Slide 1: CAGNY 2026
CAGNY 2026 1 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements 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 based on current plans, estimate
Slide 3: ALCS
ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 4: ALCS
ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 5: ALCS
ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 6: Agenda
Agenda Evolution of the U.S. nicotine space and nicotine consumers; Our efforts to capture the growing smoke-free opportunity; Our enhanced capabilities and strategy enablers; Our highly profitable smokeable products business; Our ambitions beyond U.S. nicotine; and Commitment to creating substantia
Slide 7: Smoke-Free Growth Offsetting Cigarette Declines
Smoke-Free Growth Offsetting Cigarette Declines Nicotine Space Estimated Volume (volume in billions of equivalized cigarette packs) Combustible Oral Tobacco E-Vapor +~2% CAGR 17.2 17.6 16.8 16.6 16.0 16.1 ~20% ~50% 2020 2021 2022 2023 2024 2025 Source: ALCS Enterprise Insights estimates; ATCT; STARS
Slide 8: Nicotine Consumers Shifting Meaningfully Toward Smoke-Free
Nicotine Consumers Shifting Meaningfully Toward Smoke-Free U.S. Adult Nicotine Consumers (twelve months ended, in millions) Combustible Only Combustible & Smoke-Free Smoke-Free Only ~55 ~50 ~22% ~11 ~19 ~34% ~34% ~50% ~6 ~9 ~33 ~27 2020 2025 Source: ATCT December 2020 to December 2025. 8 | ALCS | CA
Slide 9: Adoption is Growing, Opportunity Remains Large
Adoption is Growing, Opportunity Remains Large Smokers Transitioned to Smoke-Free (in millions) ~10 Just under half of the ~30 million smokers are interested in smoke-free alternatives. ~4 2020 2025 Source: Age 21+, ATCT 12MM. Lifetime Adult Cigarette Smokers who have transitioned to a smoke-free pr
Slide 10: Nicotine Consumer Groups Influencing Category Dynamics
Nicotine Consumer Groups Influencing Category Dynamics Traditionalists Transitioners Variety Seekers Stick With What Open to Experiment With They Know Switching Platforms Forms & Flavors 10 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 11: The Traditionalists
The Traditionalists Traditionalists Strong Brand Loyalty Familiar Product Experiences Highly Routine Oriented Stick With What They Know 11 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 12: The Transitioners
The Transitioners Transitioners Willing to or Currently Transitioning Between Categories Require Compelling Alternatives Seek Nicotine Satisfaction, Less Social Friction, Value or Harm Reduction Proposition Open to Switching Platforms 12 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 13: The Variety Seekers
The Variety Seekers Variety Seekers Seek Different Forms, Flavors and Experiences Early Adopters of Innovation Poly-Category Consumers and Transitioned Smokers Experiment With Forms & Flavors 13 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 14: ALCS
ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 15: The U.S. Oral Tobacco Industry is Growing
The U.S. Oral Tobacco Industry is Growing Oral Tobacco Industry Volume Growth Oral Tobacco Product Consumers (twelve months ended) (past 30-day usage, twelve months ended, in millions) 8.3 12.5% 7.8 6.9 10.0% 5.5% 2023 2024 2025 2023 2024 2025 Over the past two years, nicotine pouch consumers have m
Slide 16: Our Oral Portfolio Meets the Needs of Each Consumer Group
Our Oral Portfolio Meets the Needs of Each Consumer Group Traditionalists Transitioners Variety Seekers 16 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 17: Successfully Executing Our Oral Strategy
Successfully Executing Our Oral Strategy Oral Tobacco Products Segment Adjusted Operating Companies Income (OCI)* Adjusted OCI on! Volume Growth ($ in millions) (cans in millions) CAGR CAGR +1.3% +57.8% $1,835 177.8 $1,724 160.3 114.3 82.5 48.4 18.2 2020 2025 2020 2021 2022 2023 2024 2025 *For recon
Slide 18: Leading Premium MST With Copenhagen
Leading Premium MST With Copenhagen USSTC Share of Premium MST +3.8pp 59.7% 61.0% 57.2% 57.6% 58.1% 2021 2022 2023 2024 2025 Source: Circana Complete Market Oral Tobacco - Total US-Multi Outlet + Conv, week ending 12/28/2025. Brands Included: Copenhagen, Skoal, Grizzly, Kodiak, Camel Snus, General S
Slide 19: Helix Delivering Volume and Share Growth
Helix Delivering Volume and Share Growth Shipment Volume Share of Oral Tobacco Category (cans in millions) +10.9% +0.1pp 177.8 8.1% 8.2% 160.3 2024 2025 2024 2025 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 12/28/2025. 19 | ALCS | CAGNY | 2.18.26 | For In
Slide 20: We Believe Helix is Poised For Another Year of Progress
We Believe Helix is Poised For Another Year of Progress 20 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY . For investor purposes ONLY.
Slide 21: Current on! PLUS Distribution
Current on! PLUS Distribution 21 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 22: Encouraging Early Consumer Insights
Encouraging Early Consumer Insights ~95% “It was velvety against my gums.” “The flavor lasted the “It’s pillowy… it’s of consumers surveyed said they were softer and fits whole time.” “very likely” or “somewhat likely” to nicely.” repurchase on! PLUS Source: on! PLUS consumer satisfaction survey Wav
Slide 23: Elevating on! PLUS at Retail Nationwide
Elevating on! PLUS at Retail Nationwide Elevated Retail Positioning Example From To* *Positioning is dependent on the retailer; the example reflects a retailer choosing to devote the #1 position to Helix. 23 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 24: on! PLUS Meeting Current Pouch Consumer Preferences
on! PLUS Meeting Current Pouch Consumer Preferences Nicotine Pouch Flavor Preferences Nicotine Pouch Strength Preferences (share of nicotine pouch category) (share of nicotine pouch category) Mint Wintergreen Balance 6MG 9MG Balance 62% 61% 2025 2025 Source: Circana Complete Market Oral Tobacco - To
Slide 25: Evolving the on! PLUS Portfolio
Evolving the on! PLUS Portfolio on! PLUS Portfolio Planned on! PLUS Portfolio 25 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 26: Responsibly Embracing Modern Marketing Channels
Responsibly Embracing Modern Marketing Channels Source of Brand Awareness (nicotine consumers age 21-29) 54% 55% 40% 13% Direct Digital Word of Mouth Retail Source: Nicotine Pouch Awareness and Perceptions Study Q4 2024. Altria’s operating companies are committed to responsibly and compliantly marke
Slide 27: New Channels Elevating Our Smoke-Free Brands
New Channels Elevating Our Smoke-Free Brands High Impact Events Strategic Partnerships Social Media Streaming Audio All third-party trademarks remain the property of their respective owners. Altria’s operating companies are committed to responsibly and compliantly marketing its products to existing
Slide 28: Building Brand Affinity With High-Impact Events
Building Brand Affinity With High-Impact Events All third-party trademarks remain the property of their respective owners. Altria’s operating companies are committed to responsibly and compliantly marketing its products to existing adult nicotine consumers age 21+. 28 | ALCS | CAGNY | 2.18.26 | For
Slide 29: Engaging Consumers Through a Variety of Media Channels
Engaging Consumers Through a Variety of Media Channels Altria’s operating companies are committed to responsibly and compliantly marketing its products to existing adult nicotine consumers age 21+. 29 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 30: Moving beyond smoking
30 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY . For investor purposes ONLY.
Slide 31: Ploom With Marlboro: A Familiar and Credible Option for Smokers
Ploom With Marlboro: A Familiar and Credible Option for Smokers Traditionalists Transitioners All third-party trademarks remain the property of their respective owners. 31 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 32: Horizon Awaits FDA Authorization for Ploom and Marlboro HTS
Horizon Awaits FDA Authorization for Ploom and Marlboro HTS* *HTS = Heated Tobacco Sticks. All third-party trademarks remain the property of their respective owners. 32 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 33: Compelling Science and Evidence Supporting Horizon's Applications
Compelling Science and Evidence Supporting Horizon’s Applications Many adults who smoke switched completely or substantially reduced cigarette consumption by ≥50% ~73% Had Meaningful Reductions Strong switching among smokers Switched & 31% Completely Low likelihood of underage use to Ploom Reduced c
Slide 34: E-Vapor Appeals to Transitioners and Variety Seekers
E-Vapor Appeals to Transitioners and Variety Seekers Transitioners Variety Seekers 34 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 35: Illicit Disposable Products Represent ~70% of the E-Vapor Category
Illicit Disposable Products Represent ~70% of the E-Vapor Category E-Vapor Category Volume Vapers by Form – Past 30-Day Usage (volume in billions of equivalized cigarette packs) (twelve months moving, in millions) Disposable Liquid Pod +~15% ~21 ~20 ~7 ~3.0 ~2.5 ~6 ~3.5 ~4.0 ~13.5 ~14.5 2024 2025 20
Slide 36: Moderating Illicit E-Vapor Growth
Moderating Illicit E-Vapor Growth Increased Pricing Slowing Enforcement Dynamics Organic Growth 36 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 37: Enforcement Efforts Are Gaining Traction
Enforcement Efforts Are Gaining Traction Increased engagement from federal agencies Efforts are impacting illicit supply. and government officials. >50% of disposable vapers surveyed reported out-of- stocks. All third-party trademarks remain the property of their respective owners. 37 | ALCS | CAGNY
Slide 38: Together, Enforcement and Tariffs are Impacting Pricing Dynamics
Together, Enforcement and Tariffs are Impacting Pricing Dynamics A Leading Illicit Disposable Brand (price per unit) >20% $26.00 $21.20 1H 2025 2H 2025 Source: Circana Projected Total MOC week ending 12/28/2025. 38 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 39: Moderating Illicit Disposable E-Vapor Consumer Counts and Growth
Moderating Illicit Disposable E-Vapor Consumer Counts and Growth Vapers by Form – Past 30-Day Usage Disposable E-Vapor Volume Growth Rate (twelve months moving, in millions) Disposable Liquid Pod ~21 ~20 ~3.0 ~2.5 ~50% ~17 ~3.5 ~3.5 ~4.0 ~4.0 ~30% ~13.5 ~14.5 ~9.5 2023 2024 2025 2024 2025 Source: AL
Slide 40: Early Progress, More Action Needed
Early Progress, More Action Needed Authorization Enforcement Establish a legal Use all available tools market of smoke-free to hold rule-breakers alternatives accountable 40 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 41: Our Path Forward in E-Vapor
Our Path Forward in E-Vapor • We are working on a pipeline of products to meet evolving vaper preferences. • We intend to maintain a measured approach to our investments in e-vapor until the regulatory framework is functioning as intended and enforcement actions meaningfully address the illicit mark
Slide 42: Strengthening Our Capabilities and Strategic Enablers
Strengthening Our Capabilities and Strategic Enablers Enhancing Optimize & Expanding Import Leading the Revenue Growth Accelerate & Export Industry With Our Management Initiative Capabilities Sales Force Infrastructure Accelerating Progress Toward Our Vision 42 | ALCS | CAGNY | 2.18.26 | For Investo
Slide 43: Increasing Speed and Effectiveness Through Optimize & Accelerate
Increasing Speed and Effectiveness Through Optimize & Accelerate Accelerate progress and deliver at least $600M in cumulative cost savings by the end of 2029. More Efficient More Effective Faster Modernization Levers Process Streamlining Generative AI & Centralizing Outsourcing Build Capabilities &
Slide 44: Increasing Efficiency in Our Marketing Services Organization
Increasing Efficiency in Our Marketing Services Organization Reduced marketing content Using generative AI in execution time by as much as 50% marketing content Marketing Technology Campaign Execution Content Efficiency 44 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 45: Modernizing AGDC's Approach at Retail
Modernizing AGDC’s Approach at Retail All third-party trademarks remain the property of their respective owners. 45 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 46: Expanding Our Import and Export Capabilities
Expanding Our Import and Export Capabilities 46 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 47: Enhancing Our Revenue Growth Management (RGM) Infrastructure
Enhancing Our Revenue Growth Management (RGM) Infrastructure Altria Operating Companies RGM RGM deployed to execute operating company strategies 47 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 48: Enhancing Our RGM Infrastructure
Enhancing Our RGM Infrastructure Enterprise RGM Evaluates cross-category market dynamics to provide strategic recommendations for resource allocation across Altria Altria Operating Companies RGM RGM deployed to execute operating company strategies 48 | ALCS | CAGNY | 2.18.26 | For Investor Purposes
Slide 49: AGDC Ranked #1 CPG Sales Force
AGDC Ranked #1 CPG* Sales Force *CPG = Consumer Packaged Goods. Source: AGDC Trade Partner Satisfaction Survey, December 2025. 49 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 50: Moving beyond smoking
g Moving beyond smokin
Slide 51: ALCS
51 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 52: Executing Our Smokeable Products Segment Strategy
Executing Our Smokeable Products Segment Strategy Adjusted OCI* Adjusted OCI Margins* ($ in millions) +1.8% +7.0pp CAGR $11,064 63.4% $10,111 56.4% 2020 2025 2020 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 52 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 53: Cigarette Industry Volumes Moderately Improved in 2025
Cigarette Industry Volumes Moderately Improved in 2025 Cigarette Industry Volume Decomposition Estimates (Twelve Months Ended) 3,4 Secular Decline Rate1 Price Elasticity 2 Macro, Cross Category & Other (9.0)% (9.0)% (8.5)% (8.5)% (8.0)% (4.4)% (4.5)% (3.9)% (3.9)% (3.4)% (2.1)% (2.0)% (2.1)% (2.1)%
Slide 54: Maintaining Focus on the Highest-Value Segment
Maintaining Focus on the Highest-Value Segment Cigarette Industry Volume, Dollar and Profit Pool Share (Full Year 2025) ~85% Industry Profit is in Discount Premium Premium Discount 68% 79% 85% Premium 32% 21% 15% Volume Share Dollar Share Profit Pool Share Source: Circana Complete Market/MSAi Blende
Slide 55: Marlboro Dominates the Premium Segment
Marlboro Dominates the Premium Segment Share of Premium (Full Year 2025) >95% 59.4% Loyalty Rates 15.3% 9.4% 6.5% 5.0% Newport Camel Winston, Kool Natural American & Salem Spirit Premium Share Δ +2.2pp (1.7)pp (1.9)pp +0.1pp +1.0pp vs. FY 2020 Source: Circana Complete Market/MSAi Blended Cigarette,
Slide 56: Executing Our Smokeable Strategy With Marlboro
Executing Our Smokeable Strategy With Marlboro 56 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 57: For investor purposes ONLY.
. For investor purposes ONLY.
Slide 58: Repositioning Basic With RGM Precision
Repositioning Basic With RGM Precision Retail Store Count ~290,000 ~30,000 Marlboro Basic Source: STARS week ending 12/28/2025. 58 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 59: PM USA Capturing Share With Basic
PM USA Capturing Share With Basic Discount Retail Share Deep Discount Branded Discount Basic Basic Repositioned 32.2% 32.9% 30.8% 31.2% 29.8% 30.3% 1.5% 2.1% 29.1% 29.3% 0.6% 0.2% 0.2% 15.2% 15.3% 15.3% 15.3% 15.2% 15.1% 15.0% 15.1% 13.9% 14.1% 14.5% 14.9% 15.3% 15.3% 15.5% 15.6% Q1 '24 Q2 '24 Q3 '2
Slide 60: PM USA's Portfolio Approach is Stabilizing Share
PM USA’s Portfolio Approach is Stabilizing Share PM USA Retail Share (1.4)pp (0.2)pp 46.8% 46.4% 46.2% 45.7% 45.4% 45.0% 45.1% 45.4% 45.2% Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. 60 | ALCS | CAGNY
Slide 61: Slide 61
Slide 62: Creating Incremental Value Through Long-Term Adjacencies
Creating Incremental Value Through Long-Term Adjacencies International Innovative Smoke-Free Non-Nicotine Compete internationally in the top innovative oral tobacco Enter non-nicotine categories with broad commercial markets and develop a pathway to participate in the heated distribution of at least
Slide 63: Expanding Our International Presence in Nicotine Pouches
Expanding Our International Presence in Nicotine Pouches All third-party trademarks remain the property of their respective owners. 63 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 64: Deepening Our Understanding of International Consumers
Deepening Our Understanding of International Consumers Product Attributes Demographics Occasions pouch size flavor Product Attributes moisture strength All third-party trademarks remain the property of their respective owners. 64 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 65: Expanding Distribution and Offerings to International Markets
Expanding Distribution and Offerings to International Markets 5x Retail Distribution All third-party trademarks remain the property of their respective owners. 65 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 66: Taking a Disciplined, Test-and-Learn Approach to Non-Nicotine
Taking a Disciplined, Test-and-Learn Approach to Non-Nicotine 2028 Enterprise Goals Our research shows energy is the Long-Term Growth most sought-after functional benefit for consumers. International Innovative Non-Nicotine Smoke-Free We continue to believe there is potential to disrupt the energy ~
Slide 67: Advancing Our Collaboration With Proper Wild
Advancing Our Collaboration With Proper Wild All third-party trademarks remain the property of their respective owners. 67 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 68: Applying Our World-Class Capabilities to Non-Nicotine
Applying Our World-Class Capabilities to Non-Nicotine Unique Trade High-Speed Regulatory Distribution Product Relationships Manufacturing Science Formats 68 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY All third-party trademarks remain the property of their respective owners. For investor p
Slide 69: Delivering Durable Cash Returns While Investing for the Future
Delivering Durable Cash Returns While Investing for the Future $ in Billions Dividends Share Repurchases 60th $10.2 Dividend Increase $8.4 in 56 $8.1 $7.8 $3.4 $8.0 $7.7 Years $7.1 $1.8 $1.0 $6.9 $1.7 $1.0 $6.3 $2.9 $1.7 $0.8 $5.5 $4.8 $4.7 $4.5 $4.5 $1.0 $4.2 $0.6 $0.9 $1.3 $1.1 $0.6 $3.0 $6.4 $6.6
Slide 70: Cash Returns to Shareholders Approximate Our Market Capitalization
Cash Returns to Shareholders Approximate Our Market Capitalization $ in Billions ~$107 ~$104 1 2 Cash Returns (2008 - 2025) Market Capitalization 1 Only includes dividends declared and shares repurchased following the spin-off of Philip Morris International Inc. in March 2008. 2 Market capitalizatio
Slide 71: Exceptional Total Shareholder Return Over the Past Five Years
Exceptional Total Shareholder Return Over the Past Five Years 108.2% Price Appreciation Dividends 96.2% 13.9% 67.6% 41.4% 82.3% 36.0% 17.2% 21.4% 40.6% 24.2% 14.6% Altria S&P 500 S&P 500 Consumer Staples S&P 500 FB&T Reflects cumulative total shareholder return of our common stock for the last five
Slide 72: Balanced Approach to Deploying Excess Cash
Balanced Approach to Deploying Excess Cash On average more than $1 billion of cash in excess of dividend payments over the past five years.* We will continue to balance: Share Repurchases Investments in Our Vision *For reconciliations of non-GAAP to GAAP measures visit altria.com. 72 | ALCS | CAGNY
Slide 73: Our Balance Sheet Remains Strong
Our Balance Sheet Remains Strong Annual Debt Maturity Towers (through 2038, $ in billions) $1.9 $1.8 $1.6 $1.5 $1.2 $1.3 $1.0 $1.0 $0.5 $0.2 - - - 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Debt-to-EBITDA* ratio of 2.0x as of December 31, 2025 *For reconciliations of non-GAAP t
Slide 74: Our Investment in ABI
Our Investment in ABI Dividends Received From ABI ($ in millions) +49.6% $208 $10.3B fair value of our investment in ABI as $139 of December 31, 2025 2024 2025 All third-party trademarks remain the property of their respective owners. 74 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY
Slide 75: Our 2028 Enterprise Goals
Our 2028 Enterprise Goals 2028 Enterprise Goals Corporate U.S. Smoke-Free Products Long-Term Growth Share of Financial Policy & Total Adjusted International Innovative U.S. Tobacco U.S. Smoke-Free Volume & Revenue Non-Nicotine Capital Allocation OCI Margin Smoke-Free Space EPS Growth Mid-Single Digi
Slide 76: ALCS
ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY