“We target smoke-free product shipment and adjusted IMS volume growth of high single digits to low teens.”

In context

“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 EPS constant currency. This renewed target reflects our confidence in sustaining the strong pace of top and bottom-line growth over time. They also reaffirm our best-in-class growth profile within the large-cap consumer packaged goods sector. We target smoke-free product shipment and adjusted IMS volume growth of high single digits to low teens. Our multi-category strategy in international markets will continue to be the dominant driver of smoke-free products growth further amplified by the substantial opportunity in The US. As we progress through the period, we expect this to be both by the new market openings and an active innovation pipeline. The US launch of icosiloma is included in this target including initial commercial investment with the precise cut in subject to the timing of launch. Meanwhile, the resilience of our combustible portfolio provides a critical backbone providing the infrastructure financial firepower, and consumer connection to accelerate smoke-free growth. We look forward to sharing more with you on this topic at the Cognex conference on February 18. We remain a highly cash-generative business which is ba”