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The unfavorable cigarette volume/mix was partly offset by favorable heated tobacco unit volume in the EU, notably the Czech Republic, Germany and Italy, as well as Korea, PMI Duty Free and Russia, partly offset by unfavorable heated tobacco unit volume in Japan, reflecting the net impact of estimated distributor inventory movements
Net revenues, excluding unfavorablecurrency, decreasedby 4.1%, reflecting unfavorablevolume/mix, due substantially to unfavorable heated tobacco unit volume in Japan, reflecting the net impact of estimated distributor inventory movements, partly offset by favorable heated tobacco unit volume across the EU, notably the Czech Republic, Germany and Italy, as well as Korea and Russia
Net revenues, excluding favorablecurrency, increasedby 5.9%, reflecting a favorablepricing variance, driven notably by Germany and Italy, partly offset by France, and favorablevolume/mix, driven predominantly by heated tobacco unit volume, notably in the Czech Republic, Germany and Italy, partly offset by unfavorable cigarette volume in France, Germany and Italy.
Operating income, excluding favorablecurrency, increasedby 2.9%, reflecting: a favorablepricing variance; favorablevolume/mix, notably in Bulgaria, the Czech Republic and Poland, partly offset by France, Norway and the United Kingdom; partly offset by higher manufacturing costs and marketing, administration and research costs, primarily related to investments behind reduced-risk products across the Region.
PMI's Regional market share increasedby 0.2points to 39.0%, with gains in Bulgaria, the Cana ...