Altria Group, Inc. · NYSE:MO
Altria — Q2 2026 Earnings Presentation
31 slides from Altria's earnings presentation, Jul 30, 2026
Slide 1: Altria's Second-Quarter 2026 Earnings Conference Call
Altria’s Second-Quarter 2026 Earnings Conference Call July 30, 2026 1 | ALCS | Q2 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: Strong First-Half Execution Across Our Strategic Priorities
Strong First-Half Execution Across Our Strategic Priorities • Helix expanded on! PLUS to 120,000 stores nationwide • PM USA advanced its data-driven, total portfolio approach to drive profitability • Marlboro Cowboy Cut generated strong interest among premium smokers • Basic continued to gain share
Slide 4: First-Half Earnings Growth and Shareholder Returns
First-Half Earnings Growth and Shareholder Returns Adjusted Diluted Earnings Per Share (EPS)* Cash Returned to Shareholders ($ in millions) +4.9% Dividends Share Repurchases $2.80 $335 $2.67 $3,556 1H '25 1H '26 1H '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 4 | ALCS | Q2
Slide 5: Nicotine Pouches Now Nearly 60% of the Oral Category
Nicotine Pouches Now Nearly 60% of the Oral Category Oral Tobacco Industry Volume Growth Oral Nicotine Pouches (six months ended June 30) (retail share of oral tobacco category) +8.1pp 59.9% 51.8% 11.0% 9.5% 6.0% 6/30/2024 6/30/2025 6/30/2026 Q2 '25 Q2 '26 Source: ALCS Enterprise Insights estimates.
Slide 6: on! First-Half Volume Grew as on! PLUS Scaled
on! First-Half Volume Grew as on! PLUS Scaled on! Reported Shipment Volume (cans in millions) +5.1% 96.1 91.4 1H '25 1H '26 6 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 7: on! Retail Share Up Sequentially and Year-Over-Year
on! Retail Share Up Sequentially and Year-Over-Year on! Share of Oral Tobacco Category +0.3pp 8.6% 8.3% Q2 '25 Q2 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026. 7 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 8: on! PLUS Driving Incremental Volume and Repeat Purchase
on! PLUS Driving Incremental Volume and Repeat Purchase on! Estimated Retail Takeaway Volume (cans in millions) on! on! PLUS 47.2 40.2 40.8 Q4 '25 Q1 '26 Q2 '26 Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026. 8 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 9: Marketing Investments Lifting on! Brand Awareness
Marketing Investments Lifting on! Brand Awareness on! Brand Awareness1 (among adult nicotine consumers 21-54) +4.0pp 57% 53% Note: (1) on! unaided awareness also increased 5pp in 1H ’26 vs. 1H ’25. 1H '25 1H '26 Source: Nicotine Pouch Awareness & Perceptions Study; among total adult nicotine consume
Slide 10: Improving Regulatory Backdrop Reinforces Helix's Position
Improving Regulatory Backdrop Reinforces Helix’s Position The FDA’s updated enforcement priorities provide greater regulatory clarity on! PLUS authorizations received last year create the potential for a faster supplemental PMTA pathway for future line extensions. 10 | ALCS | Q2 2026 | For Investor
Slide 11: Expanding on! PLUS with Higher Strengths and New Flavors
Expanding on! PLUS with Higher Strengths and New Flavors Q2 2026 Q3 2026 Q4 2026 11 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 12: Encouraging Signs of Federal and State Enforcement Efforts
Encouraging Signs of Federal and State Enforcement Efforts We continue to see encouraging signs that federal and state agencies are committed to enforcement: • federal seizures of illicit products totaling more than $250 million; • lawsuit by the Minnesota Attorney General against a leading illicit
Slide 13: Harm Reduction Requires Authorization and Enforcement
Harm Reduction Requires Authorization and Enforcement 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 | Q2 2026 | For Investor Purposes ONLY
Slide 14: Vaper Population Flat as Disposable Growth Moderates
Vaper Population Flat as Disposable Growth Moderates Adult Vapers 21+ - Past 30-Day Usage Vapers by Form (twelve months ended June 30, in millions) Illicit (Primarily Disposable) Balance 20.5 20.0 18.6 14.6 14.6 11.7 6/30/2024 6/30/2025 6/30/2026 Source: ATCT June 2024 to June 2026. 14 | ALCS | Q2 2
Slide 15: Honoring Our American Roots For America's 250th
Honoring Our American Roots For America’s 250th Supporting U.S. Growers Investing in American tobacco growers and their local communities Serving Communities Engaging employees through service and civic participation Marking the Milestone Celebrating across our portfolio with Copenhagen and Marlboro
Slide 16: 16 | ALCS | Q2 2026 | For Investor Purposes ONLY
16 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 17: Strong Adjusted Diluted Earnings Per Share Growth
Strong Adjusted Diluted Earnings Per Share* Growth Second Quarter First Half +2.8% +4.9% $2.80 $2.67 $1.44 $1.48 Q2 '25 Q2 '26 1H '25 1H '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 17 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 18: Robust Smokeable Products Adjusted OCI Growth
Robust Smokeable Products Adjusted OCI* Growth Adjusted OCI* Adjusted OCI Margins* ($ in millions) +2.4% +0.3pp 64.5% 64.8% $2,947 $3,018 Q2 '25 Q2 '26 Q2 '25 Q2 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 18 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 19: Adjusted Cigarette Decline Rates Continued to Moderate
Adjusted Cigarette Decline Rates Continued to Moderate Smokeable Products Segment Total Industry Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 (4.0)% (4.5)% (5.0)% (5.0)% (6.5)% (7.0)% (8.0)% (8.5)% (9.0)% (9.0)% (10.5)% (12.0)% 1H ′26: (4.0)% 1H ′26: (5.0)% Sou
Slide 20: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 33.3% 33.8% 32.1% 32.8% 31.2% 17.2% 17.4% 17.8% 15.9% 16.7% 15.3% 15.4% 15.6% 15.9% 16.0% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026. 20 | ALCS
Slide 21: Marlboro Maintained Premium Leadership
Marlboro Maintained Premium Leadership Marlboro Retail Share Marlboro Share of Premium (1.5)pp --pp 59.6% 59.6% 41.0% 39.5% Q2 '25 Q2 '26 Q2 '25 Q2 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026. 21 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 22: Basic Continues to Grow, Supporting the PM USA Portfolio
Basic Continues to Grow, Supporting the PM USA Portfolio Basic Retail Share +2.3pp 2.9% 2.6% 2.1% 1.4% 0.6% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026. 22 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 23: PM USA Portfolio Approach Driving Share Gains
PM USA Portfolio Approach Driving Share Gains PM USA Retail Share +0.3pp 45.2% 45.5% Q2 '25 Q2 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026. 23 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 24: Middleton Cigars Continue to Outperform the Industry
Middleton Cigars Continue to Outperform the Industry Reported Shipment Volume (sticks in millions) +5.0% 503 479 Q2 '25 Q2 '26 24 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 25: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI* Adjusted OCI Margins* ($ in millions) (8.0)% (2.0)pp 68.7% 66.7% $500 $460 Q2 '25 Q2 '26 Q2 '25 Q2 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 25 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 26: Oral Tobacco Products Segment Volume
Oral Tobacco Products Segment Volume Second Quarter First Half (cans in millions) (cans in millions) (8.5)% (6.0)% 374.0 351.6 198.6 181.7 (0.4) Q2 '25 Q2 '26 1H '25 1H '26 26 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 27: on! Growth and MST Resiliency Supported Stable Share
on! Growth and MST Resiliency Supported Stable Share Oral Tobacco Products Segment Retail Share MST on! 32.7% 30.7% 29.4% 29.0% 29.0% 8.3% 8.2% 7.6% 7.8% 8.6% 24.4% 22.5% 21.8% 21.2% 20.4% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv,
Slide 28: Our ABI Investment
Our ABI Investment All third-party trademarks remain the property of their respective owners. 28 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 29: Committed to Returning Significant Value to Shareholders
Committed to Returning Significant Value to Shareholders Dividends • Paid approximately $3.6 billion in dividends in the first half. • Repurchased more than 5.3 million shares for $335 million. Share Repurchase • $665 million remaining under our current share repurchase program. Debt • 1.9x debt-to-
Slide 30: 2026 Financial Outlook
2026 Financial Outlook • We narrow our guidance for 2026 full-year adjusted diluted EPS* to be in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025. • Our narrowed guidance range continues to reflect our expectation for a greater benefit from cigarett
Slide 31: 31 | ALCS | Q2 2026 | For Investor Purposes ONLY
31 | ALCS | Q2 2026 | For Investor Purposes ONLY