Altria Group, Inc. · NYSE:MO
Altria — Q2 2025 Earnings Presentation
29 slides from Altria's earnings presentation, Jul 30, 2025
Slide 1: Altria's Second-Quarter and First-Half 2025 Earnings Conference Call
Altria’s Second-Quarter and First-Half 2025 Earnings Conference Call July 30, 2025 1 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are bas
Slide 3: Moving beyond smoking
Moving beyond smoking,
Slide 4: Agenda
Agenda Second-quarter and first-half results from on! Next steps for NJOY The state of the regulatory environment Business results and 2025 outlook 4 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 5: U.S. Oral Tobacco Category
U.S. Oral Tobacco Category Oral Tobacco Industry Volume Growth on! Shipment Volume (estimates, six months ended) (cans in millions) +26.5% 11.0% 9.5% 52.1 41.2 3.0% 6/30/2023 6/30/2024 6/30/2025 Q2 '24 Q2 '25 Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Oral tobacco indus
Slide 6: on! Share Momentum
on! Share Momentum on! Share of Oral Tobacco Category +0.7pp 8.7 8.0 Q2 '24 Q2 '25 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/29/2025 6 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 7: Helix Investing Strategically and Responsibly Behind on!
Helix Investing Strategically and Responsibly Behind on! +170,000 Adult Tobacco Consumer 21+ Interactions in 1H 2025 7 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 8: on! Digital Marketing
on! Digital Marketing on! Impressions (in millions) ~2x ~190 ~90 Q2 '24 Q2 '25 Source: Merkle Paid Media Tableau Report (Q2 2024 – Q2 2025) 8 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 9: on!'s Brand Equity is Growing
on!’s Brand Equity is Growing on! Brand Awareness +7.0pp 53% 46% 1H '24 1H '25 Source: Nicotine Pouch Awareness & Perceptions Study; Among Total ATC Focused Audience (Adult smokers interested in smokefree, Adult dippers & Adult nicotine pouch consumers); Includes unaided and aided awareness; Exclude
Slide 10: NJOY Update
NJOY Update In June, the Patent Trial and Appeal Board did not agree with our argument to invalidate JUUL’s patent. Completed the product design of a modified NJOY ACE solution that we believe addresses all four disputed patents. We are actively building out a broader vapor portfolio with prod
Slide 11: Flavored Disposable Products Driving E-Vapor Category Growth
Flavored Disposable Products Driving E-Vapor Category Growth Adult Vapers 21+ - Past 30-Day Usage Vapers by Form (twelve months ended, in millions) Disposable All Other Forms 20.5 18.6 15.5 14.4 11.7 7.7 6/30/2023 6/30/2024 6/30/2025 Source: ATCT June 2023 to June 2025 11 | ALCS | Q2 2025 | 7.30.25
Slide 12: Some Positive Enforcement Actions Against Illicit E-Vapor
Some Positive Enforcement Actions Against Illicit E-Vapor FDA strengthening its importation policy – reducing the possibility of imported vapor products bypassing FDA review Tighter border controls resulting in a higher percentage of rejections of properly declared e-vapor shipments FDA issuin
Slide 13: Continued Advocacy for a Fully Regulated Nicotine Marketplace
Continued Advocacy for a Fully Regulated Nicotine Marketplace Enforcement Authorization Use all available tools to Accelerate product hold rule-breakers authorizations to establish accountable a legal market of smoke- free alternatives 13 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 14: Moving beyond smoking
Moving beyond smoking,
Slide 15: Adjusted Diluted Earnings Per Share (EPS)
Adjusted Diluted Earnings Per Share (EPS)* Second Quarter First Half +8.3% +7.2% $2.67 $2.49 $1.44 $1.33 Q2 '24 Q2 '25 1H '24 1H '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 15 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 16: Smokeable Products Segment
Smokeable Products Segment Adjusted Operating Companies Income* (OCI) Second Quarter First Half ($ in millions) ($ in millions) 4.2% 3.5% $5,465 $5,278 $2,827 $2,947 (0.4) Q2 '24 Q2 '25 1H '24 1H '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 16 | ALCS | Q2 2025 | 7.30.25 |
Slide 17: Smokeable Products Segment
Smokeable Products Segment Adjusted OCI Margins* Second Quarter First Half +2.9pp +3.5pp 64.5% 64.5% 61.6% 61.0% (0.4) Q2 '24 Q2 '25 1H '24 1H '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 17 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 18: Adjusted Cigarette Decline Rates
Adjusted Cigarette Decline Rates Smokeable Products Segment Total Industry Q1 '25 Q2 '25 Q1 '25 Q2 '25 (8.5%) (9.0%) (10.5%) (12.0%) 1H: (11.0%) 1H: (8.5%) Source: ALCS Enterprise Insights estimates – rounded to nearest 0.5% Note: Estimates are subject to revision due to wholesaler resubmission of i
Slide 19: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 30.8 31.2 29.8 30.3 29.3 15.4 15.5 15.9 15.2 15.3 14.1 14.5 14.9 15.3 15.3 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/29/2025 19 | ALCS | Q2 2025 | 7.3
Slide 20: Basic and PM USA Retail Share Growth
Basic and PM USA Retail Share Growth Total PM USA Cigarette Retail Share +0.2pp 45.0 45.2 Q1 '25 Q2 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/29/2025 20 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 21: Marlboro Retail Share and Share of Premium
Marlboro Retail Share and Share of Premium Marlboro Retail Share Marlboro Share of Premium (0.9pp) +0.2pp 59.3 59.5 41.9 41.0 Q2 '24 Q2 '25 Q2 '24 Q2 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/29/2025 21 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 22: John Middleton Cigars
John Middleton Cigars Reported Shipment Volume 3.7% 479 462 Q2 '24 Q2 '25 22 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 23: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +10.9% +3.1pp $500 68.7% 65.6% $451 Q2 '24 Q2 '25 Q2 '24 Q2 '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 23 | ALCS | Q2 2025 | 7.30.25 | For Investor Pur
Slide 24: Oral Tobacco Products Volume
Oral Tobacco Products Volume Second Quarter First Half (1.0%) (2.9%) 385.3 374.0 200.7 198.6 (0.4) Q2 '24 Q2 '25 1H '24 1H '25 24 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 25: Oral Tobacco Products Segment Retail Share
Oral Tobacco Products Segment Retail Share Retail Share MST on! (4.6pp) 37.7 33.1 8.0 8.7 29.7 24.4 Q2 '24 Q2 '25 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/29/2025 25 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 26: ABI Investment
ABI Investment All third-party trademarks remain the property of their respective owners. 26 | ALCS | Q2 2025 | 7.30.25 | For Investor Purposes ONLY
Slide 27: 2025 Financial Outlook
2025 Financial Outlook We are raising the lower-end of our full-year 2025 guidance range and now expect to deliver adjusted diluted EPS* in a range of $5.35 to $5.45. This range represents an adjusted diluted EPS growth rate of 3.0% to 5.0% from a base of $5.191 in 2024. *For reconciliations of non-
Slide 28: Committed to Long-Term Value for Our Shareholders
Committed to Long-Term Value for Our Shareholders Dividends • Paid $3.5 billion in dividends in the first-half. • Repurchased 10.4 million shares for $600 million. Share Repurchase • $400 million remaining under our currently authorized share repurchase program, which we expect to complete by the en
Slide 29: 29 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
29 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY