Altria Group, Inc. · NYSE:MO
Altria — Q1 2026 Earnings Presentation
26 slides from Altria's earnings presentation, Apr 30, 2026
Slide 1: Altria's First-Quarter 2026 Earnings Conference Call
Altria’s First-Quarter 2026 Earnings Conference Call April 30, 2026 1 | ALCS | Q1 2026 | 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: First Quarter Earnings Growth and Shareholder Returns
First Quarter Earnings Growth and Shareholder Returns Adjusted Diluted Earnings Per Share (EPS)* Cash Returned to Shareholders ($ in millions) +7.3% Dividends Share Repurchases $1.32 $280 $1.23 $1,780 Q1 '25 Q1 '26 Q1 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 3 | ALCS |
Slide 4: Strong Performance Across Our Businesses
Strong Performance Across Our Businesses ▪ Marlboro strengthened its premium position ▪ PM USA continued to execute its total portfolio strategy with discipline ▪ on! performed well in a highly competitive marketplace ▪ Helix expanded on! PLUS nationwide 4 | ALCS | Q1 2026 | For Investor Purposes ON
Slide 5: The U.S. Nicotine Pouch Category Continues to Grow
The U.S. Nicotine Pouch Category Continues to Grow Oral Tobacco Industry Volume Growth Oral Nicotine Pouches (six months ended March 31st) (retail share of oral tobacco category) +9.1pp 58.1% 49.0% 10.0% 10.0% 9.5% 3/31/2024 3/31/2025 3/31/2026 Q1 '25 Q1 '26 Source: ALCS Enterprise Insights estimate
Slide 6: Helix Delivered Solid Results in a Competitive Environment
Helix Delivered Solid Results in a Competitive Environment on! Reported Shipment Volume on! Share of Oral Tobacco Category (cans in millions) +17.6% (0.8)pp 46.2 8.6% 39.3 7.8% Q1 '25 Q1 '26 Q1 '25 Q1 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 3/29/2
Slide 7: on! PLUS Now Available Nationwide
on! PLUS Now Available Nationwide ~100K Retail Stores 7 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 8: Elevating on! PLUS at Retail
Elevating on! PLUS at Retail Note: This fixture illustrates a 50% PM USA share of space, 55% USSTC share of space, Helix Platinum Merchandising Level and NJOY Platinum Merchandising Level. 8 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 9: Responsible Marketing Supporting on! PLUS
Responsible Marketing Supporting on! PLUS 9 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 10: Additional on! PLUS Applications Filed With The FDA
Additional on! PLUS Applications Filed With The FDA Current on! PLUS Portfolio Future on! PLUS Innovations 10 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 11: E-Vapor Growth Showing Continued Signs of Moderation
E-Vapor Growth Showing Continued Signs of Moderation Adult Vapers 21+ - Past 30-Day Usage Vapers by Form (twelve months ended, in millions) Disposable All Other Forms 20.5 20.5 18.0 14.5 13.5 10.5 3/31/2024 3/31/2025 3/31/2026 Source: Adult Tobacco Consumer Tracking Study through March 2026. Rounded
Slide 12: Signs of Incremental Enforcement Progress
Signs of Incremental Enforcement Progress ▪ We continue to see signs of increased commitment and engagement from federal agencies and government officials ▪ Where properly enforced, state directory frameworks are helping to reduce the presence of illicit products All third-party trademarks remain th
Slide 13: Pathway to Restore Order and Advance Harm Reduction
Pathway to Restore Order and Advance Harm Reduction Authorization Enforcement Accelerate product Use all available tools to authorizations to establish hold rule-breakers a legal market of e-vapor accountable products 13 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 14: 14 | ALCS | Q1 2026 | For Investor Purposes ONLY
14 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 15: Strong Smokeable Products Segment Financial Performance
Strong Smokeable Products Segment Financial Performance Adjusted OCI* Adjusted OCI Margins* ($ in millions) +6.3% +0.7pp 64.4% 65.1% $2,676 $2,518 Q1 '25 Q1 '26 Q1 '25 Q1 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 15 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 16: Adjusted Cigarette Decline Rates
Adjusted Cigarette Decline Rates Smokeable Products Segment Total Industry Q1 '25 Q1 '26 Q1 '25 Q1 '26 (4.0)% (5.0)% (12.0)% (9.0)% Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Note: Estimates are subject to revision due to wholesaler resubmission of inventory data. 16 |
Slide 17: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 32.8% 33.3% 32.1% 30.9% 31.2% 17.2% 17.4% 15.6% 15.9% 16.7% 15.3% 15.3% 15.4% 15.6% 15.9% Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 3/29/2026. 17 | ALCS
Slide 18: Marlboro Retail Share and Share of Premium
Marlboro Retail Share and Share of Premium Marlboro Retail Share Marlboro Share of Premium (1.4)pp +0.1pp 59.4% 59.5% 41.1% 39.7% Q1 '25 Q1 '26 Q1 '25 Q1 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 3/29/2026. 18 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 19: PM USA Portfolio Approach Driving Share Gains
PM USA Portfolio Approach Driving Share Gains Basic Retail Share PM USA Retail Share +2.4pp +0.4pp 2.6% 45.0% 45.4% 0.2% Q1 '25 Q1 '26 Q1 '25 Q1 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 3/29/2026. 19 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 20: John Middleton Cigars
John Middleton Cigars Reported Shipment Volume (in millions) (0.2)% 405 404 Q1 '25 Q1 '26 20 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 21: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI and OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +0.2% (1.8)pp 69.2% 67.4% $435 $436 Q1 '25 Q1 '26 Q1 '25 Q1 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 21 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 22: Oral Tobacco Products Segment Volume and Share
Oral Tobacco Products Segment Volume and Share Reported Shipment Volume Retail Share (in millions) MST on! MST on! (3.1)% (5.5)pp 175.4 169.9 34.5% 39.3 29.0% 46.2 8.6% 7.8% 136.1 123.7 25.9% 21.2% Q1 '25 Q1 '26 Q1 '25 Q1 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Con
Slide 23: Our ABI Investment
Our ABI Investment All third-party trademarks remain the property of their respective owners. 23 | ALCS | Q1 2026 | For Investor Purposes ONLY
Slide 24: Committed to Returning Value to Shareholders
Committed to Returning Value to Shareholders Dividends • Paid approximately $1.8 billion in dividends in the first quarter. • Repurchased more than 4.5 million shares for $280 million. Share Repurchase • $720 million remaining under our current share repurchase program. Debt • 1.9x debt-to-EBITDA* r
Slide 25: 2026 Financial Outlook
2026 Financial Outlook ▪ We reaffirm our expectation to deliver 2026 full-year adjusted diluted EPS* in a range of $5.56 to $5.72, representing a growth rate of 2.5% to 5.5% from a base of $5.42 in 2025. ▪ As a result of the strong first-quarter performance, we now expect 2026 adjusted diluted EPS g
Slide 26: 26 | ALCS | Q1 2026 | For Investor Purposes ONLY
26 | ALCS | Q1 2026 | For Investor Purposes ONLY