“We continue to target plus 14% to plus 16% adjusted IMS growth for the year, with around plus 10% growth in Q2 followed by an H2 acceleration driven by the timing of commercial programs, ILUMA uptake, newer markets and a less demanding prior year comparison.”

In context

“33.1 billion units exceeded our outlook, with robust underlying growth across geographies and a higher-than- anticipated timing impact of shipments to Japan. The incremental phasing impact was around 1 billion units and was primarily related to Red Sea disruption. While uncertain, we assume this will normalize in the second half of the year. As mentioned previously, we believe the best indicator of underlying HTU growth is adjusted in market sales, as the closest metric to consumer offtake. Adjusted IMS volume grew nicely by plus 12.5%, including the expected impact from the characterizing flavor ban in Europe. We continue to see strong IQOS momentum, with excellent growth in Japan, robust underlying fundamentals in Europe, and a growing contribution from newer markets such as Indonesia. We continue to target plus 14% to plus 16% adjusted IMS growth for the year, with around plus 10% growth in Q2 followed by an H2 acceleration driven by the timing of commercial programs, ILUMA uptake, newer markets and a less demanding prior year comparison. Total smoke-free volume growth of plus 22% includes the impressive expansion of our oral smoke-free portfolio powered by ZYN, with pouch equivalent shipment volumes up by plus 35.8%. U.S. ZYN shipments grew by plus 80% to 132 million cans. Cigarette shipments declined by a modest 0.4% in the first quarter, with a notable positive contribution from Turkey as we increased share in a strong overall market. Let me now walk through the drivers of our Q1 net revenues. As I mentioned, volumes grew by a remarkable 3.6%, including oral. Pricing contributed plus 5.5 points of growth primarily from combustibles, as well as pricing of around plus 3% on HTUs. Smoke-free category mix added plus 3.1 percentage points to the top-line, reflecting the higher net revenue per unit of IQOS and, to an even gre”