“Combining our 2026 forecast with the strong results of 2024 and 2025, we expect to meet up or exceed all of our 2024-2026 CAGR targets presented at our 2023 Investors Day.”

In context

“India, and Mexico, which I mentioned, for the full year. Smoke-free product shipments will also be by the US ZYN shipment dynamics explained by Emmanuel and the strong HDO comparator. With low levels of commercial activity on ZIM in prior year impacting the net revenue per car per can comparison and a higher quarter of investment globally behind our smoke-free due to phasing we anticipate broadly flat year-on-year first-quarter organic net revenue and operating income. We forecast high single-digit adjusted diluted EPS growth of $1.80 to $1.85 including a 14¢ tailwind at prevailing grades. Supported by a favorable comparison to transactional currency impact in the prior year. As I mentioned earlier, we have delivered dollar freer CAGR targets on operating income and EPS in just two years. Combining our 2026 forecast with the strong results of 2024 and 2025, we expect to meet up or exceed all of our 2024-2026 CAGR targets presented at our 2023 Investors Day. This is especially the case for operating income and EPS growth despite our algorithm assuming a more favorable corporate tax rate. In addition, our expected adjusted EPS CAGR in dollar terms to represent a strong double-digit delivery. This brings me the 2026-2028 outlook where we are renewing our medium-term growth targets in the next three years. We continue to target positive total shipment volume with the growth of smoke-free products more than offsetting cigarette volume decline. While our 2026 forecast ranges are marginally lower due to the specific factors we explained for the three-year period to 2028 we continue to target compound annual growth rate of six to 8% in organic net revenues eight to 10% in organic operating income as margins expand and 9% to 11% in adjusted diluted E”