“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.”

In context

“ects 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 currency volatility, including through our hedging activities. Behind the delivery of our growth lies the enormous effort we have made to transform our business over the last 10 years, and the continued drive towards our ambition to become substantially smoke free. This quarter coincides with the publication of the sixth edition of our annual integrated report, which provides a comprehensive view of our company's performance across both financial and non-financial dimension”