“This represents good progress towards our target of around 2x by the end of 2026.”

In context

“hipment of 34 billion to 35 billion units and an acceleration in HTU adjusted IMS growth. Given expectation for a strong full year profit delivery, we are forecasting operating cash flow of around $11 billion which is at the upper end of our previous forecast range at prevailing exchange rate and subject to year-end working capital requirement. We expect this improvement to more than offset an increase in capital expenditure to around $1.3 billion to $1.4 billion as we further accelerate ZYN capacity expansion. Last, we continue to target 0.3x to 0.5x improvement in our net debt to adjusted EBITDA ratio in 2024, driven by profit growth and strong cash flow generation. As of June 30, we have already improved a ratio of 3x on a 12-month trailing basis as compared to 3.2x at the end of 2023. This represents good progress towards our target of around 2x by the end of 2026. We intend to reconsider share repurchase subject to board approval once we are within sight of this goal. I will now conclude today's presentation with some closing remarks. The powerful combination of strong underlying business momentum and our own proactive steps enable us to generate best-in-class growth across key metrics. Our strategy is delivering on volumes, pricing, cash flow and dollar earnings despite ongoing currency headwinds. The success of our smoke free transformation is reflected in our remarkable first half performance with excellent underlying IQOS and ZYN growth, very robust pricing, positive category mix and stepped-up cost efficiencies. This puts us firmly on track for an exceptional 2024 with accelerated top line growth and margin expansion. Our momentum is broadenin”