Philip Morris International Inc · NYSE:PM

Philip Morris International — Q2 2026 Earnings Presentation

15 slides from Philip Morris International's earnings presentation, Jul 22, 2026

  1. Slide 1: 2026 Second-Quarter Results

    Championing a Smoke-Free World 2026 Second-Quarter Results July 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

  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; regulatory outcomes; mar

  3. Slide 3: Q2: Strong Quarter, Mid-Teens EPS Growth

    Q2: Strong Quarter, Mid-Teens EPS Growth Q2’26 Q2’26 vs. PY Variance Organic Shipment Volume 205bn +2.5% Net Revenues $11.2bn +10.4% +7.6% Adj. Gross Profit $7.7bn +11.5% +8.7% Adj. Operating Income $4.8bn +12.4% +10.7% Adj. Diluted EPS $2.20 +15.2% +13.6% (Excl. Currency) 5 Note: Organic growth rat

  4. Slide 4: International: Excellent SFP and Combustibles Performance

    International: Excellent SFP and Combustibles Performance H1’26 Organic Growth vs. PY Total International Int’l Smoke-Free Int’l Combustibles Q2’26 Q2’26 Net Net Revenues 7.4% Revenues 13.7% 11.8% 3.8% 6.4% Gross Gross Profit 10.1% Profit 16.9% 14.6% 6.1% 8.0% +160bps to +11.7% +190bps to +150bps to

  5. Slide 5: Top-Line Fueled by Pricing Power and Smoke-Free Mix

    Top-Line Fueled by Pricing Power and Smoke-Free Mix 9.8% Smoke-Free Mix(a) Pricing (CC & (1.0)pp +4.5pp Smoke-Free) +2.0pp U.S. International (2.0)pp 5.3% Int’l CC Geo Mix Currency & & Other Acq/Div +5.9pp 0.4% H1'26 Shipment H1’26 Organic Net H1'26 Net Volume Revenue Growth Revenue Growth Q2’26 2.5

  6. Slide 6: IQOS: Strong Underlying Growth, Despite Transitory Headwinds

    IQOS: Strong Underlying Growth, Despite Transitory Headwinds HTU Adj. IMS Growth 80 (change vs. PY) IQOS Markets 11.3% Excl. Japan & 10.5% 10.5% Poland 5.1% Q2’26 vs. PY 8.0% 10.2% Excl. Japan/Poland H1'25 H2'25 H1'26 11 Source: PMI financials or estimates Excellent IQOS Progress Across Key Global C

  7. Slide 7: VEEV: Rapid Growth, #1 Closed Pod Brand in Europe

    VEEV: Rapid Growth, #1 Closed Pod Brand in Europe E-Vapor Shipments (billion equivalent units) 2.6 1.5 +72% vs. PY H1'25 H1'26 Closed Pods Share in Europe(a) 22.4% 21.1% Comp. 1 21.3% Comp. 2 18.8% 17.0% VEEV 14.9% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (a) Closed pods share in Europe is based on Nielsen and

  8. Slide 8: Europe: Continued Strong SFP Growth

    Europe: Continued Strong SFP Growth IQOS, ZYN & VEEV IMS Growth Shipment Volumes Adj. IMS Growth vs. PY +8% H1’26 vs. PY Excl. recent 2.3 +81% flavor ban markets(a) vs. PY 1.3 (billion eq. units) 8.7% ~8% H1'25 H1'26 (4)% 5.4% vs. PY like-for-like 0.6 0.7 +33% Excl. Nordics (billion pouches)(b) like

  9. Slide 9: U.S.: Strong Sequential Growth, Launching New Variants

    U.S.: Strong Sequential Growth, Launching New Variants U.S. Net Revenues U.S. ZYN Shipment Volumes ($ million) (billion pouches) 856 622 +38% Q2’26(b) vs. Q1’26 Retail Value (0.9)% Share: vs. PY 57.1% Q1'26 Q2'26 2.9 U.S. Adj. Gross Profit(a) 2.3 ($ million) +2% 560 +46% vs. PY 385 vs. Q1’26 (8.9)%

  10. Slide 10: Combustibles: Strength of Model Driving Robust Profitability

    Combustibles: Strength of Model Driving Robust Profitability Combustible Pricing (% growth vs. PY)(a) Marlboro Int’l Share 11.0% Q2’26 8.9 8.7 7.6 9.2 FY'23 FY'24 FY'25 H1'26 Int’l Combustible Gross Profit (% organic growth vs. PY) 8.0 Q2’26 6.9 6.1 4.9 0.4 FY'23 FY'24 FY'25 H1'26 19 (a) Pricing var

  11. Slide 11: 2026 Second-Quarter Results Questions & Answers

    TBU Delivering Superior & Sustainable Growth • H1 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 shareholde

  12. Slide 12: Appendix and Reconciliation of Non-GAAP Measures

    Championing a Smoke-Free World 2026 Second-Quarter Results July 22, 2026 Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 24

  13. Slide 13: 2026: EPS Guidance

    2026: EPS Guidance ($/share) 2026 Forecast 2025 Growth Reported Diluted EPS $7.19 – $7.34 $7.26 Adjustments: - Amortization of intangibles 0.50 0.50 - Fair value adjustment for equity security investments 0.16 (0.18) - Restructuring charges 0.03 0.14 - Income tax impact associated with Swedish Match

  14. Slide 14: Additional Market Data: Total Market and Market Share

    Additional Market Data: Total Market and Market Share H1’26 vs. H1’25 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 103.1 105.4 (2.1) 31.4 32.4 (1.0) 10.3 9.3 1.0 Turkey

  15. Slide 15: Reconciliation of Non-GAAP Measures

    PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of International Combustibles Gross Profit to Adjusted Gross Profit, excluding Currency & Acquisitions / Divestitures ($ in millions) / (Unaudited) Adj. Gross Profit excl. Adj. Gross Excl. Currency &

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