Philip Morris International Inc · NYSE:PM

Philip Morris International — Q2 2025 Earnings Presentation

16 slides from Philip Morris International's earnings presentation, Jul 22, 2025

  1. Slide 1: 2025 Second-Quarter Results

    Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 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 Ex

  2. 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; market expectations; reg

  3. Slide 3: Q2: Strong Growth Model Drives Adj. EPS c.20% Higher

    Q2: Strong Growth Model Drives Adj. EPS c.20% Higher Q2’25 vs. PY Q2’25 Adj. incl. Organic Curr. & Acq/Div Shipment Volume +1.2% 200bn Net Revenues +6.8% +7.1% $10.1bn Adj. Operating Income +14.9% +16.1% $4.2bn Adj. Diluted EPS +18.9% +20.1% $1.91 (Excl. Currency) (Incl. Currency) 5 Note: Organic gr

  4. Slide 4: Total Volume Growth Driven By Smoke-Free Products

    Total Volume Growth Driven By Smoke-Free Products (shipments, equivalent bn units) Q2’25 H1’25 vs. PY vs. PY Total 200.1 +1.2% 387.9 +2.5% Smoke-Free 44.8 +11.8% 87.9 +13.1% HTUs: +9.2% HTUs: +10.5% Oral SFPs: +23.8% Oral SFPs: +25.5% E-Vapor: +124% E-Vapor: +116% Cigarettes 155.2 (1.5)% 300.0 (0.3)

  5. Slide 5: Sustainable Net Revenue Drivers: Volumes, Pricing & Mix

    Sustainable Net Revenue Drivers: Volumes, Pricing & Mix Pricing (Combustibles +3.1pp (2.4)pp 8.4% & Smoke-Free) CC Geographic Smoke-Free Mix & Other (1.9)pp 6.5% & U.S. Mix Currency & Impact +2.9pp +5.2pp Acq/Div Oral SFP 2.5% H1'25 H1'25 Organic H1'25 Net Shipment Net Revenue Revenue Growth Volume

  6. Slide 6: Multicategory Strategy Catalyzing SFP User Growth To >41m

    Multicategory Strategy Catalyzing SFP User Growth To >41m Total Smoke-Free Product Users(a) PMI SFP Markets (in millions) (#) ~+5m vs. H1’24 95 95 97 3 PMI SFP 15 16 20 Categories ~41.5 30 2 PMI SFP ~39.0 30 27 Categories ~36.5 IQOS: ~34m Oral: ~6.5m 1 PMI SFP VEEV: ~1+m 50 49 50 Category H1'24 FY'2

  7. Slide 7: ZYN: Further Rapid Growth, Global Rollout Continues

    ZYN: Further Rapid Growth, Global Rollout Continues Nicotine Pouch U.S. ZYN Volumes 190.2 (million cans) Shipment Volumes 135.1 (million cans) 44 +41% Global ZYN vs. PY Markets Q2'24 Q2'25 214.7 149.9 24.4 +43% International 14.8 vs. PY Nicotine Pouch Excl. Nordics +65% +179% Volumes vs. PY Excl. No

  8. Slide 8: Europe: Acceleration in IQOS & Multicategory Performance

    Europe: Acceleration in IQOS & Multicategory Performance 30 Multicategory Shipment Volumes Adj. IMS Growth vs. PY European Markets (Jun’25) +31% Adj. IMS vs. PY 15.5 11.8 +148% Excl. Nordics Q2'24 Q2'25 9.3% 9.1% (million cans) 7.6% 733 +115% vs. PY 341 (million eq. units) Q2'24 Q2'25 FY'24 Q1'25 Q2

  9. Slide 9: U.S.: Impressive ZYN Reacceleration as Availability Improves

    U.S.: Impressive ZYN Reacceleration as Availability Improves ZYN and U.S. Nicotine Pouch Category (Monthly Nielsen offtake volume change vs. PY, %) ZYN U.S. Nicotine Pouch Category Nielsen Retail 100% Value Share 90% 80% 69.3% Q2’25 70% 60% 50% Nielsen Retail 40% 38% Volume Share 36% 30% 61.2% 20% Q

  10. Slide 10: Strong SFP Growth Across Global Markets

    Strong SFP Growth Across Global Markets (excl. U.S., Europe, Japan) (Adj. IMS, billion units) (Shipment, million cans) (Shipment, million eq. units) 10.7 19.3% 3.0x 125 2.9x 9.0 vs. PY 9.0 vs. PY vs. PY 16.1% 3.0 43 Ships. vs. PY Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Global Markets IQOS, ZYN & VEEV Sh

  11. Slide 11: Combustibles: Robust Model, Strong Pricing & Profit Growth

    Combustibles: Robust Model, Strong Pricing & Profit Growth Combustible Pricing Combustible Gross Profit (% organic growth vs. PY)(a) (% organic growth vs. PY) 8.9 8.7 6.8 7.7 5.0 5.0 2.7 0.5 1.9 0.3 2021 2022 2023 2024 H1'25 2021 2022 2023 2024 H1'25 21 (a) Pricing variance is based on adjusted net

  12. Slide 12: Delivering Best-in-Class CPG Growth

    Delivering Best-in-Class CPG Growth 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% +11-12.5% +8-10% (Variance vs. PY) Adj. Diluted EPS +15.6% +11.5-13.5% +

  13. Slide 13: Questions & Answers

    Championing a Smoke-Free World 2025 Second-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

  14. Slide 14: Appendix: 2025 EPS Guidance

    Championing a Smoke-Free World Appendix 27 2025: EPS Guidance ($/share) Full-Year 2025 Forecast 2024 Growth Reported Diluted EPS $7.24 – $7.37 $4.52 Adjustments: - Restructuring charges(a) 0.13 0.10 - Impairment of goodwill and other intangibles 0.03 0.01 - Amortization of intangibles(b) 0.50 0.40 -

  15. Slide 15: Select European Markets: PMI HTU Adjusted Share of Market

    Select European Markets: PMI HTU Adjusted Share of Market Change Change Change Q2’25 vs. PY Q2’25 vs. PY Q2’25 vs. PY Slovak Austria 8.4% +0.3pp Italy 17.7% +1.0pp Republic 15.5% (1.4)pp Czech Republic 14.2 (0.7) Lithuania 28.3 +0.9 Slovenia 16.0 +1.9 Germany 6.8 +0.8 Poland 9.9 +0.7 Spain 3.4 +0.8

  16. Slide 16: 2025 Second-Quarter Results

    Championing a Smoke-Free World 2025 Second-Quarter Results July 22, 2025

Philip Morris International — Q2 2025 Earnings Presentation on 6ix