“Importantly, we expect a very strong H2 delivery in adjusted IMS on both sequential and year-on-year basis to between plus 14% and plus 15% growth.”

In context

“o continue. However, we see an incremental headwind of around 2 billion units to our full year adjusted IMS forecasts, the majority of which is driven by the ongoing delay in approval for commercialization in Taiwan, which was previously expected around the midpoint of the year. We also factor in an impact of a few hundred million units for a slower recovery from the characterizing flavor ban in Europe, principally in Italy. I would note that our revised full year forecast for adjusted IMS growth of around 13% represents the same absolute volume increase as 2023 despite the EU headwind. We accordingly forecast full year HTU shipment volume of around 140 billion units with shipment as usual expected to be a few billion units higher than adjusted IMS given continued offtake and user growth. Importantly, we expect a very strong H2 delivery in adjusted IMS on both sequential and year-on-year basis to between plus 14% and plus 15% growth. This is supported by a notable step-up in commercial activity, continued momentum in Japan and increasingly dynamic global markets. These include the markets I just mentioned and the ongoing acceleration in Duty Free. For Europe, the broadening of growth acceleration in Germany, Spain, the UK, & Romania adds to the ongoing momentum in geographies such as Portugal and Greece. H2 should also see several markets start to rebound from initial flavor ban impact, including a gradual recovery in Italy. Turning now to ZYN, where very good U.S. progress continued in Q2 with close to plus 70% growth in 12-months rolling shipments. As we shared earlier in the year, strong demand dynamics have created short-term supply chain constraints, which has impacted volume growth. As shown on this slide, this”