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CLAIM #50389 · PM (PM) · 2025Q3 earnings call · Oct 21, 2025 · due Dec 31, 2025

But that would be nevertheless my my expectation.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

ket sales for the year, we'll see. And in my remark, I said that we expect around EUR 2,000,000,000 stick adjustment for Q4. So that's for IQOS. When it comes to ZYN, we flagged the fact that in this market coming back to normal, there was a higher level than normal of inventory at the level of wholesaler and distributor notably that we expect to adjust in the coming months 20,000,000 to 30,000,000 cans. We were actually expecting that to happen at the September. But given the fact that we were in high promotional activities, it did not happen. So I would tend to believe that this is going to happen in Q4, but what happened in September is pushing me to be a bit more cautious on the certainty that this adjustment that will happen ultimately is going with 100% starting to take place in Q4. But that would be nevertheless my my expectation. On the ZYN premium level I mean, of course, I I mean, that's know, something very sensitive. You don't expect me to to give a a number. But I think today's growth of ZYN and the price positioning of ZYN is certainly confirming that ZYN deserve and justify given the franchise, the strength of the brand, the emotional connection with The U.S. consumer that is unique deserves a very nice premium, and we intend to keep a very nice premium in the future. Of course, I won't elaborate on, what it is precisely. Damian McNeil: Yeah. Very clear. Thank you, Emmanuel. Operator: And we do have a follow-up from Faham Baik with UBS. Your line is open. Faham Baig: Sorry, Emmanuel. I just I did have one more question. I I do appreciate the operator bringing me back in. No problem. So my second question th

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