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Delivered 7.3% adjusted diluted EPS growth driven by strong smokeable product income and disciplined execution across the total nicotine portfolio.

Cigarette volume declines moderated to 4% (adjusted), attributed to a slowdown in cross-category movement as the illicit flavored e-vapor market shows signs of saturation and increased enforcement.

Marlboro maintained premium segment dominance with 59.5% share, while the 'Basic' brand was strategically utilized to capture price-sensitive consumers trading down within the discount segment.

The oral tobacco segment saw significant growth in nicotine pouches, with the category now representing over 58% of total oral tobacco volume.

Launched on! PLUS nationwide, reaching 100,000 stores and securing premium retail positioning in 90% of contracted volume locations to drive long-term brand equity.

Management noted early signs of moderation in illicit disposable e-vapor demand, citing supply-related disruptions and federal-local enforcement actions as key drivers.

Strategic focus remains on a 'total portfolio approach,' using data-driven revenue growth management (RGM) to balance premium brand loyalty with discount segment competitiveness.

Reaffirmed full-year 2026 adjusted diluted EPS guidance of $5.56 to $5.72, representing 2.5% to 5.5% growth.

Shifted growth expectations to be more balanced between the first and second halves of the year, reflecting stronger-than-anticipated Q1 volume performance.

Guidance assumes continued macroeconomic pressure on adult nicotine consumers, specifically citing the cumulative impact of inflation and rising gas prices.

Anticipates FDA authorization decisions for on! PLUS flavor extensions within the 180-day statutory timeline, citing the use of 'generally recognized as safe' (GRAS) ingredients.

Expects a steady increase in duty drawback benefits and export volumes throughout the remainder of the year as the import-export business scales.

On! PLUS is currently the only product accepted into the FDA's pilot program designed to streamline PMTA reviews for oral nicotine pouches, with final marketing authorizations still under review.

Retired just over $1 billion of debt in February, maintaining a total debt-to-EBITDA ratio of 1.9x in line with long-term targets.

Management highlighted the 'Cowboy Cut' Marlboro extension as a tactical tool to retain price-sensitive premium smokers while celebrating the brand's heritage.

The Master Settlement Agreement (MSA) prevents Altria from using legacy tobacco brands like Copenhagen for tobacco-free nicotine pouches, necessitating the standalone on! brand strategy.

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Management attributed the Q1 beat to stronger-than-expected cigarette volumes resulting from moderated cross-category movement to e-vapor.

Guidance was not raised due to 'macroeconomic uncertainty' and the potential for higher gas prices to offset early-year tailwinds like tax refunds.

Management expressed optimism regarding 'green shoots' in enforcement but noted the market remains 'upside down' with 70% of volume still in illicit disposables.

Altria is making progress on resolving patent infringement issues to eventually bring its own e-vapor products back to market in a disciplined fashion.

The growth in Basic's share is driven by data analytics that target specific retail locations where discount indexing is high, rather than a broad national expansion.

This targeted approach is designed to capture trade-down volume from competitors while minimizing the cannibalization of Marlboro's premium share.

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