Philip Morris International Inc · NYSE:PM
Philip Morris International — Q1 2025 Earnings Presentation
15 slides from Philip Morris International's earnings presentation, Apr 23, 2025
Slide 1: 2025 First-Quarter Results
Championing a Smoke-Free World 2025 First-Quarter Results April 23, 2025 Introduction • A glossary of terms as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Ex
Slide 2: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements • This presentation 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; market expectations; reg
Slide 3: Q1: Impressive Start to the Year
Q1: Impressive Start to the Year Q1’25 vs. PY Q1’25 Adj. incl. Organic Curr. & Acq/Div Shipment Volume +3.9% 188bn Net Revenues +10.2% +5.8% $9.3bn Adj. Operating Income +16.0% +12.8% $3.8bn Adj. Diluted EPS +17.3% +12.7% $1.69 (Excl. Currency) (Incl. Currency) Note: Organic growth rates reflect cur
Slide 4: Continuous Volume Growth Led By Smoke-Free
Continuous Volume Growth Led By Smoke-Free Shipments (billion units) vs. PY Total 180.8 187.8 3.9% 12% HTUs Smoke-Free 37.6 43.0 14.4% 27% Oral SFPs 107% E-Vapor Cigarettes 143.2 144.8 1.1% Q1’24 Q1’25 7 Note: Total Smoke-Free volumes represent HTUs, Oral SFPs and VEEV volumes in equivalent units. T
Slide 5: Top-Line Growth Powered by Volumes, Pricing & Category Mix
Top-Line Growth Powered by Volumes, Pricing & Category Mix +3.1pp (2.7)pp 10.2% CC Geographic Smoke-Free Mix & Other & U.S. Mix (4.4)pp Impact +6.0pp 5.8% (1.8)pp +3.7pp Currency & 3.9% Indonesia CC Acq/Div business model Oral SFP Pricing change (Combustibles & Smoke-Free) Q1'25 Organic Q1'25 Net Sh
Slide 6: Strong & Sustainable Global IQOS Momentum
Strong & Sustainable Global IQOS Momentum HTU Adjusted IMS Growth (Vs. Previous Year) +10-12% +9.4% Q1'25 Est. FY'25 11 Source: PMI Financials or estimates Europe: Strong Multicategory Growth Europe SFP Shipments 13.8 (IQOS, ZYN & VEEV only, equivalent bn units) HTU Adj. IMS(b) 13.5 (in billion unit
Slide 7: Excellent Progress Continues in European Key Cities
Excellent Progress Continues in European Key Cities PMI HTU Offtake Share (Q1’25) Change vs. PY +0.5pp +2.8pp +1.7pp +1.5pp +1.3pp +1.2pp +2.6pp +2.0pp +5.3pp +0.6pp flat (0.3)pp +2.6pp +0.8pp +2.9pp +2.2pp 41.9% 34.4% 31.0% 28.4% 28.6% 22.2% 22.8% 19.2% 19.9% 20.4% 13.2% 9.6% 9.9% 10.5% 6.9% 8.6% S
Slide 8: Strong Key City Growth Across Global Markets
Strong Key City Growth Across Global Markets PMI HTU Offtake Shares (Q1’25) Change vs. PY +0.6pp +0.3pp +0.5pp +0.1pp +1.4pp +1.6pp +0.4pp +2.0pp (1.5)pp +1.7pp +1.4pp +3.8pp +3.9pp +1.2pp +2.7pp 20.2% 21.0% 17.7% 18.1% 13.3% 14.1% 7.5% 5.0% 5.0% 5.7% 3.9% 4.1% 4.6% 2.7% 3.1% Manila(a) Toronto Tunis
Slide 9: International ZYN Expansion With Very Strong Growth
International ZYN Expansion With Very Strong Growth International Nicotine Pouch Shipment Volumes (million cans) 38 Global Markets(a) 21.7 14.2 +53% +182% vs. PY Excl. Nordics Q1'24 Q1'25 17 (a) Markets where PMI commercializes nicotine pouches, including U.S. Source: PMI Financials or estimates VEE
Slide 10: Combustibles: Strong Pricing & Efficiencies Drive Profitability
Combustibles: Strong Pricing & Efficiencies Drive Profitability Combustible Pricing Combustible Gross Profit (% organic growth vs. PY)(a) (% organic growth vs. PY) 8.9 8.7 8.3 6.8 5.3 5.0 2.7 0.5 1.9 0.3 2021 2022 2023 2024 Q1'25 2021 2022 2023 2024 Q1'25 19 (a) Pricing variance is based on adjusted
Slide 11: Delivering Best-in-Class CPG Growth
Delivering Best-in-Class CPG Growth 2024-26 CAGR FY’24 2025 Forecast Targets Organic Organic Organic Shipment Volume +2.9% Up to 2% Positive (Variance vs. PY) Net Revenues +9.8% +6-8% +6-8% (Variance vs. PY) Operating Income +14.9% +10.5-12.5% +8-10% (Variance vs. PY) Adj. Diluted EPS +15.6% +10.5-1
Slide 12: On Track for Very Strong 2025
On Track for Very Strong 2025 • Excellent start to the year, well-positioned to navigate external volatility • Powerful combination of underlying momentum and proactive steps supports best-in-class growth profile: ⎼ Structural smoke-free top-line growth with superior economics ⎼ Investing for growth
Slide 13: Appendix
Championing a Smoke-Free World 2025 First-Quarter Results April 23, 2025 Championing a Smoke-Free World Appendix 26
Slide 14: 2025: EPS Guidance
2025: EPS Guidance ($/share) Full-Year 2025 Forecast 2024 Growth Reported Diluted EPS $7.01 – $7.14 $4.52 Adjustments: - Restructuring charges - 0.10 - Impairment of other intangibles - 0.01 - Amortization of intangibles(a) 0.50 0.40 - Loss on sale of Vectura Group - 0.13 - Egypt sales tax charge -
Slide 15: 2025 First-Quarter Results
Championing a Smoke-Free World 2025 First-Quarter Results April 23, 2025
Philip Morris International — Q1 2025 Earnings Presentation on 6ix