We delivered very strong results in the second quarter, rounding off an excellent first half of the year. We reported close to plus 8% organic top line growth, reaching over $11 billion in quarterly net revenues for the first time. Overall in H1, our smoke-free business generated 42% of our total net revenues.

Operating income grew plus 11% organically, driving plus 14% currency-neutral growth in adjusted diluted earnings per share, or plus 15% in dollar terms. These results were powered by the excellent performance of our international smoke-free business.

IQOS continued to show strong underlying momentum, while other smoke-free categories, especially VEEV, also continued to grow rapidly, as our multicategory commercial approach gains momentum across markets.

Our combustible business exceeded expectations with growing volumes and very good pricing, stable category share, and gross profit growth. In the U.S. we delivered strong sequential performance improvement versus a challenging first quarter.

ZYN shipments increased by 2% year-on-year to 2.9 billion pouches, including the initial shipments of new variants such as ZYN ULTRA. This first phase of our portfolio expansion is an exciting milestone.

Overall, these results underscore the quality of our business model and our ability to reinvest behind our smoke-free future while sustaining best-in-class growth.