“On a U.S. dollar basis, this forecast represents very robust growth of approximately +7% to +8%.”

In context

“line performance, coupled with IQOS and ZYN operating leverage and further cost efficiencies, we now also raise our forecast adjusted organic OI growth to +14% to +14.5% for the year. We continue to target adjusted gross margin expansion for both smoke-free products and combustibles, and adjusted OI margin expansion for total PMI, all in both organic and dollar terms. Accordingly, we are raising our forecast for currency-neutral adjusted diluted EPS growth to +14% to +15%, which also factors in lower-than-anticipated net financing costs, including higher interest income. This translates into a range of $6.45 to $6.51, including an unfavorable currency impact of $0.40 for the year at prevailing rates. The $0.06 increase in expected currency headwind largely reflects the same factors as Q3. On a U.S. dollar basis, this forecast represents very robust growth of approximately +7% to +8%. As reflected in this forecast we expect another robust delivery in Q4, despite a more challenging top-line comparison on the mix of shipments between categories. We also target another quarter of adjusted gross and operating margin expansion, including a planned increase in commercial investments behind our smoke-free brands. Q4 net financing costs are likely to be sequentially higher, notably given the mark-to-market benefit in Q3 from the volatility in interest rate markets I mentioned earlier. Our expectations for strong operating cash flow of around $11 billion for the year are unchanged, and factoring in the most recent currency moves we now target a 0.3 times to 0.4times improvement in our net debt to adjusted EBITDA ratio in 2024. This places us well on track for our target ratio o”