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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Altria’s Third - Quarter and Nine - Months 2026 Earnings Conference Call October 29, 2026
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Safe Harbor Statement 2 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 and 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, 2025, and under the heading “Forward-Looking and Cautionary Statements” in our earnings press release dated October 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. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Adjusted Diluted EPS* Strong Third - Quarter Financial Performance 3ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY $1.45 $1.52 Q3 '25 Q3 '26 +4.8% *Adjusted diluted earnings per share (EPS), For reconciliations of non-GAAP to GAAP measures visit altria.com.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Executed Across Our Portfolio While Advancing Smoke - Free Innovation 4 ▪ Cowboy Cut strengthened Marlboro’s premium position ▪ Basic continued to gain share in discount ▪ Expanded on! PLUS 12-milligram nationwide ▪ Invested in on! brand-building initiatives ▪ Introducing on! PLUS flavor extensions ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR In August, we announced our 61 st dividend increase in 57 years. Our Board recently authorized a $1 billion expansion of our existing share repurchase program. Robust Cash Generation Supports Investment and Shareholder Returns 5ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY $5,330 $735 Nine Months Ended Sept. 30, 2026 Dividends Share Repurchases $6,065 Cash Returned to Shareholders (dollars in millions)
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Nicotine Pouches Now More Than 60% of the Oral Category 6ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 9.0% 14.5% 5.5% 9/30/2024 9/30/2025 9/30/2026 55.4% 61.2% Q3 '25 Q3 '26 Oral Tobacco Industry Volume Growth (estimates, six months ended) Oral Nicotine Pouches (retail share of oral tobacco category) +5.8pp Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Oral tobacco industry includes moist smokeless tobacco (MST), snus and oral nicotine pouch products. Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR on! Continued to Deliver Solid Volume Growth 7ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 42.2 47.8 Q3 '25 Q3 '26 on! Reported Shipment Volume (cans in millions) +13.3%
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR on! Share Remained Resilient as Retail Price Moved Higher 8ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY $4.03 $4.90 Q3 '25 Q3 '26 on! Retail Price +21.6% 8.2% 8.3% Q3 '25 Q3 '26 on! Share of Oral Tobacco Category +0.1pp Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Q3 2026 Q4 2026 Expanding 12 New on! PLUS SKUs to Meet Evolving Adult Nicotine Consumer Preferences 9ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY Select Retail LocationsNational National
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Supporting on! PLUS With Superior Retail Execution 10ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY Note: This fixture illustrates a Helix Platinum Merchandising Level.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 12ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Seeking a Durable Framework for Smoke - Free Innovation 13ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY Helix and NJOY brought legal action against the FDA asking the court to require the FDA to establish a review process that meets the 180 - day timeframe set by Congress. Following the filing, the FDA announced plans to evaluate changes to the PMTA framework.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Illicit E - Vapor Growth Continued to Moderate 14ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 12.4 15.1 14.2 19.0 20.9 19.8 Twelve Months Ended Sept. 30, 2024 Twelve Months Ended Sept. 30, 2025 Twelve Months Ended Sept. 30, 2026 Illicit (Primarily Disposable) Balance Vapers by Form (adult vapers 21+ - past 30-day usage, in millions) Source: ATCT September 2024 to September 2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR $4.12 $4.33 Nine Months Ended Sept. 30, 2025 Nine Months Ended Sept. 30, 2026 $1.45 $1.52 Q3 '25 Q3 '26 16ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY +4.8% +5.1% Third Quarter First Nine Months *For reconciliations of non-GAAP to GAAP measures visit altria.com. Effective Execution Delivered Impressive Adjusted Diluted EPS* Growth
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 64.4% 64.5% Q3 '25 Q3 '26 $2,956 $3,072 Q3 '25 Q3 '26 Smokeable Products Contributed Strong Adjusted OCI* Growth 17ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY Adjusted OCI* ($ in millions) Adjusted OCI Margins* +3.9% +0.1pp *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Adjusted Cigarette Decline Rates Continued to Outperform the Industry 18ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY (9.0)% (4.0)% Q3 '25 Q3 '26 Smokeable Products 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. 9M: (4.0)% (8.0)% (5.0)% Q3 '25 Q3 '26 9M: (5.0)%
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Cowboy Cut Strengthened Marlboro ’s Premium Leadership Position 19ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 59.7% 60.0% Q3 '25 Q3 '26 Marlboro Share of Premium 40.5% 39.5% Q3 '25 Q3 '26 +0.3pp Marlboro Retail Share (1.0)pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Economic Pressures Continued to Drive Discount Segment Growth 20ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 16.7% 17.2% 17.4% 17.8% 18.1% 15.4% 15.6% 15.9% 16.0% 16.0% 32.1% 32.8% 33.3% 33.8% 34.1% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Branded Discount (Major Manufacturers) Deep Discount (All Other) Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Basic Continued to Capture Growth in Discount 21ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 1.4% 3.2% Q3 '25 Q3 '26 Basic Retail Share +1.8pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR PM USA’s Total Portfolio Approach Delivered Share Growth 22ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 45.4% 45.7% Q3 '25 Q3 '26 PM USA Retail Share +0.3pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 453 457 Q3 '25 Q3 '26 Middleton Cigars Continued to Outperform the Industry 23ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY +0.9% Reported Shipment Volume (sticks in millions)
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 69.2% 66.4% Q3 '25 Q3 '26 $460 $443 Q3 '25 Q3 '26 Oral Tobacco Products Segment Financial Results 24ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY Adjusted OCI* ($ in millions) (3.7)% (2.8)pp Adjusted OCI Margins* *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 552.2 522.2 Nine Months Ended Sept. 30, 2025 Nine Months Ended Sept. 30, 2026 178.2 170.6 Q3 '25 Q3 '26 Oral Tobacco Products Segment Volume 25ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY (4.3)% (5.4)% Third Quarter (cans in millions) First Nine Months (cans in millions)
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR 22.4% 19.6% 8.2% 8.3% 30.6% 27.9% Q3 '25 Q3 '26 MST on! Oral Tobacco Products Segment Retail Share 26ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY (2.7)pp Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/27/2026. Retail Share
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR ABI Continued to Contribute to Altria’s Earnings 27ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY All third-party trademarks remain the property of their respective owners.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR Dividends ▪ Paid approximately $5.3 billion in dividends in the first nine months. ▪ Increased our quarterly dividend by 4.7% to $1.11 per share. Share Repurchase Debt ▪ Repurchased more than 11 million shares for $735 million in the first nine months. ▪ Expanded existing share repurchase program by $1 billion. ▪ 1.9x debt-to-EBITDA* ratio as of September 30, 2026. Committed to Returning Significant Value to Shareholders 28ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR ▪ Our businesses performed extremely well in a dynamic environment during the first nine months of the year. ▪ We raise our guidance for 2026 full-year adjusted diluted EPS* to be in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a base of $5.42 in 2025. Raising Our Full - Year Earnings Outlook ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 29 *For reconciliations of non-GAAP to GAAP measures visit altria.com.
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SHAPE FILL > MORE COLORS > CLICK EYEDROPPER > CLICK DESIRED COLOR