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CLAIM #50353 · PM (PM) · 2025Q3 earnings call · Oct 21, 2025 · due Dec 31, 2025

With our return to full commercial activity, we expect to maintain a higher level of promotion than H1, as we continue to adapt our marketing mix to provide the appropriate level of support for the brand and the growth of the category.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

growing brand by dollar retail value across all category in The U.S. convenience channel on both the Q3 and year-to-date basis, as measured by Nielsen, with PMI U.S. Also the same on a manufacturer level as shown here. This emphasizes the strength and power of ZYN franchise with both our retail partners and LegalH Nicotine user, providing an excellent platform from which to drive further growth. As mentioned, we recently implemented a strong step up in overall marketing and brand building activities to support ZYN's presence at point of sale brand visibility, brand equity, and relative price positioning. In Q3, this add a notable skew to promotions. In the supply constrained 2025, only around 20% of these volumes were sold on promotion according to Nielsen, with competitors closer to 50%. With our return to full commercial activity, we expect to maintain a higher level of promotion than H1, as we continue to adapt our marketing mix to provide the appropriate level of support for the brand and the growth of the category. We naturally intend to maintain a clear premium positioning for ZYN, as the leading premium brand. We also look forward to reporting back on future commercial initiative with one example being limited edition variants based on our authorized product range. As part of our re activities, we also decided to launch a special September promotion to mark ZYN's return to full availability. This offered a free ZYN can for legal age consumer purchasing other nicotine product in select location and was designed to target legal age smoker and other nicotine users to increase awareness and trial. This is in line with Zin's mission to grow the nicotine pouch category over the coming years, and we are very happy with the results. The vast majority of those accessing the offer were smokers, or vapers, w

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