Eric Serotta

What are you seeing in terms of the competitive and promotional environment, last quarter, you commented I think that surprisingly, everyone had been pretty rational thus far

are you expecting anything unusual or visible in fourth quarter results from RNDC, I guess, selling down inventories, Sazerac building inventories?

earlier this year or late last fiscal year, you did talk about reducing your production to get your finished goods inventories down. Where do you stand today versus your target?

How should we think of that in terms of the impact in terms of the profit cadence for the first half versus the second half

Explored away-from-home strength paradox amid consumer pressure, asking whether bifurcation exists between income segments and whether gains stem from category health or execution.

Can you talk a bit about the acceleration that you've seen in Away-from-Home this year? And any read into the state of the consumer

Can you talk a little bit about away from home trends? You had some positive away from home volumes

I am hoping you could give some color on what you are seeing in energy, 6% change growth, you called solid or strong

can you talk or provide any color on what you're doing here that may be apart from the KT and G partnership

increased in smoking incense among younger, 20, legal-aged, nicotine users

Could you talk a bit about the price point as you launch in the 3 states

has your view in terms of the ability to compete in vape and sort of the timing of when you would be able to come back to market really changed

There have been several press stories about shortages for particular leading brands or products of illicit products

you called out a somewhat lower tax rate and lower pension income. Are there any other items that we should think of

wondering if you have any color as to what you're seeing with respect to your consumer in those channels

how much of a priority is that with your margins at very high levels and a lot of growth potential ahead

the trade-off between pricing and market share that you're willing to win to balance in terms of U.S.

in terms of ICOS, HTU, shipments, and IMS. Obviously, there's the, some of the specific headwinds you you called out in terms of, the excise in Japan

'26 does not include anything for Oluma in The US. But there is something included for the you know, sort of 2728 time frame? Is that fair?

on the IQOS business, you provide some additional color on the mismatch between HTU shipments and IMS. I know there was a pretty tough comp on the IMS side of close to 15%. But any additional color...

Are you guys still sticking to your expectation of a second half authorization

Your volumes down one and a half percent, or I should say only one and a half percent despite the headwinds you called out

How are you guys thinking about what the unconstrained growth for what the unconstrained offtake growth for ZYN

Are you seeing different trends or diverging trends when you look at some of the non-track channels

Are there any specific offsets that you could point to that caused you to reiterate the guidance

Can you give us any context for what kind of quantum you're expecting in terms of reinvestment for 2026 and the midterm

are there areas either that need increased investment or where you need further build out capabilities either from an OpEx or CapEx standpoint

just wondering if you could provide some perspective on how you're thinking of category growth over a three-to-five-year time frame

could you talk a bit about shelf space expectations for your brands in 2025