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At the current rate of deleveraging, driven by both debt reduction and increasing earnings (a mix of top-line growth and margin expansion from sales mix, price take, and disciplined cost rationalization), it is likely that repurchases resume much earlier, contingent on reinvestment needs in New Categories, perhaps as early as H1 2024

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Japan's market, while contracting with a 2.1% volume decline in 2025, maintained value growth through premiumization