“The powerful trajectory of our smoke-free business gives us confidence in a strong full year performance, with excellent operating income growth.”

In context

“long-term equity compensation, weighted towards our product transformation. Our goal is to conduct comprehensive human rights impact assessments in our 10 highest risk markets by the end of 2025. These help us better understand and address our impacts, and we are making excellent progress, with seven completed to date. Addressing climate change is another priority for us, and I’m pleased to share that PMI was included in Forbes' first ever Net Zero Leaders List, ranking seventh overall for all US public companies, higher than any other consumer products or services company. To conclude today’s presentation, we delivered a very strong first-half despite a number of headwinds, putting us on track for the third consecutive year of positive volumes and organic net revenue growth of over 7%. The powerful trajectory of our smoke-free business gives us confidence in a strong full year performance, with excellent operating income growth. Outstanding momentum continues for IQOS and ZYN, the world-leading heat-not-burn and oral nicotine brands, and we have exciting plans to further grow oral nicotine pouches in the US and internationally, along with the US commercialization of IQOS next year. Importantly, we remain steadfast in our commitment to generously reward our shareholders, including through our progressive dividend policy. In short, our smoke-free transformation continues to deliver sustainable growth. We look forward to sharing more with you on the next phase of our transformation at our Investor Day on September 28. Thank you very much, and we are now delighted to answer your questions. Operator: [Operator Instructions] Our first question comes from Pamela Kaufman from Morgan Stanley. Your line is now open. Pamel”