md tobacco tax Opinion | A cigarette hike in Maryland would increase smuggling what is the tobacco tax

Abstract Introduction: Nicotine pouches are an emerging a non-combustible nicotine product

For year ended 31 December 2025 Volume Revenue Reported Reported Current Exchange Constant Unit vs 2024 m vs 2024 m m vs 2024 New Categories 557 -10.6 % 19 576 -7.6 % Vapour (units mn) 32 -38.2 % 65 -41.2 % 3 68 -39.4 % HP (sticks bn) 12 -3.9 % 444 -7.0 % 15 459 -3.8 % Modern Oral (pouches bn) 1.2 +24.7 % 48 +39.8 % 1 49 +44.2 % Traditional Oral (stick eq bn) % % % Total Smokeless 557 -10.6 % 19 576 -7.6 % Total Combustibles 196 -11.7 % 4,009 -11.9 % 165 4,174 -8.3 % Other 201 +16.3 % 12 213 +23.7 % Total 4,767 -10.9 % 196 4,963 -7.2 % Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the current year's results of the Group and, where applicable, its segments

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with $11.2 million