Philip Morris International Inc (PM)

Counterfeit Cigarettes Drive EU Illicit Market Above 10% for First Time Since 2014June 3, 2026 4:00 AM
Business Wire Illicit cigarettes reached 10.3% of EU consumption in 2025 (41.8 billion), with an estimated €16.7 billion in lost tax revenues Counterfeits now lead the illicit market - accounting for 44% of EU illicit consumption (18.3 billion), up sharply year-on-year and displacing traditional East-to-West contraband flows Western Europe has the highest levels of illicit consumption, with France (41.4%), Belgium (24.8%), and the Netherlands (22.1%) among the most impacted. In France alone, counterfeit volumes reached nearly 10 billion cigarettes A new study detailing the scale of the illicit cigarette trade in the European Union (EU) shows that consumption of black-market cigarettes rose more than 7% year-on-year in 2025, reaching levels not seen in over a decade, with counterfeit cigarettes playing an increasingly significant role across member states. Philip Morris International (PMI) (NYSE: PM) reiterates its call for a coordinated response to illicit trade in Europe, built on evidence-based regulation and strengthened cooperation. According to the 20th edition of the study “Illicit cigarette and heated tobacco consumption, and oral nicotine share in Europe”, which was conducted by KPMG LLP on behalf of Philip Morris Products S.A., illicit cigarettes in the EU accounted for more than one in ten cigarettes for the first time since 2014. In 2025, illicit volumes reached 41.8 billion in the EU—representing 10.3% of total consumption—resulting in an estimated €16.7 billion in lost tax revenues. Across the 38 European countries included in the study, illicit consumption reached 55.3 billion cigarettes, corresponding to an estimated €22.4 billion in state budget revenue losses. A structural shift: from contraband flows to “closer-to-market” counterfeits The illicit market is undergoing a fundamental transformation: “Made in EU” counterfeit cigarettes are increasingly displacing traditional East-to-West contraband flows. Supply chains are becoming faster and harder to trace, and operations are moving closer to end consumers - especially in Western European countries such as France, Belgium, and the Netherlands, which are becoming central hubs for illicit tobacco and nicotine products. Counterfeits have become the largest source of illicit cigarettes in the EU, reaching 18.3 billion and accounting for 44% of total illicit consumption in 2025. Counterfeit volumes increased more than 20% year-on-year, highlighting organized crime’s ability to rapidly adapt production and distribution models to reduce detection risks. “The data is clear: counterfeits have become the primary engine of the illicit cigarette market in the EU, supported by criminal supply chains designed to bring fake products to consumers in high-value markets, undermining the European economy and fueling broader illicit activity,” said Christos Harpantidis, Group Chief Corporate Affairs Officer, Philip Morris International. “It also underscores persistent structural vulnerabilities across regulation, enforcement, and judicial follow-through that create space for illicit trade to grow - at a time when many EU member states are under broader security and economic pressure, from inflation and competitiveness challenges to rising budget demands on security and defense due to geopolitical fragmentation. Closing these gaps in Europe requires coordinated action: stronger law enforcement, public-private cooperation and a focus on regulation that is balanced, evidence-based, and enforceable in practice,” Harpantidis added. Estimates show that Europe’s tobacco and nicotine value chain supports over 2.1 million jobs and generates €224 billion in value - comparable to the EU’s 17th largest economy. With nearly €24 billion in annual exports, it is a significant industrial ecosystem, yet increasingly affected by illicit trade amid economic uncertainty and need for competitiveness in Europe. Addressing this requires pragmatic, evidence-based regulation and stronger cooperation, while supporting investment and innovation in Europe. “Illicit trade is becoming more sophisticated, localized, and increasingly industrialized. It not only erodes legitimate business activity but also fuels criminal networks that operate with speed, scale, and impunity, discouraging investment, innovation and governments’ ability to deliver on public health and fiscal objectives,” said Yann Guérin, Group Chief Legal Officer, Philip Morris International. Western Europe at the forefront of this trend Illicit consumption is increasingly concentrated in major Western European countries—most notably France, Belgium, and the Netherlands—amplifying fiscal pressures and enforcement challenges as illicit penetration rises. France remains Europe’s largest illicit market, at a 41.4% illicit share (20.5 billion cigarettes). Counterfeits alone accounted for almost 9.7 billion cigarettes (around 19% of total consumption). France saw the largest increase in illicit cigarette consumption across Europe in 2025. Belgium recorded an illicit share of nearly 25% (more than 2 billion cigarettes). The Netherlands rose above 22% illicit share (2.1 billion cigarettes), returning to levels last observed around 2006. More broadly, six EU member states now record illicit shares above 20%, underscoring the scale and concentration of the issue. Outside the EU, the United Kingdom remains the second-largest illicit cigarette country in the study, with volumes now surpassing 7 billion, including 3.5 billion counterfeit cigarettes. What works: evidence-based policy, not extremes Not all markets move in the same direction. Some countries have achieved sustained declines through a balanced policy mix combining predictable fiscal approaches, proportionate regulation, and consistent enforcement. Greece (14.1% illicit share; 1.9 billion cigarettes) recorded one of the largest year-on-year declines - 3.4 percentage points. This marks a significant shift from previous years, when illicit levels consistently remained above 20%, highlighting a notable improvement in recent performance. Ukraine (15.9% illicit share; 5.1 billion cigarettes) saw illicit volumes decline by nearly 1 billion cigarettes year-on-year. This reduction is particularly notable given the highly challenging operating and security environment, pointing to sustained enforcement efforts and market resilience. “The lesson we derive from the situation in Europe is that not one single lever solves the problem of illicit trade; it is that a well-coordinated set of measures does,” said Massimo Andolina, President, Europe Region, Philip Morris International. “Countries that coordinate a proportionate, evidence-based approach to regulatory and tax frameworks with a disciplined effort of enforcement demonstrate that illicit trade of nicotine products can be reduced to the benefit of consumers, public finances, and the fight against crime. On the contrary, countries that promote excessive tax increases, or, even worse, product bans, such as France and the Netherlands, see illicit trends worsening, public tax collection suffers, consumers gain access to uncontrolled products, and crime thrives. It is not the evidence that is now missing, but rather the desire to act rationally and decisively,” he added. “Sustained public-private collaboration, combining effective law enforcement with robust data, expertise, information sharing, and operational capabilities, is essential to help identify, investigate, and dismantle counterfeit networks and enable authorities to stay ahead of illicit operators, moving beyond reactive measures toward a more proactive, intelligence-led approach,” added Guérin. Heated tobacco and oral nicotine products For the second consecutive year, the report also covered illicit consumption of heated tobacco products in selected European markets. It found contraband represented 1.2% of total heated tobacco consumption—significantly lower than in cigarettes—with Germany, Austria, and the Netherlands among the most impacted countries. No counterfeit heated tobacco flows were identified. However, the presence of contraband underscores that, while the scale remains limited, no product category is immune to illicit trade. While electronic heating devices are not within the scope of the study, available PMI internal analyses and third-party research similarly indicate no meaningful presence of contraband or counterfeit activity in this category to date. For the first time, the study also assessed oral nicotine products in selected countries. It found that in markets where nicotine pouches are banned or highly restricted, survey data indicate significant availability—often involving counterfeit, non-compliant or non-domestic products—suggesting widespread consumer access despite legal restrictions. The highest shares of products not eligible for sale—with the potential to reach a substantial number of consumers—were observed in the Netherlands, Germany, and Belgium. “Philip Morris International believes policymakers in Europe should apply evidence-based, risk-proportionate regulatory approaches across all nicotine product categories - designing rules that protect consumers, support law enforcement, and avoid unintended consequences that shift demand toward the black market,” Christos Harpantidis added. “This is particularly important as evidence from other nicotine categories, including pouches and e-cigarettes, indicates the emergence of widespread illicit activity in some parts of Europe - reinforcing the need for regulatory approaches that are both effective and grounded in real-world conditions.” As Philip Morris International advances towards a smoke-free future, it continues to strengthen supply chain controls and cooperate with law enforcement and other stakeholders to combat counterfeiting and smuggling of tobacco and nicotine products. The full study results, country profiles, detailed study methodology, and country-level findings are available here. For more information about PMI’s illicit trade prevention efforts, visit PMI.com. Note to editors Definitions of illicit cigarette categories, as detailed in the KPMG report: Counterfeit: “Cigarettes that are illegally manufactured and sold by a party other than the original trademark owner.” Illicit whites: “Cigarettes that are usually manufactured legally in one country/market but which the evidence suggests have been smuggled across-borders during their transit to the destination market under review where they have limited or no legal distribution and are sold without payment of tax.” C&C: “Counterfeit and contraband, including illicit whites. Contraband refers to genuine products that have been either bought in a lower-tax country and which exceed legal border limits or acquired without taxes for export purposes to be illegally re-sold (for financial profit) in a higher priced market.” Other C&C: “Other C&C comprises contraband which does not fall within the Illicit Whites definition. It is often Duty Paid product from both EU27 and non-EU27 countries. There may also be counterfeit of brands that are not trademark-owned by participant manufacturers.” Not eligible for sale products: Products that are not eligible for sale in the market in which the product is consumed. This encompasses Non-Domestically labelled products, domestically labelled products which do not comply with regulations in the market of study, and Counterfeit products. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603799047/en/ Philip Morris International
Corey Henry
T: +1 (202) 679 7296
E: corey.henry@pmi.com Original: Counterfeit Cigarettes Drive EU Illicit Market Above 10% for First Time Since 2014

Philip Morris Shares Ease After Company Trims 2026 Earnings Outlook (PM)June 2, 2026 7:12 AM
IH Market News Philip Morris International (NYSE:PM) shares edged lower in premarket trading on Tuesday after the tobacco group reduced its full-year adjusted earnings guidance, reflecting the impact of an expected impairment charge and currency-related headwinds. The stock slipped around 1% before the opening bell as investors assessed the updated outlook. Earnings Forecast Narrowed Lower Philip Morris revised its adjusted earnings-per-share forecast for fiscal 2026 to a range of $8.31 to $8.46. The updated guidance compares with the company’s previous projection of $8.36 to $8.51 per share and sits broadly in line with the Bloomberg consensus estimate of $8.41. The adjustment reflects several factors affecting the company’s earnings expectations, including a significant non-cash charge related to its investment in Rothmans, Benson & Hedges (RBH). Impairment Charge Expected in Second Quarter The company said it anticipates recording a non-cash impairment charge of approximately $500 million during the second quarter of 2026 related to RBH. The charge is expected to reduce diluted earnings per share by approximately 33 cents. Philip Morris noted that RBH remains deconsolidated from the group’s financial statements and that the remaining carrying value of the investment is expected to fall below $100 million following the impairment. Reported EPS Guidance Updated To account for the expected impairment and foreign-exchange effects, the company also revised its full-year reported diluted earnings-per-share forecast. Philip Morris now expects reported diluted EPS for 2026 to be between $7.18 and $7.33. The updated outlook incorporates both the anticipated RBH impairment and the impact of currency movements on earnings. Currency Headwinds Affect Quarterly Outlook The company additionally adjusted its second-quarter adjusted diluted EPS forecast to reflect exchange-rate developments. Philip Morris now expects second-quarter adjusted diluted EPS to range between $1.97 and $2.02. Management said the forecast includes an estimated unfavorable currency impact of approximately three cents per share based on prevailing foreign-exchange rates. Underlying Growth Expectations Remain Strong Despite lowering its headline earnings guidance, Philip Morris emphasized that its underlying growth outlook remains positive. Excluding total projected adjustments of $1.13 per share for 2026, the company’s adjusted diluted EPS forecast implies growth of between 10.2% and 12.2% compared with adjusted earnings of $7.54 per share recorded in 2025. The outlook suggests that, while accounting charges and currency fluctuations are affecting reported results, management continues to expect solid operational performance across the business. Investors will now be watching future updates for additional insight into the company’s earnings trajectory, the impact of foreign-exchange movements and the performance of its expanding portfolio of smoke-free products. Philip Morris International stock price Original: Philip Morris Shares Ease After Company Trims 2026 Earnings Outlook (PM)

Philip Morris International Participates in 2026 dbAccess Global Consumer Conference; Updates 2026 Full-Year Diluted EPS Forecast for Currency and Non-Cash Impairment OnlyJune 2, 2026 1:30 AM
Business Wire Regulatory News: Philip Morris International Inc.’s (PMI) (NYSE: PM) Group CEO PMI, Jacek Olczak, will address investors today at the 2026 dbAccess Global Consumer Conference in Paris at 11:15 a.m. CET (5:15 a.m. ET), including discussion of the following topics: PMI’s continued expectation of a strong full-year performance, notably driven by the broad-based momentum of our international multicategory smoke-free business, led by IQOS. Recent heat-not-burn category developments broadly in-line with our expectations, most notably in Japan following the April 1, 2026 excise tax increase, with April offtake impacted by consumer pantry de-loading and IQOS maintaining a strong category share. U.S. ZYN portfolio expansion, including the launch of ZYN ULTRA this month in 9mg and 11mg moist variants. Available in a 20-pouch can format, ZYN ULTRA will be positioned at a lower list price-per-pouch than the ‘flagship’ dry ZYN portfolio (15-pouch format), marking an important step in optimizing ZYN’s price premium. Further extensions are planned for ZYN over the remainder of the year. The live webcast will be available here. The webcast replay will be available at the same link for one year after the event. The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp. 2026 Full-Year Forecast PMI updates its 2026 full-year reported diluted EPS forecast to a range of $7.18 to $7.33 to reflect currency and the non-cash impairment of RBH only. Excluding a total 2026 adjustment of $1.13 per share, the forecast range for adjusted diluted EPS of $8.31 to $8.46 represents a projected increase of 10.2% to 12.2% versus $7.54 in 2025. Excluding a favorable currency impact, at prevailing exchange rates, of $0.20 per share, this represents growth of 7.5% to 9.5%. In May 2026, pursuant to its obligation under its court-approved plan of compromise and arrangement ("Plan"), PMI's Canadian affiliate, RBH, provided an annual business plan to its Plan Administrator containing updated five-year financial projections reflecting current industry dynamics. As a result, PMI has determined that the estimated fair value of its investment in RBH may be lower than its carrying value and expects to record a non-cash impairment charge of approximately $500 million, representing 33 cents of diluted EPS, in the second quarter of 2026. RBH remains deconsolidated from the PMI group, with the remaining carrying value expected to be less than $100 million. The change in forecasted currency impact primarily reflects unrealized transactional foreign exchange effects from deferred tax liabilities associated with the strengthening Russian ruble. These effects are expected to occur in the second quarter, and we also update our Q2 adjusted diluted EPS forecast for currency only to a range of $1.97 to $2.02, now including an estimated unfavorable currency impact of 3 cents at prevailing exchange rates. All other forecast assumptions remain unchanged from those communicated on April 22, 2026. Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.   Full-Year   2026
Forecast   2025   Growth                     Reported Diluted EPS $7.18 - $7.33   $ 7.26         Adjustments                   Amortization of intangibles 0.50   0.50         Fair value adjustment for equity investments 0.22   (0.18)         Restructuring charges 0.03   0.14         Income tax impact associated with Swedish Match AB financing 0.05   (0.25)         Non-cash impairment of RBH equity investment 0.33             Other 2025 Adjustments (1) —   0.07         Total Adjustments 1.13   0.28         Adjusted Diluted EPS $8.31 - $8.46   $ 7.54   10.2% - 12.2% Less: Currency 0.20             Adjusted Diluted EPS, excluding currency $8.11 - $8.26   $ 7.54   7.5% - 9.5% (1) Includes: $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; $0.03 Impairment of goodwill and other intangibles; ($0.11) Tax items Forward-Looking & Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected 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, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601710884/en/ Philip Morris International Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413 Media:
Email: Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2410
Lausanne: +41 582 424 500 Original: Philip Morris International Participates in 2026 dbAccess Global Consumer Conference; Updates 2026 Full-Year Diluted EPS Forecast for Currency and Non-Cash Impairment Only

Philip Morris International to Host Webcast of Presentation at the 2026 dbAccess Global Consumer ConferenceMay 26, 2026 7:29 AM
Business Wire Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) will host a live webcast of the company’s remarks and Q&A session with Jacek Olczak, Group CEO PMI, at the 2026 dbAccess Global Consumer Conference on Tuesday, June 2, 2026, at approximately 11:15 a.m. CET (5:15 a.m. ET). The webcast will be available here, with a post-event recording available for one year at the same site. The webcast will provide a live stream of the entire PMI session and can also be accessed on mobile devices by downloading PMI’s free Investor Relations Mobile App at www.pmi.com/irapp. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526612423/en/ Philip Morris International Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413 Media: Corey Henry
Email: Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2410
Lausanne: +41 (0) 58 242 4500 Original: Philip Morris International to Host Webcast of Presentation at the 2026 dbAccess Global Consumer Conference

IQOS One of the Most Valuable Global Brands, According to Kantar’s BrandZ 2026 RankingMay 26, 2026 4:00 AM
Business Wire Recognition reinforces the growing consumer relevance of IQOS and the strength of Philip Morris International’s smoke-free vision Philip Morris International’s (PMI) (NYSE: PM) IQOS, the #1 tobacco heating system1, has been listed for the first time as one of the top 100 most valuable brands in the world in Kantar’s BrandZ 2026 Most Valuable Global Brands. This ranking solidifies IQOS’s global momentum and its emergence as a culturally relevant, iconic brand for adult nicotine users seeking better alternatives to cigarettes. According to the BrandZ 2026 Most Valuable Global Brands, IQOS achieved a ranking of #74 globally. With more than 35 million IQOS users worldwide—most of whom have fully switched away from cigarettes2—the brand continues to lead from the front and champion in a smoke-free era through science-backed innovation and consumer-centric design. Within 10 years of inception, IQOS surpassed $10 billion in annual net revenues, reaching this milestone faster than some of the world’s most recognized technology companies—and making up the large majority of Philip Morris International’s smoke-free business which reached close to $17 billion in net revenues in 2025. “This milestone is a powerful validation of the journey we are on,” said Oggie Kapetanovic, President Heat-Not-Burn Products at Philip Morris International. “IQOS is not only the world’s leading smoke-free brand - it is becoming a truly iconic brand, built on science, innovation, and consumer trust. This recognition reaffirms IQOS’s continued growth and its pivotal role in transforming the industry. It inspires us to go further, faster, in delivering better alternatives for adults who would otherwise smoke.” BrandZ charts the way in which global brands have continued to evolve and innovate. Now in its 21st edition, it spotlights the importance of building meaningful difference where a brand meets consumer needs, stands out from competitors and remains top-of-mind in its sector for a prolonged period. “The brand era has changed. People now interact with brands in thousands of different ways. Many of these are shaped by AI, like personalized feeds or LLMs that influence what we see. Machines are increasingly surfacing and prioritizing content. That means brands need to work harder than ever to stand out as meaningful and different,” said Martin Guerrieria, Head of Kantar BrandZ. IQOS’s inclusion in the Kantar Top 100 for the first time underscores its growing role beyond product innovation — positioning the brand at the intersection of technology, design, and culture, aiming to meet the preferences of adult nicotine users. This recognition marks another important step toward achieving a future where cigarettes can become obsolete. Other notable brands featured in this year’s BrandZ 2026 global rankings include Google, Claude and Chinese-based companies like Alibaba and Xiaomi, highlighting industry leaders driving global brand value. Kantar BrandZ is a global ranking that assesses brand value by combining financial data and extensive brand equity research, offering an in-depth view of over 22,000 brands in 54 markets. IQOS is not risk-free and provides nicotine, which is addictive. Only for use by adults who would otherwise smoke or use nicotine products. 1 PMI global estimates of total in Market Sales of Heated Tobacco Units as of December 2025 2 Source: PMI Q4 2025 Earnings Release Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. Forward-Looking and Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI. PMI’s business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia’s invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI’s business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, 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 privacy policies. PMI’s future profitability may also be adversely affected should it be unsuccessful in its attempts 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 successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; 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 transactions 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 fourth quarter and year ended December 31, 2024 and the Quarterly Report on Form 10-Q for the second quarter ended June 30, 2025. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations. About Kantar Kantar is the world’s leading marketing data and analytics business. We deliver the intelligence needed to power brand growth. We provide the signals that help organizations act quickly and confidently. We empower brands to make effective marketing decisions based on predictive evidence. And we help them craft powerful growth strategies rooted in the connection between consumers, brands and enterprise value. All this is powered by our uniquely robust human and synthetic data, our unrivalled IP, our AI-native platform and the team of global brand experts that bring this all together. About Kantar BrandZ Kantar BrandZ is the global currency when assessing brand value, quantifying the contribution of brands to business’ financial performance. Kantar’s annual global and local brand valuation rankings combine rigorously analyzed financial data, with extensive brand equity research. Since 1998, BrandZ has shared brand-building insights with business leaders based on interviews with 4.6 million consumers, for over 22,000 brands in 54 markets. Discover more about Kantar BrandZ here. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526629537/en/ Corey Henry
Philip Morris International
T: +1 (202) 679 7296
E: corey.henry@pmi.com Original: IQOS One of the Most Valuable Global Brands, According to Kantar’s BrandZ 2026 Ranking

PMI U.S. LAUNCHES YEARLONG AMERICA250 INITIATIVE CELEBRATING AND ACCELERATING AMERICAN INNOVATION AND REINVENTIONMay 20, 2026 3:20 PM
PR Newswire (US) The nationwide program, including an innovation challenge, a five-city tour, expanded community investment, and commemorative items, reflects PMI U.S.'s commitment to building what comes next.STAMFORD, Conn., May 20, 2026 /PRNewswire/ -- Philip Morris International's U.S. business (PMI U.S.) today announced a sweeping America250 initiative grounded in a defining American force: reinvention. Building on the business's $1 billion investment in U.S. manufacturing, operational capabilities, and people costs1, and the continued growth of its portfolio of modern nicotine products, including ZYN and IQOS, the program will support progress already underway across the country. The initiative—which incorporates a $250,000 innovation challenge, a five-city tour, commemorative items, and expanded community activations—reflects PMI U.S.'s view that America's 250th anniversary is not just a moment for reflection, but a springboard for progress."At a time like this, it is not enough to look back. We must invest forward," said Stacey Kennedy, CEO of PMI U.S. "America's progress has always been driven by the people building what comes next in their communities. Our role as a business invested in America's future is to help scale those efforts in the immediate term by putting real resources behind them and ensuring they are seen and supported."For two and a half centuries, America has moved forward by challenging what exists and building what comes next. One area in which greater progress can be made: transitioning the approximately 25 million U.S. adults (21+) who still use combustible cigarettes—the leading cause of preventable death in this country and a product that has remained largely unchanged for decades—to better alternatives. PMI U.S. is working to bring new innovations to market in the coming months.PMI U.S.'s America250 initiative will extend beyond the factory floor to include investment in the entrepreneurs, civic leaders, and community innovators who are developing practical solutions to local and national challenges."Real progress is already happening across the country," Kennedy added. "What is often missing is the support and visibility needed to take those ideas further. PMI U.S.'s America250 initiative is about identifying what works and helping it grow."A National Platform: Four Pillars of Investment Community Futures Challenge
PMI U.S will launch a nationwide search for innovators and community leaders tackling America's toughest challenges. Five winners will share $250,000 in direct funding and receive amplified visibility to support and expand their impact. Applications are set to open in June.Innovation tour
Beginning June 2026, PMI U.S. will convene business leaders, entrepreneurs, policymakers, and community organizations across five cities: Phoenix, AZ; Stamford, CT; Jacksonville, FL; Pittsburgh, PA; and Nashville, TN. Each stop will spotlight bold problem-solvers and connect changemakers driving innovation in real time.Community Investment and Volunteer Impact
Since 2022, PMI U.S. has contributed more than $35 million to charitable partners across the U.S. As part of its America250 commitment, the business is mobilizing its 3,300-person workforce to encourage an estimated 2,000 volunteer hours spent serving communities across America—including adults lacking essential services, food-insecure families, and military veterans in need of housing and pro-bono legal, financial, and IT assistance. In accordance with its "give where you live" ethos, PMI U.S. will also expand investment in the communities where it operates, including Aurora, CO; Owensboro, KY; and Wilson, NC.Innovation, Manufacturing Expansion, and Commemorative Items
As part of its focus on advancing the modern nicotine category to replace combustible cigarettes for adults 21+, PMI U.S. is driving the growth of the broader nicotine pouch category. The business is investing in brand-building and commercial execution alongside its continued innovation efforts. This includes preparing its manufacturing and commercial operations for upcoming product launches and opening its Aurora facility.To mark the anniversary, PMI U.S. will launch a series of limited-edition America250 designs across ZYN and IQOS for legal-age (21+) nicotine consumers only, celebrating the nation's red, white, and blue.ZYN Patriotic Storage Can: Inspired by the iconic stars and stripes, a limited-edition metal ZYN storage can will be available in the ZYN Rewards store from June 1.IQOS U.S. Edition: A limited-edition IQOS device will sport a bold red, white, and blue design for a limited time, starting in June. Celebrating Throughout 2026 and Beyond
PMI U.S. will continue celebrations throughout the year, at major events and cultural moments, including the Freedom 250 Grand Prix.The program culminates in early 2027 with the Next.Now Summit in Phoenix, a high-profile national gathering to celebrate the five Community Futures Challenge winners, showcase breakthrough community solutions, and set the agenda for what American innovation looks like in its next chapter. The summit will bring together national thought leaders, media, policymakers, and advocates to accelerate progress.More information will be available on www.uspmi.com.PMI U.S.: Invested in America
Philip Morris International Inc.'s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the approximately 25 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI's global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Aurora, Colorado, Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit www.uspmi.com.References to "PMI" mean the Philip Morris International family of companies. "PMI U.S.," "we," "our," and "us" refer to one or more PMI U.S. businesses.1 Through Sept. 30, 2025 View original content to download multimedia:https://www.prnewswire.com/news-releases/pmi-us-launches-yearlong-america250-initiative-celebrating-and-accelerating-american-innovation-and-reinvention-302778130.htmlSOURCE PMI US Corporate Services, Inc. Original: PMI U.S. LAUNCHES YEARLONG AMERICA250 INITIATIVE CELEBRATING AND ACCELERATING AMERICAN INNOVATION AND REINVENTION

Philip Morris International Announces Group CFO SuccessionMay 20, 2026 7:00 AM
Business Wire Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) announced today that Massimo Andolina has been appointed Group Chief Financial Officer, effective August 1, 2026, reporting to Jacek Olczak, Group CEO PMI. Massimo succeeds Emmanuel Babeau, who will remain with the Company until March 31, 2027 as Strategic Advisor to the Group CEO PMI, to ensure a smooth CFO transition. “Massimo is a highly respected leader with a deep knowledge of PMI and a strong track record of driving innovation, business growth, and people development,” said Jacek Olczak, Group CEO PMI. “I am confident that his experience, business judgment, and leadership will serve him extremely well in his new role as we continue to deliver best-in-class growth and sustainable performance for shareholders. I would like to warmly thank Emmanuel for his leadership and strong delivery over the past 6 years, a period of remarkable success for our smoke-free business, with strong financial performance and excellent shareholder returns.” Mr. Andolina joined PMI in 2008, and over the course of his journey, he has made significant contributions across the organization in a number of senior operational and strategic roles. Since being appointed President, Europe Region in 2023, Mr. Andolina’s responsibilities have included the execution of strategic and operational priorities, as well as the financial performance of the largest region and most advanced smoke-free geography in the group. Under Mr. Andolina’s leadership the Europe Region delivered robust top and bottom-line growth, underpinned by excellent smoke-free progress at-scale and resilient combustibles performance. He led significant regional organizational changes to strengthen management depth, improve financial discipline, and accelerate sustainable growth, while remaining a visible advocate for innovation, people development and constructive engagement with external stakeholders across Europe. From 2018 to 2023, Mr. Andolina served as PMI’s Senior Vice President, Global Operations, where he led a supply chain and manufacturing organization of over 30,000 people in an increasingly complex environment with significant external volatility. Mr. Andolina implemented a number of enterprise-wide transformation initiatives and operational efficiencies, many of which continue to benefit the company today, contributing to sustained improvements in PMI’s gross margin while enhancing resilience. Earlier, from 2016 to 2017, he served as Vice President, PMI Transformation, playing an important role at a pivotal moment in the company’s evolution. Prior to joining PMI, Mr. Andolina held a number of strategic and business development roles at other large multinational corporations. He holds a Master of Science in Mechanical and Industrial Engineering from the University of Palermo, and an MBA from IMD in Lausanne. Mr. Babeau was appointed Chief Financial Officer in May 2020 and joined PMI with extensive experience of transformation and Finance leadership across several industries, including at Schneider Electric and Pernod Ricard. Over the past six years, Mr. Babeau has made a significant contribution to both PMI’s strong financial performance and its evolution into a recognized growth company, including through the acquisition of Swedish Match in 2022 and a substantial increase in the share of net revenues derived from our smoke-free business, which reached 43% in Q1 2026. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. Forward-Looking and Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025 and Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519084388/en/ Philip Morris International Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413 Media: Corey Henry
Email: Corey.Henry@pmi.com
Phone: +1 (202) 679 7296
Lausanne: +41 (0) 58 242 4500 Original: Philip Morris International Announces Group CFO Succession

Philip Morris International’s Moira Gilchrist Positions Human Judgment as a Critical Leadership Advantage Amid Rapid AI Adoption at Wall Street Journal ForumMay 8, 2026 4:00 AM
Business Wire PMI’s Chief Global Communications Officer says companies that safeguard human judgment will gain a competitive edge as AI automates routine knowledge work Philip Morris International’s (PMI) (NYSE:PM) Chief Global Communications Officer, Moira Gilchrist, joined global thought leaders at The Wall Street Journal’s Future of Everything conference in New York to examine why human cognition—judgment, context, creativity, and ethical reasoning—is becoming the most valuable asset in an age of artificial intelligence. “The AI boom is putting a premium on distinctly human capabilities,” said Gilchrist, who took part in the session “Cognition: The New Currency – Why Human Judgment Matters More Than Ever.” Speaking to attendees, she emphasized that, “As knowledge is getting democratized, human judgment, intuition, and creativity become the true differentiators that leaders need to nurture across all levels of their organizations.” Philip Morris International is today a different company, built with a singular objective: achieving a smoke-free future. It has evolved its product portfolio, reskilled its workforce, and adopted new ways of working to expand access to better alternatives for legal-age adults who would otherwise continue to smoke. This underscores an increasingly important reality for PMI and for companies more broadly: in a world where AI automates routine knowledge work, long-term resilience and competitive advantage will depend not only on science and technology, but also on distinctly human capabilities—judgment, intuition, and adaptability. The discussion at the Future of Everything conference further explored how AI is reshaping work and leadership—and why organizations that intentionally protect and encourage human judgment will be best positioned for long-term resilience. Earlier this year in Davos, Philip Morris International called for global dialogue following the release of its white paper, Human Cognition: The Next Frontier?, which argues that cognition should be treated as a scarce and strategic resource as AI automates routine knowledge work. Gilchrist outlined a set of accelerating cognitive risks—cognitive atrophy, attention erosion, the cognitive divide, and trust challenges—that will determine whether society harnesses AI as a force for progress or becomes overwhelmed by it. She emphasized the risk of a growing cognitive divide between those whose roles cultivate judgment and those increasingly exposed to automation. As AI accelerates, Philip Morris International continues to advocate for leadership models that keep human judgment at the center of trust, ethics, and long-term value creation. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508566951/en/ Philip Morris International
Corey Henry
T. +1 (202) 679 7296
E. corey.henry@pmi.com Original: Philip Morris International’s Moira Gilchrist Positions Human Judgment as a Critical Leadership Advantage Amid Rapid AI Adoption at Wall Street Journal Forum

Philip Morris International Holds 2026 Virtual Annual Meeting of ShareholdersMay 6, 2026 9:44 AM
Business Wire Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) held its 2026 Annual Meeting of Shareholders today. André Calantzopoulos, Chairman of the Board, addressed shareholders and answered questions. Jacek Olczak, Group CEO PMI, gave a business presentation, which included an overview of PMI’s: remarkable performance in 2025, and robust start to 2026; annual net revenues surpassing $40 billion in 2025, including close to $17 billion from our smoke-free business; continuation of best-in-class growth targeted for 2026-2028; and steadfast commitment to shareholder returns. "Our leading global position in smoke-free products enabled us to deliver our fifth consecutive year of volume growth in 2025, with excellent revenue performance and significant margin expansion,” said Jacek Olczak, Group CEO PMI. “Despite a complex operating environment – shaped by economic uncertainty, geopolitical tensions, and evolving regulations, we continue to make significant progress towards our vision of a smoke-free future. Our strong first-quarter performance gives us further confidence in delivering continued best-in-class growth.” Approximately 81 percent of the shares entitled to vote were represented at the meeting in person or by proxy. The shareholders elected 10 nominees for director; approved, on an advisory basis, the compensation of named executive officers; ratified the selection of PricewaterhouseCoopers SA as independent auditors; and voted against the shareholder proposal. Final voting results will be included in a Form 8-K that PMI will file with the SEC in the coming days. An archived copy of the webcast of the meeting will be available for approximately one year from the date of the meeting at www.virtualshareholdermeeting.com/PM2026. The presentation slides and script will be available at the same web address. Forward-Looking & Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected 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, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506958494/en/ Philip Morris International Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413 Media: Corey Henry
Email: Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2410
Lausanne: +41 (0) 58 242 4500 Original: Philip Morris International Holds 2026 Virtual Annual Meeting of Shareholders

Forbes Includes Philip Morris International in Its Net Zero Leaders ListMay 4, 2026 4:00 AM
Business Wire
PMI ranks number 4, marking its fourth consecutive year of recognition for making significant strides toward reaching net zero carbon footprint goals


Philip Morris International (PMI) (NYSE: PM) has been included once more in Forbes’ 2026 Net Zero Leaders1 list, recognizing its leadership and continued progress in advancing climate action across its global operations.


The Forbes Net Zero Leaders list highlights U.S. publicly listed companies best positioned to achieve net zero emissions by 2050, based on measurable performance rather than commitments alone. Despite most companies aligning to a 2050 net zero horizon, PMI remains committed to reaching net zero by 2040, as set out in its Climate Transition Plan published in 2025. This aspiration reflects PMI’s confidence in collective progress, trust that ambition drives innovation, that policy will evolve to enable change, and collaboration will accelerate system-wide transformation. Above all, it signals hope: that by acting early and holding firm, PMI can help build the critical momentum needed to shift markets, technologies, and mindsets, and inspire similar action across its value chain.


“Transforming a global business has taught us that the companies best prepared for what’s ahead are those that treat long-term value creation as a source of strategic advantage, not a parallel agenda. Climate action sits at the heart of how we generate sustainable value – for our shareholders, our suppliers and partners, as well as the societies we operate in,” said Jennifer Motles, Chief Sustainability Officer. “Being recognized once again by Forbes as a climate leader confirms that the choices we make today about strategy, capital, and governance shape the sustainability of the business we become tomorrow.”


Philip Morris International placed number 1 in the fast-moving consumer goods category, the only FMCG to make it to the top 10, and 4th overall, reflecting its excellent risk management, operational strength, governance and organizational preparedness. Forbes evaluated companies using data from Sustainalytics and Morningstar, assessing governance, risk management, strategy, decarbonization metrics across Scopes 1, 2, and 3, and financial resilience.


“Our approach combines mitigation with adaptation, building resilience across manufacturing footprint and agricultural supply chains,” said Scott Coutts, Chief Global Operations Officer. “It is about protecting the business we operate today while preparing it for the climate-related risks, impacts, and opportunities ahead. For PMI, climate action is fundamental to operational excellence, continuity, and long-term competitiveness.”


Over the past year, Philip Morris International has continued to strengthen the foundations of its climate strategy and integrate it more deeply into how the business creates long-term value. Key milestones include:



Launching its comprehensive Value Plan 2030+, defining the next phase of PMI’s long-term value creation;



Publishing an updated Climate Transition Plan, setting out the actions, governance, timelines, and targets to achieve net zero GHG emissions across the value chain by 2040; and



Continued progress towards its science-based decarbonization targets, validated by the Science Based Targets initiative (SBTi).



To learn more about sustainability at PMI, including the 2025 Value Report and Climate Transition Plan, visit www.pmi.com/sustainability.


Philip Morris International: A Global Smoke-Free Champion


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.


Forward-Looking and Cautionary Statements


This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business and operational plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations.


1 From Forbes © 2026 Forbes Media LLC. All rights reserved. Used under license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504338284/en/
Philip Morris International

Corey Henry

T. +1 (202) 679 7296

E. corey.henry@pmi.com


Original: Forbes Includes Philip Morris International in Its Net Zero Leaders List

Philip Morris International to Host Webcast of 2026 Virtual Annual Meeting of ShareholdersApril 29, 2026 7:59 AM
Business Wire
Regulatory News:


Philip Morris International Inc. (PMI) (NYSE: PM) will host a live audio webcast of its 2026 Annual Meeting of Shareholders on Wednesday, May 6, 2026, at 9:00 a.m. ET.


The meeting will be in a virtual format and can be accessed at www.virtualshareholdermeeting.com/PM2026. Presentation slides, script and an archived recording of the webcast will be available at the same link. The recording will be available for one year from the date of the meeting.


During the meeting, André Calantzopoulos, Chairman of the Board, and Jacek Olczak, Group CEO PMI, will address shareholders and answer questions. Only shareholders of record with a valid 16-digit control number will be able to ask a question or make a comment.


The audio webcast may also be accessed on mobile devices by downloading PMI’s free Investor Relations App at www.pmi.com/irapp.


Philip Morris International: A Global Smoke-Free Champion


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429226164/en/
Philip Morris International


Investor Relations:

Email: InvestorRelations@pmi.com

Stamford, CT: +1 (203) 905 2413


Media: Corey Henry

Email: Corey.Henry@pmi.com

Stamford, CT: +1 (203) 905 2410

Lausanne: +41 (0) 58 242 4500


Original: Philip Morris International to Host Webcast of 2026 Virtual Annual Meeting of Shareholders

Philip Morris International Announces U.S. FDA Reauthorization of IQOS as a Modified Risk Tobacco ProductApril 17, 2026 5:43 PM
Business Wire
A pioneer in smoke-free tobacco products, Philip Morris International is the only company that has received modified risk tobacco product authorizations for heated tobacco products.


In their order, FDA concluded that: “Scientific studies have shown that switching completely from conventional cigarettes to the IQOS system significantly reduces your body’s exposure to harmful or potentially harmful chemicals”


The U.S. Food and Drug Administration (FDA) announced that it has authorized the renewal of modified risk tobacco product (MRTP) orders previously granted to PMI for two versions of the IQOS device and three variants of the tobacco consumables, commercialized under the HEETS brand. This renewal allows PMI to continue sharing reduced-exposure information with U.S. adults 21+ who use traditional tobacco products, such as combustible cigarettes.


The agency concluded that renewing the IQOS and HEETS MRTP authorizations is appropriate to promote public health and is expected to benefit the health of the population as a whole taking into account both users of tobacco products and persons who do not currently use tobacco products.


“As the only company to have successfully secured and maintained MRTP authorizations for heated tobacco products in the U.S., we are confident that our science-based alternatives can help adult smokers transition away from combustible cigarettes,” said Stacey Kennedy, CEO, PMI U.S. “This decision from the FDA reflects both the rigorous scientific foundation supporting IQOS and our ongoing commitment to responsibly deliver smoke-free choices to adult consumers.”


In issuing the MRTP renewal orders for IQOS, the FDA reaffirmed that “the scientific evidence that is available without conducting long-term epidemiological studies demonstrates that a measurable and substantial reduction in morbidity or mortality among individual tobacco users is reasonably likely.”


The IQOS 2.4 system was the first heated tobacco product authorized via the FDA’s MRTP process in 2020 as “appropriate for the promotion of public health,” following its authorization through the premarket tobacco product application (PMTA) process in 2019. The IQOS 3 system secured MRTP authorization in 2022, following premarket authorization in 2020. The FDA continues to review PMTAs for IQOS ILUMA and given its strong application and demonstrated track record converting legal age smokers to a better alternative, PMI believes the application warrants expeditious FDA action.


PMI’s MRTP submission included an extensive body of scientific evidence indicating that the IQOS system produces aerosol with substantially lower levels of harmful and potentially harmful constituents compared with cigarette smoke. While no tobacco product is risk-free, a growing body of real-world data—including from markets such as Japan—indicates that the availability of heated tobacco products has been associated with notable reductions in combustible cigarette consumption.


Heated tobacco products, such as IQOS, heat tobacco without burning it, significantly reducing the formation of the harmful chemicals created by combustion while delivering real tobacco taste and nicotine satisfaction. The renewed authorization covers the following products:



IQOS 2.4 System Holder and Charger





IQOS 3.0 System Holder and Charger





HEETS: Amber, Green Menthol, Blue Menthol



PMI U.S. is focused on providing better options than traditional tobacco products to America’s 45 million legal-age nicotine consumers—approximately 25 million of whom still smoke cigarettes, by far the most harmful way to consume nicotine.


Since 2008, PMI has invested over $16 billion globally to develop, scientifically substantiate, and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes.


PMI first entered the U.S. market in 2022, following its acquisition of Swedish Match—a leader in oral nicotine delivery—creating a global smoke-free champion. PMI’s ambition is that all adults who would otherwise continue to smoke leave cigarettes behind for good by either quitting altogether or switching completely to scientifically substantiated smoke-free products as soon as possible. Regulatory policies and decisions can substantially accelerate the speed and magnitude of this historic change.


Philip Morris International: A Global Smoke-Free Champion


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smokefree products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of worldclass scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables as appropriate for the protection of public health - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.


PMI U.S.: Invested in America


Philip Morris International Inc.’s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the approximately 25 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI’s global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit www.uspmi.com.


Forward-Looking and Cautionary Statements


This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected performance, regulatory outcomes, business plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260417592220/en/
Philip Morris International

Corey Henry

T: +1 (202) 679 7296

E: corey.henry@pmi.com


Original: Philip Morris International Announces U.S. FDA Reauthorization of IQOS as a Modified Risk Tobacco Product

PMI U.S. Calls for Science-Based Policy and Credible, Open Dialogue to Accelerate America's Smoke-Free FutureApril 17, 2026 8:00 AM
PR Newswire (US)

WASHINGTON, April 17, 2026 /PRNewswire/ -- Philip Morris International's U.S. businesses (PMI U.S.) brought a pointed message to Washington this week: America's transition away from combustible cigarettes is being held back—not by a lack of science, but by a lack of urgency. The call comes on the heels of Technovation, PMI's global science and innovation summit held in Washington, D.C., where policymakers, scientists, business leaders, public health advocates and the media examined the persistent challenges of cigarette smoking and the urgent need for evidence-based solutions. Central to those discussions: new research in the U.S. showing that a fundamental misperception among American legal-age adult smokers is actively slowing progress.







The findings of a PMI U.S. commissioned nationwide survey conducted by Povaddo LLC underscore the challenge: Seventy-three percent believe all tobacco and nicotine products carry the same risk, a misconception that can discourage those who continue to smoke from exploring FDA-authorized smoke-free alternatives. While the majority of Americans want to see more done to reduce smoking-related harm, progress has stalled. PMI U.S. says these findings point to a credibility crisis in public discourse around smoking and harm reduction, one that is costing lives.Members of the Congressional Tobacco Harm Reduction Caucus echoed this urgency at Technovation, emphasizing the need for public health regulation that keeps pace with science and innovation. "We owe it to the American people to have better health outcomes," one caucus panelist said, underscoring bipartisan support for policies that reflect the latest evidence—not outdated assumptions."The data are clear: When adults who smoke aren't aware that better options exist, they are more likely to keep smoking. For those who would otherwise continue using combustible cigarettes, science-backed smoke-free alternatives represent a better choice, and public health policy should support informed choice and responsible progress," said Stacey Kennedy, Chief Executive Officer of PMI U.S. "If we are serious about reducing the harm caused by smoking in the United States, we need policies and conversations rooted in science, not stigma."At Technovation, PMI U.S. outlined several core positions: Science-based, smoke-free alternatives represent a better choice for adults who would otherwise continue to smoke. Despite recent progress, there remains a backlog of smoke-free product applications at the U.S. Food and Drug Administration (FDA). Adults who smoke deserve access to the science-based, smoke-free options still awaiting agency review. Misperceptions about nicotine and the role of combustion in smoking-related disease impede progress. Public and medical understanding of the science behind tobacco harm reduction is essential—and long overdue.To accelerate progress, the FDA should clearly communicate, especially to medical professionals, what the science says about smoke-free products' relative risk profiles, so adults who smoke can make informed choices.Collaboration among government, public health experts, scientists, and industry is needed to accelerate America's transition away from cigarettes, while protecting youth and supporting informed adult choice. These themes are explored further in PMI U.S.'s "Forgotten Smoker" white paper, which examines the 25-30 million adult Americans who continue to smoke and highlights the need for better access to affordable, smoke-free options and more accurate information about the continuum of risk.Videos from Technovation are available at: https://www.pmi.com/technovation2026presskit/.PMI U.S.: Invested in America
Philip Morris International Inc.'s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the 25-30 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI's global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit www.uspmi.com.References to "PMI" mean the Philip Morris International family of companies. "PMI U.S.," "we," "our," and "us" refer to one or more PMI U.S. businesses.



View original content to download multimedia:https://www.prnewswire.com/news-releases/pmi-us-calls-for-sciencebased-policy-and-credible-open-dialogue-to-accelerate-americas-smokefree-future-302745877.htmlSOURCE PMI US Corporate Services, Inc.

Original: PMI U.S. Calls for Science-Based Policy and Credible, Open Dialogue to Accelerate America's Smoke-Free Future

Philip Morris International to Host Webcast of 2026 First-Quarter ResultsApril 15, 2026 7:59 AM
Business Wire
Regulatory News:


Philip Morris International Inc. (PMI) (NYSE: PM) will host a live audio webcast on Wednesday, April 22, 2026, at 9:00 a.m. ET, to discuss its 2026 First-Quarter financial results, which will be issued at approximately 7:00 a.m. ET the same day. The webcast can be accessed here.


The webcast will be hosted by Emmanuel Babeau, Group Chief Financial Officer, and will include discussion of PMI’s financial results and a Q&A session with the investment community. The webcast will be in a listen-only mode.


The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp.


The webcast recording and the slides and script will be available here. The recording will be available for one year after the event.


Philip Morris International: A Global Smoke-Free Champion

Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260415762855/en/
Philip Morris International

Investor Relations:

Email: InvestorRelations@pmi.com

Stamford, CT: +1 (203) 905 2413


Media: Corey Henry

Email: Corey.Henry@pmi.com

Stamford, CT: +1 (203) 905 2410

Lausanne: +41 (0)58 242 4500


Original: Philip Morris International to Host Webcast of 2026 First-Quarter Results

Philip Morris International Presents its Value Report 2025: change in motionMarch 31, 2026 4:30 AM
Business Wire
The company’s annual disclosure unveils its Value Plan 2030+


Philip Morris International (NYSE: PM) today released its Value Report 2025, offering a holistic perspective on the company’s approach to sustainable value creation. The report marks the completion of PMI’s 2025 Roadmap, communicating achievements for each aspiration introduced by the company in 2020, and introduces its Value Plan 2030+, set to guide the company’s continued path to sustainable growth.


“For more than a decade, PMI has pursued an industry-leading shift away from cigarettes—a transformation that goes far beyond product innovation to encompass how we allocate capital, engage stakeholders, and measure success,” said Jacek Olczak, Group Chief Executive Officer. “‘change in motion’ captures the reality that transformation is not a project with a defined end date, it is the continuous work of improvement, innovation, and adaptation that keeps us relevant and resilient. We transform continuously because markets evolve, science advances, stakeholder expectations rise, and new opportunities emerge. This is who we are: a company perpetually in motion toward a better future, refusing to stand still even as we celebrate how far we have come.”


Built on the progress that PMI has made over the past decade, the report explains how the company is securing the resources, capabilities, and stakeholder trust that will sustain its business for decades to come. The sustainability of the business is PMI’s strategy; it is how it secures resources, manages risk, meets stakeholder expectations, and future-proofs a business built to deliver results today, while securing the ability to deliver tomorrow.


“Our approach to value creation is anchored in a simple conviction: long-term financial success depends on the health of the resources and relationships that make it possible. By investing in natural, human, social, intellectual, and manufactured capital—what we define as non-financial capitals—we strengthen the very foundations on which long-term financial success depends,” said Emmanuel Babeau, Group Chief Financial Officer. “This is fundamental to our growth, resilience, and identity as a forward-thinking organization.”


PMI achieved meaningful progress across both product and operational impact in 2025, as it closed its 2025 Roadmap.


PMI’s Business Transformation Metrics (BTMs) have provided stakeholders with clear, comparable indicators of our progress toward a smoke-free future. These metrics go beyond traditional reporting frameworks to capture aspects unique to PMI’s change of motion. They include the following:



Around 43.5 million adult consumers of smoke-free products worldwide.i



PMI’s smoke-free products were available for sale in 106 markets.ii



PMI’s smoke-free business net revenues reached USD 16.9 billion and represented 41.5% of total annual net revenues.iii



In addition, PMI celebrated progress on:



98% coverage of shipment volume with youth access prevention programs in its indirect retail channels.iv



91% coverage of shipment volumes with PMI’s anti-littering programs for cigarette butts.v



76% of PMI employees globally had access to structured lifelong learning opportunities. vi



99.6% of contracted farmers supplying tobacco to PMI made a living income by year-end 2025. This was achieved through initiatives aimed at boosting farm productivity and encouraging income diversification.vii



99.3% of tobacco purchased at no risk of net deforestation of managed natural forest and no conversion of natural ecosystems.viii



46% decrease versus 2019 on absolute Scope 1 and 2 greenhouse gas (GHG) emissions, with the company achieving carbon neutrality in its direct operationsix, and PMI’s absolute Scope 3 Forest, Land, and Agriculture (FLAG) GHG emissions decreased by 31% versus 2010.x



“We have identified six strategic priorities that reflect what matters most to our stakeholders and our business: consumers and product health impact, circularity, climate change, nature and biodiversity, our own workforce, and workers throughout our value chain, which are consolidated in our Value Plan 2030+. This plan identifies where our actions intersect most significantly with business imperatives, ensuring our initiatives drive tangible outcomes across various forms of capital, creating a strategy that is comprehensive yet focused, ambitious yet pragmatic, and deeply integrated into how we operate and grow,” said Jennifer Motles, Chief Sustainability Officer. “Our plan is explicit about what we control directly and what requires the action of, and partnership with others, setting a strong foundation for effective action. That is the spirit with which we present our Value Plan 2030+, as an invitation to dialogue, a platform for collaboration, and a roadmap for the next chapter: turning sustainability into lasting business value.”


PMI’s Value Plan 2030+ sets the course for the company’s next chapter—a continuation of the change in motion that has defined PMI’s evolution over the past decade. It focuses on accelerating the growth of its smoke-free product portfolio, working to make cigarettes obsolete, and exploring adjacent avenues of growth in wellness, while maintaining responsible sales and marketing practices, investing in human and natural capital, and strengthening the operational resilience that underpins long-term, sustainable value creation.


PMI’s Value Report 2025 has been prepared with reference to the Global Reporting Initiative (GRI) Universal Standards (2021) and relevant topic-specific standards. This report follows guidance from the International Sustainability Standards Board (ISSB) of the IFRS Foundation, including SASB Standards, Integrated Thinking Principles, and the Integrated Reporting Framework. Beginning with the 2025 reporting cycle, the company renamed its annual disclosure from the ‘Integrated Report’ to the ‘Value Report’ to reflect its commitment to transparency, communicating how it creates, preserves, and enhances value over the short, medium, and long term. The Value Report continues to build on the foundation established by previous Integrated Reports, providing a comprehensive and integrated view of PMI’s strategy, management, performance, and outlook in relation to its most significant sustainability-related topics.


Please visit www.pmi.com/sustainability to learn more and read the full 2025 Value Report, as well as Stories of Impact.


Philip Morris International: A Global Smoke-Free Champion


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.


Forward-Looking and Cautionary Statements


This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations.



________________________________



i Total PMI smoke-free users is defined as the sum of total IQOS users, total oral smokeless users, and total e-vapor users of PMI products and considering poly-users across PMI's smoke-free product categories. For definitions, see Glossary in PMI’s Value Report 2025.








ii For definition of available for sale, see Glossary in PMI’s Value Report 2025.








iii For definition of net revenues related to smoke-free, see Glossary in PMI’s Value Report 2025. This information should be read in conjunction with the Reconciliation of non-GAAP measures in PMI’s Value Report 2025.








iv Total shipment volume includes cigarettes, other tobacco products (OTPs), and smoke-free product consumables. See PMI’s Non-financial KPI hub for further details.








v See PMI’s Non-financial KPI hub for further details.








vi See PMI’s Non-financial KPI hub for further details.








vii Excludes China, Thailand, Switzerland, and India (flue-cured). See PMI’s Non-financial KPI hub for further details on methodology.








viii For definitions, please see PMI’s Zero Deforestation Manifesto and PMI’s Non-financial KPI hub.








ix Ambition achieved in early 2026 against 2025 emissions; data refer to yearly gross emissions from the reporting year minus the retroactive offsetting of the previous year's emission. See PMI’s Non-financial KPI hub for further details.








x For further details on scope 3 calculation, please refer to PMI's Value Chain Carbon Footprint Methodology Overview and PMI’s Non-financial KPI hub.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331272710/en/
Corey Henry

Philip Morris International

T. +1 (202) 679 7296

E. corey.henry@pmi.com


Original: Philip Morris International Presents its Value Report 2025: change in motion

PMI U.S. BRINGS TECHNOVATION TO WASHINGTON D.C.March 30, 2026 8:00 AM
PR Newswire (US)

PMI's global science and innovation platform brings together leaders to accelerate progress toward a smoke-free futureWASHINGTON, March 30, 2026 /PRNewswire/ -- Technovation, the global science and innovation platform of Philip Morris International (PMI) (NYSE: PM), will make its U.S. debut on April 14. The one-day event brings together experts, policymakers, scientists, media, and business leaders across the Americas to explore how innovation, science, and regulation can accelerate progress toward a smoke-free future.







The U.S. launch of Technovation marks a key moment for the platform and for the future of nicotine in the United States. A global leader in smoke-free innovation, PMI is advancing the development and adoption of smoke-free alternatives worldwide, helping millions of adults who smoke switch to better alternatives. In parallel, PMI and its U.S. businesses (PMI U.S.) are strongly committed to investing in America, making significant, long-term investments across U.S. manufacturing, infrastructure, and workforce development to support the growth of its smoke-free portfolio and strengthen domestic capabilities. This includes expanding its U.S. manufacturing footprint and investing in advanced production facilities in Aurora, Colorado; Owensboro, Kentucky; and Wilson, North Carolina, while growing a workforce that has scaled from several hundred employees to more than 3,000 in recent years.Positioned at the nexus of science, innovation, and real-world adoption, PMI U.S. is defining the modern nicotine market in this country and accelerating the nation's smoke-free future. The business is focused on its smoke-free portfolio and anchored by ZYN, the nation's leading smoke-free product and first nicotine pouch authorized by the U.S. Food and Drug Administration (FDA).The event will bring together leading voices across science, policy, and business to explore the forces shaping smoke-free products, from product innovation and regulatory progress to evolving consumer behaviors and preferences. It will debut new data on an often-overlooked segment of the U.S. adult smoking population, tackle persistent challenges such as misperceptions about nicotine and highlight the need for collaboration with law enforcement to help combat illicit trade. PMI will also feature an interactive exhibition with demonstrations and immersive experiences that showcase the science behind its portfolio of smoke-free products."Technovation is an important platform to better understand the scientific and technological progress behind today's smoke free alternatives," said Stacey Kennedy, Chief Executive Officer of PMI U.S. "Here in the United States, our business is focused on leading the smoke free future—investing in innovation, domestic manufacturing, and partnerships to responsibly develop smoke free products that meet the expectations of a highly regulated market and support a science based, responsible approach to modern nicotine."Since 2008, PMI has invested more than $16 billion in developing, scientifically substantiating and commercializing smoke-free products (as of 31 December 2025), now used by over 43 million legal age consumers worldwide. Committed to responsible marketing practices and scientific integrity, PMI's affiliates hold 80% of modified risk tobacco product (MRTP) authorizations and 41% of premarket tobacco product application (PMTA) marketing orders issued by the U.S. FDA. The company also holds an extensive portfolio of patents supporting its smoke-free technologies and ambitions, underscoring its continued leadership in scientific advancement and product innovation.PMI U.S.: Invested in America
Philip Morris International Inc.'s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the approximately 30 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI's global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Aurora, Colorado, Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit?www.uspmi.com. References to "PMI" mean the Philip Morris International family of companies. "PMI U.S.," "we," "our," and "us" refer to one or more PMI U.S. businesses. Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI's full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match's General snus and ZYN nicotine pouches and versions of PMI's IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to "PMI", "we", "our" and "us" mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.Forward-Looking and Cautionary Statements 
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations.



View original content to download multimedia:https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.htmlSOURCE PMI US Corporate Services, Inc.

Original: PMI U.S. BRINGS TECHNOVATION TO WASHINGTON D.C.

Philip Morris International to Present at 2026 CAGNY ConferenceFebruary 11, 2026 8:17 AM
Business Wire
Regulatory News:


Philip Morris International Inc. (PMI) (NYSE: PM) will host a live audio webcast of a presentation by Jacek Olczak, Group CEO PMI, and Emmanuel Babeau, Group Chief Financial Officer, at the Consumer Analyst Group of New York (CAGNY) Conference on Wednesday, February 18, 2026, at 10:00 a.m. ET.


The live webcast and presentation slides will be available here. The webcast replay will be available at the same link for six months after the event.


The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp.


Philip Morris International: Delivering a Smoke-Free Future


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211090731/en/
Philip Morris International


Investor Relations:

Email: InvestorRelations@pmi.com

Stamford, CT: +1 (203) 905 2413


Media: Corey Henry

Email: Corey.Henry@pmi.com

Stamford, CT: +1 (203) 905 2410

Lausanne: +41 (0)58 242 4500


Original: Philip Morris International to Present at 2026 CAGNY Conference

Philip Morris shares dip after Q4 results come in line with forecastsFebruary 6, 2026 10:17 AM
IH Market News
Shares of Philip Morris International Inc. (NYSE:PM) slipped 2.8% after the tobacco group reported fourth-quarter results that broadly matched market expectations, leaving investors focused on valuation rather than upside surprises.For the quarter, Philip Morris posted adjusted earnings per share of $1.70, exactly in line with analyst forecasts, while revenue totaled $10.4 billion, marginally above the $10.39 billion consensus. The company said its smoke-free portfolio remained the main growth engine, with shipment volumes for smoke-free products rising 8.5% in the fourth quarter, while traditional cigarette volumes declined by 2.2%.For the full year 2025, the group delivered adjusted diluted EPS of $7.54, representing growth of 14.8% compared with 2024, or 14.2% on a currency-neutral basis.“We achieved another remarkable year of results in 2025, with a fifth consecutive year of volume growth, net revenues surpassing $40 billion, including close to $17 billion from our smoke-free business, and very good operating margin expansion,” said Jacek Olczak, Group CEO of PMI.Philip Morris said its smoke-free business now accounts for 41.5% of total net revenues and nearly 43% of total gross profit, increases of 2.8 and 3.2 percentage points respectively compared with full-year 2024. IQOS, the company’s heat-not-burn product, continued to strengthen its market position, ranking as the second-largest nicotine brand in markets where it is sold and holding the number-one volume share in 13 markets.Looking ahead, the company issued fiscal 2026 adjusted EPS guidance of between $8.38 and $8.53, above the analyst consensus of $8.33. Philip Morris also outlined new medium-term targets for 2026–2028, including organic net revenue growth of 6–8%, organic operating income growth of 8–10%, and adjusted diluted EPS growth of 9–11%, excluding currency effects.Philip Morris International stock price

Original: Philip Morris shares dip after Q4 results come in line with forecasts

Philip Morris International Reports 2025 Fourth-Quarter & Full-Year ResultsFebruary 6, 2026 6:59 AM
Business Wire
Delivers Full Year 2025 Reported Diluted EPS of $7.26 compared to $4.52 in 2024 and Adjusted Diluted EPS of $7.54, Representing Growth of 14.8%, and 14.2% on a Currency-Neutral Basis; Provides 2026 - 2028 Growth Targets


Regulatory News:


Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 fourth quarter results.1


"We achieved another remarkable year of results in 2025, with a fifth consecutive year of volume growth, net revenues surpassing $40 billion, including close to $17 billion from our smoke-free business, and very good operating margin expansion," said Jacek Olczak, Group CEO PMI.

"With excellent results in 2024 and 2025, we have delivered our three-year CAGR targets on operating income and EPS in just two years. With another strong performance expected in 2026, we are on track to outperform our 2024-2026 growth algorithm. This again demonstrates our ability to create sustainable value for our shareholders as we renew our growth targets for 2026-2028."



_________________________



1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated February 6, 2026, and here.









Results Highlights








Smoke-free business (SFB): Our smoke-free business delivered a strong performance, with full-year shipment volumes up by 12.8%, net revenues growing by 15.0% (14.1% organically) and gross profit increasing by 20.3% (18.7% organically). Our smoke-free business accounted for 41.5% of our total net revenues, and nearly 43% of total gross profit (up by 2.8pp and 3.2pp respectively vs. full-year 2024). Our smoke-free products (SFP) are now available in 106 markets, with over 43 million estimated adult consumers (up by around 4.5 million versus December 2024). In the fourth quarter, we delivered 12.0% net revenue growth (8.6% organically), 12.2% gross profit growth (8.3% organically) while achieving a key milestone with over 50% of net revenues generated by the smoke-free business in 3 of our 4 regions. On full-year basis, we reached the same milestone in 27 markets, including 8 markets where we exceeded 75%.



Heat-not-burn SFP: IQOS continued to drive the growth of the global category, where PMI holds approximately 76% volume share. We strengthened the overall position of IQOS (gaining 1pp of the combined cigarette and HTU industry volumes in the fourth quarter to reach 9.6%) as the second largest nicotine ‘brand’ in markets where present, with the #1 volume share position in 13 markets. HTU adjusted in-market sales (IMS) volume growth, which excludes the net impact of estimated distributor and wholesaler inventory movements, accelerated to 12% in the fourth quarter and increased by an estimated 10.5% for the full-year, broadly in line with shipment growth.


In Japan, PMI HTU adjusted IMS grew by an estimated 7.0% for the full year and 5.8% in the fourth quarter. IQOS continues to hold close to 70% of heat-not-burn category volume, notwithstanding intensifying competition. IQOS HTU adjusted market share of total nicotine increased by 2.0pp to 32.6% in the fourth quarter. In December, the overall HTU category exceeded 50% of total nicotine offtake share at the national level, including 19 out of 20 major cities and 16 prefectures.



In Europe, with continuous brand equity investment and innovation, IQOS HTU adjusted IMS grew by an estimated 8.6% for the full year with an acceleration in the fourth quarter to 10.3% and IQOS HTU adjusted market share up by 1.5pp to 12.0%. Another year of dynamic adjusted IMS growth was led by Italy's return to double-digit performance, which was also delivered in many other markets, notably Germany, Greece, Romania and Spain.



Outside Europe and Japan, adjusted IMS grew strongly in the fourth quarter and offtake share increased in key cities across the globe, including Mexico City, Jakarta, Riyadh, Kuala Lumpur, Cairo and Manila. In Taiwan, the recent launch of IQOS delivered very promising early results.






Oral SFP: Full-year shipment volume increased by 18.5% (up 7.3% in Q4) in pouch or pouch equivalents, fueled by nicotine pouches, which grew by nearly 37% in the U.S., and over 35% in international markets, despite some snus volume declines in the Nordics.


In the U.S., nicotine pouches account for a high single-digit percentage of total industry volumes and remain the fastest growing nicotine category. ZYN, with a premium price positioning, continued to lead the category with around two-thirds value share in 2025. Supported by a wide range of commercial activities to further enhance the equity and presence of the brand, ZYN shipment volume in the fourth quarter reached 196 million cans, an increase of over 19%, whilst offtake volume grew 23% as estimated by Nielsen. Full-year ZYN shipment volumes reached 794 million cans.



The international nicotine pouch business continues to expand, with ZYN now available in 55 markets and growth fueled by strong market share gains of this dynamically growing category. Our focus remains on switching legal-age smokers with a relevant product portfolio, including 1.5mg variants which are now available in around two thirds of ZYN markets.






E-vapor SFP: VEEV continued to accelerate its increasingly profitable growth, and is now available in 47 markets. Shipment volumes more than doubled on a full-year basis, notably driven by Europe and Indonesia. Within the closed pods segment, VEEV holds the #1 volume share position in 8 markets, and is gaining significant market share, sourcing primarily from legal-age consumers of other vaping products and adult smokers. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner.



Combustibles: Notwithstanding expected lower volumes, full-year net revenues grew by 2.5% (1.8% organically) driven by strong pricing, partly offset by geographic mix. Together with productivity improvements, this resulted in gross profit growth of 5.2% (4.4% organically). In the fourth quarter net revenues grew by 3.2% (up 0.3% organically) with gross profit up by 5.5% (2.8% organically) and Marlboro reaching a record high 11.0% category share. Our overall cigarette category share was slightly lower for the full-year, predominantly due to Turkey.



Dividend: Declared regular quarterly dividend of $1.47 per share, or an annualized $5.88 per share.





Full-Year 2025 Performance Highlights









 






 






Total PMI






 






SFP






 






HTU






 






Oral SFP






 






E-vapor2






 






Cigarettes








Total Shipment Volume




(units bn)






 






786.5






 






179.1






 






155.1






 






20.7






 






3.3






 






607.4








vs. FY 2024






 






1.4%






 






12.8%






 






11.0%






 






18.5%






 






+100%






 






(1.5)%









 






 






PMI






 






Smoke-Free




Business






 






Combustibles





 



Net Revenues ($ bn)






 






$40.6






 






$16.9






 






$23.8





 



reported vs. FY 2024






 






7.3%






 






15.0%






 






2.5%





 



organic vs. FY 2024






 






6.5%






 






14.1%






 






1.8%





 



 






 






 






 






 






 






 





 



Gross Profit ($ bn)






 






$27.3






 






$11.7






 






$15.6





 



reported vs. FY 2024






 






11.1%






 






20.3%






 






5.2%





 



organic vs. FY 2024






 






10.1%






 






18.7%






 






4.4%





 



 






 






 






 






 






 






 





 



Operating Income ($ bn)






 






$14.9






 






 






 






 





 



reported vs. FY 2024






 






11.1%






 






 






 






 





 



organic vs. FY 2024






 






10.6%






 






 






 






 





 




 






 






Reported




Diluted




EPS






 






Adjusting




Items3






 






Adjusted




Diluted




EPS






 






Currency




Impact






 






Adj. Diluted




EPS ex. Currency





 



EPS






 






$7.26






 






$(0.28)






 






$7.54






 






$0.04






 






$7.50





 



vs. FY 2024






 






60.6%






 






 






 






14.8%






 






 






 






14.2%





 




Fourth-Quarter 2025 Performance Highlights









 






 






Total PMI






 






SFP






 






HTU






 






Oral SFP






 






E-vapor2






 






Cigarettes








Total Shipment Volume




(units bn)






 






193.8






 






44.3






 






38.4






 






5.0






 






1.0






 






149.4








vs. Q4 2024






 






0.1%






 






8.5%






 






7.5%






 






7.3%






 






91.4%






 






(2.2)%









 






 






PMI






 






Smoke-Free




Business






 






Combustibles





 



Net Revenues ($ bn)






 






$10.4






 






$4.4






 






$6.0





 



reported vs. Q4 2024






 






6.8%






 






12.0%






 






3.2%





 



organic vs. Q4 2024






 






3.7%






 






8.6%






 






0.3%





 



 






 






 






 






 






 






 





 



Gross Profit ($ bn)






 






$6.8






 






$2.9






 






$3.9





 



reported vs. Q4 2024






 






8.3%






 






12.2%






 






5.5%





 



organic vs. Q4 2024






 






5.1%






 






8.3%






 






2.8%





 



 






 






 






 






 






 






 





 



Operating Income ($ bn)






 






$3.4






 






 






 






 





 



reported vs. Q4 2024






 






3.5%






 






 






 






 





 



organic vs. Q4 2024






 






4.5%






 






 






 






 





 




 






 






Reported




Diluted




EPS





 

Adjusting




Items3





 

Adjusted




Diluted




EPS





 

Currency




Impact





 

Adj. Diluted




EPS ex. Currency





 



EPS






 






$1.37





 

$(0.33)





 

$1.70





 

$0.01





 

$1.69





 



vs. Q4 2024






 






+100%





 

 





 

9.7%





 

 





 

9.0%





 



_________________________



2 One milliliter of e-vapor liquid equivalent to 10 units; 2024 volume of e-vapor in billions of units: Q1 0.3, Q2 0.4, Q3 0.5, Q4 0.5








3 For a list of adjusting items refer to additional information section of this release








Note: Sums might not foot to total due to rounding.









2026 Full-Year Forecast









 





 

Full-Year








 





 

2026




Forecast






 






2025






 






Growth








 





 

 






 






 






 






 






 






 






 






 








Reported Diluted EPS





 

$7.87






-






$8.02






 






$ 7.26






 






 






 






 








Adjustments:





 

 






 






 






 






 






 






 






 






 








Restructuring charges(1)





 

—






 






0.14






 






 






 






 








Impairment of goodwill and other intangibles





 

—






 






0.03






 






 






 






 








Amortization of intangibles





 

0.51






 






0.50






 






 






 






 








Germany excise tax classification litigation charge





 

—






 






0.10






 






 






 






 








RBH (Canada) Plan Implementation, including dividend income, net





 

—






 






(0.10)






 






 






 






 








Impairment of Wellness business related equity investment





 

—






 






0.09






 






 






 






 








Loss on expected sale of consumer accessories and other businesses





 

—






 






0.06






 






 






 






 








Income tax impact associated with Swedish Match AB financing





 

—






 






(0.25)






 






 






 






 








Fair value adjustment for equity security investments





 

—






 






(0.18)






 






 






 






 








Tax items





 

—






 






(0.11)






 






 






 






 








Total Adjustments





 

0.51






 






0.28






 






 






 






 








Adjusted Diluted EPS





 

$8.38






-






$8.53






 






$ 7.54






 






11.1%






-






13.1%








Less: Currency





 

0.27






 






 






 






 






 






 








Adjusted Diluted EPS, excluding currency





 

$8.11






-






$8.26






 






$ 7.54






 






7.5%






-






9.5%








(1) 2025 amount reflects pre-tax restructuring charges of $241 million ($222 million net of income tax) with respect to manufacturing footprint optimization in Germany







Reported diluted EPS is forecast to be in a range of $7.87 to $8.02, at prevailing exchange rates, versus reported diluted EPS of $7.26 in 2025. Excluding a total 2026 adjustment of $0.51 per share, this forecast represents a projected increase of 11.1% to 13.1% versus adjusted diluted EPS of $7.54 in 2025. Also excluding a favorable currency impact of $0.27, at prevailing exchange rates, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.


2026 Full-Year Forecast Assumptions


This forecast assumes:



An estimated total international industry volume decline of around 2% for cigarettes and HTUs, excluding China and the U.S.;



Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%, including the impact of weaker industry volume in India and Mexico, and the ongoing recovery of our business in Turkey;



Net revenue growth of 5% to 7% on an organic basis;



Organic operating income growth of 7% to 9%;



Full-year amortization of acquired intangibles of $0.51 per share;



Broadly stable net financing costs;



An effective tax rate, excluding discrete tax events, of around 21.5%;



Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;



Capital expenditures of $1.4 to $1.6 billion, predominantly due to investments supporting the smoke-free business;



Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;



No share repurchases; and



First quarter adjusted diluted EPS of $1.80 to $1.85, including an estimated favorable currency impact of 14 cents at prevailing exchange rates.



Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.




2026 - 2028 Growth Targets







Following strong full-year results in 2024 and 2025 coupled with another strong performance expected in 2026, we are on track to deliver at or above the top end of our 2024 to 2026 compound annual growth ranges announced on September 28th, 2023.


Today, the company provides 2026 to 2028 compound annual growth targets of:


– 6% to 8% for net revenues, on an organic basis, with SFP volume growth of high single-digit to low-teens driving total shipment volume growth;

– 8% to 10% for operating income, on an organic basis; and

– 9% to 11% for adjusted diluted EPS, excluding currency, assuming current corporate income tax rates and no share repurchases.




New Segment Reporting







With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented an evolved organizational model with two primary business units: International and U.S. The updated organizational structure is designed to enhance our agility and to support our journey to become a smoke-free company under the leadership of Jacek Olczak, Group CEO PMI. This change was implemented effective January 1, 2026, and as a result PMI realigned its reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. As of the first quarter of 2026, our reporting will reflect these changes. The company plans to disclose select historical financial information for the 2023 to 2025 period based on the new reportable segments before the end of the first quarter.




Conference Call







A conference call hosted by Jacek Olczak, Group CEO PMI, and Emmanuel Babeau, Group Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on February 6, 2026. The webcast can be accessed here.




Fourth-Quarter 2025 Operating Review









Net Revenues




(in millions)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








2024






 






9,706






 






4,143






 






2,868






 






1,434






 






1,261








Price






 






285






 






158






 






240






 






13






 






(126)








Volume/Mix






 






73






 






54






 






(54)






 






1






 






72








Other






 






(3)






 






—






 






(1)






 






—






 






(2)








Acquisitions & Divestitures






 






(44)






 






(44)






 






—






 






—






 






—








Currency






 






345






 






287






 






56






 






(23)






 






25








2025






 






10,362






 






4,598






 






3,109






 






1,425






 






1,230








vs. Q4 2024






 






6.8%






 






11.0%






 






8.4%






 






(0.6)%






 






(2.5)%








Organic growth






 






3.7%






 






5.1%






 






6.5%






 






1.0%






 






(4.4)%









Operating Income




(in millions)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








2024






 






3,259






 






1,750






 






806






 






574






 






129








Price






 






285






 






158






 






240






 






13






 






(126)








Volume/Mix






 






75






 






30






 






26






 






(46)






 






65








Cost/Other






 






(289)






 






(184)






 






(60)






 






30






 






(75)








Acquisitions & Divestitures






 






3






 






3






 






—






 






—






 






—








Currency






 






40






 






153






 






(71)






 






(57)






 






15








2025






 






3,373






 






1,910






 






941






 






514






 






8








vs. Q4 2024






 






3.5%






 






9.1%






 






16.7%






 






(10.5)%






 






(93.8)%








 






 






 






 






 






 






 






 






 






 






 








Adjustments*






 






(349)






 






(146)






 






(4)






 






(1)






 






(198)








2025 Adjusted OI






 






3,722






 






2,056






 






944






 






515






 






207








vs. Q4 2024






 






5.8%






 






14.5%






 






16.5%






 






(10.4)%






 






(38.9)%








Organic growth






 






4.5%






 






5.8%






 






25.3%






 






(0.5)%






 






(43.4)%








 






 






 






 






 






 






 






 






 






 






 








2024 Adjusted OI Margin






 






36.3%






 






43.3%






 






28.2%






 






40.1%






 






26.9%








2025 Adjusted OI Margin






 






35.9%






 






44.7%






 






30.4%






 






36.1%






 






16.8%








vs. Q4 2024






 






(0.4)pp






 






1.4pp






 






2.2pp






 






(4.0)pp






 






(10.1)pp








Organic growth






 






0.3pp






 






0.3pp






 






5.0pp






 






(0.6)pp






 






(11.0)pp








(*) For a list of adjusting items refer to additional information section of this release or Schedule 9 in Exhibit 99.2 to the Form 8-K dated February 6, 2026.









HTU & Cigarette Shipments




(m units)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Heated Tobacco Units






 






38,398






 






16,289






 






9,236






 






12,681






 






192








vs. Q4 2024






 






7.5%






 






7.2%






 






9.6%






 






6.2%






 






28.0%








Cigarettes






 






149,426






 






36,891






 






85,640






 






10,219






 






16,676








vs. Q4 2024






 






(2.2)%






 






(3.9)%






 






(0.2)%






 






(10.5)%






 






(2.9)%








Total






 






187,824






 






53,180






 






94,876






 






22,900






 






16,868








vs. Q4 2024






 






(0.4)%






 






(0.8)%






 






0.7%






 






(2.0)%






 






(2.6)%









Oral SFP Shipments




(m cans)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Nicotine Pouches






 






217.0






 






11.7






 






6.3






 






1.0






 






198.0








vs. Q4 2024






 






18.1%






 






(13.5)%






 






63.2%






 






(22.7)%






 






19.9%








Snus






 






51.9






 






48.5






 






—






 






2.9






 






0.5








vs. Q4 2024






 






(10.8)%






 






(15.6)%






 






—






 






—






 






(32.6)%








Moist Snuff






 






31.2






 






—






 






—






 






—






 






31.2








vs. Q4 2024






 






(2.5)%






 






—






 






—






 






—






 






(2.5)%








Other Oral SFP






 






0.5






 






0.5






 






—






 






—






 






—








vs. Q4 2024






 






(22.6)%






 






(22.6)%






 






—






 






—






 






—








Total






 






300.5






 






60.7






 






6.3






 






3.9






 






229.7








vs. Q4 2024






 






9.5%






 






(15.3)%






 






63.2%






 






+100%






 






16.1%








Note: U.S. travel retail volumes of approximately 3.7m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to additional information section of this release for shipments in pouch or pouch equivalents. "-" indicates volume below 0.1 million cans







Total PMI







Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable.



PMI's shipment volume was flat with SFP volumes up by 8.5%, offset by a cigarette volume decline of 2.2%, predominantly driven by Europe and East Asia, Australia and PMI Global Travel Retail regions.



Net revenues increased by 3.7% on an organic basis, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix driven by higher SFP volume, notwithstanding lower volumes and unfavorable mix for cigarettes. As expected, the net revenue growth rate was below the full-year, notably due to the shipment and phasing factors outlined previously.



Adjusted operating income increased by 4.5% on an organic basis, mainly reflecting the same factors as for net revenues, partly offset by higher marketing, administration and research costs.



Europe







The estimated industry volume for cigarettes and HTUs decreased by 3.6% to 126.4 billion units, with a 5.0% decrease for cigarettes and continued HTU growth. Markets with notable decreases include Poland (down by 15.4%), Ukraine (down by 16.5%), and France (down by 9.4%), partly offset by Bulgaria (up by 8.3%), Germany (up by 1.7%), and Serbia (up by 6.4%).



PMI's shipment volume decreased by 0.4% with cigarettes down by 3.9% and SFP up by 7.6%.



Oral SFP shipments decreased, primarily driven by lower snus volume due to inventory movements. Nicotine pouch shipment volume declined against a strong prior year comparator in the Nordics, notwithstanding a very strong performance in other markets.



Net revenues increased by 5.1% on an organic basis, reflecting: a favorable pricing variance predominantly driven by higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.



Adjusted operating income increased by 5.8% organically, mainly due to the same factors as for net revenue, partly offset by higher marketing, administration and research costs.



SSEA, CIS & MEA







The estimated industry volume for cigarettes and HTUs increased by 2.0% to 402.0 billion units, mainly due to India (up by 11.1%) and Turkey (up by 4.6%), partly offset by Saudi Arabia (down by 11.3%).



PMI's shipment volume increased by 0.8% with SFP up by 10.1% and cigarettes down by 0.2%.



PMI's HTU adjusted IMS volume increased by an estimated 20.4% with strong growth across the region.



Net revenues increased by 6.5% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; partly offset by unfavorable volume/mix driven by unfavorable cigarette mix notably due to the below mentioned commercial model change in Indonesia.



A change in our commercial model for the below tier-one cigarette segment in Indonesia in the fourth quarter of 2024 resulted in lower net revenue growth, with no meaningful impact on operating income.



Adjusted operating income increased by 25.3% on an organic basis, mainly reflecting a favorable price variance, predominantly driven by higher combustible tobacco pricing, partly offset by higher marketing, administration and research costs.



East Asia, Australia & PMI Global Travel Retail







The estimated industry volume for cigarettes and HTUs, excluding China, decreased by 2.1% to 79.3 billion units, with HTU growth more than offset by decrease in cigarettes. Notable decreases in South Korea (down by 8.0%) and Australia (down by 60.6%) were partly offset by Global Travel Retail (up by 5.6%) and Taiwan (up by 6.2%).



PMI's shipment volume decreased by 1.7% with SFP up by 6.7% and cigarettes down by 10.5%.



PMI's HTU adjusted in-market sales volume increased by an estimated 8.9%.



Net revenues increased by 1.0% on an organic basis, primarily reflecting: a favorable price variance, predominantly due to higher combustible tobacco pricing.



Adjusted operating income decreased by 0.5% organically due to unfavorable volume/mix driven by lower cigarette volume, partly offset by lower costs and favorable price variance.



Americas







The estimated industry volume for cigarettes and HTUs, excluding the U.S., decreased by 1.9% to 49.1 billion units, driven by a decrease in the cigarette market. The decrease was mainly due to Canada (down by 13.8%) and Argentina (down by 4.0%), partly offset by Brazil (up by 0.8%).



PMI's shipment volume increased by 0.1% with SFP up by 15.6% and cigarettes down by 2.9%.



Oral SFP shipments increased by 16.1% to 230 million cans, predominantly driven by ZYN nicotine pouches in the U.S.



Net revenues decreased by 4.4% organically, predominantly driven by the U.S., with an unfavorable price comparison to low levels of ZYN promotional activity in the prior year, partly offset by favorable volume/mix due to higher ZYN volume.



Adjusted operating income decreased by 43.4% on an organic basis. While U.S. nicotine pouches retained gross margins superior to our international SFP business, this decrease primarily reflects the same factors as for net revenues; and higher marketing, administration and research costs, including further investments in our U.S. capabilities and organization.





Full-Year 2025 Operating Review









Net Revenues




(in millions)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








2024






 






37,878






 






15,690






 






11,261






 






6,393






 






4,534








Price






 






1,536






 






805






 






836






 






81






 






(186)








Volume/Mix






 






920






 






258






 






(146)






 






211






 






597








Other






 






23






 






—






 






36






 






—






 






(13)








Acquisitions & Divestitures






 






(170)






 






(170)






 






—






 






—






 






—








Currency






 






461






 






528






 






64






 






(53)






 






(78)








2025






 






40,648






 






17,111






 






12,051






 






6,632






 






4,854








vs. FY 2024






 






7.3%






 






9.1%






 






7.0%






 






3.7%






 






7.1%








Organic growth






 






6.5%






 






6.8%






 






6.4%






 






4.6%






 






8.8%









Operating Income




(in millions)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








2024






 






13,402






 






6,547






 






3,429






 






2,878






 






548








Price






 






1,536






 






805






 






836






 






81






 






(186)








Volume/Mix






 






1,084






 






127






 






186






 






224






 






547








Cost/Other






 






(1,371)






 






(710)






 






(326)






 






31






 






(366)








Acquisitions & Divestitures






 






87






 






56






 






31






 






—






 






—








Currency






 






154






 






340






 






(60)






 






(88)






 






(38)








2025






 






14,892






 






7,165






 






4,096






 






3,126






 






505








vs. FY 2024






 






11.1%






 






9.4%






 






19.5%






 






8.6%






 






(7.8)%








 






 






 






 






 






 






 






 






 






 






 








Adjustments*






 






(1,536)






 






(745)






 






(15)






 






(3)






 






(774)








2025 Adjusted OI






 






16,428






 






7,909






 






4,111






 






3,129






 






1,279








vs. FY 2024






 






11.8%






 






13.3%






 






17.7%






 






8.6%






 






(4.3)%








Organic growth






 






10.6%






 






8.5%






 






18.6%






 






11.7%






 






(1.4)%








 






 






 






 






 






 






 






 






 






 






 








2024 Adjusted OI Margin






 






38.8%






 






44.5%






 






31.0%






 






45.1%






 






29.5%








2025 Adjusted OI Margin






 






40.4%






 






46.2%






 






34.1%






 






47.2%






 






26.3%








vs. FY 2024






 






1.6pp






 






1.7pp






 






3.1pp






 






2.1pp






 






(3.2)pp








Organic growth






 






1.4pp






 






0.7pp






 






3.5pp






 






3.0pp






 






(2.8)pp








(*) For a list of adjusting items refer to additional information section of this release or Schedule 10 in Exhibit 99.2 to the Form 8-K dated February 6, 2026.









HTU & Cigarette Shipments




(m units)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Heated Tobacco Units






 






155,133






 






59,322






 






32,318






 






62,768






 






725








vs. FY 2024






 






11.0%






 






10.5%






 






13.1%






 






10.3%






 






16.6%








Cigarettes






 






607,367






 






153,758






 






347,293






 






45,709






 






60,607








vs. FY 2024






 






(1.5)%






 






(5.5)%






 






0.7%






 






(4.1)%






 






(1.7)%








Total






 






762,500






 






213,080






 






379,611






 






108,477






 






61,332








vs. FY 2024






 






0.8%






 






(1.5)%






 






1.7%






 






3.8%






 






(1.5)%









Oral SFP Shipments




(m cans)






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Nicotine Pouches






 






879.6






 






54.2






 






22.9






 






4.7






 






797.9








vs. FY 2024






 






36.6%






 






11.0%






 






99.9%






 






99.2%






 






37.2%








Snus






 






227.9






 






212.0






 






—






 






13.4






 






2.4








vs. FY 2024






 






(4.9)%






 






(10.4)%






 






—






 






—






 






(18.1)%








Moist Snuff






 






129.8






 






—






 






—






 






—






 






129.8








vs. FY 2024






 






(3.5)%






 






—






 






—






 






—






 






(3.5)%








Other Oral SFP






 






2.6






 






2.6






 






—






 






—






 






—








vs. FY 2024






 






(22.9)%






 






(23.4)%






 






—






 






—






 






—








Total






 






1,240.0






 






268.8






 






22.9






 






18.1






 






930.2








vs. FY 2024






 






21.4%






 






(6.9)%






 






99.9%






 






+100%






 






29.4%








Note: U.S. travel retail volumes of approximately 11.9m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to additional information section of this release for shipments in pouch or pouch equivalents. "-" indicates volume below 0.1 million cans







Total PMI







Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable, with a 1.1% decrease for cigarettes, largely offset by 10.2% growth of HTUs.



PMI's shipment volume increased by 1.4% with smoke-free volumes up by 12.8%. All SFP categories grew strongly, and cigarette volume declined by 1.5%.



Net revenues increased organically by 6.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher SFP volume, notwithstanding unfavorable mix and lower volumes for cigarettes.



Adjusted operating income increased by 10.6% organically, reflecting: the same factors as for net revenues; partly offset by marketing, administration and research costs.



Europe







PMI's shipment volume decreased by 1.0% with cigarettes down by 5.5% and SFP up by 10.9%.



Net revenues increased organically by 6.8%, reflecting: a favorable price variance, predominantly due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher SFP volume, notwithstanding lower volumes and unfavorable mix for cigarettes. Our Aspeya wellness business also grew organic net revenues strongly.



Adjusted operating income increased by 8.5% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs.



SSEA, CIS & MEA







PMI's shipment volume increased by 1.7% with SFP up by 14.1% and cigarettes up by 0.7%.



Net revenues increased organically by 6.4%, mainly reflecting: a favorable price variance, predominantly driven by combustible tobacco pricing; while unfavorable cigarette mix, due to the commercial model change in Indonesia, was largely offset by higher cigarette and SFP volume.



Adjusted operating income increased by 18.6% on an organic basis, mainly reflecting: a favorable price variance as well as higher cigarette and SFP volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf).



East Asia, Australia & PMI Global Travel Retail







PMI's shipment volume increased by 4.1% with SFP up by 11.0% and cigarettes down by 4.1%.



Net revenues increased 4.6% organically, predominantly due to: favorable volume/mix, driven by SFP volume; coupled with favorable price variance, driven by higher combustible tobacco pricing.



Adjusted operating income increased 11.7% organically, reflecting the same factors as for net revenues.



Americas







PMI's shipment volume increased by 3.1% with SFP up by 27.7% and cigarettes down by 1.7%.



Net revenues increased 8.8% organically with favorable volume/mix, driven by SFP volume, and an unfavorable U.S. price variance partly offset by cigarette pricing outside of the U.S.



Adjusted OI decreased by 1.4% organically, reflecting the same factors as for net revenues, more than offset by higher marketing, administration and research costs as well as manufacturing costs.





Additional Information









Fourth-Quarter






 






 






 






Full-Year








2025






 






2024






 






 






 






2025






 






2024








$






1.37






 





 

$






(0.38






)





 

Reported Diluted EPS





 

$






7.26






 





 

$






4.52






 








 






0.01






 





 

 






0.01






 





 

Restructuring charges





 

 






0.14






 





 

 






0.10






 








 






—






 





 

 






—






 





 

Impairment of goodwill and other intangibles





 

 






0.03






 





 

 






0.01






 








 






0.13






 





 

 






0.11






 





 

Amortization of intangibles





 

 






0.50






 





 

 






0.40






 








 






—






 





 

 






1.49






 





 

Impairment related to the RBH equity investment





 

 






—






 





 

 






1.49






 








 






—






 





 

 






0.05






 





 

Megapolis localization tax impact





 

 






—






 





 

 






0.05






 








 






(0.01






)





 

 






0.14






 





 

Income tax impact associated with Swedish Match AB financing





 

 






(0.25






)





 

 






0.14






 








 






—






 





 

 






—






 





 

Egypt sales tax charge





 

 






—






 





 

 






0.03






 








 






—






 





 

 






—






 





 

Loss on sale of Vectura Group





 

 






—






 





 

 






0.13






 








 






0.06






 





 

 






—






 





 

Loss on expected sale of consumer accessories and other businesses





 

 






0.06






 





 

 






—






 








 






—






 





 

 






—






 





 

Germany excise tax classification litigation charge





 

 






0.10






 





 

 






—






 








 






—






 





 

 






—






 





 

RBH (Canada) Plan Implementation, including dividend income, net





 

 






(0.10






)





 

 






—






 








 






—






 





 

 






—






 





 

Impairment of Wellness business related equity investment





 

 






0.09






 





 

 






—






 








 






0.14






 





 

 






0.13






 





 

Fair value adjustment for equity security investments





 

 






(0.18






)





 

 






(0.27






)








 






—






 





 

 






—






 





 

Tax items





 

 






(0.11






)





 

 






(0.03






)








$






1.70






 





 

$






1.55






 





 

Adjusted Diluted EPS





 

$






7.54






 





 

$






6.57






 








 






0.01






 





 

 





 

Less: Currency





 

 






0.04






 





 

 








$






1.69






 





 

$






1.55






 





 

Adjusted Diluted EPS, excluding Currency





 

$






7.50






 





 

$






6.57






 









Fourth-Quarter






 






 





 

 






 






Change




Fav./(Unfav.)






 






Variance




Fav./(Unfav.)








 






2025






 






2024






 






Total






 






Excl.

Curr. &

Acq./Div.






 






Total






 






Cur-

rency






 






Acq.

/ Div.






 






Price






 






Vol/

Mix






 






Cost/

Other








(in millions)






 






 






 






 






 






 






 






 






 






 








Net Revenues






 






$ 10,362






 





 

$ 9,706






 






 






6.8






%





 

3.7






%






 






656






 





 

345






 





 

(44






)





 

285





 

73





 

(3






)








Cost of Sales(1)






 






(3,560






)





 

(3,423






)






 






(4.0






)%





 

(1.0






)%






 






(137






)





 

(131






)





 

27






 





 

—





 

2





 

(35






)








Marketing, Administration and Research Costs(2)






 






(3,429






)





 

(3,024






)






 






(13.4






)%





 

(8.3






)%






 






(405






)





 

(174






)





 

20






 





 

—





 

—





 

(251






)








Operating Income






 






$ 3,373






 





 

$ 3,259






 






 






3.5






%





 

2.2






%






 






114






 





 

40






 





 

3






 





 

285





 

75





 

(289






)








Restructuring charges






 






2






 





 

(12






)






 






+100






%





 

+100






%






 






14






 





 

—






 





 

—






 





 

—





 

—





 

14






 








Amortization of intangibles






 






(257






)





 

(247






)






 






(4.0






)%





 

(4.0






)%






 






(10






)





 

—






 





 

—






 





 

—





 

—





 

(10






)








Loss on sale of Vectura Group






 






—






 





 

(1






)






 






+100






%





 

+100






%






 






1






 





 

—






 





 

—






 





 

—





 

—





 

1






 








Loss on expected sale of consumer accessories and other businesses






 






(94






)





 

—






 






 






—






%





 

—






%






 






(94






)





 

—






 





 

—






 





 

—





 

—





 

(94






)








Adjusted Operating Income






 






$ 3,722






 





 

$ 3,519






 






 






5.8






%





 

4.5






%






 






203






 





 

40






 





 

3






 





 

285





 

75





 

(200






)








 






 






 





 

 






 






 





 

 






 






 





 

 





 

 





 

 





 

 





 

 








Adjusted Operating Income Margin






 






35.9






%





 

36.3






%






 






(0.4






)pp





 

0.3






pp






 






 





 

 





 

 





 

 





 

 





 

 








(1) Includes $6 million in 2025 and $5 million in 2024 related to the special items below.








(2) Includes $343 million in 2025 and $255 million in 2024 related to the special items below.









Full-Year






 






 





 

 






 






Change




Fav./(Unfav.)






 






Variance




Fav./(Unfav.)








 






2025






 






2024






 






Total






 






Excl.

Curr. &

Acq./Div.






 






Total






 






Cur-

rency






 






Acq.

/ Div.






 






Price






 






Vol/

Mix






 






Cost/

Other








(in millions)






 






 






 






 






 






 






 






 






 






 








Net Revenues






 






$ 40,648






 





 

$ 37,878






 






 






7.3






%





 

6.5






%






 






2,770






 





 

461






 





 

(170






)





 

1,536





 

920





 

23






 








Cost of Sales (1)






 






(13,366






)





 

(13,329






)






 






(0.3






)%





 

—






%






 






(37






)





 

(194






)





 

155






 





 

—





 

164





 

(162






)








Marketing, Administration and Research Costs (2)






 






(12,349






)





 

(11,147






)






 






(10.8






)%





 

(10.7






)%






 






(1,202






)





 

(113






)





 

102






 





 

—





 

—





 

(1,191






)








Impairment of Goodwill






 






(41






)





 

—






 






 






—






%





 

—






%






 






(41






)





 

—






 





 

—






 





 

—





 

—





 

(41






)








Operating Income






 






$ 14,892






 





 

$ 13,402






 






 






11.1






%





 

9.3






%






 






1,490






 





 

154






 





 

87






 





 

1,536





 

1,084





 

(1,371






)








Restructuring charges






 






(241






)





 

(180






)






 






(33.9






)%





 

(33.9






)%






 






(61






)





 

—






 





 

—






 





 

—





 

—





 

(61






)








Impairment of goodwill and other intangibles






 






(41






)





 

(27






)






 






(51.9






)%





 

-(100






)%






 






(14






)





 

—






 





 

26






 





 

—





 

—





 

(40






)








Amortization of intangibles






 






(1,003






)





 

(835






)






 






(20.1






)%





 

(23.7






)%






 






(168






)





 

—






 





 

30






 





 

—





 

—





 

(198






)








Loss on sale of Vectura Group






 






—






 





 

(199






)






 






+100






%





 

+100






%






 






199






 





 

—






 





 

—






 





 

—





 

—





 

199






 








Egypt sales tax charge






 






—






 





 

(45






)






 






+100






%





 

+100






%






 






45






 





 

—






 





 

—






 





 

—





 

—





 

45






 








Germany excise tax classification litigation charge






 






(176






)





 

—






 






 






—






%





 

—






%






 






(176






)





 

—






 





 

—






 





 

—





 

—





 

(176






)








RBH (Canada) Plan implementation






 






19






 





 

—






 






 






—






%





 

—






%






 






19






 





 

—






 





 

—






 





 

—





 

—





 

19






 








Loss on expected sale of consumer accessories and other businesses






 






(94






)





 

—






 






 






—






%





 

—






%






 






(94






)





 

—






 





 

—






 





 

—





 

—





 

(94






)








Adjusted Operating Income






 






$ 16,428






 





 

$ 14,688






 






 






11.8






%





 

10.6






%






 






1,740






 





 

154






 





 

31






 





 

1,536





 

1,084





 

(1,065






)








Adjusted Operating Income Margin






 






40.4






%





 

38.8






%






 






1.6






pp





 

1.4






pp






 






 





 

 





 

 





 

 





 

 





 

 








(1) Includes $22 million in 2025 and $51 million in 2024 related to the special items below.








(2) Includes $1,473 million in 2025 and $1,235 million in 2024 related to the special items below.








Note: Acq. / Div. variances predominantly due to the sale of Vectura Group Ltd. announced in September 2024









 






 






Fourth-Quarter






 






Full-Year








 






2025






2024






Change (pp)






 






2025






2024






Change (pp)








 






 






 






 






 






 






 






 






 








Total International Market Share(1)






 






29.1%






29.2%






(0.1)






 






29.2%






29.0%






0.2








Cigarettes






 






23.1%






23.7%






(0.6)






 






23.4%






23.7%






(0.3)








HTU






 






6.1%






5.5%






0.6






 






5.8%






5.3%






0.5








 






 






 






 






 






 






 






 






 








Cigarette over Cigarette Market Share(2)






 






25.1%






25.6%






(0.5)






 






25.3%






25.5%






(0.2)








(1) Defined as PMI's cigarette and heated tobacco unit IMS volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan








(2) Defined as PMI's cigarette IMS volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan








Note: Sum of share of market by product categories might not foot to total due to rounding.









Fourth-Quarter

Oral SFP Shipments

(m pouch or pouch equivalents)4






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Nicotine Pouches






 






3,341






 






240






 






111






 






20






 






2,970








vs. Q4 2024






 






17.2%






 






(13.8)%






 






59.1%






 






(23.4)%






 






19.9%








Snus






 






1,096






 






1,022






 






—






 






62






 






12








vs. Q4 2024






 






(11.0)%






 






(15.8)%






 






—






 






—






 






(32.6)%








Moist Snuff






 






523






 






—






 






—






 






—






 






523








vs. Q4 2024






 






(2.4)%






 






—






 






—






 






—






 






(2.4)%








Other Oral SFP






 






14






 






14






 






—






 






—






 






—








vs. Q4 2024






 






(23.6)%






 






(23.6)%






 






—






 






—






 






—








Total






 






4,974






 






1,276






 






111






 






82






 






3,505








vs. Q4 2024






 






7.3%






 






(15.6)%






 






59.1%






 






+100%






 






15.7%








Note: U.S. travel retail volumes of approximately 56m nicotine pouches recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to quarterly operating review section of this release for shipments in cans. "-" indicates volume below 1 million pouch or pouch equivalents









Full-Year

Oral SFP Shipments

(m pouch or pouch equivalents)4






 






Total PMI






 






Europe






 






SSEA, CIS & MEA






 






EA, AU & PMI GTR






 






Americas








Nicotine Pouches






 






13,599






 






1,112






 






423






 






95






 






11,969








vs. FY 2024






 






36.0%






 






9.4%






 






98.4%






 






98.4%






 






37.2%








Snus






 






4,813






 






4,467






 






—






 






288






 






58








vs. FY 2024






 






(5.5)%






 






(11.1)%






 






—






 






—






 






(18.1)%








Moist Snuff






 






2,182






 






—






 






—






 






—






 






2,182








vs. FY 2024






 






(3.5)%






 






—






 






—






 






—






 






(3.5)%








Other Oral SFP






 






74






 






73






 






—






 






—






 






—








vs. FY 2024






 






(20.6)%






 






(21.1)%






 






—






 






—






 






—








Total






 






20,668






 






5,652






 






423






 






383






 






14,209








vs. FY 2024






 






18.5%






 






(7.8)%






 






98.4%






 






+100%






 






28.6%








Note: U.S. travel retail volumes of approximately 178m nicotine pouches recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to full-year operating review section of this release for shipments in cans. "-" indicates volume below 1 million pouch or pouch equivalents








_________________________



4 Oral smoke-free products conversion: (i) nicotine pouches (units): 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can.







Philip Morris International: A Global Smoke-Free Champion


Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.


Forward-Looking and Cautionary Statements


This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected 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, 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 Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results 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 efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; 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; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely 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 successfully introduce new products, promote brand equity; if there are prolonged 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 transactions 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 fourth 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 today. PMI cautions that the foregoing list of important factors is not a complete 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, except in the normal course of its public disclosure obligations.


Non-GAAP Measures, Glossary and Explanatory Notes


Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated February 6, 2026, and here. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.


Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.


Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






Appendix 1








PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries








Key Market Data








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Fourth-Quarter








Market






 






Cigarette & HTU Industry Vol. (bn units)






 






PMI Shipments (bn units)






 






PMI Volume Share(2) (%)








 






 






Cigarette & HTU






 






Cigarette






 






HTU






 






Cigarette & HTU






 






HTU








 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






pp Change






 






2025






2024






pp Change








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total(1)(2)






 






656.9






656.5






0.1






 






187.8






188.5






(0.4)






 






149.4






152.8






(2.2)






 






38.4






35.7






7.5






 






29.1






29.2






(0.1)






 






6.1






5.5






0.6








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Europe




























 



France






 






5.7






6.3






(9.4)






 






2.4






2.4






1.7






 






2.4






2.4






2.1






 






—






—






—






 






40.7






41.8






(1.1)






 






0.5






0.6






(0.1)








Germany(3)






 






16.5






16.2






1.7






 






6.7






6.6






1.3






 






5.4






5.4






(1.3)






 






1.3






1.1






13.5






 






37.4






38.4






(1.0)






 






7.7






6.6






1.1








Italy(3)






 






18.1






17.9






1.1






 






10.7






10.1






6.1






 






6.0






6.4






(5.4)






 






4.7






3.7






25.7






 






53.9






53.1






0.8






 






20.1






16.5






3.6








Poland(3)






 






11.5






13.6






(15.4)






 






5.4






6.2






(12.5)






 






4.2






4.8






(11.9)






 






1.2






1.4






(14.4)






 






46.8






45.5






1.3






 






10.9






9.7






1.2








Spain






 






10.8






11.1






(2.4)






 






3.2






2.8






14.3






 






2.9






2.5






16.7






 






0.4






0.4






(0.8)






 






30.1






29.6






0.5






 






3.8






3.5






0.3








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








SSEA, CIS & MEA




























 



Egypt






 






23.1






22.5






2.5






 






6.5






5.4






21.2






 






6.1






4.9






24.1






 






0.4






0.5






(10.5)






 






29.1






24.5






4.6






 






1.8






1.7






0.1








Indonesia(4)






 






66.4






65.5






1.4






 






20.0






20.3






(1.6)






 






19.5






19.9






(1.9)






 






0.4






0.4






17.1






 






30.1






31.0






(0.9)






 






0.6






0.6






—








Philippines






 






11.8






11.2






4.7






 






5.5






5.3






5.3






 






5.4






5.2






4.4






 






0.1






0.1






61.0






 






47.0






46.8






0.2






 






1.1






0.7






0.4








Russia






 






56.3






54.8






2.9






 






16.7






18.0






(7.1)






 






10.9






12.5






(12.7)






 






5.8






5.5






5.7






 






31.1






32.9






(1.8)






 






9.8






8.7






1.1








Turkey






 






40.3






38.6






4.6






 






18.8






20.4






(7.9)






 






18.8






20.4






(7.9)






 






—






—






—






 






46.4






52.9






(6.5)






 






—






—






—








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








EA, AU & PMI GTR




























 



Australia






 






0.5






1.1






(60.6)






 






0.2






0.4






(50.3)






 






0.2






0.4






(50.3)






 






—






—






—






 






37.1






31.3






5.8






 






—






—






—








Japan(2)(3)






 






38.5






38.8






(1.0)






 






13.3






13.7






(3.0)






 






3.4






3.9






(12.1)






 






9.8






9.8






0.7






 






43.3






41.9






1.4






 






32.6






30.6






2.0








South Korea






 






16.2






17.6






(8.0)






 






3.3






3.4






(2.3)






 






1.7






2.0






(11.8)






 






1.6






1.4






10.5






 






20.7






19.5






1.2






 






9.9






8.2






1.7








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas




























 



Argentina






 






6.9






7.2






(4.0)






 






4.4






4.5






(2.8)






 






4.4






4.5






(2.8)






 






—






—






—






 






63.3






62.5






0.8






 






—






—






—








Mexico






 






9.7






9.6






0.8






 






5.6






5.6






—






 






5.5






5.5






(0.8)






 






0.1






0.1






82.3






 






57.8






58.2






(0.4)






 






1.1






0.6






0.5








 








(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.








(2) Total industry and volume share estimates include cigarillos in Japan








(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS








(4) 2025 includes 2.3 billion units and 2024 includes 0.6 billion units of cigarette shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent








Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%









 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






Appendix 2








PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries








Key Market Data








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Full-Year








Market






 






Cigarette & HTU Industry Vol. (bn units)






 






PMI Shipments (bn units)






 






PMI Volume Share(2) (%)








 






 






Cigarette & HTU






 






Cigarette






 






HTU






 






Cigarette & HTU






 






HTU








 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






% Change






 






2025






2024






pp Change






 






2025






2024






pp Change








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total(1)(2)






 






2,586.9






2,596.0






(0.4)






 






762.5






756.6






0.8






 






607.4






616.8






(1.5)






 






155.1






139.7






11.0






 






29.2






29.0






0.2






 






5.8






5.3






0.5








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Europe




























 



France






 






23.8






26.1






(8.8)






 






9.9






10.7






(7.9)






 






9.7






10.5






(7.6)






 






0.1






0.2






(29.6)






 






40.3






41.2






(0.9)






 






0.5






0.6






(0.1)








Germany(3)






 






69.3






69.2






0.1






 






26.2






26.7






(2.0)






 






21.3






22.4






(5.1)






 






4.9






4.3






14.6






 






37.5






38.6






(1.1)






 






7.2






6.2






1.0








Italy(3)






 






73.9






73.6






0.4






 






40.3






39.1






3.1






 






25.7






27.3






(5.9)






 






14.6






11.8






23.7






 






53.6






53.6






—






 






18.6






16.9






1.7








Poland(3)






 






51.0






58.0






(12.1)






 






23.2






25.6






(9.4)






 






18.2






20.1






(9.9)






 






5.0






5.4






(7.7)






 






45.3






43.8






1.5






 






10.0






9.2






0.8








Spain






 






43.6






44.4






(1.7)






 






13.3






12.7






4.9






 






11.9






11.4






4.1






 






1.4






1.3






11.9






 






29.6






29.3






0.3






 






3.4






2.9






0.5








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








SSEA, CIS & MEA




























 



Egypt






 






87.3






82.8






5.5






 






26.0






23.9






8.9






 






24.6






22.3






10.1






 






1.4






1.6






(7.5)






 






30.0






28.8






1.2






 






1.9






1.8






0.1








Indonesia(4)






 






258.7






265.2






(2.4)






 






79.4






80.8






(1.8)






 






77.9






79.6






(2.2)






 






1.5






1.2






23.2






 






30.7






30.5






0.2






 






0.6






0.5






0.1








Philippines






 






46.4






44.9






3.4






 






22.0






21.1






4.3






 






21.5






20.8






3.6






 






0.5






0.3






58.1






 






47.3






46.9






0.4






 






1.0






0.7






0.3








Russia






 






220.6






216.5






1.9






 






69.8






69.9






(0.1)






 






49.5






51.4






(3.8)






 






20.3






18.5






9.9






 






31.7






32.3






(0.6)






 






9.3






8.6






0.7








Turkey






 






160.2






150.5






6.4






 






74.3






78.2






(4.9)






 






74.3






78.2






(4.9)






 






—






—






—






 






46.4






52.0






(5.6)






 






—






—






—








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








EA, AU & PMI GTR




























 



Australia






 






2.8






5.1






(45.7)






 






1.0






1.8






(45.2)






 






1.0






1.8






(45.2)






 






—






—






—






 






35.4






34.8






0.6






 






—






—






—








Japan(2)(3)






 






150.6






151.1






(0.3)






 






67.8






64.8






4.7






 






15.9






16.5






(3.8)






 






52.0






48.3






7.5






 






43.0






41.4






1.6






 






32.1






29.9






2.2








South Korea






 






68.0






70.5






(3.5)






 






14.0






14.0






(0.1)






 






7.5






8.3






(9.3)






 






6.5






5.7






13.2






 






20.6






19.9






0.7






 






9.5






8.1






1.4








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas




























 



Argentina






 






26.8






26.4






1.8






 






17.0






16.4






4.1






 






17.0






16.4






4.1






 






—






—






—






 






63.5






62.1






1.4






 






—






—






—








Mexico






 






30.5






31.6






(3.6)






 






17.6






18.5






(4.8)






 






17.3






18.3






(5.3)






 






0.3






0.2






43.2






 






57.8






58.5






(0.7)






 






1.0






0.7






0.3








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.








(2) Total industry and volume share estimates include cigarillos in Japan








(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS








(4) 2025 includes 8.7 billion units and 2024 includes 0.6 billion units of cigarette shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent








Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205612890/en/
Philip Morris International

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Original: Philip Morris International Reports 2025 Fourth-Quarter & Full-Year Results