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Championing a Smoke-Free World 2025 Fourth-Quarter and Full-Year Results February 6, 2026 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 d a t e dF e b r u a r y6 ,2 0 2 6a n do no u rInvestor Relations website with additional non- GAAP reconciliations available at the end of this presentation 2
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Forward-Looking and Cautionary Statements • This presentation contains pr ojections of future results and goals and other forward-look ing statements, including statements regarding expecte d financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertaint ies and inaccurate assumptions. In the event that r isks or uncertainties materialize, or underlyin ga s s u m p t i o n s prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual re sults and outcomes to differ materially from those contained in any forward-looking statements made by PMI • PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization eff orts, eliminate our ability to communicate with adult consumers, or ban certain of our produc ts in certain markets or countries; ex cise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicoti ne-containing products; litigation related to tobacco and/or nicotine p roducts and intellectual property rights; intense competition; inability to anticipat e changes in adult consumer preferences; use and reliance on third-part ies; the adverse effects of global and individual country economic, regulatory and politic al developments, natural disasters and conflicts; geopolitical instabi lity affecting international trade; the impact and consequences of Russia's invasion of U kraine; changes in adult smoker behavior; continued decline of tax-paid c igarettes; lost revenues as a result of counterfeiting, contraband and cross-border pu rchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; rec ent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricul tural products and raw materials, as well as product components for our ele ctronic devices; and the integrity of its information systems and effectiveness of its data privacy policie s. PMI's future profitability may also be adverse ly affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to su ccessfully introduce new products, promote brand equity; if there are pr olonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable 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 products performance. • PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the four th quarter and year ended December 31, 2024, Quarterly Report on Form 10-Q for the third quarter ended September 30, 2025, and the Form 10-K for the fourth quarter and year ended December 31, 2025, which will be filed later tod ay. PMI cautions that the foregoing list of important factors is not a comp lete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time ,e x c e p t 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 2025: Another Outstanding Year of Growth • Fifth consecutive year of volume growth, driven by structural SFP momentum: ⎼ Excellent IQOS progress with Q4 acceleration in HTU Adj. IMS volumes ⎼ Multicategory accretion from ZYN & VEEV driving strong international results, further enhanced by U.S. growth • Strong top-line & margin expansion driven by smoke-free mix, cost efficiencies and robust combustibles performance, supporting smoke-free dynamism • Excellent EPS delivery: second year of mid-teens ex-currency Adj. Dil. EPS growth, fastest USD growth for 14 years excl. 2021 COVID recovery • 3-year OI & EPS CAGR targets achieved in 2 years; with strong 2026 expected despite transitory headwinds, renewing growth targets for ‘26-28 • Accelerating cashflow from ‘26, enabling progressive shareholder returns 4Source: PMI Financials or estimates
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Strong Momentum Entering Second Smoke-Free Decade • >$40billion 2025 net revenues, OI margin >40% • An increasingly smoke-free business: ⎼ SFP net revenues >50% in 27 markets (FY’25) ⎼ …and in 3 of our 4 Regions (Q4’25) ⎼ 106 SFP markets, of which 52 multicategory • Leading industry transformation: ⎼ Japan now majority smoke-free by volumes(a) ⎼ PMI SFPs consistently outgrowing industry(b) 5 (a) Based on Top 3 C-Store Chains offtake (Dec’25). Base includes cigarettes, cigarillos and HTUs. (b) Reflects estimated industry growth in categories where PMI is present across 106 smoke-free markets. Excl. illicit products, e-vapor open tanks. (c) Smoke-free represents Smoke-Free Business. For further information, please see Appendix and Reconciliation of non- GAAP Measures. Source: PMI Financials or estimates 24.2% 29.5% 32.1% 36.4% 38.7% 41.5% Smoke-Free Net Revenues(c) (% of Total PMI Adj. Net Revenues) Smoke-Free Gross Profit(c) (% of Total PMI Adj. Gross Profit) 21.6% 28.9% 29.9% 36.7% 39.7% 42.9% 2020 2021 2022 2023 2024 2025 ~1.7x vs. 2020 ~2x vs. 2020 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 FY25: Very Strong Top and Bottom-Line Growth 6 Organic Adj. incl. Curr. & Acq/Div +14.2% +14.8% +10.6% +11.8% +7.3% +1.4% +6.5% (Excl. Currency) $7.54 $16.4bn 786bn $40.6bn FY’25 vs. PY FY’25 +7.9% +8.6%Excluding Indonesia CC business model change Operating Cashflow $12.2bn
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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 Q4: Robust Performance Despite Timing Headwinds 7 Organic Adj. incl. Curr. & Acq/Div +0.1% Q4’25 vs. PY 194bn Q4’25 +9.0% +9.7% +4.5% +5.8% +6.8%+3.7% (Excl. Currency) $1.70 $3.7bn $10.4bn +4.6% +7.7%Excluding Indonesia CC business model change Note: Chart not to scale. Total may not foot due to rounding. Source: PMI Financials or estimates 8 Fifth Consecutive Year of Total Volume Growth Total SFP Cigarettes (shipments, equivalent bn units) 629 625 622 613 617 607.4 76 95 112 140 159 179.1 705 720 733 753 776 786.5 2020 2021 2022 2023 2024 2025 +1.4% (1.5)% +12.8% vs. PY HTUs: +11.0% Oral SFPs: +18.5% E-Vapor: +102% FY’25 +103bn SFP Volumes
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FY'25 Shipment Volume FY'25 Organic Net Revenue Growth FY'25 Net Revenue Growth 7.3% Pricing (CC & Smoke-Free) 6.5% Currency & Acq/Div Sustainable Top-Line Growth, Driven by Volumes, Pricing & Mix 9 (a) Smoke-free 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 U.S. smoke-free business. Total may not foot due to rounding. Source: PMI Financials or estimates 1.4% +3.5pp +4.1pp Smoke-Free Mix Impact(a) +0.8pp (1.1)pp CC Geo Mix & Other (1.4)pp Indonesia CC Business Model Change 7.9% FY’25 Org. NR Growth Excl. Indonesia Technical Impact +1.8% +4.1% +3.2% (1.2)% 7.8% (0.6)% 7.2%5y CAGR 7.9% 10 Increasingly Profitable Smoke-Free Progress (a) Represents Smoke-Free Business. Note: Organic gross margin growth is calculated from adjusted gross profit divided by adjusted net revenues. All organic metrics reflect currency- neutral adjusted results, excluding acquisitions and divestitures. Chart not to scale. Source: PMI Financials or estimates Net Revenues Gross Profit 6.5% Total PMI Net Revenues Gross Profit Smoke-Free(a) Combustibles FY’25 Organic Growth vs. PY Net Revenues Gross Profit 14.1% 1.8% 4.4%18.7%10.1% +270bps to 69.5% Smoke-Free Gross Margin +160bps to 65.5% Combustibles Gross Margin +220bps to 67.2% Gross Margin 3.9% excl. Indonesia CC business model change
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Significant OI Margin Expansion While Investing for Growth 11Source: PMI Financials or estimates FY'24 FY'25 SG&A Gross Margin 40.2% Currency & Acq/Div SG&A 38.8% FY’25 Adjusted OI Margin 40.4% +2.2pp (0.8)pp +0.2pp FY’25 (excl. Curr. & Acq/Div) +140bps +160bps (a) Reflects estimated industry growth in categories where PMI is present across 106 smoke-free markets. Excl. illicit products, e-vapor open tanks. (b) See Glossary for definition. Total may not foot due to rounding. Users include estimates of poly-use. Source: PMI Financials, PMI Market Research or estimates Expanding Geographies & Users, Outpacing the Industry 12 3 PMI SFP Categories 2 PMI SFP Categories 1 PMI SFP Category PMI SFP Markets (#) 48 50 54 27 30 26 9 15 2684 95 106 FY'23 FY'24 FY'25 FY'23 FY'24 FY'25 Total Smoke-Free Product Users(b) (in millions) IQOS: >35m Oral: ~7m VEEV: >1m~39 ~33.5 ~43.5 vs. FY’23 ~+10m PMI SFP IMS FY’25 Growth >12% ~3pp > Industry(a)
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13 IQOS: Consistent Volume Growth, Accelerating Profitability IQOS Adj. Product Contribution(a) (Indexed, 2020 =100) 76 92 105 121 136 151 HTU Adj. IMS (billion units) 100 215 246 299 366 492 2020 2021 2022 2023 2024 2025 +10.5% FY’25 vs. PY +12.0% Q4’25 vs. PY (a) At constant exchange rates. Product contribution calculated as adjusted gross profit minus commercial and R&D costs. Note: HTU Adj. IMS in 2020 and 2021 represents reported IMS. Source: PMI Financials or estimates 79 Global IQOS Markets ZYN: Global Leader, Further Rapid Growth & Int’l Share Gains 14(a) PMI share of category IMS on a pouch basis in markets where present. (b) Markets where ZYN is present with modern oral pouches. Note: 15 pouches per can in the U.S. and approx. 20 pouches per can elsewhere. Source: PMI Financials or estimates 10.0 13.6 FY'24 FY'25 56 Total PMI Nicotine Pouch Shipments (billion pouches) +36% Global ZYN Markets(b) vs. PY 1.3 1.7 FY'24 FY'25 International Nicotine Pouch Shipments (billion pouches) +31% vs. PY +112% Excl. Nordics International Nicotine Pouch Share(a) (excl. Nordics, %) 2% 10% 16% FY'23 FY'24 FY'25 Global #1 ~40% FY’25 Share(a)
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VEEV: The Fastest-Growing International E-Vapor Brand(a) 15(a) Measured by Q3’25 vs. Q3’24 closed pods and disposables offtake data in markets representing more than 90% of VEEV Volumes (b) PMI share of closed pods IMS where present. (c) Based on Sep/Oct’25 (based on availability) third-party offtake data (Nielsen or equivalent). Note: See glossary for e-vapor equivalent unit conversion. Source: PMI Financials or estimates #1 in 8 Markets (Closed Pods)(c) 1.7 3.3 FY'24 FY'25 VEEV Volumes (shipments in billion equivalent units) +102% vs. PY 4% 8% 12% FY'23 FY'24 FY'25 Closed Pods Share(b) 47 Global VEEV Markets 9.3% 7.9% 9.1% 7.2% 10.3% FY'24 Q1'25 Q2'25 Q3'25 Q4'25 (a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other PMI nicotine pouch brands, approx. 20 pouches per can. Note: Chart not to scale. Source: PMI Financials or estimates 16 Europe: Strong IQOS Acceleration & Multicategory Growth 1.0 1.1 FY'24 FY'25 1.4 2.9 FY'24 FY'25 Europe FY’25 IQOS, ZYN & VEEV Shipment Growth(a) +13% +9% vs. PY +113% Excl. Nordics Shipment Volumes +110% vs. PY (billion eq. units) (billion pouches) Adj. IMS Growth vs. PY >50% SFP Net Revenues (Q4’25)
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0.6 0.7 1.3 1.4 0.8 FY'21 FY'22 FY'23 FY'24 FY'25 17 Japan: IQOS Drives Smoke-Free Products to 50% of Industry (a) Based on Top 3 C-Store Chains offtake (expanded dataset), Dec’25. Base includes cigarettes, cigarillos and HTUs. Japan Adj. HTU IMS growth 9.1% Q1’25, 7.6% Q2’25, 5.8% Q3’25, 5.8% Q4’25. Source: PMI Financials or estimates +7.0% FY’25 vs. PY Adj. IMS Growth vs. PY (Quarterly average, billion units) 32.6% Q4’25 PMI HTU Adj. Share +2.0pp vs. PY 51.2% HnB Offtake Category Share(a) 69% 70% 70% 69% 12% 13% 14% 16% 19% 17% 16% 15% FY'22 FY'23 FY'24 FY'25 HnB Adj. Category Share (%) Comp. 1 Comp. 2 PMI (a) IQOS, ZYN & VEEV only, equivalent units. ZYN includes residual volumes from other PMI nicotine pouch brands. Approx. 20 pouches per can. Chart not to scale. Data includes Global Travel Retail (Excl. U.S.) Source: PMI Financials or estimates Strong SFP Growth Across Global Markets 18 (Adj. IMS, billion units) 37.2 43.7 FY'24 FY'25 275 581 FY'24 FY'25 (Shipment, million pouches) 286 458 FY'24 FY'25 Global Markets IQOS, ZYN & VEEV Shipments FY’25 Growth(a) +17% (excl. U.S., Europe, Japan) (Shipment, million eq. units) 2.1x vs. PY 1.6x vs. PY +16% Ships. vs. PY +17% vs. PY
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19(a) Based on Nielsen. (b) Estimated proxy of shipments related to consumer offtake, adjusting for wholesaler and distributor inventory fluctuations. Note: U.S. ZYN cans contain 15 pouches. Source: PMI Financials or estimates U.S. ZYN: Leading Fast-Growing Category Despite Headwinds U.S. ZYN Shipments (million cans) 385 581 794 FY'23 FY'24 FY'25 +37% vs. PY +25% ZYN FY’25 Offtake vs. PY(a) FY’25(a) Retail Value Share: 67.2% Volume Share (cans): 61.5% Share of Cat. Volume Growth: ~50% • Strong growth in shipment and offtake volumes • 2025 estimated ‘underlying’(b) volumes ~740-750 million cans: ⎼ Q1’25: ~160m cans, Q2’25: ~180m, Q3’25: ~205m, Q4’25: ~200m ⎼ ~25m cans of surplus channel inventory at end-25, expect to normalize over 2026, we assume most likely in Q1’26 ZYN: Investing in the Brand, Preparing Innovation 20 • Investing in brand equity • Portfolio gaps to be addressed this year, pending FDA action • Comprehensive commercial program • Significant growth potential from leading premium brand
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ZYN: Global Partnership with Scuderia Ferrari HP 21Note: Ferrari images are illustrative and do not reflect branding at all races Combustibles: Resilient Growth & Strong Pricing 22(a) Pricing variance is based on adjusted net revenues. Source: PMI Financials or estimates 5.5 8.7 7.6 FY'21-23 Average FY'24 FY'25 Combustible Pricing (% growth vs. PY)(a) Combustible Gross Profit (% organic growth vs. PY) 0.9 6.8 4.4 FY'21-23 Average FY'24 FY'25 Marlboro Record high share 11.0% Q4’25
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(a) On an organic basis. (b) Currency neutral variance. (c) At prevailing rates. (d) At prevailing rates, subject to year-end working capital requirements. Source: PMI Financials or estimates • Expect to deliver best-in-class growth despite transitory headwinds • Adjusted diluted EPS forecast of $8.38 - $8.53 incl. favorable currency impact of 27 cents(c) ⎼ Includes Q1 forecast of $1.80 - $1.85 with 14 cents of favorable currency(c) • Strong acceleration in operating cash flow generation 23 2026 Outlook 5-7%Net Revenues(a) 7-9%Operating Income(a) 7.5-9.5%Adj. Dil. EPS(b) 11.1-13.1%Adj. Dil. EPS, USD(c) ~13.5bnOperating Cashflow(d) 2026: Another Year of Strong, Profitable Growth Expected 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 2024-26 CAGR targets includes HTUs, cigarettes and oral SFPs. 2024-26 expected results include e-vapor only for 2025 results and 2026 estimates. (a) At 2023 corporate income tax rates. (b) Approximate midpoints of implied ranges from 2024 and 2025 delivery combined with 2026 forecast range (c) At prevailing exchange rates. Source: PMI Financials or estimates Expect to Meet or Exceed 2024-26 CAGR Targets 24 2024-26 CAGR Targets +9-11%(a) +8-10% +6-8% Positive Organic Adj. Diluted EPS (USD Variance vs. PY) 2024-26 Expected Results(b) Organic ~13% ~11% ~7.5% Positive ~8%Excluding Indonesia CC business model change ~12%(c)
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Continuation of Best-in-Class Growth Targeted for 2026-28 25 6-8% Net Revenue Organic CAGR 9-11% Adjusted Diluted EPS Currency-Neutral CAGR(b) Positive Total Shipment Volume CAGR(a) 8-10% Operating Income Organic CAGR (a) Shipment volume includes cigarettes and SFPs. (b) At current corporate income tax rates, excluding share repurchases. Note: Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions and divestitures. Source: PMI Financials or estimates High-SD to Low-Teens Total SFP Volume CAGR (a) At prevailing rates, subject to year-end working capital requirements. Note: Operating cash flow is defined as net cash provided by operating activities. Source: PMI Financials or estimates Highly Cash Generative, Creating Strong Shareholder Value 26 Net Debt to Adjusted EBITDA Ratio 3.2 2.7 2.5 2023 2024 2025 Est. 2026 • Target operating cash flow of ~$45bn(a) over 2026-28 • Investing in innovation and growth: ⎼ Capital expenditures of around $1.3-1.5bn per annum • Unwavering commitment to progressive dividend, now reaching target payout ratio • Target close to 2.0x net debt to adjusted EBITDA for 2026 Operating Cash Flow 9.2 12.2 12.2 2023 2024 2025 Est. 2026 ~2.0 ~13.5
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Delivering Superior & Sustainable Growth • 2025 performance underscores strength and momentum of global smoke-free business • Supported by investment in our premium brands and the continued resilience of combustibles • Consistent, best-in-class growth • Committed to generously rewarding shareholders • Looking forward to 2026 and beyond with confidence 27Source: PMI Financials or estimates 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 Fourth-Quarter and Full-Year Results
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Championing a Smoke-Free World 2025 Fourth-Quarter and Full-Year Results February 6, 2026 Championing a Smoke-Free World 30 Appendix and Reconciliation of Non-GAAP Measures
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Approximate Impact of Currency on 2025 EPS 31(a) Includes comparison to 2024 transactional losses Source: PMI Financials or estimates FY 2025 $0.12Euro $0.09Egyptian Pound(a) $(0.04)Russian Ruble $(0.14)Swiss Franc $0.01Others $0.04Total PMI Currency Impact ($/share) (a) 2025 amount reflects pre-tax restructuring charges of $241 million ($222 million net of income tax) with respect to manufacturing footprint optimization in Germany. Source: PMI Financials or estimates. 2026: EPS Guidance Growth2025 2026 Forecast $7.26$7.87 – $8.02Reported Diluted EPS Adjustments: 0.14-- Restructuring charges(a) 0.03-- Impairment of goodwill and other intangibles 0.500.51- Amortization of intangibles 0.10-- Germany excise tax classification litigation charge (0.10)-- RBH (Canada) Plan Implementation, including dividend income, net 0.09-- Impairment of Wellness business related equity investment 0.06-- Loss on expected sale of consumer accessories and other businesses (0.25)-- Income tax impact associated with Swedish Match AB financing (0.18)-- Fair value adjustment for equity security investments (0.11)--T a x i t e m s 0.280.51- Total Adjustments 11.1% –13.1%$7.54$8.38 – $8.53Adjusted Diluted EPS 0.27- Less: Currency 7.5% –9.5%$7.54$8.11 – $8.26Adjusted Diluted EPS, excluding currency 32 Full-Year($/share)
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33 3.3% 3.5% 4.3% 4.5% 6.2% 6.3% 7.2% 7.7% 9.5% 10.6% 11.4% 13.6% 14.0% 17.6% 19.5% 23.7% Manila Toronto Bogota Rabat Tunis Riyadh Mexico City Urban Jakarta Cairo Madrid London Seoul Kuala Lumpur Belgrade GTR (Airports) Prague +1.8pp +1.6pp +0.7pp PMI HTU Offtake Shares (Q4’25)(a) +0.3pp Change vs. PY (0.2)pp +3.5pp +1.9pp +1.1pp (a) Base includes HTUs and cigarettes. (b) Global Travel Retail includes airports where IQOS is available, offtake share based on Sep-Nov’25 vs. Sep-Nov’24. Source: PMI Financials or estimates +2.2pp Excellent IQOS Key City Progress Across Markets +0.8pp +0.6pp +0.2pp +2.8pp (b) +1.9pp +1.6pp +1.2pp Select European Markets: PMI HTU Adjusted Share Change vs. PYQ4’25 Change vs. PYQ4’25 Change vs. PYQ4’25 +1.1pp11.7%Romania(1.9)pp31.4%Hungary+0.2pp9.0%Austria (1.8)16.7Slovak Republic+3.620.1Italy+1.512.1Bulgaria +0.53.6Spain+2.231.2Lithuania(0.2)15.3Czech Republic +0.914.4Switzerland+1.210.9Poland+1.17.7Germany +0.55.4United Kingdom+1.923.5Portugal+2.826.8Greece 34 Note: Base includes HTUs and cigarettes. Source: PMI Financials or estimates
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Select European Markets: PMI HTU Adjusted Share Change vs. PYFY’25 Change vs. PYFY’25 Change vs. PYFY’25 +1.5pp10.4%Romania(0.5)pp31.7%Hungary+0.5pp8.8%Austria (1.3)16.0Slovak Republic+1.718.6Italy+1.711.1Bulgaria +0.63.4Spain+1.229.2Lithuania(0.1)14.9Czech Republic +1.214.0Switzerland+0.810.0Poland+1.07.2Germany +0.45.1United Kingdom+1.422.0Portugal+2.824.6Greece 35 Note: Base includes HTUs and cigarettes. Source: PMI Financials or estimates 36 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Net Revenues to Net Revenues, ex cluding Indonesia Combustible business model change ($ in millions) / (Unaudited) Net Revenues Indonesia Combustible business model change Adj. Net Revenues excl. Indonesia Combustible business model change Net Revenues Total Excl. Indonesia Combustible business model change 2025 2024 $ 10,362 $ (92) $ 10,454 Total PMI $ 9,706 6.8% 7.7% 2025 2024 $ 40,648 $ (500) $ 41,148 Total PMI $ 37,878 7.3% 8.6% Quarters Ended December 31, % Change Years Ended December 31, % Change Source: PMI Financials or estimates
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37 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Net Revenues to Net Revenues, excluding Indo nesia Combustible business model change, Currency and Acquisition / Divestitures ($ in millions) / (Unaudited) Net Revenues Currency Net Revenues excluding Currency Acqui-sitions / Divestitures Net Revenues excl. Currency & Acquisitions / Divestitures Indonesia Combustible business model change Adj. Net Revenues excl. Indonesia Combustible business model change, currency & Acquisitions / Divestitures Net Revenues Total Excluding Currency Excl. Currency & Acquisitions / Divestitures Excl. Indonesia Combustible business model change, currency & Acquisitions / Divestitures 2025 2024 $ 10,362 $ 345 $ 10,017 $ (44) $ 10,061 $ (92) $ 10,153 Total PMI $ 9,706 6.8% 3.2% 3.7% 4.6% 2025 2024 $ 40,648 $ 461 $ 40,187 $ (170) $ 40,357 $ (500) $ 40,857 Total PMI $ 37,878 7.3% 6.1% 6.5% 7.9% Quarters Ended December 31, % Change Years Ended December 31, % Change Source: PMI Financials or estimates 38 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Net Revenues by Product Category ($ in millions) / (Unaudited) 2020 2021 2022 2023 2024 2025 Combustible Tobacco $ 21,747 $ 22,067 (a) $ 21,572 $ 22,334 (b) $ 23,218 $ 23,794 Smoke-Free 6,947 9,338 10,190 12,840 14,660 16,854 Total PMI $ 28,694 $ 31,405 $ 31,762 $ 35,174 $ 37,878 $ 40,648 Years Ended December 31, (a) 2021 Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment. Excluding this impact total PMI adjusted net revenues are $31,651 million and for combustible tobacco $22,313 million. (b) 2023 Includes a reduction in net revenues of $80 million related to the termination of distribution arrangement in the Middle East. Excluding this impact total PMI adjusted net revenues are $35,254 million and for combustible tobacco $22,414 million. Note: Sum of product categories might not foot to Total PMI due to roundings. Source: PMI Financials or estimates
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39 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit ($ in millions) / (Unaudited) (a) 2021 full-year includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessments. (b) 2022 full-year includes Swedish Match AB acquisition accounting related items ($125 million of which $18 million in Combustible Tobacco and $107 million in Smoke-Free), impairment of goodwill and other intangibles ($112 million in Smoke-Free), charges related to the war in Ukraine ($61 million of which $39 million in Combustible Tobacco and $22 million in Smoke-Free) and amortization of intangibles ($58 million in Smoke-Free). (c) 2023 full-year includes termination of distribution arrangement in the Middle East ($80 million in Combustible Tobacco), Swedish Match AB acquisition accounting related items ($18 million in Combustible Tobacco), charges related to the war in Ukraine ($13 million in Combustible Tobacco) and mainly amortization of intangibles in cost of goods sold ($59 million in Smoke-free incl. W&H). (d) 2024 full-year and 2025 full-year reflects amortization of intangibles in Smoke-Free, all amounts are related to cost of goods sold. Note: Sum of product categories and special items might not foot due to roundings. Source: PMI Financials or estimates Gross Profit Special Items Adjusted Gross Profit Gross Profit Special Items (a) Adjusted Gross Profit Gross Profit Special Items (b) Adjusted Gross Profit Gross Profit Special Items (c) Adjusted Gross Profit Gross Profit Special Items (d) Adjusted Gross Profit Gross Profit Special Items (d) Adjusted Gross Profit Combustible Tobacco $ 14,986 $ - $ 14,986 $ 15,118 $ (246) $ 15,364 $ 14,475 $ (57) $ 14,532 $ 14,097 $ (111) $ 14,208 $ 14,830 $ - $ 14,830 $ 15,594 $ - $ 15,594 Smoke-Free 4,139 - 4,139 6,257 - 6,257 5,885 (299) 6,184 8,184 (59) 8,243 9,719 (51) 9,770 11,688 (22) 11,710 Total PMI $ 19,125 $ - $ 19,125 $ 21,375 $ (246) $ 21,621 $ 20,360 $ (356) $ 20,716 $ 22,281 $ (170) $ 22,451 $ 24,549 $ (51) $ 24,600 $ 27,282 $ (22) $ 27,304 2020 2022 2025202420232021 Championing a Smoke-Free World 2025 Fourth-Quarter and Full-Year Results February 6, 2026