you, and welcome, Thank everyone. James,
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Our multi-category smoke-free expanding brands the leading to we momentum leverage our the gain our strength approach of whilst portfolio. reach as of continues
in responsibly is of in with awareness traction and among For nicotine growing building Increasing international legal nicotine number age the are pouches, users markets. a focused positive geographies. interest we category category driving on ZYN
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ports share several improvement. on QX, disposable. back in markets, is and X contribution excellent Czech with dynamic closed reached from of E-vapor Republic. the the momentum of sold Italy, lead we as performance Europe and the at category in September and closed forefront at continue And profitability cost the system VEEV level volume product to remained we our in flagship including take pod goods Romania
as purchase regular we build and within to awareness. We brand repeat are seeing good continue environment distribution usage a competitive and
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wellness and business. a comment Finally, brief our on health care
of by into As we Vectura have the transaction an in close the end to sell entered agreement expect and year. the we Group September, disclosed to
to Our ] pipeline. our this skill progress required scientific on has therapeutics and advance ownership [ of been the develop made Enel Vectura expertise was to Significant front. important
development that pipeline. of CDMO to relationship the opposition to However, divestments, Together unwarranted engagement of the PMI's agreements future believe will support continued ownership, ] of our master impacted being Vectura-centric be better under Vectura the and therapeutic we the Enel announced given service we served were commercial its new [ with establishment ownership. proprietary overall by
and and Our on launches developments, forward wellness wellness consumer to you continues, of we including products. updating [indiscernible] future care strategy look
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remain as benign. resilient were industry trends global volumes Cigarette
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by category brands with in XXXX global value and impact positive the share our year-to-date. corresponding cigarette share spin-off X.X and grew achieved since plus share. points overall QX their highest Our Marlboro on the quarterly Both
there some week, the last been has claims announced As resolution progress long-awaited litigation of towards old cigarette-related in decades Canada.
plan The process. settlement and would Canadian around [ after and you result proposed plan [ incremental in entail U.S. equivalent combustible adjusted mediated plan The the operating subject the final cash deconsolidated mediator's is CCAA industry, and financial details. We to ] to GAAP. affiliate cash estimate further last implemented, entering in ABH direct profit adjusted payable after from the EPS PMI Our ABH flow to adjusted term would cash a equivalents, Canada release be Canada. press cash in and ] be billion of $XX.X for cash week's reconciliation for and and the of I numbers. proposed future was would of reconsolidation XXXX the EBITDA, income
sustainability. Moving now to
are continued strong to progress making product. towards access transformation smoke-free including our We product on targets,
of track are available products smoke-free our XXX by placing aspiration XX markets, us XXXX. on now Our in for
there last due of are products constraints, markets year. not where Day available number As smoke-free our industry a case volume, to at notable excluding X/X tobacco covered of yet which a up [indiscernible] reminder, of make as regulatory is close China, remain the to Investor
comprise market. for also low and smoke-free over middle-income We product to our objective moving countries are nicely of towards XX%
are to of to smoke-free age tackling critical is and nicotine users, products to access underage increase legal Our nicotine efforts focus. specific area a
success survey, significant year-on-year results low very despite at usage of Use of less nicotine results a used the through through overall Such growth U.S. of the approach. with to the committed no standards than category, which the Tobacco driving by of category. change remained X% only be multi-stakeholder the reported can responsible strong new continue we stewardship statistically encouraged and achieved We in are are pouches National XXXX prevention
environmental our key sustainability our impact of Addressing pillar is strategy. another company's
including direct XX%. total working are We sites, certified facilities to our of carbon we Year-to-date, operation certification bringing X additional neutral. our of towards in us a neutrality all carbon manufacturing as
XXX% We of footprint remainder have the to our the achieve concrete plans order in aspiration by XXXX. for
XX% for places address are well processes, we robust against XXX% of Alliance our believe with factory year-to-date ongoing including directive. the goal to the Combining progressing X requirements, with initiatives Stewardship certifying rigorous at reporting are our upcoming our environmental impact Additionally, Sustainability Standard and additional reporting Water by XXXX. we we to prepared Corporate for EU reporting
Okay.
full Turning our now to year. for the outlook
stronger-than-expected are full growth, year OI forecast. this performance, and U.S. our year-to-date line Following currency and raising organic dollar we growth bottom sales volume organic neutral
continue organic where to and XX% plus our expect shipment IMS to this, Within increase to and X% First, target volumes we outlook shipment plus around record around to adjusted billion. volume of Taiwan to await growth we HTU to volumes growth total an X% plus just where ban regulatory of in flavor EU XXX continue over continues units, characterizing impact X we of from volumes no and assume This billion the forecast progression. approval.
reflecting on to we expansion ZYN, of U.S. the made upper the shipment well capacity XXX of cans demand. progress the million our in at prior strong volume XXX guidance range continued as forecast as million For end
by resilient in previously a performance robust also combustible outlined. as outlook driven category Our total a factors
with combination mix. and is the continued pricing accelerated Given volume strong of smoke-free
plus billion year. to revenue in revenue net for $XX and growth We close our result smoke-free organic should X.X%. to forecast This total strong are double-digit increasing the in includes around in organic net growth
forecast growth for XX% impact efficiency. performance, top cost raised to leverage, coupled With organic adjusted IQOS OI ZYN line and plus with We now operating to further this the the also our XX.X% year. plus and of improved
gross for at cost combustible diluted currency factor We to currency-neutral target for margin financing higher Accordingly, $X.XX, for including for in and expected lower-than-anticipated all into largely both in an plus growth expansion continue rates. translates The total including $X.XX of both adjusted unfavorable QX. impact increase to terms. prevailing which PMI, raising net XX% EPS factors of are headwind range expansion adjusted adjusted in income. OI $X.XX and interest currency XX%, plus and to our dollar $X.XX a reflects smoke-free also to year the product forecast same we margin organic the This as
plus On a growth basis, robust U.S. dollar very represents of X%. forecast plus this approximately to X%
QX in in expect As mix we delivery a between line challenging on this more reflected comparison the of categories. robust another top forecast, shipments despite
expansion behind of also another earlier. in given likely investment sequentially are higher increase We planned notably QX target interested mark-to-market I costs from net adjusted market margin to volatility in quarter the including be smoke-free the operating growth and mentioned brands. QX our commercial financing benefit a in
$XX a Our recent expectation And we goal. factoring EBITDA currency track to flow cash ratio our net are in of our billion sight move, we the end year subject to improvement places are this around operating of for to target for XXXX. of X.X, buybacks the debt ratio most This with strong of be now X.Xx adjusted the for considered in in on XXXX, unchanged. by us Board well approval around Xx within once target
reflecting coupled delivered conclusion, our step In term. another to dollar our superior proactive underlying with business, outstanding the support growth momentum of in strong we quarter,
and margin on both expansion a metrics to We reported best-in-class in earnings are with substantial key delivering growth on and pricing dollar basis. volume addition all and
XXXX, our above an rates outlook our 'XX, raising for growth are growth with comfortably 'XX targets. We exceptional
sustainable. the dynamics the specific While be XXXX, combustible may growth affecting of to and both industry volumes are key structural our drivers
smoke-free to are and IQOS, for smokers we smoke-free lead age and looking building ZYN strong the VEEV brands are category. premium Legal alternatives, with profitable and
in significant our transformation, both we the opportunity further As have U.S. internationally. and we continue powerful more
progressive Importantly, policy. and the generation for substantial successive in line retain both enables for reinvestment growing we dividend long-term raised capacity returns. We and which profile, in our cash September our growth strong shareholder the a XXth year, in with
to attention, you answer very very are and now your much happy for your questions. we Thank
