“For combustible, the resilience of our portfolio is reflected in an updated forecast of a 1% to 2% cigarette volume decline.”

In context

“now to the full year outlook. I am pleased to share that following this very strong year-to-date delivery, we are raising our volume, organic sales growth and currency neutral adjusted bottom line growth forecast. First to volumes, where we increase our outlook to plus 1%, to plus 1.5% total shipment growth for cigarettes and HTUs, despite a lower expectation for the total industry. Within this, we expect to deliver HTU shipment volume within the lower half of our prior 125 billion to 130 billion range. While IQOS fundamentals remain strong, this narrowing reflects a further delay to the expected market launch in Taiwan, limited underlying growth in Russia and Ukraine, as well as some uncertainty related to inventory level in the EU as trade partner adjusts to the upcoming HTU flavor ban. For combustible, the resilience of our portfolio is reflected in an updated forecast of a 1% to 2% cigarette volume decline. ZYN continues to perform exceptionally with strong adult consumer traction. Following a further step up in the US volume run rate, we are now increasing our full year nicotine pouch forecast range to 390 million to 410 million cans. Combining the improved volume outlook with robust pricing and continued positive mix, we are narrowing our organic net revenue growth forecast to around plus 8%, the midpoint of our previous range. As I will come back to shortly, we expect excellent organic OI growth over the second half of the year. Combining this strong profit performance with the continuation of ZYN’s phenomenal growth and diligent cost management allows us to raise our currency neutral adjusted diluted EPS growth forecast to plus 10% to plus 10.5%. This means we now expect double digit gro”