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- **EPS Growth Acceleration**: 2025 adjusted EPS guidance of $5.37-$5.45 (3.5%-5% growth) reflects strong cash returns and margin expansion, targeting mid-single-digit CAGR through 2028.
- **Smoke-Free Innovation**: on! PLUS launch in 3 states with premium pricing; oral tobacco category volume up 14.5% YTD, on! retail share +0.8 share points to 8.7%.
- **Strategic Partnerships**: KT&G collaboration to expand on! internationally and explore U.S. non-nicotine products, with potential operational synergies and duty drawback benefits.
- **Regulatory Progress**: FDA pilot program for oral nicotine pouches signals faster approvals; federal enforcement actions against illicit e-vapors support regulated product access.

**【CEO Summary Section】**
- **Revenue Growth and Smoke-Free Momentum**: Adjusted diluted EPS grew 3.6% YoY, driven by strong performance in the smoke-free portfolio. Oral tobacco industry volume increased 14.5% over 6 months, with on! PLUS launching in 3 U.S. states. On! retail share of the oral tobacco category rose 0.8 share points YTD to 8.7%.
- **Collaboration with KT&G**: Announced partnership to explore international modern oral and U.S. non-nicotine opportunities, including potential expansion of on! into international markets and collaboration on energy/wellness products.
- **Regulatory Progress**: FDA pilot program for oral nicotine pouches includes on! PLUS applications, signaling faster regulatory approvals. Federal enforcement actions against illicit e-vapors seized over 4 million units, supporting regulated product access.

**【CFO Financial Commentary】**
- **Financial Performance**: Adjusted diluted EPS of $5.37-$5.45 for 2025 (3.5%-5% growth vs. 2024), driven by smokeable products segment OCI margin expansion to 64.4% and oral tobacco segment margin growth to 69.2%.
- **Shareholder Returns**: Expanded share repurchase program to $2 billion and increased quarterly dividend by 3.9% to $1.06/share, marking 60th dividend increase in 56 years.
- **Volume Trends**: Domestic cigarette volumes declined 8.2% Q3/2025, but Marlboro maintained 59.6% share of premium segment, while Basic brand captured 1.4 share points YTD in discount segment.

**【Q&A Highlights】**
- **on! PLUS Rollout**: Early feedback positive; national launch contingent on consumer demand and regulatory approvals. On! PLUS priced premium to on! due to differentiated comfort, nicotine delivery, and flavor satisfaction.
- **KT&G Partnership**: Aims to leverage KT&G's expertise in non-nicotine products (e.g., Korean red ginseng) and optimize cigarette manufacturing for international markets, potentially benefiting from duty drawback programs.
- **Cost Management**: Focus on long-term margin expansion through Optimize & Accelerate program, with RGM tools driving price realization and promotional efficiency. Controllable costs managed to support mid-single-digit EPS CAGR through 2028.


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