“We also expect robust progress at the EPS level while noting challenging H2 comparison on net finance cost and the effective tax rate.”

In context

“Emmanuel Babeau: Further robust international progression should be complemented by U.S. momentum, notwithstanding a fairly even phasing of international HTU shipments through the four quarters, with shipment broadly in line with adjusted IMS for the full year. We also expect robust progress at the EPS level while noting challenging H2 comparison on net finance cost and the effective tax rate. For Q3, specifically, we expect HTU shipment volume of around 41 billion units against a strong Q3 2025, when HTU shipment grew by 15.5%. We, thus, expect mid-single-digit international smoke-free organic net revenue and gross profit growth. For PMI overall, we forecast mid-single-digit Q3 organic top-line growth with modest organic margin expansion. We target adjusted diluted EPS of $2.20 to $2.25, including an unfavorable currency impact of $0.08 at prevailing exchange rates. This also reflects the challenging tax rate comparison from Q3 last year.”