brand' relative to glo, and 50% selected glo is associated with a 'low price'. We believe it was likely early to gain insights on BAT's new glo Hilo device, but 12% of users selected better impression on the brand; the pre-existing glo Hyper device it seems). Additionally, in anticipation of excise tax driven retail prices increases for heated tobacco sticks this year, we asked users what action they would take if the price of their 'main''continue using same brand' and heated tobacco sticks increased by 10%. A relatively similar proportion of users selected 'reduce using heated tobacco sticks' heated tobacco sticks' (36%), which was followed by 29% selecting 'switch to lowerincreases by 10% priced sticks brand of the same device'. Source: UBS Evidence Lab, respondents could select multiple reasons October 1) this year, which willremove the tax advantage for heated tobacco products.strategies in an attempt to gain Ahead of the April 1 tax increase (roughly 50% to the harmonised tax rate), PMl has volume share, in our view applied to raise prices of Terea to ￥620 per pack (from ￥580), and Sentia to ￥570 (from ￥530), whereas Japan Tobacco applied (and received approval here) for a ￥30 per pack between the two players, we expect Japan Tobacco (and BAT) to make larger increases (due to lower starting prices and tax converting to specific), compared to PMl, through and net price/gross profit impact in Japan, 2026E Source: Company data, UBS estimates assuming some trade down