“While the situation is volatile, we do not currently anticipate anticipate a material impact on our business from recently introduced or discussed tariffs.”

In context

“sing 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 key objective and we are pleased to see this delivered in H1 as well as in our outlook for the year. I will now conclude this presentation with some closing remarks. We delivered an exceptional first half of the year placing us well on track for another year of strong performance. Our smoke-free growth is increasingly profitable as IQOS ZYN, and ZYN gain scale and drive synergies at the consumer and commer”