Altria Group, Inc. · NYSE:MO
Altria — Q1 2025 Earnings Presentation
25 slides from Altria's earnings presentation, Apr 29, 2025
Slide 1: Altria's First-Quarter 2025 Earnings Conference Call
Altria’s First-Quarter 2025 Earnings Conference Call April 29, 2025 1 | ALCS | Q1 2025 | 4.29.25 | 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: 3 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
3 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 4: Agenda
Agenda Encouraging first-quarter results from on!; The state of the e-vapor category and enforcement progress; and Our path forward with e-vapor. 4 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 5: U.S. Oral Tobacco Category and on! Shipment Volume
U.S. Oral Tobacco Category and on! Shipment Volume Oral Tobacco Industry Volume Growth on! Shipment Volume (six months ended) (cans in millions) +18.0% 10.0% 10.0% 39.3 33.3 1.5% 3/31/2023 3/31/2024 3/31/2025 Q1 '24 Q1 '25 Source: ALCS CMII estimates. Rounded to the nearest 0.5%. Oral tobacco indust
Slide 6: Continued on! Share Momentum
Continued on! Share Momentum on! Share of Oral Tobacco Category (total U.S.) +1.8pp 8.8 7.0 Q1 '24 Q1 '25 Source: Circana Complete Market Oral Tobacco - Total US-Multi Outlet+ Conv, week ending 3/30/2025 Note: Beginning in Q1 2025, our reported oral tobacco products segment retail share performance
Slide 7: on!'s Brand Equity is Growing
on!’s Brand Equity is Growing on! Impressions (in millions) ~5x ~200 ~40 Q1 '24 Q1 '25 Source: Merkle Paid Media Tableau Report (Q1 2024 – Q1 2025). 7 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 8: Illicit Products Continue to Drive E-Vapor Category Growth
Illicit Products Continue to Drive E-Vapor Category Growth Vapers by Form – Past 30-Day Usage (twelve months ended, in millions) Disposable All Other Forms ~20.5 ~18.0 ~14.5 ~10.5 3/31/2024 3/31/2025 Source: ALCS Estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources. Rounded to n
Slide 9: We Remain Focused on Addressing Illicit E-Vapor
We Remain Focused on Addressing Illicit E-Vapor Advocating for regulatory reforms to accelerate product authorizations and enhance enforcement against illicit actors. Actively engaging with members of Congress and key administration staff. Supporting state legislative remedies to address illic
Slide 10: NJOY U.S. International Trade Commission (ITC) Litigation
NJOY U.S. International Trade Commission (ITC) Litigation The ITC’s exclusion order and cease-and- desist orders took effect on March 31. NJOY intends to appeal the ITC's decision, and our teams continue to work to finalize a product solution that we believe addresses all four patents. 10 | ALCS
Slide 11: Strengthening Our E-Vapor Portfolio
Strengthening Our E-Vapor Portfolio Looking ahead, we believe it is critical to compete in the e-vapor category with products that align with the evolving expectations of today’s consumers. We are combining the talent and capabilities we gained in the NJOY acquisition with our evolved view on to
Slide 12: Moving beyond smoking,
Moving beyond smoking,
Slide 13: Smokeable Products Segment
Smokeable Products Segment Adjusted Operating Companies Income* (OCI) and Adjusted OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +2.7% +4.2pp 64.4% 60.2% $2,451 $2,518 Q1 '24 Q1 '25 Q1 '24 Q1 '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 13 | ALCS | Q1 2025
Slide 14: Q1 Adjusted Cigarette Decline Rates
Q1 Adjusted Cigarette Decline Rates Smokeable Products Segment Total Industry Q1 '24 Q1 '25 Q1 '24 Q1 '25 (9.0)% (9.0)% (10.0)% (12.0)% Source: ALCS CMII estimates. Rounded to the nearest 0.5%. Note: Estimates are subject to revision due to wholesaler resubmission of inventory data. 14 | ALCS | Q1 2
Slide 15: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 30.3 30.9 29.3 29.8 29.1 15.4 15.5 15.2 15.2 15.3 14.1 14.5 14.9 15.4 13.9 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 3/30/2025 . 15 | ALCS | Q1 2025 | 4
Slide 16: Marlboro Retail Share and Share of Premium
Marlboro Retail Share and Share of Premium Marlboro Retail Share Marlboro Share of Premium (1.0)pp +0.1pp 59.2 59.3 42.0 41.0 Q1 '24 Q1 '25 Q1 '24 Q1 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 3/30/2025. 16 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 17: John Middleton Cigars
John Middleton Cigars Reported Shipment Volume (2.9)% 417 405 Q1 '24 Q1 '25 17 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 18: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) (0.3)pp 69.5% 69.2% $435 $435 Q1 '24 Q1 '25 Q1 '24 Q1 '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 18 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes
Slide 19: Oral Tobacco Products Segment Volume
Oral Tobacco Products Segment Volume Reported Shipment Volume (in millions) MST on! (5.0%) 184.6 175.4 33.3 39.3 151.3 136.1 Q1 '24 Q1 '25 19 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 20: Oral Tobacco Products Segment Retail Share
Oral Tobacco Products Segment Retail Share Retail Share MST on! (3.1)pp 37.8 34.7 7.0 8.8 30.8 25.9 Q4 '24 Q4 '25 Source: Circana Complete Market Oral Tobacco - Total US-Multi Outlet+ Conv, week ending 3/30/2025 Note: Beginning in Q1 2025, our reported oral tobacco products segment retail share perf
Slide 21: E-Vapor Reporting Unit Update
E-Vapor Reporting Unit Update As a result of the ITC orders related to NJOY ACE, we performed an interim impairment assessment and recorded a non-cash impairment charge of $873 million. 21 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 22: ABI Investment
ABI Investment All third-party trademarks remain the property of their respective owners. 22 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
Slide 23: Committed to Long-Term Value for Our Shareholders
Committed to Long-Term Value for Our Shareholders Dividends • Paid $1.7 billion in dividends in the first-quarter. • Repurchased 5.7 million shares for $326 million. Share Repurchase • $674 million remaining under our currently authorized share repurchase program, which we expect to complete by the
Slide 24: 2025 Financial Outlook
2025 Financial Outlook We expect to deliver 2025 full-year adjusted diluted earnings per share (EPS)* in a range of $5.30 to $5.45. This range represents an adjusted diluted EPS growth rate of 2% to 5% from a base of $5.191 in 2024. *For reconciliations of non-GAAP to GAAP measures visit altria.com.
Slide 25: 25 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY
25 | ALCS | Q1 2025 | 4.29.25 | For Investor Purposes ONLY