An analyst gathers the following information from a company's notes to the consolidated financial statements:

| Item | Year T–1 | Year T–2 |

|------|----------|----------|

| Income tax using the statutory tax rate | 25.0% | 25.0% |

| Effect of tax rates in foreign jurisdictions | 2.3% | 1.8% |

| Effect of tax incentives | –0.9% | –0.1% |

| Withholding taxes | 0.1% | 0.3% |

| Effective tax rate | 26.5% | 27.0% |

If there is no change in applicable tax rates, compared to Year T–2, in Year T–1 the company's mix of profits earned most likely: