Slide 1: Altria's Fourth-Quarter and Full-Year 2025 Earnings Conference Call
Altria’s Fourth-Quarter and Full-Year 2025 Earnings Conference Call January 29, 2026 1 | ALCS | Q4 2025 | 1.29.26 | 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: 3 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
3 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 4: Strong Financial Results and Significant Cash Returns
Strong Financial Results and Significant Cash Returns Adjusted Diluted Earnings Per Share (EPS)* Cash Returned to Shareholders ($ in billions) +4.4% $10.2 $5.42 $5.19 $8.4 $8.1 $8.0 $7.8 2024 2025 2021 2022 2023 2024 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 4 | ALCS |
Slide 5: Meaningful Smoke-Free and Long-Term Growth Milestones
Meaningful Smoke-Free and Long-Term Growth Milestones • Helix received marketing granted orders from the FDA for certain on! PLUS products. • Horizon submitted a combined PMTA and MRTPA for Ploom and Marlboro heated tobacco sticks. • We entered into a strategic collaboration with KT&G. • We continue
Slide 6: U.S. Nicotine Space Volumes Continue to Grow
U.S. Nicotine Space Volumes Continue to Grow U.S. 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; STA
Slide 7: Flavored Disposable E-Vapor Driving Smoke-Free Growth
Flavored Disposable E-Vapor Driving Smoke-Free Growth E-Vapor Category Volume Vapers by Form – Past 30-Day Usage (volume in billions of equivalized cigarette packs) (twelve months moving, in millions) +~15% Disposable All Other Forms ~21 ~20 ~7 ~6 Illicit Products Represent ~70% of the Category ~13.
Slide 8: E-Vapor Growth Showing Early Signs of Moderation
E-Vapor Growth Showing Early Signs of Moderation E-Vapor Category Volume Vapers by Form – Past 30-Day Usage (volume in billions of equivalized cigarette packs) (twelve months moving, in millions) Disposable All Other Forms ~21 ~20 ~7 ~17 ~6 ~4.5 ~13.5 ~14.5 ~9.5 2023 2024 2025 2023 2024 2025 Source:
Slide 9: E-Vapor Remains Important to Our Smoke-Free Strategy
E-Vapor Remains Important to Our Smoke-Free Strategy • We are making progress against our pipeline and are executing with discipline and intention. • We intend to maintain a measured approach to our investments in e-vapor until the regulatory framework is functioning as intended and enforcement acti
Slide 10: U.S. Oral Tobacco Category Performance
U.S. Oral Tobacco Category Performance Oral Tobacco Industry Volume Growth Oral Nicotine Pouches (six months ended December 31st) (retail share of oral tobacco category) +10.4pp 14.0% 56.9% 10.5% 46.5% 8.0% 2023 2024 2025 Q4 '24 Q4 '25 Source: ALCS Enterprise Insights estimates. Rounded to the neare
Slide 11: on! Volume Performance
on! Volume Performance on! Reported Shipment Volume on! Reported Shipment Volume (cans in millions) (cans in millions) +0.7% +10.9% 177.8 43.9 44.2 160.3 Q4 '24 Q4 '25 2024 2025 11 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 12: on! Retail Share Performance
on! Retail Share Performance on! Share of Oral Tobacco Category on! Share of Oral Tobacco Category (1.0)pp +0.1pp 8.7% 8.1% 8.2% 7.7% Q4 '24 Q4 '25 2024 2025 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 12/28/2025. 12 | ALCS | Q4 2025 | 1.29.26 | For Inves
Slide 13: 13 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
13 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 14: on! PLUS Expansion Plans
on! PLUS Expansion Plans • Helix is preparing to launch on! PLUS nationally in the first half of 2026. • In November, Helix submitted PMTA applications for on! PLUS products in six additional flavor varieties across three nicotine strengths. 14 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 15: Our International Smoke-Free Portfolio
Our International Smoke-Free Portfolio • We continue to focus on the fast-growing nicotine pouch category with on!, on! PLUS and FUMi. • Our broadened nicotine pouch portfolio has accelerated international expansion and is generating valuable consumer insights that will inform future product develop
Slide 16: 2026 Financial Outlook
2026 Financial Outlook • We expect to deliver full-year 2026 adjusted diluted EPS1 of $5.56 to $5.722. This range represents an adjusted diluted EPS growth rate of 2.5% to 5.5% from a 2025 base of $5.42. • Our planned investment areas include: Marketplace activities in support of our smoke-free pr
Slide 17: 17 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
17 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 18: Smokeable Products Segment
Smokeable Products Segment Full Year Adjusted Operating Companies Income (OCI) and OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +1.3% +1.8pp $10,922 $11,064 63.4% 61.6% 2024 2025 2024 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 18 | ALCS | Q4 2025 | 1.2
Slide 19: Smokeable Products Segment
Smokeable Products Segment Fourth Quarter Adjusted OCI and OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) (2.4)% (0.8)pp $2,709 $2,643 61.2% 60.4% Q4 2024 Q4 2025 Q4 2024 Q4 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 19 | ALCS | Q4 2025 | 1.29.26 | For I
Slide 20: Adjusted Cigarette Decline Rates
Adjusted Cigarette Decline Rates Smokeable Segment Total Industry Q4 '24 Q4 '25 Q4 '24 Q4 '25 (7.0)% (6.5)% (11.0)% (8.0)% FY: (9.5)% FY: (8.0)% Source: ALCS Enterprise Insights estimates – rounded to nearest 0.5%. Note: Estimates are subject to revision due to wholesaler resubmission of inventory d
Slide 21: Cigarette Industry Volume Decomposition Estimates
Cigarette Industry Volume Decomposition Estimates Twelve Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 Secular Decline Rate1 (2.5)% (2.5)% (2.5)% (2.5)% Cigarette Price Elasticity2 (2.0)% (2.1)% (2.1)% (2.1)% Macroeconomic, Cross Category Movement & (4.5)% (3.9)% (3.9)% (3.4)%3 Other Factors Estimat
Slide 22: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 32.2% 32.9% 30.8% 31.2% 30.3% 16.7% 17.3% 15.4% 15.5% 15.9% 14.9% 15.3% 15.3% 15.5% 15.6% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. 22 | ALC
Slide 23: Marlboro Retail Share and Share of Premium
Marlboro Retail Share and Share of Premium Marlboro Retail Share Marlboro Share of Premium (1.5)pp (0.1)pp 59.3% 59.2% 41.3% 39.8% Q4 '24 Q4 '25 Q4 '24 Q4 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. 23 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 24: Marlboro Remained the Premium Segment Leader
Marlboro Remained the Premium Segment Leader Share of Premium (Full Year 2025) 59.4% 15.3% 9.4% 6.5% 5.0% Marlboro Newport Camel Winston, Kool Natural American & Salem Spirit Premium Share Δ +0.1 (0.3) (0.2) (0.2) +0.3 vs. FY 2024 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 1
Slide 25: Basic Retail Share Performance
Basic Retail Share Performance Basic Retail Share +1.9pp 2.1% 0.2% Q4 '24 Q4 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 12/28/2025. 25 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 26: John Middleton Cigars
John Middleton Cigars Reported Shipment Volume (in millions) +4.2% 449 431 Q4 '24 Q4 '25 26 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 27: Oral Tobacco Products Segment
Oral Tobacco Products Segment Fourth Quarter Adjusted OCI and OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) (4.6)% (5.0)pp $461 69.5% $440 64.5% Q4 '24 Q4 '25 Q4 '24 Q4 '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 27 | ALCS | Q4 2025 | 1.29.26 | For Invest
Slide 28: Oral Tobacco Products Segment
Oral Tobacco Products Segment Full Year Adjusted OCI and OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +1.3% +0.1pp $1,811 $1,835 67.8% 67.9% 2024 2025 2024 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 28 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes
Slide 29: Oral Tobacco Products Segment Volume and Share
Oral Tobacco Products Segment Volume and Share Reported Shipment Volume Retail Share (in millions) MST on! MST on! (6.3)% (6.5)pp 192.3 180.2 36.1% 43.9 44.2 8.7% 29.6% 7.7% 148.4 136.0 27.4% 21.9% Q4 '24 Q4 '25 Q4 '24 Q4 '25 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Con
Slide 30: E-Vapor Reporting Unit Update
E-Vapor Reporting Unit Update 30 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 31: ABI Investment
ABI Investment All third-party trademarks remain the property of their respective owners. 31 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
Slide 32: Committed to Long-Term Value for Our Shareholders
Committed to Long-Term Value for Our Shareholders Cash Returned to • Returned $8 billion during 2025, including $7 billion in dividends and $1 billion Shareholders in share repurchases. • Increased our quarterly dividend by 3.9% to $1.06 per share – our 60th dividend Dividends increase in the past 5
Slide 33: 33 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY
33 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY