Philip Morris International Inc · NYSE:PM
Philip Morris International — Q4 2025 Earnings Presentation
20 slides from Philip Morris International's earnings presentation, Feb 6, 2026
Slide 1: 2025 Fourth-Quarter and Full-Year Results
Championing a Smoke-Free World 2025 Fourth-Quarter and Full-Year Results February 6, 2026 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 ar
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; regulatory outcomes; mar
Slide 3: Strong Momentum Entering Second Smoke-Free Decade
Strong Momentum Entering Second Smoke-Free Decade Smoke-Free Net Revenues(c) • >$40billion 2025 net revenues, OI margin >40% (% of Total PMI Adj. Net Revenues) 41.5% 36.4% 38.7% • An increasingly smoke-free business: 29.5% 32.1% 24.2% ~1.7x ⎼ SFP net revenues >50% in 27 markets (FY’25) vs. 2020 ⎼ …a
Slide 4: Q4: Robust Performance Despite Timing Headwinds
Q4: Robust Performance Despite Timing Headwinds Q4’25 vs. PY Q4’25 Adj. incl. Organic Curr. & Acq/Div Shipment Volume +0.1% 194bn Net Revenues +3.7% +6.8% $10.4bn Excluding Indonesia CC business model change +4.6% +7.7% Adj. Operating Income +4.5% +5.8% $3.7bn Adj. Diluted EPS +9.0% +9.7% $1.70 (Exc
Slide 5: Sustainable Top-Line Growth, Driven by Volumes, Pricing & Mix
Sustainable Top-Line Growth, Driven by Volumes, Pricing & Mix (1.1)pp 7.9% 7.3% Pricing (CC & +3.5pp CC Geo Mix & (1.4)pp 6.5% +0.8pp Other Smoke-Free) Indonesia CC Currency & Business Model Acq/Div Smoke-Free Change Mix Impact(a) +4.1pp 1.4% FY'25 FY’25 Org. NR Growth FY'25 Organic FY'25 Net Shipme
Slide 6: Significant OI Margin Expansion While Investing for Growth
Significant OI Margin Expansion While Investing for Growth FY’25 Adjusted OI Margin SG&A (0.8)pp 40.2% +0.2pp 40.4% +2.2pp SG&A Currency & Acq/Div 38.8% Gross Margin +140bps +160bps FY'24 FY’25 FY'25 (excl. Curr. & Acq/Div) 11 Source: PMI Financials or estimates Expanding Geographies & Users, Outpac
Slide 7: IQOS: Consistent Volume Growth, Accelerating Profitability
IQOS: Consistent Volume Growth, Accelerating Profitability HTU Adj. IMS (billion units) +10.5% 79 136 151 FY’25 vs. PY Global IQOS 121 Markets 92 105 +12.0% 76 Q4’25 vs. PY IQOS Adj. Product Contribution(a) (Indexed, 2020 =100) 492 366 299 215 246 100 2020 2021 2022 2023 2024 2025 (a) At constant ex
Slide 8: VEEV: The Fastest-Growing International E-Vapor Brand
VEEV: The Fastest-Growing International E-Vapor Brand(a) VEEV Volumes (shipments in billion equivalent units) 3.3 47 Global VEEV Markets 1.7 +102% vs. PY FY'24 FY'25 Closed Pods Share(b) 12% 8% #1 in 8 4% Markets (Closed Pods)(c) FY'23 FY'24 FY'25 (a) Measured by Q3’25 vs. Q3’24 closed pods and disp
Slide 9: Japan: IQOS Drives Smoke-Free Products to 50% of Industry
Japan: IQOS Drives Smoke-Free Products to 50% of Industry Q4’25 51.2% PMI HTU Adj. Share 32.6% HnB Offtake Adj. IMS Growth vs. PY +2.0pp vs. PY HnB Adj. Category Share Category Share(a) (Quarterly average, billion units) (%) +7.0% PMI 69% 70% 70% 69% FY’25 vs. PY 1.3 1.4 0.7 0.8 0.6 19% 17% 16% 15%
Slide 10: U.S. ZYN: Leading Fast-Growing Category Despite Headwinds
U.S. ZYN: Leading Fast-Growing Category Despite Headwinds U.S. ZYN Shipments • Strong growth in shipment and offtake FY’25(a) (million cans) volumes Volume Share (cans): +25% 61.5% ZYN FY’25 Offtake vs. PY(a) • 2025 estimated ‘underlying’(b) volumes Share of Cat. Volume ~740-750 million cans: ~50% G
Slide 11: ZYN: Global Partnership with Scuderia Ferrari HP
ZYN: Global Partnership with Scuderia Ferrari HP 21 Note: Ferrari images are illustrative and do not reflect branding at all races Combustibles: Resilient Growth & Strong Pricing Marlboro Combustible Pricing Record high share Combustible Gross Profit (% growth vs. PY)(a) (% organic growth vs. PY) 11
Slide 12: 2026: Another Year of Strong, Profitable Growth Expected
2026: Another Year of Strong, Profitable Growth Expected 2026 Outlook • Expect to deliver best-in-class growth despite transitory headwinds Net Revenues(a) 5-7% • Adjusted diluted EPS forecast of $8.38 - Operating Income(a) 7-9% $8.53 incl. favorable currency impact of 27 cents(c) Adj. Dil. EPS(b) 7
Slide 13: Continuation of Best-in-Class Growth Targeted for 2026-28
Continuation of Best-in-Class Growth Targeted for 2026-28 High-SD to 6-8% Low-Teens Net Revenue Organic CAGR Total SFP Volume CAGR 8-10% Operating Income Organic CAGR Positive 9-11% Total Shipment Volume CAGR(a) Adjusted Diluted EPS Currency-Neutral CAGR(b) (a) Shipment volume includes cigarettes an
Slide 14: Questions & Answers
Delivering Superior & Sustainable Growth • 2025 performance underscores strength and momentum of global smoke-free business • Supported by investment in our premium brands and the continued resilience of combustibles • Consistent, best-in-class growth • Committed to generously rewarding shareholders
Slide 15: Appendix and Reconciliation of Non-GAAP Measures
Championing a Smoke-Free World 2025 Fourth-Quarter and Full-Year Results February 6, 2026 Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 30
Slide 16: Approximate Impact of Currency on 2025 EPS
Approximate Impact of Currency on 2025 EPS ($/share) FY 2025 Euro $0.12 Egyptian Pound(a) $0.09 Russian Ruble $(0.04) Swiss Franc $(0.14) Others $0.01 Total PMI Currency Impact $0.04 (a) Includes comparison to 2024 transactional losses 31 Source: PMI Financials or estimates 2026: EPS Guidance ($/sha
Slide 17: Excellent IQOS Key City Progress Across Markets
Excellent IQOS Key City Progress Across Markets PMI HTU Offtake Shares (Q4’25)(a) Change vs. PY +0.8pp +0.6pp +0.2pp (0.2)pp +1.9pp +1.8pp +2.2pp +1.6pp +0.7pp +1.6pp +1.2pp +0.3pp +1.1pp +2.8pp +3.5pp +1.9pp 23.7% 19.5% 17.6% 13.6% 14.0% 10.6% 11.4% 9.5% 7.2% 7.7% 6.2% 6.3% 3.5% 4.3% 4.5% 3.3% Mani
Slide 18: Select European Markets: PMI HTU Adjusted Share
Select European Markets: PMI HTU Adjusted Share Change Change Change FY’25 vs. PY FY’25 vs. PY FY’25 vs. PY Austria 8.8% +0.5pp Hungary 31.7% (0.5)pp Romania 10.4% +1.5pp Slovak Bulgaria 11.1 +1.7 Italy 18.6 +1.7 Republic 16.0 (1.3) Czech Republic 14.9 (0.1) Lithuania 29.2 +1.2 Spain 3.4 +0.6 German
Slide 19: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Net Revenues to Net Revenues, excluding Indonesia Combustible business model change, Currency and Acquisition / Divestitures ($ in millions) / (Unaudited) Adj. Net Excl. Indonesia Revenues excl. N
Slide 20: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit ($ in millions) / (Unaudited) 2020 2021 2022 2023 2024 2025 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Gross Special Gross Spec
Philip Morris International — Q4 2025 Earnings Presentation on 6ix