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FDAs regulatory regime means that lawful and authorized products must compete in a rapidly evolving marketthe illicit market is innovative and responsive to demand, with significant evolution in product attributes consumers want: larger tank capacity, higher nicotine strength, diverse flavor and sensory attributes, and low cost

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This flexibility stands in contrast to the uniformity of pre-rolled Backwoods, Swisher Sweets, and Game Leaves, offering a personalized touch that enhances the overall satisfaction of the smoking ritual

For the year ended 31 December 2025 2024 m m Net cash generated from operating activities 6,342 10,125 Dividends paid to non-controlling interests (100) (121) Net interest paid (1,582) (1,669) Net capital expenditure (612) (434) Effect of deferral of U.S