英美煙草 (BTI) 2025 Q2 法說會逐字稿

Good morning, everyone. I'm delighted to welcome you to our 2025 interim results presentation. With me this morning is Soraya Benchikh, CFO; and Victoria Buxton, Group Head of Investor Relations.

大家早安。我很高興歡迎您參加我們的 2025 年中期業績報告會。今天早上和我一起的有財務長 Soraya Benchikh 和投資者關係集團主管 Victoria Buxton。

I will begin with our transformation highlights and the progress we have made against our 2025 priorities. Soraya will then take you through our financial results in more detail, before I return to talk more about our performance outlook and why we are confident in the pathway ahead.

我將首先介紹我們的轉型亮點以及我們在 2025 年優先事項方面所取得的進展。然後，索拉雅 (Soraya) 將向您更詳細地介紹我們的財務業績，然後我會再進一步談談我們的業績前景以及我們對未來道路充滿信心的原因。

We will then take your questions. With that, I would like to draw your attention to the disclaimers on slides.

然後我們將回答您的問題。因此，我想提請您注意投影片上的免責聲明。

Entry. Let's begin by looking at the positive transformation momentum we are driving. Starting with some highlights. We have delivered group results slightly ahead of expectations, which Soraya will talk about in more detail. Smokeless now accounts for 18.2% of group revenue, up 70 base points versus last year, and we added 1.4 million smokeless consumers, achieved 30.5 million, mainly driven by our continued success in modern oral.

入口。讓我們先看看我們正在推動的正向轉型動能。從一些亮點開始。我們的集團業績略高於預期，Soraya 將對此進行更詳細的介紹。無菸產品目前佔集團收入的 18.2%，比去年增長了 70 個基點，我們增加了 140 萬無菸消費者，達到 3,050 萬，這主要得益於我們在現代口腔領域的持續成功。

Our focus on quality growth, balancing top and bottom line delivery has driven a further improvement in new category contribution margin up to (technical difficulty) to 10.6% at constant rates. We continue to enhance our financial flexibility, enabling us to make progress on the leverage and reward shareholders with strong cash returns.

我們注重品質成長，平衡頂線和底線交付，推動新類別貢獻利潤率進一步提高（技術難度）至 10.6%（以固定利率計算）。我們不斷增強財務靈活性，使我們能夠在槓桿率方面取得進展，並以豐厚的現金回報回報股東。

Alongside our progressive dividends, we recently increased our 2025 share buyback by GBP200 million to GBP1.1 billion. I'm proud that we have delivered what we said we would in the first half against our 2025 priorities as we continue to build a track record of delivery.

除了累進股息外，我們最近還將 2025 年的股票回購計畫增加了 2 億英鎊，達到 11 億英鎊。我很自豪，我們已經按照 2025 年的優先事項在上半年實現了我們所說的目標，我們將繼續建立交付記錄。

Our quality growth focus is central to our new categories of execution to ensure we roll out new innovations in a targeted way while continuing to improve our contribution margin. Driving value from our combustible business is essential to funding our transformation, and the US is a key driver of this.

我們對品質成長的關注是我們新執行類別的核心，以確保我們有針對性地推出新的創新，同時繼續提高我們的貢獻利潤率。從我們的可燃業務中獲取價值對於資助我們的轉型至關重要，而美國是實現這一目標的關鍵推動力。

I'm delighted with our return to both revenue and profit growth in the US for the first time since 2022, driven by combustibles and modern oral. We remain focused on our proactive approach to regulatory affairs and continue to advocate for science-led lab fields with robust enforcement for smokeless alternatives.

我很高興看到，在可燃物和現代口腔的推動下，我們自 2022 年以來首次在美國實現收入和利潤成長。我們將繼續專注於積極主動地處理監管事務，並繼續倡導以科學為主導的實驗室領域，大力推行無菸替代品。

In the first half, we activated Omni (technical difficulty) globally, with further launches planned for the second half of the year. Importantly, all of this is executed with a strong focus on cash (technical difficulty), enabling us to continue to leverage and reward shareholders with strong cash returns.

上半年，我們在全球範圍內啟動了 Omni（技術難度），並計劃在下半年進一步推出。重要的是，所有這些都是在高度關注現金（技術難度）的情況下執行的，使我們能夠繼續利用強勁的現金回報來回報股東。

Pleased to report a notable increase in energy and momentum across the group, and I would like to thank all our teams around the world who are driving these encouraging results.

我很高興地報告整個集團的活力和勢頭顯著增強，我要感謝我們在世界各地的所有團隊，是他們推動了這些令人鼓舞的成果。

With that, I will hand over to Soraya to take you through our H1 performance in detail.

接下來，我將讓 Soraya 向您詳細介紹我們的 H1 表現。

Thank you, Tadeo, and good morning everyone.

謝謝你，Tadeo，大家早安。

I am pleased to share that our results, on a constant currency basis, came in slightly ahead of expectations. Our reported numbers include some adjusting items such as a GBP575 million reduction in our Canadian provision, following an update of the forecasted market performance and the GBP900 million gain from the partial sale of our ITC investment.

我很高興地告訴大家，以固定匯率計算，我們的業績略高於預期。我們報告的數字包括一些調整項目，例如在更新預測的市場表現後，我們的加拿大撥備減少了 5.75 億英鎊，以及部分出售我們的 ITC 投資獲得了 9 億英鎊的收益。

To give you a clear picture of our underlying performance, I'll focus on constant currency-adjusted metrics, and you can find more detail on the adjusting items and market share data in the appendix.

為了讓您清楚了解我們的基本業績，我將重點放在固定匯率調整後的指標，您可以在附錄中找到有關調整項目和市場份額數據的更多詳細資訊。

In H1, we delivered a strong performance ahead of our original guidance at the upper end of our 1%to 2% revenue growth range. Group revenue was up 1.8%, adjusted gross profit rose by 3%, and adjusted profit preparations grew 1.9%, with adjusted diluted EPS increasing by 1.7%.

在上半年，我們的業績表現強勁，超出了我們最初的預期，營收成長範圍達到了 1% 至 2% 的上限。集團營收成長1.8%，調整後毛利成長3%，調整後獲利準備金成長1.9%，調整後稀釋每股盈餘成長1.7%。

With a stronger-than-expected H1, we now anticipate full-year revenue at the top end of our 1% to 2% guidance. We maintain our [up for] guidance of 1.5% to 2.5%, reflecting increased investment in new categories and a stronger US combustible comparator in H2.

由於上半年業績強於預期，我們目前預計全年營收將達到我們預期的 1% 至 2% 的最高水準。我們維持 1.5% 至 2.5% 的 [上漲] 預期，反映出下半年對新類別的投資增加以及美國可燃物比較器更加強勁。

Let's now turn to new categories. Revenue was up 2.4%, driven by an outstanding growth in modern oral, which was up over 40%, and heated products which rose by more than 3%. This was partly offset by a 13% decline in vapor, mainly due to illicit trade in the US and Canada.

現在讓我們轉向新的類別。營收成長 2.4%，主要得益於現代口腔業務的優異成長（成長超過 40%）和加熱產品業務（成長超過 3%）。但蒸汽煙銷量下降 13% 部分抵消了這一增長，這主要是由於美國和加拿大的非法交易造成的。

We are delivering quality growth, with gross margin up 250 basis points, and contribution margin up to [180] basis points, reaching 10.6%. This reflects our targeted investments in high value markets, a disciplined approach to ROI, and the benefits of scale. And I'm really proud of the progress we've made, and we expect momentum to build in H2 with new category revenue growth moving into the mid-single digits for the full year.

我們實現了高品質的成長，毛利率上升了 250 個基點，貢獻利潤率上升了 [180] 個基點，達到了 10.6%。這反映了我們對高價值市場的有針對性的投資、對投資報酬率的嚴謹態度以及規模效益。我對我們所取得的進步感到非常自豪，我們預計下半年的發展動能將會增強，全年新類別的收入成長將達到中等個位數。

Modern Oral in AME is a fantastic example of quality growth in action. We are clear category leaders in the region with 63% volume share in top markets. And over the last four years, consumer numbers, volume, and revenue have more than tripled, making Modern Oral our largest new category in the region by both revenue and contribution. With (technical difficulty) already 10% points above combustibles, together with the fastest payback period of just over one year.

AME 的現代口語課程是品質成長的絕佳範例。我們是該地區當之無愧的行業領導者，在主要市場佔有 63% 的銷售份額。在過去四年中，消費者數量、數量和收入增長了兩倍多，使現代口腔成為我們在該地區收入和貢獻最大的新類別。(技術難度)已經比可燃物高出10%，而且最快的投資回收期也僅為一年多一點。

Looking forward, I am confident that Modern Oral will continue to be a key driver of our sustainable growth and profitability, both in AME and globally.

展望未來，我相信 Modern Oral 將繼續成為我們在 AME 和全球範圍內實現可持續增長和盈利的關鍵驅動力。

Now turning to Combustibles. Revenue increased 0.8%, with volume decline more than offset by strong pricing across the globe, driving a healthy price mix uplift. We delivered quality growth here too (technical difficulty) gross profits increased by 2.4% and contribution rose 2.2%, helped by a strong performance in the US, favorable price mix, and ongoing productivity and simplification gains.

現在轉向可燃物。收入成長了 0.8%，銷量下降被全球強勁的定價所抵消，推動了價格組合的健康提升。我們在這裡也實現了高品質的成長（技術難度），得益於美國市場的強勁表現、有利的價格組合以及持續的生產力和簡化收益，毛利成長了 2.4%，貢獻成長了 2.2%。

I'm especially pleased to see our US combustible business return to growth for the first time since 2022. This demonstrates the resilience of our Combustibles portfolio and strengthens our confidence in hitting our midterm targets.

我特別高興地看到我們的美國可燃物業務自 2022 年以來首次恢復成長。這證明了我們的可燃物產品組合的彈性，並增強了我們實現中期目標的信心。

Now, looking at the US, I am delighted to say we have returned to both the revenue and profit growth. In Combustibles, our improved portfolio and stronger execution including enhanced revenue growth management, delivered 3.8% increase in revenue as we lapped last year's investment cycle. Volume share rose by 10 basis points and value share by 20.

現在，看看美國，我很高興地說，我們的收入和利潤都恢復了成長。在可燃物領域，我們改進了投資組合，加強了執行力，包括增強了收入成長管理，使我們的收入在去年的投資週期中成長了 3.8%。交易量份額上升了 10 個基點，價值份額上升了 20 個基點。

And excluding the deep discount segment where we are not present, our volume share was up 60 basis points. In new categories, revenue grew by 3.9%, driven by the successful launch of Velo Plus, which led over 380% growth in Modern Oral revenue. This was partly offset by a 12.3% decline in vapor, impacted by ongoing illicit single-use products.

除去我們尚未涉足的深度折扣市場，我們的銷售份額上升了 60 個基點。在新產品類別中，營收成長了 3.9%，這得益於 Velo Plus 的成功推出，帶動現代口腔收入成長超過 380%。但受持續存在的非法一次性產品的影響，蒸汽煙銷量下降了 12.3%，這在一定程度上抵消了這一增長。

Overall, US revenue grew 3.7% and adjusted profit rose 3.2% led by combustibles, though partially offset by Vuse headwinds and investment in Velo Plus. Tadeo will share more on the US shortly.

整體而言，美國營收成長 3.7%，調整後利潤成長 3.2%，主要得益於可燃物，但被 Vuse 的不利因素和對 Velo Plus 的投資部分抵消。Tadeo 很快就會分享更多有關美國的資訊。

AME had another solid half. Revenue rose 3.5%, with combustibles up nearly 3%, thanks to strong volumes in Brazil, Turkey with solid pricing.

AME 又有出色的表現。由於巴西、土耳其的銷量強勁且價格穩定，收入增長了 3.5%，其中可燃物增長了近 3%。

New (technical difficulty) revenue grew by 1.3%, including nearly 17% growth in modern oral where we hold a 63% volume share. Offsets came from illicit vapor in Canada and evolving market dynamics both single-use vapor bans in some large markets. Heated products both in Poland and Portugal was more than offset by the impact of resource allocation decisions in the Czech Republic, Germany, and Romania.

新（技術難度）收入成長了 1.3%，其中現代口腔收入成長了近 17%，我們佔有 63% 的銷售份額。抵銷因素來自加拿大的非法蒸汽和不斷變化的市場動態，包括一些大型市場禁止使用一次性蒸汽。波蘭和葡萄牙產品價格上漲，但被捷克共和國、德國和羅馬尼亞資源配置決策的影響所抵消。

Adjusted operating profit grew by over 10%, well ahead of revenue, driven by operating leverage and efficiency gains in combustibles, scale benefits, and resource allocation in new categories, and our accounting treatment for Canada. AME is a true multi-category region delivering quality growth.

調整後的營業利潤成長超過 10%，遠高於收入，這得益於可燃物的經營槓桿和效率提升、規模效益和新類別的資源配置以及我們對加拿大的會計處理。AME 是一個真正實現高品質成長的多類別地區。

In APMEA, fiscal and regulatory headwinds in Bangladesh and Australia outweighed good performances in Pakistan and Nigeria. Total revenue was down 4.8%, with Combustibles down 7.9%. New category revenue increased 2.5%, driven by heated products' growth in Japan, and Modern Oral gains in emerging markets, partially offset by vapor, which was impacted by strategic market exits as we shifted our focus to more profitable opportunities.

在亞太、中東和非洲地區，孟加拉和澳洲的財政和監管阻力蓋過了巴基斯坦和奈及利亞的良好表現。總收入下降 4.8%，其中可燃物收入下降 7.9%。新類別收入成長 2.5%，這得益於日本加熱產品的成長以及現代口腔在新興市場的成長，但蒸汽產品的收入被部分抵消，因為我們將重點轉向更有利可圖的機會，所以蒸汽產品受到了戰略市場退出的影響。

Adjusted operating profit was down 12.3%, mainly due to the challenges in Bangladesh and Australia. Operating margin held steady as we offset inflation and FX pressures, with a strong performance in the US, higher profitability in new categories, and continued cost savings. At current rates, operating margin grew 20 basis points.

調整後營業利潤下降12.3%，主要原因是孟加拉和澳洲面臨的挑戰。由於我們抵銷了通貨膨脹和外匯壓力，營業利潤率保持穩定，美國市場表現強勁，新類別的獲利能力更高，且成本持續節省。以當前利率計算，營業利潤率成長了20個基點。

BAT has a strong track record of cost savings, and we continue to build on it. Since 2023, we have delivered nearly GBP900 million in productivity savings and are on track to exceed GBP1.2 billion by year end. These savings help us manage inflation and foreign exchange impacts, while funding innovation in new categories.

英美菸草公司在成本節約方面有著良好的記錄，我們將繼續在此基礎上繼續努力。自 2023 年以來，我們已實現近 9 億英鎊的生產力節約，預計到年底將超過 12 億英鎊。這些節省幫助我們管理通貨膨脹和外匯影響，同時資助新類別的創新。

In H1, we absorbed GBP166 million in inflation-related costs and a 1% transactional FX headwind on adjusted operating profits. Looking beyond 2025, we remain focused on simplifying combustibles and scaling new categories, targeting an extra GBP2 billion in cost of goods sold savings by 2030.

上半年，我們吸收了 1.66 億英鎊的通貨膨脹相關成本，以及調整後營業利潤中 1% 的交易外匯逆風。展望 2025 年以後，我們仍將專注於簡化可燃物並擴大新類別，目標是到 2030 年額外節省 20 億英鎊的商品銷售成本。

And to further drive agility and savings, I'm excited to introduce our new Fit2Win program. Fit2Win is a three-year program designed to simplify the way we work, increasing agility, and embedding digital decision making.

為了進一步提高靈活性和節省成本，我很高興推出我們的新 Fit2Win 計劃。Fit2Win 是一個為期三年的計劃，旨在簡化我們的工作方式、提高靈活性並嵌入數位決策。

While we're still in the planning phase, we're confident it will generate around GBP500 million in annualized savings by the end of 2028. These savings will support our growth algorithm and fund investments that drive long-term profit and cash flow. Importantly, this is incremental to the GBP2 billion cost of goods sold target that we (technical difficulty) our capital markets Day last year.

雖然我們仍處於規劃階段，但我們相信，到 2028 年底，它將帶來約 5 億英鎊的年度節省。這些儲蓄將支持我們的成長演算法和基金投資，推動長期利潤和現金流。重要的是，這是我們去年資本市場日（技術難度）設定的 20 億英鎊銷售成本目標的增量。

We expect associated costs of GBP500 million over the next two years, and as a one-time investment, GBP350 million of that will be treated as adjusting, starting in 2025 and ending in 2027. I will share more at our full-year results in February.

我們預計未來兩年的相關成本為 5 億英鎊，作為一次性投資，其中 3.5 億英鎊將被視為調整，從 2025 年開始到 2027 年結束。我將在二月分享更多全年業績。

Earnings per share rose by 1.7%. While lower share counts supported growth, it was offset by our reduced share of ITC profits and higher net finance costs. Our underlying tax rate was 24.4%, and we expect a full-year rate of around 25%, assuming no major changes and prevailing tax rates.

每股收益成長1.7%。雖然較低的股份數量支持了成長，但它被我們 ITC 利潤份額的減少和淨財務成本的增加所抵消。我們的基礎稅率為 24.4%，假設沒有重大變動和現行稅率，我們預計全年稅率將在 25% 左右。

Translational effects was driven by sterling's strength against most major global currencies, with weakening US dollar contributing around 50% of this headwind. Our strong cash generation continues to enhance our financial flexibility.

英鎊對大多數主要全球貨幣的走強推動了翻譯效應，其中美元走弱貢獻了約 50% 的不利因素。我們強勁的現金產生能力持續增強我們的財務靈活性。

We are on track to deliver more than GBP50 billion in free cash flow by the end of 2030. And we remain focused on our capital application priorities, which are investing in transformation, balancing the leveraging with progressive dividends and sustainable share buybacks, and selective bolt-on M&A to support our transformation.

我們預計在 2030 年底實現超過 500 億英鎊的自由現金流。我們仍然專注於我們的資本應用重點，即投資轉型、平衡槓桿與累進股息和永續股票回購，以及選擇性附加併購以支持我們的轉型。

In May, we increased our 2025 buyback by GBP200 million to GBP1.1 billion, with GBP650 million allocated for the second half. To summarize, H1 was ahead of expectations, and the momentum we are building through this deployment year gives us confidence in delivering our full-year guidance.

5 月份，我們將 2025 年的回購計畫增加了 2 億英鎊，達到 11 億英鎊，其中 6.5 億英鎊分配給下半年。總而言之，上半年業績超出預期，而我們在這一部署年度所累積的勢頭使我們有信心實現全年業績預期。

Key growth drivers include continued strength in the US, led by Combustibles Velo Plus, acceleration in new category revenue as glo Hilo and Vuse Ultra rollout, and Velo maintains strong global momentum, and further gains a new category contribution.

主要成長動力包括美國市場的持續強勁表現（以 Combustibles Velo Plus 為首）、隨著 glo Hilo 和 Vuse Ultra 的推出，新類別收入加速成長，Velo 保持強勁的全球勢頭，並進一步獲得新類別的貢獻。

With a stronger than expected H1, we now anticipate full-year revenue at the top end of our 1% to 2% guidance. We maintain our [up-fo] guidance of 1.5% to 2.5%, reflecting increased investment in new categories, a stronger US Combustible comparator in H2, and a 1% to 1.5% transactional effects headwind. All of this enables us to invest more in innovation while staying firmly on track for 2026.

由於上半年業績強於預期，我們目前預計全年營收將達到我們預期的 1% 至 2% 的最高水準。我們維持 1.5% 至 2.5% 的 [up-fo] 指引，反映出對新類別的投資增加、下半年美國可燃物比較器表現更強勁，以及 1% 至 1.5% 的交易效應逆風。所有這些使我們能夠在創新方面投入更多資金，同時堅定地朝著 2026 年的目標前進。

Our H1 results show strong progress across multiple drivers, reinforcing my confidence in returning to our midterm algorithm of 3% to 5% revenue growth and 4% to 6% operating profit growth.

我們的上半年業績顯示，多個驅動因素均取得了強勁進展，這增強了我對恢復中期收入增長 3% 至 5% 和營業利潤增長 4% 至 6% 的演算法的信心。

If we exclude the regulatory and fiscal headwinds in Bangladesh and Australia, we are already hitting the lower end of our midterm targets, with 3% revenue growth and 4.5% operating profit growth. In addition, I'm also encouraged by the early signs of our premium innovation rollout, which Tadeu will now talk about in more detail.

如果我們排除孟加拉和澳洲的監管和財政阻力，我們已經達到了中期目標的低端，收入成長 3%，營業利潤成長 4.5%。此外，我們推出的高端創新的早期跡像也令我感到鼓舞，Tadeu 現在將更詳細地談論這一點。

Thank you, Soraya. I would like to outline our confidence in the pathway ahead. The (technical difficulty) industry is rapidly transforming and growing as adult consumers around the world are increasingly switch to new categories.

謝謝你，索拉雅。我想概述一下我們對未來道路的信心。隨著全球成年消費者越來越多地轉向新的類別，（技術難度）產業正在迅速轉型和成長。

We have pursued a moot category strategy from the outset, which means we are well placed to benefit from these consumer trends. Leveraging our world class insights, innovation ecosystem, brand building, and distribution capabilities, we have invested to a well established portfolio of global brands across all [three] new categories.

我們從一開始就奉行了模擬品類策略，這意味著我們能夠從這些消費趨勢中獲益。利用我們世界一流的洞察力、創新生態系統、品牌建立和分銷能力，我們已經投資了所有[三個]新類別的完善的全球品牌組合。

In addition, given our global footprint and with a number of our key markets still closed to smokeless alternatives, we recognize that we must continue to invest to drive value from combustibles with a well-balanced portfolio of brands across price tiers.

此外，鑑於我們的全球影響力以及我們的一些主要市場仍然對無菸替代品保持封閉，我們認識到我們必須繼續投資，透過各個價格層級的均衡品牌組合來推動可燃物的價值。

Let me now share more detail on our new category launches. Starting with Modern Oral, the fastest growing new category by far, which is already reaching global scale. Its position on the [risk continue] was supported by a recent study which demonstrated that smokers who switch completely to oral nicotine products are exposed to lower levels of toxicants similar to those who quit.

現在讓我分享有關我們新類別發布的更多細節。從現代口語開始，這是迄今為止成長最快的新類別，已經達到全球規模。其關於[風險持續]的立場得到了最近一項研究的支持，該研究表明，完全改用口服尼古丁產品的吸煙者接觸到的有毒物質水平與戒菸者相似，但水平較低。

Modern Oral is highly successful in both traditional oral markets and new markets with no existing oral nicotine tradition, and is also highly profitable with a fast way back, as Soraya mentioned. Following our successful launches in Pakistan and South Africa, we continue to see an exciting opportunity for Modern Oral in emerging markets, given its adaptability and affordability.

正如 Soraya 所提到的，Modern Oral 在傳統口服市場和沒有現有口服尼古丁傳統的新市場都取得了巨大成功，而且利潤豐厚，回報迅速。繼我們在巴基斯坦和南非成功推出該產品之後，我們繼續看到 Modern Oral 在新興市場中擁有令人興奮的機會，因為它具有適應性和可負擔性。

Modern Oral is becoming a meaningful contributor to our group delivery as, Velo continues to grow from strength to strength.

隨著 Velo 實力的不斷增強，Modern Oral 正在成為我們團體交付的重要貢獻者。

(technical difficulty) A&E close to six times the size of our closest competitor and capturing around 60% of category growth, which (technical difficulty) the further opportunity ahead.

（技術難度）A&E 的規模接近我們最接近的競爭對手的六倍，佔據了約 60% 的類別成長，這（技術難度）意味著未來還有更大的發展機會。

Velo is a premium product over-indexing on value and strongly outperforming our peers across the region. Given BAT's European modern leadership position, we have applied our know-how and capabilities to the US.

Velo 是一款優質產品，其價值指數較高，表現遠優於該地區的同行。鑑於英美菸草在歐洲的現代領導地位，我們將我們的專業知識和能力應用到美國。

We were right confident that the right products we could make performance inroads in the US, and that is now being realized with Velo Plus. In the US, the modern category value of around GBP2 billion has already overtaken the size of the legal vapor market and is expected to almost double over the next two years.

我們非常有信心，合適的產品可以在美國取得優異的成績，而現在 Velo Plus 已經實現了這一目標。在美國，現代類別的價值約為 20 億英鎊，已經超過了合法蒸汽煙市場的規模，預計未來兩年將增長近一倍。

With the successful launch of Velo Plus, we have a step change in our US performance and are now the fastest growing Modern Oral brand. Velo Plus is driving triple digit revenue growth and strong (technical difficulty) share gains. In May, Velo had gained almost 9% points of share since launch.

隨著 Velo Plus 的成功推出，我們在美國市場的表現有了顯著提升，現在已成為成長最快的現代口腔品牌。Velo Plus 正在推動三位數的營收成長和強勁的（技術難度）份額成長。5 月份，Velo 自推出以來的市佔率已成長近 9%。

Encouragingly, the latest volume share rate from July is above 17%. These results are a testament to the quality of the product, the improved strength speed of our distribution capabilities, and our sharp execution enabled by (technical difficulty)

令人鼓舞的是，7 月的最新成交量份額已超過 17%。這些結果證明了產品的品質、我們分銷能力的提高以及我們敏銳的執行力，（技術難度）

Excited about the opportunity ahead, Velo Plus Plus are at number-two in volume share in 11 states including New York and Texas, which together represent around 10% of the total US category.

Velo Plus Plus 對未來的機會感到興奮，其銷售份額在紐約州和德克薩斯州等 11 個州排名第二，這些州合計占美國總銷量的 10% 左右。

And importantly, after investment in the initial launch and roll out phase, we expect the Velo Plus to deliver positive category contribution for the full-year 2025. In heated products, glo Hilo is a breakthrough innovation that we believe will reshape the way it's positioned in the primus segment, which represents over 80% of industry value.

重要的是，在初始發布和推廣階段進行投資後，我們預計 Velo Plus 將在 2025 年全年為該類別帶來積極的貢獻。在加熱產品領域，glo Hilo 是一項突破性創新，我們相信它將重塑其在 primus 領域的定位，該領域佔產業價值的 80% 以上。

glo Hilo has (technical difficulty) new and innovative features, including fast ramp up, hitting just five seconds, a personalized LED screen, and connectivity with the My Glow app, enabling customized sessions, Find My Glow, and remote locking. Alongside new upgraded consumables with enhanced taste and satisfaction, the closest to replicate cigarettes we have ever achieved.

glo Hilo 具有（技術難度）新的創新功能，包括快速升壓、僅需五秒鐘即可達到、個性化 LED 螢幕以及與 My Glow 應用程式的連接，可實現定制會話、Find My Glow 和遠端鎖定。加上全新升級的耗材，口感和滿意度均有所提升，這是我們迄今最接近複製香菸的成果。

At the end of 2024 we launched glo Hilo in Serbia. We integrated the insights and critical learnings into our roll out approach, beginning with our June City launch in Sendai. While (technical difficulty) very early days, I'm encouraged that both the consumables and the devices are resonating well with consumers.

2024 年底，我們在塞爾維亞推出了 glo Hilo。我們將這些見解和關鍵經驗融入我們的推廣方法中，從六月在仙台推出的城市活動開始。雖然（技術難度）還處於早期階段，但我很高興看到消耗品和設備都得到了消費者的良好共鳴。

glo Hilo is driving improvements in consumer perception of glo, including brand equity and appealing design. In addition, we have captured 1.5% points of volume share in just a few weeks at a premium price point.

glo Hilo 正在推動消費者對 glo 的認知改善，包括品牌資產和吸引人的設計。此外，我們在短短幾週內就以高價獲得了 1.5% 的銷售份額。

Importantly, Hilo is the first time glo will also offer a two-piece device launching as part of the national rollout in Japan (technical difficulty) We will continue to rollout glo Hilo in a targeted way in the largest heated value boost through the second half.

重要的是，Hilo 是 glo 首次在日本全國推廣中同時推出的兩件式設備（技術難度較高），我們將繼續在下半年熱值提升最大的階段有針對性地推出 glo Hilo。

It's our belief that premium vapor done right is an untapped opportunity offering greater differentiation and value generation potential. Vuse Ultra is our initial step, delivering a high quality and satisfying experience alongside a connected and highly customizable offering.

我們相信，優質蒸汽的正確生產是一個尚未開發的機會，可以提供更大的差異化和價值創造潛力。Vuse Ultra 是我們邁出的第一步，旨在提供高品質、令人滿意的體驗以及互聯且高度可自訂的產品。

Key features include as small as new smart boards, which automatically adjust the device to consumer's preferable flavor settings, a clear view display to easily track battery and liquid levels, connectivity enabling Find my vape, and a device lock further reinforce view's position as a brand consumer can trust.

主要功能包括小到新的智慧板，可自動將設備調整到消費者喜歡的口味設置，清晰的視圖顯示可輕鬆跟踪電池和液體水平，支持“查找我的 vape”的連接，以及設備鎖，進一步鞏固了 View 作為消費者值得信賴的品牌的地位。

Vuse Ultra was launched online in Canada at the end of Q1, with a nationwide rollout from June. Initial consumer feedback has been positive. Vuse Ultra is driving a strong improvement in key attributes, including premium, innovative, and ease to use, catching over 2% points of value shares since the nationwide launch.

Vuse Ultra 於第一季末在加拿大上線，並於 6 月在全國推出。消費者的初步回饋是正面的。Vuse Ultra 在優質、創新和易用等關鍵屬性方面取得了強勁改進，自全國推出以來已佔據超過 2% 的價值份額。

We have recently launched in the UK and Germany, and we will continue to roll out in a targeted way through the second half.

我們最近已在英國和德國推出了該產品，並將在下半年繼續有針對性地推出該產品。

Moving to the US, the largest nicotine profit pool globally and the cornerstone of our business. This is why return to growth here has been a key focus area for me. We have invested in strengthening our portfolio. We are addressing price gaps and indexation.

轉向美國，這是全球最大的尼古丁利潤池，也是我們業務的基石。這就是為什麼恢復成長一直是我關注的重點領域。我們已投資加強我們的投資組合。我們正在解決價格差距和指數化問題。

We have also sharpened our execution, expanding contract coverage, increasing our sales force, and improving revenue growth and management and our reward programs through enhanced digital capabilities. I'm delighted we are beginning to see value being created by the actions we have taken to strengthen our portfolio and execution.

我們還透過增強數位能力，提高了執行力，擴大了合約覆蓋範圍，增加了銷售隊伍，並改善了收入成長和管理以及獎勵計劃。我很高興我們開始看到我們為加強投資組合和執行所採取的行動所創造的價值。

Our total volume share grew 10 basis points and value share was up 20 basis points. We are seeing broad based value share improvement across the portfolio.

我們的總銷售份額成長了 10 個基點，價值份額增加了 20 個基點。我們看到整個投資組合的價值份額正在廣泛提高。

Our value for money brand Lucky Strike continues to be the fastest growing US combustible brands with value share up 60 basis points. Value share in our super premium brand, Natural American Spirits is up 10 basis points despite pressure on consumer wallets. And the targeted introduction of a soft pack variant has led to stabilization of the Newport brand family.

我們物有所值的品牌 Lucky Strike 繼續成為美國成長最快的可燃物品牌，價值份額上漲了 60 個基點。儘管消費者錢包面臨壓力，但我們的超高端品牌 Natural American Spirits 的價值份額仍上漲了 10 個基點。而軟包裝款式的有針對性的推出也使得Newport品牌家族更加穩定。

I believe we have turned an important corner in the US. After significant investment, we are well positioned to build this recovery and deliver sustained contribution to the group performance in 2025 and beyond.

我相信我們在美國已經度過了一個重要的轉捩點。經過大量投資，我們已做好準備，實現復甦，並在 2025 年及以後為集團業績做出持續貢獻。

Turning to regulation, we are encouraged that at the state level, vapor directory and enforcement legislation has now passed in 18 US states, and we look forward to the implementation of these and more robust enforcements. A number of states are now demonstrating that well-constructed regulation can be effective in tackling illicit vapor with this (technical difficulty)

談到監管，我們很高興看到，在州一級，美國 18 個州已經通過了蒸汽目錄和執法立法，我們期待這些立法和更有力的執法措施的實施。許多州現在證明，完善的監管可以有效打擊非法蒸汽。（技術難度）

In addition, we remain cautious about a more proactive approach (technical difficulty) at the federal level. The made clear that illicit paper is a key priority and the FDA has taken some important first steps: updating product classifications, (technical difficulty) for small shipments, and seizing illicit products.

此外，我們對聯邦層級採取更積極主動的方式（技術難度）仍持謹慎態度。他們明確表示，非法紙張是首要任務，FDA 已採取了一些重要的初步措施：更新小批量裝運的產品分類（技術難度）以及扣押非法產品。

While these actions have recently driven more than a 40% reduction in vapor-related shipments to the US, due to the long supply chain, we are yet to see any meaningful wind on the ground. As a result, we are not assuming any improvement in the legal vapor market in our 2025 guidance.

雖然這些舉措最近導緻美國蒸汽相關出貨量減少了 40% 以上，但由於供應鏈較長，我們尚未看到任何有意義的實際效果。因此，我們在 2025 年的預測中並不認為合法蒸汽煙市場會有任何改善。

As mentioned earlier, we continue to focus on sharpening execution, and our digital transformation is a key enabler. Thanks to the strong strategic partnerships, BAT is ahead of the curve. Let me share four key highlights.

如前所述，我們持續致力於提高執行力，而數位轉型是關鍵推動因素。由於強大的策略合作夥伴關係，英美菸草公司處於領先地位。讓我分享四個主要亮點。

First, we are a global leader in cloud adoption with 85% cloud hosting through strategic partnerships. Second, (technical difficulty) pioneering partnership with Microsoft enabled the rapid build of our (technical difficulty) platform advancing our global data infrastructure through MS fabric and NextGen technologies. This empowers the (technical difficulty) first agile organization on enhancing tools like IGM and marketing spend effectiveness.

首先，我們是雲端運算應用領域的全球領導者，透過策略合作夥伴關係實現了 85% 的雲端託管。其次，（技術難度）與微軟的開創性合作使我們能夠快速建立（技術難度）平台，透過 MS fabric 和 NextGen 技術來推進我們的全球資料基礎設施。這使得（技術難度）第一個敏捷組織能夠增強 IGM 和行銷支出效率等工具。

Third, this year we launched our Gen AI lab in Dubai, making BAT the first company in the region's AI hub. We've read the plot use case like (technical difficulty) , AI powered (technical difficulty) bots, and advanced consumer insight tools.

第三，今年我們在杜拜啟動了Gen AI實驗室，使BAT成為該地區第一家AI中心的公司。我們已經閱讀了情節用例，例如（技術難度）、人工智慧（技術難度）機器人和先進的消費者洞察工具。

Finally, we have streamlined our strategic technology partnerships, reducing IT run costs by 40% while maintaining 99.9% uptime. We will continue to drive BAT's digital transformation with our partners, fueling growth, enabling productivity, and building more sustainable business.

最後，我們簡化了策略技術合作夥伴關係，將 IT 運作成本降低了 40%，同時維持了 99.9% 的正常運作時間。我們將繼續與合作夥伴一起推動 BAT 的數位轉型，促進成長，提高生產力，並建立更永續的業務。

Our recently announced strategic partnership with Accenture is a clear example of our digital transformation in action. We are transitioning our global shared services to Accenture. This partnership gives BAT as access to Accenture's cutting-edge technology ecosystem, including Agentic AI solutions, and its strategic collaboration with world leading technology companies.

我們最近宣布與埃森哲建立策略夥伴關係，就是我們數位轉型的明顯例證。我們正在將我們的全球共享服務轉移給埃森哲。此次合作使英美菸草公司能夠接觸到埃森哲的尖端技術生態系統，包括 Agentic AI 解決方案，以及與世界領先科技公司的策略合作。

These capabilities will help us further to simplify our process, accelerate spiritual (technical difficulty) talents, and reduce costs over the medium to low.

這些能力將幫助我們進一步簡化流程，加速精神（技術難度）人才的培養，並將成本降低到中低。

In return, BAT's industry-leading expertise in supply networks will strengthen Accenture's global supply and operations. This is a key step in making the BAT future ready, digitally enabled organization, powered by strategic partnerships.

作為回報，英美菸草在供應網絡方面的行業領先專業知識將增強埃森哲的全球供應和營運。這是在策略合作夥伴關係的支持下，使 BAT 成為面向未來、數位化組織的關鍵一步。

In conclusion, as Soraya highlighted, we are on track to deliver our full-year guidance, and looking into 2026, I'm confident that we will build on our underlying growth drivers, including the continuing momentum in the US, AME and Velo lapping Bangladesh Combustible headwinds, a further increase in new category contribution.

總而言之，正如 Soraya 所強調的，我們有望實現全年目標，展望 2026 年，我相信我們將以我們潛在的成長動力為基礎，包括美國、AME 和 Velo 的持續發展勢頭，克服孟加拉國可燃性逆風，進一步增加新類別的貢獻。

And they step up (technical difficulty) with our new future wind program to deliver 3% to 5% revenue growth and 4% to 6% adjusted (technical difficulty) from operations growth.

他們透過我們新的未來風能計畫加大力度（技術難度），實現 3% 至 5% 的收入成長和 4% 至 6% 的調整後（技術難度）營運成長。

And finally, I would like to share a few key takeaways from our results. We have returned to revenue and profit growth in the US, a critical milestone. Velo is the fastest growing brand in the fastest growing new category with real momentum in the US and globally.

最後，我想分享我們研究結果中的一些關鍵要點。我們在美國的收入和利潤恢復成長，這是一個重要的里程碑。Velo 是成長最快的新類別中成長最快的品牌，在美國和全球都具有真正的發展動能。

We are increasing profitability across our new category portfolio. Our R&D system is delivering exciting premium innovations. And we continue to amplify our proactive approach to regulatory affairs to unlock new markets and create a sustainable level competitive playing field.

我們正在提高新類別產品組合的獲利能力。我們的研發系統正在提供令人興奮的優質創新。我們將繼續加強對監管事務的積極主動的態度，以開拓新市場並創造可持續的公平競爭環境。

At the same time, our digital transformation is accelerating, enhancing execution, and unlocking for efficiencies and agility. All of this is executed with a cash focus, returning GBP17 billion to shareholders over the last three years, while continuing to deleverage.

同時，我們的數位轉型正在加速，執行力增強，效率和敏捷性不斷提升。所有這些都是以現金為重點執行的，過去三年向股東返還了 170 億英鎊，同時繼續去槓桿。

While there is more to do, I am confident that we have the right strategy, capabilities, and people to deliver a profitable transformation. I'm excited about the future for BAT, and I believe we will deliver a long term sustainable end value for all our stakeholders.

雖然還有很多工作要做，但我相信我們擁有正確的策略、能力和人才來實現獲利轉型。我對英美菸草公司的未來充滿期待，我相信我們將為所有利害關係人帶來長期可持續的最終價值。

Thank you for listening. We will now be joined on the stage by Victoria for the question and answer session.

謝謝您的聆聽。現在維多利亞將與我們一起上台進行問答環節。

Thank you, Tadeu and Soraya, and good morning everyone. (Event Instructions) Tadeu and Soraya will be very happy to take your questions, and I will now hand over to the operator.

謝謝塔德烏 (Tadeu) 和索拉雅 (Soraya)，大家早安。（活動指示）Tadeu 和 Soraya 非常樂意回答您的問題，現在我將把時間交給接線員。

Simon Hales, Citi.

花旗銀行的西蒙‧黑爾斯 (Simon Hales)。

Thank you. Good morning Tadeu, and Soraya and VB. Two or three for me if possible please. Today, can we just talk a little bit more about the early performance that you're seeing the glo Hilo launch in Japan, obviously you reference in your presentation in terms of the recent share gain you're seeing. Qualitatively, what is the feedback you're getting on the ground from those Japanese consumers? How does it vary at all from what you saw in the test market in Serbia?

謝謝。早上好，Tadeu、Soraya 和 VB。如果可以的話，請給我兩到三個。今天，我們能否再多談談您看到的 Glo Hilo 在日本推出的早期表現，顯然您在演示中提到了您看到的最近的份額增長。從品質上講，您從日本消費者那裡得到了什麼樣的回饋？它與您在塞爾維亞測試市場看到的有什麼不同？

And how should we think about the scale of the rollout in of the key markets through the rest of the year? What percentage of your key tobacco markets do you expect to be in by the end of the year?

我們該如何看待今年剩餘時間內主要市場的推廣規模？預計到今年年底，你們在主要菸草市場的佔有率將達到多少？

And then secondly, on Modern Oral, clearly a very strong performance coming through from Velo Plus in the US and you referenced, the further share gain that you've seen coming through into July as well. Have you seen any change in momentum for the brand as you exited the quarter came into July, given that you know the biggest competitor on the ground is now back on the shelf and perhaps being a little bit more aggressive in its point of sale promotional activity?

其次，在 Modern Oral 方面，Velo Plus 在美國顯然表現非常強勁，而且您提到，7 月的市佔率也進一步成長。考慮到您知道該品牌目前最大的競爭對手已經重返貨架，並且可能在銷售點促銷活動中更加積極，那麼在 7 月份結束本季度後，您是否發現該品牌的發展勢頭有任何變化？

And then finally, just really a clarification for Soraya around the Fit2Win, program, I think you said that there won't be any upfront costs until 2026 for that program. There's nothing in the second half of the year. Am I right on that? And I've seen the GBP500 million target over three years is a gross savings target, and we should expect a chunk of that to be reinvested back into the business?

最後，我想向 Soraya 澄清一下有關 Fit2Win 計劃的問題，我記得您說過該計劃在 2026 年之前不會有任何前期成本。下半年就沒什麼了。我說得對嗎？我看到三年內 5 億英鎊的目標是一個總儲蓄目標，我們應該期望其中很大一部分重新投資到業務中嗎？

Okay, Simon, thanks for your questions. In terms of glo Hilo Japan, the feedback has been really positive from consumers and its portfolio was much more tailor-made from the one that we have launched in Serbia for the Japanese consumers. We have done a lot of work to get to very competitive offers because not just about the device. The device is clearly a massive step change from what we have been offered so far into the Japanese market and also anywhere else in the group, but the consumables are also very important.

好的，西蒙，謝謝你的提問。就 glo Hilo Japan 而言，消費者的回饋非常積極，其產品組合與我們在塞爾維亞為日本消費者推出的產品相比更加量身定制。我們做了很多工作來獲得非常有競爭力的報價，因為不僅僅是關於設備。該設備顯然與我們迄今為止在日本市場以及集團其他任何地方提供的設備相比是一個巨大的進步，但耗材也非常重要。

And we do believe that we have a new technology on the consumables that combined with the device heating mechanism is offering, like I mentioned in my presentation. The closest we can get from smoking a cigarette in an HP product. And this being resonating well with consumers have to remember that Sendai, we don't have yet the two piece device, and yet we have achieved it in a few weeks 1.5% at a premium level that we have never been able to compete with glo before in terms of consumable pricing, so it's quite exciting about that.

我們確實相信，我們在耗材方面擁有一項新技術，該技術與設備加熱機制相結合，正如我在演講中提到的那樣。這是我們能在 HP 產品中體驗到的最接近吸煙的感覺。這引起了消費者的強烈共鳴，必須記住，仙台，我們還沒有兩件式設備，但我們在幾週內就實現了 1.5% 的溢價，這是我們以前在消耗品定價方面從未能夠與 glo 競爭的，所以這是非常令人興奮的。

In terms of roll out for the rest of the year, we'll just start because like I said, September Japan and we'll be hitting the highest profit pools in the HP category until December, but it will be just early stage. We'll probably seeing the impact of that throughout 2026.

就今年剩餘時間的推廣而言，我們將剛剛開始，因為就像我說的，9 月在日本，我們將在 12 月之前達到 HP 類別中最高的利潤池，但這只是早期階段。我們可能會在 2026 年看到其影響。

Now, in terms of Modern Oral, yeah, we are extremely excited with Velo Plus, the brand is keeping its momentum. And when we launch the brand as any new launch in the US, we have a price list. We apply some discounts to get consumer trial. We see that once they trial, the level of retention is still being kept at a very high level at 70% of retention.

現在，就 Modern Oral 而言，是的，我們對 Velo Plus 感到非常興奮，品牌正保持著發展勢頭。當我們在美國推出任何新品牌時，我們都會有一個價格表。我們採用一些折扣來獲得消費者試用。我們看到，一旦他們試用，保留率仍然保持在 70％ 的非常高的水平。

And we have been reducing the the discount since the launch and this that don't see increasing in market share and the and the repurchase at the at the point of sale. So all we know, we are very supportive of the future growth of Velo Plus in the US. Today, in terms of pricing, if you strip out the leading brands, we are over index to what is left in the market.

自推出以來，我們一直在降低折扣，但這並沒有增加市場份額，也沒有增加銷售點的回購率。所以我們知道，我們非常支持 Velo Plus 在美國未來的發展。如今，就定價而言，如果剔除領先品牌，我們對市場上剩餘產品的指數就過高了。

And in terms of value share based on the trend that we are seeing, we are very close to achieve the number-two position. So we are -- and we'll be going back to a positive contribution already in 2025, which is a testament that this is a category with the right product, with the right focus and execution, we can have a very short payback. So all in all, very exciting about that.

從我們所看到的趨勢來看，就價值份額而言，我們非常接近第二的位置。所以，到 2025 年，我們就會恢復正面的貢獻，這證明在這個類別中，只要有正確的產品、正確的重點和執行，我們就能在很短的時間內獲得回報。總而言之，這非常令人興奮。

Hi Simon, thank you for the question. Just let me give a little bit of background on Fit2Win. I think over the years we've been very good at taking out costs from the business. Fit2Win is slightly different. It's really aimed at making the organization future fit. We're basically reviewing a lot of our key work processes in the organization. And embedding digital decision making basically into our processes.

你好，西蒙，謝謝你的提問。請容許我簡單介紹一下 Fit2Win 的背景。我認為多年來我們一直非常擅長降低業務成本。Fit2Win 略有不同。其真正目的是讓組織適應未來。我們基本上正在審查組織內的許多關鍵工作流程。並將數位決策基本上嵌入我們的流程中。

We're doing a full review of indirects. We're also looking at our routes to market to ensure that they're transformed in line with business transformation that we're going through. So in answer to your question in terms of the costs, we will have some costs in 2025, but this is fully included in our guidance, and the GBP500 million will be an annualized saving that we will reach at the end of 2028. And yes, we will be looking to reinvest basically to fuel the growth behind our innovations.

我們正在對間接資訊進行全面審查。我們也在研究我們的市場路線，以確保它們的轉變與我們正在經歷的業務轉型保持一致。因此，回答您關於成本的問題，我們在 2025 年會產生一些成本，但這已完全包含在我們的指導中，而 5 億英鎊將是我們在 2028 年底實現的年度節省。是的，我們將尋求再投資，以推動我們創新背後的成長。

Thanks very much.

非常感謝。

Damian McNeela, Deutsche Numis.

達米安·麥克尼拉，德國努米斯。

Yeah, hi. Morning, everybody. Thank you for taking the questions. The first question really is on whether you could provide us a little bit more color on the performance of the vapor business in the AME region.

是的，你好。大家早安。感謝您回答這些問題。第一個問題實際上是您是否可以向我們提供有關 AME 地區蒸汽業務表現的更多資訊。

I think you sort of flagged some challenges in Canada, and also the transition that's happening in some of the bigger markets like the UK. I was just wondering if you could provide some thoughts on what's happening on the ground and your expectations, for vape in those markets, over the medium term.

我認為您提到了加拿大面臨的一些挑戰，以及英國等一些較大市場正在發生的轉變。我只是想知道您是否可以就當地正在發生的事情提供一些看法，以及您對這些市場中期電子煙的預期。

And then just on the US vape, and just some clarification on the 40% reduction in shipments that you've seen, I guess it's very difficult to have any accurate number. But could you provide us with a sense of what that means in terms of when we might expect to see a change on the ground in terms of illicit availability please?

然後就美國電子煙而言，我想澄清一下您所看到的出貨量減少 40%，我想很難得到任何準確的數字。但是，您能否向我們解釋一下這意味著什麼，即我們何時可以預期看到非法供應方面的變化？

Okay, Damian look, the performance of APME has been heavily impacted by Canada. The situation in Canada kept back the largest province in where most of the sales is happening, has introduced regulations banning all flavors, and but the level of enforcement is basically known and we see inundation of illegal products and on top of that with this big tanks, big disposable brands, which due to care, we cannot even offer anything similar to that.

好的，達米安，你看，APME 的表現受到了加拿大的嚴重影響。加拿大的情況阻礙了大部分銷售發生的最大省份的實施，該國已出台法規，禁止所有口味，但執法程度基本上是眾所周知的，我們看到非法產品氾濫，最重要的是這些大罐、大型一次性品牌，出於謹慎，我們甚至不能提供任何類似的產品。

So as a consequence, we had a strong business. We still perform quite nicely on the tracked channels, but there is a hidden market that is not showing up in the tracker channels that is inundating the market and making it very hard for responsible companies to compete in a level playing field.

因此，我們的業務表現強勁。我們在追蹤管道上的表現仍然相當不錯，但是有一個隱藏的市場沒有出現在追蹤管道中，它正在淹沒市場，使負責任的公司很難在公平的競爭環境中競爭。

So actually -- so as a consequence, the headline numbers of AE get impacted. But one thing that is interesting happening in Europe is that the trend moving from modest to closed systems. And as you imagine when you are mods, you are selling a device, so the NTO per unit is higher when you are selling pods in the closed system.

因此實際上——因此，AE 的總體數字受到了影響。但歐洲正在發生的一件有趣的事情是，趨勢正在從溫和的系統轉向封閉的系統。正如您所想像的，當您是 mods 時，您正在銷售一個設備，因此當您在封閉系統中銷售 pod 時，每單位的 NTO 會更高。

So this will translate an impact in the first moment in the top line of the business. On the other hand, this transition actually is positive for BAT in the long run. You take UK, for example, we have an overall share just over 10% of the vapor business, including (technical difficulty) and when you zoom in into the closed system, we have a 33% share.

因此，這將在第一時間對業務收入產生影響。另一方面，從長遠來看，這種轉變實際上對 BAT 是有利的。以英國為例，我們在蒸汽業務中的整體份額略高於 10%，其中包括（技術難度），而當你放大到封閉系統時，我們的份額為 33%。

So as this transition consolidates and that the UK has just banned (technical difficulty) and the expectation is that we're going to see more and more closed system replacing Maldives over time, we should be seeing a return to growth in those markets.

因此，隨著這種轉變的鞏固以及英國剛剛禁止（技術困難）以及我們預計隨著時間的推移我們將看到越來越多的封閉系統取代馬爾地夫，我們應該會看到這些市場恢復成長。

The same is happening in France. Although France the closed system was a big chunk of the markets, and we have a very strong position in France with some close to 60% of market share.

法國也發生著同樣的事情。儘管法國的封閉系統佔據了很大一部分市場，但我們在法國擁有非常強勢的地位，佔有近 60% 的市場。

The same happened in Germany despite the fact there is no ban there, the consumers are naturally migrating from [modest] to a closed system as the closed system gets better in terms of satisfaction and it's a better economic and financial equation for consumers because you don't need to buy a device, you just buy pods over time.

同樣的情況也發生在德國，儘管那裡沒有禁令，但消費者自然而然地從[中等]系統轉向封閉系統，因為封閉系統在滿意度方面越來越好，而且對於消費者來說，這是一個更好的經濟和財務等式，因為你不需要購買設備，你只需隨著時間的推移購買豆莢。

And one another interesting point that we are seeing is the fact that as we said before, our idea was to explore the introduction of a premium segment like we have in HP, like we have in cigarettes across vapor that is not really there, and Vuse Ultra was our first attempt, and we are really encouraged to see the results that we are getting on the ground.

我們看到的另一個有趣的點是，正如我們之前所說的那樣，我們的想法是探索引入高端細分市場，就像我們在 HP 中所做的那樣，就像我們在蒸汽香煙中所做的那樣，而 Vuse Ultra 是我們的第一次嘗試，我們真的很高興看到我們在實際中取得的成果。

It's early days, but we got more than 2% of value share in Canada with all these convoluted situations that I was referring to you, and we also be seeing a very strong traction in Germany where we have just launched a few weeks ago and we have just launched in the UK and we're going to continue to roll out. So that's what is happening in vapor.

現在還處於早期階段，但儘管我向您提到了所有這些複雜情況，我們在加拿大獲得了超過 2% 的價值份額，而且我們在德國也看到了非常強勁的吸引力，幾週前我們剛剛在德國推出了這項服務，我們剛剛在英國推出了這項服務，我們將繼續推廣。這就是蒸汽中發生的情況。

In the US, it is very difficult to predict because what we are seeing on the ground is that some of these key brands, they are not being found more in some point of sales. They are running out of the shelves, but there are so many other offers of this type of illegal vapor products that basically target youth with flavors like bubble gum, rainbow candy, things that absolutely shouldn't be in the market in the first place, and we are seeing those products there.

在美國，這很難預測，因為我們實際看到的情況是，其中一些主要品牌在某些銷售點並沒有被更多地發現。他們的貨架上已經沒有貨了，但是還有很多其他類型的非法蒸汽產品，這些產品主要針對年輕人，口味像泡泡糖、彩虹糖，這些東西絕對不應該出現在市場上，我們在那裡看到了這些產品。

The encouraging fact on this is that the new administration, the new secretary of HHS, the new Chair of the FDA has been very vocal about putting as priorities (technical difficulty) if you want of these responsible and no form brands and not just the narrative, but what we start seeing on the ground, the (technical difficulty) reduction in shipment is one of the data points and because we know that some of those manufacturers they misdeclare what they are bringing. They undervalue their shipments, so they are well aware of that. They are taking initiatives to cope with that.

令人鼓舞的事實是，新政府、新任衛生與公眾服務部部長、新任食品藥品監督管理局主席都非常直言不諱地表示，如果想要解決這些負責任且無形式品牌的（技術難題）問題，就必須優先解決，這不僅僅是說說說說，而是我們在實地看到的情況，（技術難題）出貨量減少就是數據點之一，因為我們知道其中一些進口製造商錯誤了。他們低估了他們的貨物，所以他們很清楚這一點。他們正在採取主動措施來應對這個問題。

It's a question of consistency. So from the first angle to your question, we need to see a consistency multiagency work on that, which for the time being, seems to be the case. And at the same time we need to wait because there is a long supply chain in the US to see a meaningful impact.

這是一個一致性的問題。因此，從回答您的問題的第一個角度來看，我們需要看到多機構就此採取一致的行動，目前看來情況確實如此。同時，由於美國的供應鏈很長，我們需要等待才能看到有意義的影響。

But this is one side of the equation. The other side of the equation is eventually to get the FDA addressing the approval process because the root cause of all these illegality is the fact that the US consumers don't get enough smokeless products, and that's something else that we hope that the FDA will address over time.

但這只是等式的一面。另一方面，最終要讓 FDA 解決審批流程，因為所有這些非法行為的根本原因是美國消費者沒有獲得足夠的無菸產品，我們希望 FDA 能夠逐步解決這個問題。

That's great. Thank you very much, Tadeu.

那太棒了。非常感謝，塔德烏。

Rey Wium, Anchor Stockbrokers.

Rey Wium，Anchor Stockbrokers。

Hi, good morning, Tadeu, Soraya, and Victoria. Yeah, if I can just start off with the US. On the combustible side, yeah, it's quite -- I think to see that the volume decline has sort of now used to seeing 7.6%. I just want to know whether, I mean, what is your indication for the remainder of the year? Is there a chances of this rate of decline to ease further or is that pretty much where we are going to stabilize?

嗨，早上好，Tadeu、Soraya 和 Victoria。是的，如果我可以從美國開始的話。就可燃物方面而言，是的，我認為銷量下降幅度現在已經達到 7.6%。我只是想知道，我的意思是，您對今年剩餘時間有什麼打算？這種下降速度有可能進一步減緩嗎？或者說，這種下降速度是否即將穩定下來？

The other question that I have is just on -- I mean, a very strong performance from Velo is in the US. Now I just want to know, obviously, you are still writing approval for, I guess, Velo 2, if you can give us any update on that. And, given that Velo Plus is already doing so well, I mean, what are you thinking around Velo 2 when that becomes available?

我的另一個問題是——我的意思是，Velo 在美國表現非常強大。現在我只想知道，顯然您仍在為 Velo 2 寫批准書，您能否向我們提供任何有關這方面的最新消息。而且，鑑於 Velo Plus 已經表現得如此出色，我的意思是，當 Velo 2 上市時，您對它有什麼看法？

And my last question is just a clarification because I'm -- honestly, I'm a bit confused in terms of your adjusted EPS number. You show it as GBP162, but I also see a number that I can't find anywhere in the present in the release, which is the GBP155.5, which exclude or make the adjustment for Canada, including currency.

我的最後一個問題只是為了澄清一下，因為說實話，我對您的調整後每股收益數字有點困惑。您將其顯示為 162 英鎊，但我還看到一個在當前版本中任何地方都找不到的數字，即 155.5 英鎊，它排除或針對加拿大進行了調整，包括貨幣。

So I mean, maybe if you could just help us understand what is the real number that you are looking at and what you want us to focus on because I mean, the adjusted EPS on that basis actually down 2.4% and not up. So that will be very helpful just to get some understanding of how we need to think of this one.

所以我的意思是，也許你能幫助我們理解你所看到的實際數字是什麼，以及你希望我們關注什麼，因為我的意思是，在此基礎上調整後的每股收益實際上下降了 2.4%，而不是上升。因此，這對於我們理解如何看待這個問題非常有幫助。

Thank you for the question. Soraya will cover the point on the adjusted EPS. In terms of volume, industry wise, we are seeing a slightly improvement with the previous year. It's not meaningful. Previous year at this point in time was overall 8.5% decline. This year it's more on the 8%. I don't think that we will be seeing a meaningful variance to that until the end of the year.

謝謝你的提問。Soraya 將在調整後的 EPS 上討論這一點。從數量上看，從行業角度來看，我們看到與上一年相比略有改善。這沒什麼意義。去年同期整體下降了8.5%。今年則上升至 8% 左右。我認為直到今年年底我們才會看到有意義的變化。

There are the consumers in -- still very stretched. The level of confidence is too low, but obviously, this has been offset partially by the fact of gas price has been reduced, and we know that there is a correlation -- inverse correlation between gas price and sales of cigarettes in the US, which has been supportive of volumes more recently.

消費者仍然面臨很大的壓力。信心水平太低，但顯然，這已被汽油價格降低的事實部分抵消，我們知道汽油價格和美國香煙銷量之間存在相關性 - 反比相關性，這對最近的銷量起到了支撐作用。

And the other big question mark is in terms of how much more enforcement in the illegal vapor disposable products they can do in the US, because we also know that some of the weakness that we see in the combustible business are related with the availability. Of these products in the market and obviously if you expect some enforcement, at least the switch out of Combustibles, these products will probably be reduced.

另一個大問題是，美國能對非法蒸汽一次性產品採取多大的執法力度，因為我們也知道，可燃物業務中存在的一些弱點與可用性有關。對於市場上的這些產品，顯然如果你希望採取一些強制措施，至少是停止使用可燃物，這些產品的數量可能會減少。

In terms of [reynolds], we're very pleased with our performance. It shows that all the commercial plans that we put in place in the last two years is resonating with the strong performance on the ground. You can see that by the market share increase, the value share increase. Our price mix has been very robust.

就[雷諾茲]而言，我們對自己的表現非常滿意。這表明，我們在過去兩年中實施的所有商業計劃都與當地的強勁表現產生了共鳴。您可以看到，隨著市場佔有率的增加，價值份額也在增加。我們的價格組合非常穩健。

Obviously we have taken some decisions, mainly pricing related in 2023, 2024 that makes this half year, a bit more softer compared to it. That's why we call the 10 that the second half will be a bit more stronger the comparator for the US combustibles in general.

顯然，我們已經做出了一些決定，主要是與 2023 年、2024 年的定價相關的決定，這使得今年上半年的情況相比之下稍微溫和一些。這就是為什麼我們稱下半年的 10 為美國可燃物總體的比較指標，其強度會更強一些。

But overall, we feel very confident about keeping the momentum and remember that, we have always said for us to go back to the 3% to 5% group algorithm in terms of revenue, what we need is Combustible as a group to deliver between 1% to 2% and the US in that equation will come between 0% to 1%. So we are tracking where of that --

但總體而言，我們對保持這一勢頭非常有信心，並記住，我們一直說，就收入而言，我們要回到 3% 到 5% 的集團演算法，我們需要的是 Combustible 作為一個集團實現 1% 到 2% 之間的收益，而美國在這個等式中將達到 0% 到 1% 之間。所以我們正在追蹤其中的--

so in the medium long run, if we are able to at least 0% to 1%, we have all the possibilities with the with the complement of the other two regions which now we expect to (technical difficulty) Bangladesh from the next year onwards and hence is going back to the lives of 2% plus new categories to get back to the algorithm. So that's the combustible side.

因此，從中長期來看，如果我們能夠將死亡率至少從 0% 提高到 1%，我們就有充分的可能性與其他兩個地區互補，現在我們預計（技術難度）孟加拉國將從明年開始恢復到 2% 加上新的類別，以回到演算法。這就是可燃的一面。

The Velo Plus, -- the biggest differentiation of obviously the execution, the way we are the Reynolds was able to launch a product from scratch to 135,000 outlets. That's the case today in six months, it's something remarkable.

Velo Plus 最大的差異顯然在於執行，雷諾茲能夠從零開始將一款產品推向 135,000 家門市。六個月後的今天情況就是這樣，這是一件了不起的事。

But on top of that is the product that brings more moisture to the market. And the Velo 2.0 that you are referring to, and that's how we refer here as well, it brings even more moisture, is the ones that we have in Europe, that is very successful. That's why we were highlighting the case. We don't talk much about the US, but the fact is that our Velo brands is almost six times higher in volume than the second place in that particular region.

但除此之外，還有為市場帶來更多水分的產品。您所提到的 Velo 2.0，也是我們在這裡提到的，它帶來了更多的水分，是我們在歐洲推出的，非常成功。這就是我們強調此案的原因。我們很少談論美國，但事實是，我們的 Velo 品牌的銷售量幾乎是該地區排名第二的品牌的六倍。

So this product will be complementary to the Velo Plus. Velo Plus has been so successful, that this probably will be complementary. It's very hard to predict when this gets approved, and it's back to the point that I just made recently in the previous answer. This is one area that they need to address, is the rhythm of approval. Because there was millions of submission over the last five years with a handful of 25 or so NGOs given, which is basically not enough to address all the consumer needs in the US, because we are seeing more and more users in the US.

因此該產品將與 Velo Plus 形成互補。Velo Plus 非常成功，因此這可能將成為補充。很難預測什麼時候能獲得批准，這又回到了我最近在上一個回答中提出的觀點。這是他們需要解決的一個領域，即批准的節奏。因為過去五年來，提交了數百萬份申請，而只有大約 25 個非政府組織提交了申請，這基本上不足以滿足美國所有消費者的需求，因為我們看到美國的用戶越來越多。

So hopefully they can address that. We can speed up some of this process and this guarantee that the success that we are seeing today in Velo Plus can be maintained with the pipeline of Velo that we have outside the US.

所以希望他們能夠解決這個問題。我們可以加快部分進程，並保證我們今天在 Velo Plus 中看到的成功能夠透過我們在美國以外的 Velo 管道得以維持。

Okay. On the EPS, basically you're looking at GBP162.1, which is on the constant basis. The GBP155.5 that you see is on the current basis. There is an adjusting item, which is our Canadian adjustment, but Victoria and her team are happy to provide you with a full reconciliation. But the number you should be looking at is GBP162.1.

好的。就每股收益而言，基本上是 162.1 英鎊，這是恆定的。您看到的155.5英鎊是基於當前基礎的。有一個調整項目，這是我們的加拿大調整，但維多利亞和她的團隊很樂意為您提供完整的對帳。但您應該查看的數字是162.1英鎊。

Okay. Thank you.

好的。謝謝。

Gaurav Jain, Barclays.

巴克萊銀行的 Gaurav Jain。

Hi, good morning, Tadeu. Good morning, Soraya. Three questions from me. So first on US cigarette pricing, which was almost 12% ahead of your big competitor. And there was, clearly a lot of discussion around double drawback in the US market and in the press releases or all these newspaper articles and all was mentioned a lot.

你好，早安，塔德烏。早上好，索拉雅。我有三個問題。首先是美國香菸定價，比你的大競爭對手高出近 12%。顯然，美國市場上有很多關於雙重退稅的討論，新聞稿或所有報紙文章中都多次提到這一點。

So could you talk about how double drawback is impacting the US business, how much it has changed on a YoY basis in terms of contribution to your portfolio? So that's my question number one.

那麼，您能否談談雙重退稅對美國業務有何影響，以及就您的投資組合的貢獻而言，其同比變化有多大？這是我的第一個問題。

And question number two is on your overall e-cigarette strategy, it seems you have exited a few markets, especially Latvia, like Malaysia, etc. called out. So is it like something bigger happening in your overall global e-cigarette portfolio, the way you think about it?

第二個問題是關於你們的整體電子煙策略，看來你們已經退出了一些市場，特別是拉脫維亞、馬來西亞等。那麼，您認為這是否意味著您的全球電子煙產品組合中發生了更大的變化？

And then the last question I have is on your Velo Plus. So amazing growth in the US, 1.1 billion pouches in one edge, and if we just extrapolate these market share trends what you're highlighting and what we see in the standard data, you could be doing like 6x volume next year assuming you know market keeps growing and you get your fair share. So do you have that kind of capacity or will you run into capacity shortages at some point in time? Thank you.

我的最後一個問題是關於您的 Velo Plus。美國的成長非常驚人，單邊銷售量就達到 11 億個包裝袋，如果我們僅僅推斷您所強調的市場份額趨勢以及我們在標準數據中看到的情況，那麼明年您的銷量可能會增長 6 倍，前提是您知道市場持續增長並且您獲得了公平的份額。那麼，您是否擁有這種產能，或者您是否會在某個時間點遇到產能短缺？謝謝。

Okay. So let me start with the drawback. This is extent legal framework to incentivize manufacturing in the US and generate employment, and that's exactly what Reynolds is doing.

好的。那麼讓我先從缺點說起。這是激勵美國製造業和創造就業機會的某種程度的法律框架，而這正是雷諾茲正在做的事情。

And so there is a positive impact on the top line coming from this legal framework and -- but we would be growing anyway independent of the duty drawback. So there are three major drivers behind that. The first one is the more important one is the performance itself is the fact that we are growing. Market share value share, our price mix, very robust.

因此，該法律框架對營收產生了積極影響——但無論關稅減免如何，我們的收入都會實現成長。這背後有三個主要驅動因素。第一個也是最重要的一點是業績本身就表示我們正在成長。市場佔有率價值份額，我們的價格組合非常穩健。

The fact that we have outperformed the market in volume. If you see the overall industry, like I said, is more in the 8% to 8.5% decline. We declined less than that, so all this combined, which I call, is better, and this is the major driver.

事實上，我們的銷量已經超越了市場。如果你看到整個產業，就像我說的，下降幅度在 8% 到 8.5% 之間。我們下降的幅度小於這個數字，所以所有這些結合起來，我稱之為更好的，這是主要的驅動力。

We also giving what I said more recently in the previous question, we are lapping a more softer competitor because we took some decisions in 2023, 2024, that resulted in some inventory moves and this also contributes to the very high growth rates that you saw on the combustible level.

我們還給出了我最近在上一個問題中提到的內容，我們正在超越一個更弱的競爭對手，因為我們在 2023 年、2024 年做出了一些決定，導致了一些庫存變動，這也促成了您在可燃水平上看到的非常高的增長率。

And finally you have the back that is Reynolds at the back of that, balancing out all these structural decline that we have in volumes in the US, compensating that through more exports from the US to other markets, generate more employment, and more importantly, buy more leaf as well that is supportive of the farmers in the US.

最後，雷諾茲作為我們的後盾，平衡了美國銷量的所有結構性下滑，透過從美國向其他市場出口更多菸草來彌補這一下滑，創造了更多就業機會，更重要的是，購買更多菸葉，這對美國農民有利。

So that's about the first question. I'm going to skip to the Velo Plus because I need your help to understand better the second, but the Velo Plus question is, all these shares that we are referring to are consumer offtake shares, not shipment shares.

這就是第一個問題。我將跳到 Velo Plus，因為我需要你的幫助來更好地理解第二個，但 Velo Plus 的問題是，我們所指的所有這些份額都是消費者購買份額，而不是出貨份額。

So you are right, we are growing fast and because we need to remember that we came from a very small position back end of last year, we barely have something like 6%, 7% of the market. Like I said, our latest number in July is already in the 17% mark. And as I said, when we launched Velo Plus, the fact that we have been so entrenched in this category outside the US allows us to migrate machinery and shortcut the leading time to produce those machines.

所以你說得對，我們正在快速發展，因為我們需要記住，去年年底我們的市佔率還很小，我們只佔有 6% 到 7% 的市佔率。正如我所說，我們 7 月的最新數字已經達到 17% 大關。正如我所說，當我們推出 Velo Plus 時，我們在美國以外的領域已經根深蒂固，這一事實使我們能夠遷移機器並縮短生產這些機器的領先時間。

So we are very well equipped to the pace of growth that we are seeing in Velo Plus. So we are not expecting any type of difficulty in that sense in the US. And the second question is --

因此，我們已經做好了充分的準備來應對 Velo Plus 的成長速度。因此，我們預期美國不會遇到任何這方面的困難。第二個問題是--

Let me try and help a little bit, Gaurav, with the second question. I think you're referring, if I understood correctly, about some of the APMEA resource allocation decisions that we took. It's basically -- what we've had to do is prioritize given that we're rolling out innovations in all three categories, and we have a lot of innovations this year with Velo Plus in the US, Velo that continues globally, Vuse Ultra and glo Hilo, which requires a lot of investment.

讓我嘗試幫助 Gaurav 回答第二個問題。如果我理解正確的話，我想您指的是我們所做的一些 APMEA 資源分配決策。基本上，我們必須要確定優先順序，因為我們正在所有三個類別中推出創新，今年我們有很多創新，包括在美國推出的 Velo Plus、在全球繼續推出的 Velo、Vuse Ultra 和 glo Hilo，這些都需要大量投資。

So we've made some purely resource allocation prioritization, basically to fund the investments in the largest profit pools; that's what it is. It's not really detracting from these markets. It's just a question of focusing our resources so we can fuel growth across all our innovations.

因此，我們進行了一些純粹的資源分配優先排序，基本上是為了資助對最大利潤池的投資；就是這樣。這實際上並沒有損害這些市場。這只是一個集中資源的問題，以便我們可以推動所有創新的成長。

And part of that is eventually moving out of -- so I think that we are referring to Malaysia vapor. Yes, we had to move out of Malaysia vapor because it's another market that lost completely the -- the possibility of enforcement. So and when there is no enforcement, it's very hard to compete. So if you don't have a level playing field and then you are aligned to that, they need to be smart in the way we deploy our resources and we will make some decisions if that's the case.

其中一部分最終會流出 - 所以我認為我們指的是馬來西亞蒸汽。是的，我們不得不退出馬來西亞蒸汽市場，因為這是另一個完全失去執法可能性的市場。因此，當沒有強制執行時，競爭就非常困難。因此，如果您沒有公平的競爭環境，那麼您就會與之保持一致，他們需要以明智的方式部署我們的資源，如果情況如此，我們就會做出一些決定。

We try to (technical difficulty) the government as soon as we can to address the regulatory environment. If we are not able to do, we have to make our calls, and Malaysia, vapor is one of those.

我們嘗試盡快向政府提出（技術難題）解決監管環境問題。如果我們做不到，我們就必須發出呼籲，馬來西亞的蒸氣就是其中之一。

Thank you so much.

太感謝了。

Faham Baig, UBS.

瑞銀的 Faham Baig。

Good morning, team. Thank you for the thorough presentation as well as the Q&A. A couple from me, if I may. Firstly, you have now raised topline guidance twice in the past two months, but the EBITDA outlook continues to be reiterated. Can you dive a bit deeper in where the incremental investments are being spent, which you did not budget for at the start of the year, and how you expect these investments to pay back in 2026?

早安，各位團隊。感謝您詳盡的演講和問答。如果可以的話，我會分享一些。首先，在過去兩個月內，你們已經兩次上調了營收預期，但 EBITDA 前景仍被重申。您能否更深入地講講這些增量投資的用途（年初沒有預算這些投資），以及您預計這些投資在 2026 年將如何獲得回報？

And the second question, just can you remind us where we are on ITC hotels? I know, you've given your view on this asset previously, but where are we in the process of divesting that stake, please? Thank you.

第二個問題，您能提醒我們 ITC 飯店在哪裡嗎？我知道，您之前已經表達過對這項資產的看法，但是我們在剝離該股權的過程中處於什麼階段？謝謝。

Okay, thank you for that, Faham. Firstly, I think let's say we're very pleased with the H1 performance. But I think let me take it from the top line and then talk about the EBIT guidance. The top line, if we look at the 1.8% growth, it's important to Remember that we're lapping the investment in H1 in the US.

好的，謝謝你，Faham。首先，我想我們對 H1 的表現非常滿意。但我想讓我先從頂線開始，然後再談息稅前利潤指引。最重要的是，如果我們看一下 1.8% 的成長率，重要的是要記住，我們正在對美國上半年的投資進行覆蓋。

So if we looked at the 1.8%, it really equates to 1.4% growth, and that means that we are second-half weighted so because we've got quite a lot of innovations rolling out as we've mentioned in the presentation. I think it's also important to note that the 1.5 to 2.5 guidance in EBIT that we haven't changed even though we're at the top line of our NTO growth.

因此，如果我們看一下 1.8%，它實際上相當於 1.4% 的成長，這意味著我們的成長重點是下半年，因為正如我們在演示中提到的那樣，我們推出了相當多的創新。我認為還需要注意的是，儘管我們處於 NTO 成長的最高點，但我們對 EBIT 的 1.5 到 2.5 指引並沒有改變。

We have these innovations and we're funding the rollouts there. It's not that we didn't anticipate it, but we would like to retain the flexibility to increase the funding to further fuel the growth going into 2026.

我們有這些創新，我們正在資助這些創新的推廣。這並不是說我們沒有預料到，而是我們希望保留靈活性，增加資金，以進一步推動 2026 年的成長。

It's also important to bear in mind that we have had some tariff impact. It hasn't been significant, but we have absorbed it into our guidance, but the main reason is really us to preserve the ability to increase our investments behind the innovations. And the innovations, as you know, are the Vuse Ultra rollout, glo Hilo that we're rolling out the second half of this year, and obviously, the continued momentum behind Velo Plus in the US and Velo globally.

還需要記住的是，我們已經受到了一些關稅的影響。雖然這並不重要，但我們已將其納入我們的指導中，但主要原因實際上是我們保留增加創新背後投資的能力。如您所知，這些創新包括 Vuse Ultra 的推出、我們將在今年下半年推出的 glo Hilo，以及顯然在美國和全球範圍內 Velo Plus 持續增長的勢頭。

I think that is right. I would just say is that we are in a position that we have never been in the past. As a company, we have now very competitive products in every single category. It's very exciting.

我認為這是對的。我只想說，我們現在處於一個過去從未有過的境地。作為一家公司，我們現在在每個類別中都有非常有競爭力的產品。這非常令人興奮。

We spoke about that in the CMD October last year, all the efforts, all the strategic partners we are leveraging. And we are seeing some of those products now hitting the market and Soraya I just referred to them and it's a very strong point to be very pleased with that.

我們在去年 10 月的 CMD 上談到了這一點，我們正在利用所有的努力和所有的策略夥伴。我們看到其中一些產品正在進入市場，索拉雅，我剛才提到了它們，對此我感到非常高興。

But obviously this requires more discipline in terms of investing and they are and they will translate in future for future drivers of growth for the company, which is supportive of our guidance moving forward in terms of top line and bottom line as well.

但顯然，這需要在投資方面更加自律，而且它們現在和將來都會轉化為公司未來的成長動力，這也支持了我們在營收和利潤方面的指導。

On the hotels, I'd like to see hotels. I have said before I continue saying that we strategically speaking, we don't intend to be shareholders in a hotel chain in India and outside India.

關於酒店，我想看看酒店。我之前說過，從策略上講，我們無意成為印度和印度以外的連鎖飯店的股東。

But the fact is that there are some bureaucratic steps that need to go through in terms of the way that our shareholders of that dates back to early 1900s. And I said give this explanation before and sometimes things take longer for us to be able to unlock those shares, get the right approvals in the right forums in this case, the central bank in India in order to be able to transact.

但事實是，就我們股東的方式而言，需要經過一些官僚步驟，其歷史可以追溯到 20 世紀初。我之前說過要給這個解釋，有時我們需要更長的時間才能解鎖這些股份，才能在正確的論壇上獲得正確的批准，在這種情況下，也就是印度中央銀行，才能進行交易。

And once we are in this position, you'll be thinking about that because this will be supportive for us going back to the corridor of 2.5 to 2 times by the end of 2026. So we intend to use the proceeds of the hotel to leverage for the company.

一旦我們處於這個位置，您就會考慮這一點，因為這將有助於我們在 2026 年底之前回到 2.5 到 2 倍的區間。因此我們打算利用飯店的收益來為公司提供槓桿。

Thank you, guys.

謝謝你們。

Andrei Andon, Jefferies.

安德烈安東 (Andrei Andon)，傑富瑞 (Jefferies)。

Hi, good morning, Tadeu, Soraya and VB, and thank you for taking my questions. A couple for me, please. First, in Modern Oral in Europe, you were the beneficiary of the authority of category growth in H1. Could you perhaps tell us more about the actions you've taken to preserve this advantage in Europe, given competitor has been increasingly assertive on growth outside the US?

大家好，Tadeu、Soraya 和 VB，早安，感謝你們回答我的問題。請給我幾張。首先，在《歐洲現代口語》中，您是 H1 類別成長權威的受益者。鑑於競爭對手在美國以外地區越來越積極地尋求成長，您能否告訴我們更多有關您為保持在歐洲的優勢而採取的行動？

And then second on US Modern Oral. I noticed (technical difficulty) is already in 135,000 outlets, which I think is ahead of the previous target for fiscal '25.

其次是美國現代口語。我注意到（技術難題）已經影響了 135,000 個門市，我認為這已經超過了 25 財年的既定目標。

Are there any incremental distribution gains still to come in H2, or are you happy with the current distribution base? Thank you.

下半年是否還會有任何增量分銷收益，或者您對目前的分銷基礎滿意嗎？謝謝。

Okay, thank you for the question. In terms of Velo Plus -- I will start from the second one. We in 135,000 outlets, we are in more than a bit more than 9% of the value of the category, so we don't really need to go much beyond that.

好的，謝謝你的提問。就 Velo Plus 而言——我將從第二個開始。我們在 135,000 家門市中佔據了該類別價值的 9% 多一點，因此我們實際上不需要超越這個數字。

But what we are seeing is, there is a lot of retailers that are buying from wholesalers because they want to have the product and is being supported directly by us and probably so it wouldn't be a surprise to see this number going further, but it is what we consider an optimal number.

但我們看到的是，有很多零售商從批發商那裡購買產品，因為他們想要產品，並且直接得到我們的支持，所以這個數字進一步上升可能並不奇怪，但這是我們認為的最佳數字。

Our focus now is actually to improve awareness of the brand because it's too low, which also demonstrates further potential for the brand and activate trial, because once the consumer tries the product, like I said, the level of retention is very high. That in the US average daily consumption is three pouches, whilst the AME as a region is six pouches, and Sweden, which is a very mature market, is 12 pouches.

我們現在的重點實際上是提高品牌知名度，因為現在的知名度太低了，這也表明了品牌的進一步潛力並激活試用，因為一旦消費者嘗試了產品，就像我說的，保留率就會很高。美國的平均每日消費量為 3 袋，而 AME 地區為 6 袋，而市場非常成熟的瑞典則為 12 袋。

So there is a lot of potential growth in terms of the category, provided you give them satisfying products which, Velo Plus seems to be addressing this right now as we speak.

因此，只要您為他們提供令人滿意的產品，該類別就具有很大的潛在成長空間，Velo Plus 似乎正在解決這個問題。

And that's the reason why we are -- we consider that the category has the potential to almost double in the next couple of years. In terms of modern order outside the US, yes, there is a lot of new competitors coming in. The more established ones, but also new ones because as I said, it's the fastest growing category, new category, is also the one that tick the box in a number of areas, is in terms of risk is probably one of the lowest risks involved.

這就是我們的原因——我們認為該類別有可能在未來幾年內翻倍。就美國以外的現代秩序而言，確實有許多新的競爭對手湧入。既有比較成熟的，也有比較新的，因為正如我所說，它是成長最快的類別，也是新類別，也是在許多領域都符合要求的類別，就風險而言，可能是風險最低的類別之一。

It's very close to a nicotine replacement therapy. There is no inhalation. In terms of affordability, you can address the likes of emerging markets, for example, because there is no device involved on that, and in terms of margins, if anything, even higher than cigarettes.

這非常接近尼古丁替代療法。沒有吸入。就可負擔性而言，你可以解決新興市場的問題，因為那裡不涉及任何設備，而就利潤率而言，甚至比香菸還要高。

So obviously, there is a lot of attraction there. So what we are doing, you just saw one of the shots that I presented in my presentation. I was covering one of the innovations of Velo that we are launching the market in the next couple of months, and this is about us keeping the momentum and being able to offer consumers more innovative products around that and also spend behind the band building.

顯然，那裡有很多吸引力。所以我們正在做的，您剛剛看到了我在演示中展示的其中一個鏡頭。我正在報導 Velo 的一項創新，我們將在未來幾個月內將其推向市場，這是為了讓我們保持發展勢頭，並能夠為消費者提供更多創新產品，同時也為樂隊建設投入資金。

And we have been doing that diligently through a number of years now and some of the resource allocation decisions that we have spoken about is exactly to support the growth of Velo that is going from strength to strength, okay.

多年來，我們一直在努力做到這一點，我們談到的一些資源分配決策正是為了支持 Velo 的不斷發展壯大，好的。

Well thank you very much for your questions. I'm afraid that's all we've got time for today. The IR team will answer any outstanding questions that will remain on the web, and with that, I'll hand back to Tadeu for closing remarks.

非常感謝您的提問。恐怕我們今天就只能講這麼多了。IR 團隊將回答網路上任何未解決的問題，然後我將把發言權交還給 Tadeu 做最後發言。

Okay. Thank you all for listening today and for your questions. To close, we are on track for our full-year guidance, having delivered H1 results slightly ahead of expectations. And looking to 2026, I'm confident we have the right building blocks in place to deliver our midterm (technical difficulty)

好的。感謝大家今天的收聽與提問。最後，我們的全年業績可望實現，上半年業績略高於預期。展望 2026 年，我相信我們已經做好了實現中期選舉目標的準備（技術難度）

We will continue to reward our shareholders through strong cash returns, including our progressive dividend and sustainable share buyback and deliver long-term growth, and value creation. Thank you again, for joining us.

我們將繼續透過強勁的現金回報回報我們的股東，包括我們的累進股息和可持續的股票回購，實現長期成長和價值創造。再次感謝您加入我們。