“On a more short-term basis, we continue to expect H2 shipment volume growth broadly in line with offtake growth before channel inventory movement.”

In context

“with a franchise which is second to none. We are investing to support ZYN's momentum both within and outside The U.S. We also hope for a positive outcome from FDA's recently announced plan to streamline the review process for nicotine pouches which should help clarify and level the playing field. As a reminder, the FDA has only authorized 20 nicotine pouch products to date, all of which are under the ZYN brand, and we expect the Tipsak hearing from ZYN MRTP application in the 2026. Altogether, we expect ZYN will continue to be an important growth driver of PMI net revenue and operating income. While the absence of a full commercial program in the first half of this year drove an exceptional level of U.S. Profitability, We expect ZYN to continue delivering best in class margins within PMI. On a more short-term basis, we continue to expect H2 shipment volume growth broadly in line with offtake growth before channel inventory movement. We anticipate a 20 million to 30 million can inventory reduction in the coming months, this impact being effectively delayed from Q3 given strong September promotional activity. We also continue to await the FDA authorization of ICOS ILUMA, which represents by far the most successful product globally in switching cigarette user completely away from smoking. In the meantime, we are continuing with iCO three pilots including the latest location of Jackson, Mississippi, as we also await the renewal of our IQOS three MRTP following the TPSAC meeting earlier this month. Outside of The U.S, Japan and Europe, all three of our Smooth Free category are delivering dynamic growth with Q3 shipments up plus 23% to over 12 billion units. This includes continued strong IQOS performance in South Korea, r”