Philip Morris International Inc · NYSE:PM
Philip Morris International — Q1 2026 Earnings Presentation
15 slides from Philip Morris International's earnings presentation, Apr 22, 2026
Slide 1: 2026 First-Quarter Results
Championing a Smoke-Free World 2026 First-Quarter Results April 22, 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 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; regulatory outcomes; mar
Slide 3: Q1: Very Robust Delivery Despite Timing Headwinds
Q1: Very Robust Delivery Despite Timing Headwinds Q1’26 Q1’26 vs. PY Variance Organic Shipment Volume 184bn (1.9)% Net Revenues $10.1bn +9.1% +2.7% Adj. Gross Profit $6.9bn +10.1% +3.8% Adj. Operating Income $4.2bn +10.0% +0.9% Adj. Diluted EPS $1.96 +16.0% +5.3% 5 Note: Organic growth rates reflect
Slide 4: Excellent SFP Volume Growth Driven by IQOS
Excellent SFP Volume Growth Driven by IQOS (shipments, equivalent bn units) vs. PY FY Forecast Total 188 184 (1.9)% Broadly Stable SFP IMS(a) SFP 43 47 +9.1% +11% High-SD Q1’26 vs. PY HTUs: +11% Oral SFPs: (16)% E-Vapor: +95% Cigarettes 145 137 (5.1)% ~(3)% Q1'25 Q1'26 7 (a) Including HTU adjusted I
Slide 5: Resilient Margin Performance Underscores Strong Model
Resilient Margin Performance Underscores Strong Model Q1’26 Adjusted OI Margin 41.1% 40.7% +0.7pp (1.4)pp +1.1pp Gross Profit 40.0% SG&A(a) Currency +40bps (70)bps Q1'25 Q1’26 Q1'26 (excl. currency) 9 (a) Includes Corporate Expenses and Other (+0.1pp). Source: PMI financials or estimates Outpacing t
Slide 6: IQOS: Continuing to Deliver Strong Progress
IQOS: Continuing to Deliver Strong Progress HTU Adj. IMS Growth (change vs. PY) 79 IQOS Markets 11.4% 12.0% 10.9% Taiwan 9.6% 9.0% 9.4% Excl. Japan consumer pantry loading Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Third party store 11 Source: PMI financials or estimates Excellent IQOS Progress Across Key Global
Slide 7: Multicategory Portfolio Supporting Rapid Growth
Multicategory Portfolio Supporting Rapid Growth E-Vapor Shipments Int’l Modern Oral Shipments(b) (billion equivalent units) (billion pouches) 1.2 +95% vs. PY 0.6 0.5 Q1'25 Q1'26 Joint #1 0.4 +42% Closed Pods Share in Europe(a) Brand in Excl. Nordics 22.4% Comp. 1 Europe +7% (Q4’25, Closed Pods)(a) 2
Slide 8: Japan: IQOS Achieves Record Share, Strong Fundamentals
Japan: IQOS Achieves Record Share, Strong Fundamentals Q1’26 ~53% PMI HTU Adj. Share 34.9% HnB Offtake Adj. IMS Growth vs. PY +2.7pp vs. PY HnB Adj. Category Share Category Share(a) (%) 10.4% 70% 69% 69% PMI 8.4% 5.8% 5.9% Excl. consumer 17% 18% pantry loading Comp. 1 15% Comp. 2 15% H1'25 H2'25 Q1'
Slide 9: ZYN: Investing in the Brand, Navigating Regulatory Constraints
ZYN: Investing in the Brand, Navigating Regulatory Constraints • Investing in brand equity • Comprehensive commercial program • Ongoing FDA review of ZYN ULTRA application, full innovation pipeline • Significant growth potential from leading premium brand 17 Combustibles: Resilient Growth & Strong P
Slide 10: 2026: Another Year of Strong Profitable Growth Expected
2026: Another Year of Strong Profitable Growth Expected 2026 Outlook • Unchanged currency-neutral growth outlook: best-in-class growth despite transitory Net Revenues(a) 5-7% headwinds Operating Income(a) 7-9% • Adjusted diluted EPS forecast of $8.36 - $8.51 incl. favorable currency impact of 25 Adj
Slide 11: Delivering Superior & Sustainable Growth / Questions & Answers
Delivering Superior & Sustainable Growth • Q1 performance underscores strength and momentum of global smoke-free business • Supported by investment in our premium brands and the continued resilience of combustibles • Consistent, best-in-class growth • Committed to generously rewarding shareholders •
Slide 12: Appendix and Reconciliation of Non-GAAP Measures
Championing a Smoke-Free World 2026 First-Quarter Results April 22, 2026 Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 24
Slide 13: 2026: EPS Guidance
2026: EPS Guidance ($/share) Full-Year 2026 Forecast 2025 Growth Reported Diluted EPS $7.56 – $7.71 $7.26 Adjustments: - Amortization of intangibles 0.50 0.50 - Fair value adjustment for equity security investments 0.22 (0.18) - Restructuring charges 0.03 0.14 - Income tax impact associated with Swe
Slide 14: Additional Market Data: Total Market and Market Share
Additional Market Data: Total Market and Market Share Q1’26 vs. Q1’25 Select Markets - Cigarettes & HTU Total Market CC & HTU, PMI Market Share, %(a) Market bio units(a) Total HTU 2026 2025 % Change 2026 2025 pp Change 2026 2025 pp Change Russia 47.1 48.7 (3.2) 32.0 32.8 (0.8) 11.1 9.8 1.3 Turkey 36
Slide 15: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit by Product Category, excluding Currency ($ in millions) / (Unaudited) Adjusted Gross Adjusted Adjusted Gross Adjusting Profit Gross Adjust
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