“Overall, regional Q1 adjusted IMS growth was in line with our expectations and we expect another robust quarter in Q2 followed by an acceleration in the second half.”

In context

“tive comparison impact from the prior year. Our investment in brand building initiatives is exemplified by the recent partnership with Italian designer SELETTI at Milan Design Week as part of the IQOS' Curious X campaign. For IQOS, Q1 HTU adjusted IMS grew by plus 7.4% as we further accelerated our share of cigarettes and HTUs to a record 11.4%. Many markets in the region grew adjusted IMS by double digits including IQOS growth or more in Spain, Germany, Bulgaria and Greece. This dynamism more than compensated for flavor ban annualization which has flagged last quarter was especially pronounced in Q1 and most notably in Italy. I am particularly pleased to report that sequential market share in Italy is trending well with a record high of 18.4% for Q1 and probably increases to the quarter. Overall, regional Q1 adjusted IMS growth was in line with our expectations and we expect another robust quarter in Q2 followed by an acceleration in the second half. Our experience of the flavor ban impact remains the same with a broadly consistent pattern of recovery across markets following implementation. We continue to expect an impact of around 1 billion units in 2025, primarily due to annualization with only Hungary and Slovakia implementing the ban so far this year. The most notable remaining market is Poland where the future debt will be in early 2026. We also continue to roll out new and improved variants of our tobacco-free consumable Levia which is driving promising results. This is well illustrated by Hungary where Levia reached a double digit share of PMI HTUs less than three months from launch. Our fundamental progress in the region is highlighted by the consistent growth in key city offtake share. This also includes Hungary where Budape”