Philip Morris International Inc · NYSE:PM
Philip Morris International — Q3 2025 Earnings Presentation
36 slides from Philip Morris International's earnings presentation, Oct 21, 2025
Slide 1: 2025 Third-Quarter Results
Championing a Smoke-Free World 2025 Third-Quarter Results October 21, 2025 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
Slide 2: 2025 Third-Quarter Results
Championing a Smoke-Free World 2025 Third-Quarter Results October 21, 2025 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
Slide 3: 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; market expectations; reg
Slide 4: 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; market expectations; reg
Slide 5: Q3: Strong Growth Model, Excellent EPS Delivery
Q3: Strong Growth Model, Excellent EPS Delivery Q3’25 vs. PY Q3’25 Adj. incl. Organic Curr. & Acq/Div Shipment Volume +0.7% 205bn Net Revenues +5.9% +9.4% $10.8bn Excluding Indonesia CC business model change +7.3% +10.8% Adj. Operating Income +7.5% +12.4% $4.7bn Adj. Diluted EPS +13.1% +17.3% $2.24
Slide 6: Q3: Strong Growth Model, Excellent EPS Delivery
Q3: Strong Growth Model, Excellent EPS Delivery Q3’25 vs. PY Q3’25 Adj. incl. Organic Curr. & Acq/Div Shipment Volume +0.7% 205bn Net Revenues +5.9% +9.4% $10.8bn Excluding Indonesia CC business model change +7.3% +10.8% Adj. Operating Income +7.5% +12.4% $4.7bn Adj. Diluted EPS +13.1% +17.3% $2.24
Slide 7: Total Volume Growth Driven By Smoke-Free Products
Total Volume Growth Driven By Smoke-Free Products (shipments, equivalent bn units) Q3’25 YTD Sep’25 vs. PY vs. PY Total 204.9 +0.7% 592.7 +1.8% Smoke-Free 46.9 +16.6% 134.8 +14.3% HTUs: +15.5% HTUs: +12.2% Oral SFPs: +16.9% Oral SFPs: +22.5% E-Vapor: +91% E-Vapor: +106% Cigarettes 157.9 (3.2)% 457.9
Slide 8: Total Volume Growth Driven By Smoke-Free Products
Total Volume Growth Driven By Smoke-Free Products (shipments, equivalent bn units) Q3’25 YTD Sep’25 vs. PY vs. PY Total 204.9 +0.7% 592.7 +1.8% Smoke-Free 46.9 +16.6% 134.8 +14.3% HTUs: +15.5% HTUs: +12.2% Oral SFPs: +16.9% Oral SFPs: +22.5% E-Vapor: +91% E-Vapor: +106% Cigarettes 157.9 (3.2)% 457.9
Slide 9: Increasingly Profitable Smoke-Free Transformation
Increasingly Profitable Smoke-Free Transformation Q3’25 Organic Growth vs. PY Total PMI Smoke-Free(a) Combustibles Net Net Net Revenues 5.9% Revenues 13.9% Revenues 1.0% Gross Gross Gross Profit 8.7% Profit 14.8% Profit 4.8% +170bps to +60bps to +230bps to 67.9% 70.0% 66.5% Smoke-Free Combustibles G
Slide 10: Increasingly Profitable Smoke-Free Transformation
Increasingly Profitable Smoke-Free Transformation Q3’25 Organic Growth vs. PY Total PMI Smoke-Free(a) Combustibles Net Net Net Revenues 5.9% Revenues 13.9% Revenues 1.0% Gross Gross Gross Profit 8.7% Profit 14.8% Profit 4.8% +170bps to +60bps to +230bps to 67.9% 70.0% 66.5% Smoke-Free Combustibles G
Slide 11: Investing for Growth While Expanding OI Margins
Investing for Growth While Expanding OI Margins Q3’25 Adjusted OI Margin 43.1% (1.1)pp 42.5% +1.7pp SG&A +0.6pp 41.9% SG&A Currency & Acq/Div Gross Margin +60bps +120bps +190bps +240bps YTD Sep’25 YTD Sep’25 Q3'24 Q3’25 Q3'25 (excl. Curr. & Acq/Div) 11 Note: Total may not foot due to rounding. Sourc
Slide 12: Investing for Growth While Expanding OI Margins
Investing for Growth While Expanding OI Margins Q3’25 Adjusted OI Margin 43.1% (1.1)pp 42.5% +1.7pp SG&A +0.6pp 41.9% SG&A Currency & Acq/Div Gross Margin +60bps +120bps +190bps +240bps YTD Sep’25 YTD Sep’25 Q3'24 Q3’25 Q3'25 (excl. Curr. & Acq/Div) 11 Note: Total may not foot due to rounding. Sourc
Slide 13: IQOS: Strong Momentum, Expect Q4 Acceleration
IQOS: Strong Momentum, Expect Q4 Acceleration HTU Adjusted IMS Growth (Vs. Previous Year) Q3’25 vs. PY +9.0% +10-12% +10.0% YTD Sep'25 Est. FY'25 13 Source: PMI Financials or estimates ZYN: Further Rapid Growth, Global Rollout Continues Nicotine Pouch U.S. ZYN Volumes 204.9 (million cans) Shipment V
Slide 14: IQOS: Strong Momentum, Expect Q4 Acceleration
IQOS: Strong Momentum, Expect Q4 Acceleration HTU Adjusted IMS Growth (Vs. Previous Year) Q3’25 vs. PY +9.0% +10-12% +10.0% YTD Sep'25 Est. FY'25 13 Source: PMI Financials or estimates ZYN: Further Rapid Growth, Global Rollout Continues Nicotine Pouch U.S. ZYN Volumes 204.9 (million cans) Shipment V
Slide 15: VEEV: Sustained Acceleration, Increasingly Profitable
VEEV: Sustained Acceleration, Increasingly Profitable #1 in 8 VEEV Volumes Markets (shipments in million equivalent units) (Closed Pods)(a) +91% vs. PY 858 885 632 463 499 384 305 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 15 (a) Based on Jul/Aug’25 (based on availability) third-party offtake data (N
Slide 16: VEEV: Sustained Acceleration, Increasingly Profitable
VEEV: Sustained Acceleration, Increasingly Profitable #1 in 8 VEEV Volumes Markets (shipments in million equivalent units) (Closed Pods)(a) +91% vs. PY 858 885 632 463 499 384 305 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 15 (a) Based on Jul/Aug’25 (based on availability) third-party offtake data (N
Slide 17: Japan: IQOS Growth Driving Category Towards 50% Milestone
Japan: IQOS Growth Driving Category Towards 50% Milestone Adj. IMS Growth vs. PY 48.5% HnB Offtake (Quarterly average, billion units) Category Share(a) 71% 69% 70% 70% 69% Adj. IMS(b) 11.7 11.9 PMI (in billion units) 11.5 Adj. Category Share 11.2 10.9 +6.0% Q3’25 Q3’25 vs. PY 10.5 PMI HTU Adj. SoM 1
Slide 18: Further U.S. ZYN Acceleration, Investing for Growth
Japan: IQOS Growth Driving Category Towards 50% Milestone Adj. IMS Growth vs. PY 48.5% HnB Offtake (Quarterly average, billion units) Category Share(a) 71% 69% 70% 70% 69% Adj. IMS(b) 11.7 11.9 PMI (in billion units) 11.5 Adj. Category Share 11.2 10.9 +6.0% Q3’25 Q3’25 vs. PY 10.5 PMI HTU Adj. SoM 1
Slide 19: ZYN: #1 Growing Brand by Value in U.S. Convenience
ZYN: #1 Growing Brand by Value in U.S. Convenience Retail Value Growth Retail Value Growth ($m, Q3’25 vs. PY) ($m, YTD Sep’25 vs. PY) 508 433 177 305 121 229 213 107 98 41 Red Bull Celsius Monster Coca-Cola Red Bull Geek Vape Monster Celsius Energy Energy 19 Note: Chart not to scale. Source: Based o
Slide 20: ZYN: #1 Growing Brand by Value in U.S. Convenience
ZYN: #1 Growing Brand by Value in U.S. Convenience Retail Value Growth Retail Value Growth ($m, Q3’25 vs. PY) ($m, YTD Sep’25 vs. PY) 508 433 177 305 121 229 213 107 98 41 Red Bull Celsius Monster Coca-Cola Red Bull Geek Vape Monster Celsius Energy Energy 19 Note: Chart not to scale. Source: Based o
Slide 21: ZYN: Best-in-Class Growth & Margins Drive Strong Outlook
ZYN: Best-in-Class Growth & Margins Drive Strong Outlook • Attractive U.S. category growth outlook and unit economics • Strong category leader, regaining momentum • Investing in U.S. & global growth potential • Hoping for positive outcome from expedited FDA review process to level innovation playing
Slide 22: ZYN: Best-in-Class Growth & Margins Drive Strong Outlook
ZYN: Best-in-Class Growth & Margins Drive Strong Outlook • Attractive U.S. category growth outlook and unit economics • Strong category leader, regaining momentum • Investing in U.S. & global growth potential • Hoping for positive outcome from expedited FDA review process to level innovation playing
Slide 23: Combustibles: Resilient Growth with Strong Pricing
Combustibles: Resilient Growth with Strong Pricing Combustible Pricing Combustible Gross Profit (% organic growth vs. PY)(a) (% organic growth vs. PY) 8.7 7.9 6.8 5.5 4.9 0.9 2021-2023 2024 YTD Sep'25 2021-2023 2024 YTD Sep'25 Average Average 23 (a) Pricing variance is based on adjusted net revenues
Slide 24: Combustibles: Resilient Growth with Strong Pricing
Combustibles: Resilient Growth with Strong Pricing Combustible Pricing Combustible Gross Profit (% organic growth vs. PY)(a) (% organic growth vs. PY) 8.7 7.9 6.8 5.5 4.9 0.9 2021-2023 2024 YTD Sep'25 2021-2023 2024 YTD Sep'25 Average Average 23 (a) Pricing variance is based on adjusted net revenues
Slide 25: On Track to Exceed 2024-2026 CAGR Targets
On Track to Exceed 2024-2026 CAGR Targets 2024-26 CAGR FY’24 2025 Forecast Targets Organic Organic Organic Shipment Volume +2.9% ~+1% Positive (Variance vs. PY) Net Revenues +9.8% +6-8%(*) +6-8% (Variance vs. PY) Operating Income +14.9% +10-11.5% +8-10% (Variance vs. PY) Adj. Diluted EPS +15.6% +12-
Slide 26: On Track to Exceed 2024-2026 CAGR Targets
On Track to Exceed 2024-2026 CAGR Targets 2024-26 CAGR FY’24 2025 Forecast Targets Organic Organic Organic Shipment Volume +2.9% ~+1% Positive (Variance vs. PY) Net Revenues +9.8% +6-8%(*) +6-8% (Variance vs. PY) Operating Income +14.9% +10-11.5% +8-10% (Variance vs. PY) Adj. Diluted EPS +15.6% +12-
Slide 27: 2025 Third-Quarter Results Questions & Answers
Championing a Smoke-Free World 2025 Third-Quarter Results Questions & Answers Have you downloaded the PMI Investor Relations App? iOS Download Android Download The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.
Slide 28: 2025 Third-Quarter Results Questions & Answers
Championing a Smoke-Free World 2025 Third-Quarter Results Questions & Answers Have you downloaded the PMI Investor Relations App? iOS Download Android Download The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.
Slide 29: Appendix and Reconciliation of Non-GAAP Measures
Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 29 2025: EPS Guidance ($/share) Full-Year 2025 Forecast 2024 Growth Reported Diluted EPS $7.39 – $7.49 $4.52 Adjustments: - Restructuring charges(a) 0.13 0.10 - Impairment of goodwill and other intangibles 0.03 0.01 - Am
Slide 30: Appendix and Reconciliation of Non-GAAP Measures
Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 29 2025: EPS Guidance ($/share) Full-Year 2025 Forecast 2024 Growth Reported Diluted EPS $7.39 – $7.49 $4.52 Adjustments: - Restructuring charges(a) 0.13 0.10 - Impairment of goodwill and other intangibles 0.03 0.01 - Am
Slide 31: Excellent IQOS Key City Progress Across Global Markets
Excellent IQOS Key City Progress Across Global Markets PMI HTU Offtake Shares (Q3’25) Change vs. PY +0.5pp +0.8pp flat +0.1pp +1.3pp +3.4pp +2.1pp +1.9pp +0.7pp +1.2pp +1.2pp +2.7pp +2.2pp +3.5pp +2.6pp 20.1% 18.5% 18.6% 15.0% 13.6% 13.9% 9.4% 6.8% 7.7% 5.4% 6.4% 4.3% 4.4% 3.0% 3.1% Toronto Manila B
Slide 32: Excellent IQOS Key City Progress Across Global Markets
Excellent IQOS Key City Progress Across Global Markets PMI HTU Offtake Shares (Q3’25) Change vs. PY +0.5pp +0.8pp flat +0.1pp +1.3pp +3.4pp +2.1pp +1.9pp +0.7pp +1.2pp +1.2pp +2.7pp +2.2pp +3.5pp +2.6pp 20.1% 18.5% 18.6% 15.0% 13.6% 13.9% 9.4% 6.8% 7.7% 5.4% 6.4% 4.3% 4.4% 3.0% 3.1% Toronto Manila B
Slide 33: Select European Markets: PMI HTU Adjusted Share of Market
Select European Markets: PMI HTU Adjusted Share of Market YTD Change YTD Change YTD Change Sep’25 vs. PY Sep’25 vs. PY Sep’25 vs. PY Slovak Austria 8.7% +0.5pp Italy 18.1% +1.1pp Republic 15.8% (1.1)pp Czech Republic 14.8 (0.1) Lithuania 28.7 +1.0 Slovenia 16.1 +2.0 Germany 7.0 +1.0 Poland 9.7 +0.7
Slide 34: Select European Markets: PMI HTU Adjusted Share of Market
Select European Markets: PMI HTU Adjusted Share of Market YTD Change YTD Change YTD Change Sep’25 vs. PY Sep’25 vs. PY Sep’25 vs. PY Slovak Austria 8.7% +0.5pp Italy 18.1% +1.1pp Republic 15.8% (1.1)pp Czech Republic 14.8 (0.1) Lithuania 28.7 +1.0 Slovenia 16.1 +2.0 Germany 7.0 +1.0 Poland 9.7 +0.7
Slide 35: 2025 Third-Quarter Results
Championing a Smoke-Free World 2025 Third-Quarter Results October 21, 2025
Slide 36: 2025 Third-Quarter Results
Championing a Smoke-Free World 2025 Third-Quarter Results October 21, 2025
Philip Morris International — Q3 2025 Earnings Presentation on 6ix