Altria Group, Inc. · NYSE:MO
Altria — Q3 2025 Earnings Presentation
38 slides from Altria's earnings presentation, Oct 30, 2025
Slide 1: Altria's Third-Quarter and Nine-Months 2025 Earnings Conference Call
Altria’s Third-Quarter and Nine-Months 2025 Earnings Conference Call October 30, 2025 1 | ALCS | Q3 2025 | 10.30.25 | 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: Altria's Third-Quarter 2025 Results
Altria’s Third-Quarter 2025 Results Adjusted Diluted EPS* +3.6% “Altria continued to build $1.45 $1.40 significant momentum in the third quarter with exciting progress across our businesses.” Q3 '24 Q3 '25 *Adjusted diluted earnings per share (EPS), For reconciliations of non-GAAP to GAAP measures v
Slide 4: 4 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
4 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
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5 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY All third-party trademarks remain the property of their respective owners. For Investor Purposes ONLY
Slide 6: Our Strategic Relationship with KT&G Corporation (KT&G)
Our Strategic Relationship with KT&G Corporation (KT&G) All third-party trademarks remain the property of their respective owners. 6 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 7: Our Commitment to Returning Value to our Shareholders
Our Commitment to Returning Value to our Shareholders Dividends Share Repurchase ▪ $5.2 billion in dividends for the first nine ▪ $712 million in share repurchases for the months first nine months ▪ Increased our quarterly dividend by 3.9% ▪ Expanded our existing share repurchase to $1.06 per share
Slide 8: Agenda
Agenda ▪ Results from on! and the launch of on! PLUS ▪ Updates on our heated tobacco and e-vapor portfolio ▪ The state of the regulatory environment ▪ Our strategic relationship with KT&G 8 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 9: U.S. Oral Tobacco Category Volume and Share Dynamics
U.S. Oral Tobacco Category Volume and Share Dynamics Oral Tobacco Industry Volume Oral Nicotine Pouches (estimates, six months ended) (retail share of oral tobacco category) 14.5% +11.1pp 55.7 44.6 9.0% 5.0% 9/30/2023 9/30/2024 9/30/2025 Q3 '24 Q3 '25 Source: ALCS Enterprise Insights estimates. Roun
Slide 10: on! Volume Growth
on! Volume Growth on! Reported Shipment Volume on! Reported Shipment Volume (cans in millions) (cans in millions) +0.7% +14.8% 133.6 116.4 41.9 42.2 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 Estimated Retail Takeaway Volume: ~16% Estimated Retail Takeaway Volume
Slide 11: on! Retail Share Performance
on! Retail Share Performance on! Share of Oral Tobacco Category on! Share of Oral Tobacco Category (0.1pp) +0.8pp 8.8 8.7 8.7 7.9 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9
Slide 12: on! PLUS is a Premium and Differentiated Product
on! PLUS is a Premium and Differentiated Product 12 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 13: Horizon Submits Combined PMTA & MRTPA to the FDA
Horizon Submits Combined PMTA & MRTPA to the FDA Definitions: Premarket Tobacco Product Application (PMTA), Modified Risk Tobacco Product Application (MRTPA), U.S. Food & Drug Administration (FDA) All third-party trademarks remain the property of their respective owners. 13 | ALCS | Q3 2025 | 10.30.
Slide 14: NJOY Update
NJOY Update ▪ NJOY completed the product design of a modified ACE solution that we believe addresses all four disputed patents. We are evaluating potential pathways to bring the modified ACE product to market. ▪ NJOY and JUUL Labs, Inc. (JUUL) initiated new litigation against one another in the thir
Slide 15: Flavored Disposable Products Driving E-Vapor Category Growth
Flavored Disposable Products Driving E-Vapor Category Growth Adult Vapers 21+ - Past 30-Day Usage Vapers by Form (twelve months ended, in millions) Disposable All Other Forms 20.9 19.0 16.5 14.8 12.4 8.6 9/30/2023 9/30/2024 9/30/2025 Source: ATCT September 2023 to September 2025 15 | ALCS | Q3 2025
Slide 16: Continued Advocacy for a Fully Regulated Nicotine Marketplace
Continued Advocacy for a Fully Regulated Nicotine Marketplace Enforcement Authorization Use all available tools to Accelerate product hold rule-breakers authorizations to establish accountable a legal market of smoke- free alternatives 16 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 17: Notable Enforcement Actions Against Illicit E-Vapor
Notable Enforcement Actions Against Illicit E-Vapor ▪ Coordinated raids executed by the federal multi-agency taskforce across the U.S. ▪ Ongoing seizures of illicit products by the Department of Health & Human Services and U.S. Customs and Border Protection ▪ A targeted nation-wide operation led by
Slide 18: Oral Nicotine Pouch Pilot Program Launched by the FDA
Oral Nicotine Pouch Pilot Program Launched by the FDA ▪ In September, the FDA launched a pilot program to streamline PMTA reviews for oral nicotine pouches ▪ Helix was notified by the FDA that applications for on! PLUS are included in the program ▪ We hope this signals broader FDA efforts to increas
Slide 19: Our Strategic Relationship with KT&G
Our Strategic Relationship with KT&G All third-party trademarks remain the property of their respective owners. 19 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 20: Components of Our Strategic Relationship with KT&G
Components of Our Strategic Relationship with KT&G Operational Efficiency in Traditional Tobacco All third-party trademarks remain the property of their respective owners. 20 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 21: Moving
ee. Moving
Slide 22: Adjusted Diluted EPS
Adjusted Diluted EPS* Third Quarter First Nine Months +3.6% +5.9% $4.12 $3.89 $1.40 $1.45 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 22 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 23: Smokeable Products Segment
Smokeable Products Segment Adjusted Operating Companies Income* (OCI) Third Quarter First Nine Months ($ in millions) ($ in millions) +0.7% +2.5% $8,213 $8,421 (0.4) $2,935 $2,956 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 *For reconciliations of non-GAAP to GAAP
Slide 24: Smokeable Products Segment
Smokeable Products Segment Adjusted OCI Margins* Third Quarter First Nine Months +1.3pp +2.7pp 63.1% 64.4% 64.4% 61.7% (0.4) Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 24 | ALCS | Q3 2025 | 10.30
Slide 25: Adjusted Cigarette Decline Rates
Adjusted Cigarette Decline Rates Smokeable Products Segment Total Industry Q2 '25 Q3 '25 Q2 '25 Q3 '25 (8.0%) (8.5%) (9.0%) (10.5%) 9M: (10.5%) 9M: (8.5%) Source: ALCS Enterprise Insights estimates – rounded to nearest 0.5% Note: Estimates are subject to revision due to wholesaler resubmission of in
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26 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 27: Marlboro Share of Premium Growth
Marlboro Share of Premium Growth +0.3pp +0.1pp 59.3 59.3 59.3 59.5 59.6 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 27 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 28: Discount Retail Share
Discount Retail Share Branded Discount (Major Manufacturers) Deep Discount (All Other) 32.2 30.8 31.2 29.8 30.3 15.9 16.7 15.4 15.5 15.3 14.5 14.9 15.3 15.3 15.5 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 28 | ALCS | Q3 2025 | 10.
Slide 29: PM USA Retail Share Growth
PM USA Retail Share Growth Total PM USA Cigarette Retail Share +0.1pp +0.3pp 45.0 45.1 45.4 Q1 '25 Q2 '25 Q3 '25 Second Consecutive Quarter of Sequential Growth Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/28/2025 29 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 30: John Middleton Cigars
John Middleton Cigars Reported Shipment Volume Reported Shipment Volume (sticks in millions) (sticks in millions) +2.0% +1.1% 1,323 1,337 444 453 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 30 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 31: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) (0.9%) +2.4pp 69.2% 66.8% $464 $460 Q3 '24 Q3 '25 Q3 '24 Q3 '25 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 31 | ALCS | Q3 2025 | 10.30.25 | For Investor Pu
Slide 32: Oral Tobacco Products Segment
Oral Tobacco Products Segment Adjusted OCI* and Adjusted OCI Margins* Adjusted OCI Adjusted OCI Margins ($ in millions) +3.3% +1.8pp $1,395 69.0% $1,350 67.2% Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2024 Sept. 30, 2025 *For reco
Slide 33: Oral Tobacco Products Segment Volume
Oral Tobacco Products Segment Volume Third Quarter First Nine Months (cans in millions) (cans in millions) (9.6%) (5.2%) 582.4 552.2 (0.4) 197.1 178.2 Q3 '24 Q3 '25 Nine Months Ended Nine Months Ended Sept. 30, 2024 Sept. 30, 2025 Adjusted Volume Decline: (5.5%) Adjusted Volume Decline: (3.5%) 33 |
Slide 34: Oral Tobacco Products Segment Retail Share
Oral Tobacco Products Segment Retail Share Retail Share MST on! (6.1pp) 37.2 8.8 31.1 8.7 28.4 22.4 Copenhagen maintained its longstanding premium leadership in MST. Q3 '24 Q3 '25 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/28/2025 34 | ALCS | Q3 2025 |
Slide 35: ABI Investment
ABI Investment All third-party trademarks remain the property of their respective owners. 35 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
Slide 36: 2025 Financial Outlook
2025 Financial Outlook We are raising the lower-end of our full-year 2025 guidance range and now expect to deliver adjusted diluted EPS* in a range of $5.37 to $5.45. This range represents an adjusted diluted EPS growth rate of 3.5% to 5.0% from a base of $5.191 in 2024. *For reconciliations of non-
Slide 37: Committed to Long-Term Value for Our Shareholders
Committed to Long-Term Value for Our Shareholders Cash Returned to • Returned nearly $6 billion during the first nine months of 2025, including $5.2 Shareholders billion in dividends and $712 million in share repurchases • Increased our quarterly dividend by 3.9% to $1.06 per share – our 60th divide
Slide 38: 38 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY
38 | ALCS | Q3 2025 | 10.30.25 | For Investor Purposes ONLY For Investor Purposes ONLY.