Outside of the US, Japan, and Europe, all three of our smoke-free categories are delivering dynamic growth, with Q3 shipments up plus 23% to over 12 billion units. This includes continued strong high-cost performance in South Korea, rapid growth in Pakistan and South Africa, and very dynamic multi-category growth in global travel retail and Indonesia.

Oct 21, 2025 / receipt, needs a key / Emmanuel Babot, CFO | earnings call 2025-10-21 | transcript 3630c781-ac7e-4043-85df-e3d9b83b9f55 | chars 21334-21687 | segment 21

Increased travel also supported volume growth in Spain and duty-free.

Apr 21, 2022 / receipt, needs a key / Executive, other | earnings call 2022-04-21 | transcript c23e72d3-e0c2-47df-b569-e145abb44269 | chars 21512-21581 | segment 22

For duty-free, we assume no meaningful pickup in Asian travel, but a continued gradual recovery in other geographies.

Feb 10, 2022 / receipt, needs a key / Jacek Olczyk, CEO | earnings call 2022-02-10 | transcript 44bb7e65-0684-49bb-b436-5484d4129b83 | chars 8214-8331 | segment 8

Importantly, these savings do not include those resulting from the pandemic, such as reduced travel and the necessary shift of consumers to digital channels.

Feb 4, 2021 / receipt, needs a key / Emmanuel Babot, CFO | earnings call 2021-02-04 | transcript 3c225d41-9ad7-482f-b26f-6fc7824aa5f7 | chars 10068-10225 | segment 10

The first and likely longest in duration is on duty free sales due to severely curtailed global travel.

Apr 21, 2020 / receipt, needs a key / Martin King, CFO | earnings call 2020-04-21 | transcript a7266065-0536-4872-834a-c8f48a47d8ae | chars 8698-8801 | segment 8

So what we observed with a high degree of certainty is the duty-free impact because there is no traveling essentially worldwide.

Apr 21, 2020 / receipt, needs a key / André, other | earnings call 2020-04-21 | transcript a7266065-0536-4872-834a-c8f48a47d8ae | chars 27101-27229 | segment 26