“As I mentioned before, we continue to expect ZYN to deliver best-in-class gross margin within PMI above the average of IQOS.”

In context

“fore the FDA, including ZYN Ultra, which is included in FDA's pilot program. ZYN ULTRA offers higher strength and an expected range of adult-oriented flavors. Are taking steps to prepare for the launch of ZYN Ultra as soon as possible pending FDA action. Also believe ICOS ILUMA strong application and demonstrated track record, converting smokers to better alternative warrants expeditious FDA action. We also continue to optimize ZYN's premium price position. Despite elevated promotional intensity across the category, ZYN remained the leading premium brand by a clear margin, fully aligned with our strategy for sustainable long-term growth. We have a comprehensive commercial program plan for 2026, And as a reminder, commercial activities, including promotions, were unusually low in the 2025. As I mentioned before, we continue to expect ZYN to deliver best-in-class gross margin within PMI above the average of IQOS. We are very excited about the significant growth potential the brand over the coming years, which fully justify the above-mentioned investment. One example of our enhanced brand building effort is the recently announced global partnership between ZYN and Ferrari, which recognize our long-standing heritage in Formula one. We smoke-free product now at the forefront. Formula one's overwhelmingly adult audience provides a highly impactful platform to engage consumers responsibly and reinforce ZYN's premium equity. Finally, moving to combustible, which delivered another robust year of pricing of plus 7.6%, including plus 6.8% in Q4, and very good growth profit growth. Our full-year cigarette share declined by 0.2 points to 25.3% mainly due to Turkey, was otherwise stable including record high”