MAAT INDEX

CLAIM #50379 · PM (PM) · 2025Q3 earnings call · Oct 21, 2025 · due Dec 31, 2025

But nevertheless, in Q4, we are also expecting to align clearly shipment and IMS.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

eatable promotion that happened in Q3. So that's for explaining what happened in Q3. Now you were asking, okay, what has been happening in terms of consumer offtake? So frankly, first two weeks, I think, have been above 30% or a bit below 30% in terms of consumer offtake. We stay with a very strong growth. And actually, if you look at Q3 without the special free can promotion, we were at 3% sorry, 30% plus growth. So it seems that we are starting the last quarter. On the same strong note as the third quarter in terms of evolution of consumer offtake. Your second question was on September, we are north of 12%. In fact, in terms of HTU shipment growth. So IQOS consumable shipment growth. When we are much closer to 10% in terms of IMS growth. So we expect an acceleration of IMS growth in Q4. But nevertheless, in Q4, we are also expecting to align clearly shipment and IMS. And even I'm not excluding the possibility to have as you know, we manage inventory level here and there. To have shipment a bit below IMS for the year. So that's what is going to happen in Q4. And of course, that is having an impact on the financial performance in Q4. But we are very pleased with the IQOS performance in terms of IMS, which is really the long term driver. And many markets where the brand is is doing superbly well. Thank you. Operator: Thank you. Our next question comes from Matt Smith with Stifel. Your line is open. Matt Smith: Hi, Emmanuel. Thank you for taking my question. Emmanuel Babeau: Good morning, Matt. Matt Smith: Good morning. Wanted to follow-up on your commentary regarding the U.S. ZYN business and better understand the comments in the release about expecting

Verify independently

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