PM Earnings

ituation remains uncertain in both duration and potential impact, and it is difficult to assess the broader implications for the consumer or the global cost environment. In our full-year forecast we do not assume a prolonged impact, however we have factored in some increases in transport, energy and other input costs.

, at prevailing exchange rates, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table. 2026 Full-Year Forecast Assumptions • An estimated industry volume decline of around 2% for cigarettes and HTUs, excluding China and the U.

ment volume growth, and a cigarette shipment volume decline of around 3%; • Net revenue growth of 5% to 7% on an organic basis; • Organic operating income growth of 7% to 9%; • Full-year amortization of acquired intangibles of $0.50 per share; • Broadly stable net financing costs; • An effective tax rate, excluding discrete tax events, of around 21.

cludes charges related to the war in Ukraine ($4 million in International Combustibles) and mainly amortization of intangibles in cost of goods sold ($15 million in U.S.). 2024 full-year reflects amortization of intangibles, all amounts are related to cost of goods sold. 2023 full-year includes termination of distribution arrangement in the Middle East ($80 mi