“We expect ZYN to enhance this further as it starts to be included in our organic metrics from mid-Q4.”

In context

“tal volumes by plus 2.5%. Cigarette volumes declined by a modest 0.5% in Q3 with strong performance in Turkey and Egypt and by 1.3% year-to-date, reflecting solid category share performance in a resilient category, despite robust pricing. I will now walk through the mechanics of our Q3 net revenues. In addition to plus 2.2% volume growth, pricing contributed plus 6.2 points of growth as combustibles remain strong and the negative impact on HTU pricing of the annualization of excise tax increases in Japan and Germany, notably moderated. The increasing proportion of HTUs in our business continues to be a consistent top-line driver, reflecting higher net revenue per unit. The positive mix impact of HTU's overall volume growth and pricing are powerful drivers of our transformation and growth. We expect ZYN to enhance this further as it starts to be included in our organic metrics from mid-Q4. Looking now at adjusted operating income, where the $3.7 billion delivered in Q3 is also a record-high. I am pleased to report that following peak margin headwind in Q1, our organic growth has accelerated nicely as inflation, supply-chain disruption and ILUMA related factors continue to moderate. And the underlying dynamics of our transformation bear fruits. The Q3 progression is slightly above our 2024, 2026 CAGR target of plus 8% to plus 10% organic operating income growth. And as I covered earlier, we expect our overall H2 OI growth to be around the top of this range. This strong operating income growth in excess of an already healthy topline performance drove a better-than-expected organic margin expansion of plus 70 basis-points in the quarter. This was also the first-quarter this ye”