“With regard to our balance sheet, we continue to target further deleveraging in 2025. Placing us on track for an our target ratio of around two times by the end of 2026.”

In context

“rm. In dollar terms, we expect adjusted diluted EPS growth of plus 13% to plus 15%. This includes an estimated ten cent favorable currency impact at prevailing exchange rate with favorable earnings translation from the broadly weaker dollar partly offset by transactional impact due to currency volatility which I covered earlier. Given our expectation for a strong full year profit delivery and cash conversion, we are raising our forecast for operating cash flow to around $11.5 billion at prevailing action rate and subject to year end working capital requirements. Project capital expenditures slightly above our prior forecast at around $1.66 billion primarily due to further international ZYN capacity investment with CapEx spend almost entirely focused on supporting the growth of smoke-free. With regard to our balance sheet, we continue to target further deleveraging in 2025. Placing us on track for an our target ratio of around two times by the end of 2026. As mentioned last quarter, we are a global company with broadly diversified production and a worldwide supplier network including an established US manufacturing base, and we believe we are well positioned to mitigate potential supply chain challenges. While the situation is volatile, we do not currently anticipate anticipate a material impact on our business from recently introduced or discussed tariffs. Our financial growth model is driving a continuous improvement in the quality of our business with smoke-free accretion and combustible resilience driving considerable bottom line growth. We are well on track to meet or exceed our three year target targets demonstrating our ability to deliver what we believe to be best in class CPG growth. Adjusted diluted EPS growth in dollar term is a”