“For U.S. ZYN, we expect shipment to be at a similar level to Q1, as trade restocking continues and offtake gradually accelerates.”

In context

“rong 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 includes a favorable estimated currency impact of $0.10 at the value exchange rate. This reflects recent strength in the Euro, Japanese yen, and Russian rubles, vastly offset by a stronger Swiss Franc. For Q2, we assume HTU shipment volume of 37.5 to 38.5 billion, with another strong quarter of HTU adjusted IMS growth of around plus 10%. For U.S. ZYN, we expect shipment to be at a similar level to Q1, as trade restocking continues and offtake gradually accelerates. We forecast adjusted diluted EPS of $1.80 to $1.85, including a favorable currency variance of $0.06 at prevailing rates. We expect a strong H1 overall, with organic net revenue growth around the IM of our target range for the full year, and organic OI growth slightly above. With regard to our balance sheet, delivery remains a key priority, and we continue to target further reduction in 2025, placing us on track for our target ratio of around two times by the end of 2026. We believe our growth profile is best-in-class within large-cap consumer goods, as shown by our three-year CAGR target, which we are well on track to meet or exceed. Adjusted diluted EPS growth in dollar terms is a key priority, and as demonstrated in 2024, we are committed to taking proactive steps to manage potential c”