PM · Philip Morris International Q2 FY2026 earnings call record财报电话会记录

“I am pleased to report a very strong Q2 as we generated +8% organic growth in net revenue and +11% in operating income, driving +14% currency-neutral progression in adjusted diluted earnings per share to $2.20 or +15% in $ terms.”

“Adjusted operating income grew close to +11% organically and +12% in dollar terms to reach $4.8 billion, reflecting the same underlying business drivers and continued growth investment.”

“Organic net revenues grew by +5.3%, while adjusted operating income increased by +6.1% organically or +11% in dollar terms to reach $8.9 billion.”

“Given our Q2 performance and the latest industry dynamics, we now expect a more moderate full year decline in our cigarette volumes of around 2%-3%, versus 3% previously, which remain consistent with the structural evolution of the category.”

“This margin performance underscores the strength of our model as we continue to invest behind our smoke-free transformation while expanding profitability.”

“ZYN continued to gain share in this small but fast-growing category, reaching more than 17% of the international segment, excluding the Nordics in Q2.”

“However, it is important to note that volume comparison in Q3 will be impacted by the one-off promotional activity in September of last year, which accounted for around 250 million pouches.”

“This combination of pricing power, brand leadership, and discipline execution translated into robust profitability, with international combustible gross profit growing by +6.1% in organic terms and by an impressive +8% in Q2.”

“For 2026, we continue to target organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency neutral adjusted diluted EPS growth of +7.5% to +9.5%.”

“For Q3, specifically, we expect HTU shipment volume of around 41 billion units against a strong Q3 2025, when HTU shipment grew by 15.5%.”

“We are really putting together now a portfolio that is really, I would say, nicely matching consumer demand and the evolution of the market.”

“Today, the priority, as I said, is on optimizing volumes.”