“We continue to see a long runway of growth in Japan over the coming quarters.”

In context

“plus 3 points in Q3 year-over-year to 26.6%. Importantly, adjusted in market sales volume again grew sequentially on the four-quarter moving average, reaching over 10 billion units for the first time in Q3 2023, as IQOA outgrew the heat-not-burn category. In addition to this excellent consumer trend, our Q3 shipment to Japan also benefited from further switching back to sea freight during the quarter. This shift is now substantially progressed and we expect a more normalized rate of HTU shipment in Q4. Our premium-priced TEREA HTUs and mainstream priced SENTIA HTUs continued to grow individually and in aggregate, reaching Q3 offtake shares of around 18% and 8%, respectively, despite the impact of seasonality. Our Japan city shares also continue to progress with a number reaching over 30%. We continue to see a long runway of growth in Japan over the coming quarters. In addition to strong IQOS gains in developed countries, we continue to see very promising growth in low and middle income markets. This slide highlights a selection of Q3 key cities offtake share across markets in Eastern Europe, Africa, Asia, and Latin America. We see notable ongoing success in Egypt with Cairo offtake share of plus 3.5 points to almost 9%. And in Santo Domingo our leading Latin America city, with offtake share around 8%. Most promising is a 3.1% offtake share in [Urban] (ph) Jakarta, where IQOS is only available via the IQOS Club Members program. We continue to see robust offtake volume growth across this important future market, despite seasonal effect on sequential share metrics. I'd like to spend a moment now on combustibles, where our portfolio delivered strong org”