Matt Smith

what channels are you currently seeing take share from traditional channels?

there's obviously 10% that's still lagging your expectation. You talked about Totino's a bit, but is there a common thread

I believe you called out the international timing benefit was about 3 points of that segment's net sales

is there anything you need to call out on the operating costs? And with operating costs growing in line with sales, is this a level of investment that you as you exit 2026 allows some future levera...

You called out traffic weak -- or weaker traffic trend, but volumes were actually up. Can you talk about the drivers of growth that more than offset that traffic weakness

I'm curious as to the opportunity you see with multipacks, especially the larger sized ones

you expanded gross margin across regions, but also called out pressure from tariffs and inflation

In the U.S., what level of pricing do you expect from the increases in promo reductions?

Can you provide any color on the scope of the program? We calculate today that the percent of packs with the FET benefits around 3%

The $300 million to $375 million investment level is that we think this is a one-time increase in CapEx

the fourth quarter implies a deceleration in the earnings growth. You called out lapping the share repurchase and the MSA legal fee expiration

when we think about the moderation that we saw sequentially, can you talk about the drivers that you think are leading to that

that product is still -- or has finalized product development. Can you give an update on the path from here

can you talk about your expectations in the second half of the year? And how you're thinking about what could be an even more uncertain consumer

Can you talk about the current state of the consumer? And are you seeing that inflationary pressure on the consumer play a role

what you're seeing from the consumer that gives you the confidence in continuing to seek pretty robust pricing in the cigarette category

the guidance for the year, the 2% to 5% EPS growth, can you talk about the phasing of earnings growth

Can you talk about the trends you're seeing in those adult consumers? Is there incremental pressure

the incrementality you're seeing from that offering versus trade down and the profitability today for IQOS by bonds

was the inventory dynamic in the first quarter entirely driven by consumer pantry

can you expand on the reacceleration in smoke-free volume growth compared to the 2026 growth guidance?

you talked about the single digit operating profit growth on an underlying basis in the fourth quarter. Can you you provide a little bit more detail behind the drivers behind that?

You think about the $100,000,000 of investment that took place in the quarter, is that a sustained level of investment or I should say a normalized level of investment that you face a tough compari...

In the markets where you are taking pricing, how is that impacting volume and new user acquisition

Is it fair to say the second half is more or less in line with your previous expectations?

Can you talk about the factors in the second half that we should take into consideration

can you talk about some of the underlying benefits to IMS growth re-accelerating across the rest of 2025?

the performance by brand in the measured channel data that we see has varied. Specifically for the Dunkin' brand, elasticities have been softer

Can you talk about some of the underpinnings to that acceleration, whether there's also unique comparisons there

can you talk about the drivers of growth in the second half and beyond? Are you seeing stronger distribution opportunities, or is this more velocity-driven