“While the situation is volatile, we do not currently anticipate a material impact on our business from recently introduced or discussed tariffs.”

In context

“priorities being maximizing value and supporting the growth of smoke-free products. Most importantly, combustible organic gross profits continued to grow robustly at plus 5.3% following the recovery of 2024. This brings us to our outlook for 2025. We delivered a very strong first quarter, including better-than-expected margins, and we remain confident we will achieve another year of superior growth. As such, we are reconfirming the currency-neutral growth outlook we provided in February, despite a backdrop of increased uncertainty in the global macroeconomic environment. As a global company with broadly diversified production and a worldwide sectorial network, including an established U.S. manufacturing base, we believe we are well positioned to mitigate potential supply chain challenges. While the situation is volatile, we do not currently anticipate a material impact on our business from recently introduced or discussed tariffs. We expect a continuation of strong momentum from our smoke-free business, including the benefits of further multi-category deployment. As I explained, we are raising our forecast for U.S. in shipment to 800 to 840 million cans. This further supports our forecast of plus 12% to plus 14% SFP shipment growth, which incorporates unchanged strong growth assumptions for IQOS. We also continue to expect total semi-organic net revenue growth in the range of plus 6% to plus 8%, organic operating income growth of plus 10.5% to plus 12.5%, and currency-neutral adjusted diluted EPS growth of plus 10.5% to plus 12.5%. As announced in this morning's press release, we are raising our 2025 adjusted diluted EPS forecast to $7.36 to $7.49. This now reflects plus 12% to plus 14% growth in dollar terms, and”