“As you know, we were facing until now a significant headwind on cost, notably on the combustible business. This is easing. Twenty five should be better. And twenty six could be even better than than twenty five, by the way.”

How to check this claim

Look at: Cost headwind trend in combustible business (e.g., cost of goods sold or gross margin impact from combustibles, as described by management)

It came true if: 2025 shows improvement (lower cost headwind / better margin impact) versus 2024, and 2026 shows further improvement versus 2025, as characterized in management commentary or cost/margin disclosures

Where: Company management commentary on earnings calls and cost/margin disclosures in 10-K/annual report for combustible segment

Verify independently

SEC filings for PM ↗ · Claim quote is verbatim from the 2024Q4 earnings call.