“We expect continued strong momentum on both IQOS and ZYN alongside robust pricing and meaningful margin improvement.”

In context

“which can naturally impact volume and share performance on a quarterly basis. Our convertible business is resilient and the combination of pricing category leadership and ongoing efficiencies drove very good gross profit growth as covered earlier. This performance is in line with our objective of maximizing value over time and supporting the growth of our smoke-free business. This brings me to our revised outlook for a remarkable 2025. Where we are raising our adjusted deleted EPS forecast for the year in both currency neutral and the long term. As expected, we delivered a strong H1 organic performance compared to our target ranges for the full year. While combustible volume dynamic and the phasing of comparison and cost are less favorable in H2, our fundamental outlook remains very good. We expect continued strong momentum on both IQOS and ZYN alongside robust pricing and meaningful margin improvement. We expect further double digit HTU adjusted IMS progression with growth skewed to the fourth quarter given a strong comparison in Q3. Three. We forecast Q3 HTU shipment of 38.5 to 39.5 billion and dynamic growth in adjusted diluted EPS to $2.08 to $2.13 including strong investment and a favorable currency variance of five cents at prevailing rates. The full year, we continue to expect very strong organic net revenue growth in the range of plus 6% to plus 8%. Following excellent H1 top line in Amazon and margin progression, we are raising our forecast range for organic operating income growth to plus 11% to plus 12.5%. We are also raising our currency neutral adjusted diluted EPS growth to plus 11.5 to plus 13.5%. This includes a slightly improved effective corporate tax rate of approximat”