“We continue to expect operating cash flow generation of around $13.5 billion, providing further flexibility to support both investment and continued attractive shareholder return.”

In context

“Emmanuel Babeau: We continue to expect operating cash flow generation of around $13.5 billion, providing further flexibility to support both investment and continued attractive shareholder return. I will now conclude today's presentation with a few key takeaways. We delivered an excellent first half, underscoring the quality of our business model and placing us firmly on track for another year of strong performance. Our results reflect the powerful combination of smoke-free growth and strong combustible execution, with the profitability of our smoke-free portfolio continuing to improve as IQOS, ZYN, and VEEV gain scale and drive synergies across markets. This performance, together with effective cost management, provides us with the flexibility to reinvest behind our smoke-free future while sustaining best-in-class growth. We also remain a highly cash-generative business with an unwavering commitment to our progressive dividend policy and to returning value to shareholders.”