“Looking to the second half, we expect the dynamism of ZYN to be enhanced by our expanding portfolio and increased commercial activity, which I'll come back to shortly.”

In context

“Emmanuel Babeau: ZYN shipments returned to growth with an increase of +2% year-on-year to 2.9 billion pouches, despite an inventory restocking tailwind of around 150 million pouches in the prior year. This growth is broadly in line with stable to slightly growing offtake volume and includes some initial shipments of new variants in June, including the ZYN Ultra range, which contains 20 pouches per can. Looking to the second half, we expect the dynamism of ZYN to be enhanced by our expanding portfolio and increased commercial activity, which I'll come back to shortly. However, it is important to note that volume comparison in Q3 will be impacted by the one-off promotional activity in September of last year, which accounted for around 250 million pouches. Importantly, ZYN remains the clear premium leader of the nicotine pouch category, with a retail value share of around 57%.”