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OI Margin: 41.1% (+40 bps vs Q1 2025) - Shipment volume: -1.9% vs Q1 2025 - Consensus: BEAT on EPS and Revenue Q1 FY26 Results by Segment: - International Smoke-Free: $3,836m NR

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The lower esophageal sphincter (LES) muscle, which maintains a barrier against acidic stomach contents, becomes weak due to the impacts of smoking

Vaping has rapidly become a popular alternative to traditional smoking, with many people switching from cigarettes to e-cigarettes as a way to reduce harm or quit altogether

We will continue to find a more seamless way to engage with our consumers around the world and bring them into our multi-category space in the future. Gebr