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Altria’s Third-Quarter and Nine-Months 2025 Earnings Conference Call October 30, 2025 1 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Altria undertakes no obligation to publicly update or revise any forward-looking statement except as required by applicable law. The risks and uncertainties relating to the forward-looking statements in this presentation include those described in Altria’s publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and under the heading “Forward-Looking and Cautionary Statements” in our earnings press release dated, October 30, 2025. Reconciliations of non-GAAP financial measures included in this presentation to the most comparable GAAP measures are available on Altria’s website at altria.com. 2 | Safe Harbor Statement ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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Altria’s Third-Quarter 2025 Results *Adjusted diluted earnings per share (EPS), For reconciliations of non-GAAP to GAAP measures visit altria.com. 3 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY $1.40 $1.45 Q3 '24 Q3 '25 Adjusted Diluted EPS* +3.6% “Altria continued to build significant momentum in the third quarter with exciting progress across our businesses.”
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4 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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5 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY All third-party trademarks remain the property of their respective owners. For Investor Purposes ONLY
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6 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Our Strategic Relationship with KT&G Corporation (KT&G) All third-party trademarks remain the property of their respective owners.
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Our Commitment to Returning Value to our Shareholders 7 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Dividends Share Repurchase ▪ $5.2 billion in dividends for the first nine months ▪ Increased our quarterly dividend by 3.9% to $1.06 per share ▪ Achieved a significant milestone - our 60th dividend increase in the past 56 years ▪ $712 million in share repurchases for the first nine months ▪ Expanded our existing share repurchase program from $1 billion to $2 billion
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Agenda ▪ Results from on! and the launch of on! PLUS ▪ Updates on our heated tobacco and e-vapor portfolio ▪ The state of the regulatory environment ▪ Our strategic relationship with KT&G 8 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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5.0% 9.0% 14.5% 9/30/2023 9/30/2024 9/30/2025 U.S. Oral Tobacco Category Volume and Share Dynamics Oral Tobacco Industry Volume (estimates, six months ended) 9 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY 44.6 55.7 Q3 '24 Q3 '25 +11.1pp Oral Nicotine Pouches (retail share of oral tobacco category) Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Oral tobacco industry includes MST, snus and ONP products. Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/28/2025
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116.4 133.6 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 41.9 42.2 Q3 '24 Q3 '25 on! Volume Growth on! Reported Shipment Volume (cans in millions) 10 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY +14.8% on! Reported Shipment Volume (cans in millions) +0.7% Estimated Retail Takeaway Volume: ~16% Estimated Retail Takeaway Volume: ~22% Source: Enterprise Insights Estimates based on Circana Complete Market Oral MOC data as of WE 9/28/2025 and POS Scan Data as of WE 9/27/2025
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on! Share of Oral Tobacco Category 8.8 8.7 Q3 '24 Q3 '25 (0.1pp) on! Retail Share Performance Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/28/2025 11 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY 7.9 8.7 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 on! Share of Oral Tobacco Category +0.8pp
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on! PLUS is a Premium and Differentiated Product 12 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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Horizon Submits Combined PMTA & MRTPA to the FDA 13 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Definitions: Premarket Tobacco Product Application (PMTA), Modified Risk Tobacco Product Application (MRTPA), U.S. Food & Drug Administration (FDA) All third-party trademarks remain the property of their respective owners.
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14 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY NJOY Update ▪ NJOY completed the product design of a modified ACE solution that we believe addresses all four disputed patents. We are evaluating potential pathways to bring the modified ACE product to market. ▪ NJOY and JUUL Labs, Inc. (JUUL) initiated new litigation against one another in the third quarter. NJOY and JUUL each initiated litigation in Federal court and before the U.S. International Trade Commission.
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8.6 12.4 14.8 16.5 19.0 20.9 9/30/2023 9/30/2024 9/30/2025 Disposable All Other Forms 15 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Flavored Disposable Products Driving E-Vapor Category Growth Adult Vapers 21+ - Past 30-Day Usage Vapers by Form (twelve months ended, in millions) Source: ATCT September 2023 to September 2025
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16 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Continued Advocacy for a Fully Regulated Nicotine Marketplace Enforcement Use all available tools to hold rule-breakers accountable Authorization Accelerate product authorizations to establish a legal market of smoke- free alternatives
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17 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Notable Enforcement Actions Against Illicit E-Vapor ▪ Coordinated raids executed by the federal multi-agency taskforce across the U.S. ▪ Ongoing seizures of illicit products by the Department of Health & Human Services and U.S. Customs and Border Protection ▪ A targeted nation-wide operation led by the Drug Enforcement Administration focused on illicit activity at vape shops All third-party trademarks remain the property of their respective owners.
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18 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Oral Nicotine Pouch Pilot Program Launched by the FDA ▪ In September, the FDA launched a pilot program to streamline PMTA reviews for oral nicotine pouches ▪ Helix was notified by the FDA that applications for on! PLUS are included in the program ▪ We hope this signals broader FDA efforts to increase the speed of regulatory decisions across all smoke-free platforms All third-party trademarks remain the property of their respective owners.
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19 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Our Strategic Relationship with KT&G All third-party trademarks remain the property of their respective owners.
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20 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Components of Our Strategic Relationship with KT&G All third-party trademarks remain the property of their respective owners. Operational Efficiency in Traditional Tobacco
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$1.40 $1.45 Q3 '24 Q3 '25 Adjusted Diluted EPS* Third Quarter +3.6% *For reconciliations of non-GAAP to GAAP measures visit altria.com. 22 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY $3.89 $4.12 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 First Nine Months +5.9%
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$2,935 $2,956 Q3 '24 Q3 '25 Smokeable Products Segment Adjusted Operating Companies Income* (OCI) Third Quarter ($ in millions) +0.7% (0.4) 23 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY $8,213 $8,421 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 First Nine Months ($ in millions) +2.5% *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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63.1% 64.4% Q3 '24 Q3 '25 Smokeable Products Segment Adjusted OCI Margins* Third Quarter +1.3pp (0.4) 24 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY 61.7% 64.4% Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 First Nine Months +2.7pp *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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(8.5%) (8.0%) Q2 '25 Q3 '25 Adjusted Cigarette Decline Rates 25 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Total Industry Source: ALCS Enterprise Insights estimates – rounded to nearest 0.5% Note: Estimates are subject to revision due to wholesaler resubmission of inventory data (10.5%) (9.0%) Q2 '25 Q3 '25 9M: (10.5%) 9M: (8.5%) Smokeable Products Segment
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26 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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Marlboro Share of Premium Growth 59.3 59.3 59.3 59.5 59.6 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 27 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 +0.1pp +0.3pp
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14.5 14.9 15.3 15.3 15.5 15.3 15.4 15.5 15.9 16.7 29.8 30.3 30.8 31.2 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 32.2 Discount Retail Share 28 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 Branded Discount (Major Manufacturers) Deep Discount (All Other)
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PM USA Retail Share Growth 29 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 45.0 45.1 45.4 Q1 '25 Q2 '25 Q3 '25 Second Consecutive Quarter of Sequential Growth Total PM USA Cigarette Retail Share +0.1pp +0.3pp
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444 453 Q3 '24 Q3 '25 +2.0% John Middleton Cigars 30 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY 1,323 1,337 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 +1.1% Reported Shipment Volume (sticks in millions) Reported Shipment Volume (sticks in millions)
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66.8% 69.2% Q3 '24 Q3 '25 Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Margins +2.4pp $464 $460 Q3 '24 Q3 '25 (0.9%) Adjusted OCI ($ in millions) 31 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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67.2% 69.0% Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Margins +1.8pp $1,350 $1,395 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 +3.3% Adjusted OCI ($ in millions) 32 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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197.1 178.2 Q3 '24 Q3 '25 Oral Tobacco Products Segment Volume Third Quarter (cans in millions) (9.6%) (0.4) 33 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY 582.4 552.2 Nine Months Ended Sept. 30, 2024 Nine Months Ended Sept. 30, 2025 First Nine Months (cans in millions) (5.2%) Adjusted Volume Decline: (5.5%) Adjusted Volume Decline: (3.5%)
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34 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY Oral Tobacco Products Segment Retail Share Retail Share 28.4 22.4 8.8 8.7 37.2 31.1 Q3 '24 Q3 '25 MST on! (6.1pp) Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/28/2025 Copenhagen maintained its longstanding premium leadership in MST.
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ABI Investment All third-party trademarks remain the property of their respective owners. 35 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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2025 Financial Outlook 36 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY We are raising the lower-end of our full-year 2025 guidance range and now expect to deliver adjusted diluted EPS* in a range of $5.37 to $5.45. This range represents an adjusted diluted EPS growth rate of 3.5% to 5.0% from a base of $5.191 in 2024. *For reconciliations of non-GAAP to GAAP measures visit altria.com. 1 Prior period amounts have been recast to conform with current period presentation for amortization expense associated with definite-lived intangible assets, which we did not previously identify as a special item and we now exclude from our adjusted financial measures.
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Committed to Long-Term Value for Our Shareholders 37 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY • 2.0x debt-to-EBITDA* ratio as of September 30, 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. Share Repurchase • Expanded our existing share repurchase program from $1 billion to $2 billion Dividends • Increased our quarterly dividend by 3.9% to $1.06 per share – our 60th dividend increase in the past 56 years Debt Cash Returned to Shareholders • Returned nearly $6 billion during the first nine months of 2025, including $5.2 billion in dividends and $712 million in share repurchases
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38 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY For Investor Purposes ONLY.