MAAT INDEX

CLAIM #50337 · PM (PM) · 2025Q2 earnings call · Jul 22, 2025 · due Jan 22, 2026

So price yes, but provided it does not impact in a meaningful manner the volume trajectory. That is a strategy, and that is what we will continue to do.

Emmanuel Babeau · CFO

PENDING
graded after results covering Jan 22, 2026 are reported

In context

e way you think about the pricing potential in the HTU business over time? Thank you, and I'll leave it there. Emmanuel Babeau: Yeah. Sure, Matt. I think we're we're really trying to make sure we don't penalize volume with price increase when it comes to IQOS and ZYN because we describe how positive the volume growth is because we have higher revenue per unit. We have higher margin. So the name of the game is, of course, to absolutely optimize the volume. But there is obviously, as we are growing the franchise of the brand, the strength of the brand, there is a positive to increase price. Without impacting the volume. And I think that is the right balance we we're looking for, which is we increase volume, but we certainly don't want to to change trajectory on on on volume because of that. So price yes, but provided it does not impact in a meaningful manner the volume trajectory. That is a strategy, and that is what we will continue to do. Operator: Thank you. Our next question comes from Bonnie Herzog with Goldman Sachs. Your line is open. Bonnie Herzog: Thank you. Hi, Emmanuel. Emmanuel Babeau: Hi. I had a a few follow-up questions on ZYN. Bonnie Herzog: Based on everything you you discussed and, you know, what you're seeing in the market, should we assume lower end of your full year shipment guidance range is more realistic? I guess I'm trying to understand the high end is even possible in your mind. And then can you update us on, you know, your capacity and where it stands today? And when it will increase. Emmanuel Babeau: Sure. So of course, if we give this bracket, we believe that we can finish the the year within the bracket at you know, at every point of the of the bracket. We give the eight hundred to eight hundred

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