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Championing a Smoke-Free World Barclays Global Consumer Staples Conference September 2, 2025 Jacek Olczak Chief Executive Officer Introduction • A glossary of terms as well as adjustments, ot her calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibit 99.2 to the company's Form 8-K dated February 6, 2025 and July 22, 2025 and on our Investor Relations website 2
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Championing a Smoke-Free World Barclays Global Consumer Staples Conference September 2, 2025 Jacek Olczak Chief Executive Officer Introduction • A glossary of terms as well as adjustments, ot her calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibit 99.2 to the company's Form 8-K dated February 6, 2025 and July 22, 2025 and on our Investor Relations website 2
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Forward-Looking and Cautionary Statements • This presentation contains projections of future results and goals and oth er forward-looking statements, including statements regarding expecte d financial or operational performance; capital allocation plans; investm ent strategies; market expectations ; regulatory outcomes; business pla ns and strategies; and dividends. Achievement of future results is subject to ris ks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward -looking statements. Pursuant to the “safe harbor” provisions of the Private Securi ties Litigation Reform Act of 1995, PMI is identifying important factors t hat, individually or in the aggregate, could cause actual results and outcomes to differ materially from those containe d in any forward-looking statemen ts made by PMI • PMI's business risks include: excise tax increases and discriminatory tax structures; increasing m arketing and regulatory restrictions that coul dr e d u c e our competitiveness, eliminate our ability to co mmunicate with adult consumers, or ban certain of our products in certain markets or countries; heal th concerns relating to the use of tobacco and other nicotine-containing prod ucts and exposure to environmental tobacco smoke; litigation related to tobacco and / or nicotine use and intellectual property; intense competit ion; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and c onsequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; lost revenu es as a result of counterfeiting, cont raband and cross-border purchases ; governmental investigations; unfavorable currency exchange rates and cur rency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; recent and potential future trade tariffs imposed by the U.S. and other countries, adverse changes in the co st, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data priv acy policies. PMI's future profitability may also be adversely affected s hould it be unsuccessful in its attempts to introduce, comme rcialize, and grow smoke-free products or if regu lation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new p roducts, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand i ts brand portfolio internally or through acquisitions and the developmen to f strategic business relationships; if it is unabl e to attract and retain the best global talent; or if it is unable to successfully integrate and realiz et h e expected benefits from recent transactions and acquisitions. Future resu lts are also subject to the lower predictability of our smoke-free busines s’ performance • PMI is further subject to other risks detailed fro m time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024 and the Form 10-Q for the quarter ended June 30, 2025. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and unc ertainties. PMI does not undertake to update any forward-looking statem ent that it may make from time to time, except in the normal course of its public disclosure obligations • References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., including its subsidiaries 3 On Track for Very Strong Year of Growth • Confirming 2025 adj. diluted EPS guidance, on track for 13-15% growth(a) driven by structural smoke-free progression: ⎼ Strongest growth since 2011 excl. pandemic recovery ⎼ Top-line dynamism, margin expansion • Strong momentum over summer months: ⎼ Continued strong IQOS growth ⎼ Very good international ZYN and VEEV growth ⎼ Combustibles better-than-expected in Turkey & Egypt ⎼ U.S. ZYN offtake acceleration confirmed, intensifying our commercial activities amid increasing competition. Some additional inventory normalization in Q3. • Pricing and accretive smoke-free mix remain strong, robust cash flow generation • New SFP markets opening, including Taiwan 4 4 (a) At prevailing exchange rates. Source: PMI Financials or estimates