菲利普莫里斯國際 (PM) 2024 Q3 法說會逐字稿

Please stand by for streaming text.

請等待串流文字。

Yes, good morning. Yes. Yes, to date, I mean all right. Okay. The two? No. So yes, so the no the. No, good day.

是的，早安。 是的。 是的，到目前為止，我的意思是好吧。 好的。 兩個？ 不，所以是的，所以不。 不，美好的一天。

Thank you for standing by. Welcome to the Philip Morris International, Inc. 2020 for third quarter results conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During this session, you will need to press star one on your telephone and will then hear an automated message. Advising orient is raised.

謝謝你的支持。 歡迎參加菲利普莫里斯國際公司 2020 年第三季業績電話會議。 此時，所有參與者都處於只聽模式。 演講者演講結束後，將進行問答環節。 在此會話期間，您需要按電話上的星號一，然後會聽到自動訊息。 勸東方揚。

To withdraw your question. Please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, James Bushnell, Vice President of Investor Relations and Financial Communications. Please go ahead.

撤回你的問題。 請再按星號一。 請注意，今天的會議正在錄製中。 現在我想將會議交給今天的發言人、投資者關係和金融傳播副總裁詹姆斯布希內爾 (James Bushnell)。 請繼續。

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2020 for third quarter results. Press release is available on our website at ATMI.com, a glossary of terms, including the definitions that smoke-free products as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures started in this presentation are available in Exhibit 99.2 to the company's Form eight K dated on today's date and on our Investor Relations websites.

歡迎。 感謝您加入我們。 今天早些時候，我們發布了一份新聞稿，其中包含 2020 年第三季業績的詳細資訊。 新聞稿可在我們的網站ATMI.com 上獲取，這是一個術語表，包括無菸產品的定義以及與最直接可比較的美國公認會計準則(GAAP) 衡量標準的調整、其他計算和對賬，該衡量標準始於2017 年該簡報可在今天發布的公司表格 8 K 的附件 99.2 中以及我們的投資者關係網站上取得。

Today's remarks contain forward-looking statements and projections of future results are direct your attention to the forward-looking and cautionary statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements.

今天的言論包含前瞻性陳述和對未來結果的預測，請您注意今天的簡報和新聞稿中揭露的前瞻性和警示性陳述，以審查可能導致實際結果與預測或未來結果有重大差異的各種因素看起來的陳述。

It is now my pleasure to introduce a menu of old, our Chief Financial Officer. Over to you, Emmanuel.

現在我很高興向您介紹我們的財務長老先生的菜單。 交給你了，伊曼紐。

Thank you, James, and welcome, everyone. Following an excellent first half, we delivered another outstanding performance in Q three. All key elements of the business perform at or above expectations , driving strong double digit organic top and bottom line gross margin expansion and a significant acceleration in adjusted diluted earnings per share growth in dollar terms.

謝謝詹姆斯，歡迎大家。 繼上半場表現出色之後，我們在第三季度再次表現出色。 該業務的所有關鍵要素均達到或高於預期，推動兩位數的有機頂線和底線毛利率擴張，並顯著加速調整後的稀釋每股收益（以美元計算）成長。

As expected, both I could and Zoom accelerated on a sequential basis, I gross delivered a significant step- up in HTU. adjusted item is volume in Q three, which is historically a quarter impacted negatively by seasonality. This reflects a strong underlying momentum of the business with adjusted item is close to plus 15% ahead versus prior year, with another very strong performance from Japan, reaccelerating momentum in Europe and promising results from a number of global markets.

正如預期的那樣，I Could 和 Zoom 都連續加速，I Gross 在 HTU 方面取得了顯著進步。調整後的項目是第三季的銷量，從歷史上看，這是一個受到季節性負面影響的季度。 這反映了該業務強勁的潛在勢頭，調整後的項目與去年相比增長了近 15%，其中日本的表現再次非常強勁，歐洲的勢頭重新加速，以及許多全球市場的可喜業績。

We've been we continued our efforts to increase U.S. production capacity in response to strong demand, enabling stabilization of share performance, followed by sequential improvement throughout the quarter. This led to a significant increase in sequential US volumes with over 40% year on year growth. Despite capacity constraints outside the U.S. nicotine pouch can volumes grew by close to 70%.

我們一直在繼續努力提高美國產能，以應對強勁的需求，從而實現股價表現的穩定，並在整個季度實現環比改善。 這導緻美國銷量連續大幅成長，年增超過 40%。 儘管美國以外的地區產能有限，尼古丁袋裝罐頭銷量仍成長了近 70%。

Our combustible business also accelerated to high single digit net revenue and gross profit growth led by further very strong pricing, resilient volume and the benefit of our cost actions. Our overall Q3 performance epitomize the soundness of our strategy with underlying momentum across categories with strong volumes, pricing and move remix supported by cash.

在進一步非常強勁的定價、有彈性的銷售和我們的成本行動的好處的帶動下，我們的可燃業務也加速達到高個位數的淨收入和毛利潤成長。 我們第三季的整體表現集中體現了我們策略的穩健性，各個類別的潛在動力以及現金支持下的強勁銷售、定價和行動重組。

The efficiency measures with double-digit growth in both adjusted operating income and diluted earnings per share in currency-neutral and the lockdowns, we are raising our full-year guidance.

在貨幣中性和封鎖的情況下，調整後營業收入和稀釋每股收益均實現兩位數成長，從而提高效率指標，我們正在提高全年指引。

Turning now to the headline financials.

現在轉向主要財務數據。

For Q3, we delivered excellent organic revenue growth of plus 11.6%, driven by shipment volume growth of plus 2.9%. Positive smoke-free category mix and pricing. The combination of disposition top-line performance with the additional favorable smoke-free mix impact on profit and ongoing cost efficiencies enabled us to achieve growth of plus 13.8% in organic operating income and plus 18% in currency neutral adjusted diluted in per share. This exclude an unfavorable currency impact of $0.06, notably due to weakness in the Egyptian pound Argentine peso and the strong Swiss franc, partly offset by the Japanese yen.

第三季度，在出貨量成長 2.9% 的推動下，我們的有機收入成長了 11.6%。 積極的無菸品類組合和定價。 處置頂線表現與額外有利的無菸混合對利潤和持續成本效率的影響相結合，使我們的有機營業收入增長了 13.8% 以上，按貨幣中性調整稀釋後每股收益增長了 18% 以上。 這排除了 0.06 美元的不利貨幣影響，主要是由於埃及鎊、阿根廷比索疲軟和瑞士法郎走強（部分被日圓抵消）。

Despite the currency headwinds, our proactive measures on pricing and accelerated cost initiatives drove plus 11.2% dollar growth in adjusted operating income and plus 14.4% dollar growth in adjusted diluted earnings per share to a record $1.91. This better than expected earnings delivery reflect I course engine shipment volume at the higher end of our expectation and a very strong convertible performance.

儘管存在貨幣不利因素，但我們在定價方面採取的積極措施和加速成本舉措推動調整後營業收入增長 11.2%，調整後攤薄每股收益增長 14.4%，達到創紀錄的 1.91 美元。 這一好於預期的獲利交付反映出我的引擎出貨量處於我們預期的較高水平，可轉換性能非常強勁。

In addition, we benefited from lower net financing costs, including increased interest income merited. We used to manage the currency profile of our our debt, driven by interest rate volatility combined with an excellent H. one. This yields an impressive plus 17.2% year to date currency-neutral growth in adjusted diluted earnings per share with double-digit organic top-line growth and 190 basis points of organic operating income margin expansion, including currency.

此外，我們也受惠於淨融資成本的降低，包括應得的利息收入的增加。 我們過去常常在利率波動和出色的 H. One 的推動下管理債務的貨幣狀況。 今年迄今為止，調整後的稀釋每股收益在貨幣中性的情況下增長了17.2%，令人印象深刻，有機營收成長達到兩位數，有機營業利潤率（包括貨幣在內）增長了190個基點。

We delivered adjusted earnings per share growth of close to plus 8%, which is a testament to our continued focus on delivering strong performance in dollar terms.

我們的調整後每股盈餘成長接近 8%，證明了我們繼續致力於以美元計算實現強勁業績。

Let's turn to the Q3 financial performance by category with both sides of the business producing excellent results. Smoke-free net revenue and gross profit grew organically by plus 16.8% and plus 20.2%, respectively. Driving 200 basis points of gross margin expansion. This reflects a robust I cost performance in the quarter, including manufacturing productivities as well as the continued attrition of zoom out a small but growing contribution from leaf.

讓我們以類別來看第三季的財務表現，業務雙方都取得了優異的成績。 無菸淨收入和毛利潤有機成長分別為+16.8%和+20.2%。 推動毛利率成長 200 個基點。 這反映了本季強勁的 I 成本績效，包括製造生產力以及 Zoom 的持續消耗，而 Leaf 的貢獻雖小但不斷成長。

Smoke-free gross margins were more than 450 basis points higher than combustible in Q three and more than 200 basis points higher year to date. Comparable net revenue and gross profit growth accelerated to almost plus 9% organically. Convertible gross margin improved by plus 10 basis points organically and by plus 20 basis points in the long term, marking the second quarter of expansion following a challenging 2023, we continue to target combustible gross margin expansion for the year. Inorganic and dollar terms of cost pressure, including the impact of the EU single-use plastic directive are more than offset by pricing and ongoing cost initiatives.

第三季度，無菸毛利率比可燃毛利率高出 450 個基點以上，今年迄今則高出 200 個基點以上。 可比淨收入和毛利潤有機成長加速至近 9%。 可轉換毛利率有機成長+10個基點，長期成長+20個基點，標誌著在充滿挑戰的2023年後第二季的擴張，我們繼續以今年可燃毛利率擴張為目標。 無機和美元方面的成本壓力，包括歐盟一次性塑膠指令的影響，被定價和持續的成本措施所抵消。

Focusing now on volumes, we are well on track for our fourth consecutive year of volume growth. Our business delivered a remarkable performance of around plus 3% total shipment growth, both in two, three and year to date with all categories and all four regions growing over both periods. Q. three STU. adjusted I am a growth of plus 14.8% reflect the underlying dynamism of our core business with a continued strong performance in Japan and a reacceleration in Europe.

現在重點關注銷量，我們預計將連續第四年實現銷量成長。 我們的業務在兩年、三年和年初至今均取得了約 3% 左右總出貨量增長的卓越業績，所有類別和所有四個地區在這兩個時期均實現了增長。 Q：三個 STU。調整後的 I am 成長超過 14.8%，反映了我們核心業務的潛在活力，日本的業績持續強勁，歐洲的業績重新加速。

As expected, Q3 HTU shipment of 35.3 billion units, where at the upper end of our expectation with superior adjusted in markets as growth compared to shipments due to shipment phasing. As highlighted in H1, our or smoke-free business grew to three shipment volume by plus 22.2%, with Zoom powering US growth of plus 41.4% and very strong international performance.

如預期，第三季 HTU 出貨量為 353 億顆，處於我們預期的上限，與因分階段出貨而導致的出貨量相比，市場調整後的成長優於預期。 正如上半年所強調的，我們的無菸業務出貨量成長至三倍，成長了 22.2%，其中 Zoom 推動了美國成長 41.4%，國際業績也非常強勁。

However, this e-vapor business exhibited continued volume momentum in the quarter, reaching the equivalent of 1.2 billion unit on year to date basis, Q. three cigarette shipments grew by plus 1.3%, outpacing the total estimated international cigarette industry, excluding China and the U.S. at plus 0.5%. The unusually resilient industry performance this year reflects growing volume in market where smoke-free product and not permitted, such as Turkey, India and Brazil, alongside a reduction in illicit volume in a number of market driven partly by geopolitical factors.

然而，該電子煙業務在本季表現出持續的銷售勢頭，截至今年第三季度，捲菸出貨量達到12 億支。包括中國和美國）的估計總量。 今年產業表現異常堅韌，反映出土耳其、印度和巴西等不允許使用無菸產品的市場銷售量不斷成長，同時部分市場的非法銷售量減少，部分原因是地緣政治因素。

Our growth include notable contribution from Turkey, India and Italy, and reflect good category share performance despite robust pricing. Our exceptional Q3 revenue performance reflected our three strategic pillars of top-line growth, volume, pricing and smoke-free mix shift, building on our very robust volume growth. Pricing contributed plus 7.5 points of growth. This was powered by strong convertible pricing of plus 9.7%, plus 3% pricing for ICOSH. to use and a notable contribution from zinc.

我們的成長包括來自土耳其、印度和義大利的顯著貢獻，並反映出儘管定價強勁，但仍體現出良好的品類份額表現。 我們出色的第三季營收表現反映了我們的三大策略支柱：營收成長、銷售、定價和無菸組合轉變，建立在我們非常強勁的銷售成長基礎上。 定價貢獻了 7.5 個百分點的成長。 這是由 9.7% 的強勁可轉換定價以及 ICOSH 的 3% 定價所推動的。使用和鋅的顯著貢獻。

The positive mix impact of our three business delivered plus 1.4 points despite the strong growth of combustible given the higher net revenue per unit of both iCo sensing as in prior quarters, geographic mix was negative, but to a lesser degree as gross step-up in Europe and the U.S. The year to date, net revenue drivers were very similar, with double-digit organic top-line growth built on positive volume, smoke-free category mix of more than plus two points and two on pricing.

儘管可燃性業務強勁成長，但由於前幾季iCo 感測技術的單位淨收入較高，我們的三項業務的正面組合影響仍增加了1.4 個百分點，地理組合為負值，但程度較小，因為歐洲和美國今年迄今為止，淨收入驅動因素非常相似，兩位數的有機營收成長建立在正銷量、無菸類別組合超過兩個點和定價兩個點的基礎上。

Turning to operating income, we delivered impressive Q3 organic margin expansion of plus 90 basis points and plus well and 10 basis points in dollar terms. Gross margin increased organically by 80 basis points and by plus 70 basis points in dollar terms. This was again driven by our higher margin smoke-free business pricing and ongoing productivity savings across the value chain.

談到營業收入，我們第三季的有機利潤率令人印象深刻，成長了 90 個基點，以美元計算則成長了 10 個基點。 毛利率有機成長了 80 個基點，以美元計算則增加了 70 個基點。 這再次受到我們更高利潤的無菸企業定價和整個價值鏈持續生產力節省的推動。

Moving now to SG&A. Despite the planned step-up in commercial activity, our organic cost evolution was essentially in line with top-line growth with plus 40 basis points of margin expansion in adjusted the long term supported by cost efficiency actions.

現在轉向SG&A。 儘管計劃加強商業活動，但我們的有機成本演變基本上與營收成長一致，在成本效率行動的支持下，調整後的長期利潤率擴大了 40 個基點。

As previously communicated, we target an organic increase in SG&A below the rate of net revenue growth for the year was still supporting our smoke-free expansion with continued commercial investments. We delivered an incremental CAD180 million in gross cost efficiencies in Q three, reaching almost $490 million year to date.

正如之前所傳達的，我們的目標是 SG&A 的有機成長低於今年的淨收入成長率，但這仍然透過持續的商業投資來支持我們的無菸擴張。 第三季度，我們的總成本效率增加了 1.8 億加元，今年迄今已達到近 4.9 億美元。

With these initiatives, notably focused on manufacturing and back-office cost. While only the 1st year, we are progressing nicely towards our 24 26 target of CAD2 billion in gross savings on the year to date basis, our adjusted operating income margin evolution was also very positive, with plus 190 basis points organic has mentioned and plus 40 basis points in dollar terms. We are well set to meet our full-year objective of expansion on both bases.

透過這些舉措，特別關注製造和後台成本。 雖然只是第一年，我們在實現 24 26 年初至今總節省 20 億加元的目標方面進展順利，但我們調整後的營業利潤率演變也非常積極，有機增長了 190 個基點，提到了 40 個基點以美元計算的基點。 我們已做好充分準備，實現這兩個基地的全年擴張目標。

Turning now to our icons business, which is celebrating the 10th year anniversary of its first launches in Japan and Italy, I suppose, is the world's leading smoke-free product, generating over CAD10 billion in annual net revenues. Notwithstanding the incredible growth and success of the brand over the time, there is a very substantial growth runway over the coming years as more of the world's EUR1 billion cigarette smoker switch to better alternatives.

現在談談我們的圖標業務，該業務正在慶祝其在日本和義大利首次推出 10 週年，我想，它是世界領先的無菸產品，年淨收入超過 100 億加元。 儘管該品牌在一段時間內取得了令人難以置信的增長和成功，但隨著全球價值10 億歐元的吸煙者中越來越多的人轉向更好的替代品，未來幾年還將有非常可觀的增長。

Indeed, robust growth continues this year. We spoke last quarter about our expectation for a strong edge to delivery with continued user growth momentum supported by our commercial programs stone. As expected, Q3 momentum accelerated with plus 14.8% year on growth in HTU. adjusted IMS. and IV. very substantial sequential step-up of 1.8 billion unit versus Q2, which is especially impressive in the quarter. That is typically negatively impacted by seasonality. This reflects a return to double-digit growth in Europe, the continued excellent trajectory in Japan at a further acceleration from our global markets.

事實上，今年的強勁成長仍在繼續。 上個季度我們談到了我們對交付的強大優勢以及我們的商業計劃支援的持續用戶成長勢頭的期望。 如預期，第三季勢頭加速，HTU 年增 14.8%。調整後的IMS。和四。與第二季相比，產量連續大幅增加 18 億個，這在本季尤其令人印象深刻。 這通常會受到季節性的負面影響。 這反映出歐洲恢復了兩位數成長，日本持續保持良好的發展軌跡，全球市場進一步加速成長。

We expect further strong growth in Q4, the success of psychosis built on technology, commercial capabilities, brand-building and innovation on both devices and consumables. Following the successful launch of the acres illuma I device in Japan earlier this year, we are expanding the roll out more market. It's including Italy, Greece, Portugal, Romania and Switzerland.

我們預計第四季度將進一步強勁成長，psychosis 的成功建立在技術、商業能力、品牌建立以及設備和消耗品創新的基礎上。 繼今年稍早在日本成功推出 Acres illuma I 裝置後，我們正在擴大更多市場。 其中包括義大利、希臘、葡萄牙、羅馬尼亞和瑞士。

Focusing now on a cost in Europe, I am pleased to report a q three reacceleration in adjusted in-market sales growth to plus 11.3% following a slower Q2 progression. This includes the resumption of growth in market passing through the adjustment phase of the characterizing flavor ban. The majority of USTU. volume is now covered by the ban, and we observe a return to robust growth in markets such as Greece, Romania and Portugal.

現在關注歐洲的成本，我很高興地報告，繼第二季進展放緩之後，調整後的市場銷售成長第三季重新加速，達到 11.3%。 這包括經歷特色風味禁令調整階段的市場恢復成長。 大多數USTU。目前，該禁令已涵蓋了銷量，我們觀察到希臘、羅馬尼亞和葡萄牙等市場恢復了強勁成長。

Following the stronger than expected initial impact in Q2, we are pleased to report positive volume momentum in Italy. This was supported by the launch of recent HTU. volumes, including our mainstream price offering, Dalia and tobacco for Livia jointly accounting for close to 7% out of Italy is STU. OF TAX three months from launch. In addition, we see excellent momentum in markets such as Germany, Spain and the UK and increasingly balanced growth across markets.

繼第二季的初步影響強於預期之後，我們很高興地報告義大利的積極銷售勢頭。 最近推出的 HTU 對此提供了支援。銷量，包括我們的主流價格供應，Dalia 和 Livia 煙草合計佔義大利 STU 的近 7%。自推出日起三個月內徵稅。 此外，我們也看到德國、西班牙和英國等市場的良好勢頭，並且各個市場的成長日益平衡。

Overall, regardless of high-cost penetration. Regional Q3 adjusted HTU. share was up by 0.8 points year on year to 9.5% and modestly lower sequentially due the typical impact of seasonally higher combustible volume in the summer. HTU. adjusted I am, as volumes reached 13.2 billion units on a four-quarter moving average, maintaining our share of the category with robust sequential growth.

整體而言，無論滲透成本高。 第三季區域調整後的 HTU。份額較去年同期上升 0.8 個百分點，達到 9.5%，但由於夏季可燃物量季節性增加的典型影響，環比略有下降。 HTU。我進行了調整，因為按四個季度移動平均線計算，銷量達到 132 億台，保持了我們在該類別中的份額，並實現了強勁的環比增長。

Looking at TCT offtake shares in Europe, we see continued rapid progress in a large number of cities. An increasing number are posting growth of over two points year on year, which is the most meaningful comparison, given seasonal factors, particular callouts in Budapest assets, Bratislava, Bucharest, London and Amsterdam.

從TCT在歐洲的承購份額來看，我們看到許多城市持續快速成長。 越來越多的公司年增超過兩個百分點，考慮到季節性因素，特別是布達佩斯資產、布拉迪斯拉發、布加勒斯特、倫敦和阿姆斯特丹的標註，這是最有意義的比較。

Turning now to Japan. We delivered our eighth consecutive quarter of double-digit progression with adjusted HTUIM. is growth of plus 14%, reaching 10.9 billion units on a four-quarter moving average. Our commercial programs continue to drive meaningful result with innovation on devices and consumable properly, a plus 3.2 points market share increase to 29.8% in Q. three and surpassing the landmark of 30% in September. This includes the impact of the aqueous humor I device, which was launched in Q1 and deliver and and consumer satisfaction, as shown on the previous slide, ICOSHTU.

現在轉向日本。 透過調整後的 HTUIM，我們實現了連續第八個季度兩位數的成長。成長了 14% 以上，以四個季度的移動平均數計算，達到 109 億台。 我們的商業計劃繼續透過設備和消耗品的創新推動有意義的成果，第三季市佔率增加了 3.2 個百分點，達到 29.8%，並超過了 9 月 30% 的里程碑。 這包括房水 I 設備的影響，該設備於第一季推出並提供消費者滿意度，如上一張投影片 ICOSHTU 所示。

offtake shares in key cities such as Tokyo continue to advance rapidly. We have previously flagged that 2Q offtake share for the overall heat-not-burn category, which 50% earlier this year. This is also now true in eight cities. Overall all, including Yokohama and Kawasaki Sendai and Fukuoka with several other rapidly approaching the same milestone. This is clearly a positive sign of the enduring growth potential in a market with already I penetration taking a more global view.

東京等重點城市承購股持續快速上漲。 我們之前曾指出整個加熱不燃燒類別的第二季承購份額，今年稍早為 50%。 現在八個城市也是如此。 總體而言，包括橫濱、川崎、仙台和福岡在內的其他幾個城市正在迅速接近同一里程碑。 這顯然是一個積極的信號，表明市場具有持久的成長潛力，而且我的滲透率已經更加全球化。

We continue to see very good growth across a number of global market as highlighted by capacity of the shares. This includes cities in Saudi Arabia, Mexico and Egypt, where Cairo reached close to 10% share of their share of more than 55% in Jakarta is indicative of the strong acceleration in Indonesia as we continue our geographic and portfolio expansion, including a growing offer of close area HT. variance.

我們繼續看到全球多個市場的良好成長，股票容量凸顯了這一點。 其中包括沙烏地阿拉伯、墨西哥和埃及的城市，其中開羅的份額接近10%，雅加達的份額超過55%，這表明隨著我們繼續進行地理和投資組合擴張（包括不斷增加的報價），印尼的業務將強勁加速近距離區域HT。方差。

Finally, I would like to call out duty-free, whereas the ongoing travel recovery combined with the strength of our multi-category portfolio, delivered dynamic growth within and Vive increasing only offered alongside high-cost.

最後，我想提一下免稅店，而持續的旅行復甦與我們多類別產品組合的實力相結合，實現了內部的動態增長，而 Vive 的增長只能與高成本一起提供。

Moving now to Z. in the number one, U.S. smoke-free brand continued to see very strong underlying momentum. As flagged previously, we are working to progressively increase our production volumes, and this was reflected in a sequential acceleration to 114 9 million tons shipped in Q three as we continued working through this supplied constrain zinc category share stabilize and then resume growth on a sequential basis through the quarter.

現在轉到排名第一的 Z.，美國無菸品牌繼續看到非常強勁的潛在勢頭。 正如之前所指出的，我們正在努力逐步增加產量，這反映在第三季度出貨量環比加速至 114 900 萬噸，因為我們繼續努力解決這一供應限制鋅類別份額穩定，然後恢復環比增長整個季度的基礎。

Despite a further $0.5 per can list price increase taken at the start of September, we continue to expect shipments to match consumer demand at some point during the fourth quarter, while gauging the level of underlying demand is not an exact science in the current circumstances, our promotional and commercial activity has naturally been lower as we prioritize meeting existing consumer needs of growing the legal age user base from other nicotine categories with ongoing efforts to increase our US production capacity to around EUR900 million for the full year of 2025 and significant expansion beyond 2025 from our planned new facility in Colorado, we believe we are well positioned to capture zones potential over the coming years.

儘管 9 月初每罐標價進一步上漲 0.5 美元，但我們仍然預計第四季度的某個時候出貨量將與消費者需求相匹配，而在當前情況下衡量潛在需求水平並不是一門精確的科學，我們的促銷和商業活動自然會減少，因為我們優先滿足現有消費者的需求，即擴大其他尼古丁類別的法定年齡用戶群，並不斷努力將我們的美國產能在2025 年全年提高到約9 億歐元，並大幅擴展至2025 年以後從我們計劃於 2025 年在科羅拉多州建立的新工廠開始，我們相信我們已做好充分準備，能夠在未來幾年內抓住這些地區的潛力。

We remain committed to driving industry standards in under 21 prevention with policies and initiatives designed to prevent use access our robust U.S. marketing, God forbid, social media influencers, and we refuse request for such partnership for our own product website, use age verification technology, and we partner with we guard and true edge to support as restriction check for retail sales.

我們仍然致力於透過旨在防止使用我們強大的美國行銷（上帝禁止）、社交媒體影響者的政策和舉措來推動21 歲以下兒童預防的行業標準，並且我們拒絕為我們自己的產品網站建立此類合作夥伴關係的請求，使用年齡驗證技術，我們與我們的守護者和真正的優勢合作，支持零售銷售的限制檢查。

Overall, we are encouraged by the result of our efforts, which I'll come back to combating trade in illicit tobacco and nicotine products remain a top priority, and we dedicate a significant level of resources to support these efforts.

總的來說，我們對我們的努力結果感到鼓舞，我將回到打擊非法菸草和尼古丁產品交易仍然是重中之重，我們投入大量資源來支持這些努力。

We are strong governance and supply chain controls in place, and we take appropriate action where necessary, including limiting and or terminating sales to certain customer in both the online and improving this control measures.

我們有強有力的治理和供應鏈控制，並在必要時採取適當的行動，包括限制和/或終止對某些客戶的線上銷售以及改善此控制措施。

We also closely monitor import of product, which may be illicit or infringing our patent. And we are committed to act on our own or in conjunction with you authorities to prevent this product being illegally commercialized.

我們也密切監控可能非法或侵犯我們專利的產品進口。 我們致力於自行或與您當局聯合採取行動，防止該產品被非法商業化。

Our multi-category approach continues to gain momentum as we leverage the strengths of our leading brands, whilst expanding the reach of our smoke-free portfolio for nicotine pouches, we are focused on responsibly building the category with Zen in international markets, increasing category awareness and interest among legal age.

隨著我們利用領先品牌的優勢，我們的多品類方法繼續獲得動力，同時擴大我們的尼古丁袋無菸產品組合的範圍，我們專注於在國際市場上負責任地打造 Zen 品類，提高品類認知度和法定年齡之間的興趣。

Nicotine user is driving positive traction in a growing number of geographies. We have increased Zoom's presence year on year to 30 markets, including the Philippines, Mexico, several European market as well as within duty-free.

尼古丁使用者正在越來越多的地區產生積極的影響。 我們已將 Zoom 的業務逐年增加到 30 個市場，包括菲律賓、墨西哥、幾個歐洲市場以及免稅市場。

Despite still limited distribution in some market, we see continued strong traction in Mexico, Pakistan, South Africa, the U.K. and duty free. The category also continues to grow robustly in Scandinavia, either for performance remained dynamic in Q three, and we reach profitability at product contribution level in September on the back of excellent volume momentum and cost of goods sold improvement.

儘管在某些市場的分銷仍然有限，但我們看到墨西哥、巴基斯坦、南非、英國和免稅市場的吸引力持續強勁。 該類別在斯堪的納維亞地區也繼續強勁增長，因為第三季度的業績仍然充滿活力，並且在出色的銷量勢頭和銷售成本改善的支持下，我們在9 月份實現了產品貢獻水平的盈利。

Europe is at the forefront close, but continue to take share from disposable. And we lead the category with our flagship Vive one close, but system in several markets, including Italy, Romania and the Czech Republic. We are seeing good repeat purchase and regular usage within a competitive environment as we continue to build distribution and brand awareness outside Europe, we are investing BIG. for future profitability in a number of focus market.

歐洲處於領先地位，但繼續從一次性產品中奪取市場份額。 我們的旗艦產品 Vive one close, but 系統在義大利、羅馬尼亞和捷克共和國等多個市場處於領先地位。 隨著我們繼續在歐洲以外建立分銷和品牌知名度，我們在競爭激烈的環境中看到了良好的重複購買和定期使用，我們正在大力投資。對於未來獲利能力的一些重點市場。

We are underway with the first stage of our ICO. three consumer pilot in the U.S. with the launch of our be the first campaign in Austin, Texas. As explained previously, the focus is on adult consumer engagement, building awareness through category and brand education in legal, a smoker communities. We do not anticipate any commercial volume in 2024. The learnings from this pilot in Austin and other cities will be used to fine-tune our approach in anticipation of the at scale launch of aqueous humor, where we continue to assume an FDA authorization in H2 2025.

我們正在進行 ICO 的第一階段。我們在德州奧斯汀發起了「成為第一」活動，在美國進行了三名消費者試點活動。 如前所述，重點是成年消費者的參與，透過在合法吸菸者社群進行品類和品牌教育來建立意識。 我們預計 2024 年不會出現任何商業量。年。

Finally, a brief comment on our wellness and health care business. As we disclosed in September, we have entered into an agreement to sell Vector Group and expect the transaction to close by the end of the year. Our ownership of Vectura was important to develop the required skill and scientific expertise to advance our inhaled therapeutics pipeline. Significant progress has been made on this front.

最後，簡要評論一下我們的健康和醫療保健業務。 正如我們在 9 月所披露的那樣，我們已簽訂出售 Vector Group 的協議，預計交易將在今年年底前完成。 我們擁有 Vectura 對於開發所需的技能和科學專業知識以推進我們的吸入治療產品線非常重要。 這方面已經取得了重大進展。

However, given that Victor authentic engagement and commercial CDMO relationship where being impacted by unwarranted a position to PMI's ownership, we believe the overall future of Victor, I will be better served under its new ownership. Together with a divestment, we announced the establishment of master service agreements to support the continued development of our in our therapeutic proprietary pipeline.

然而，鑑於 Victor 的真實參與和商業 CDMO 關係受到 PMI 所有權不當立場的影響，我們相信 Victor 的整體未來，我將在其新所有權下得到更好的服務。 在撤資的同時，我們也宣佈建立主服務協議，以支持我們治療專有管道的持續發展。

Our awareness and as care strategy continues, and we look forward to updating you on future development, including launches, of course, consumer wellness product.

我們的意識和照護策略仍在繼續，我們期待向您通報未來發展的最新情況，當然包括推出消費者健康產品。

Moving now to convertibles, where our portfolio delivered very strong financial performance. Net revenue grew plus 8.6%, driven by two three pricing of plus 9.7%. This includes pricing taken during the quarter as we continue to focus on value maximization and was led by markets such as Egypt, Turkey and Germany. As covered earlier. This drove a very robust plus 8.7% increase in gross profit with better than expected pricing of plus 8.8% on the year to date basis, we now forecast full year pricing of plus eight to plus 9%. Cigarette volumes were resilient as global industry trends remain benign.

現在轉向可轉換債券，我們的投資組合提供了非常強勁的財務表現。 在二三定價成長 9.7% 的推動下，淨收入成長了 8.6%。 這包括本季採取的定價，因為我們繼續專注於價值最大化，並以埃及、土耳其和德國等市場為主導。 如前所述。 這推動了毛利非常強勁地成長了 8.7%，年初至今的定價也優於預期，為 8.8%，我們現在預測全年定價為 8% 至 9%。 由於全球產業趨勢保持良性，捲菸銷售量保持彈性。

As I touched on earlier, this can be largely attributed to markets where smoke-free products are not allowed or our early in their development as well as the impact of significant industry Ford and GM political factors on global illicit trade in a number of market, our cigarette category share grew by plus 0.1 points in Q3 and year to date, both Marlboro and our overall global brands achieved their highest quarterly share since the 28 spin off with a corresponding positive impact on value share.

正如我之前提到的，這在很大程度上歸因於不允許無菸產品的市場或我們在其發展的早期，以及福特和通用汽車的重要行業政治因素對許多市場的全球非法貿易的影響，我們的捲菸類別份額在第三季和今年迄今成長了0.1 個百分點，萬寶路和我們的整體全球品牌都實現了自28 日分拆以來的最高季度份額，並對價值份額產生了相應的積極影響。

As announced last week, there has been some long awaited progress towards resolution resolution of the decades. All cigarettes related litigation claims in Canada, our Canadian affiliate air BH. was deconsolidated in 2019. After entering the mediated CCW. process, the mediators proposed plan would entail settlement of around $23.5 billion for the industry, the payable from cash and cash equivalent in Canada and future convertible profit in Canada.

正如上周宣布的那樣，數十年來在解決問題方面取得了一些期待已久的進展。 所有與香菸相關的訴訟索賠均在加拿大，我們的加拿大附屬公司 Air BH。 2019年解除合併。在此過程中，調解員提出的計劃將需要為該行業提供約 235 億加元的和解，其中加拿大的現金和現金等價物應付款項以及加拿大的未來可轉換利潤。

The resolution of FBH financial results after the plan is implemented would be subject to the final item of the proposed plan and US GAAP, we estimate reconsolidation would be incremental to PMI cash and cash equivalent cash flow and adjusted EBITDA, adjusted operating income and adjusted EPS numbers. I direct you to last week's press release for further details.

計劃實施後FBH 財務表現的決議將取決於擬議計劃的最終項目和美國公認會計準則，我們預計重新合併將增量增加PMI 現金和現金等價物現金流以及調整後EBITDA、調整後營業收入和調整後每股收益數字。 我請您參閱上週的新聞稿以了解更多詳細資訊。

Moving now to sustainability. We are making continued strong progress towards our product transformation targets, including on access to smoke-free product. Our smoke-free products unavailable in 92 markets, placing us on track for our association of home hundred by 2025.

現在轉向可持續發展。 我們正在朝著產品轉型目標不斷取得強勁進展，包括取得無菸產品。 我們的無菸產品已在 92 個市場上市，這使我們預計在 2025 年成為百家之家協會。

As a remainder, there remain a notable number of markets where smoke-free products are not yet available due to regulatory constraints, which is the case of heated tobacco makeup close to fifth of industry volume, excluding China has covered at our Investor Day last year, we're also moving nicely towards our objective for low and middle-income countries to comprise over 50% of smoke-free product market.

除此之外，由於監管限制，仍有相當多的市場尚未推出無菸產品，加熱菸草化妝品的銷量接近行業銷量的五分之一（不包括去年投資者日報道的中國） ，我們也正在順利實現低收入和中等收入國家佔據無菸產品市場50% 以上的目標。

Our efforts to increase access to smoke-free products are specific to legal age, nicotine user and tackling, and there is any good news is a critical area of focus. We are encouraged by the results of the US. 2020 for national used tobacco survey, which report I would use. Usage of nicotine pouches remained very low at less than 2%, with no statistically significant change year on year, despite strong growth of the overall category to reasonable stewardship of the category.

我們為增加獲得無菸產品的機會所做的努力具體針對法定年齡、尼古丁使用者和解決方案，有任何好消息都是重點關注的領域。 我們對美國的成果感到鼓舞。 2020 年全國二手菸草調查，我將使用該報告。尼古丁袋的使用量仍然非常低，低於 2%，比去年同期沒有統計上的顯著變化，儘管整體類別強勁增長，且合理管理該類別。

And we are committed to continue driving standards in new success prevention through M&A. Multi-stakeholder approach. Addressing our company's environmental impact is another key pillar of our sustainability strategy. We are working towards carbon neutrality in our direct operation, including stratification of all our manufacturing facilities as carbon neutral.

我們致力於透過併購繼續推動新的成功預防標準。 多利益相關者方法。 解決我們公司的環境影響是我們永續發展策略的另一個關鍵支柱。 我們正在努力在直接營運中實現碳中和，包括將我們所有的製造設施分層為碳中和。

Year to date, we certified for for additional site, bringing us to a total of 52%. We have concrete plans for the remainder of our footprint in order to achieve the 100% aspiration by 2025. Additionally, we are progressing with the Alliance for Water Stewardship, Sundown strategic in certifying one additional factory year to date two places at 86% against our goal of 100% by 2025.

今年迄今為止，我們認證了更多站點，使總數達到 52%。 我們對其餘足跡制定了具體計劃，以便在 2025 年實現 100% 的願望。目標是到2025 年達到100%。

Combining our ongoing initiatives to address our environmental impact with robust and rigorous reporting processes, we believe we are well prepared for upcoming reporting requirements, including the new corporate sustainability reporting directive.

將我們持續採取的解決環境影響的措施與穩健而嚴格的報告流程相結合，我們相信我們已經為即將到來的報告要求做好了充分準備，包括新的企業可持續發展報告指令。

Okay. Turning now to our outlook for the full year, following this, a stronger than expected year to date performance, we are raising our full-year volume, organic sales growth, organic oil growth and bottom line currency-neutral and USD forecast.

好的。 現在轉向我們對全年的展望，繼年初至今表現強於預期之後，我們提高了全年銷量、有機銷售成長、有機油成長以及貨幣中性和美元的底線預測。

First to volumes where we target record organic growth and increase our outlook to plus two to plus 3% total shipment progression. Within this, we continue to expect adjusted IMSHTU. volume growth of around plus 13% and shipment volumes of around 140 billion.

首先是銷量，我們的目標是創紀錄的有機成長，並將總出貨量成長預期提高至+2%至+3%。 在此範圍內，我們繼續預期調整後的 IMSHTU。銷量成長約 13%，出貨量約 1,400 億個。

Forecast continues to assume an impact from the you characterizing flavor ban of just over 2 billion unit and no volumes in Taiwan where we continue to await regulatory approval for U.S. Zine, we forecast shipment volume at the upper end of our prior guidance in the range of 570 to 580 million cans, reflecting the progress made on capacity expansion as well as continued strong demand.

預測繼續受到您描述的風味禁令的影響，該禁令的影響量略高於20 億單位，並且台灣地區沒有銷量，我們繼續等待美國雜誌的監管部門批准，我們預測出貨量處於我們之前指導範圍的上限570至5.8億罐，反映出產能擴張的進展以及持續強勁的需求。

Our outlook. Also factors in a robust convertible performance driven by a resilient total category as previously outlined, given the combination of strong volume is with the accelerated pricing and continued slow premix, we are increasing our forecast organic net revenue growth to around plus 9.5%. This include strong double-digit organic growth, smoke-free net revenue and should result in close to CAD15 billion in total for the year.

我們的展望。 此外，考慮到前面概述的彈性總類別推動的強勁可轉換業績，考慮到強勁的銷量與加速的定價和持續緩慢的預混相結合，我們將預測的有機淨收入增長提高至 9.5% 左右。 這包括強勁的兩位數有機成長、無菸淨收入，預計今年的總收入將接近 150 億加元。

With the impact of this improved top-line performance, coupled with I called ends in operating leverage and further cost efficiency, we now also raised our forecast adjusted organic oil growth to plus 14 to plus 14.5% for the year.

受營收績效改善的影響，加上我所謂的營運槓桿和進一步的成本效率的終結，我們現在也將今年調整後的有機油成長預測上調至+ 14％至+ 14.5％。

We continue to target adjusted gross margin expansion for both smoke-free product and combustible and adjusted OI margin expansion for total PMI, all in both organic and our teams.

我們繼續以無菸產品和可燃產品的調整後毛利率擴張為目標，以及總 PMI 調整後的 OI 利潤率擴張，所有這些都在有機產品和我們的團隊中實現。

Accordingly, we are raising our forecast for currency neutral adjusted diluted EPS growth to plus 14 to plus 15%, which also factors in lower than anticipated net financing costs, including higher interest income. This translate into a range of $6.45 five to $6.51, including an unfavorable currency impact of $0.4 for the year at prevailing rates, $0.06 increase in expected currency. Edwin largely reflects the same factor as Q. three on a USD basis. This forecast represents very robust growth of approximately plus seven to plus 8%.

因此，我們將貨幣中性調整後稀釋每股收益成長的預測上調至+14％至+15％，這也考慮到低於預期的淨融資成本，包括更高的利息收入。 這意味著 5 美元到 6.51 美元的範圍為 6.45 美元，其中包括以現行匯率計算今年 0.4 美元的不利貨幣影響，以及預期貨幣增加 0.06 美元。 以美元計算，埃德溫在很大程度上反映了與第三季相同的因素。 這一預測表明成長非常強勁，大約為 7% 到 8%。

As reflected in this forecast, we expect another robust delivery in Q4 despite more challenging top-line comparison on the mix of shipments between categories. We also target another quarter of adjusted gross and operating margin expansion, including a planned increase in commercial investment behind our smoke-free brands.

正如本預測所反映的，儘管不同類別之間的出貨量組合的頂線比較更具挑戰性，但我們預計第四季度的出貨量將再次強勁。 我們也計劃再成長一個季度的調整後毛利率和營業利潤率，包括計劃增加無菸品牌背後的商業投資。

Q4 net find financing costs are likely to be sequentially higher, notably, given the mark-to-market benefit in Q3 from the volatility interested market. I mentioned earlier, I think earlier in the 0.30 0.4 times improvement in our 20 well on track for our target ratio of around two times at the end of 2026, with buybacks to be considered as subject to board approval once we are within sight of this goal.

值得注意的是，考慮到第三季對波動性感興趣的市場按市值計價的好處，第四季的淨融資成本可能會連續上升。 我之前提到過，我認為早些時候我們的20 口油井的改善為0.30 0.4 倍，預計在2026 年底實現我們的目標比率約為兩倍，一旦我們看到這一點，回購將被視為需要董事會批准目標。

In conclusion, we delivered another outstanding quarter, reflecting the strong underlying momentum of our business, coupled with our proactive step to support superior growth in the long term, we are delivering on all key metrics with best-in-class volume and pricing.

總而言之，我們又實現了出色的季度業績，反映出我們業務強勁的潛在動力，再加上我們為支持長期卓越增長而採取的積極舉措，我們正在以一流的銷量和定價實現所有關鍵指標。

In addition to substantial margin expansion and earnings growth from both a reported dollar basis, we are raising our growth outlook for an exceptional 2024, with growth rate comfortably above our 24 26 targets. While the industry dynamics affecting combustible volumes may be specific to 2020 for the key drivers of our growth are both structural and sustainable.

除了以報告美元計算的利潤大幅成長和獲利成長之外，我們還提高了 2024 年的成長前景，成長率將輕鬆高於我們的 24 26 目標。 雖然影響可燃量的產業動態可能是 2020 年特有的，因為我們成長的關鍵驅動力既是結構性的，也是永續的。

Legal at smoker are looking for smoke-free alternatives, and we are building strong and profitable. Premium brands will cause zinc and lead to lead the smoke-free category as we continue our books for efforts more free transformation.

Legal at Smoker 正在尋找無菸替代品，我們正在打造強大且有利可圖的產品。 隨著我們繼續努力實現更自由的轉型，優質品牌將導致鋅和鉛引領無菸類別。

We have significant further opportunity both in the US and internationally. Importantly, we raised our dividend in September for the seventeens successive year in line with our progressive policy. We retain a strong and growing cash generation profile, which enables both through investments in long-term growth and the capacity for substantial shareholder returns.

我們在美國和國際上還有更多重要的機會。 重要的是，我們在 9 月連續十七年提高了股息，符合我們的進步政策。 我們保持著強勁且不斷成長的現金產生能力，既可以透過投資實現長期成長，又可以為股東帶來豐厚回報。

Thank you very much for your attention, and we are now very happy to answer your questions.

非常感謝您的關注，我們現在很高興回答您的問題。

As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one again. Please stand by while we compile the Q&A roster. Our first question comes from Bonnie Herzog with Goldman Sachs. Your line is open.

提醒一下，要提問，請按電話上的星號一，然後等待宣布您的名字。 若要撤回您的問題，請再次按星號一。 我們正在整理問答名單，請稍候。 我們的第一個問題來自高盛的邦妮·赫爾佐格。 您的線路已開通。

All right. Thank you. Hi, Emmanuel appear well, and on into oh nine from a question on I guess I wonder if you could maybe comment a little bit further. I expected volume trajectory are I can't find out that accelerate that high single digit range and K3 plant near double digit history. So I know there are some timing impact. And now the impact that, could you maybe update us a little bit further on that in the quarter and maybe how that will reverse and keep our and then also having from our color on volume, I see a sign that as an East Asia, which hit our bad debts, calibrated EL drivers of that and whether you I expect shipment can probe and Ray Chan and Carrefour Giovanni

好的。 謝謝。 嗨，伊曼紐爾看起來很好，從我想我想知道你是否可以進一步評論問題進入哦九。 我預計成交量軌跡是，我無法發現加速高個位數範圍和 K3 工廠接近兩位數歷史。 所以我知道這會產生一些時間影響。 現在，您能否進一步向我們介紹本季的情況，以及這種情況將如何逆轉並保持我們的影響，然後從我們的顏色對數量的影響來看，我看到了一個跡象，作為一個東亞，打擊我們的壞賬，校準EL 驅動程序，以及您是否希望發貨可以探測和Ray Chan 和家樂福喬瓦尼

With pleasure. And you're giving me the opportunity to maybe be back on the fact that when you look at I close, I really urge you to watch at the end market, sell the advertising market sales, which is the best proxy we can have from consumer offtake. And on that indicator, the good news, it was a confirmation of the reacceleration that we were expecting. And we had been flagging the fact that we're expecting a accelerate the momentum on acres in H. two. And we are indeed seeing that in our Q 3D adjusted in market sales because we are almost at 15%.

榮幸。你給了我一個機會，也許可以回到這樣一個事實，當你看到我結束時，我真的敦促你關注終端市場，銷售廣告市場銷售，這是我們可以從消費者那裡得到的最好代理承購。 就該指標而言，好消息是，它證實了我們預期的重新加速。 我們一直在強調這樣一個事實，即我們預計 H.2 英畝的成長勢頭將會加快。 我們確實看到，在 3D 季度中，市場銷售額進行了調整，因為我們幾乎處於 15% 的水平。

You're asking the question about and East Asia, actually, Japan delivered again around 14% of adjusted in-market sales. So the market for equals remain extremely dynamic before you know, despite the fact that we have, of course, already close to 30% mark share, but we continue with strong double-digit, and that was a very good news. What happened in Q three to explain. The acceleration is, as I said, continued very strong dynamism in Japan. By the way, South Korea is also doing well. And we think we are showing the number in soon where we are a nicely growing the market share. Then there was a reacceleration in Europe and I know that we receive a lot of question in.

你問的是關於東亞的問題，事實上，日本再次貢獻了調整後市場銷售額的 14% 左右。 因此，在你知道之前，平等市場仍然非常活躍，儘管事實上我們已經擁有接近 30% 的市場份額，但我們繼續保持強勁的兩位數，這是一個非常好的消息。 發生了什麼，請在第三個問題中解釋。 正如我所說，這種加速在日本持續保持著非常強勁的活力。 順便說一下，韓國也表現不錯。 我們認為我們很快就會展示這個數字，我們的市佔率正在快速成長。 然後歐洲重新加速發展，我知道我們收到了很多問題。

Okay. How confident can you be in the fact that Europe is going to reaccelerate?

好的。 您對歐洲將重新加速發展有多大信心？

We knew that we were going through this transition phase for the flavor ban and and we see the market progressively exiting the description of the ban with a reacceleration. Italy was, of course, during the third quarter, the country with the reacceleration, and that was nice to see Italy key restarting on a very strong food, the growth on a course, and we resume double-digit growth on. I just had a miss in Europe in Q3.

我們知道我們正在經歷風味禁令的過渡階段，我們看到市場正在加速退出禁令的描述。 當然，在第三季度，義大利是經濟重新加速的國家，很高興看到義大利在非常強勁的食品上重新啟動，經濟持續成長，我們恢復了兩位數的成長。 我剛剛錯過了第三季的歐洲。

And then you have a number of other market in the world. And I would say we see momentum you're building up, which is very good news for the future. I could mention, of course, and Indonesia, Saudi Arabia, Mexico and I think and you as well. I mean, we see a number of market where there is, of course, but it has been now for more than a year with growth where we see real momentum emerging DIN. equals with, of course, we know we're just at the beginning.

然後世界上還有許多其他市場。 我想說，我們看到了你們正在累積的勢頭，這對未來來說是一個非常好的消息。 當然，我可以提到印尼、沙烏地阿拉伯、墨西哥，我想還有你們。 我的意思是，我們看到了許多市場，當然，但現在已經有一年多了，我們看到 DIN 正在出現真正的成長勢頭。當然，我們知道我們才剛開始。

So a lot of potential bad debt is very in Japan and you for the future. So that's really what we've seen in Q three.

因此，日本和您的未來都有很多潛在的壞帳。 這就是我們在第三個問題中看到的。

Now you have a question on the shipment. Well, we've been flagging the fact that shipment would be a trajectory would be disconnected from the consumer offtake. We had some very strong growth in the first quarter, which was a notably driven by comparison year-on-year. There was, of course, the Red Sea disruption that generated some shipments in the first part of the year. And therefore, today we have shipment that are a bit lower for the third quarter than the and the adjusted IMS.

現在您對出貨有疑問。 好吧，我們一直在強調這樣一個事實，即運輸軌跡將與消費者的購買脫節。 我們在第一季實現了非常強勁的成長，這主要是由同比推動的。 當然，紅海的干擾導致今年上半年產生了一些出貨量。 因此，今天我們第三季的出貨量比調整後的 IMS 略低。

And we're just a few of the year for the nine months going to a situation where gradually we are equalizing adjusted IMS and the shipments. So that's what we are seeing.

在這九個月裡，我們只是一年中的幾個階段，我們正在逐漸平衡調整後的 IMS 和出貨量。 這就是我們所看到的。

And in Q4, we're going to be with more equalization because we're going to be facing two elements. The first one regarding the Red Sea disruption, and we're going to have some reversal in Q4. So that will play negatively on the shipment. And we also are facing some items last year as we are building inventory to prepare the transition for the flavor ban in Europe. So that's a icons in terms of shipment last year.

在第四季度，我們將更加均衡，因為我們將面臨兩個因素。 第一個是關於紅海破壞的，我們將在第四季出現一些逆轉。 因此這將對發貨產生負面影響。 去年，我們還面臨一些問題，因為我們正在建立庫存，為歐洲香料禁令的過渡做好準備。 這是去年出貨量的一個圖示。

But at the end of the day, you should expect adjusted IMS and shipment to a certain period to evolve. But in parallel away. And as we said, we continue to expect for Q4 a renewed momentum on a consumer offtake of what we call adjusted in-market sales, which is really what matters. It was important because that that's what he's talking about. The health of cycles.

但最終，您應該預期調整後的 IMS 和出貨會在一定時期內發生變化。 但平行而去。 正如我們所說，我們繼續預期第四季度消費者對我們所說的調整後的市場銷售的購買將出現新的勢頭，這才是真正重要的。 這很重要，因為這就是他所說的。 週期的健康。

Okay. All that makes sense. Really helpful. Thank you. And then maybe a second question and then sell in the supply chain appear to be a thing, which is great. And just wanted to confirm ammonia that you are on track carefully restores supply levels next quarter or in TheraCann. And I believe until the early next year. And then when it happens here, how how quickly you expect them to recapture and at the LA market share? And just curious what Wall well as the kinds of data promos play, I guess, ethanol, how you're thinking about that? Thank you.

好的。 這一切都是有道理的。 真的很有幫助。 謝謝。 然後也許第二個問題然後在供應鏈中銷售似乎是一件事，這很棒。 只是想確認氨，您正在認真恢復下季度或 TheraCann 的供應水平。 我相信直到明年初。 然後，當這種情況發生在這裡時，您期望他們以多快的速度重新奪回洛杉磯的市場份額？ 我只是好奇沃爾以及各種數據促銷活動的效果，我猜是乙醇，你對此有何看法？ 謝謝。

Sure on on the money, we said somewhere in Q4, we will have the supply to the market meeting consumer demand, which clarify again doesn't mean that we will have fully been replenishing or level of inventory. Yes, that point we believe for what we can assess of the consumer demand, that what we bring to the trade will correspond to what the consumer will take it from the trade will buy from the trade. But then there we'll certainly be and unable to deliver what is going to happen during this quarter. But I think we have seen in this perspective then, but that's probably more for 2025.

當然，在資金方面，我們在第四季度的某個地方說過，我們將讓市場供應滿足消費者需求，這再次澄清並不意味著我們將完全補充庫存或保持庫存水準。 是的，在這一點上，我們相信，根據我們對消費者需求的評估，我們為貿易帶來的東西將與消費者從貿易中獲得的東西以及從貿易中購買的東西相對應。但我們肯定會無法實現本季將要發生的事情。 但我認為我們當時已經從這個角度看待了，但到 2025 年可能會更多。

There will be a replenishment of the out-of-stock situation and we will gradually, but that's going to happen in only gradually. But through 2025 foot, but the level of inventory to what it should be normally. And that certainly will take some months as we continue to increase the capacity. Remember, we said that for the full year 2025, we are targeting an overall capacity of around 900 million.

缺貨的情況將會得到補貨，我們會逐漸補貨，但這只會逐漸發生。 但到了 2025 年，庫存水準卻回到了正常水準。 隨著我們繼續增加產能，這肯定需要幾個月的時間。 請記住，我們說過，2025 年全年，我們的目標是總產能約為 9 億個。

Can, of course, that is a capacity that we are going to build gradually on this there, you know, at the beginning of the year, and I would say the replenishment and being back to a fully normal situation is going to happen only gradually through 2025 at of course, when we can be more specific about that, we will be more specific on it with that with the topic. And so that's for supply when it comes to regaining share.

當然，這是我們將在今年年初逐步建立的能力，我想說，補充和恢復到完全正常的情況只會逐漸發生當然，到2025 年，當我們可以更具體地說明這一點時，我們將通過這個主題更具體地說明這一點。 因此，當談到重新獲得份額時，這就是供應。

So what we've seen is that in fact, when the availability of Zain went down, we see the category slowing down because obviously it seems that number of buyer of Zain are not intending to buy another brand. And therefore, when they don't find anything, they are maybe 40 using or, you know, consuming something else. But that probably has been slowing down a bit.

所以我們看到的是，事實上，當 Zain 的供應量下降時，我們看到該類別的銷售放緩，因為顯然 Zain 的買家數量似乎並不打算購買其他品牌。 因此，當他們找不到任何東西時，他們可能在 40 歲時使用或消費其他東西。 但這可能已經放緩了一點。

The category, we will see our we gradually recover. We've seen in the second part of the Q. three, some improvements sequentially on our market share, which is good news. We believe that we have some positive outlook as we regain availability for the product, but it's difficult to be more specific than that at that stage.

這個品類，我們會看到我們逐漸恢復。 我們在第三季的第二部分看到，我們的市佔率連續有所改善，這是個好消息。 我們相信，當我們重新獲得產品的可用性時，我們有一些積極的前景，但在那個階段很難說得更具體。

All right. Thank you, operator, and thank you.

好的。 謝謝你，接線員，謝謝你。

Thank you.

謝謝。

And our next question comes from Gaurav Jain with Barclays. Your line is open.

我們的下一個問題來自巴克萊銀行的 Gaurav Jain。 您的線路已開通。

Hi, good morning, Emmanuel. Opr volumes are up. A couple of questions from me. Uk and US cigarette markets internationally, you know, your pricing guidance, you have increased to 8% to 9% and yet volumes above about the fact that you're mentioning by volumes are so strong that James lack of a decrease in Brazil and Turkey now cost modeling probably from Russia, the levels of these countries, they should continue in oh five quantify fashion and then us by quantifying also be a pretty strong for Signet volumes and pricing internationally.

嗨，早上好，伊曼紐爾。 Opr 數量增加。 我有幾個問題。 英國和美國國際捲菸市場，你知道，你的定價指引已經增加到 8% 到 9%，但上面提到的銷量是如此強勁，以至於詹姆斯在巴西和土耳其的銷量沒有下降現在成本模型可能來自俄羅斯，這些國家的水平，他們應該繼續以五種量化方式進行，然後我們透過量化也可以在國際上對Signet 數量和定價變得相當強大。

And within that context, can you also touch on is there any desktop of excise tax hike happening in the next few months?

在這種背景下，您能否談談未來幾個月是否會出現消費稅上調的情況？

Thanks, guys, for your question. So I don't want to enter now into commenting 2025. And of course, in due course, we'll share with you all see the outlook for the year. And I think what we are seeing in 24 is well identified. We talk about a number of market where smoke-free product, I'm not allowed some time you have increasingly prevalent and sometimes you have demographic that doubling positively for the consumption of cigarettes.

謝謝你們的提問。 所以我現在不想評論 2025 年。 我認為我們在 24 小時中看到的情況是很明確的。 我們談論了一些無菸產品的市場，我不允許一段時間你越來越流行，有時你的人口數量會增加一倍的捲菸消費。

I think India is a clear market when it comes to to demographic for, for instance, and it is difficult to say our own or that is going to play and what's going to be the continuation of this trajectory. I think we need to be a bit cautious on the outlook, but it's true that I cannot say that every leasing will finish on the 31st of December 24.

例如，我認為印度在人口方面是一個明確的市場，很難說我們自己的市場或那個市場將發揮作用，而這條軌跡將持續下去。 我認為我們需要對前景持謹慎態度，但確實，我不能說所有租賃都會在 12 月 24 日完成。

So we don't know what's going to be here and the trajectory in 25, what is certainly good to see that we are able to actually grow volume, gain more share of segment and at the same time, increased price in a very dynamic manner, which is it tribute to the strength of our brand. And it stood at 9.7% in Q3 was a remarkable price increase. Don't take that for Q4, enjoys the guidance, you know, but that's that was very good in in Q three, and that shows that them in this category.

因此，我們不知道這裡會發生什麼以及 25 年的發展軌跡，但很高興看到我們能夠實際增加銷量，獲得更多細分市場份額，同時以非常動態的方式提高價格，這是對我們品牌實力的致敬。 第三季的價格上漲了 9.7%，這是一個顯著的價格上漲。 不要將其視為第四季度，享受指導，你知道，但這在第三季度中非常好，這表明他們屬於這一類別。

We were I think we've been clear on our our objective, which isn't really to maximize the performance on convertible in order to a company and out the fastest transition to smoke-free. I think the strategy on combustible is working and delivering. And remember, we also said that in 2025 weeks, in fact, a number of positive solution for combustible cigarette when it comes to cost of goods where we'll have a lower level of headwinds. So there will be a continuation of pricing.

我認為我們的目標很明確，這並不是為了最大限度地提高敞篷車的性能，以便公司盡快過渡到無菸。 我認為可燃物策略正在發揮作用並取得成效。 請記住，我們也說過，事實上，在 2025 週內，可燃捲菸在商品成本方面將出現一些積極的解決方案，我們將面臨較低的阻力。 因此，定價將會持續下去。

Nevertheless, the eight to nine as the guidance for the future, we always said that we were more mid-single digits on the on the medium term, and we should see a less Edwin on on cost of goods, which is probably good for for the combustible cigarette profitability on the excise tax at that stage, there is nothing really material. I can report, I would say traditional discussion, but we're still a bit earlier. You know that many many decisions are made in November is not in December, so probably we'll know more at the end of the year.

儘管如此，以八到九作為未來的指導，我們總是說，從中期來看，我們的價格在個位數左右，我們應該看到埃德溫在商品成本方面的表現有所下降，這可能對就燃燒菸的獲利能力而言，在那個階段的消費稅上，並沒有什麼實質的內容。 我可以報告，我會說傳統的討論，但我們還早了一點。 你知道，很多決定是在 11 月而不是 12 月做出的​​，所以我們可能會在年底知道更多。

But so far, I would say nothing specific or unusual to flag.

但到目前為止，我不會說任何具體或不尋常的事情。

Sure. Thank you. And my second question on your estimate comments of so what you told us that they are from EUR1.2 billion effect year to date. And if I understand correctly, you are using a conversion factor and one and minus 10 states and Australia on one partners 0.7 channel and Russia being 160 million pods tobacco centers that are incented to a more than 300 to $400 million adventure contribution, basal break-even. So I'm a ballpark, correct. And all these numbers are banned.

當然。 謝謝。 我的第二個問題是關於您的估計評論，您告訴我們，今年迄今為止的影響額為 12 億歐元。 如果我理解正確的話，你正在使用一個轉換因子和一負10 個州和澳大利亞在一個合作夥伴0.7 頻道上，俄羅斯是1.6 億個煙彈煙草中心，這些中心被激勵超過300 到4 億美元的冒險貢獻，基本突破 -甚至。 所以我是一個大概，正確的。 所有這些號碼都被禁止。

Yes, I can certainly confirm that one millimeter equal equates to 10 stick and cigarettes. That's the equivalence. And I would say that the ballpark, you know, I'm agreeing to confirm exactly, but 200 million miles away from from the reality on volumes on revenue, I won't I won't comment.

是的，我當然可以確認，一毫米等於10根棍子和香菸。 這就是等價性。 我想說的是，我同意準確確認，但與實際收入相差 2 億英里，我不會發表評論。

Sure. Thank you so much on Q2.

當然。 非常感謝您對第二季的關注。

Thank you.

謝謝。

Our next question comes from Fahad Tariq with UBS. Your line is open.

我們的下一個問題來自瑞銀集團的法赫德·塔里克。 您的線路已開通。

Hi, Emmanuel. Hi, James, and thanks for taking my questions. A couple from me, please. On I want to start with vapor and particularly because one of your peers highlighted that in Europe, a paper seeing greater success and sort of fully converting smokers and heated tobacco. I know about this before, but I wanted to get your latest thoughts on this topic as well as whether you're seeing an acceleration in vapor adoption as you sort of rollout to be in several markets.

嗨，伊曼紐爾。 你好，詹姆斯，謝謝你回答我的問題。 請從我這裡來幾張。 我想從蒸氣開始，特別是因為你的一位同行強調，在歐洲，一篇論文取得了更大的成功，並且完全改變了吸煙者和加熱煙草的習慣。 我以前就知道這一點，但我想了解您對這個主題的最新想法，以及當您在多個市場推出時，您是否看到蒸汽採用的加速。

And the second question goes back to nicotine pouches in the U.S. And I noted in your prepared remarks on you've also seen on some some illicit products are coming into the market and some some there may be infringing on your your patent. And could you just maybe expand on what measures you are currently taking or expect to take? And how do you think this will differ from the current environment we see in vapor and the US Place pure families with

第二個問題回到美國的尼古丁袋。 您能否詳細介紹一下您目前正在採取或預計採取的措施？ 您認為這與我們目前在蒸汽和美國地方看到的純家庭環境有何不同

With pleasure. So on a greater success from visiting incrementing smoker, we don't see any of that. The experience is very different. And it's quite obvious that versus heat-not-burn eating a liquid, which has no tobacco is delivering a very, very different experiences. And I think all markets are pointing to the fact that there is clearly a much, much higher and much better condition from smokers to it, not burned into vaping.

榮幸。 因此，我們並沒有看到，在拜訪越來越多的吸煙者方面取得了更大的成功。 體驗非常不同。 很明顯，與加熱不燃燒的不含煙草的液體相比，它提供了非常非常不同的體驗。 我認為所有市場都在指出這樣一個事實：吸煙者顯然有一個更高、更好的條件，而不是被電子煙燒死。

And I think the success of cycles and is Brightree illustrating that I have to say and not come back on the on the performance on and on a course, I don't think we are really seeing an acceleration in the adoption of ratings vaping market. The rating category is impacted today by many, many a regulation evolution of potential evolution.

我認為週期的成功，Brightree 說明了我不得不說，而不是回到課程中的表現，我認為我們並沒有真正看到評級電子煙市場的採用加速。 如今，評級類別受到許多潛在演變的監管演變的影響。

We know that one of the firm of the Viking rating category is that you have a responsible player going for fancy flavor or, you know, an acceptable marketing behavior that can generate underage consumption that can be creating some disruption. We know that notably the disposable category and has been generating some of that. But if you look at the what we can assess of the legal age nicotine user, I don't think that we can report any acceleration that would be meaningful from from from JP.

我們知道，維京評級類別的公司之一是，你有一個負責任的玩家追求奇特的口味，或者，你知道，一種可接受的營銷行為，可能會產生未成年人的消費，從而造成一些幹擾。 我們知道，尤其是一次性類別，並且已經產生了其中的一些。 但如果你看看我們對法定年齡尼古丁使用者的評估，我認為我們無法報告來自 JP 的任何有意義的加速。

Regarding the a nicotine pouch in the U.S. And your question on on what we do, can you first allow me a general comment. I think that PMI is at the forefront at the very forefront when it comes to fighting illicit trade. And that is true for the U.S. that it's true everywhere in the world. We commit huge resources. I mean, investments in fighting illicit trade, working with authorities, regulators in and in many or sorry, in many countries to do that. And for us, it's very, very important, a battle, very important fight.

關於美國的尼古丁袋以及你對我們做什麼的問題，你能先讓我發表一下一般性評論嗎？ 我認為 PMI 在打擊非法貿易方面處於最前線。 對美國來說是這樣，在世界各地也是如此。 我們投入大量資源。 我的意思是，投資打擊非法貿易，與許多國家的當局、監管機構合作來做到這一點。 對我們來說，這是非常非常重要的一場戰鬥，非常重要的戰鬥。

So the U.S. make no exception. And yes, when we are aware of and illicit when we are aware of product infringing potentially our patent, we are acting. I think that in my remarks, I signaled some of the thing that we do. You know, when we identified sources that are potentially outside the US, we could go to even in terminating sales to these sources. And I said it we are working with distributors can be, you know, in forming a creating the awareness for illicit product writing to distributor. It can be sending cease and desist letter to the distributor retail where we see an issue. And we do that on our own are working with the regulator, as I said, in the U.S., like everywhere in the world.

所以美國也不例外。 是的，當我們意識到產品可能侵犯我們的專利時，我們就會採取行動。 我認為我在講話中暗示了我們所做的一些事情。 你知道，當我們發現潛在的美國境外來源時，我們甚至可以終止對這些來源的銷售。 我說過，我們正在與分銷商合作，你知道，可以形成一種對向分銷商發送非法產品的認識。 當我們發現問題時，它可以向零售分銷商發送停止函。 正如我所說，在美國，就像世界各地一樣，我們自己與監管機構合作來做到這一點。

So you can be sure that we take that extremely seriously.

所以你可以確信我們非常重視這一點。

Thanks, Mario.

謝謝，馬裡奧。

Thank you very much.

非常感謝。

Thank you.

謝謝。

As a reminder, to ask a question, please press star one on your telephone and wait for them to be announced again, that's star one to ask a question. Our next question comes from Priya Ohri-Gupta with Barclays. Your line is now.

提醒一下，要提問，請按電話上的星一號，等待他們再次宣布，即星一號提問。 我們的下一個問題來自巴克萊銀行的 Priya Ohri-Gupta。 你的線路現在是。

Hi, and thank you so much for squeezing Cypress. And just two quick ones from me and first, and it does look like you might actually shut down the top end of your potential deleveraging for next year at Diamondback, if you could address what drove that? Second are you do have a fairly sizable amount of maturities and of course, of 2025? And any thoughts on pulling some of that refinancing forward hail damage or appeared given where markets are opportunistically? Thank you.

你好，非常感謝你擠壓賽普拉斯。 我先簡單說兩句，看起來你確實可能會關閉響尾蛇明年潛在的去槓桿化的上限，如果你能解決推動這一趨勢的原因嗎？ 其次，你們是否確實有相當多的到期日，當然是 2025 年？ 考慮到市場機會主義，您是否有考慮將部分再融資提前冰雹損失或出現？ 謝謝。

Yes, with them taking distribution with pleasure. So on the slightly and very modestly a narrowing of the guidance for deleveraging, it's because of the euro strength at the end of September. That was because, as you know, we have a significant part of the debt in euro and therefore, India is going versus the dollar that can have a kind of one-off element because we always have the discrepancy between the an average rate for the for the year when the debt is going to be calculated on the split on the 31st of December.

是的，他們很樂意接受分配。 因此，去槓桿化指導方針小幅且非常溫和地縮小，是因為歐元在九月底走強。 這是因為，正如你所知，我們有很大一部分債務是歐元，因此，印度正在兌美元，這可能有一個一次性的因素，因為我們總是存在平均利率之間的差異。分割計算債務的年份。

So we'll see where we land at the trajectory is clear. And you may have seen that at the end of the third quarter, we have generated cash flow of TWD8.2 billion, and that is simply EUR2.3 billion above the cash flow generation at the end of Q3 2023. So so we are highly generating cash and of course, on the back of a very strong momentum in the business. But that's a good news. Yes. And certain I mean, I'm certainly going to discard opportunity for us to be active on the refinancing market in the coming months. And I'm not going to elaborate now on that.

所以我們會看到我們在軌跡上著陸的位置是清晰的。 您可能已經看到，在第三季末，我們產生了 82 億新台幣的現金流，這比 2023 年第三季末的現金流量高出 23 億歐元。業務強勁勢頭的支持下。 但這是一個好消息。 是的。 當然，我的意思是，我肯定會放棄我們在未來幾個月積極參與再融資市場的機會。 我現在不打算詳細說明這一點。

And we have a number of options that are open to us as you can be sure that we're already working on how to put in place better a refinancing again in the coming months for for PMI.

我們有很多選擇可供選擇，因為您可以確信我們已經在研究如何在未來幾個月內為 PMI 再次提供更好的再融資。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Gaurav Jain with Barclays. Your line is open.

我們的下一個問題來自巴克萊銀行的 Gaurav Jain。 您的線路已開通。

Hey, just a follow-up on the Canadian litigation settlement of what these payments be tax deductible and what mandate tank some 10 final will happen and thus longer inside of court case? Thank you.

嘿，只是加拿大訴訟和解的後續行動，這些付款可以免稅，以及大約 10 項最終任務將發生，因此在法庭案件中的時間更長？ 謝謝。

Guys have on the Kenyan litigation, so you have what we can set the stage in our press release that we have issued last week and it's too preliminary unaudited and not able to tell you whether it's going to be tax deductible. Of course, as soon as we know, we will let you know, but for the time being and I'm not able to say and as you may have seen in in our release where we shared, you know what we can share that stage, they are still are a number of elements in this proposed solution put on the table by the mediators to be to be finalized.

夥計們，關於肯尼亞的訴訟，所以你們可以在我們上週發布的新聞稿中了解我們可以做的準備，但它還太初步，未經審計，無法告訴你們它是否可以免稅。 當然，一旦我們知道，我們會讓您知道，但目前我還不能說，正如您可能在我們共享的版本中看到的那樣，您知道我們可以在那個階段共享什麼，它們仍然是調解員提出的擬議解決方案中的一些要素，有待最終確定。

And of course, once we have the final terms will come back to you with this answer, of course. But also the other question on what's going to be the impact for PMI of some of the final settlement. Thank you so much.

當然，一旦我們確定了最終條款，我們就會為您帶來這個答案。 還有另一個問題，即部分最終解決方案將對 PMI 產生什麼影響。太感謝了。

Thank you. Thank you.

謝謝。 謝謝。

I'm showing no further questions at this time. I would now like to turn it back to James Bushnell closing remarks.

我目前沒有提出任何進一步的問題。 現在我想回到詹姆斯布希內爾的閉幕詞。

Thank you for joining us today. Are please reach out to the Investor Relations team. If you have any follow-up questions, I'm wishing you a good rest of the week analysis and look forward to speaking to soon. Thank you. Have a great day.

感謝您今天加入我們。 請聯繫投資者關係團隊。 如果您有任何後續問題，我祝您本週休息順利，並期待盡快與您交談。 謝謝。 祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。 感謝您的參與。 您現在可以斷開連線。