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CLAIM #50416 · PM (PM) · 2025Q4 earnings call · Feb 6, 2026 · due Dec 31, 2026

even with that, we are targeting to have this resilient model where with a decline in volume, we believe we can grow low single digit the revenue and low to mid-single digit the growth profit.

Emmanuel Babeau · CFO

PENDING
graded after results covering Dec 31, 2026 are reported

How to check this claim

Look at: Combustible segment (or total company, as disclosed) revenue growth and gross profit growth, FY2026

It came true if: Revenue growth 1-3% and gross profit growth 1-5%, for FY2026

Where: Company FY2026 annual results / earnings release (income statement and segment disclosures)

In context

a one-off. You have, the high base of comparison in The US, which will have an impact in term of growth versus what is real underlying growth. So that is something we are taking into account. But fundamentally, the dynamism is there. With a very nice positive mix impact on the margin, and that is playing. And on combustible, we have this resilient business model Yes. In '26, we are expecting slightly more decrease, which is coming from first of all, Turkey, where we still have an each one of comparison even if things are gradually improving. But mainly two markets, India and Mexico, where you have massive excise duty that are going to happen. In India, you talk about 40% plus price increase for the consumers. We're gonna have huge impact on the market. So this is impacting the volume. But even with that, we are targeting to have this resilient model where with a decline in volume, we believe we can grow low single digit the revenue and low to mid-single digit the growth profit. So as you can see, the 26 objective is not very far from the CAGR of the midterm growth algorithm. Fundamental remain exactly the same. We have a couple of special events we're going to to to to overcome and offset, and that is really what is driving the difference. But fundamentally, the powerful dynamic behind the business remain exactly the same. Bonnie Herzog: Alright. Very helpful. Thank you. I'll pass it on. James Bushnell: Our next question comes from Faham Baig with UBS. Your line is open. Good morning, guys. Thanks for taking the the question. I've got a couple as as as well. Faham Baig: I do wanna push you on innovation a bit as we approach the five-year mark since since the launch of ICOS ILUMA. We look forward to the next evolution, what technical or functional do you see coul

Verify independently

SEC filings for PM · Claim quote is verbatim from the 2025Q4 earnings call.