Dividend Increase - Philip Morris International Inc. has raised its quarterly dividend by 8.9% to $1.47 per share, with the annualized dividend now totaling $5.88 per share, marking a total increase of 219.6% since 2008 [1][8] - The next dividend payment is scheduled for October 20, 2025, to shareholders on record as of October 3, 2025 [1] Growth Strategy - The company's long-term growth strategy is focused on its smoke-free transformation, with smoke-free products contributing 41% of total net revenues in Q2 2025, growing 15.2% year over year [2] - Key products driving this growth include IQOS, ZYN, and VEEV, positioning the company for sustainable growth and long-term value creation [2] Traditional Cigarette Business - Despite volume declines, the traditional cigarette business remains resilient, with combustible net revenues growing 2.1% in Q2, driven by price increases [3] - Marlboro achieved its highest quarterly market share since the 2008 spin-off, reinforcing the brand's strength and pricing leadership [3] Cost Efficiency Initiatives - The company achieved over $500 million in gross cost savings in the first half of the year through optimization initiatives, aiming for $2 billion in gross cost efficiencies between 2024 and 2026 [4] - By mid-2025, the company has already realized more than $1.2 billion in cost efficiencies, contributing to margin expansion [4] Earnings Outlook - Management has lifted its full-year adjusted earnings per share guidance to a range of $7.43-$7.56, indicating a growth of 13-15% [5] - This outlook reflects management's confidence in sustaining double-digit earnings growth despite ongoing regulatory and currency challenges [5] Stock Performance - Over the past six months, Philip Morris stock has risen 7.6%, compared to the industry's growth of 15.7% [10]

Financial Performance - Coty Inc. ended fiscal 2025 with adjusted EBITDA of $1.08 billion and a margin of 18.4%, reflecting a 60 basis points increase year over year, attributed to disciplined cost controls and productivity gains [1][9] - The All-In To Win program has delivered approximately $850 million in cumulative savings from fiscal 2021 to 2025, with a target of an additional $370 million over the next two years [2][9] Future Outlook - Management has guided for adjusted EBITDA declines in the first half of fiscal 2026, projecting a mid-to-high teens percentage decrease in the first quarter and a low-to-mid teens percentage decrease in the second quarter due to weaker sales and tariff impacts [3][4] - A turnaround is anticipated in the second half of fiscal 2026, supported by a return to sales momentum, major product launches, and benefits from tariff mitigation efforts [3][4] Market Position - Coty's shares have declined by 12.2% in the past month, underperforming the broader Consumer Staples sector, which saw a 3.4% decline, as well as the S&P 500 index's growth of 4.3% during the same period [5] - The stock currently trades at a forward 12-month P/E ratio of 9.28, significantly lower than the industry average of 27.9 and the sector average of 16.92, indicating a modest discount relative to peers [10]