“We expect strong smoke-free momentum to continue in H2, while we factor in the exceptional H2 prior comparison notably on growing combustible volumes, and certain timing factors.”

In context

“ncreased plus 65% and almost tripled out of the Nordics. In e-vapor, VEEV continued its remarkable trajectory with shipments more than doubling year on year, driving further gross margin expansion. For combustibles, despite unexpected return to modest volume declines, our business delivered robust top and bottom line performance reflecting its resilience model led by strong pricing. We continue to generate base in class growth across the P&L with high single-digit organic H1 top line growth and mid-teens adjusted OI growth, to reach a margin of over 41%. This high-quality performance reflects the increasing profitability of our three smoke-free categories: scale, operating leverage, and efficiencies combined. These results provide an excellent platform for another year of superior growth. We expect strong smoke-free momentum to continue in H2, while we factor in the exceptional H2 prior comparison notably on growing combustible volumes, and certain timing factors. With strong business fundamentals and a slightly more favorable expected tax rate, we are raising our adjusted diluted EPS full-year forecast to plus 13% to plus 15% growth or plus 11.5% to plus 13.5% excluding currency. Looking at our Q2 financials. We delivered another quarter of shipment volume growth of plus 1.2% and organic top line growth of plus 6.8% or plus 7.1% in dollar terms to reach over $10 billion in quarterly net revenues for the first time. Excluding the Indonesia technical impact explained last quarter, organic net revenues grew by more than plus 8%. Adjusted OI grew by plus 14.9% organically with growing profitability in all categories positive smoke-free margin mix, and ongoing cost efficiencies. Adjusted diluted EPS of $1.91 reflects growth of plus 20%, including favor”