“For the next three years we target a similar strong volume delivery, a plus 6% to 8% organic net revenue CAGR, and a step-up in organic operating income growth to plus 8% to 10%.”

In context

“alization. This remains key as our leadership in combustibles helps to maximize switching to smoke-free products. This combustible share performance combined with the structural growth of IQOS led to an increase of plus 0.6 points of international cigarette and HTU share for the full year. As mentioned previously, our superior share of smoke-free products gives us a formidable platform for sustainable share gains, with superior unit economics. Before we turn to the 2024 outlook, let me briefly reflect on our strong delivery over the past three years, in spite of a number of substantial headwinds. The performance was clearly positive compared to our currency neutral 2021/2023 targets of more than 5% organic top line and more than 9% bottom line growth, supported by overall growing volumes. For the next three years we target a similar strong volume delivery, a plus 6% to 8% organic net revenue CAGR, and a step-up in organic operating income growth to plus 8% to 10%. We target an adjusted EPS CAGR of plus 9% to 11% ex-currency growth at constant 2023 corporate tax rates, including an increase in net financing costs which skews towards the first year of the period in 2024. Okay. This brings me to the outlook for 2024, where we expect a strong acceleration in smoke-free performance across IQOS volumes, smoke-free net revenues and gross profit. We forecast the highest ever absolute increase in HTU adjusted IMS volumes to deliver plus 14% to plus 16% growth in percentage terms, despite the inclusion of an estimated impact of around 2 billion units from consumer adjustment to the EU characterizing flavor ban I mentioned earlier, and essentially no off-take growth in Russia. For shipment volumes, we target more than 140 billion units, subject to the usual i”