# EDGAR Filing Document

**Accession Number:** 0001413329
**File Stem:** 0001413329-25-000145
**Filing Date:** 2025-7
**Character Count:** 218975
**Document Hash:** f99a506b8e23203479ab50dcbc6c0131
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413329-25-000145.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001413329-25-000145

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250722

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Philip Morris International Inc.
- **CENTRAL INDEX KEY:** 0001413329
- **STANDARD INDUSTRIAL CLASSIFICATION:** CIGARETTES [2111]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 133435103
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33708
- **FILM NUMBER:** 251138663

**BUSINESS ADDRESS:**
- **STREET 1:** 677 WASHINGTON BLVD, STE. 1100
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 203-905-2410

**MAIL ADDRESS:**
- **STREET 1:** 677 WASHINGTON BLVD, STE. 1100
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

?xml version='1.0' encoding='ASCII'? pm-20250722

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 22, 2025** 

**Philip Morris International Inc.** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Virginia** | **1-33708** | **13-3435103** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **677 Washington Blvd, Ste. 1100** | **Stamford** | **Connecticut** | **06901** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Zip Code)** |

---

**Registrant's telephone number, including area code: (203) 905-2410** 

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Common Stock, no par value PM New York Stock Exchange

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| | | |
|:---|:---|:---|
| 3.375% Notes due 2025 | PM25A | New York Stock Exchange |
| 2.750% Notes due 2026 | PM26A | New York Stock Exchange |
| 2.875% Notes due 2026 | PM26 | New York Stock Exchange |
| 0.125% Notes due 2026 | PM26B | New York Stock Exchange |
| 3.125% Notes due 2027 | PM27 | New York Stock Exchange |
| 3.125% Notes due 2028 | PM28 | New York Stock Exchange |
| 2.875% Notes due 2029 | PM29 | New York Stock Exchange |
| 3.375% Notes due 2029 | PM29A | New York Stock Exchange |
| 2.750% Notes due 2029 | PM29D | New York Stock Exchange |
| 3.750% Notes due 2031 | PM31B | New York Stock Exchange |
| 0.800% Notes due 2031 | PM31 | New York Stock Exchange |
| 3.250% Notes due 2032 | PM32 | New York Stock Exchange |
| 3.125% Notes due 2033 | PM33 | New York Stock Exchange |
| 2.000% Notes due 2036 | PM36 | New York Stock Exchange |
| 1.875% Notes due 2037 | PM37A | New York Stock Exchange |
| 6.375% Notes due 2038 | PM38 | New York Stock Exchange |
| 1.450% Notes due 2039 | PM39 | New York Stock Exchange |
| 4.375% Notes due 2041 | PM41 | New York Stock Exchange |
| 4.500% Notes due 2042 | PM42 | New York Stock Exchange |
| 3.875% Notes due 2042 | PM42A | New York Stock Exchange |
| 4.125% Notes due 2043 | PM43 | New York Stock Exchange |
| 4.875% Notes due 2043 | PM43A | New York Stock Exchange |
| 4.250% Notes due 2044 | PM44 | New York Stock Exchange |

---

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 22, 2025, Philip Morris International Inc. (the "Company") issued a press release announcing its financial results for the second quarter and the first half-year ended June 30, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) <u>Exhibits.</u>

99.1 <u>[Philip Morris International Inc. Press Release, dated July 22, 2025 (furnished pursuant to Item 2.02)](earningsreleasepm-ex991xq2.htm)</u>.

99.2 <u>[Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02)](glossaryselectfininfoandno.htm)</u>.

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| PHILIP MORRIS INTERNATIONAL INC. | PHILIP MORRIS INTERNATIONAL INC. |
| By: | <u>/s/ DARLENE QUASHIE HENRY</u> |
| Name: | Darlene Quashie Henry |
| Title: | Vice President, Associate General Counsel & Corporate Secretary |

---

Date: July 22, 2025

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| **PRESS RELEASE** | ![pmilogoera01a01a01a22.jpg](pmilogoera01a01a01a22.jpg) |

---

**Philip Morris International Reports 2025 Second Quarter & First Six-Months Results**

**and Raises Full-Year Guidance;<br>Second Quarter Reported Diluted EPS Grew 26.6% to $1.95, Adjusted Diluted EPS Grew 20.1% to $1.91, and by 18.9% excluding currency**

STAMFORD, CT, July 22, 2025 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 second quarter results.<sup>1</sup>

"*Our business delivered very strong results in the second quarter, with record net revenues and exceptional growth in operating income and adjusted diluted EPS,*" said Jacek Olczak, Chief Executive Officer.

"*These results reflect excellent momentum in our multicategory smoke-free business, with a reacceleration of IQOS adjusted in-market sales growth and ZYN U.S. offtake growth, coupled with combustibles resilience. Given our strong year-to-date performance, we are raising our full-year guidance.*"

**Results Highlights - Second Quarter 2025**

• **Smoke-free business (SFB):** Our smoke-free business accounted for 41% of total net revenues (up by 2.9pp vs. Q2 last year) and over 42% of total gross profit (up by 3.8pp vs. Q2 last year). Our smoke-free products are now available in 97 markets, nearly half of which have at least two of our three flagship brands (*IQOS*, *ZYN* and *VEEV)* available for sale, including 20 markets with all three. Our SFB continues to deliver superior performance, with shipment volumes up by 11.8%, net revenues growing by 15.2% (14.5% organically) and gross profit increasing by 23.3% (21.5% organically).

• **Inhalable smoke-free products (SFP):** Our international smoke-free portfolio is centered on *IQOS*, which exceeded 3 billion dollars in quarterly net revenues. It continues to strengthen its overall position as the second largest nicotine 'brand' in markets where present (gaining 1.0pp of combined cigarette and HTU industry volumes to reach 9.2% share) and is driving the growth of the global heat-not-burn category, where PMI holds approximately 76% volume share. HTU adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler inventory movements, reaccelerated back to double-digit growth of 11.4%, driven by our commercial initiatives, and notable improvement in Europe as the impact of the characterizing flavor ban subsides in affected markets.

&nbsp;&nbsp;&nbsp;&nbsp;• In Japan, *IQOS* reached over 10 million legal-age consumers. *IQOS* HTU adjusted market share increased by 2.3pp to 31.7% with both *TEREA* and *SENTIA* further strengthening their #1 and #3 positions, notwithstanding increased competitive intensity. Adjusted IMS grew by an estimated 7.8% against a strong prior year comparator, which included the introduction of *ILUMA i*.

&nbsp;&nbsp;&nbsp;&nbsp;• In Europe, adjusted IMS growth reaccelerated to an estimated 9.1%, with Italy a notable strong performer as well as impressive broad-based growth across markets including Germany, Greece, Romania, Bulgaria and Spain. This was fueled by the continued roll-out of *ILUMA i* and expansion of the consumables portfolio, including the further roll-out of *DELIA* and new variants of tobacco-free *LEVIA*. *IQOS* HTU adjusted market share increased by 1.2pp to 10.9%, with offtake share exceeding 20% in key cities of 12 markets.

<sup>1</sup> 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 July 22, 2025, and at <u>www.pmi.com/2025Q2earnings</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;• Outside Europe and Japan, strong adjusted IMS growth continued and offtake share increased in key cities across the globe, including Jakarta, Mexico City, Tunis, Riyadh, Kuala Lumpur, and Seoul. Following promising results of the *BONDS by IQOS* pilot, a broader roll-out in Indonesia has commenced in the latter half of the quarter.

In the e-vapor category, *VEEV* continued its increasingly profitable growth, and is now available in 42 markets. Shipment volumes more than doubled, driven by Europe. Within the closed pods segment, *VEEV* holds the #1 position in 6 European markets, including Greece and Italy. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner, as illustrated by the recently launched innovation *VEEV inPrime,* which offers superior consumer experience and an optimized pod cost.

• **Oral SFP:** Shipment volume increased by 23.8% in pouch or pouch equivalents (26.5% in cans), fueled by nicotine pouches, which more than doubled outside the U.S. and Nordics, and in the U.S. grew by over 40% to 190 million cans.

&nbsp;&nbsp;&nbsp;&nbsp;• In the U.S., *ZYN* reaccelerated its offtake growth to approximately 36% in June, and 26% in Q2 overall as measured by Nielsen. This reflects the strength of the brand as in-store availability improved and legal-age consumers regain access to the full *ZYN* portfolio offering. Restocking was effectively completed in the first-half, with the estimated impact slightly lower than initially expected. To further grow the brand and nicotine pouch category overall, commercial activities were reaccelerated towards the end of the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• The growth of the international nicotine pouch business was fueled by strong offtake and geographic expansion. The category is nascent in the majority of markets and our focus is on switching legal-age smokers with a relevant product portfolio. Global Travel Retail, Pakistan, the UK, South Africa, Mexico and Poland delivered strong performances. Following further launches, *ZYN* is now available in 44 markets.

• **Combustibles:** Notwithstanding the expected return to volume declines, net revenues grew by 2.1% (up 2.0% organically) fueled by strong pricing, partly offset by negative mix dynamics. This drove another quarter of robust gross profit growth of 5.0% (4.8% organically). *Marlboro* continues to gain market share, achieving its highest quarterly market share since the 2008 spin. Our overall cigarette category share was broadly stable.

• **Dividend:** Declared regular quarterly dividend of $1.35 per share, or an annualized $5.40 per share.

------

**Performance Highlights - Second Quarter 2025**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total PMI** | **SFP** | ***HTU*** | ***Oral SFP*** | ***E-vapor<sup>2</sup>*** | **Cigarettes** |
| &nbsp;&nbsp;**Total Shipment Volume**<br>(units bn) | **200.1** | **44.8** | ***38.8*** | ***5.2*** | ***0.9*** | **155.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 1.2% | 11.8% | *9.2%* | *23.8%* | *+100%* | (1.5)% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **PMI** | **Smoke-Free<br>Business** | **Combustibles** |
| &nbsp;&nbsp;**Net Revenues** ($ bn) | **$10.1** | **$4.2** | **$6.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. Q2 2024 | 7.1% | 15.2% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. Q2 2024 | 6.8% | 14.5% | 2.0% |
| &nbsp;&nbsp;**Gross Profit** ($ bn) | **$6.9** | **$2.9** | **$4.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. Q2 2024 | 12.1% | 23.3% | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. Q2 2024 | 11.2% | 21.5% | 4.8% |
| &nbsp;&nbsp;**Operating Income** ($ bn) | **$3.7** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. Q2 2024 | 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. Q2 2024 | 14.9% |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Reported<br>Diluted<br>EPS** | Adjusting<br>Items<sup>3</sup> | **Adjusted<br>Diluted<br>EPS** | Currency<br>Impact | **Adj. Diluted<br>EPS ex. Currency** |
| &nbsp;&nbsp;**EPS** | **$1.95** | $0.04 | **$1.91** | $0.02 | **$1.89** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 26.6% |  | 20.1% |  | 18.9% |

---

**Performance Highlights - First Six Months 2025**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total PMI** | **SFP** | ***HTU*** | ***Oral SFP*** | ***E-vapor***<sup>2</sup> | **Cigarettes** |
| &nbsp;&nbsp;**Total Shipment Volume**<br>(units bn) | **387.9** | **87.9** | ***75.9*** | ***10.5*** | ***1.5*** | **300.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 2.5% | 13.1% | *10.5%* | *25.5%* | *+100%* | (0.3)% |

---

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| | | | |
|:---|:---|:---|:---|
| | **PMI** | **Smoke-Free<br>Business** | **Combustibles** |
| &nbsp;&nbsp;**Net Revenues** ($ bn) | **$19.4** | **$8.1** | **$11.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. YTD 2024 | 6.5% | 15.1% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. YTD 2024 | 8.4% | 17.3% | 2.9% |
| &nbsp;&nbsp;**Gross Profit** ($ bn) | **$13.1** | **$5.6** | **$7.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. YTD 2024 | 12.0% | 25.4% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. YTD 2024 | 13.5% | 27.0% | 5.0% |
| &nbsp;&nbsp;**Operating Income** ($ bn) | **$7.3** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;reported vs. YTD 2024 | 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;organic vs. YTD 2024 | 15.4% |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Reported<br>Diluted<br>EPS** | Adjusting<br>Items<sup>3</sup> | **Adjusted<br>Diluted<br>EPS** | Currency<br>Impact | **Adj. Diluted<br>EPS ex. Currency** |
| &nbsp;&nbsp;**EPS** | **$3.67** | **$0.07** | **$3.60** | **$(0.05)** | **$3.65** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 25.7% |  | 16.1% |  | 17.7% |

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

<sup>3</sup> For a list of adjusting items refer to additional information section of this release

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

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**2025 Full-Year Forecast**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Full-Year** | **Full-Year** | **Full-Year** | **Full-Year** | **Full-Year** |
| | **2025<br>Forecast** | **2025<br>Forecast** | **2024** | **Growth** | **Growth** |
| **Reported Diluted EPS** | **$7.24** | **$7.37** | **$4.52** |  |  |
| &nbsp;&nbsp;**Adjustments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges<sup>(1)</sup> | 0.13 | 0.13 | 0.10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and other intangibles | 0.03 | 0.03 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles<sup>(2)</sup> | 0.50 | 0.50 | 0.40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of Vectura Group |  |  | 0.13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Egypt sales tax charge |  |  | 0.03 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Megapolis localization tax impact |  |  | 0.05 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact associated with Swedish Match AB financing | (0.24) | (0.24) | 0.14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment related to the RBH equity investment |  |  | 1.49 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment for equity security investments | (0.26) | (0.26) | (0.27) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax items | 0.03 | 0.03 | (0.03) |  |  |
| &nbsp;&nbsp;**Total Adjustments** | **0.19** | **0.19** | **2.05** |  |  |
| **Adjusted Diluted EPS** | **$7.43** | **$7.56** | **$6.57** | **13%** | **15%** |
| &nbsp;&nbsp;Less: Currency | 0.10 | 0.10 |  |  |  |
| **Adjusted Diluted EPS, excluding currency** | **$7.33** | **$7.46** | **$6.57** | **11.5%** | **13.5%** |
| (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany | (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany | (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany | (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany | (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany | (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany |
| (2) See forecast assumptions for details | (2) See forecast assumptions for details | (2) See forecast assumptions for details | (2) See forecast assumptions for details | (2) See forecast assumptions for details | (2) See forecast assumptions for details |

---

Reported diluted EPS is forecast to be in a range of $7.24 to $7.37, at prevailing exchange rates, versus reported diluted EPS of $4.52 in 2024. Excluding a total 2025 adjustment of $0.19 per share, this forecast represents a projected increase of 13% to 15% versus adjusted diluted EPS of $6.57 in 2024. Also excluding a favorable currency impact of $0.10, at prevailing exchange rates, this forecast represents a projected increase of 11.5% to 13.5% versus adjusted diluted EPS of $6.57 in 2024, as outlined in the above table.

**2025 Full-Year Forecast Assumptions**

This forecast assumes:

**•** An estimated total international industry volume decline of around 1% for cigarettes and HTUs, excluding China and the U.S.;

• Total cigarette and smoke-free product shipment volume growth for PMI of around 1%. We continue to expect smoke-free product volume growth of 12% to 14%, partly offset by cigarette volume declines which we now forecast to be around 2%. SFP volume growth continues to assume absolute growth in HTU adjusted IMS volumes at a similar level to 2024, translating into 10% to 12% growth, with the HTU shipment growth rate broadly in line subject to shipment timing and trade inventory movements, and U.S. nicotine pouch shipment volume of 800 to 840 million cans;

• Net revenue growth of around 6% to 8% on an organic basis;

• Organic operating income growth of 11% to 12.5%;

• Full-year amortization of acquired intangibles of $0.50 per share, including the amortization of *IQOS* commercialization rights in the U.S. related to the agreement to end our commercial relationship with Altria Group, Inc. covering *IQOS* in the U.S.;

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• An effective tax rate, excluding discrete tax events, of approximately 22% to 23%;

• Operating cash flow of approximately $11.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

• Capital expenditures of around $1.6 billion, almost entirely due to investments supporting the smoke-free business;

• Further net debt to adjusted EBITDA ratio improvement as we continue to target a ratio of around 2x by the end of 2026;

• No dividend income from Rothmans, Benson & Hedges Inc., our deconsolidated Canadian affiliate;

**•** No share repurchases in 2025; and

• Third quarter adjusted diluted EPS of $2.08 to $2.13, including an estimated favorable currency impact of 5 cents at prevailing exchange rates.

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

**Conference Call**

A conference call hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on July 22, 2025. Access the webcast at <u>www.pmi.com/2025Q2earnings</u>.

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| | |
|:---|:---|
| Investor Relations: | Media: |
| Stamford, CT: +1 (203) 905 2413 | Lausanne: +41 582 424 500 |
| Lausanne, Switzerland: +41 582 424 666 | Email: David.Fraser@pmi.com |
| Email: InvestorRelations@pmi.com |  |

---

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**Operating Review - Second Quarter 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Revenues**<br>(in millions) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;**2024** | **9468** | **3895** | **2771** | **1673** | **1129** |
| &nbsp;&nbsp;&nbsp;&nbsp;Price | 420 | 211 | 174 | 11 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volume/Mix | 225 | 75 | (34) | 15 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (5) |  | (4) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions & Divestitures | (39) | (39) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency | 71 | 92 | 19 | 9 | (49) |
| &nbsp;&nbsp;**2025** | **10140** | **4234** | **2926** | **1708** | **1272** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 7.1% | 8.7% | 5.6% | 2.1% | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 6.8% | 7.3% | 4.9% | 1.6% | 17.0% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Operating Income**<br>(in millions) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;**2024** | **3444** | **1617** | **891** | **753** | **183** |
| &nbsp;&nbsp;&nbsp;&nbsp;Price | 420 | 211 | 174 | 11 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volume/Mix | 301 | 41 | 57 | 49 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost/Other | (507) | (308) | (76) | 11 | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions & Divestitures | 23 | 11 | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency | 31 | 96 | (58) | 29 | (36) |
| &nbsp;&nbsp;**2025** | **3712** | **1668** | **1000** | **853** | **191** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 7.8% | 3.2% | 12.2% | 13.3% | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments<sup>\*</sup> | (534) | (331) | (4) | (1) | (198) |
| &nbsp;&nbsp;**2025 Adjusted OI** | **4246** | **2000** | **1004** | **853** | **389** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 16.1% | 19.6% | 12.1% | 13.3% | 16.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 14.9% | 13.8% | 17.2% | 9.4% | 26.9% |
| &nbsp;&nbsp;**2024 Adjusted OI Margin** | **38.6%** | **42.9%** | **32.3%** | **45.0%** | **29.7%** |
| &nbsp;&nbsp;**2025 Adjusted OI Margin** | **41.9%** | **47.2%** | **34.3%** | **49.9%** | **30.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 3.3pp | 4.3pp | 2.0pp | 4.9pp | 0.9pp |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 3.0pp | 2.6pp | 3.8pp | 3.5pp | 2.5pp |
| (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HTU & Cigarette Shipments**<br>(m units) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;&nbsp;Heated Tobacco Units | **38810** | 14292 | 7863 | 16451 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 9.2% | 10.5% | 13.3% | 6.3% | 3.0% |
| &nbsp;&nbsp;&nbsp;Cigarettes | **155248** | 40775 | 87464 | 11879 | 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | (1.5)% | (6.2)% | 0.1% | 0.1% | 1.6% |
| &nbsp;&nbsp;**Total** | **194058** | **55067** | **95327** | **28330** | **15334** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 0.5% | (2.4)% | 1.1% | 3.6% | 1.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Oral SFP Shipments**<br>(m cans) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;&nbsp;Nicotine Pouches | **214.7** | 15.5 | 6.0 | 1.9 | 191.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 43.3% | 31.0% | +100% | +100% | 41.6% |
| &nbsp;&nbsp;&nbsp;Snus | **59.6** | 54.6 |  | 4.4 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 1.4% | (5.9)% |  |  | (23.1)% |
| &nbsp;&nbsp;&nbsp;Moist Snuff | **33.4** |  |  |  | 33.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | (2.1)% |  |  |  | (2.1)% |
| &nbsp;&nbsp;&nbsp;Other Oral SFP | **0.7** | 0.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | (26.9)% | (26.9)% |  |  |  |
| &nbsp;&nbsp;**Total** | **308.4** | **70.8** | **6.0** | **6.3** | **225.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. Q2 2024 | 26.5% | —% | +100% | +100% | 32.5% |
| Note: U.S. travel retail volumes of approximately 2.5 million 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. | Note: U.S. travel retail volumes of approximately 2.5 million 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. | Note: U.S. travel retail volumes of approximately 2.5 million 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. | Note: U.S. travel retail volumes of approximately 2.5 million 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. | Note: U.S. travel retail volumes of approximately 2.5 million 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. | Note: U.S. travel retail volumes of approximately 2.5 million 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. |

---

------

&nbsp;&nbsp;**Total PMI**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume increased by 1.2% with SFP volumes up by 11.8%, with all SFP categories growing strongly, and cigarette volumes down by 1.5% largely driven by Turkey and Indonesia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased by 6.8% on an organic basis, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 14.9% on an organic basis, mainly reflecting the same factors as for net revenues, partly offset by higher marketing, administration and research costs.

&nbsp;&nbsp;**Europe**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The estimated market for cigarettes and HTUs decreased by 1.2% to 136.7 billion units, with a 2.8% decrease for cigarettes and continued HTU growth. Notable decreases in Poland (down by 7.8%), Ukraine (down by 7.6%), and the Netherlands (down by 23.5%) were partly offset by Germany (up by 6.5%) and Italy (up by 4.0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume decreased by 1.7% with cigarettes down by 6.2%, including unfavorable inventory movements in France and Italy, and SFP up by 11.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's cigarette and HTU shipment volume decreased by 2.4% to 55.1 billion units, predominantly due to decreases in France (down by 17.5%), Italy (down by 4.1%), and Poland (down by 4.6%) driven by cigarette shipments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI HTUs share of the total cigarette and HTU market increased by 1.2pp on an adjusted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased by 7.3% on an organic basis, reflecting a favorable pricing variance 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 13.8% on an organic basis, primarily reflecting the same factors as for net revenues.

&nbsp;&nbsp;**SSEA, CIS & MEA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The estimated market for cigarettes and HTUs increased by 0.8% to 392.6 billion units, mainly due to Egypt (up by 17.9%), India (up by 10.5%), and Turkey (up by 4.3%), partly offset by Indonesia (down by 7.0%) and Bangladesh (down by 8.9%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume increased by 1.2% with SFP up by 14.8%, and cigarettes broadly stable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's cigarette and HTU shipment volume increased by 1.1% to 95.3 billion units, with increases in India (up by 41.9%) and the Philippines (up 8.0%), partly offset by Turkey (down by 8.0% due to supply chain issues following a change in regulatory requirements) and Indonesia (down by 3.7%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's HTU adjusted in-market sales volume, fueled by broad growth across the region, increased by an estimated 19.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased by 4.9% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; while higher cigarette and HTU volume was

------

offset by unfavorable cigarette mix due to the below mentioned commercial model change in Indonesia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 17.2% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing, as well as higher cigarette and HTU volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf).

&nbsp;&nbsp;**East Asia, Australia & PMI Global Travel Retail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The estimated market for cigarettes and HTUs, excluding China, decreased by 0.7% to 79.8 billion units, with a decrease in cigarettes largely offset by HTU growth. The decrease in the estimated market was mainly driven by Australia (down by 50.2%) and South Korea (down by 2.4%), partly offset by Global Travel Retail (up by 7.8%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume increased by 4.1% with SFP up by 7.2%, and cigarettes broadly stable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's cigarette and HTU shipment volume increased by 3.6% to 28.3 billion units with growth in Global Travel Retail (up by 23.0%) and Japan (up by 2.9%), partly offset by Australia (down by 83.4% predominantly due to shipment phasing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's HTU adjusted in-market sales volume increased by an estimated 9.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased by 1.6% on an organic basis, predominantly reflecting a favorable volume/mix, driven by higher smoke-free products volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 9.4% on an organic basis, driven by the same factor as for net revenues.

&nbsp;&nbsp;**Americas**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The estimated market for cigarettes and HTUs, excluding the U.S., decreased by 0.7% to 45.3 billion units, predominantly reflecting a decrease in the cigarette market. The decrease was mainly due to Canada (down by 11.3%) and Brazil (down by 1.6%), partly offset by Argentina (up by 8.3%) and Mexico (up by 3.6%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume increased by 6.2% with SFP up by 30.2%, and cigarettes up by 1.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's cigarette and HTU shipment volume increased by 1.6% to 15.3 billion units, with increases in Argentina (up by 12.3%) and Mexico (up by 2.3%), partly offset by decreases in Brazil (down by 2.7%) and Colombia (down by 7.9%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oral SFP shipments increased by 32.5% to 225 million cans, predominantly driven by *ZYN* nicotine pouches in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased by 17.0% on an organic basis, primarily reflecting: favorable volume/mix, predominantly driven by nicotine pouches in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 26.9% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs, including incremental U.S. investments.

------

**Operating Review - First Six Months 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Revenues**<br>(in millions) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;**2024** | **18261** | **7350** | **5429** | **3357** | **2125** |
| &nbsp;&nbsp;&nbsp;&nbsp;Price | 946 | 427 | 342 | 33 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volume/Mix | 602 | 155 | (30) | 102 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (11) |  | (3) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions & Divestitures | (88) | (88) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency | (269) | (50) | (69) | (53) | (97) |
| &nbsp;&nbsp;**2025** | **19441** | **7794** | **5669** | **3439** | **2539** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 6.5% | 6.0% | 4.4% | 2.4% | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 8.4% | 7.9% | 5.7% | 4.0% | 24.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Operating Income**<br>(in millions) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;**2024** | **6489** | **3028** | **1663** | **1516** | **282** |
| &nbsp;&nbsp;&nbsp;&nbsp;Price | 946 | 427 | 342 | 33 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volume/Mix | 751 | 87 | 134 | 184 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost/Other | (914) | (497) | (212) | 28 | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions & Divestitures | 66 | 35 | 31 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency | (82) | 25 | (38) | 5 | (74) |
| &nbsp;&nbsp;**2025** | **7256** | **3105** | **1920** | **1766** | **465** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 11.8% | 2.5% | 15.5% | 16.5% | 64.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments<sup>\*</sup> | (780) | (374) | (8) | (1) | (396) |
| &nbsp;&nbsp;**2025 Adjusted OI** | **8036** | **3480** | **1928** | **1767** | **861** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 14.5% | 10.0% | 15.2% | 16.5% | 30.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 15.4% | 9.6% | 15.7% | 16.2% | 41.5% |
| &nbsp;&nbsp;**2024 Adjusted OI Margin** | **38.4%** | **43.1%** | **30.8%** | **45.2%** | **31.1%** |
| &nbsp;&nbsp;**2025 Adjusted OI Margin** | **41.3%** | **44.6%** | **34.0%** | **51.4%** | **33.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 2.9pp | 1.5pp | 3.2pp | 6.2pp | 2.8pp |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic growth | 2.5pp | 0.6pp | 2.9pp | 5.3pp | 4.4pp |
| (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. | (\*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HTU & Cigarette Shipments**<br>(m units) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;&nbsp;Heated Tobacco Units | **75899** | 27364 | 14365 | 33815 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 10.5% | 12.7% | 10.4% | 8.8% | 12.7% |
| &nbsp;&nbsp;&nbsp;Cigarettes | **300001** | 76113 | 171208 | 23274 | 29406 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | (0.3)% | (5.5)% | 2.2% | (0.7)% | 0.6% |
| &nbsp;&nbsp;**Total** | **375900** | **103477** | **185573** | **57089** | **29761** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 1.7% | (1.3)% | 2.8% | 4.7% | 0.7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Oral SFP Shipments**<br>(m cans) | **Total PMI** | Europe | SSEA, CIS & MEA | EA, AU & PMI GTR | Americas |
| &nbsp;&nbsp;&nbsp;Nicotine Pouches | **438.1** | 30.5 | 10.5 | 2.9 | 394.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 48.2% | 26.9% | +100% | +100% | 47.8% |
| &nbsp;&nbsp;&nbsp;Snus | **119.8** | 111.1 |  | 7.5 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | (0.4)% | (6.5)% |  |  | (17.5)% |
| &nbsp;&nbsp;&nbsp;Moist Snuff | **67.0** |  |  |  | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | (2.2)% |  |  |  | (2.2)% |
| &nbsp;&nbsp;&nbsp;Other Oral SFP | **1.3** | 1.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | (34.2)% | (34.8)% |  |  |  |
| &nbsp;&nbsp;**Total** | **626.3** | **142.9** | **10.5** | **10.4** | **462.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;vs. YTD 2024 | 28.8% | (1.3)% | +100% | +100% | 37.3% |
| Note: U.S. travel retail volumes of approximately 2.9 million 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. | Note: U.S. travel retail volumes of approximately 2.9 million 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. | Note: U.S. travel retail volumes of approximately 2.9 million 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. | Note: U.S. travel retail volumes of approximately 2.9 million 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. | Note: U.S. travel retail volumes of approximately 2.9 million 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. | Note: U.S. travel retail volumes of approximately 2.9 million 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. |

---

------

&nbsp;&nbsp;**Total PMI**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume increased by 2.5% with smoke-free volumes up by 13.1%, with all SFP categories growing strongly, and cigarette volumes down by 0.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased organically by 8.4%, mainly reflecting: a favorable pricing variance, predominantly due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free volume, notwithstanding unfavorable mix and lower volumes for cigarettes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 15.4% on an organic basis, reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs as well as manufacturing costs.

&nbsp;&nbsp;**Europe**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** PMI's shipment volume decreased by 0.7% with cigarettes down by 5.5% and smoke-free up by 13.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased organically by 7.9%, reflecting a favorable pricing variance, predominantly due higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding unfavorable mix and lower volumes for cigarettes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 9.6% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs.

&nbsp;&nbsp;**SSEA, CIS & MEA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's shipment volume increased by 2.9% with smoke-free up by 11.7% and cigarettes up by 2.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased organically by 5.7%, mainly reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; while higher cigarette and SFP volume was offset by unfavorable cigarette mix due to an already mentioned commercial model change in Indonesia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 15.7% on an organic basis, primarily reflecting: a favorable pricing 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).

&nbsp;&nbsp;**East Asia, Australia & PMI Global Travel Retail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's shipment volume increased by 5.1% with smoke-free up by 9.6% and cigarettes down by 0.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased 4.0% organically, primarily due to favorable volume/mix, driven by SFP volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased 16.2% organically, reflecting the same factors as for net revenues.

&nbsp;&nbsp;**Americas**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMI's shipment volume increased by 6.1% with smoke-free up by 35.3% and cigarettes up by 0.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenues increased 24.0% organically, reflecting: favorable volume/mix, driven by SFP volume, as well as favorable pricing variance, due to U.S. smoke-free products and cigarettes outside of the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income increased by 41.5% organically, due to the same factors as for net revenues, partly offset by higher marketing, administration and research costs as well as manufacturing costs.

------

**Additional Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Second Quarter** | **Second Quarter** | | **First Six Months** | **First Six Months** |
| **2025** | **2024** |  | **2025** | **2024** |
| **$1.95** | **$1.54** | **Reported Diluted EPS** | **$3.67** | **$2.92** |
| 0.13 |  | Restructuring charges | 0.13 | 0.09 |
| 0.03 |  | Impairment of goodwill and other intangibles | 0.03 | 0.01 |
| 0.12 | 0.11 | Amortization of intangibles | 0.24 | 0.17 |
| (0.18) | 0.02 | Income tax impact associated with Swedish Match AB financing | (0.24) | 0.09 |
| (0.17) | (0.08) | Fair value adjustment for equity security investments | (0.26) | (0.15) |
| 0.03 |  | Tax items | 0.03 | (0.03) |
| **$1.91** | **$1.59** | **Adjusted Diluted EPS** | **$3.60** | **$3.10** |
| 0.02 |  | Less: Currency | (0.05) |  |
| **$1.89** | **$1.59** | **Adjusted Diluted EPS, excluding Currency** | **$3.65** | **$3.10** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Second Quarter</u>** | | | **Change<br>Fav./(Unfav.)** | **Change<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** |
| **<u>Second Quarter</u>** | **2025** | **2024** | **Total** | **Excl.<br>Curr. & Acq./Div.** | **Total** | **Cur-<br>rency** | **Acq. / Div.** | **Price** | **Vol/<br>Mix** | **Cost/<br>Other** |
| **(in millions)** | **2025** | **2024** | **Total** | **Excl.<br>Curr. & Acq./Div.** | **Total** | **Cur-<br>rency** | **Acq. / Div.** | **Price** | **Vol/<br>Mix** | **Cost/<br>Other** |
| **Net Revenues** | **$10140** | **$9468** | **7.1%** | **6.8%** | **672** | **71** | **(39)** | **420** | **225** | **(5)** |
| Cost of Sales<sup>(1)</sup> | (3279) | (3345) | 2.0% | 1.5% | 66 | (26) | 43 |  | 76 | (27) |
| Marketing, Administration and Research Costs<sup>(2)</sup> | (3108) | (2679) | (16.0)% | (16.2)% | (429) | (14) | 19 |  |  | (434) |
| Impairment of Goodwill | (41) |  | —% | —% | (41) |  |  |  |  | (41) |
| **Operating Income** | **$3712** | **$3444** | **7.8%** | **6.2%** | **268** | **31** | **23** | **420** | **301** | **(507)** |
| Restructuring charges | (243) |  | —% | —% | (243) |  |  |  |  | (243) |
| Amortization of intangibles | (250) | (212) | (17.9)% | (22.6)% | (38) |  | 10 |  |  | (48) |
| Impairment of goodwill | (41) |  | —% | —% | (41) |  |  |  |  | (41) |
| **Adjusted Operating Income** | **$4246** | **$3656** | **16.1%** | **14.9%** | **590** | **31** | **13** | **420** | **301** | **(175)** |
| **Adjusted Operating Income Margin** | **41.9%** | **38.6%** | **3.3pp** | **3.0pp** |  |  |  |  |  |  |
| (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. | (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. |
| (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. | (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>First Six Months</u>** | | | **Change<br>Fav./(Unfav.)** | **Change<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** | **Variance<br>Fav./(Unfav.)** |
| **<u>First Six Months</u>** | **2025** | **2024** | **Total** | **Excl.<br>Curr. & Acq./Div.** | **Total** | **Cur-<br>rency** | **Acq. / Div.** | **Price** | **Vol/<br>Mix** | **Cost/<br>Other** |
| **(in millions)** | **2025** | **2024** | **Total** | **Excl.<br>Curr. & Acq./Div.** | **Total** | **Cur-<br>rency** | **Acq. / Div.** | **Price** | **Vol/<br>Mix** | **Cost/<br>Other** |
| **Net Revenues** | **$19441** | **$18261** | **6.5%** | **8.4%** | **1180** | **(269)** | **(88)** | **946** | **602** | **(11)** |
| Cost of Sales <sup>(1)</sup> | (6319) | (6540) | 3.4% | 0.7% | 221 | 80 | 92 |  | 149 | (100) |
| Marketing, Administration and Research Costs <sup>(2)</sup> | (5825) | (5232) | (11.3)% | (14.6)% | (593) | 107 | 62 |  |  | (762) |
| Impairment of Goodwill | (41) |  | —% | —% | (41) |  |  |  |  | (41) |
| **Operating Income** | **$7256** | **$6489** | **11.8%** | **12.1%** | **767** | **(82)** | **66** | **946** | **751** | **(914)** |
| Restructuring charges | (243) | (168) | (44.6)% | (44.6)% | (75) |  |  |  |  | (75) |
| Impairment of goodwill and other intangibles | (41) | (27) | (51.9)% | -(100)% | (14) |  | 26 |  |  | (40) |
| Amortization of intangibles | (496) | (332) | (49.4)% | (55.7)% | (164) |  | 21 |  |  | (185) |
| **Adjusted Operating Income** | **$8036** | **$7016** | **14.5%** | **15.4%** | **1020** | **(82)** | **19** | **946** | **751** | **(614)** |
| **Adjusted Operating Income Margin** | **41.3%** | **38.4%** | **2.9pp** | **2.5pp** |  |  |  |  |  |  |
| (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. | (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. |
| (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. | (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Second Quarter** | **Second Quarter** | **Second Quarter** | **First Six Months** | **First Six Months** | **First Six Months** |
| | **2025** | **2024** | **Change (pp)** | **2025** | **2024** | **Change (pp)** |
| **Total International Market Share**<sup>(1)</sup>  | **29.2%** | **28.8%** | **0.4** | **29.1%** | **28.5%** | **0.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigarettes | 23.4% | 23.7% | (0.3) | 23.4% | 23.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HTU | 5.7% | 5.1% | 0.6 | 5.7% | 5.1% | 0.6 |
| Cigarette over Cigarette Market Share<sup>(2)</sup> | 25.4% | 25.5% | (0.1) | 25.3% | 25.1% | 0.2 |
| (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan | (1) Defined as PMI's cigarette and heated tobacco unit in-market sales 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 in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan | (2) Defined as PMI's cigarette in-market sales 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. | Note: Sum of share of market by product categories might not foot to total due to rounding. | Note: Sum of share of market by product categories might not foot to total due to rounding. | Note: Sum of share of market by product categories might not foot to total due to rounding. | Note: Sum of share of market by product categories might not foot to total due to rounding. | Note: Sum of share of market by product categories might not foot to total due to rounding. | Note: Sum of share of market by product categories might not foot to total due to rounding. |

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**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. As of June 30, 2025, our smoke-free products were available for sale in 97 markets, and PMI estimates they were used by over 41 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% of PMI's first-half 2025 total net revenues. Since 2008, PMI has invested over $14 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 and healthcare areas and aims to enhance life through the delivery of seamless health experiences. References to "PMI", "we", "our" and "us" mean Philip Morris International Inc., and its subsidiaries. For more information, please visit <u>www.pmi.com</u> and <u>www.pmiscience.com</u>.

**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: 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; 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 components and materials for our

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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, including women or diverse candidates; 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, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and 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 July 22, 2025, and at <u>www.pmi.com/2025Q2earnings</u>. 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.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | | | | | | **Appendix 1** | **Appendix 1** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** |
| **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** |
| **Market** | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) |
| **Market** | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette** | **Cigarette** | **Cigarette** | **HTU** | **HTU** | **HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **HTU** | **HTU** | **HTU** |
| **Market** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **pp Change** | **2025** | **2024** | **pp Change** |
| **Total**<sup>(1)(2)</sup> | 654.5 | 654.0 | 0.1 | 194.1 | 193.2 | 0.5 | 155.2 | 157.6 | (1.5) | 38.8 | 35.5 | 9.2 | 29.2 | 28.8 | 0.4 | 5.7 | 5.1 | 0.6 |
| **Europe** | **Europe** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**France** | 6.4 | 6.7 | (4.5) | 2.7 | 3.3 | (17.5) | 2.7 | 3.3 | (17.4) |  |  |  | 40.5 | 41.5 | (1.0) | 0.5 | 0.6 | (0.1) |
| &nbsp;&nbsp;**Germany**<sup>(3)</sup> | 18.4 | 17.3 | 6.5 | 6.9 | 6.8 | 0.6 | 5.6 | 5.8 | (2.3) | 1.2 | 1.1 | 16.5 | 37.9 | 39.0 | (1.1) | 6.8 | 6.0 | 0.8 |
| &nbsp;&nbsp;**Italy**<sup>(3)</sup> | 18.9 | 18.1 | 4.0 | 10.1 | 10.6 | (4.1) | 7.0 | 8.0 | (12.5) | 3.1 | 2.5 | 22.2 | 53.4 | 53.6 | (0.2) | 17.7 | 16.7 | 1.0 |
| &nbsp;&nbsp;**Poland**<sup>(3)</sup> | 13.8 | 15.0 | (7.8) | 6.2 | 6.5 | (4.6) | 4.8 | 5.1 | (5.2) | 1.3 | 1.4 | (2.2) | 45.2 | 43.5 | 1.7 | 9.9 | 9.2 | 0.7 |
| &nbsp;&nbsp;**Spain** | 11.2 | 11.2 |  | 3.5 | 3.5 | 1.0 | 3.1 | 3.2 | (1.9) | 0.4 | 0.3 | 35.3 | 29.7 | 29.1 | 0.6 | 3.4 | 2.6 | 0.8 |
| **SSEA, CIS & MEA** | **SSEA, CIS & MEA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Egypt** | 22.6 | 19.1 | 17.9 | 6.7 | 6.7 | 0.8 | 6.4 | 6.3 | 1.2 | 0.3 | 0.3 | (7.3) | 29.6 | 34.3 | (4.7) | 1.8 | 1.9 | (0.1) |
| &nbsp;&nbsp;**Indonesia**<sup>(4)</sup> | 60.4 | 65.0 | (7.0) | 18.9 | 19.6 | (3.7) | 18.5 | 19.4 | (4.5) | 0.4 | 0.3 | 50.2 | 31.3 | 30.2 | 1.1 | 0.7 | 0.4 | 0.3 |
| &nbsp;&nbsp;**Philippines** | 12.0 | 11.1 | 8.3 | 5.5 | 5.1 | 8.0 | 5.4 | 5.0 | 7.3 | 0.1 | 0.1 | 63.5 | 46.0 | 46.2 | (0.2) | 0.9 | 0.6 | 0.3 |
| &nbsp;&nbsp;**Russia** | 56.3 | 55.2 | 1.9 | 18.3 | 17.4 | 5.4 | 13.3 | 12.9 | 2.5 | 5.1 | 4.4 | 13.9 | 32.1 | 31.5 | 0.6 | 9.0 | 8.2 | 0.8 |
| &nbsp;&nbsp;**Turkey** | 41.0 | 39.3 | 4.3 | 18.7 | 20.3 | (8.0) | 18.7 | 20.3 | (8.0) |  |  |  | 45.8 | 51.7 | (5.9) |  |  |  |
| **EA, AU & PMI GTR** | **EA, AU & PMI GTR** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Australia** | 0.7 | 1.4 | (50.2) | 0.1 | 0.4 | (83.4) | 0.1 | 0.4 | (83.4) |  |  |  | 24.8 | 32.8 | (8.0) |  |  |  |
| &nbsp;&nbsp;**Japan**<sup>(2)(3)</sup> | 37.9 | 37.9 | (0.1) | 18.0 | 17.5 | 2.9 | 4.2 | 4.1 | 2.0 | 13.9 | 13.4 | 3.2 | 42.8 | 41.0 | 1.8 | 31.7 | 29.4 | 2.3 |
| &nbsp;&nbsp;**South Korea** | 17.8 | 18.2 | (2.4) | 3.5 | 3.6 | (1.2) | 1.9 | 2.2 | (10.3) | 1.6 | 1.4 | 12.8 | 19.9 | 19.6 | 0.3 | 8.9 | 7.7 | 1.2 |
| **Americas** | **Americas** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Argentina** | 6.4 | 5.9 | 8.3 | 4.1 | 3.6 | 12.3 | 4.1 | 3.6 | 12.3 |  |  |  | 63.8 | 61.6 | 2.2 |  |  |  |
| &nbsp;&nbsp;**Mexico** | 8.2 | 7.9 | 3.6 | 4.7 | 4.6 | 2.3 | 4.6 | 4.6 | 1.8 | 0.1 | 0.1 | 38.8 | 57.8 | 58.6 | (0.8) | 1.0 | 0.8 | 0.2 |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market 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 | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS |
| (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 2.1 billion units of cigarettes 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% |

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| | | | | | | | | | | | | | | | | | **Appendix 2** | **Appendix 2** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** | **Key Market Data** |
| **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** | **First Six Months** |
| **Market** | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Shipments** (bn units) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) | **PMI Market Share**<sup>(2)</sup> (%) |
| **Market** | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU Market** (bn units) | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette** | **Cigarette** | **Cigarette** | **HTU** | **HTU** | **HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **Cigarette & HTU** | **HTU** | **HTU** | **HTU** |
| **Market** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **pp Change** | **2025** | **2024** | **pp Change** |
| **Total**<sup>(1)(2)</sup> | 1261.5 | 1266.3 | (0.4) | 375.9 | 369.5 | 1.7 | 300.0 | 300.8 | (0.3) | 75.9 | 68.7 | 10.5 | 29.1 | 28.5 | 0.6 | 5.7 | 5.1 | 0.6 |
| **Europe** | **Europe** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**France** | 11.9 | 13.0 | (8.5) | 5.1 | 5.9 | (12.9) | 5.1 | 5.8 | (12.7) | 0.1 | 0.1 | (27.4) | 40.3 | 40.9 | (0.6) | 0.5 | 0.6 | (0.1) |
| &nbsp;&nbsp;**Germany**<sup>(3)</sup> | 33.8 | 33.3 | 1.5 | 12.9 | 13.2 | (1.9) | 10.5 | 11.1 | (5.7) | 2.4 | 2.1 | 18.6 | 38.1 | 39.3 | (1.2) | 7.2 | 6.2 | 1.0 |
| &nbsp;&nbsp;**Italy**<sup>(3)</sup> | 35.9 | 35.6 | 0.9 | 18.8 | 18.5 | 1.3 | 12.9 | 13.7 | (5.8) | 5.8 | 4.8 | 21.8 | 53.2 | 53.1 | 0.1 | 18.0 | 17.2 | 0.8 |
| &nbsp;&nbsp;**Poland**<sup>(3)</sup> | 25.7 | 29.1 | (11.8) | 11.4 | 12.5 | (9.3) | 9.0 | 9.9 | (9.1) | 2.4 | 2.7 | (10.1) | 44.6 | 43.2 | 1.4 | 9.8 | 9.1 | 0.7 |
| &nbsp;&nbsp;**Spain** | 20.6 | 21.0 | (1.9) | 6.7 | 6.3 | 6.8 | 6.1 | 5.8 | 5.3 | 0.6 | 0.5 | 23.3 | 29.3 | 29.0 | 0.3 | 3.3 | 2.7 | 0.6 |
| **SSEA, CIS & MEA** | **SSEA, CIS & MEA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Egypt** | 42.5 | 38.7 | 10.1 | 12.7 | 12.0 | 5.7 | 12.1 | 11.3 | 6.8 | 0.5 | 0.6 | (14.9) | 29.3 | 30.5 | (1.2) | 1.8 | 1.9 | (0.1) |
| &nbsp;&nbsp;**Indonesia**<sup>(4)</sup> | 126.5 | 132.1 | (4.3) | 39.3 | 39.9 | (1.5) | 38.6 | 39.4 | (2.0) | 0.7 | 0.5 | 34.3 | 31.0 | 30.2 | 0.8 | 0.5 | 0.4 | 0.1 |
| &nbsp;&nbsp;**Philippines** | 23.9 | 22.9 | 4.0 | 11.1 | 10.6 | 4.9 | 10.9 | 10.4 | 4.2 | 0.2 | 0.1 | 57.0 | 46.4 | 46.0 | 0.4 | 0.9 | 0.6 | 0.3 |
| &nbsp;&nbsp;**Russia** | 103.9 | 102.0 | 1.9 | 34.7 | 32.9 | 5.6 | 25.4 | 24.4 | 4.0 | 9.3 | 8.5 | 10.2 | 32.5 | 31.9 | 0.6 | 9.5 | 8.8 | 0.7 |
| &nbsp;&nbsp;**Turkey** | 75.2 | 70.5 | 6.7 | 35.8 | 36.3 | (1.6) | 35.8 | 36.3 | (1.6) |  |  |  | 47.6 | 51.6 | (4.0) |  |  |  |
| **EA, AU & PMI GTR** | **EA, AU & PMI GTR** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Australia** | 1.8 | 2.7 | (33.0) | 0.6 | 1.0 | (39.1) | 0.6 | 1.0 | (39.1) |  |  |  | 37.1 | 35.2 | 1.9 |  |  |  |
| &nbsp;&nbsp;**Japan**<sup>(2)(3)</sup> | 73.4 | 73.6 | (0.4) | 36.9 | 35.4 | 4.1 | 8.1 | 8.4 | (3.0) | 28.8 | 27.0 | 6.3 | 42.9 | 41.0 | 1.9 | 31.9 | 29.3 | 2.6 |
| &nbsp;&nbsp;**South Korea** | 33.2 | 34.7 | (4.3) | 6.8 | 6.9 | (1.5) | 3.7 | 4.2 | (11.8) | 3.1 | 2.8 | 14.1 | 20.6 | 20.0 | 0.6 | 9.5 | 7.9 | 1.6 |
| **Americas** | **Americas** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Argentina** | 13.4 | 13.0 | 3.4 | 8.5 | 8.0 | 6.5 | 8.5 | 8.0 | 6.5 |  |  |  | 63.4 | 61.6 | 1.8 |  |  |  |
| &nbsp;&nbsp;**Mexico** | 13.9 | 14.2 | (2.4) | 8.0 | 8.3 | (3.6) | 7.9 | 8.2 | (3.9) | 0.1 | 0.1 | 21.2 | 57.9 | 58.6 | (0.7) | 0.9 | 0.8 | 0.1 |
| (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated | (1) Market share estimates are calculated using IMS data, unless otherwise stated |
| (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market share estimates include cigarillos in Japan | (2) Total market and market 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 | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS | (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS |
| (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent | (4) 2025 includes 4.1 billion units of cigarettes 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% | 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% |

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## Exhibit 99.2

**Exhibit 99.2**

**Philip Morris International Inc.**

**Glossary of Key Terms, Definitions**

**and Explanatory Notes; and**

**Select Financial Information and Reconciliations of** 

**Non-GAAP Financial Measures**

**2025 Second-Quarter Results**

**July 22, 2025**

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**Glossary of Key Terms, Definitions** 

**and Explanatory Notes**

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**General**

**•** "PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

**•** Comparisons are made to the same prior-year period unless otherwise stated.

**•** References to total industry (or total market), PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.

**•** As of the first quarter of 2022, total industry volume, PMI in-market sales volume and PMI market share for the following geographies include the cigarillo category in Japan: the total international market, EA, AU & PMI GTR Region, and Japanese domestic market.

**•** References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid products based on data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China. Past reported periods may be updated to ensure comparability and to incorporate the most current information for industry and market share reporting.

**•** "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

• In-market sales or "IMS" is defined as sales to the trade channels, which serve the end legal age nicotine users. 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.

**•** From time to time, PMI's shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI's competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes, IMS, certain estimated total industry/market volumes and estimated market share on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI's shipment volumes, IMS, estimated total industry/market volumes and estimated market share in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, improves the comparability of performance and trends for these measures over different reporting periods.

• Consumer offtake or offtake is the term PMI uses to refer to an approximation of purchases by consumers based on various market specific sources (e.g., Nielsen).

**•** "Total shipment volume" is defined as the combined total of cigarette, heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and<br>e-vapor shipment volume in equivalent units, unless otherwise stated.

**•** "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

**•** "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.

• 2025 volumes of nicotine pouches from U.S. based Global Travel Retail locations are recorded in Americas segment, financial impact is recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year.

• Following the sale of Vectura Group Ltd. on December 31, 2024, we updated our segment reporting in January 2025 by including the ongoing Wellness & Healthcare segment results in the Europe segment. In addition, PMI renamed its "PMI Duty Free" business to "PMI Global Travel Retail" effective in the first quarter of 2025. As a result of this change, our segment that includes our duty free business was renamed East Asia, Australia & PMI Global Travel Retail ("EA, AU & PMI GTR"). As of the first quarter of 2025, PMI began reporting on this basis.

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• Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include *Next*, *TEREA* and *VEEV*. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.

• Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

**Financial**

**•** "Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

**•** "Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

**•** "Cost/Other" in the Consolidated Financial Summary table of total PMI and the four segments of this release reflects the currency and acquisition/divestiture-neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including restructuring costs); and amortization and impairment of intangibles. "Cost/Other" also includes the currency and acquisition/divestiture-neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets in the SSEA, CIS & MEA Region.

**•** "Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by net revenues.

**•** "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.

**•** "Net debt" is defined as total debt, less cash and cash equivalents.

**•** Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and divestitures.

**•** 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.

• When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as restructuring costs, amortization and impairment of acquired intangibles and other special items, changes in

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currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

**•** Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.

**•** U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, April 1, 2022, for Turkey, and October 1, 2024 for Egypt.

**•** "Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.

**•** "Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.

• Egypt sales tax charge: In the third quarter of 2024, following a ruling issued by the Higher Administrative Court in Egypt and subsequent evaluation of available remedies, PMI concluded that an adverse outcome was probable and recorded a pre-tax charge of $45 million in relation to tax assessments for general sales tax deducted on imported cutfiller for the years 2014 to 2016.

• Loss on Sale of Vectura Group: In September 2024, PMI announced the execution of a definitive agreement to sell Vectura to Molex Asia Holdings Ltd. On December 31, 2024, we completed the sale. As a result, PMI recorded a pre-tax loss in 2024 of $199 million, primarily related to an impairment charge of $198 million recorded in the third quarter related to Vectura's classification as held for sale.

**Smoke-Free**

• Smoke-free business ("SFB") is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches.

• Smoke-free products ("SFPs") is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

**•** Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.

**•** "Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our *BLENDS*, *DELIA*, *HEETS*, *HEETS Creations* (defined collectively as "*HEETS")*, *SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions,* as well as the KT&G-licensed brands, *Fiit* and *Miix* (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (*LEVIA*).

**•** Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.

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• "Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.

**•** Unless otherwise stated, all references to *IQOS* are to PMI's *IQOS* devices and heated tobacco consumables.

**•** *IQOS* heat-not-burn devices are precisely controlled heating devices into which a specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.

**•** "PMI heat-not-burn products" or "PMI HTUs" or "*IQOS* HTUs" include licensed KT&G heat-not-burn products.

• "Total PMI SFPs users" is defined as the sum of "Total *IQOS* users", "Total oral smokeless users", "Total e-Vapor users" of PMI products and considering "Poly-users across PMI SFPs categories".

**•** "Total *IQOS* users" is defined as the estimated number of Legal Age (minimum 18 years<sup>1</sup>) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.

The estimated number of adults who have "switched to *IQOS* and stopped smoking" reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

• "Total PMI oral smokeless users" are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years<sup>1</sup><sup>1</sup>outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.

• "Total PMI e-Vapor users" is defined as the estimated number of Legal Age (minimum 18 years<sup>1</sup>) users of e-Vapor products, who consumed at least one of PMI<br>e-Vapor products in the past seven days.

• "Poly-users across PMI SFPs categories" are defined as the estimated number of Legal Age (minimum 18 years<sup>1</sup>) users who used multiple PMI SFPs over the past seven days*.*

• The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT) in combination with SFP multicategory offtake volume trends. The NCPT methodology estimates rely on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total *IQOS* user data, leveraging our deep understanding of PMI's heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.

Note: PMI SFPs user estimates are derived from sample-based estimations from NCPT at 95% Confidence Interval. The accuracy and reliability of PMI SFPs users estimates may vary based on sample size, market maturity and availability of information.

• "Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew and is measured in cans or, for the purposes of total shipment volumes, in pouches or pouch equivalents.

• "Other Oral SFP volume" includes tobacco bits and chew bags.

<sup>1</sup><sup>1</sup>Minimum 18 years or older depending on market regulation

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• Oral smoke-free products conversion: (i) nicotine pouches: 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.

• E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units.

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**Select Financial Information and Reconciliations of Non-GAAP Financial Measures**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Schedule 1** | **Schedule 1** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| **Diluted Earnings Per Share (EPS)** | **Diluted Earnings Per Share (EPS)** | **Diluted Earnings Per Share (EPS)** | **Diluted Earnings Per Share (EPS)** | **Diluted Earnings Per Share (EPS)** |
| ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) |
| **Quarters Ended** | **Quarters Ended** | **Diluted EPS** | **Six Months Ended** | **Six Months Ended** |
| **June 30,** | **June 30,** | **Diluted EPS** | **June 30,** | **June 30,** |
| **$1.95** | **$1.95** | **2025 Diluted Earnings Per Share (1)** | **$3.67** | **$3.67** |
| **$1.54** | **$1.54** | **2024 Diluted Earnings Per Share (1)** | **$2.92** | **$2.92** |
| $0.41 | $0.41 | Change | $0.75 | $0.75 |
| 26.6 | 26.6% | % Change | 25.7% | 25.7% |
|  |  | **<u>Reconciliation:</u>** |  |  |
| **$1.54** | **$1.54** | **2024 Diluted Earnings Per Share (1)** | **$2.92** | **$2.92** |
|  |  | 2024 Restructuring charges | 0.09 | 0.09 |
| 0.11 | 0.11 | 2024 Amortization of intangibles | 0.17 | 0.17 |
|  |  | 2024 Impairment of other intangibles | 0.01 | 0.01 |
| 0.02 | 0.02 | 2024 Income tax impact associated with Swedish Match AB financing | 0.09 | 0.09 |
| (0.08) | (0.08) | 2024 Fair value adjustment for equity security investments | (0.15) | (0.15) |
|  |  | 2024 Tax Items | (0.03) | (0.03) |
| (0.13) | (0.13) | 2025 Restructuring charges | (0.13) | (0.13) |
| (0.03) | (0.03) | 2025 Impairment of goodwill | (0.03) | (0.03) |
| (0.12) | (0.12) | 2025 Amortization of intangibles | (0.24) | (0.24) |
| 0.18 | 0.18 | 2025 Income tax impact associated with Swedish Match AB financing | 0.24 | 0.24 |
| 0.17 | 0.17 | 2025 Fair value adjustment for equity security investments | 0.26 | 0.26 |
| (0.03) | (0.03) | 2025 Tax Items | (0.03) | (0.03) |
| 0.02 | 0.02 | Currency | (0.05) | (0.05) |
| 0.02 | 0.02 | Interest | 0.05 | 0.05 |
| (0.03) | (0.03) | Change in tax rate | (0.06) | (0.06) |
| 0.31 | 0.31 | Operations (2) | 0.56 | 0.56 |
| **$1.95** | **$1.95** | **2025 Diluted Earnings Per Share (1)** | **$3.67** | **$3.67** |
| (1) Basic and diluted EPS were calculated using the following (in millions): | (1) Basic and diluted EPS were calculated using the following (in millions): | (1) Basic and diluted EPS were calculated using the following (in millions): | (1) Basic and diluted EPS were calculated using the following (in millions): | (1) Basic and diluted EPS were calculated using the following (in millions): |
| **Quarters Ended** | **Quarters Ended** |  | **Six Months Ended** | **Six Months Ended** |
| **June 30,** | **June 30,** |  | **June 30,** | **June 30,** |
| **2025** | **2024** |  | **2025** | **2024** |
| $3039 | $2406 | Net Earnings attributable to PMI | $5729 | $4554 |
| 8 | 7 | Less: Distributed and undistributed earnings attributable to share-based payment awards (3) | 16 | 14 |
| $3031 | $2399 | Net Earnings for basic and diluted EPS | $5713 | $4540 |
| 1557 | 1555 | Weighted-average shares for basic EPS | 1556 | 1554 |
| 1 | 1 | Plus Contingently Issuable Performance Stock Units (3) | 2 | 2 |
| 1558 | 1556 | Weighted-average shares for diluted EPS | 1558 | 1556 |
| (2) Includes the impact of shares outstanding and share-based payments | (2) Includes the impact of shares outstanding and share-based payments | (2) Includes the impact of shares outstanding and share-based payments | (2) Includes the impact of shares outstanding and share-based payments | (2) Includes the impact of shares outstanding and share-based payments |
| (3) Including rounding adjustment | (3) Including rounding adjustment | (3) Including rounding adjustment | (3) Including rounding adjustment | (3) Including rounding adjustment |
| Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Schedule 2** | |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** | **Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,** |
| **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** | **and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Quarters Ended June 30,** | **Quarters Ended June 30,** | **Quarters Ended June 30,** |  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |  |
| **$1.95** | **$1.54** | **26.6%** | **Reported Diluted EPS** | **$3.67** | **$2.92** | **25.7%** |  |
| 0.02 |  |  | Less: Currency | (0.05) |  |  |  |
| **$1.93** | **$1.54** | **25.3%** | **Reported Diluted EPS, excluding Currency** | **$3.72** | **$2.92** | **27.4%** |  |
| **Quarters Ended June 30,** | **Quarters Ended June 30,** | **Quarters Ended June 30,** |  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Year Ended** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** | **2024** |
| **$1.95** | **$1.54** | **26.6%** | **Reported Diluted EPS** | **$3.67** | **$2.92** | **25.7%** | **$4.52** |
| 0.13 |  |  | Restructuring charges | 0.13 | 0.09 |  | 0.10 |
|  |  |  | Egypt sales tax charge |  |  |  | 0.03 |
|  |  |  | Loss on sale of Vectura Group |  |  |  | 0.13 |
| 0.03 |  |  | Impairment of goodwill and other intangibles | 0.03 | 0.01 |  | 0.01 |
| 0.12 | 0.11 |  | Amortization of intangibles | 0.24 | 0.17 |  | 0.40 |
|  |  |  | Megapolis localization tax impact |  |  |  | 0.05 |
| (0.18) | 0.02 |  | Income tax impact associated with Swedish Match AB financing | (0.24) | 0.09 |  | 0.14 |
| (0.17) | (0.08) |  | Fair value adjustment for equity security investments | (0.26) | (0.15) |  | (0.27) |
|  |  |  | Impairment related to the RBH equity investment |  |  |  | 1.49 |
| 0.03 |  |  | Tax items | 0.03 | (0.03) |  | (0.03) |
| **$1.91** | **$1.59** | **20.1%** | **Adjusted Diluted EPS** | **$3.60** | **$3.10** | **16.1%** | **$6.57** |
| 0.02 |  |  | Less: Currency | (0.05) |  |  |  |
| **$1.89** | **$1.59** | **18.9%** | **Adjusted Diluted EPS, excluding Currency** | **$3.65** | **$3.10** | **17.7%** |  |
| Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year | Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year |  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Schedule 3** | **Schedule 3** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Net<br>Revenues** | **Currency** | **Net<br>Revenues<br>excluding Currency** | **Acquisitions / Divestitures** | **Net<br>Revenues excl. Currency & Acquisitions / Divestitures** | **Quarters Ended<br>June 30,** | **Net<br>Revenues** | **Total** | **Excluding Currency** | **Excluding Currency & Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Combustible Tobacco** | **2024** | **% Change** | **% Change** | **% Change** |
| $2329 | $47 | $2281 | $— | $2281 | Europe | $2214 | 5.2% | 3.1% | 3.1% |
| 2504 |  | 2504 |  | 2504 | SSEA, CIS & MEA | 2432 | 3.0% | 3.0% | 3.0% |
| 600 | 3 | 597 |  | 597 | EA, AU & PMI GTR | 620 | (3.2)% | (3.8)% | (3.8)% |
| 547 | (46) | 593 |  | 593 | Americas | 592 | (7.7)% | 0.1% | 0.1% |
| **$5979** | **$4** | **$5975** | **$—** | **$5975** | **Total Combustible Tobacco** | **$5858** | **2.1%** | **2.0%** | **2.0%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Smoke-Free** | **2024** | **% Change** | **% Change** | **% Change** |
| $1905 | $45 | $1861 | $(39) | $1900 | Europe | $1681 | 13.3% | 10.7% | 13.0% |
| *57* | *1* | *56* | *(39)* | *95* | *of which, Wellness & Healthcare* | *80* | *(28.7) %* | *(30.3) %* | *18.6 %* |
| 422 | 19 | 403 |  | 403 | SSEA, CIS & MEA | 339 | 24.3% | 18.8% | 18.8% |
| 1108 | 6 | 1102 |  | 1102 | EA, AU & PMI GTR | 1053 | 5.2% | 4.7% | 4.7% |
| 725 | (3) | 728 |  | 728 | Americas | 537 | 35.1% | 35.7% | 35.7% |
| **$4161** | **$67** | **$4094** | **$(39)** | **$4133** | **Total Smoke-Free** | **$3610** | **15.2%** | **13.4%** | **14.5%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **PMI** | **2024** | **% Change** | **% Change** | **% Change** |
| $4234 | $92 | $4142 | $(39) | $4181 | Europe | $3895 | 8.7% | 6.3% | 7.3% |
| 2926 | 19 | 2907 |  | 2907 | SSEA, CIS & MEA | 2771 | 5.6% | 4.9% | 4.9% |
| 1708 | 9 | 1699 |  | 1699 | EA, AU & PMI GTR | 1673 | 2.1% | 1.6% | 1.6% |
| 1272 | (49) | 1321 |  | 1321 | Americas | 1129 | 12.7% | 17.0% | 17.0% |
| **$10140** | **$71** | **$10069** | **$(39)** | **$10108** | **Total PMI** | **$9468** | **7.1%** | **6.3%** | **6.8%** |
| Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Schedule 4** | **Schedule 4** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** | **Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Net<br>Revenues** | **Currency** | **Net<br>Revenues<br>excluding Currency** | **Acquisitions / Divestitures** | **Net<br>Revenues excl. Currency & <br>Acquisitions / Divestitures** | **Six Months Ended<br>June 30,** | **Net<br>Revenues** | **Total** | **Excluding Currency** | **Excluding Currency & Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Combustible Tobacco** | **2024** | **% Change** | **% Change** | **% Change** |
| $4235 | $(21) | $4256 | $— | $4256 | Europe | $4145 | 2.2% | 2.7% | 2.7% |
| 4917 | (74) | 4991 |  | 4991 | SSEA, CIS & MEA | 4778 | 2.9% | 4.5% | 4.5% |
| 1202 | (16) | 1219 |  | 1219 | EA, AU & PMI GTR | 1217 | (1.2)% | 0.2% | 0.2% |
| 1031 | (92) | 1123 |  | 1123 | Americas | 1126 | (8.4)% | (0.2)% | (0.2)% |
| **$11386** | **$(203)** | **$11589** | **$—** | **$11589** | **Total Combustible Tobacco** | **$11265** | **1.1%** | **2.9%** | **2.9%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Smoke-Free** | **2024** | **% Change** | **% Change** | **% Change** |
| $3559 | $(29) | $3588 | $(88) | $3676 | Europe | $3205 | 11.0% | 11.9% | 14.7% |
| *109* | *(1)* | *109* | *(88)* | *197* | *of which, Wellness & Healthcare* | *170* | *(36.1) %* | *(35.6) %* | *16.1 %* |
| 752 | 5 | 747 |  | 747 | SSEA, CIS & MEA | 651 | 15.4% | 14.7% | 14.7% |
| 2237 | (37) | 2273 |  | 2273 | EA, AU & PMI GTR | 2140 | 4.5% | 6.2% | 6.2% |
| 1508 | (5) | 1513 |  | 1513 | Americas | 999 | 51.0% | 51.4% | 51.4% |
| **$8055** | **$(66)** | **$8121** | **$(88)** | **$8209** | **Total Smoke-Free** | **$6996** | **15.1%** | **16.1%** | **17.3%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **PMI** | **2024** | **% Change** | **% Change** | **% Change** |
| $7794 | $(50) | $7844 | $(88) | $7932 | Europe | $7350 | 6.0% | 6.7% | 7.9% |
| 5669 | (69) | 5738 |  | 5738 | SSEA, CIS & MEA | 5429 | 4.4% | 5.7% | 5.7% |
| 3439 | (53) | 3492 |  | 3492 | EA, AU & PMI GTR | 3357 | 2.4% | 4.0% | 4.0% |
| 2539 | (97) | 2636 |  | 2636 | Americas | 2125 | 19.5% | 24.0% | 24.0% |
| **$19441** | **$(269)** | **$19710** | **$(88)** | **$19798** | **Total PMI** | **$18261** | **6.5%** | **7.9%** | **8.4%** |
| Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million | Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | **Schedule 5** | **Schedule 5** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Gross<br>Profit** | **Special<br>Items (1)** | **Adjusted<br>Gross<br>Profit** | **Currency** | **Adjusted Gross Profit<br>excluding Currency** | **Acqui-sitions / Divestitures** | **Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures** | **Quarters Ended<br>June 30,** | **Gross<br>Profit** | **Special<br>Items (1)** | **Adjusted<br>Gross<br>Profit** | **Total** | **Excluding Currency** | **Excluding Currency & Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$3964** | **$—** | **$3964** | **$(2)** | **$3967** | **$11** | **$3956** | **Combustible Tobacco** | **$3774** | **$—** | **$3774** | **5.0%** | **5.1%** | **4.8%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$2897** | **$(6)** | **$2902** | **$47** | **$2855** | **$(17)** | **$2873** | **Smoke-Free** | **$2349** | **$(16)** | **$2365** | **22.7%** | **20.8%** | **21.5%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$6861** | **$(6)** | **$6867** | **$45** | **$6822** | **$(6)** | **$6828** | **Total PMI** | **$6123** | **$(16)** | **$6139** | **11.9%** | **11.1%** | **11.2%** |
| (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 second-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. |
| Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | **Schedule 6** | **Schedule 6** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Gross<br>Profit** | **Special<br>Items (1)** | **Adjusted<br>Gross<br>Profit** | **Currency** | **Adjusted Gross Profit<br>excluding Currency** | **Acqui-sitions / Divestitures** | **Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures** | **Six Months Ended<br>June 30,** | **Gross<br>Profit** | **Special<br>Items (1)** | **Adjusted<br>Gross<br>Profit** | **Total** | **Excluding Currency** | **Excluding Currency & Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$7483** | **$—** | **$7483** | **$(136)** | **$7620** | **$31** | **$7589** | **Combustible Tobacco** | **$7226** | **$—** | **$7226** | **3.6%** | **5.4%** | **5.0%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$5639** | **$(11)** | **$5649** | **$(53)** | **$5702** | **$(48)** | **$5750** | **Smoke-Free** | **$4495** | **$(32)** | **$4527** | **24.8%** | **26.0%** | **27.0%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |  | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| **$13122** | **$(11)** | **$13133** | **$(189)** | **$13322** | **$(17)** | **$13339** | **Total PMI** | **$11721** | **$(32)** | **$11753** | **11.7%** | **13.3%** | **13.5%** |
| (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. | (1) 2025 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 six months ended June 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. |
| Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Schedule 7** | **Schedule 7** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** | **Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Operating Income** | **Currency** | **Operating Income excluding Currency** | **Acqui-sitions / Divestitures** | **Operating Income excluding Currency & Acquisitions / Divestitures** |  | **Operating Income** | **Total** | **Excluding Currency** | **Excluding Currency & Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Quarters Ended<br>June 30,** | **2024** | **% Change** | **% Change** | **% Change** |
| $1668 | $96 | $1572 | $11 | $1561 | Europe | $1617 | 3.2% | (2.8)% | (3.5)% |
| 1000 | (58) | 1058 | 12 | 1046 | SSEA, CIS & MEA | 891 | 12.2% | 18.7% | 17.4% |
| 853 | 29 | 824 |  | 824 | EA, AU & PMI GTR | 753 | 13.3% | 9.4% | 9.4% |
| 191 | (36) | 227 |  | 227 | Americas | 183 | 4.4% | 24.0% | 24.0% |
| **$3712** | **$31** | **$3681** | **$23** | **$3658** | **Total PMI** | **$3444** | **7.8%** | **6.9%** | **6.2%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **Six Months Ended<br>June 30,** | **2024** | **% Change** | **% Change** | **% Change** |
| $3105 | $25 | $3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35 | $3045 | Europe | $3028 | 2.5% | 1.7% | 0.6% |
| 1920 | (38) | 1958 | 31 | 1927 | SSEA, CIS & MEA | 1663 | 15.5% | 17.7% | 15.9% |
| 1766 | 5 | 1761 |  | 1761 | EA, AU & PMI GTR | 1516 | 16.5% | 16.2% | 16.2% |
| 465 | (74) | 539 |  | 539 | Americas | 282 | 64.9% | 91.1% | 91.1% |
| **$7256** | **$(82)** | **$7338** | **$66** | **$7272** | **Total PMI** | **$6489** | **11.8%** | **13.1%** | **12.1%** |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | **Schedule 8** | **Schedule 8** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Operating Income** | **Special<br>Items (1)** | **Adjusted Operating Income** | **Currency** | **Adjusted Operating Income excluding Currency** | **Acqui-sitions / Divestitures** | **Adjusted Operating Income excluding Currency <br>& Acquisitions / Divestitures** |  | **Operating Income** | **Special<br>Items (1)** | **Adjusted Operating Income** | **Total** | **Excluding Currency** | **Excluding Currency <br>& Acquisitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **Quarters Ended<br>June 30,** | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| $1668 | $(331) | $2000 | $96 | $1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | $1903 | Europe | $1617 | $(54) | $1672 | 19.6% | 13.9% | 13.8% |
| 1000 | (4) | 1004 | (58) | 1062 | 12 | 1050 | SSEA, CIS & MEA | 891 | (5) | 896 | 12.1% | 18.5% | 17.2% |
| 853 | (1) | 853 | 29 | 824 |  | 824 | EA, AU & PMI GTR | 753 | (1) | 753 | 13.3% | 9.4% | 9.4% |
| 191 | (198) | 389 | (36) | 425 |  | 425 | Americas | 183 | (152) | 335 | 16.1% | 26.9% | 26.9% |
| **$3712** | **$(534)** | **$4246** | **$31** | **$4215** | **$13** | **$4202** | **Total PMI** | **$3444** | **$(212)** | **$3656** | **16.1%** | **15.3%** | **14.9%** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **Six Months Ended<br>June 30,** | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
| $3105 | $(374) | $3480 | $25 | $3455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13) | $3468 | Europe | $3028 | $(136) | $3165 | 10.0% | 9.2% | 9.6% |
| 1920 | (8) | 1928 | (38) | 1966 | 31 | 1935 | SSEA, CIS & MEA | 1663 | (10) | 1673 | 15.2% | 17.5% | 15.7% |
| 1766 | (1) | 1767 | 5 | 1762 |  | 1762 | EA, AU & PMI GTR | 1516 | (1) | 1517 | 16.5% | 16.2% | 16.2% |
| 465 | (396) | 861 | (74) | 935 |  | 935 | Americas | 282 | (379) | 661 | 30.3% | 41.5% | 41.5% |
| **$7256** | **$(780)** | **$8036** | **$(82)** | **$8118** | **$18** | **$8100** | **Total PMI** | **$6489** | **$(527)** | **$7016** | **14.5%** | **15.7%** | **15.4%** |
| (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details | (1) See Schedule 9 and Schedule 10 for Special Items details |
| Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. | Note: Sum of product categories and special items might not foot due to roundings. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Schedule 9** | **Schedule 9** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
|  | **Quarters Ended June 30,** | **Quarters Ended June 30,** | **Change Fav./(Unfav.)** | **Change Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** |
| **PMI** | **2025** | **2024** | **Total** | **Excl. Curr. & Acquisitions / Divestitures** | **Total** | **Currency** | **Acquisitions / Divestitures** | **Price** | **Vol/Mix** | **Cost/Other** |
| **Reported Operating Income** | **$3712** | **$3444** | **7.8%** | **6.2%** | **$268** | **$31** | **$23** | **$420** | **$301** | **$(507)** |
| Restructuring charges | (243) |  | —% | —% | (243) |  |  |  |  | (243) |
| Impairment of goodwill | (41) |  | —% | —% | (41) |  |  |  |  | (41) |
| Amortization of intangibles | (250) | (212) | (17.9)% | (22.6)% | (38) |  | 10 |  |  | (48) |
| **Adjusted Operating Income** | **$4246** | **$3656** | **16.1%** | **14.9%** | **$590** | **$31** | **$13** | **$420** | **$301** | **$(175)** |
| **Europe** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$1668** | **$1617** | **3.2%** | **(3.5)%** | **$51** | **$96** | **$11** | **$211** | **$41** | **$(308)** |
| Restructuring charges | (243) |  | —% | —% | (243) |  |  |  |  | (243) |
| Impairment of goodwill | (41) |  | —% | —% | (41) |  |  |  |  | (41) |
| Amortization of intangibles | (47) | (54) | 13.8% | (5.6)% | 7 |  | 10 |  |  | (3) |
| **Adjusted Operating Income** | **$2000** | **$1672** | **19.6%** | **13.8%** | **$328** | **$96** | **$1** | **$211** | **$41** | **$(21)** |
| **SSEA, CIS & MEA** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$1000** | **$891** | **12.2%** | **17.4%** | **$109** | **$(58)** | **$12** | **$174** | **$57** | **$(76)** |
| Amortization of intangibles | (4) | (5) | 11.0% | 11.0% | 1 |  |  |  |  | 1 |
| **Adjusted Operating Income** | **$1004** | **$896** | **12.1%** | **17.2%** | **$108** | **$(58)** | **$12** | **$174** | **$57** | **$(77)** |
| **EA, AU & PMI GTR** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$853** | **$753** | **13.3%** | **9.4%** | **$100** | **$29** | **$—** | **$11** | **$49** | **$11** |
| Amortization of intangibles | (1) | (1) | 0.3% | 0.3% |  |  |  |  |  |  |
| **Adjusted Operating Income** | **$853** | **$753** | **13.3%** | **9.4%** | **$100** | **$29** | **$—** | **$11** | **$49** | **$11** |
| **Americas** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$191** | **$183** | **4.4%** | **24.0%** | **$8** | **$(36)** | **$—** | **$24** | **$154** | **$(134)** |
| Amortization of intangibles | (198) | (152) | (30.3)% | (30.3)% | (46) |  |  |  |  | (46) |
| **Adjusted Operating Income** | **$389** | **$335** | **16.1%** | **26.9%** | **$54** | **$(36)** | **$—** | **$24** | **$154** | **$(88)** |
| Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Schedule 10** | **Schedule 10** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** | **Reconciliation of Reported Operating Income to Adjusted Operating Income** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change Fav./(Unfav.)** | **Change Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** | **Variance Fav./(Unfav.)** |
| **PMI** | **2025** | **2024** | **Total** | **Excl. Curr. & Acquisitions / Divestitures** | **Total** | **Currency** | **Acquisitions / Divestitures** | **Price** | **Vol/Mix** | **Cost/Other** |
| **Reported Operating Income** | **$7256** | **$6489** | **11.8%** | **12.1%** | **$767** | **$(82)** | **$66** | **$946** | **$751** | **$(914)** |
| Restructuring charges | (243) | (168) | (44.6)% | (44.6)% | (75) |  |  |  |  | (75) |
| Impairment of goodwill and other intangibles | (41) | (27) | (51.9)% | -(100)% | (14) |  | 26 |  |  | (40) |
| Amortization of intangibles | (496) | (332) | (49.4)% | (55.7)% | (164) |  | 21 |  |  | (185) |
| **Adjusted Operating Income** | **$8036** | **$7016** | **14.5%** | **15.4%** | **$1020** | **$(82)** | **$19** | **$946** | **$751** | **$(614)** |
| **Europe** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$3105** | **$3028** | **2.5%** | **0.6%** | **$77** | **$25** | **$35** | **$427** | **$87** | **$(497)** |
| Restructuring charges | (243) |  | —% | —% | (243) |  |  |  |  | (243) |
| Impairment of goodwill and other intangibles | (41) | (26) | (56.2)% | -(100)% | (15) |  | 26 |  |  | (41) |
| Amortization of intangibles | (89) | (110) | 18.4% | (1.0)% | 20 |  | 21 |  |  | (1) |
| **Adjusted Operating Income** | **$3480** | **$3165** | **10.0%** | **9.6%** | **$315** | **$25** | **$(13)** | **$427** | **$87** | **$(212)** |
| **SSEA, CIS & MEA** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$1920** | **$1663** | **15.5%** | **15.9%** | **$257** | **$(38)** | **$31** | **$342** | **$134** | **$(212)** |
| Amortization of intangibles | (8) | (10) | 13.8% | 13.8% | 1 |  |  |  |  | 1 |
| **Adjusted Operating Income** | **$1928** | **$1673** | **15.2%** | **15.7%** | **$255** | **$(38)** | **$31** | **$342** | **$134** | **$(213)** |
| **EA, AU & PMI GTR** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$1766** | **$1516** | **16.5%** | **16.2%** | **$250** | **$5** | **$—** | **$33** | **$184** | **$28** |
| Amortization of intangibles | (1) | (1) | 0.4% | 0.4% |  |  |  |  |  |  |
| **Adjusted Operating Income** | **$1767** | **$1517** | **16.5%** | **16.2%** | **$250** | **$5** | **$—** | **$33** | **$184** | **$28** |
| **Americas** |  |  |  |  |  |  |  |  |  |  |
| **Reported Operating Income** | **$465** | **$282** | **64.9%** | **91.1%** | **$183** | **$(74)** | **$—** | **$144** | **$346** | **$(233)** |
| Restructuring charges |  | (168) | +100% | +100% | 168 |  |  |  |  | 168 |
| Amortization of intangibles | (396) | (212) | (87.2)% | (87.2)% | (184) |  |  |  |  | (184) |
| **Adjusted Operating Income** | **$861** | **$661** | **30.3%** | **41.5%** | **$200** | **$(74)** | **$—** | **$144** | **$346** | **$(216)** |
| Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. | Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment. |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | | | **Schedule 11** | **Schedule 11** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** | **Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Adjusted Operating Income<br>(1)** | **Net Revenues<br>(2)** | **Adjusted Operating Income<br>Margin** | **Adjusted Operating Income<br>excluding Currency<br>(1)** | **Net Revenues excluding Currency<br>(2)** | **Adjusted Operating Income Margin excluding Currency** | **Adjusted Operating Income excluding Currency <br>& Acqui-sitions / Divestitures<br>(1)** | **Net Revenues excluding Currency <br>& Acqui-sitions / Divestitures<br>(2)** | **Adjusted Operating Income Margin excluding Currency <br>& Acqui-sitions / Divestitures** |  | **Adjusted Operating Income<br>(1)** | **Net Revenues<br>(2)** | **Adjusted Operating Income<br>Margin** | **Adjusted Operating Income<br>Margin** | **Adjusted Operating Income Margin excluding Currency** | **Adjusted Operating Income Margin excluding Currency <br>& Acqui-sitions / Divestitures** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **Quarters Ended<br>June 30,** | **2024** | **2024** | **2024** | **% Points Change** | **% Points Change** | **% Points Change** |
| $2000 | $4234 | 47.2% | $1904 | $4142 | 46.0% | $1903 | $4181 | 45.5% | Europe | $1672 | $3895 | 42.9% | 4.3 | 3.1 | 2.6 |
| 1004 | 2926 | 34.3% | 1062 | 2907 | 36.5% | 1050 | 2907 | 36.1% | SSEA, CIS & MEA | 896 | 2771 | 32.3% | 2.0 | 4.2 | 3.8 |
| 853 | 1708 | 49.9% | 824 | 1699 | 48.5% | 824 | 1699 | 48.5% | EA, AU & PMI GTR | 753 | 1673 | 45.0% | 4.9 | 3.5 | 3.5 |
| 389 | 1272 | 30.6% | 425 | 1321 | 32.2% | 425 | 1321 | 32.2% | Americas | 335 | 1129 | 29.7% | 0.9 | 2.5 | 2.5 |
| **$4246** | **$10140** | **41.9%** | **$4215** | **$10069** | **41.9%** | **$4202** | **$10108** | **41.6%** | **Total PMI** | **$3656** | **$9468** | **38.6%** | **3.3** | **3.3** | **3.0** |
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **Six Months Ended<br>June 30,** | **2024** | **2024** | **2024** | **% Points Change** | **% Points Change** | **% Points Change** |
| $3480 | $7794 | 44.6% | $3455 | $7844 | 44.0% | $3468 | $7932 | 43.7% | Europe | $3165 | $7350 | 43.1% | 1.5 | 0.9 | 0.6 |
| 1928 | 5669 | 34.0% | 1966 | 5738 | 34.3% | 1935 | 5738 | 33.7% | SSEA, CIS & MEA | 1673 | 5429 | 30.8% | 3.2 | 3.5 | 2.9 |
| 1767 | 3439 | 51.4% | 1762 | 3492 | 50.5% | 1762 | 3492 | 50.5% | EA, AU & PMI GTR | 1517 | 3357 | 45.2% | 6.2 | 5.3 | 5.3 |
| 861 | 2539 | 33.9% | 935 | 2636 | 35.5% | 935 | 2636 | 35.5% | Americas | 661 | 2125 | 31.1% | 2.8 | 4.4 | 4.4 |
| **$8036** | **$19441** | **41.3%** | **$8118** | **$19710** | **41.2%** | **$8100** | **$19798** | **40.9%** | **Total PMI** | **$7016** | **$18261** | **38.4%** | **2.9** | **2.8** | **2.5** |
| (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 | (1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 |
| (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 | (2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Schedule 12** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| **Condensed Statements of Earnings** | **Condensed Statements of Earnings** | **Condensed Statements of Earnings** | **Condensed Statements of Earnings** | **Condensed Statements of Earnings** | **Condensed Statements of Earnings** | **Condensed Statements of Earnings** |
| ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) | ($ in millions, except per share data) / (Unaudited) |
| **Quarters Ended June 30,** | **Quarters Ended June 30,** | **Quarters Ended June 30,** |  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **2025** | **2024** | **Change<br>Fav./(Unfav.)** |  | **2025** | **2024** | **Change<br>Fav./(Unfav.)** |
| **$10140** | **$9468** | **7.1%** | **Net Revenues** | **$19441** | **$18261** | **6.5%** |
| 3279 | 3345 | 2.0% | Cost of sales | 6319 | 6540 | 3.4% |
| **6861** | **6123** | **12.1%** | **Gross profit** | **13122** | **11721** | **12.0%** |
| 3108 | 2679 | (16.0)% | Marketing, administration and research costs | 5825 | 5232 | (11.3)% |
| 41 |  | —% | Impairment of goodwill | 41 |  | —% |
| **3712** | **3444** | **7.8%** | **Operating Income** | **7256** | **6489** | **11.8%** |
| 277 | 329 | 15.8% | Interest expense, net | 518 | 628 | 17.5% |
| 11 | 14 | 21.4% | Pension and other employee benefit costs | 23 | 29 | 20.7% |
| **3424** | **3101** | **10.4%** | Earnings before income taxes | **6715** | **5832** | **15.1%** |
| 652 | 734 | 11.2% | Provision for income taxes | 1311 | 1410 | 7.0% |
| (376) | (161) | +100% | Equity investments and securities (income)/loss, net | (581) | (352) | 65.1% |
| **3148** | **2528** | **24.5%** | Net Earnings | **5985** | **4774** | **25.4%** |
| 109 | 122 | 10.7% | Net Earnings attributable to noncontrolling interests | 256 | 220 | (16.4)% |
| **$3039** | **$2406** | **26.3%** | **Net Earnings attributable to PMI** | **$5729** | **$4554** | **25.8%** |
|  |  |  | **Per share data: (1)** |  |  |  |
| **$1.95** | **$1.54** | **26.6%** | **Basic Earnings Per Share** | **$3.67** | **$2.92** | **25.7%** |
| **$1.95** | **$1.54** | **26.6%** | **Diluted Earnings Per Share** | **$3.67** | **$2.92** | **25.7%** |
| (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 | (1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2025 and 2024 are shown on Schedule 1, Footnote 1 |

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| | | |
|:---|:---|:---|
| | | **Schedule 13** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| **Condensed Balance Sheets** | **Condensed Balance Sheets** | **Condensed Balance Sheets** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $4138 | $4216 |
| &nbsp;&nbsp;&nbsp;All other current assets | 19226 | 15954 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 8043 | 7310 |
| &nbsp;&nbsp;&nbsp;Goodwill | 17225 | 16600 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 11382 | 11327 |
| &nbsp;&nbsp;&nbsp;Equity investments | 3352 | 2654 |
| &nbsp;&nbsp;&nbsp;Other assets | 5140 | 3723 |
| **Total assets** | $**68506** | $**61784** |
| **Liabilities and Stockholders' (Deficit) Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $2540 | $137 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 6491 | 3392 |
| &nbsp;&nbsp;&nbsp;All other current liabilities | 19117 | 19386 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 42431 | 42166 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2152 | 2517 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 5787 | 4056 |
| **Total liabilities** | **78518** | **71654** |
| &nbsp;&nbsp;&nbsp;Total PMI stockholders' deficit | (11966) | (11750) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 1954 | 1880 |
| **Total stockholders' (deficit) equity** | **(10012)** | **(9870)** |
| **Total liabilities and stockholders' (deficit) equity** | $**68506** | $**61784** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Schedule 14** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios** | **Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios** | **Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios** | **Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios** | **Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios** |
| ($ in millions, except ratios) / (Unaudited) | ($ in millions, except ratios) / (Unaudited) | ($ in millions, except ratios) / (Unaudited) | ($ in millions, except ratios) / (Unaudited) | ($ in millions, except ratios) / (Unaudited) |
|  | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended December 31, 2024** |
|  | July ~ December | January ~ June | 12 months | **Year Ended December 31, 2024** |
|  | 2024 | 2025 | rolling | **Year Ended December 31, 2024** |
| **Net Earnings** | $**2729** | $**5985** | $**8714** | $**7503** |
| &nbsp;&nbsp;&nbsp;Equity investments and securities (income)/loss, net | (285) | (581) | (866) | (637) |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 1607 | 1311 | 2918 | 3017 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 515 | 518 | 1033 | 1143 |
| &nbsp;&nbsp;&nbsp;Impairment related to the RBH equity investment | 2316 |  | 2316 | 2316 |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and impairment of goodwill and other intangibles | 975 | 1011 | 1986 | 1814 |
| &nbsp;&nbsp;&nbsp;Restructuring charges and Others (1) | 256 | 243 | 499 | 424 |
| **Adjusted EBITDA** | $**8113** | $**8487** | $**16600** | $**15580** |
|  |  |  | **June 30,** | **December 31,** |
|  |  |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Short-term borrowings |  |  | $2540 | $137 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt |  |  | 6491 | 3392 |
| &nbsp;&nbsp;&nbsp;Long-term debt |  |  | 42431 | 42166 |
| **Total Debt** |  |  | $**51462** | $**45695** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  | 4138 | 4216 |
| **Net Debt** |  |  | $**47324** | $**41479** |
| **Ratios:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Debt to Adjusted EBITDA** |  |  | **3.10** | **2.93** |
| &nbsp;&nbsp;&nbsp;**Net Debt to Adjusted EBITDA** |  |  | **2.85** | **2.66** |
| (1) For the period July 2024 to December 2024 "Others" includes loss on sale of Vectura Group ($199 million) and Egypt sales tax charge ($45 million). For the period January 2025 to June 2025 the full amount is related to restructuring charges. | (1) For the period July 2024 to December 2024 "Others" includes loss on sale of Vectura Group ($199 million) and Egypt sales tax charge ($45 million). For the period January 2025 to June 2025 the full amount is related to restructuring charges. | (1) For the period July 2024 to December 2024 "Others" includes loss on sale of Vectura Group ($199 million) and Egypt sales tax charge ($45 million). For the period January 2025 to June 2025 the full amount is related to restructuring charges. | (1) For the period July 2024 to December 2024 "Others" includes loss on sale of Vectura Group ($199 million) and Egypt sales tax charge ($45 million). For the period January 2025 to June 2025 the full amount is related to restructuring charges. | (1) For the period July 2024 to December 2024 "Others" includes loss on sale of Vectura Group ($199 million) and Egypt sales tax charge ($45 million). For the period January 2025 to June 2025 the full amount is related to restructuring charges. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Schedule 15** |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries | PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures | Reconciliation of Non-GAAP Measures |
| **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** | **Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency** |
| ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) | ($ in millions) / (Unaudited) |
| **Quarters Ended June 30,** | **Quarters Ended June 30,** | **Quarters Ended June 30,** |  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **2025** | **2024** | **% Change** |  | **2025** | **2024** | **% Change** |
| **$3412** | **$4632** | **(26.3)%** | **Net cash provided by operating activities (1)** | **$3062** | **$4873** | **(37.2)%** |
| (22) |  |  | Less: Currency | 69 |  |  |
| **$3434** | **$4632** | **(25.9)%** | **Net cash provided by operating activities,<br>excluding currency** | **$2993** | **$4873** | **(38.6)%** |
| (1) Operating cash flow | (1) Operating cash flow | (1) Operating cash flow | (1) Operating cash flow | (1) Operating cash flow | (1) Operating cash flow | (1) Operating cash flow |

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