“With less favorable dynamics in H2, we continue to expect truly combustible pricing of plus 5% to plus 6%.”

In context

“multi-category universe with growing volumes and gross margins. Shipment volume doubled year-on-year to 0.6 billion on an equivalent unit basis, driven by very good performance in Europe, whereas the pod pot segment continues to grow strongly, partially at the expense of disposable given increased ban and restrictions for this format. We observe increasing ZYN adoption rates and low abandonment across key markets, which is testament to the quality and presentation of this premium product to legal-age consumers. Turning to combustibles, our business performed robustly in Q1 with organic net revenue growth of plus 3.8%, or closer to plus 7%, excluding the Indonesia technical impact. This was driven by strong pricing of plus 8.3%, with notable contributions from Turkey, Poland, and Germany. With less favorable dynamics in H2, we continue to expect truly combustible pricing of plus 5% to plus 6%. The cigarette industry declined by 1.3% in Q1, due to growth in geography where smoke-free products are nascent or not present, more than offset by accelerated cigarette declines and sales. Where SFPs are not permitted, such as in Turkey or India, we expect this divergence to continue, supported in some cases by demographic trends. Nonetheless, we continue to expect a low cigarette industry decline for the year. Category share was strong, growing 0.4 points in Q1, partly due to service-to-market needs. Both Marlboro and our global brand portfolio reached all-time first quarter highs. We continue to target broadly stable category share over time, with our main priorities being maximizing value and supporting the growth of smoke-free products. Most importantly, combustible organic gross pro”