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CLAIM #50331 · PM (PM) · 2025Q2 earnings call · Jul 22, 2025 · due Dec 31, 2025

So I would say momentum is rebuilding. Now there will be some phasing last year on the performance in Europe, but I think we are expecting a nice performance overall for H2.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

IQOSYUMA. We are still hoping for an approval in H2, but we are also at the same time acknowledging the fact that the agenda and the workload for the FDA is is is very heavy. And therefore, it is clear that we don't have a certainty that we will give we will get this PMTA in twenty five. And and and and that could move, of course, to twenty twenty six. On the second question on the reason for the acceleration of IQOS, I I mentioned, I think, many of them. I think it's really, you know, Europe, where you have now the effect of the characterizing flavor ban that are waning and a number of markets reaccelerating. Some markets doing really, you know, very strong performance I I mentioned some of them, like, you Spain, Germany, Romania, Bulgaria. It's great to see Italy reaccelerating as well. So I would say momentum is rebuilding. Now there will be some phasing last year on the performance in Europe, but I think we are expecting a nice performance overall for H2. And outside Europe, expect continued very nice performance from Japan and have been elaborating on the trend there where we continue to do very well. And there are all these new growth market that are super exciting And, of course, you know, global travel retail is one of them, but Indonesia, many country in the gulf region, Mexico, Philippines. And, I mean, these are plenty of markets where we see very nice growth trajectory and growth potential for IQOS. And in this new growth market, the momentum, I would say, is progressively building up. Eric Serrano: Great. And just one follow-up on Combust Your volumes down one and a half percent, or I should say only one and a half percent despite the headwinds you called out in Turkey and Indonesia. Was that actually a little bit better than than

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SEC filings for PM · Claim quote is verbatim from the 2025Q2 earnings call.