奧馳亞 (MO) 2026 Q2 法說會逐字稿

Good day, and welcome to Altria Group 2026 second-quarter earnings conference call. Today's call is scheduled to last about one hour, including remarks by Altria's management and a question-and-answer session. Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks. I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations. Please go ahead, sir.

大家好，歡迎參加奧馳亞集團（Altria Group）2026 年第二季財報電話會議。今天的會議預計約一小時，包含奧馳亞管理團隊的發言以及問答環節。投資界與媒體的與會代表將可在預先準備的發言結束後提問。現在我想把電話會議交給投資人關係副總裁 Mac Livingston。先生，請開始。

Thanks, Olivia. Good morning, and thank you for joining us. This morning, Sal Mancuso, Altria's CEO; and Heather Newman, our CFO, will discuss Altria's 2026 second-quarter business results. Earlier today, we issued a press release providing our results. The release, presentation, and quarterly metrics are all available at altria.com. During our call today, unless otherwise stated, we're comparing results to the same period in 2025.

謝謝你，Olivia。各位早安，感謝各位加入我們。今天上午，奧馳亞執行長 Sal Mancuso 與財務長 Heather Newman 將討論奧馳亞 2026 年第二季的營運成果。我們已於今日稍早發布新聞稿說明本季結果。新聞稿、簡報與季度指標皆可於 altria.com 取得。除非另有說明，今天電話會議中的比較基準皆為 2025 年同期。

Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections. Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors.

我們的發言包含前瞻性陳述，包括對未來結果的預測。請查閱今日財報新聞稿末尾的前瞻性與警示性陳述章節，其中列示多項可能導致實際結果與預測存在重大差異的因素。未來股利發放與庫藏股回購仍須由本公司董事會酌情決定。

We report our financial results in accordance with US Generally Accepted Accounting Principles. Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's earnings release and on our website at altria.com.

我們依照美國一般公認會計原則（US GAAP）報告財務結果。今日電話會議將同時提供按「報告基礎」與「調整後基礎」呈現的多項營運結果。調整後結果排除影響與報告結果可比性的特殊項目。這些非 GAAP 財務衡量指標的說明，以及與最可比 GAAP 財務衡量指標的調節表，均載於今日財報新聞稿並公布於我們的網站 altria.com。

Finally, all references in today's remarks to nicotine consumers or consumers within a specific nicotine category or segment refer to existing adult nicotine consumers 21 years of age or older.

最後，今日發言中所有提及尼古丁消費者，或特定尼古丁品類或區隔中的消費者，均指年滿 21 歲（含）以上的既有成人尼古丁消費者。

With that, I'll turn the call over to Sal.

接下來，我把電話會議交給 Sal。

Thanks, Mac. Good morning, and thank you for joining us. In the second quarter, our operating companies continue to deliver against the priorities we outlined at the start of the year, advancing our smoke-free portfolio, strengthening our traditional tobacco businesses, and delivering significant returns to shareholders.

謝謝你，Mac。各位早安，感謝各位加入我們。第二季，我們的營運公司持續依照年初所提出的優先事項推進：加速無煙產品組合、強化傳統菸草業務，並為股東帶來可觀回報。

In smoke-free, Helix expanded on! PLUS to 120,000 stores nationwide, engaged in trial-generating activities and prepared for additional line extensions to come later this year. In Smokeable Products, PM USA advanced, it's data-driven total portfolio approach to drive profitability. As Marlboro Cowboy Cut generated strong interest among premium smokers and Basic continued to gain traction in discount.

在無煙產品方面，Helix 將 on!PLUS 擴展至全美 120,000 家門市，推動試用導向活動，並為今年稍晚推出更多產品線延伸做好準備。在可燃產品方面，PM USA 推進其以數據驅動的全產品組合策略，以提升獲利能力。其中，Marlboro Cowboy Cut 在高端吸菸者中引發強烈興趣，而 Basic 在平價市場持續獲得動能。

We delivered strong first-half results, driving adjusted diluted EPS growth of 4.9% and returned nearly $3.9 billion to shareholders through dividends and share repurchases combined. This performance reflects steady, disciplined execution, and confidence in our full-year plan, which allowed us to narrow our earnings guidance for the year.

我們上半年交出強勁成績，推動調整後稀釋每股盈餘（EPS）成長 4.9%，並透過股利與庫藏股回購合計向股東返還近 39 億美元。此一表現反映我們穩健且紀律嚴明的執行力，以及對全年計畫的信心，使我們得以收斂今年的獲利指引區間。

This morning, I'll cover second-quarter and first-half results from on!, recent FDA actions in e-vapor category dynamics, and how our operating company celebrated America's 250th anniversary. I'll then turn it over to Heather who will provide further detail on our business results and financial outlook.

今天上午，我將說明 on! 的第二季與上半年表現、FDA 近期動作、電子霧化（e-vapor）品類的動態，以及我們的營運公司如何慶祝美國建國 250 週年。接著我會把時間交給 Heather，她將進一步說明我們的業務成果與財務展望。

Let's begin with the nicotine pouch category and our growing on! portfolio.

我們先從尼古丁口含袋品類，以及我們持續成長的 on!產品組合談起。

Nicotine pouches continue to drive volume growth in the Oral Tobacco category, which we estimate increased 6% over the past six months. In the second quarter, the nicotine pouch category grew 8.1 share points and now represents nearly 60% of the total oral category. As the category continues to expand, Helix is building on its momentum and strengthening on!'s position.

尼古丁口含袋持續帶動口含菸草（Oral Tobacco）品類的銷量成長，我們估計過去六個月該品類成長 6%。第二季，尼古丁口含袋品類的市占提升 8.1 個百分點，目前已占整體口含品類近 60%。隨著品類持續擴張，Helix 正在延續其動能並強化 on!'s地位。

In the second quarter, on! reported shipment volume was 49.9 million cans, down 4.2% versus the prior year due to trade inventory movements. Year to date, on! reported shipment volume increased by 5.1%, reflecting the early impact of on! PLUS following its national expansion. In the second quarter, on! retail share reached 8.6%, up 0.8 share points sequentially, and 0.3 share points year over year, driven by the introduction of on! PLUS.

第二季，on!申報出貨量為 4,990 萬罐，因通路庫存變動較去年同期下降 4.2%。年初至今，on!申報出貨量成長 5.1%，反映 on!PLUS 全國擴張後的初期效應。第二季，on!零售市占達 8.6%，較前一季增加 0.8 個百分點，較去年同期增加 0.3 個百分點，主要受 on!PLUS 上市帶動。

Early data suggests on! PLUS is resonating with both loyal on! and competitive nicotine pouch consumers, driving incremental volume and share contributions for the brand. We've also seen encouraging repeat purchase rates that suggest consumers value the differentiated experience of our nickel silk soft pouch. These results reflect the strategic investments we've made to support the brand.

初步數據顯示，on!PLUS 同時獲得忠誠的 on!消費者與競品尼古丁口含袋消費者的青睞，為品牌帶來增量的銷量與市占貢獻。我們也看到令人鼓舞的回購率，顯示消費者重視我們「nickel silk」柔軟口含袋所帶來的差異化體驗。這些成果反映我們為支持品牌所做的策略性投資。

Earlier this year, Helix launched a new retail trade program that secured premium visibility and incremental fixture space for on! PLUS and its growing product portfolio. Helix complemented its trade program with responsible marketing investments across retail, live events, paid social media, and more. As a result, Helix delivered gains in both total and unaided brand awareness for on! in the first half of the year, maintaining its position as the second most recognized brand in the nicotine pouch category.

今年稍早，Helix 推出新的零售通路方案，為 on!PLUS 及其持續擴大的產品組合爭取到高端能見度與額外的陳列設備空間。Helix 亦以負責任的行銷投資配合其通路方案，涵蓋零售端、現場活動、付費社群媒體等。因此，Helix 在上半年推動 on!的整體與非提示（unaided）品牌知名度雙雙提升，並維持其在尼古丁口含袋品類中第二高辨識度品牌的地位。

These early indicators reflect a strong start for on! PLUS with nicotine pouch consumers. Competitive (inaudible) in the nicotine pouch space is intensifying with competitors bringing new products and flavors to market, and Helix is prepared with a differentiated product experience in a growing product portfolio.

這些早期指標顯示，on!PLUS 在尼古丁口含袋消費者中有一個強勁的開局。尼古丁口含袋市場的競爭（聽不清）正隨著競爭對手推出新產品與新口味而加劇，而 Helix 已以差異化的產品體驗與持續擴大的產品組合做好準備。

Helix's momentum is supported by an improving regulatory backdrop. The FDA recently updated its enforcement priorities for certain e-vapor and nicotine pouch products. We view this as a positive step toward greater regulatory clarity and transparency.

Helix 的動能亦受惠於逐步改善的監管環境。FDA 近期更新了對部分電子霧化（e-vapor）與尼古丁口含袋產品的執法優先順序。我們認為這是朝向更高監管明確性與透明度邁出的正向一步。

While the guidance does not replace the need for formal authorizations, it recognizes that products in advanced stages of FDA review should be treated differently from products that evade regulatory oversight entirely. For Helix, we believe this guidance provides regulatory clarity for future product launches and reinforces Helix's strong position as the on! PLUS authorizations received last year create the potential for a faster supplemental PMTA pathway for future line extensions.

雖然該指引並不取代正式核准的必要性，但它承認：處於 FDA 審查後期階段的產品，應與完全規避監管監督的產品有所不同的對待。對 Helix 而言，我們認為此指引為未來產品上市提供監管明確性，並強化 Helix 的有利地位；因為去年取得的 on!PLUS 授權，可能使未來產品線延伸可走更快速的補充性 PMTA 路徑。

In the second quarter, Helix resumed shipments of on! PLUS 12-milligram in three flavors in Florida, North Carolina, and Texas with a national expansion planned for the third quarter. Helix also plans to introduce flavor extensions across 6-, 9- and 12-milligram strengths, beginning with Blueberry Mint and Mango Pineapple in the fourth quarter. We believe these products will enhance the on! PLUS portfolio and help meet increasing consumer demand for higher strength options and more flavor variety.

第二季，Helix 在佛羅里達州、北卡羅來納州與德州恢復出貨 on!PLUS 12 毫克、三種口味，並計畫於第三季進行全國擴張。Helix 也計畫在 6、9 與 12 毫克濃度推出口味延伸，第四季將先推出 Blueberry Mint 與 Mango Pineapple。我們相信這些產品將強化 on!PLUS 產品組合，並有助於滿足消費者對更高濃度選項與更多口味多樣性的日益增加需求。

Helix is committed to strengthening its position in the attractive nicotine pouch space and driving long-term profitable growth in the category. In e-vapor, we continue to believe that the category holds the potential to advance tobacco-harm reduction in the US and that recent FDA actions help expand access to regulated options for adult consumers.

Helix 致力於強化其在具吸引力的尼古丁袋市場中的地位，並推動該品類長期且具獲利性的成長。在電子霧化產品方面，我們仍然相信該品類有潛力在美國推進菸草減害，而近期 FDA 的行動有助於擴大成年消費者取得受監管選項的管道。

We also continue to see encouraging signs that federal and state agencies are committed to stronger enforcement. During the quarter, this included continued federal seizures of illicit products totaling more than $250 million, a lawsuit by the Minnesota Attorney General against a leading illicit e-vapor manufacturer and actions by major commerce, and payment platforms to restrict illicit e-vapor sales.

我們也持續看到令人鼓舞的跡象，顯示聯邦與州級機構正致力於更強力的執法。在本季度，這包括聯邦持續查扣非法產品，總額超過 2.5 億美元；明尼蘇達州總檢察長對一家主要非法電子霧化產品製造商提起訴訟；以及主要商務與支付平台採取行動，以限制非法電子霧化產品的銷售。

For harm reduction to succeed, two things are necessary, a more efficient authorization process and consistent enforcement over time. Both are critical to establish a level-playing field among legal manufacturers with high-quality, smoke-free products for adult nicotine consumers. We believe increased enforcement activity, including supply-related disruptions at the border is helping slow demand for illicit products.

要讓減害成功，需要兩件事：更有效率的核准流程，以及長期一致的執法。兩者對於在合法製造商之間建立公平競爭環境至關重要，這些製造商為成年尼古丁消費者提供高品質的無煙產品。我們相信，增加的執法活動（包括邊境端與供應相關的干擾）正有助於放緩對非法產品的需求。

While illicit-flavor disposable products remain prevalent, signs of moderating growth continued in the second quarter, and we're beginning to see this reflected in the consumer data. At the end of June, we estimate there were approximately 20 million adult vapors essentially unchanged from a year ago. Over the same period, the estimated number of disposable e-vapor consumers declined modestly. Together, these trends suggest the categories of illicit-driven growth trajectory is beginning to moderate from the growth seen in previous years.

儘管非法口味的一次性產品仍然普遍存在，但第二季持續出現成長趨緩的跡象，我們也開始在消費者數據中看到反映。截至 6 月底，我們估計成年霧化使用者約為 2,000 萬人，與一年前基本持平。在同一期間，估計的一次性電子霧化產品消費者數量小幅下降。綜合而言，這些趨勢顯示由非法產品帶動的品類成長軌跡，正開始從前幾年的成長中趨於緩和。

Before I turn it over to Heather, I'd like to briefly highlight how we're supporting the people, communities, and brands that have been central to our success for generations. Our companies have strong American roots and long-standing relationships with farmers that span more than 200 years.

在我把時間交給 Heather 之前，我想簡要說明我們如何支持那些世代以來一直是我們成功核心的人才、社區與品牌。我們的公司具有深厚的美國根基，並與農民建立了長達 200 多年的長期關係。

Our nation celebrates its 250th anniversary. We're honoring that heritage by investing in American tobacco growers in their local communities, engaging our employees nationwide through service and civic participation and marking the milestone across our portfolio, including Copenhagen's year-long celebration of the farmers, veterans, and trades people who help shape our country.

我們的國家正慶祝建國 250 週年。我們透過投資美國菸草種植者及其在地社區、在全國範圍內鼓勵員工透過服務與公民參與投入其中，並在我們的產品組合中共同紀念這一里程碑；其中包括 Copenhagen 為期一年的慶祝活動，向協助塑造我們國家的農民、退伍軍人與技工致敬。

And PM USA's introduction of Marlboro Cowboy Cut, a classic Marlboro experience anchored in the brand's iconic American story. Collectively, these efforts honor the American routes that have shaped our businesses while reinforcing the foundation for our next chapter of growth.

以及 PM USA 推出 Marlboro Cowboy Cut，這是一種以該品牌標誌性的美國故事為核心的經典 Marlboro 體驗。整體而言，這些努力在致敬塑造我們業務的美國根源之際，也強化了我們下一階段成長的基礎。

In summary, we've had a strong first half of 2026. Our expanding smoke-free portfolio, the strength of our traditional businesses, a regulatory environment that is increasingly focused on addressing illicit products, and the passion of our talented employees support our confidence in the opportunities ahead.

總結來說，2026 年上半年我們表現強勁。我們持續擴大的無煙產品組合、傳統業務的實力、日益聚焦於打擊非法產品的監管環境，以及我們優秀員工的熱忱，讓我們對未來機會充滿信心。

With that, I'm delighted to turn the call over to Heather Newman, our new CFO, to provide details on our business and financial results.

接下來，我很高興把電話會議交給我們的新任 CFO Heather Newman，為大家說明我們的業務與財務結果細節。

Thanks, Sal. Good morning, everyone. Altria delivered strong second-quarter and first-half financial performance. Adjusted diluted earnings per share increased by 2.8% to $1.48 in the second quarter; and by 4.9% to $2.80 for the first half.

謝謝你，Sal。各位早安。Altria 在第二季與上半年交出強勁的財務表現。第二季調整後稀釋每股盈餘成長 2.8% 至 1.48 美元；上半年則成長 4.9% 至 2.80 美元。

Robust Smokeable Products adjusted OCI growth continued to be a key contributor to earnings. In the segment, adjusted OCI grew by 2.4% to $3 billion in the second quarter and by 4.2% to $5.7 billion in the first half.

可燃產品（Smokeable Products）調整後 OCI 的強勁成長，持續是獲利的重要貢獻來源。在該部門中，第二季調整後 OCI 成長 2.4% 至 30 億美元，上半年成長 4.2% 至 57 億美元。

Adjusted OCI margins expanded to 64.8% in the second quarter and 64.9% in the first half. The decline in our Smokeable volumes continued to moderate during the quarter. Reported domestic Cigarette volumes declined 3.2% in the second quarter and 2.8% in the first half. When adjusted for trade inventory movements, domestic cigarette volumes in the second quarter and the first half declined by an estimated 4.5% and 4%, respectively.

第二季調整後 OCI 利潤率擴大至 64.8%，上半年為 64.9%。本季度我們可燃產品銷量下滑的幅度持續趨緩。第二季申報的美國國內香菸銷量下降 3.2%，上半年下降 2.8%。若調整通路庫存變動因素，估計第二季與上半年美國國內香菸銷量分別下降 4.5% 與 4%。

At the industry level, when adjusted for the same factor, we estimate that domestic cigarette volumes declined by 5% in both the second quarter and in the first half, marking the fourth consecutive quarter of moderated cigarette industry declines. This trend continues to primarily be driven by reduced cross-category movement between Cigarettes and illicit-flavored disposable e-vapor products.

在產業層面，若同樣調整該因素，我們估計美國國內香菸銷量在第二季與上半年皆下降 5%，這是香菸產業下滑幅度連續第四個季度趨緩。此趨勢仍主要由香菸與非法口味一次性電子霧化產品之間的跨品類轉移減少所驅動。

Economic pressure on adult smokers continue to impact cigarette-industry dynamics. In the Discount segment, persistent discretionary income pressures, especially among low-income consumers, remain the primary driver of growth. (inaudible) included elevated gas prices and the compounding effects of inflation exceeding overall wage growth. As a result, for both the second (technical difficulty) quarter first half, discount retail share grew by 2.6 share points.

成年吸菸者面臨的經濟壓力持續影響香菸產業的動態。在折扣（Discount）區隔中，可支配所得壓力的持續存在，特別是在低收入消費者之間，仍是成長的主要驅動因素。（聽不清）包括偏高的汽油價格，以及通膨高於整體薪資成長所帶來的疊加效應。因此，無論是第二季還是上半年，折扣品類的零售市占率皆增加 2.6 個市占點。

This trade down dynamic impacted Marlboro's overall retail share which declined 1.5 share points versus the year-ago period and [two-tenths] sequentially. However, Marlboro maintained its long-standing leadership profitable Premium segment. In the second quarter, Marlboro's share premium was 59.6%, unchanged versus the prior year and up one-tenth sequentially.

這種向下轉換（trade down）的動態影響了 Marlboro 的整體零售市占率，較去年同期下降 1.5 個市占點，且較前一季下降 [0.2] 個市占點。然而，Marlboro 仍維持其在高端（Premium）區隔長期以來的領導地位與獲利能力。第二季 Marlboro 在高端區隔的市占率為 59.6%，與去年同期持平，且較前一季上升 0.1 個市占點。

Basic continues to support PM USA's portfolio strategy by providing a competitive offering in stores where discount brands are most relevant. During the quarter, retail share expanded by [three-tenths] sequentially and 2.3 share points year over year. Throughout the first half, PM USA applied the same RGM-driven precision that guided basics repositioning from the start, expanding targeted promotional support to roughly 35,000 stores while refining investment levels based on marketplace learnings.

Basic 持續支持 PM USA 的產品組合策略，透過在折扣品牌最具相關性的門店提供具競爭力的產品。本季度零售市占率較前一季擴大 [0.3] 個市占點，且年增 2.3 個市占點。在上半年期間，PM USA 以自一開始引導 Basic 重新定位的同樣 RGM 驅動精準度，將針對性的促銷支持擴大至約 35,000 家門店，同時依據市場學習成果調整投資水準。

This disciplined data-driven approach to Basic's retail footprint and brand investments helped capture share that we believe otherwise would have been lost to competitive discount brands while limiting incremental impact to Marlboro.

這種有紀律、以數據為導向的方式來管理 Basic 的零售覆蓋與品牌投資，有助於取得我們認為原本可能流失給競爭性折扣品牌的市占，同時將對 Marlboro 的額外影響降至有限。

PM USA's total portfolio strategy continues to support both share performance and long-term profit growth. Total PM USA retail share expanded one-tenth of a share point sequentially and three-tenths versus a year ago. This balance between premium and discount reinforces long-term profitability while supporting overall share stability within PM USA. Reflecting this balance, Smokeable price realization for the quarter was 4.5%, driven by strong net pricing for Marlboro partially offset by mix impact of Basic volume growth.

PM USA 的整體產品組合策略持續同時支持市占表現與長期獲利成長。PM USA 總零售市占率較前一季擴大 0.1 個市占點，較去年同期增加 0.3 個市占點。高端與折扣之間的這種平衡，在支持 PM USA 整體市占穩定的同時，也強化長期獲利能力。反映此一平衡，本季度可燃產品的價格實現（price realization）為 4.5%，主要由 Marlboro 強勁的淨定價所帶動，但部分被 Basic 銷量成長帶來的組合影響所抵銷。

In Cigars, reported shipment volume increased 5% in the second quarter as Middleton continued to significantly outperform in the large mass cigar industry. All other manufacturers continue to experience volume declines with the industry down 6.4% in the same period.

在雪茄（Cigars）方面，第二季申報的出貨量成長 5%，因 Middleton 持續在大型大眾市場雪茄產業中顯著優於同業。其他所有製造商仍持續面臨銷量下滑，同期整體產業下滑 6.4%。

Turning now to the Oral Tobacco Products segment. Second-quarter results reflect the continued evolution of the category towards nicotine pouches. Segment performance was impacted by a difficult prior year comparison when 2025 volumes benefited from promotional timing and competitor supply disruptions. Additionally, financial results were impacted by strategic investment in on! PLUS introductory trial offers as we expand it beyond the initial long states.

接著談口含菸草產品（Oral Tobacco Products）部門。第二季結果反映該品類持續朝尼古丁袋演進。部門表現受到去年同期較高基期影響，因 2025 年銷量受促銷時點與競爭對手供應中斷而受益。此外，財務結果也受到我們對 on!PLUS 的策略性投資（包含入門試用優惠）影響，因我們正將其擴展至最初的長州之外。

As a result, adjusted OCI decreased by 8% in the second quarter and 4.2% in the first half. Adjusted OCI margins remained strong at 66.7% for the second quarter and 67% for the first half. Total segment reported shipment volume decreased 8.5% for the second quarter and 6% for the first half as growth in on! was more than offset by lower MST volumes.

因此，調整後 OCI 在第二季下降 8%，上半年下降 4.2%。調整後 OCI 利潤率仍維持強勁，第二季為 66.7%，上半年為 67%。各事業部門合計申報出貨量第二季下降 8.5%，上半年下降 6%，因 on! 的成長被較低的 MST 出貨量所抵銷且有餘。

When adjusted for trade inventory movements, we estimate that second-quarter and first-half Oral Tobacco Products segment volumes declined by approximately 2% and 5.5%, respectively. Oral Tobacco Products segment retail share was 29% for the second quarter and for the first half. Retail share was stable sequentially, reflecting the growth of on! and resiliency of our MST brands. In the highly profitable Moist Smokeless Tobacco segment, Copenhagen continued to maintain its long-standing premium leadership.

若就貿易庫存變動進行調整，我們估計口含菸草產品事業部門的銷量在第二季與上半年分別約下降 2% 與 5.5%。口含菸草產品事業部門的零售市占率第二季為 29%，上半年亦為 29%。零售市占率較前一季持平，反映 on! 的成長以及我們 MST 品牌的韌性。在獲利能力極高的濕式無煙菸草（MST）事業中，Copenhagen 持續維持其長期的高端領導地位。

Turning to ABI's financial results. We recorded $158 million in adjusted [equity] earnings in the second quarter, up 21.5% versus the prior year. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders.

接著看 ABI 的財務表現。我們在第二季認列 1.58 億美元的調整後[權益]收益，較去年同期成長 21.5%。我們仍將持有的 ABI 股權視為一項金融投資，我們的目標仍是為股東最大化該投資的長期價值。

We remain committed to returning significant value to shareholders. During the first half of the year, we paid approximately $3.6 billion in dividends and repurchased 5.3 million shares for $335 million. At the end of the second quarter, we had $665 million remaining in our current share repurchase program, which expires at the end of the year. In addition, our balance sheet remains strong. Our debt-to-EBITDA ratio as of June 30 was 1.9 times, in line with our target of approximately 2 times.

我們仍致力於向股東回饋可觀價值。今年上半年，我們支付約 36 億美元股利，並以 3.35 億美元回購 530 萬股。截至第二季末，我們現行庫藏股回購計畫尚餘 6.65 億美元額度，該計畫將於年底到期。此外，我們的資產負債表仍然穩健。截至 6 月 30 日，我們的淨負債對 EBITDA 比率為 1.9 倍，符合我們約 2 倍的目標。

Finally, let's turn to our financial outlook. As we've discussed this morning, our business performed extremely well during the first half of the year. As a result, we are raising the lower end of our full-year 2026 guidance. We now expect to deliver adjusted diluted EPS in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025.

最後，來看我們的財務展望。如同今天上午所討論的，我們的業務在上半年表現極為出色。因此，我們上調 2026 全年指引區間的下緣。我們目前預期調整後稀釋每股盈餘（EPS）將落在 5.61 至 5.72 美元區間，係以 2025 年 5.42 美元為基礎，成長 3.5% 至 5.5%。

We are mindful of the challenged state of the nicotine consumers and we will continue to closely monitor their purchasing behaviors. And while refunds of taxes and duties paid on imported cigarettes for the quarter were flat sequentially due to timing factors, we continue to expect export volume and related tax refunds to be higher in the second half of the year with a more balanced benefit across the third and fourth quarters.

我們留意到尼古丁消費者所處環境仍具挑戰，我們將持續密切監測其購買行為。此外，儘管本季因時點因素，進口香菸已繳稅費的退稅（refunds of taxes and duties）較前一季持平，我們仍預期下半年出口量及相關退稅將更高，且第三季與第四季的受益將更為均衡。

With that, we'll wrap up and Sal and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory, and other items.

以上就是我們的說明，接下來 Sal 和我很樂意回答各位的問題。在彙整來電的同時，我提醒各位，今日的財報新聞稿與我們的非 GAAP 調節表已公布於 altria.com。我們也已發布一如往常的季度指標，其中包含定價、庫存及其他項目。

Operator, let's open the question-and-answer period.

接線員，請開放問答時間。

(Operator Instructions) Matt Smith, Stifel.

(接線員指示) Matt Smith，Stifel。

You raised the low end of the guidance range. But even with that, the low end is below the first-half delivery. And I think initially, you anticipated a stronger phasing of growth in the second half. So how should we think about the second half now given some commentary around building benefits from the duty drawback, are you stepping up investments? You talked about some launches behind on! PLUS and you have Cowboy Cut going into the market. So are you stepping up incremental investment through the other considerations in the second half we should think about?

你們上調了指引區間的下緣。但即便如此，下緣仍低於上半年的實際交付表現。而且我認為一開始你們預期下半年成長的節奏會更強。所以，考量到你們提到關於關稅退稅（duty drawback）帶來的累積效益，我們現在應如何看待下半年？你們是否在加大投資？你們談到一些 on!PLUS 的上市，以及 Cowboy Cut 進入市場。因此，你們是否會在下半年加碼增量投資？還有哪些其他因素是我們在下半年需要納入考量的？

Yeah. Thanks for the question, Matt. It's good to hear from you. Look, we were really pleased that we could narrow guidance for our investors coming out of the second quarter, really pleased with the first-half results, to your point. And yeah, the timing played out somewhat differently than our -- what we thought at the very beginning of the year. As you go into the second half of the year.

是的。謝謝你的提問，Matt。很高興聽到你的聲音。你說得沒錯，我們對上半年的表現非常滿意，也很高興在第二季結束後能為投資人縮小指引區間。而且，是的，時點的發展與我們在年初的預期確實有些不同。當你進入下半年時。

I think it's important to keep an eye on the financial health of the consumer. The consumer remains under pressure, gas prices and inflation remain elevated, driven primarily by the uncertainty and the geopolitical climate that they are living in today.

我認為重要的是要持續關注消費者的財務健康狀況。消費者仍承受壓力，油價與通膨仍處於高位，主要是受到當前不確定性與其所處地緣政治環境所驅動。

So -- and then I think you are right to point out. We talked about national expansion of the 12-milligram on! PLUS, we've talked about flavor, introduction of flavor extensions across the portfolio. And yes, that will require a level of investment. So again, we feel really good about being able to narrow guidance, and we look forward to the second half of the year.

所以——另外我也認為你指出的重點是對的。我們談到 12 毫克 on!PLUS 的全國性擴張，也談到風味，在整體產品組合中推出風味延伸。而且是的，這將需要一定程度的投資。因此，我們對能夠縮小指引區間感到非常有信心，也期待下半年的表現。

As a follow-up, one of the investment areas is the continued expansion of Cowboy Cut. I know in early days, but can you talk about your initial observations in terms of the product's market-share trajectory and where the volume for Cowboy Cut is being sourced from and how you think that evolves over time?

追問一下，其中一個投資領域是持續擴大 Cowboy Cut 的鋪貨。我知道目前還在初期，但你能否談談你們對該產品市占率走勢的初步觀察，以及 Cowboy Cut 的銷量主要是從哪些來源轉移而來，並且你們認為這會如何隨時間演變？

Yeah. You know, we're excited about Cowboy Cut. We're really pleased with the early introduction of Cowboy Cut. Again, it serves two purposes. One, it does allow Marlboro to further celebrate the 250th anniversary of the country and it really leverages Marlboro's American heritage. And at the same time, it engages with more value-sensitive Marlboro smokers and Premium smokers who are seeking value at a time when the economic environment is difficult for those consumers.

好的。你知道，我們對 Cowboy Cut 感到很興奮。我們對 Cowboy Cut 的早期導入非常滿意。同樣地，它有兩個目的。第一，它確實讓 Marlboro 能進一步慶祝國家 250 週年，並充分運用 Marlboro 的美國傳承。同時，它也能在經濟環境對這些消費者較為艱難之際，與更重視性價比的 Marlboro 吸菸者以及尋求更高價值的高端（Premium）吸菸者互動。

You should think of Cowboy Cut as one of the many tools in the suite of RGM tools that PM USA uses to engage with consumers. So again, really pleased with the early days of Cowboy Cut and really be pleased that we're able to use the breadth of Marlboro's portfolio to engage with value-sensitive consumers and to use data analytics so that we can be more prescriptive in terms of how we apply those promotional rates across the country.

你可以把 Cowboy Cut 視為 PM USA 用來與消費者互動的 RGM 工具組中的眾多工具之一。因此，我們對 Cowboy Cut 的早期表現非常滿意，也很高興能運用 Marlboro 產品組合的廣度來觸及重視性價比的消費者，並運用數據分析，使我們能更具指引性地決定如何在全國範圍內套用這些促銷折讓幅度。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，Goldman Sachs。

I had a question on the double-duty drawback. I guess I'm hoping for a little bit more color on why you didn't recognize more of a benefit in Q2, you did export more volume sequentially. So I guess I assume something happened with the import-volume quantity?

我想問關於雙重關稅退稅（double-duty drawback）。我想更了解一下，為什麼你們在第二季沒有認列更多的效益；你們的出口量較前一季確實增加。所以我猜測可能是進口量的數量發生了變化？

I'm asking because I just want to make sure there's, I don't know, no issue, and you have good visibility on this really ramping in 2H versus 1H and then despite the double-duty drawback benefit not increasing sequentially in the quarter, your Smokeable OCI growth was still up and up sequentially on a stack basis, which is clearly positive. So could you touch on some of the drivers of that? And maybe how sustainable you believe that is?

我之所以這樣問，是因為我想確認是否沒有什麼問題，並且你們對於下半年（2H）相較上半年（1H）這項效益確實會加速放大有良好能見度；另外，儘管本季雙重關稅退稅效益未較前一季增加，你們可燃產品（Smokeable）的 OCI 成長仍上升，且以堆疊（stack）基礎來看也較前一季上升，這顯然是正面的。所以你能否談談其中一些驅動因素？以及你們認為這樣的表現有多可持續？

Bonnie, thanks for the question. For double-duty drawback, you're absolutely right to point out, export volumes increased Q1 to Q2. Really, what you're seeing is the timing factor. And so there are two components to that, why that's not truing up to the FTT credit. One is the time in terms of when we apply for that credit. The other is just staging of product, some inventory movement, and that's why that's not perfectly lining up.

Bonnie，謝謝你的提問。關於雙重用途退稅（double-duty drawback），你指出得完全正確，出口量從第一季到第二季有所增加。實際上，你看到的是時點因素。因此其中有兩個構成要素，解釋為什麼它沒有與FTT抵免額完全對上。其一是我們申請該抵免額的時間點。其二則是產品的分段出貨、部分庫存移動，因此才會出現未能完全對齊的情況。

We do expect in the second half of the year for export volume to increase and we'll have a more balanced benefit across Q3 and Q4 for the FTT credit. From a Smokeable OCI standpoint, really have two components: strong Marlboro price realization that happened in the quarter as well as the first half. And then Basic, from an overall strategy standpoint, it was incremental to total PM USA, and we saw a benefit in terms of volume and share performance so we feel really good about that total portfolio approach for PM USA that really aligns with our strategy to maximize profitability over the long term.

我們確實預期在下半年出口量會增加，FTT抵免額的效益在第三季與第四季之間會更為均衡。從可燃品OCI的角度來看，主要有兩個因素：本季以及上半年出現的強勁Marlboro價格實現（price realization）。另外，Basic從整體策略角度而言，對PM USA的總體表現帶來增量貢獻，我們在銷量與市占表現上看到了效益，因此我們對PM USA這種整體產品組合的做法感到非常有信心，這也確實符合我們長期最大化獲利能力的策略。

Okay. Maybe part of my second question, we'll touch on this, but then I do have another question, just on the consumer and your SIG volumes, as you guys have highlighted, SIG volume declines are moderating. So just maybe hoping for a little bit more color on what you think might be driving this and whether you expect this to continue?

好的。也許我第二個問題的一部分我們會談到，但我還有另一個問題，主要是關於消費者以及你們的SIG銷量；如你們所強調的，SIG銷量下滑正在趨緩。所以想請你們多提供一些背景，談談你們認為可能是什麼在驅動這個現象，以及你們是否預期這種情況會持續？

And then I'm also asking in the context of something you just touched on, Heather, is Basic because I think about the second half, you're going to have pretty tough comps for Basics. So just trying to understand if we should realistically assume your SIG volumes will be worse in 2H versus 1H and then maybe high level, just give us a sense of any changed consumer behavior and elasticities given maybe still elevated prices at the pump and tough macro?

另外我也是在你剛剛提到的脈絡下提問，Heather，也就是Basic；因為我想到下半年，你們在Basic上會面臨相當艱難的比較基期。所以我想了解，我們是否應該務實地假設你們下半年的SIG銷量會比上半年更差？另外從較高層次來看，也請你們談談在油價仍偏高、總體環境艱困的情況下，是否觀察到任何消費者行為與需求彈性（elasticities）的變化？

Yes, Bonnie, there's a lot in that questions. So let me hopefully, I answer all of them. If I don't, please follow up and if Heather has anything to add, of course. So as far as the -- let me start with the Cigarette volumes and what you're seeing across the industry, and we break out what we're seeing in terms of industry volume declines. So the drivers, you have the secular decline in the price elasticity, and then the third bucket is this cross-category movement macroeconomic conditions.

是的，Bonnie，這個問題包含很多內容。所以我希望我能把它們都回答到。如果我有漏掉，請再追問；當然如果Heather有要補充的也請她加入。就——我先從香菸銷量以及你在整個產業看到的情況談起，我們也拆解我們所觀察到的產業銷量下滑。驅動因素包括：長期結構性下滑、價格彈性，第三個則是跨品類移轉與總體經濟狀況。

You are expecting right that the macroeconomic conditions are unsettled. You have, again, as we talked about earlier, high levels and persistent inflation, higher elevated gas prices, but that is somewhat being offset by the moderation in -- essentially more than offset by the moderation in category movement.

你說得對，我們也預期總體經濟狀況仍不穩定。如同我們先前談到的，通膨水準高且具持續性，汽油價格也維持在較高水準，但這在某種程度上被——更準確地說，是被品類移轉趨緩所抵消，而且抵消幅度甚至更大。

And that's really driven by the fact we believe there are two factors that are driving that. One is the elevated level of enforcement that we're seeing in the marketplace and some of the supply chain disruption that is occurring related to the illicit disposable e-vapor products.

而這主要是因為我們認為有兩個因素在驅動這種趨緩。其一是我們在市場上看到的執法強度提高，以及與非法一次性電子霧化產品相關的供應鏈中斷正在發生。

And then these products have been available for a number of years, and the consumers, many of them had moved already into these categories. So we think both are probably playing a role in the moderation of the decline rate that you're seeing. And we'll have to see -- we don't talk about future volume trends necessarily, but we'll have to see how innovation impacts cross-category movement going forward.

另外，這些產品已經上市多年，許多消費者早就已經移轉到這些品類。所以我們認為這兩者可能都在你所看到的下滑速度放緩中扮演了角色。至於未來——我們通常不會談未來的銷量趨勢，但我們將觀察創新如何在未來影響跨品類移轉。

In the first half, you were lapping a higher level of cigarette decline rates that you rightly pointed out. So that's a lot of the driver that you're seeing in the industry volume decline rate for this quarter. We're also very pleased with the fact that when you look at Marlboro's performance and the fact that it has really held steady in the highly profitable Premium segment, that's a credit, not only to the strength of Marrow and the loyalty rates it has within the brand, but the ability for PMs will effectively use the RGM suite it has at its disposal.

在上半年，你所比較的是較高的香菸下滑率，你也正確地指出了這點。因此，這是你在本季看到產業銷量下滑率變化的主要驅動因素之一。我們也非常高興看到Marlboro的表現，以及它在高獲利的高端（Premium）區隔中確實維持穩定；這要歸功於不僅是Marlboro的品牌力與其品牌內的忠誠度表現，也包括PM能有效運用其手上可用的RGM工具組合（suite）。

And then, yeah, Basic has shown strong growth on a year-over-year basis, and we will start to lap that. But we, again, our strategy and Discount is to participate in discount and not necessarily accelerate the growth in the Discount category you're seeing. And that growth in the category is really driven by consumers' decisions to pay down during a difficult economic situation.

另外，是的，Basic在年對年基礎上呈現強勁成長，而我們接下來會開始面臨這個比較基期。但我們再次強調，我們在折扣（Discount）上的策略是參與折扣市場，而不一定要加速你所看到的折扣品類成長。而該品類的成長主要是由於消費者在艱難的經濟情勢下做出降級消費（trade down）的決策所驅動。

Pallav Mittal, Barclays.

Pallav Mittal，Barclays。

Firstly, on Cigarette volume, and it's a three-part question. So US industry volumes following up on the previous question, clearly better so far this year. Just wanted to check, are you seeing any impact from higher gas prices because even Q2 volumes were strong? Or is there a change in that correlation? And in terms of your shipments, your shipments are almost 120, 130 basis points better than the inventory adjusted number. So should we expect that to unwind in the second half?

首先關於香菸銷量，這是一個三段式問題。承接前一題，美國產業銷量今年迄今明顯更好。我想確認一下，你們是否看到汽油價格上升帶來任何影響，因為即便第二季銷量也很強？或者說，這種相關性是否有所改變？另外就你們的出貨而言，你們的出貨表現比經庫存調整後的數字好將近120到130個基點。那我們是否應該預期這在下半年會回吐（unwind）？

Yeah, we are seeing change to the price elasticity seen for a period of time that coefficient of negative 0.35% continues to hold steady. You do see, obviously, as I pointed out on Bonnie's question, the growth of the Discount category in the Cigarette space, and that's consumers making trade down decisions. But Premium remains the category or the segment where most of the profitability is in the Cigarette category, it's about 85% of the profitability in the Cigarette category. So PM USA remains focused on that.

是的，我們看到價格彈性在一段時間以來的變化；負0.35%的係數仍然維持穩定。當然，如同我在回答Bonnie的問題時指出的，你確實看到香菸領域中折扣品類的成長，而這反映的是消費者做出降級消費的決策。但高端（Premium）仍然是香菸品類中大部分獲利所在的品類或區隔，約占香菸品類獲利的85%。因此PM USA仍然聚焦於此。

You are also correct to point out that PM USA volume outperformed -- at least the volume trend outperformed the industry. And that's really the total approach that PM USA is employed. So you saw overall PM USA share grow on a year-over-year basis. So that's impacting the volume comparison versus the industry.

你也指出得沒錯，PM USA的銷量表現優於——至少其銷量趨勢優於產業。這主要是PM USA所採取的整體策略所致。因此你看到PM USA的整體市占在年對年基礎上成長。這也影響了相對於產業的銷量比較。

If I can then ask on your [Smokeable, the on!] business. Can you just talk about the consumer feedback on the on! PLUS product, the recent [LMG] launch and any retention rates, I think you have gone national in March. The reason I asked this question is because despite the national expansion, volumes haven't accelerated significantly. So just wanted to check if there was any inventory moment which is impacting the Q2 numbers or is there something more than that?

如果我可以接著問你們的[Smokeable, the on!]業務。你能否談談消費者對on!PLUS產品、近期[LMG]上市，以及任何留存率（retention rates）的回饋？我想你們在三月已經推向全國。我之所以問，是因為儘管全國擴張，銷量並沒有顯著加速。所以想確認一下，是否有任何庫存變動（inventory moment）影響第二季數字，或是還有其他更深層的原因？

Yeah. Let me start and then, Heather, if you'd like to add anything. We're really pleased with the on! PLUS launch. It's about 120,000 stores. So it covers about 90% of the nicotine product volume on AGDC [don't has] -- AGDC has done a terrific job with the on! PLUS. We mentioned earlier that we launched a new retail program that provides on and on! PLUS with premium visibility and about 90% of its volume.

是的。我先回答，然後Heather如果想補充也請加入。我們對on!PLUS的上市表現非常滿意。目前約在120,000家門市。因此它涵蓋了AGDC [don't has]——約90%的尼古丁產品銷量；AGDC在on!PLUS上做得非常出色。我們先前提到，我們推出了一個新的零售方案，讓on與on!PLUS在約90%的銷量門市中獲得高端能見度（premium visibility）。

Share was up eight-tenths sequentially. That is driven by the on! PLUS launch. The consumer likes the differentiated experience of the soft pouch technology but we also recognize it's important to have higher strengths. So we're excited about the 12-milligram national launch in the third quarter. And then the flavor expansions, we understand that flavors are important to this category. And while the larger flavor portfolio is in Mint and Wintergreen, other flavors are important. So we're excited about our ability to launch that later in the year in the fourth quarter.

市占率較前一期間上升了0.8個百分點。這主要是由on!PLUS上市所帶動。消費者喜歡NICOSILK柔軟袋技術所帶來的差異化體驗，但我們也認知到提供更高尼古丁強度同樣重要。因此，我們對第三季12毫克的全國上市感到非常振奮。接著是口味擴充，我們理解口味對這個品類很重要。雖然較大的口味組合集中在薄荷（Mint）與冬青（Wintergreen），但其他口味也同樣重要。因此，我們也很期待能在今年稍晚、第四季推出這些口味。

You are right when you talk about shipments, there were some comp issues related to the second quarter. So if you look at 2025, volume was up due to some promotional activity as a major competitor was having some supply chain disruption. It was important for Helix to promote the on! product.

你提到出貨量的部分是對的，第二季確實有一些與比較基期相關的因素。所以如果看2025年，因為某個主要競爭對手供應鏈出現中斷，帶來一些促銷活動，量因此上升。對Helix而言，推廣on!產品很重要。

And then you have some timing between first quarter and second quarter as on! PLUS national launch were being prepared. So really happy with the initial launch, excited about the feedback we're getting from consumers but really excited about the pipeline of products to come related to on! PLUS.

另外，第一季與第二季之間也有一些時點差異，因為當時正在為on!PLUS的全國上市做準備。因此我們對初期上市表現非常滿意，也很期待目前從消費者那裡收到的回饋；同時也非常期待後續與on!PLUS相關的產品管線。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

Hoping you could give some color into how you're thinking about portfolio mix between Discount and Premium in the second half. And as we move forward, you already talked a bit about -- fielded some questions in terms of lapping some of the distribution expansion for Basic.

希望你能補充一些看法，談談你們如何思考下半年折扣（Discount）與高端（Premium）之間的產品組合。另外，往前看，你們也已經稍微談到——回答了一些關於Basic通路擴張進入比較基期的問題。

At the same time, you have Cowboy Cut ramping, which at least from limited sample at retail seems to be kind of like a 40% discount to mainline, at least in the market I've seen. So not asking for future pricing guidance, but just -- how are you thinking about that mix benefit or that mix impact going forward?

同時你們還有Cowboy Cut在加速鋪貨，至少從我在零售端看到的有限樣本來看，它相對主線產品大概有40%的折扣（至少在我看到的市場是如此）。我不是在問未來定價指引，但想請教——你們如何看待這種組合帶來的正面效益或負面影響，往後會怎麼發展？

Sure. I'm happy to answer. So overall, what we try to do from a strategy standpoint is to maximize the profitability over the long term. And we do that pretty consistently across the portfolio for PM USA. And I think the first half performance is a fantastic example of that. You are right that we have different aspects of the portfolio that we will leverage.

當然。我很樂意回答。整體而言，從策略角度我們努力在長期最大化獲利能力。而我們在PM USA的整體產品組合上，一直都相當一致地這麼做。我認為上半年表現就是一個很好的例子。你說得沒錯，我們會運用產品組合中不同的槓桿。

So let's take Marlboro for example, on Cowboy Cut. That really helps [into like] brand. We know that consumers are still under pressure and to keep them within the overall family. From time to time, we will leverage our RGM capabilities and provide value to those premium consumers who are under pressure. And that's exactly how we're going to utilize Marlboro Cowboy Cut. And then when you think about discount, our approach and sales plot on. We want to participate in discount without accelerating that growth.

以Marlboro為例，談到Cowboy Cut。這確實有助於[into like]品牌。我們知道消費者仍承受壓力，因此要把他們留在整體品牌家族之內。我們會不時運用我們的RGM（營收成長管理）能力，為承壓的高端消費者提供價值。這正是我們將如何運用Marlboro Cowboy Cut。再談到折扣市場，我們的做法與銷售策略是：我們希望參與折扣市場，但不去加速該市場的成長。

We've done this from time to time. So historically, this is in line with our strategy. Previously, we have had L&M where we support Discount consumers and now our current strategy is Basic. I will remind you, it's very targeted in terms of its support. We leverage RGM to clearly identify where there's consumers under pressure to have the least amount of impact to Marlboro. And so we're really proud of our capabilities there in terms of RGM, and we feel confident in our ability to manage that for the second half.

我們過去也曾不時這麼做。因此從歷史來看，這與我們的策略一致。先前我們用L&M來支援折扣型消費者，而目前的策略是Basic。我想提醒的是，我們的支援非常有針對性。我們運用RGM清楚辨識哪些地方有承壓的消費者，以對Marlboro造成最小影響。因此我們對自身在RGM方面的能力感到非常自豪，也有信心在下半年把這件事管理好。

Great. And then just a follow-up on a different topic. I know it's early days, but in terms of on! PLUS, any insights as to what you're seeing in terms of consumer sourcing? How much of it is kind of incremental to the category and the part that's not incremental, where do you see it sourcing the most volumes from -- either from a segment and strength or a brand standpoint?

很好。接著換個主題追問一下。我知道現在還很早，但就on!PLUS而言，你們是否能分享一些對消費者來源（consumer sourcing）的觀察？其中有多少是對品類的增量（incremental），而非增量的部分，你們看到主要是從哪裡轉移而來——不論是從某個細分市場與強度，或從品牌角度來看？

Yeah. If you look at the on! PLUS share performance, it was up eight-tenths sequentially, up three-tenths year over year. So we believe it's incremental to the overall on! portfolio as I said earlier, it resonates both with on consumers as well as competitive nicotine pouch consumers. And then it also was appealing to MST consumers as a large pouch with stronger nicotine shrinks, if you will.

是的。如果看on!PLUS的市占表現，較前一期間上升0.8個百分點、年增0.3個百分點。因此我們認為它對整體on!產品組合是增量的，正如我先前所說，它同時能引起on消費者以及競品尼古丁袋消費者的共鳴。此外，對MST消費者而言，它也具吸引力，因為它是較大的袋型、尼古丁強度更高的產品。

So we feel really good about the product, but we recognize it's important to add more flavors to the portfolio. So that's why it was important to have the retail trade program in place ahead of the launch. And again, our AGDC colleagues did a tremendous job of selling that in and working with our retail partners. And it's also important to have a pipeline of products behind the current three flavors that we have in the market.

因此我們對這個產品感覺非常好，但我們也認知到在產品組合中加入更多口味很重要。所以在上市前先把零售通路方案（retail trade program）準備到位就很關鍵。再次強調，我們AGDC的同仁在推進上架、並與零售夥伴合作方面做得非常出色。同時，在目前市面上這三種口味之外，背後也必須有後續產品管線。

So yes, and I have to tell you, we're agnostic that it may source some from on! Classic, if they stay within the on family and on! PLUS, we believe, is a differentiated product related to the NICOSILK soft pouch technology. And we believe over the long term, it will be a premium product because of its differentiation.

所以是的，而且我必須說，我們對於它可能有一部分量來自on!Classic並不預設立場；只要消費者仍留在on家族、在on!PLUS之內，我們就可以接受。我們認為on! PLUS是基於NICOSILK柔軟袋技術的差異化產品。

[Farhan Bag], UBS.

[Farhan Bag]，瑞銀。

Fantastic. A couple of questions from me as well. The first one, going back to combustibles. If my math is right, I think there's a at least a couple of percentage points of deceleration in price/mix at a time when the Basic's share expansion year on year is no different compared to in Q1. Could you just help me understand what maybe drove the incremental step down in price mix, whether that's related to Marlboro pricing or the impact of Cowboy Cut? Any help there would be useful.

很好。我這邊也有幾個問題。第一個回到可燃品。如果我算得沒錯，在Basic市占年增擴張幅度與第一季相比並無不同的情況下，價格/組合（price/mix）似乎至少放緩了幾個百分點。你能否幫我理解，價格組合額外下滑的原因是什麼？是否與Marlboro定價或Cowboy Cut的影響有關？任何說明都會很有幫助。

And the second question is going back to the recent FDA policy you highlighted, it gives you an opportunity to innovate and launch future line extensions and nicotine pouches. I guess the other category, the policy targets is vapor. Could you maybe remind us what you already have submitted in the EMT pipeline? What's in scientific review? And how you think about launches in that category to try and further switch consumption away from the lizard.

第二個問題回到你提到的近期FDA政策：它讓你們有機會在未來的產品延伸與尼古丁袋上進行創新並推出新品。我想該政策鎖定的另一個品類是霧化（vapor）。你能否提醒我們，你們在EMT管線中已經提交了哪些項目？哪些正在進行科學審查？以及你們如何思考在該品類的上市策略，以進一步把消費從蜥蜴轉移開來。

Yeah. So a couple of questions in that question, as you find it out. So let me start with price realization. What you've seen in terms of PM USA price realization this quarter, is actually the fact that you had strong Marlboro price realization, and that was somewhat offset by the mix related to Basic as Basic has grown volume and share.

好的。你這個問題裡其實包含了幾個問題。我先從價格實現（price realization）談起。你在本季看到的PM USA價格實現，實際上是因為Marlboro的價格實現很強，

But we really look at overall profitability. So what you saw was strong Smokeable profitability, both in terms of margin and overall OCI performance in the first half of the year. So again, that's the price realization. Some of it is just the math.

但我們真正關注的是整體獲利能力。因此你所看到的是，上半年可燃品類的獲利能力表現強勁，無論是毛利率還是整體 OCI 表現。所以再次強調，那是價格實現（price realization）。其中一部分只是數學計算的結果。

So this we're -- give you some point of reference, if you look at Marlboro retail price in the second quarter, it was up about 7% on a year-over-year basis. We do believe that the recent guidance from FDA is constructive. While it doesn't replace the importance of authorization, we do believe that it brings some clarity and transparency related to authorization, both in the nicotine pouch as well as the e-vapor category.

所以我們——給你一個參考點，如果你看第二季萬寶路（Marlboro）的零售價格，年增大約 7%。我們確實認為 FDA 最近的指引具有建設性。雖然它無法取代取得核准的重要性，但我們相信它在核准相關事項上帶來了一些清晰度與透明度，涵蓋尼古丁袋（nicotine pouch）以及電子霧化（e-vapor）類別。

If you remember, NJOY ACE was out of the market related to four patents and that were filed in the ITC. We have modified those products. They no longer infringe on those patents and the customs in border patrol agree with that perspective. So we have submitted a supplemental PMTA.

如果你還記得，NJOY ACE 因為四項在 ITC 提起的專利而退出市場。我們已經修改了那些產品。它們不再侵害那些專利，而海關與邊境保護局也同意這個觀點。因此我們已提交補充 PMTA。

Our plan is to reenter the market at some point with NJOY ACE. While there's been a stepped-up level of enforcement, the illicit products remain prevalent in that category. So as we enter the market, we're going to be disciplined and thoughtful about how we enter the market and exercise financial discipline.

我們的計畫是在某個時間點讓 NJOY ACE 重新進入市場。雖然執法力度有所提升，但該類別中的非法產品仍然普遍存在。因此當我們進入市場時，我們會以自律且審慎的方式進入，並維持財務紀律。

But we're also going to continue to innovate for the future and meet the evolving consumer preferences in the e-vapor category. At the -- as we lock those products, those designs up will determine the best path forward for submitting for FDA authorization. If it's a supplemental PMTA, then the clock begins when it's accepted by the FDA. If it is a PMTA clock, if you will, that six-month (inaudible) when it is [joint] view. So definitely a level of clarity in terms of when products can enter the market, and really a recognition by the FDA that products that ignore regulations or different than products that are legal in or going through the FDA process. And we think that is constructive.

但我們也會持續為未來創新，以滿足電子霧化類別中不斷演變的消費者偏好。在——當我們把那些產品與設計定案後，將決定向 FDA 申請核准的最佳路徑。如果是補充 PMTA，那麼時程會在 FDA 受理後開始計算。如果是 PMTA 的時程（如果你這麼稱呼的話），那個六個月的（聽不清）是在其被[共同]審視時開始。因此在產品何時能進入市場方面，確實更清楚了，而且 FDA 也真正認知到：無視法規的產品與合法、或正在走 FDA 流程的產品是不同的。我們認為這是具建設性的。

Damian Neale, Deutsche Bank.

Damian Neale，德意志銀行。

First one is, we've talked a lot about on! PLUS and the innovation that you're launching. But was just wondering, is there anything that you're doing with the regular on! products sort of support or strengthen that part of the market? It's the first question. And then obviously, we've just been chatting about the FDA, but I was just wondering, and obviously, you talked to the presentation about the improved backdrop around vape but specifically, can you provide any sort of insights in how you're thinking about a potential return to that category?

第一個問題是，我們談了很多 on!PLUS 以及你們正在推出的創新。但我想問的是，你們對一般的 on!產品是否有做任何事情來支持或強化那一部分的市場？這是第一個問題。然後顯然我們剛剛一直在聊 FDA，但我想問的是，而且你們在簡報中也談到電子煙環境的改善；不過更具體地說，你們能否提供一些洞見，說明你們如何看待可能重返該類別？

Yeah, sure. So let me start with on!. We believe on! Classic and on! PLUS both have a place in our portfolio, and they're both important. If you look at on! Classic, it's a smaller pouch, it's more of a dry feel. Currently, it has lower nicotine strengths in the marketplace. So we will continue to innovate when it comes to on! Classic.

好的，當然。那我先從 on! 談起。我們相信 on!Classic 與 on!PLUS 在我們的產品組合中都有其位置，而且兩者都很重要。如果你看 on!Classic，它是較小的袋體，觸感更偏乾。目前在市場上的尼古丁濃度也較低。因此在 on!Classic 方面，我們會持續創新。

And we believe that on! PLUS plays an important role as well. It has currently higher nicotine strengths. It's a larger pouch and has more of a wet feel. And so they both resonate with consumers, and they both play an important role in our nicotine product portfolio.

我們也相信 on!PLUS 同樣扮演重要角色。它目前的尼古丁濃度較高。袋體更大，觸感更偏濕。因此兩者都能引起消費者共鳴，並且都在我們的尼古丁產品組合中扮演重要角色。

I talked a lot about e-vapor with Fahan. I would say that we see we can play an important role in long-term tobacco harm reduction here in the US. We intend to participate in that category. But we recognize it's important to have sustained enforcement against the illicit manufacturers who are ignoring and really avoiding the regulatory landscape.

我和 Fahan 已經談了很多關於電子霧化。我會說，我們認為在美國長期的菸草減害方面，我們可以扮演重要角色。我們打算參與該類別。但我們也認知到，必須對那些無視、並且實際上在規避監管環境的非法製造商進行持續執法，這點很重要。

So it's important that enforcement occurs, but it's also important that the FDA continues to authorize products so that the adult nicotine consumer has choices to participate in that category and be able to use reduced risk products. We have not announced the timing of when we plan in to reenter the category, but we do plan on reentering that category. And when we have more to report, of course, we will.

因此，執法必須發生很重要，但同時 FDA 也必須持續核准產品，讓成年尼古丁消費者在該類別中有選擇，並能使用降低風險的產品。我們尚未公布計畫何時重新進入該類別的時間點，但我們確實計畫重返該類別。當然，當我們有更多可報告的內容時，我們會公布。

Priya Ohri-Gupta, Barclays.

Priya Ohri-Gupta，巴克萊。

This is Theresa on for Priya. So could you please walk us through your thoughts on the current market backdrop in terms of not only our 2026 maturity but also your 2027 euro bond and how you're approaching the refinancing? Thanks.

我是 Theresa，代 Priya 提問。所以你能否帶我們梳理一下你對目前市場環境的看法，不僅是針對我們 2026 年到期的債務，也包括你們 2027 年的歐元債，以及你們如何進行再融資安排？謝謝。

Sure. First and foremost, we remain committed to delivering strong shareholder returns. Obviously, our primary vehicle to do that is by way of the dividend. Historically, after we have the dividend, we have about $1 billion excess in cash. And we look at capital-efficient ways to deploy that capital, one in which you're pointing to is our debt management. And we also look at other capital-efficient ways like share buyback.

當然。首先也是最重要的，我們仍致力於為股東帶來強勁回報。顯然，我們實現這一點的主要工具是股利。歷史上，在支付股利之後，我們大約還有 10 億美元的多餘現金。我們會尋找資本效率高的方式來部署這些資本，你所提到的一項就是我們的債務管理。我們也會考慮其他資本效率高的方式，例如庫藏股（share buyback）。

We also have opportunities to accelerate against our long-term adjacency vision as well as our smoke-free vision with any M&A opportunities. And we think that we're really well positioned to manage those debt maturities in '26 and '27. We had a very strong balance sheet to do so with high cash generation businesses. And remain focused on really delivering that strong shareholder value.

我們也有機會透過任何併購（M&A）機會，加速推進我們的長期鄰近領域願景以及無煙願景。我們認為自己在管理 2026 年與 2027 年到期債務方面處於非常有利的位置。我們擁有非常強健的資產負債表，加上高現金生成的業務，足以應對。並且仍專注於真正交付強勁的股東價值。

There appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston, for any closing remarks.

目前看來沒有進一步的問題。我想把電話交回給 Mac Livingston，請他做結語。

Great. Thanks to everybody for joining us. If you have any follow-up calls, please feel free to reach out. Thanks, and have a great day.

很好。感謝各位加入我們。如果你們有任何後續問題，請隨時聯繫。謝謝，祝大家有美好的一天。

This concludes today's call. Thank you for your participation. You may now disconnect at any time.

今天的電話會議到此結束。感謝各位的參與。你們現在可以隨時掛線。