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    Emma Rumney • Reuters

    Emma Rumney's questions to Altria Group Inc (MO) leadership

    Emma Rumney's questions to Altria Group Inc (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 Inc (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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