According to our estimates, Philip Morris ČR will report total revenue of CZK10.7bn for the first half of this year. This is virtually unchanged yoy. We estimate an overall decline in the number of products sold in both the company’s main markets. Net profit will fall by 9% yoy to CZK1.5bn. This equates to CZK532 per share. For the full year 2026, we expect EPS and a dividend of CZK1,080, corresponding to a gross dividend yield of +5.8%.