the everyone safe ladies I hope call well. Nick, and and listening welcome Thank is you, and gentlemen. to
growth Most our reach total another both delivered for $X.XX. user continue a RRP quarter to growth share achieve further category growth diluted to across of This was semiconductor the of the +X.X% IQOS revenue, rates. grew ongoing X.X% device the [Indiscernible] expectation XXXX, growth In Our sequential billion tightness for supported the and gains third supplies, +XX% compared key XX.X goals shortage, our PMI combustibles, cigarette it's for volume ahead volumes excellent EPS to total to And QX. net due QX in with in quarterly of year. total of [Indiscernible] and despite delivered adjusted notable which continued global PMI. strong record the +XX% units IQOS broad-based year we was coming quarter impact geographies. HTU business organic expect the driving same to in shipment growth giving last in and performance of
an firmly are growth strong We currency track tailwind performance [Indiscernible]. additional growth expected the a XXXX organic on for with in providing
for that tobacco growing initial the we made quarter, IQOS share include as and to the result also for product our term launch VEEV business We early in outstanding traction we in build three for acquisition long to and go Japan, are IQOS delighted ILUMA nicotine. markets. beyond In milestone
of launch continue the is and now in return dividend ongoing And repurchases. business through reflected Our our the industry shareholder with link an in share we increase framework. financing smoke-free to transformation X.X% also prioritize for financing transformation to
IQOS This [Indiscernible] sales in net by +X.X% on of growth business unit, Turning good markets. organic organic +X.X% reflects numbers, and revenue in weight both of We HTUs mix by combustibles. terms. our IQOS X.X% our to recovery QX of the our driven many the and pricing and net per or increasing in witnessed continued plus the in the the headline grew dollar basis on of an strength revenue
to and points pricing, productivity profitability decreased reflects unit the its partly savings. of This expected the initial IQOS launch, IQOS, margin income adjusted ILUMA related offsetting Our positive and XX and cost weight effect an from increasing higher the commercial basis. operating on of basis by organic continued spend increased
of EPS organic +XX.X good diluted +X.X adjusted resulting very $X.XX growth, last represent Our performance. and terms, in a the
strong of or mix our in on organically. net reflecting delivered This at dollar We progress organic net over X% revenues at with by nearly adjusted by shifting year-to-date +X% consistent unit, IQOS almost around +X.X% throughout pricing pandemic our and +XX% has grew excluding terms Looking in per Indonesia. our combustible reflect business pricing of growth performance, been the impressive. now where just growth again revenue X%, the and
basis, [Indiscernible] operating our operating Our income savings. performance by IQOS, an and by growth year-to-date leverage adjusted pricing increased driven margin organic and with productivity and on of top-line excellent an points basis XXX combined
dollar Our adjusted very in term; diluted a to also This guidance brings XXXX. plus XX.X% strong plus organically -- obviously XX.X% results. for and EPS me grew
organic X%, points. OI basis XXX revising We organic growth margin around revenues net to plus of the representing previous are for half outlook range expansion X.X% strong our outlook upper for and plus reaffirming the the to of
our prevailing forecast range, We diluted variable EPS range at growth, previous impact terms. +XX% $X.XX to estimated of +XX% adjusted +XX% +XX% end to including our dollar in translating upper currency EPS diluted rates. also an This of $X.XX, confirm the of $X.XX an or growth sub currency-neutral to adjusted at reflecting to
we be now tightness s, units our around supplies shipment volume Following device expect devices billion user comment as our in to on from we persist, as retention. prioritize XX for most recent the HTU
In $XXX share of repurchases duration, QX continue to growth the our recovery of improvement are only the a acquisition. to restriction. shipments limitation any amount during expect assuming blackout some million around inventory This we still include in full-year October HTUs limited Asian XXth other after ahead travels or term very a of guidance from to slightly following impact does Given and not continued QX we with subdued. through volume s. and modest assumptions, be Share QX maintain intercontinental IMS to need duty-free the in of repurchases material
challenges notably in Asia, of fully and +X%, Southeast expected reflecting and pricing accomplishable assume in to continued softer markets, +X a as comparison well with continue Germany in certain to Australia. South as tough We pandemic-related QX
operating billion flow exchange working to of Lastly, subject around in prevailing XXXX, year-end cash we requirements. to capital continue $XX at expect rate
expectation also $X.X and capital latest our expenditures full-year factors. billion We reflecting to related plans pandemic launch update for around planning
to some discussing am regulatory further in recent depth, positive I to report pleased quarters. development Before the shares previous
this new New dedicated example, law a now in be tobacco for defining on a For scientific growing adopted both There risk In compared potential new evidence reduction and regulatory of the is body smoke-free has year, and the Switzerland warning. differentiated treatment. of cigarettes as from product, as clearly to category real-world were Egypt, federal which of with branded product government warnings. cigarette Zealand, differentiated a in earlier alternative products text Fiscal allow published substantial and smoke-free specific and non-combustible smoking. combustible packaging regulation product with reintroduced In
to frameworks While be market and expected, we critical continue recognize fluctuations support Fiscal regulatory are to [Indiscernible] this that opportunity. reduction different across
and were increase October reflecting Middle from IMS Turning recently year-to-date. region, encouraging in to now reflect back and HTU plus for volume volume launch growth This Japan. continued our Japan, the by and price quarter, the results, timing progress units by from plus tax shipment August total X.X% increased billion Russia, of strong X.X% by EU primarily the ILUMA below launched Ukraine, driven QX East. third around HTU driven +XX% shipments X in the the around markets
XX% XX% X.X% The comprised the heated in cigarette X% industry of in IQOS, of volumes We performance expect to continued full-year of decline of total to volume compared share. Due recovery and our our minus in year-to-date in volume unit this tobacco sequential in to X% XXXX. XXXX, shipment dynamic total XXXX, reverse and QX QX. impressive market reflect the our as
$X.X top-line. net X.X% my same becoming shipment smoke-free up effects achieve by XX% revenues on year-to-date Smoke-free of net which Company twin QX, mix putting in rapidly, changing reflect for With majority product supply almost on Our over growth of X.X% aim of devices, outweighed plus our our a on engines track billion launch, acquisitions. accounted of sales compared step-up net to period of volume in of The the the is made IQOS driving for X% the organic to XX% XXXX, adjusted RP growth XXXX. into revenue us the other revenue. constrain the in year-to-date our IQOS reflecting plus a
markets, pricing The and, HTUs. combustible is first certain in on on
revenue the is increasing HTU unit, which and transformation Second net accelerates. to mix per of continues increasingly deliver our substantial growth higher business s as at in our driver powerful
margin XXX basis Let me starting an now growth organic which points go of the by with expanded on basis. our driver margin into year-to-date expansion
continue. While ILUMA prior for the Japan devices expansion the in [Indiscernible] lower as were in positive shipped discussed launch, to quarters multiple was QX
including by accompanied net $XXX year-to-date of revenue an and adjusted around Our on This the robust bearing gross our manufacturing and XX ongoing commercial XXXX, productivity lower than with savings supply QX. we and also efficiencies billion a costs, with effort as This are more marketing, target our basis. chain basis benefit. of efficiencies million $X inflation increased investment progress saving mean $XXX This offset generated our SG&A have in more year-to-date. of $XXX processes toward efficient overall in XXXX. before over working the IQOS engine partly by growth ways was organic reflects percentage significant efficiencies digitalization commercial million of of business points simplification SG&A reinvestment, for strong of and With administration, research on is adjusted million combined and fruits this
our both and combustible drag mix. into Moving give X year, to approximate QX year-over-year gains points share, QX for strong [Indiscernible] portfolios going IQOS next momentum an despite from market market sequential us and in
for IQOS the HTU key we further shares Importantly, geographies. with quarter expect in record fourth across improvement s
market recovery QX improving in stable and and notable to total backdrop the Indonesia, EU combustible, Mexico, volumes the region. For close Turkey, volume includes industry in
basis, portfolio many strongly and pandemic-linked and COVID In comparison. of challenging dampened step Our industry as volume year-over-year South restrictions stable recede by sequentially have bear one a share markets. in our recovered initiatives the a is have target Southeast category moving in on Though renewed improved nonetheless Indonesia combustible of the our sequential somewhat Philippines recovery. trend share impacted -linked us the in closer prior-year where measures the fruit to Asia, has and
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to device Let's in supply now semiconductor the the shortage. tightness to turn due global
of to run to to affected availability the impact devices our Device demand. and As with has at Japan consumer X% half and in full Russia, volatile significantly shipment in supply continuing which limited so resulted September, net the on fulfill user in a XXX,XXX the will At we plus several increase, already competitive the the in in QX, ability notably semiconductor this device communication. remains year-over-year limitation in situation outside the of assortment capacity flagged as demand forecasting quarter markets in given persist commercial tight below supply certain IQOS we into assume X and XXXX. first to this slower were grow, growth recent communicated IQOS sales. This of in growth stage, the
IQOS in devices. increases user replace shortage. followed major the replacement assume This only at next really We the the will continue would acquisition users, targeted prioritize in successful upgrades Nonetheless, half The highly is but a to IQOS we that Therefore, and year. of [Indiscernible], ILUMA driver normal of device it significant acquisition. take their for to carefully it additional existing in sales many large significant would at confirmed retention. place now base, from launches whom by device behavior start triggers don't Japan needed a necessary constraint beginning in second of of be existing consumer supply desired
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our transitory a the shortage, XXXX XXXX, could targets. with impact targeted in as margin XXXX However, below growth there our on base expansion, confirm adjusted result and net revenues, user OI and which growth Nonetheless, robust rate organic we growth a our XXXX-XXXX port reacceleration supply for short-term shortage are XXXX strong scenario average a confidence diluted under in EPS.
to now there September as were estimate performance, XX.X Moving IQOS of users XXth. million IQOS the we
reflect by our this to the X.X Belarus, in sanction time adjust international quarter in of impact the the needed around Excluding million s commercial programs. device of the of of supply with rate growth growth tightness the and user subdued
Japan, in launch again underlying brand the by demonstrated As strong. IQOS the remains momentum ILUMA of the
to XX.X geography, switched again the the of constraint. million of growth XXX,XXX X flagged we adult with our broadly half total user QX. improve the impact of IQOS cigarette to IQOS than in despite each have balance HTU X for share of device QX user consistent in adjustment industry assortment, higher stages a growth smoking reduce for The year. to volume growth Following program X.X growth across with We by seen be should XX% points X.X% In communications. the third key QX The acquisition user conversion. and smokers total stopped user second the various plus EU quarter reached compared few in to estimate HTU recent and last therefore and region, billion expect that or reflect potential
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our versus billion October the adjusted reach factor the total in and timing adjusted portfolio the reflecting reflecting sequential our the also of X.X [Indiscernible] to we of Xst a across Japan, and record increased future the to by growth adjusted XX.X%, room in leadership, sequentially, portfolio of on This point growth southeast brands launch for interest continue the see growth ample high Kazakhstan. total the to in by In due Adjusted overall the eastern due X.X innovation albeit time. to with International clear our and market both regional is strength see we over However, and supporting of dampened addition sanction the prior-year increase positive Belarus in tier seasonality. price Europe IQOS of There points a region plus basis for somewhat IMS ILUMA. tobacco IMS normal quarter X Kazakstan, contributing. fell our to volatility share the excise category shows ahead HTU units, existing with by trend strong further HX to halting and category Europe shipments grew Ukraine, high in sequentially slide share and sequential the
of loading the share on expect heated improvement robust QX nice The we wait category further of adjusted effect maintaining almost making a QX up capturing majority continues Japanese overall category's sequential IQOS in and may a growth high market with the grow, underlying volume While of to consumer tobacco and XX% market segment in IMS, growth. the pantry in total tobacco share.
to In our drive as smoke-free growth the markets, market XXXX. aim geographic to be addition strong other in by one we we product of to existing in continue expansion
Africa, Egypt, During and of Cairo. Europe the in and reached share exit IQOS first off-take in the quarter, we an in X% launched
delays may where [Indiscernible] snooze market, nicotine middle-income product have add smoker expansion and as This [Indiscernible] sale for of we of category. a which making XX are us half the acquisition where XX Norway Again, market number smoke-free XXXX. markets presence some in this our in [Indiscernible] take more recent robust the first are in are of the and to to measure and introducing in we countries. We of of low smoke-free emerging program available which adult pouch in gives PMI Iceland, total also now product available
in innovator years, dollars the behind recent your reach, strong of all over Despite regarding Given and billions property. tobacco let share few our and intellectual our pause to product, process. in category attempts leading and we leadership disrupt and as patent Across our smoke-free through of words lags our strength have clear litigation the being by investing the who the me on R&D business competitor a smoke-free global innovation.
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and in allow. Following our the when to to of circumstances XXXX in second additional forward we Switzerland launch major plan success, market look launches next month
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in also plan launch in in We Canada in to Ukraine Croatia October, launched QX, before year-end. and
FDA preparations U.S. We a to also apply PMTA continue second in of for the half from the XXXX.
to wellness, scientists, Turning in significant opportunity complementing corridors health inhaled focuses beyond to focused our see our market and area tobacco and addressable self-care capabilities rapidly and with now Vectura expected to over care and and including us new We leveraging acquisitions The the expertise nicotine, with botanicals activities. of Fertin in of have to expand $XX wellness continuing moving space. existing in billion areas our by on strategy adjacent therapeutics, which two technology, while and business XXXX. innovative capabilities Pharma, of and oral enameled CDMO XXX Otitopic, around more to product infrastructure, our to enabled grow formulation an development
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track publication smoke-free to capabilities subsequent receive In achieve am second of recent tobacco neutrality principal The party opinion society. which our to recent framework capital, financing And that and to XXXX from XXXX, links build proud of impact and areas have we our addition, develop on transformation. to in intellectual our the by target. nicotine, beyond product positive carbon five-years direct refinancing acquisition of highlight framework. the for Last, transformation we business foundation strong operation a credit our successful as linked to our business a commercially adding laying follows of remain our ahead facility. targets on [Indiscernible] S&P, revolving financing I our a ICMA our seek in net and strive social and human
Nations for and are bottom-line on highlight performance IQOS with top climate issues. robust, underlying generation. with which plan and robust connectivity and to between XXXX growth we excellent transition plan publish strong carbon social approaching, a justice, Change and paper Conference the low momentum addition, we environmental Overall, in In track Climate United cash on the white for
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have to increased return a line cash majority higher continue QX program return sustainable and in share towards we deliver in our journey and shareholders We through our investors becoming dividend objective to as our to with repurchase value smoke-free Company.
For XXXX, we innovation both to have and growth expect user when exciting shortages a pipeline devices IQOS reaccelerate of device we for And consumable. ease.
see for future to our happy to business I'm confident you much, continue our We remain strong Thank a growth and questions. now answer organic very targets. and XXXX-XXXX your in
