“Looking ahead to 2026, we expect ZYN shipment volume to broadly reflect offtake growth from this underlying base, before any further channel inventory movement.”

In context

“d a value share of over 67%. ZYN offtake volume also grew strongly by plus 25% for the year as estimated by Nielsen. Shipment grew by plus 37% or 230 million can, to 794 million. The gap between shipment and offtake reflects a net channel inventory rebuild and we estimate the underlying 2025 shipment base corresponding to consumer offtake was around 740 to 750 million cans. This was notably concentrated in the 2025, and we estimate the underlying shipment base by quarter for 2025 was around 160 million can in Q1, one hundred and eighty million CAN in Q2, two zero five million in Q3, And 200 million in Q4. Indeed, Q4 saw a lower than expected destocking of about 5 million can, as we deploy promotion, limited time offers, and announced a generalist price increase of 10¢ per can in December. Looking ahead to 2026, we expect ZYN shipment volume to broadly reflect offtake growth from this underlying base, before any further channel inventory movement. We estimate there remain around 25 million cans of surplus inventory the downstream supply chain, which we assume will normalize in due course most likely in the first quarter. The level of offtake growth for XIN in 2026 will be influenced by three key factors in which we are investing. The most critical over the mid to long term is ZYN's brand equity, we strengthen marketing in a responsible manner, enhance point of sale visibility, and deepen the connection with our legal edge consumers. Accessing all segments of The US nicotine pouch category, will require us to navigate a dynamic and uncertain regulatory environment. We have developed and are preparing to launch innovation to address a broad spectrum of consumer preferences. We have a number of pending gene submissions before the FDA,”