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    Emma Rumney

    Research Analyst at Reuters

    Emma Rumney is an Alcohol and Tobacco Correspondent at Reuters, with a specialization in reporting on the global alcoholic beverages and tobacco industries as well as conducting data-driven investigations. She has covered major publicly traded companies within these sectors and previously reported on equities and banking for Reuters, demonstrating expertise in corporate finance and market trends. Rumney began her career in journalism covering a range of financial services topics before moving to Reuters, where she advanced from data investigations to sector-specific correspondent roles. While she is widely respected for her investigative rigor and sector knowledge, there is no publicly available data on her financial performance metrics or industry-specific analyst credentials, indicating her role is editorial rather than investment advisory.

    Emma Rumney's questions to ALTRIA GROUP (MO) leadership

    Emma Rumney's questions to ALTRIA GROUP (MO) leadership • Q2 2025

    Question

    Emma Rumney asked for specifics on which parts of Altria's business are affected by the increased tariff costs mentioned in the guidance, given nJoy is not currently on the market. She also inquired if the tariff impact was material enough to trigger price increases or supply chain changes and asked about mitigating future tariffs on nJoy.

    Answer

    CFO Sal Mancuso clarified that tariffs are not material to the overall business but have been factored into guidance. He explained the impact is felt in the supply chain on items like direct materials and packaging (e.g., tin cans, foil liners). He stated the company constantly evaluates its supply chain for optionality but the current tariff impact is not material enough to force specific changes, and they have flexibility for nJoy's future supply chain.

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    Emma Rumney's questions to ALTRIA GROUP (MO) leadership • Q1 2025

    Question

    Emma Rumney from Reuters inquired about the impact of tariffs on consumer sentiment, the specific tariff assumptions in Altria's guidance, and any positive signals from the administration regarding vape regulation and enforcement.

    Answer

    CFO Salvatore Mancuso said guidance considers tariffs, but the direct cost impact is limited due to a U.S.-focused supply chain, though they are monitoring consumer effects. CEO William Gifford added that Altria is hopeful the administration will prioritize both authorizing new products and enforcing rules against illicit vapes, viewing the removal of the proposed menthol ban as an early positive signal.

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