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Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025 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 July 22, 2025 and on our Investor Relations website 2
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Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025 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 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, incl uding women or diverse candidates; or if it is unab le to successfully integrate and realize the expected benefits from recent tr ansactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free business’ 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, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and unce rtainties. PMI does not undertake to update any forward-looking statement 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 Excellent H1 Performance After Another Strong Quarter • Accelerating SFP multicategory momentum in Q2: ⎼ Offtake growth step-up for IQOS, ZYN & VEEV ⎼ Over $4bn quarterly smoke-free net revenues • Robust combustible pricing and gross profit growth • Best-in-class growth across the P&L: ⎼ High single-digit top-line growth ⎼ Mid-teens adj. OI growth, significant margin expansion to >41% • Raising 2025 forecast to 13-15% Adj. diluted EPS growth(a) (a) At prevailing exchange rates. Source: PMI Financials or estimates 4
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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, incl uding women or diverse candidates; or if it is unab le to successfully integrate and realize the expected benefits from recent tr ansactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free business’ 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, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and unce rtainties. PMI does not undertake to update any forward-looking statement 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 Excellent H1 Performance After Another Strong Quarter • Accelerating SFP multicategory momentum in Q2: ⎼ Offtake growth step-up for IQOS, ZYN & VEEV ⎼ Over $4bn quarterly smoke-free net revenues • Robust combustible pricing and gross profit growth • Best-in-class growth across the P&L: ⎼ High single-digit top-line growth ⎼ Mid-teens adj. OI growth, significant margin expansion to >41% • Raising 2025 forecast to 13-15% Adj. diluted EPS growth(a) (a) At prevailing exchange rates. Source: PMI Financials or estimates 4
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(Incl. Currency) Adj. Diluted EPS Adj. Operating Income Net Revenues Shipment Volume Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume includes cigarettes and SFPs. Source: PMI Financials or estimates Q2: Strong Growth Model Drives Adj. EPS c.20% Higher 5 Organic Adj. incl. Curr. & Acq/Div +18.9% +20.1% +14.9% +16.1% +7.1% +1.2% Q2’25 vs. PY +6.8% (Excl. Currency) $1.91 $4.2bn 200bn $10.1bn Q2’25 (Incl. Currency) Adj. Diluted EPS Adj. Operating Income Net Revenues Shipment Volume Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume includes cigarettes and SFPs. Source: PMI Financials or estimates H1: Remarkable Growth Across the P&L 6 Organic Adj. incl. Curr. & Acq/Div +17.7% +16.1% +15.4% +14.5% +6.5% +2.5% H1’25 vs. PY +8.4% (Excl. Currency) $3.60 $8.0bn 388bn $19.4bn H1’25
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(Incl. Currency) Adj. Diluted EPS Adj. Operating Income Net Revenues Shipment Volume Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume includes cigarettes and SFPs. Source: PMI Financials or estimates Q2: Strong Growth Model Drives Adj. EPS c.20% Higher 5 Organic Adj. incl. Curr. & Acq/Div +18.9% +20.1% +14.9% +16.1% +7.1% +1.2% Q2’25 vs. PY +6.8% (Excl. Currency) $1.91 $4.2bn 200bn $10.1bn Q2’25 (Incl. Currency) Adj. Diluted EPS Adj. Operating Income Net Revenues Shipment Volume Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume includes cigarettes and SFPs. Source: PMI Financials or estimates H1: Remarkable Growth Across the P&L 6 Organic Adj. incl. Curr. & Acq/Div +17.7% +16.1% +15.4% +14.5% +6.5% +2.5% H1’25 vs. PY +8.4% (Excl. Currency) $3.60 $8.0bn 388bn $19.4bn H1’25
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Note: Total may not foot due to rounding. Source: PMI Financials or estimates Total Volume Growth Driven By Smoke-Free Products 7 155.2 44.8 Total 200.1 Smoke-Free Cigarettes +1.2% (1.5)% +11.8% vs. PY Q2’25 HTUs: +9.2% Oral SFPs: +23.8% E-Vapor: +124% Q2’25 (shipments, equivalent bn units) 300.0 87.9 387.9 +2.5% (0.3)% +13.1% vs. PY H1’25 HTUs: +10.5% Oral SFPs: +25.5% E-Vapor: +116% H1’25 Increasingly Profitable Smoke-Free Transformation 8(a) Represents Smoke-Free Business. Note: Organic gross margin growth is calculated based on organic gross profit, divided by organic net revenues. Chart not to scale. Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions and divestitures. Source: PMI Financials or estimates Net Revenues Gross Profit Operating Income 13.5% 8.4% Total PMI Net Revenues Gross Profit 27.0% Smoke-Free(a) Combustibles H1’25 Organic Growth vs. PY Net Revenues Gross Profit 15.4% 17.3% +530bps Smoke-Free Gross Margin 2.9% 5.0% +140bps Combustible Gross Margin +300bps Gross Margin OI Margin 41.3% +250bps
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Note: Total may not foot due to rounding. Source: PMI Financials or estimates Total Volume Growth Driven By Smoke-Free Products 7 155.2 44.8 Total 200.1 Smoke-Free Cigarettes +1.2% (1.5)% +11.8% vs. PY Q2’25 HTUs: +9.2% Oral SFPs: +23.8% E-Vapor: +124% Q2’25 (shipments, equivalent bn units) 300.0 87.9 387.9 +2.5% (0.3)% +13.1% vs. PY H1’25 HTUs: +10.5% Oral SFPs: +25.5% E-Vapor: +116% H1’25 Increasingly Profitable Smoke-Free Transformation 8(a) Represents Smoke-Free Business. Note: Organic gross margin growth is calculated based on organic gross profit, divided by organic net revenues. Chart not to scale. Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions and divestitures. Source: PMI Financials or estimates Net Revenues Gross Profit Operating Income 13.5% 8.4% Total PMI Net Revenues Gross Profit 27.0% Smoke-Free(a) Combustibles H1’25 Organic Growth vs. PY Net Revenues Gross Profit 15.4% 17.3% +530bps Smoke-Free Gross Margin 2.9% 5.0% +140bps Combustible Gross Margin +300bps Gross Margin OI Margin 41.3% +250bps
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H1'25 Shipment Volume H1'25 Organic Net Revenue Growth H1'25 Net Revenue Growth 6.5% Pricing (Combustibles & Smoke-Free) 8.4% Currency & Acq/Div Sustainable Net Revenue Drivers: Volumes, Pricing & Mix 9 Note: Smoke-free & U.S. mix represents the impact of an increased proportion of smoke-free products at higher net-revenue per unit and is calculated at total PMI level, excluding the impact from market mix. It also includes the impact from changes in device volumes and the growing weight of the US smoke-free business. Total may not foot due to rounding. Source: PMI Financials or estimates 2.5% +3.1pp +5.2pp Smoke-Free & U.S. Mix Impact (1.9)pp (2.4)pp CC Geographic Mix & Other Oral SFP +2.9pp H1'24 H1'25 Strong Gross Margin Expansion While Investing for Growth 10Note: Smoke-free and combustibles refer to volume/mix. Total may not foot due to rounding. Source: PMI Financials or estimates 64.4% H1’25 Adjusted Gross Profit Margin 67.6%+0.2pp H1’25 (excl. Curr. & Acq/Div) +300bps +320bps Pricing (Combustibles & Smoke-Free) +1.9pp (0.6)pp +1.6pp Smoke-Free Combustibles +0.1pp Currency & Acq/Div Costs, Productivities & Other 67.4% H1’25 Adj. OI Margin 41.3% +250bps Organic +290bps in USD Vs. PY
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H1'25 Shipment Volume H1'25 Organic Net Revenue Growth H1'25 Net Revenue Growth 6.5% Pricing (Combustibles & Smoke-Free) 8.4% Currency & Acq/Div Sustainable Net Revenue Drivers: Volumes, Pricing & Mix 9 Note: Smoke-free & U.S. mix represents the impact of an increased proportion of smoke-free products at higher net-revenue per unit and is calculated at total PMI level, excluding the impact from market mix. It also includes the impact from changes in device volumes and the growing weight of the US smoke-free business. Total may not foot due to rounding. Source: PMI Financials or estimates 2.5% +3.1pp +5.2pp Smoke-Free & U.S. Mix Impact (1.9)pp (2.4)pp CC Geographic Mix & Other Oral SFP +2.9pp H1'24 H1'25 Strong Gross Margin Expansion While Investing for Growth 10Note: Smoke-free and combustibles refer to volume/mix. Total may not foot due to rounding. Source: PMI Financials or estimates 64.4% H1’25 Adjusted Gross Profit Margin 67.6%+0.2pp H1’25 (excl. Curr. & Acq/Div) +300bps +320bps Pricing (Combustibles & Smoke-Free) +1.9pp (0.6)pp +1.6pp Smoke-Free Combustibles +0.1pp Currency & Acq/Div Costs, Productivities & Other 67.4% H1’25 Adj. OI Margin 41.3% +250bps Organic +290bps in USD Vs. PY
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(a) See Glossary for definition. Source: PMI Financials, PMI Market Research or estimates Multicategory Strategy Catalyzing SFP User Growth To >41m 11 3 PMI SFP Categories 2 PMI SFP Categories 1 PMI SFP Category PMI SFP Markets (#) 50 49 50 30 30 27 15 16 20 95 95 97 Dec'24 Mar'25 Jun'25 H1'24 FY'24 H1'25 Total Smoke-Free Product Users(a) (in millions) vs. H1’24 ~+5m IQOS: ~34m Oral: ~6.5m VEEV: ~1+m ~39.0 ~41.5 ~36.5 Q1'25 Q2'25 Est. FY'25 12 IQOS: Q2 Acceleration, #1 SFP Brand & Growth Engine HTU Adjusted IMS Growth (Vs. Previous Year) Note: Q1’25 adj. IMS growth restated from +9.4% based on latest data. Source: PMI Financials or estimates +9.6% +10-12%+11.4% >$3bn Qtly net revs.
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(a) See Glossary for definition. Source: PMI Financials, PMI Market Research or estimates Multicategory Strategy Catalyzing SFP User Growth To >41m 11 3 PMI SFP Categories 2 PMI SFP Categories 1 PMI SFP Category PMI SFP Markets (#) 50 49 50 30 30 27 15 16 20 95 95 97 Dec'24 Mar'25 Jun'25 H1'24 FY'24 H1'25 Total Smoke-Free Product Users(a) (in millions) vs. H1’24 ~+5m IQOS: ~34m Oral: ~6.5m VEEV: ~1+m ~39.0 ~41.5 ~36.5 Q1'25 Q2'25 Est. FY'25 12 IQOS: Q2 Acceleration, #1 SFP Brand & Growth Engine HTU Adjusted IMS Growth (Vs. Previous Year) Note: Q1’25 adj. IMS growth restated from +9.4% based on latest data. Source: PMI Financials or estimates +9.6% +10-12%+11.4% >$3bn Qtly net revs.
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ZYN: Further Rapid Growth, Global Rollout Continues 13Note: Total may not foot due to rounding. Source: PMI Financials or estimates 149.9 214.7 Q2'24 Q2'25 44 Nicotine Pouch Shipment Volumes (million cans) +43% Global ZYN Markets vs. PY Excl. Nordics 14.8 24.4 Q2'24 Q2'25 135.1 190.2 Q2'24 Q2'25 U.S. ZYN Volumes (million cans) International Nicotine Pouch Volumes (million cans) +41% +65% vs. PY vs. PY +179% Excl. Nordics VEEV: Profitable Volume Acceleration, Further Innovation 14Source: PMI Financials or estimates 305 384 463 499 632 858 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 VEEV Volumes (shipments in million equivalent units) #1 in 6 Markets (Closed Pods)
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ZYN: Further Rapid Growth, Global Rollout Continues 13Note: Total may not foot due to rounding. Source: PMI Financials or estimates 149.9 214.7 Q2'24 Q2'25 44 Nicotine Pouch Shipment Volumes (million cans) +43% Global ZYN Markets vs. PY Excl. Nordics 14.8 24.4 Q2'24 Q2'25 135.1 190.2 Q2'24 Q2'25 U.S. ZYN Volumes (million cans) International Nicotine Pouch Volumes (million cans) +41% +65% vs. PY vs. PY +179% Excl. Nordics VEEV: Profitable Volume Acceleration, Further Innovation 14Source: PMI Financials or estimates 305 384 463 499 632 858 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 VEEV Volumes (shipments in million equivalent units) #1 in 6 Markets (Closed Pods)
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9.3% 7.6% 9.1% FY'24 Q1'25 Q2'25 (a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other nicotine pouch brands. Note: Chart not to scale. Total may not foot due to rounding. Source: PMI Financials or estimates Europe: Acceleration in IQOS & Multicategory Performance 11.8 15.5 Q2'24 Q2'25 341 733 Q2'24 Q2'25 Europe Q2’25 IQOS, ZYN & VEEV Shipment Growth(a) +13.5% 30 Multicategory European Markets (Jun’25) 15 Adj. IMS +31% vs. PY +148% Excl. Nordics Shipment Volumes +115% vs. PY (million eq. units) (million cans) Adj. IMS Growth vs. PY 9.2% 9.5% 14.5% 13.2% 8.5% FY'21 FY'22 FY'23 FY'24 H1'25 Japan: Continued Strong IQOS Momentum 16(a) Based on 3 C-Store Chains offtake (Jun’25). Base includes cigarettes, cigarillos and HTUs. Source: PMI Financials or estimates +7.8% Q2’25 vs. PY Adj. IMS 48% HnB Offtake Category Share(a) +3pp vs. PY Adj. IMS Growth vs. PY 31.7% Q2’25 PMI HTU Adj. SoM +2.3pp vs. PY
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9.3% 7.6% 9.1% FY'24 Q1'25 Q2'25 (a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other nicotine pouch brands. Note: Chart not to scale. Total may not foot due to rounding. Source: PMI Financials or estimates Europe: Acceleration in IQOS & Multicategory Performance 11.8 15.5 Q2'24 Q2'25 341 733 Q2'24 Q2'25 Europe Q2’25 IQOS, ZYN & VEEV Shipment Growth(a) +13.5% 30 Multicategory European Markets (Jun’25) 15 Adj. IMS +31% vs. PY +148% Excl. Nordics Shipment Volumes +115% vs. PY (million eq. units) (million cans) Adj. IMS Growth vs. PY 9.2% 9.5% 14.5% 13.2% 8.5% FY'21 FY'22 FY'23 FY'24 H1'25 Japan: Continued Strong IQOS Momentum 16(a) Based on 3 C-Store Chains offtake (Jun’25). Base includes cigarettes, cigarillos and HTUs. Source: PMI Financials or estimates +7.8% Q2’25 vs. PY Adj. IMS 48% HnB Offtake Category Share(a) +3pp vs. PY Adj. IMS Growth vs. PY 31.7% Q2’25 PMI HTU Adj. SoM +2.3pp vs. PY
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38% 36% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 17 U.S.: Impressive ZYN Reacceleration as Availability Improves Note: Q2’25 represents 13 weeks ended 6/28/25. Source: PMI Financials or estimates ZYN and U.S. Nicotine Pouch Category (Monthly Nielsen offtake volume change vs. PY, %) ZYN U.S. Nicotine Pouch Category 69.3% Nielsen Retail Value Share Q2’25 61.2% Nielsen Retail Volume Share Q2’25 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 18 Significant ZYN Growth, Shipments Subject to Quarterly Volatility • Demand strong, shipment dynamics normalizing: ⎼ Restock completed in H1, slightly less than expected ⎼ Retail availability approaching normal levels, velocities accelerating ⎼ Commercial programs restarted • Expect strong H2 offtake growth (a) Cans/store/week. Based on Nielsen 4 week moving average ended 6/28/25. Source: PMI Financials or estimates 73 90 105 116 132 135 149 165 202 190 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ZYN U.S. Shipment Volumes (million cans) 2023 2024 2025 +12% Q2’25 vs. Q1’25 Nielsen Offtake Volumes ZYN Velocities(a) 82 40 53 65 69 75
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38% 36% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 17 U.S.: Impressive ZYN Reacceleration as Availability Improves Note: Q2’25 represents 13 weeks ended 6/28/25. Source: PMI Financials or estimates ZYN and U.S. Nicotine Pouch Category (Monthly Nielsen offtake volume change vs. PY, %) ZYN U.S. Nicotine Pouch Category 69.3% Nielsen Retail Value Share Q2’25 61.2% Nielsen Retail Volume Share Q2’25 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 18 Significant ZYN Growth, Shipments Subject to Quarterly Volatility • Demand strong, shipment dynamics normalizing: ⎼ Restock completed in H1, slightly less than expected ⎼ Retail availability approaching normal levels, velocities accelerating ⎼ Commercial programs restarted • Expect strong H2 offtake growth (a) Cans/store/week. Based on Nielsen 4 week moving average ended 6/28/25. Source: PMI Financials or estimates 73 90 105 116 132 135 149 165 202 190 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ZYN U.S. Shipment Volumes (million cans) 2023 2024 2025 +12% Q2’25 vs. Q1’25 Nielsen Offtake Volumes ZYN Velocities(a) 82 40 53 65 69 75
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(a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other nicotine pouch brands. Chart not to scale. Total may not foot due to rounding. Data includes Global Travel Retail (Excl. U.S.). Source: PMI Financials or estimates Strong SFP Growth Across Global Markets 19 (Adj. IMS, billion units) 9.0 10.7 Q2'24 Q2'25 3.0 9.0 Q2'24 Q2'25 (Shipment, million cans) 43 125 Q2'24 Q2'25 Global Markets IQOS, ZYN & VEEV Shipments Q2’25 Growth(a) +18.0% (excl. U.S., Europe, Japan) (Shipment, million eq. units) 3.0x vs. PY 2.9x vs. PY 16.1% Ships. vs. PY 19.3% vs. PY 20 2.8% 2.9% 4.2% 4.5% 5.1% 5.8% 6.3% 7.5% 8.8% 13.2% 13.7% 16.5% 18.7% 19.7% 21.2% Manila Toronto Bogota Rabat Riyadh Tunis Mexico City Urban Jakarta Cairo Kuala Lumpur Seoul Belgrade GTR (Airports) Podgorica Skopje +1.8pp +2.5pp +0.6pp PMI HTU Offtake Shares (Q2’25) +1.5pp Change vs. PY (0.1)pp +3.4pp +2.5pp +1.8pp +1.4pp (a) Urban Jakarta offtake share reflects revised Nielsen survey, improving coverage and accuracy. Historical data: Q3’24: 5.8%, Q4’24: 6.1%, Q1’25: 5.7%. (b) Global Travel Retail includes airports where IQOS is available, offtake share based on Mar-May’25 vs. Mar-May’24. Source: PMI Financials or estimates +2.0pp Excellent IQOS Key City Progress Across Global Markets +0.6pp +0.4pp (0.1)pp +3.9pp (b) +2.2pp (a)
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(a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other nicotine pouch brands. Chart not to scale. Total may not foot due to rounding. Data includes Global Travel Retail (Excl. U.S.). Source: PMI Financials or estimates Strong SFP Growth Across Global Markets 19 (Adj. IMS, billion units) 9.0 10.7 Q2'24 Q2'25 3.0 9.0 Q2'24 Q2'25 (Shipment, million cans) 43 125 Q2'24 Q2'25 Global Markets IQOS, ZYN & VEEV Shipments Q2’25 Growth(a) +18.0% (excl. U.S., Europe, Japan) (Shipment, million eq. units) 3.0x vs. PY 2.9x vs. PY 16.1% Ships. vs. PY 19.3% vs. PY 20 2.8% 2.9% 4.2% 4.5% 5.1% 5.8% 6.3% 7.5% 8.8% 13.2% 13.7% 16.5% 18.7% 19.7% 21.2% Manila Toronto Bogota Rabat Riyadh Tunis Mexico City Urban Jakarta Cairo Kuala Lumpur Seoul Belgrade GTR (Airports) Podgorica Skopje +1.8pp +2.5pp +0.6pp PMI HTU Offtake Shares (Q2’25) +1.5pp Change vs. PY (0.1)pp +3.4pp +2.5pp +1.8pp +1.4pp (a) Urban Jakarta offtake share reflects revised Nielsen survey, improving coverage and accuracy. Historical data: Q3’24: 5.8%, Q4’24: 6.1%, Q1’25: 5.7%. (b) Global Travel Retail includes airports where IQOS is available, offtake share based on Mar-May’25 vs. Mar-May’24. Source: PMI Financials or estimates +2.0pp Excellent IQOS Key City Progress Across Global Markets +0.6pp +0.4pp (0.1)pp +3.9pp (b) +2.2pp (a)
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Combustibles: Robust Model, Strong Pricing & Profit Growth 21(a) Pricing variance is based on adjusted net revenues. Source: PMI Financials or estimates 2.7 5.0 8.9 8.7 7.7 2021 2022 2023 2024 H1'25 Combustible Pricing (% organic growth vs. PY)(a) Combustible Gross Profit (% organic growth vs. PY) 0.5 1.9 0.3 6.8 5.0 2021 2022 2023 2024 H1'25 (a) Growth in cigarette and SFP volumes. (b) Includes HTUs, e-vapor unit equivalents and oral SFP in pouch or pouch equivalents. (c) On an organic basis. (d) Currency neutral variance. (e) At prevailing rates. Source: PMI Financials or estimates Confident in Very Strong 2025, Raising EPS Forecast • Raising organic OI growth outlook • Raising adjusted diluted EPS forecast to $7.43 - $7.56 ⎼ Incl. 10 cents favorable currency(e) • Expect stronger double-digit growth in USD terms • Raising operating cash flow forecast to ~$11.5bn • Q3 Adj. dil. EPS forecast of $2.08 – $2.13 22 2025 Outlook ~1%Total Shipments(a) 12-14%SFP Shipments(b) 10-12%HTU Adj. IMS 800-840mU.S. ZYN Shipments (cans) 6-8%Net Revenues(c) 11-12.5%Operating Income(c) 11.5-13.5%Adj. Dil. EPS(d) 13-15%Adj. Dil. EPS, USD(e) Revised
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Combustibles: Robust Model, Strong Pricing & Profit Growth 21(a) Pricing variance is based on adjusted net revenues. Source: PMI Financials or estimates 2.7 5.0 8.9 8.7 7.7 2021 2022 2023 2024 H1'25 Combustible Pricing (% organic growth vs. PY)(a) Combustible Gross Profit (% organic growth vs. PY) 0.5 1.9 0.3 6.8 5.0 2021 2022 2023 2024 H1'25 (a) Growth in cigarette and SFP volumes. (b) Includes HTUs, e-vapor unit equivalents and oral SFP in pouch or pouch equivalents. (c) On an organic basis. (d) Currency neutral variance. (e) At prevailing rates. Source: PMI Financials or estimates Confident in Very Strong 2025, Raising EPS Forecast • Raising organic OI growth outlook • Raising adjusted diluted EPS forecast to $7.43 - $7.56 ⎼ Incl. 10 cents favorable currency(e) • Expect stronger double-digit growth in USD terms • Raising operating cash flow forecast to ~$11.5bn • Q3 Adj. dil. EPS forecast of $2.08 – $2.13 22 2025 Outlook ~1%Total Shipments(a) 12-14%SFP Shipments(b) 10-12%HTU Adj. IMS 800-840mU.S. ZYN Shipments (cans) 6-8%Net Revenues(c) 11-12.5%Operating Income(c) 11.5-13.5%Adj. Dil. EPS(d) 13-15%Adj. Dil. EPS, USD(e) Revised
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Adj. Diluted EPS (Currency Neutral Variance vs. PY) Operating Income (Variance vs. PY) Net Revenues (Variance vs. PY) Shipment Volume (Variance vs. PY) Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume for 2024 and 2024-26 CAGR targets includes HTUs, cigarettes and oral SFPs. The 2025 forecast also includes e-vapor. (a) At 2023 corporate income tax rates. (b) At prevailing exchange rates. Source: PMI Financials or estimates Delivering Best-in-Class CPG Growth 23 +15.6% +14.9% +9.8% +2.9% FY’24 Organic 2024-26 CAGR Targets +9-11%(a) +8-10% +6-8% Positive Organic +11.5-13.5% +11-12.5% +6-8% 2025 Forecast Organic Adj. Diluted EPS (USD Variance vs. PY) +9.3% +13-15%(b) ~+1% Sustainable & Superior Growth • Excellent H1, strong platform for Full Year • Leading premium brands in growing SFP categories, increasing multicategory accretion • Strong underlying momen tum and pro-active steps support best-in-class growth profile • Financial performance creating meaningful value: ⎼ Broad-based performance drives cash generation ⎼ 17y of dividend growth, committed to shareholder returns 24Source: PMI Financials or estimates
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Adj. Diluted EPS (Currency Neutral Variance vs. PY) Operating Income (Variance vs. PY) Net Revenues (Variance vs. PY) Shipment Volume (Variance vs. PY) Note: Organic growth rates reflect currency-neutral adj. results, excl. acquisitions and divestitures. Shipment volume for 2024 and 2024-26 CAGR targets includes HTUs, cigarettes and oral SFPs. The 2025 forecast also includes e-vapor. (a) At 2023 corporate income tax rates. (b) At prevailing exchange rates. Source: PMI Financials or estimates Delivering Best-in-Class CPG Growth 23 +15.6% +14.9% +9.8% +2.9% FY’24 Organic 2024-26 CAGR Targets +9-11%(a) +8-10% +6-8% Positive Organic +11.5-13.5% +11-12.5% +6-8% 2025 Forecast Organic Adj. Diluted EPS (USD Variance vs. PY) +9.3% +13-15%(b) ~+1% Sustainable & Superior Growth • Excellent H1, strong platform for Full Year • Leading premium brands in growing SFP categories, increasing multicategory accretion • Strong underlying momen tum and pro-active steps support best-in-class growth profile • Financial performance creating meaningful value: ⎼ Broad-based performance drives cash generation ⎼ 17y of dividend growth, committed to shareholder returns 24Source: PMI Financials or estimates
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Championing a Smoke-Free World Questions & Answers iOS Download Android DownloadHave you downloaded the PMI Investor Relations App? The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.pmi.com/irapp 2025 Second-Quarter Results Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025
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Championing a Smoke-Free World Questions & Answers iOS Download Android DownloadHave you downloaded the PMI Investor Relations App? The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.pmi.com/irapp 2025 Second-Quarter Results Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025
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Championing a Smoke-Free World 27 Appendix (a) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany (b) See forecast assumptions in Earnings Release for details. Source: PMI Financials or estimates 2025: EPS Guidance Growth2024 2025 Forecast $4.52$7.24 – $7.37Reported Diluted EPS Adjustments: 0.100.13- Restructuring charges(a) 0.010.03- Impairment of goodwill and other intangibles 0.400.50- Amortization of intangibles(b) 0.13-- Loss on sale of Vectura Group 0.03-- Egypt sales tax charge 0.05-- Megapolis localization tax impact 0.14(0.24)- Income tax impact associated with Swedish Match AB financing 1.49-- Impairment related to the RBH equity investment (0.27)(0.26)- Fair value adjustment for equity security investments (0.03)0.03-T a x i t e m s 2.050.19- Total Adjustments 13% – 15%$6.57$7.43 – $7.56Adjusted Diluted EPS 0.10- Less: Currency 11.5% – 13.5%$6.57$7.33 – $7.46Adjusted Diluted EPS, excluding currency 28 Full-Year($/share)
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Championing a Smoke-Free World 27 Appendix (a) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany (b) See forecast assumptions in Earnings Release for details. Source: PMI Financials or estimates 2025: EPS Guidance Growth2024 2025 Forecast $4.52$7.24 – $7.37Reported Diluted EPS Adjustments: 0.100.13- Restructuring charges(a) 0.010.03- Impairment of goodwill and other intangibles 0.400.50- Amortization of intangibles(b) 0.13-- Loss on sale of Vectura Group 0.03-- Egypt sales tax charge 0.05-- Megapolis localization tax impact 0.14(0.24)- Income tax impact associated with Swedish Match AB financing 1.49-- Impairment related to the RBH equity investment (0.27)(0.26)- Fair value adjustment for equity security investments (0.03)0.03-T a x i t e m s 2.050.19- Total Adjustments 13% – 15%$6.57$7.43 – $7.56Adjusted Diluted EPS 0.10- Less: Currency 11.5% – 13.5%$6.57$7.33 – $7.46Adjusted Diluted EPS, excluding currency 28 Full-Year($/share)
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Select European Markets: PMI HTU Adjusted Share of Market Change vs. PYQ2’25 Change vs. PYQ2’25 Change vs. PYQ2’25 (1.4)pp15.5%Slovak Republic+1.0pp17.7%Italy+0.3pp8.4%Austria +1.916.0Slovenia+0.928.3Lithuania(0.7)14.2Czech Republic +0.83.4Spain+0.79.9Poland+0.86.8Germany +1.013.6Switzerland+2.222.1Portugal+2.623.6Greece +0.45.1United Kingdom+2.010.7Romania(0.8)31.0Hungary 29 Source: PMI Financials or estimates Select European Markets: PMI HTU Adjusted Share of Market Change vs. PYH1’25 Change vs. PYH1’25 Change vs. PYH1’25 (1.5)pp15.4%Slovak Republic+0.8pp18.0%Italy+0.6pp9.0%Austria +1.816.4Slovenia+0.328.6Lithuania(0.3)15.1Czech Republic +0.93.5Spain+0.79.8Poland1.07.2Germany +1.314.0Switzerland+1.722.3Portugal2.724.8Greece +0.55.1United Kingdom+1.710.5Romania0.632.9Hungary 30 Source: PMI Financials or estimates
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Select European Markets: PMI HTU Adjusted Share of Market Change vs. PYQ2’25 Change vs. PYQ2’25 Change vs. PYQ2’25 (1.4)pp15.5%Slovak Republic+1.0pp17.7%Italy+0.3pp8.4%Austria +1.916.0Slovenia+0.928.3Lithuania(0.7)14.2Czech Republic +0.83.4Spain+0.79.9Poland+0.86.8Germany +1.013.6Switzerland+2.222.1Portugal+2.623.6Greece +0.45.1United Kingdom+2.010.7Romania(0.8)31.0Hungary 29 Source: PMI Financials or estimates Select European Markets: PMI HTU Adjusted Share of Market Change vs. PYH1’25 Change vs. PYH1’25 Change vs. PYH1’25 (1.5)pp15.4%Slovak Republic+0.8pp18.0%Italy+0.6pp9.0%Austria +1.816.4Slovenia+0.328.6Lithuania(0.3)15.1Czech Republic +0.93.5Spain+0.79.8Poland1.07.2Germany +1.314.0Switzerland+1.722.3Portugal2.724.8Greece +0.55.1United Kingdom+1.710.5Romania0.632.9Hungary 30 Source: PMI Financials or estimates
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Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025
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Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025