. However, with a pipeline of distinctly differentiated innovations showing very promising test results on several key parameters, we remain confident that our unique capabilities will make a difference. Moving on to moist snuff in the U.S. on page 16. As can be seen on the left-hand graph, volumes for both the category and for Swedish Match contracted during the Q3 compared to the Q3 of the prior year. However, there are two important things to note about this development. First, we are comparing to a prior year quarter with unusually tough comparisons resulting from the elevated demand that was derived from changed consumer purchase pattern in the midst of the COVID-19 pandemic. Second, the timing and design of our promotional activities in 2021 differed from 2020, which also contributed to the year-on-year volume decline in the Q3. The promotional schedule differences should be more supportive of the volume development in the Q4. While Swedish Match's market share of the moist snuff category was slightly down year-on-year in the Q3, we note that we gained shares year to date. The share gain was driven by a sustained momentum of the Longhorn brand, in particular within the faster-growing pouch segment, but was partially offset by the discontinuation of certain products within our loose range. If we turn to chewing tobacco in the U.S. on page 17, it is even clearer that we are comparing to prior year with elevated demand as 2020 demonstrated changes in consumer behavior and purchase patterns, likely driven by factors like higher prevalence of work from home. Based on more recent category trends, we believe that it is prudent to assume that the chewing tobacco segment now has returned to its historical decline rates. Swedish Match shipments declined by close to 9% year to date and by 12% in the Q3. Similar as for moist snuff, the timing of promotional activities further accentuated the year-on-year volume decline for Swedish Match's U.S. chewing tobacco. Also, for chew, the promotional scheduling should benefit any year-on-year volume development in the Q4. We now turn to page 19 and cigars. Swedish Match's shipment volumes increased only marginally in the Q3, but we are very pleased to note the strong growth for natural leaf varieties, both as compared to the Q3 of the prior year and relative to the Q2 of this year. Progress in increasing capacity for natural leaf resulted in record volumes for those varieties, but the shortage of certain input materials had a significant negative effect on HTL shipments. Total production volumes for all varieties, while being well above pre-COVID levels, did not reach the levels of more recent quarters. On page 20, we illustrate the U.S. mass market cigar category development based on MSA data. For the sake of clarity, comments relating to the mass market cigar category includes the market for pipe cigars, but excludes the market for little cigars. The graph to the left depicts the solid growth for the mass market cigar category over the last 10 years and the relative outperformance for the natural leaf segment. For the year-to-date period ending September 30, the total category for mass market cigars grew by 6% in volume terms, exclusively driven by the natural leaf segment, with Swedish Match growing at only a marginally slower pace according to MSA, despite the HTL production issues in the Q3. The graph to the right illustrates Swedish Match's volume share in the Q3 for the category and by segments. In the Q3, we not only gained market share in the faster-growing natural leaf segment on a year-on-year basis, but also sequentially relative to the Q2. The decline in our HTL market share was to a large extent the result of the shortage of certain input materials, as mentioned earlier. Slide 23 restates our 2021 outlook from the interim report. We continue to expect the effective corporate tax rate for the full year to be around 23%. Our CapEx plans remain on track to be above the 2020 level, and we continue to project good market growth for smoke-free products, driven by the rapid growth of nicotine pouches. On the back of the attractive growth prospects for nicotine pouches, we have for the nine-month period of 2021 noted an elevated competitive activity for nicotine pouches across our markets, and we foresee no change to this development in the Q4. While our 2020 outlook remains unchanged, there are a few things worth noting. For our Scandinavian smoke-free business, we remind you that shipment volumes to the domestic Norwegian market remained elevated at the start of the prior year Q4, but declined significantly in December as the trade and distributors restocked ahead of the January 1, 2021, excise tax cut. In January of this year, inventories in Norway were replenished. For our U.S. businesses, there will be 60 shipping days in the Q4 compared to 64 days in the Q3 and 61 days in the Q4 of the prior year. For cigars, as was noted in the interim report, while we work diligently to mitigate production-related challenges, restrictions on certain input materials, in particular, are likely to continue limiting our ability to fully meet expected strong demand for some time ahead. Finally, as always, fluctuations in currency rates will impact our future reported results, and you may want to take note of some of the more important average exchange rates versus the SEK. The average exchange rate in the Q4 of 2020 for the U.S. dollar was 8.63, the NOK 0.95, and the Brazilian real 1.59. With that, operator, please open up the line for questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. Our first question comes from Fredrik Ivarsson from ABG Sundal Collier. Please go ahead. Thank you very much. Good afternoon, gentlemen. First, a question, on what you just said regarding the promotional rates of moist snuff and chew, in the U.S., obviously. What does that imply in terms of price mix in the quarter? Should we read it as price mix were positive in both those two categories? Yeah. I mean, when you have price promotions that tend to bring up volumes and bring down the average price slightly, but it's far from all of the volumes that is on promotion. It's more you get a degree of incrementality in terms of shipments during promotional waves. I'd say that's the main effect. As Anders said, you should have a more favorable year-on-year comparison from that perspective. It's also worth noting that we have announced list prices in our moist snuff portfolio recently in the U.S., largely following the levels of competition. Okay, perfect. Second question on the implied margin of ZYN in the U.S., which seems to be down a bit. Is it possible to get some kind of ballpark figures on the impact from gross margin versus higher OpEx, I assume spending in terms of marketing and so forth, as you mentioned in the report? Thanks. We don't go down into details of the P&L like that, but the gross margin has remained very strong. The margin has also remained very strong. If you look at sequentially, the Q3 compared to the Q2, we continue to grow sales while the operating profit development was relatively stable, so a slight margin contraction in the Q3. Which is something that was perfectly aligned with our own plans and ambitions in terms of stepping up the marketing support in view of the long-term growth prospects. I mean, obviously, comparing to the prior year, margins, that becomes then a quite big effect. You need to remember that costs in the prior year was very low on certain activities that we couldn't carry out because of this COVID situation. Yeah, that's fair enough. And again, you write in the report that you grew EBIT double digits from SIN, I think. But I assume that can be anywhere between 10 and 40%. Can you help us out a little bit? Is it closer to 10 or closer to 25%? The figures we disclosed are for the entire segment. The relatively sharp volume declines that we report for moist snuff and chewing tobacco naturally had a negative effect on the earnings development. Yeah, of course. Fair enough. Highly driven by a strong performance for ZYN. Right. Last one for me. If you could give us some key takeaways from the new Volt products that you launched a few months back. I think if I remember correctly, those are targeting another consumer group than ZYN. It would be interesting to hear any key takes from that product launch. Yeah. That seems to be the case, to some extent, at least. I think it's the fair description. It skews younger than ZYN in terms of who is buying the product. It's reached a 4% share, and we are very pleased with the execution of the launch and the continued support in terms of the distribution build and the activities that have been put in place to support them and build the brand. We have seen more cannibalization on ZYN than we originally had anticipated. I think we have to give it some time for the communication and for the brand to sort of say find its right home in terms of the target audience. The Swedes on the call will recognize there's been a virtual explosion in terms of product and brand varieties when it comes to nicotine pouches in the Swedish market. There is a fair degree of trial while people typically have a main brand, try a lot of different varieties and so forth. I think we have to give it some time before we see a more stable development in terms of consumer profiling. Perfect. Thank you. Our next question comes from Richard Felton from Goldman Sachs. Please go ahead. Yeah, good afternoon. My first question is on the nicotine pouch category in the U.S. Now, I understand that from quarter to quarter, shipments can be volatile, but I'd like to know for the overall category from an underlying sellout perspective, what is your best estimate of category growth? And has there been any material change to that trend this quarter? That's my first question, then I've got a follow-up on ZYN afterwards. It's almost impossible. Obviously, we know the MSA volumes, but if you look at the kind of spikes in deliveries, particularly from competitors of ours, around promotional waves, it's very dangerous to provide any estimates of exactly what's underlying. We need to stick to what the MSA data said. Then, I think it's worthwhile to remember this type of quarterly volatility. If I start to read the numbers here, if you're now going back to Q1 2020, and you had 29% in Q1 dropping to 6.5% and then 26.5% and dropping to 6%, then up to 23.5%, then 17.9%, and now 7.7%. With that type of variability, again, I mean, if you look at the year to date growth, it's 67% up. I think that's the number that you should focus on, quite frankly. Okay, thank you. That's very clear. My second question is on ZYN specifically. So you mentioned in your statement that ZYN U.S. sales grew by less than volume. Can you maybe quantify by how much, please? Then also on your average realized price per can, I know you'd been clear that you were gonna be stepping up promotion and support, especially compared to last year when you were capacity constrained. How should we think about average price per can going forward? Should we expect that to be stable sequentially, or because there's still a very big gap between you and your competitors, should we think that pricing is likely to be a headwind going forward for ZYN? Thank you. Yeah, on your first question there on the kind of rate of growth, we I can confirm it was double digits, and then we don't go into more details than that. In terms of promotions, we have increased the promotional activity for ZYN during the quarter. It's fair to assume an increased element of promotional activity going forward as well. But we have also implemented a list price increase for ZYN recently as well. Similar as the other categories, there may be some seasonality and in ways. During the quarter, for example, they had what was called the summer promotion in the certain outlets that won't be repeated now in the Q4, but there may be some other activity in lieu of that. Great. Thank you very much. The next question comes from Faham Baig from Credit Suisse. Please go ahead. Hi, good afternoon, and thank you for the questions. One clarification question or to check if you did give that number. Lars, did you mention that velocity of ZYN has continued to expand in the Western region? I guess what would be helpful for us is, as you have on slide 10, are you able to break out the velocity in the Western region versus the expansion markets, please? My second question is, in your other markets in the smoke-free division, I noticed a bit of a pickup in your volumes in Q3. What would you attribute that to? Are you seeing any early successes in any particular market? with it seemed to have come an improvement in losses. Again, where has that come from, and how should we look at Q4 and next year in terms of losses in that division would be helpful. Thank you. I mean, if you take the velocities again, it's with some hesitancy I provide quarterly MSA numbers given what we keep on repeating in terms of looking at longer trends. If you look at the total velocity number for ZYN in the U.S., it's just shy of 30 counts per store a week, and it's close to 60 counts per store a week for the western region. It's a little bit above 20 counts in the expansion market. It is correct that the quarterly velocities have grown sequentially in both the West and the expansion markets. I'm trying to look how far back, but for all quarters this year and for all quarters prior year as well, actually. Mm-hmm. In terms of other markets, one thing there to note is that we have now anniversaried the situation in Germany with the ban of chew bags. That helps the comparison. We see good growth, but from a small base of nicotine pouches. That has been there all the time, but masked a bit by this chew bag volumes then on the German market. In terms of spending, I would consider the change there in trend versus previous quarter more a timing rhythm thing. Okay. Thank you. If anything, I think you should count on us continuing increasing investments over the coming years in other markets, given the opportunity that we see there. Our next question comes from Gaurav Jain from Barclays. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. I have three questions. One is on the slide where you show the sequential market share trends for ZYN in the u.s. slide number nine, is it possible to share what was the monthly trend? And the reason I'm asking is that, is it that the September market share is much higher than the July market share, and that has continued into October? Like, is there anything like that which is happening with ZYN? It is. There's certainly monthly volatility in market share, and again, attributable to waves of promotions. The exit share for the quarter is slightly higher than the average quarterly market share. I'm convinced that we will see volatility also going forward. I wouldn't take that as a prediction for how Q4 could look like. Okay. Sure. That's very. As spikes in promotions that we see from competition, they have a very distinct effect on market share. While typically the historical pattern is that we've seen very limited impact on the velocity trajectory for ZYN. Sure. That's very helpful. Second is on the cigar spinoff. You know, you mentioned several times that there will be stranded costs, but the strategic benefits would outweigh any stranded costs. Is it possible to quantify what the stranded costs could be? You know, will there be a separate sales force that the cigar company will hire? Does that lead to less cost amortization of your—of the remaining U.S. business the cost of that sales force over the cigar revenue and volume? You know, how should we be thinking of margins in U.S. next year? The associated question on that is that, will the U.S. cigar company be targeting an investment grade rating when it spins off? Most of the questions of that nature are premature as we are working through or started to work through the detailed plans. In terms of the disadvantages, they are actually spread out manageable. Naturally we're talking a few million dollars. When it comes to the capital structure, that's the type of thing we need to get back to. In obtaining an investment-grade rating is likely, but that the leverage could be a bit higher than what we have on average for Swedish Match. Okay, thank you. The third is on the scandinavian slide. You know, earlier you used to give a breakdown of trends happening in Norway, Sweden, Denmark separately, which used to be very helpful. Is it possible for you to just give some remarks on how are markets developing in each of these separate countries? Yeah. No, I mean, given the size of our different businesses and the flows that we see between the countries, we think it's more appropriate to provide numbers for Scandinavia as a total. Particularly during this period of channel shifts and so forth, that is a prudent thing to do. Of course, we look at it more in detail ourselves. The strong growth that we can note in the year-to-date period, it is without doubt sourced both from Sweden and Norway. Compared to kind of five-year historic growth rates, we see an acceleration in both those. In terms of consumption, because we measure it, we estimate it by effectively Norwegian consumption, then we include border trade in Sweden that is bought by Norwegian. Yeah. I think if you think of it like consumption by nationality, regardless of where those products are bought, then it's good growth for all nationalities, so to say. Yeah. Except, year to date, the Finnish consumption. Yeah. For the Finnish, haven't been able to buy them with restrictions. Which has picked up in the Q3. In percentage terms, the strongest growth is in Denmark, where we see a strong acceleration of category growth since the introduction of nicotine pouches in that market. Okay. Well, thanks a lot. Well, there also most probably will be a tax increase, by the way, on nicotine pouches. We think that it's of a magnitude. It's meaningful, but we think that the strong growth is going to continue. Okay. That's very helpful. Thanks a lot. I remind you that if you do wish to ask a question, please press zero one on your telephone keypad. The next question comes from Rashad Kawan from J.P. Morgan. Please go ahead. Hi, guys. A couple from me, please. You mentioned that overall, ZYN users in the U.S. are using two cans per user, roughly. Could that be due to dual or poly usage? You know, could you give us roughly what you guys think the percentage of users are ZYN users that are dual or poly nicotine product users? Then secondly you guys called out the strong female uptake of nicotine pouches in Scandi. Have we seen any uptake from females in the U.S. as well, or is it still male dominated? If we start with your last question, the answer is yes. In Scandinavia or in Sweden, the number from the top of my head is we estimate that 55% of the consumers are women, which can be compared to roughly 20% for snus. It may even have gone down a little bit for snus given the popularity of nicotine pouches. In the U.S., we estimate that about 20% of the consumers of nicotine pouches are female, which in turn then is significantly higher than traditional smokeless use, like moist snus. The U.S. is basically where snus was in Sweden and which was sort of female consumption was growing at very good rates even before nicotine pouches. In terms of poly use, there's a degree of that and there is a consumer journey typically going on. We see that consumers that have used the product for a longer time, they tend to use it more on an exclusive basis. I don't have the percentage on the top of my head from our latest research, but it's a fairly large proportion of U.S. consumers that may switch between or alternate between vaping and nicotine pouches, as an example, and also sometimes cigarettes. The good news is that the typical consumer pattern is to leave the combustible alternatives behind. This is also the trend that we see in Scandinavia. Mm-hmm ... for a long time. That's new consumers that come from cigarette smoking. They may start to use it occasionally at work and so forth, and then they discover the benefits and they transition fully. Mm-hmm. Most of them. Got it. I mean, you said a fairly large proportion. I mean, can we think about maybe over 50%? That are poly users? Yeah. I would say so, yes. As also indicated by the estimated average consumption of only two cans. If you look at the same database of loyalty consumers, it's close to four cans per consumer and week. To some extent, of course, a biased sample, given that they are engaged enough to sign up for a loyalty program. But there are also typically consumers who have used the product a bit longer time. We do estimate that the consumption per consumer in the Western region is a bit higher than in the expansion market, given longer time with the brand. Comparing also to Scandinavia and moist snuff, it's about four per week as well, and consumer. Got it. Thanks, guys. Did the line drop dead or are there no further questions, operator? I'm calling from the outside and we can still hear you on the line, but there were no further questions that I heard. I did receive one question, if I may. This is Emmett Harrison speaking. Yeah. If I may? Yep. Okay. The question that came in is, what is the opinion on new synthetic nicotine pouches that have come onto the market, and thoughts on synthetic nicotine in general? A second question on velocity, which is currently tracking a 13-week level of around 27-28 cans per store per week. What is the optimal level for this measurement? In other words, how many cans per store per week at the right level for efficiency without stuffing the trade? So two questions. What are your thoughts on nicotine pouches? The second, how high can the level of cans per store per week be without stuffing the trade in terms of deliveries to retail? Yeah. I mean, on the last question there on cans per store per week, that is, of course, an average across, very diverse types of stores. It varies. And, and it- Very dramatically. Yeah. It depends, of course, on the offtake from the stores, which is growing, of course. Compared to, I don't know, Scandinavia, there is much headroom to go to increase that number. I mean, we have several stores and many stores in the U.S. that turn well above 100 cans per store per week. Mm-hmm. As long as consumers buy it, we don't understand the channel stuffing question. On synthetic nicotine, I mean, this is a phenomenon where that is obviously kind of falling between the cracks a bit from a regulation point of view. From an industry perspective, we don't think that that's a good situation. We are in favor of a proportionate and reasonable regulation. I think it's safe to assume that so are authorities and politicians. In that respect, we do expect regulation of those type of products. It should also be noted that for the consumers, I mean, correctly done, let us say, it's the same molecule. There is no consumer experience difference. There can be differences if we go into chemistry here. That means that there can be synthetic variants out there that don't completely mirror tobacco-derived ones, where also the long-term effects of using it are not known. In terms of supply and products on the market for synthetic nicotine, it's a bit of a wild west at the moment, and we don't expect the situation to remain that way. We have no further questions. I hand back the word to our speakers. Okay. Thank you everybody for joining today's call. I can inform you that the release of our full year report will be on February sixteenth. Thank you very much. Thank you.