Philip Morris CR announced its financial results for the first half of this year. Net profit decreased by 7.2% yoy to CZK1.5bn, while revenues remained stable at CZK10.7bn. This decline is due to the shrinking market for smoking products. The dividend for 2026 could reach CZK1,080 per share, representing a gross yield of +5.9%. The reported figures are slightly better (+1.9%) than our estimate in terms of net profit.