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Altria’s Fourth-Quarter and Full-Year 2025 Earnings Conference Call January 29, 2026 1 | ALCS | Q4 2025 | 1.29.26 | 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 other than in the normal course of our public disclosure obligations. 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, 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 January 29, 2026. Reconciliations of non-GAAP financial measures included in this presentation to the most comparable GAAP financial measures are available on Altria’s website at altria.com. 2 | Safe Harbor Statement ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
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3 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
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4 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Strong Financial Results and Significant Cash Returns $5.19 $5.42 2024 2025 Adjusted Diluted Earnings Per Share (EPS)* +4.4% $8.1 $8.4 $7.8 $10.2 $8.0 2021 2022 2023 2024 2025 Cash Returned to Shareholders ($ in billions) *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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5 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Meaningful Smoke-Free and Long-Term Growth Milestones •Helix received marketing granted orders from the FDA for certain on! PLUS products. •Horizon submitted a combined PMTA and MRTPA for Ploom and Marlboro heated tobacco sticks. •We entered into a strategic collaboration with KT&G. •We continued to advocate for a responsible and well-regulated marketplace. All third-party trademarks remain the property of their respective owners.
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U.S. Nicotine Space Volumes Continue to Grow 6 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 16.0 16.8 16.1 16.6 17.2 17.6 2020 2021 2022 2023 2024 2025 Combustible Oral Tobacco E-Vapor +~2% CAGR Source: ALCS Enterprise Insights estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources. Numbers may not foot due to rounding. EQ Estimation – For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1 can of MST/Snus/ONP = 10 cigars = ~1.5mL e-vapor consumable. Estimated category volume and share are subject to revisions based on the latest available data. U.S. Nicotine Space Estimated Volume (volume in billions of equivalized cigarette packs) ~20% ~50%
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~6 ~7 2024 2025 ~13.5 ~14.5 ~20 ~21 2024 2025 Disposable All Other Forms 7 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Flavored Disposable E-Vapor Driving Smoke-Free Growth E-Vapor Category Volume (volume in billions of equivalized cigarette packs) Source: ALCS Enterprise Insights estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources. Rounded to nearest 0.5. Numbers may not foot due to rounding. EQ Estimation – For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = ~1.5mL e-vapor consumable. Estimated category volume subject to revisions based on latest available data. Vapers by Form – Past 30-Day Usage (twelve months moving, in millions) Illicit Products Represent ~70% of the Category +~15%
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~4.5 ~6 ~7 2023 2024 2025 ~9.5 ~13.5 ~14.5 ~17 ~20 ~21 2023 2024 2025 Disposable All Other Forms 8 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY E-Vapor Growth Showing Early Signs of Moderation Vapers by Form – Past 30-Day Usage (twelve months moving, in millions) Source: ALCS Enterprise Insights estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources. Rounded to nearest 0.5. Numbers may not foot due to rounding. EQ Estimation – For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = ~1.5mL e-vapor consumable. Estimated category volume subject to revisions based on latest available data. E-Vapor Category Volume (volume in billions of equivalized cigarette packs)
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9 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 9 | • We are making progress against our pipeline and are executing with discipline and intention. • We intend to maintain a measured approach to our investments in e-vapor until the regulatory framework is functioning as intended and enforcement actions meaningfully address the illicit market. E-Vapor Remains Important to Our Smoke-Free Strategy
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46.5% 56.9% Q4 '24 Q4 '25 8.0% 10.5% 14.0% 2023 2024 2025 U.S. Oral Tobacco Category Performance +10.4pp Oral Tobacco Industry Volume Growth (six months ended December 31st) 10 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 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 12/28/2025.
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43.9 44.2 Q4 '24 Q4 '25 +0.7% on! Volume Performance 11 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 160.3 177.8 2024 2025 +10.9% on! Reported Shipment Volume (cans in millions) on! Reported Shipment Volume (cans in millions)
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on! Share of Oral Tobacco Category 8.7% 7.7% Q4 '24 Q4 '25 (1.0)pp on! Retail Share Performance Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 12/28/2025. 12 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 8.1% 8.2% 2024 2025 on! Share of Oral Tobacco Category +0.1pp
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13 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
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14 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY on! PLUS Expansion Plans •Helix is preparing to launch on! PLUS nationally in the first half of 2026. •In November, Helix submitted PMTA applications for on! PLUS products in six additional flavor varieties across three nicotine strengths.
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15 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Our International Smoke-Free Portfolio • We continue to focus on the fast-growing nicotine pouch category with on!, on! PLUS and FUMi. • Our broadened nicotine pouch portfolio has accelerated international expansion and is generating valuable consumer insights that will inform future product development. All third-party trademarks remain the property of their respective owners.
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1 For reconciliations of non-GAAP to GAAP measures visit altria.com. 2 Our guidance contemplates planned investments to support our contract manufacturing capabilities, limited impact on combustible and e-vapor product volumes from illicit enforcement efforts, and that NJOY ACE does not return to the marketplace in 2026. 16 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY •We expect to deliver full-year 2026 adjusted diluted EPS1 of $5.56 to $5.722. This range represents an adjusted diluted EPS growth rate of 2.5% to 5.5% from a 2025 base of $5.42. •Our planned investment areas include: Marketplace activities in support of our smoke-free products; and Smoke-free product research, development and regulatory preparations. 2026 Financial Outlook
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17 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
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61.6% 63.4% 2024 2025 $10,922 $11,064 2024 2025 Smokeable Products Segment Full Year Adjusted Operating Companies Income (OCI) and OCI Margins* Adjusted OCI ($ in millions) +1.3% 18 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Adjusted OCI Margins +1.8pp *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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61.2% 60.4% Q4 2024 Q4 2025 $2,709 $2,643 Q4 2024 Q4 2025 Smokeable Products Segment Fourth Quarter Adjusted OCI and OCI Margins* Adjusted OCI ($ in millions) (2.4)% 19 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Adjusted OCI Margins (0.8)pp *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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Adjusted Cigarette Decline Rates 20 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Smokeable Segment 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. (11.0)% (7.0)% Q4 '24 Q4 '25 FY: (9.5)% FY: (8.0)% (8.0)% (6.5)% Q4 '24 Q4 '25
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21 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Cigarette Industry Volume Decomposition Estimates Twelve Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 Secular Decline Rate1 (2.5)% (2.5)% (2.5)% (2.5)% Cigarette Price Elasticity2 (2.0)% (2.1)% (2.1)% (2.1)% Macroeconomic, Cross Category Movement & Other Factors (4.5)% (3.9)% (3.9)% (3.4)%3 Estimated Industry Decline (9.0)% (8.5)% (8.5)% (8.0)% Source: ALCS Enterprise Insights – Advanced Modeling Center estimates. 1 Impact to cigarette industry volume due to the decline in adult smokers 21+, excluding cross-category movements. 2 Reflects a cigarette price elasticity coefficient of -0.35. 3 Cross category cigarette volume impacts are currently estimated at 2% to 3%, primarily driven by illicit flavored disposable e-vapor products.
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22 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Discount Retail Share Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. 14.9% 15.3% 15.3% 15.5% 15.6% 15.4% 15.5% 15.9% 16.7% 17.3% 30.3% 30.8% 31.2% 32.2% 32.9% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Branded Discount (Major Manufacturers) Deep Discount (All Other)
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41.3% 39.8% Q4 '24 Q4 '25 Marlboro Retail Share and Share of Premium 23 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Marlboro Share of PremiumMarlboro Retail Share 59.3% 59.2% Q4 '24 Q4 '25 (0.1)pp (1.5)pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025.
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24 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY 59.4% 15.3% 9.4% 6.5% 5.0% Marlboro Newport Camel Winston, Kool & Salem Natural American Spirit Premium Share Δ vs. FY 2024 +0.1 (0.3) (0.2) (0.2) +0.3 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. Marlboro Remained the Premium Segment Leader Share of Premium (Full Year 2025)
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0.2% 2.1% Q4 '24 Q4 '25 25 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Basic Retail Share Performance Basic Retail Share +1.9pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025.
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431 449 Q4 '24 Q4 '25 +4.2% John Middleton Cigars 26 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Reported Shipment Volume (in millions)
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69.5% 64.5% Q4 '24 Q4 '25 Oral Tobacco Products Segment Fourth Quarter Adjusted OCI and OCI Margins* Adjusted OCI Margins (5.0)pp $461 $440 Q4 '24 Q4 '25 (4.6)% Adjusted OCI ($ in millions) 27 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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67.8% 67.9% 2024 2025 Oral Tobacco Products Segment Full Year Adjusted OCI and OCI Margins* Adjusted OCI Margins +0.1pp $1,811 $1,835 2024 2025 +1.3% Adjusted OCI ($ in millions) 28 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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29 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Oral Tobacco Products Segment Volume and Share 148.4 136.0 43.9 44.2 192.3 180.2 Q4 '24 Q4 '25 MST on! Reported Shipment Volume (in millions) (6.3)% 27.4% 21.9% 8.7% 7.7% 36.1% 29.6% Q4 '24 Q4 '25 MST on! Retail Share (6.5)pp Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 12/28/2025.
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30 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY E-Vapor Reporting Unit Update
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ABI Investment All third-party trademarks remain the property of their respective owners. 31 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
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Committed to Long-Term Value for Our Shareholders 32 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY • 2.0x debt-to-EBITDA* ratio as of December 31, 2025. *For reconciliations of non-GAAP to GAAP measures visit altria.com. Share Repurchase • Repurchased more than 17 million shares under our $2 billion share repurchase program. 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 $8 billion during 2025, including $7 billion in dividends and $1 billion in share repurchases.
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33 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY