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CLAIM #50351 · PM (PM) · 2025Q3 earnings call · Oct 21, 2025 · due Dec 31, 2025

As flagged last quarter, we expect double-digit growth in H2, and plus 10% to plus 12% growth in adjusted IMS for the year, including an acceleration in the fourth quarter.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

ategory portfolio is a key strength as we leverage equity and reach of high cost convert more legal edge nicotine user. IQOS generated more than $11 billion in net revenue last year, and its 75% plus share of the growing global heated tobacco category remains stable despite intensifying competition. ZYN, while still small in comparison, is growing notably faster than the category as we benefit from a strong leadership position in The U.S. And rapid progress in international markets supported by a different differentiated and long-term oriented portfolio. The same is true in e-vapor, brand loyalty and repeat purchase for Vive is accelerating growth. IQOS delivered a strong Q3 with plus 9% adjusted IMS growth against a strong prior year comparison, resulting in plus 10% growth year-to-date. As flagged last quarter, we expect double-digit growth in H2, and plus 10% to plus 12% growth in adjusted IMS for the year, including an acceleration in the fourth quarter. This is supported by continuous innovation on devices and including a high focus on brand engagement, an example being the rollout of the limited edition Celletti device in Japan, followed by other market, as part of our CurioSX campaign. Turning to ZYN. Can shipment grew by plus 36% on a global basis, with a presence now in 47 markets. This includes the Q3 launch in Spain, as well as the rollout of small scale pilot in Japan, within BAECO's billing on the strong brand equity and commercial presence of the world's leading smoke-free brand. In The U.S, can shipment grew by plus 37% with a strong acceleration in off take, which I will come back to. Outside The U.S, can shipment grew plus 27%, or over plus 100% excluding the Nordics, with rapid growth from The UK, Pakistan Poland and South A

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SEC filings for PM · Claim quote is verbatim from the 2025Q3 earnings call.