Philip Morris International Inc. (Form: 8-K, Received: 10/21/2025 07:04:04)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2025

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia

1-33708

13-3435103

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

677 Washington Blvd, Ste. 1100

Stamford

Connecticut

06901

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (203) 905-2410

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

New York Stock Exchange

2.750% Notes due 2026

PM26A

New York Stock Exchange

2.875% Notes due 2026

PM26

New York Stock Exchange

0.125% Notes due 2026

PM26B

New York Stock Exchange

3.125% Notes due 2027

PM27

New York Stock Exchange

3.125% Notes due 2028

PM28

New York Stock Exchange

2.875% Notes due 2029

PM29

New York Stock Exchange

3.375% Notes due 2029

PM29A

New York Stock Exchange

2.750% Notes due 2029

PM29D

New York Stock Exchange

3.750% Notes due 2031

PM31B

New York Stock Exchange

0.800% Notes due 2031

PM31

New York Stock Exchange

3.250% Notes due 2032

PM32

New York Stock Exchange

3.125% Notes due 2033

PM33

New York Stock Exchange

2.000% Notes due 2036

PM36

New York Stock Exchange

1.875% Notes due 2037

PM37A

New York Stock Exchange

6.375% Notes due 2038

PM38

New York Stock Exchange

1.450% Notes due 2039

PM39

New York Stock Exchange

4.375% Notes due 2041

PM41

New York Stock Exchange

4.500% Notes due 2042

PM42

New York Stock Exchange

3.875% Notes due 2042

PM42A

New York Stock Exchange

4.125% Notes due 2043

PM43

New York Stock Exchange

4.875% Notes due 2043

PM43A

New York Stock Exchange

4.250% Notes due 2044

PM44

New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐


Item 2.02.			Results of Operations and Financial Condition.

On October 21, 2025, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the third quarter and the nine months ended September 30, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.


Item 9.01.			Financial Statements and Exhibits.


(d)			Exhibits.


99.1			Philip Morris International Inc. Press Release, dated October 21, 2025 (furnished pursuant to Item 2.02).


99.2			Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02).


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



PHILIP MORRIS INTERNATIONAL INC.

By:						/s/ DARLENE QUASHIE HENRY
Name:						Darlene Quashie Henry
Title:						Vice President, Associate General Counsel & Corporate Secretary

Date: October 21, 2025

Exhibit 99.1


PRESS RELEASE

Philip Morris International Reports 2025 Third-Quarter & First Nine-Months Results;
Raises Full-Year Adjusted Diluted EPS Guidance and Revises Assumptions;
Third-Quarter Reported Diluted EPS Grew 13.2% to $2.23,

Adjusted Diluted EPS Grew 17.3% to $2.24, and by 13.1% excluding currency

STAMFORD, CT, October 21, 2025 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 third quarter results.1

"In the third quarter, we continued to invest in the growth of our increasingly profitable smoke-free business, while achieving record quarterly smoke-free gross profit and adjusted diluted EPS," said Jacek Olczak, Chief Executive Officer.

"Our global smoke-free portfolio is outgrowing the industry by a clear margin, driving positive total volumes, strong top-line growth and impressive margin expansion."

"We are on track to exceed our industry-leading 2024-26 growth targets and upgrade our 2025 full-year adjusted diluted EPS forecast."


Results Highlights - Third-Quarter 2025

•Smoke-free business (SFB): Our smoke-free business accounted for 41% of total net revenues (up by 2.9pp vs. Q3 last year) and over 42% of total gross profit (up by 2.5pp vs. Q3 last year). Our smoke-free products (SFP) are now available in 100 markets, nearly half of which have at least two of our three flagship brands (IQOS, ZYN and VEEV) available for sale. Our SFB continues to deliver superior performance, with shipment volumes up by 16.6%, net revenues growing by 17.7% (13.9% organically) and gross profit increasing by 19.5% (14.8% organically).

•Inhalable smoke-free products: IQOS continues to strengthen its overall position as the second largest nicotine ‘brand’ in markets where present (gaining 0.9pp of combined cigarette and HTU industry volumes to reach 9.1% share) and is driving the growth of the global heat-not-burn category, where PMI holds approximately 76% volume share. HTU adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler inventory movements, grew by 9.0% against a strong prior year comparator.

•In Japan, notwithstanding a significant intensifying of competition, adjusted IMS grew by an estimated 6.0%, with IQOS continuing to hold its share of the heat-not-burn category. IQOS HTU adjusted market share of total nicotine increased by 1.8pp to 31.7%. The overall category exceeds 50% of total nicotine offtake share in 14 out of 20 major cities and 10 prefectures.

•In Europe, adjusted IMS reached a record 15 billion units and grew by an estimated 7.3%, with a further acceleration in Italy and strong growth in many markets, notably Greece, Spain and Romania. As we continue to roll out the ILUMA i device, we are continuously innovating on IQOS consumables, with DELIA sourcing incremental users from new cohorts of legal-age smokers, and LEVIA growing its appeal among legal-age vapers. IQOS HTU adjusted market share increased by 1.2pp to 10.7%.

1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated October 21, 2025, and at www.pmi.com/2025Q3earnings.

•Outside Europe and Japan, strong adjusted IMS growth continued and offtake share increased in key cities across the globe, including Cairo, Mexico City, Tunis, Riyadh, Seoul, Jakarta and Kuala Lumpur. In Indonesia, the broader roll-out of BONDS by IQOS continues as a complementary offer to IQOS ILUMA with promising early results.

In the e-vapor category, VEEV continued its increasingly profitable growth, and is now available in 46 markets. Shipment volumes grew by 91.0%, driven by Europe and Indonesia. Within the closed pods segment, VEEV holds a top 3 position in 15 markets, including the #1 position in 8 markets. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner as VEEV increasingly sources from non-IQOS legal-age nicotine users.

•Oral SFP: Shipment volume increased by 16.9% in pouch or pouch equivalents (20.2% in cans), fueled by nicotine pouches, which more than doubled outside the U.S. and Nordics, and in the U.S. grew by 37% to 205 million cans.

•In the U.S., ZYN accelerated its offtake growth to a remarkable 39% in Q3 as estimated by Nielsen, also driving category growth to over 40%. The growth of ZYN was supported by a wide range of commercial activities to further enhance the strength and presence of the brand, and ensure competitive price positioning following several quarters of reduced activity due to supply constraints. In addition, we implemented select short-term 'relaunch' promotions to mark ZYN's return to full availability and boost trial among legal-age smokers. While this had an impact on Americas Region Q3 net revenue and operating income growth, we expect U.S. ZYN to remain best-in-class in terms of profitability for the group, reinforcing the attractive outlook for the category.

•The growth of the international nicotine pouch business was fueled by strong offtake and geographic expansion. Our focus remains on switching legal-age smokers with a relevant product portfolio. Pakistan, the UK, Poland, and South Africa delivered strong performances. Following further launches, ZYN is now available in 46 international markets.

•Combustibles: Notwithstanding expected lower volumes, net revenues grew by 4.3% (up 1.0% organically) fueled by high single-digit pricing, partly offset by negative mix dynamics. This drove another quarter of robust gross profit growth of 7.7% (4.8% organically). Marlboro reached 10.9% category share, its highest quarterly market share since the 2008 spin. Our overall cigarette category share was broadly stable for the first nine-months.

•Dividend: Increased regular quarterly dividend by 8.9% to $1.47 per share, or an annualized $5.88 per share.

- 2 -


Performance Highlights - Third-Quarter 2025


	Total PMI	SFP	HTU	Oral SFP	E-vapor2	Cigarettes
Total Shipment Volume (units bn)	204.9	46.9	40.8	5.2	0.9	157.9
vs. Q3 2024	0.7%	16.6%	15.5%	16.9%	91.0%	(3.2)%


	PMI	Smoke-Free Business	Combustibles
Net Revenues ($ bn)	$10.8	$4.4	$6.4
reported vs. Q3 2024	9.4%	17.7%	4.3%
organic vs. Q3 2024	5.9%	13.9%	1.0%

Gross Profit ($ bn)	$7.4	$3.1	$4.3
reported vs. Q3 2024	12.4%	19.5%	7.7%
organic vs. Q3 2024	8.7%	14.8%	4.8%

Operating Income ($ bn)	$4.3
reported vs. Q3 2024	16.7%
organic vs. Q3 2024	7.5%


	Reported Diluted EPS	Adjusting Items3	Adjusted Diluted EPS	Currency Impact	Adj. Diluted EPS ex. Currency
EPS	$2.23	$(0.01)	$2.24	$0.08	$2.16
vs. Q3 2024	13.2%		17.3%		13.1%


Performance Highlights - First Nine Months 2025


	Total PMI	SFP	HTU	Oral SFP	E-vapor2	Cigarettes
Total Shipment Volume (units bn)	592.7	134.8	116.7	15.7	2.4	457.9
vs. YTD 2024	1.8%	14.3%	12.2%	22.5%	+100%	(1.3)%


	PMI	Smoke-Free Business	Combustibles
Net Revenues ($ bn)	$30.3	$12.5	$17.8
reported vs. YTD 2024	7.5%	16.0%	2.2%
organic vs. YTD 2024	7.5%	16.1%	2.2%

Gross Profit ($ bn)	$20.5	$8.7	$11.7
reported vs. YTD 2024	12.1%	23.3%	5.1%
organic vs. YTD 2024	11.8%	22.5%	4.9%

Operating Income ($ bn)	$11.5
reported vs. YTD 2024	13.6%
organic vs. YTD 2024	12.5%


	Reported Diluted EPS	Adjusting Items3	Adjusted Diluted EPS	Currency Impact	Adj. Diluted EPS ex. Currency
EPS	$5.89	$0.06	$5.83	$0.02	$5.81
vs. YTD 2024	20.4%		16.4%		16.0%

2 One milliliter of e-vapor liquid equivalent to 10 units; 2024 volume of e-vapor in billions of units: Q1 0.3, Q2 0.4, Q3 0.5, Q4 0.5

3 For a list of adjusting items refer to additional information section of this release

Note: Sums might not foot to total due to rounding.

- 3 -


2025 Full-Year Forecast


	Full-Year
	2025 Forecast			2024	Growth

Reported Diluted EPS	$7.39	-	$7.49	$ 4.52
Adjustments:
Restructuring charges(1)	0.13			0.10
Impairment of goodwill and other intangibles	0.03			0.01
Amortization of intangibles(2)	0.50			0.40
Germany excise tax classification litigation charge	0.10			—
RBH (Canada) Plan Implementation, including dividend income, net	(0.10)			—
Impairment of Wellness & Healthcare related equity investment	0.09			—



Income tax impact associated with Swedish Match AB financing	(0.24)			0.14

Fair value adjustment for equity security investments	(0.33)			(0.27)
Tax items	(0.11)			(0.03)
Other 2024 adjustments(3)	—			1.70
Total Adjustments	0.07			2.05
Adjusted Diluted EPS	$7.46	-	$7.56	$ 6.57	13.5%	-	15.1%
Less: Currency	0.10
Adjusted Diluted EPS, excluding currency	$7.36	-	$7.46	$ 6.57	12.0%	-	13.5%
(1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany
(2) See forecast assumptions for details
(3) Includes $0.13 loss on sale of Vectura Group, $0.03 Egypt sales tax charge, $0.05 Megapolis localization tax impact, $1.49 impairment related to the RBH equity investment

Reported diluted EPS is forecast to be in a range of $7.39 to $7.49, at prevailing exchange rates, versus reported diluted EPS of $4.52 in 2024. Excluding a total 2025 adjustment of $0.07 per share, this forecast represents a projected increase of 13.5% to 15.1% versus adjusted diluted EPS of $6.57 in 2024. Also excluding a favorable currency impact of $0.10, at prevailing exchange rates, this forecast represents a projected increase of 12.0% to 13.5% versus adjusted diluted EPS of $6.57 in 2024, as outlined in the above table.

2025 Full-Year Forecast Assumptions

This forecast assumes:

•An estimated total international industry volume decline of around 1% for cigarettes and HTUs, excluding China and the U.S.;

•Total cigarette and smoke-free product shipment volume growth for PMI of around 1%. We expect smoke-free product volume growth of 12% to 14%, partly offset by cigarette volume declines of around 2%. SFP volume growth continues to assume 10% to 12% growth in HTU adjusted IMS volumes, and U.S. nicotine pouch second-half shipment growth broadly in-line with offtake growth before trade inventory movements.

•Net revenue growth of around 6% to 8% on an organic basis;

•Organic operating income growth of 10% to 11.5%, including the impact of higher U.S. investments;

•Full-year amortization of acquired intangibles of $0.50 per share, including the amortization of IQOS commercialization rights in the U.S. related to the agreement to end our commercial relationship with Altria Group, Inc. covering IQOS in the U.S.;

•An effective tax rate, excluding discrete tax events, of around 22%;

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•Operating cash flow of more than $11.5 billion at prevailing exchange rates, subject to year-end working capital requirements; this now includes dividend income from our deconsolidated Canadian affiliate.

•Capital expenditures of around $1.6 billion, almost entirely due to investments supporting the smoke-free business;

•Further net debt to adjusted EBITDA ratio improvement as we continue to target a ratio of around 2x by the end of 2026; and

•No share repurchases in 2025.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.


New Segment Reporting

With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI plans to implement an evolved organizational model with two primary business units: International and U.S. The updated organizational structure is designed to enhance our agility and to support our journey to become a smoke-free company under the leadership of CEO Jacek Olczak. This change is scheduled for implementation effective January 1, 2026, and as a result we anticipate realigning our reportable segments.

The current four geographic segments will be replaced with three new segments: International Smoke-Free, International Combustibles, and U.S. The company plans to report its financial results based on the new segments as of the first quarter of 2026. In the weeks following our 2025 full-year earnings announcement, the company plans to disclose select historical financial information for the 2023 to 2025 period based on the new segments.


Conference Call

A conference call hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on October 21, 2025. Access the webcast at www.pmi.com/2025Q3earnings.


Investor Relations:			Media:
Stamford, CT: +1 (203) 905 2413			Lausanne: +41 582 424 500
Lausanne, Switzerland: +41 582 424 666			Email: David.Fraser@pmi.com
Email: InvestorRelations@pmi.com

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Operating Review - Third-Quarter 2025


Net Revenues (in millions)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
2024	9,911	4,197	2,964	1,602	1,148
Price	305	220	254	35	(204)
Volume/Mix	245	49	(62)	108	150
Other	37	—	40	—	(3)
Acquisitions & Divestitures	(38)	(38)	—	—	—
Currency	385	291	77	23	(6)
2025	10,845	4,719	3,273	1,768	1,085
vs. Q3 2024	9.4%	12.4%	10.4%	10.4%	(5.5)%
Organic growth	5.9%	6.4%	7.8%	8.9%	(5.0)%


Operating Income (in millions)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
2024	3,654	1,769	960	788	137
Price	305	220	254	35	(204)
Volume/Mix	258	10	26	86	136
Cost/Other	(168)	(29)	(54)	(27)	(58)
Acquisitions & Divestitures	18	18	—	—	—
Currency	196	162	49	(36)	21
2025	4,263	2,150	1,235	846	32
vs. Q3 2024	16.7%	21.5%	28.6%	7.4%	(76.6)%


Adjustments*	(407)	(224)	(4)	(1)	(179)
2025 Adjusted OI	4,670	2,373	1,239	847	211
vs. Q3 2024	12.4%	17.5%	22.8%	7.4%	(37.2)%
Organic growth	7.5%	9.1%	17.9%	11.9%	(43.5)%

2024 Adjusted OI Margin	41.9%	48.1%	34.0%	49.3%	29.3%
2025 Adjusted OI Margin	43.1%	50.3%	37.9%	47.9%	19.4%
vs. Q3 2024	1.2pp	2.2pp	3.9pp	(1.4)pp	(9.9)pp
Organic growth	0.6pp	1.2pp	3.2pp	1.3pp	(11.9)pp
(*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated October 21, 2025.


HTU & Cigarette Shipments (m units)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
Heated Tobacco Units	40,836	15,669	8,717	16,272	178
vs. Q3 2024	15.5%	10.4%	22.3%	17.4%	13.4%
Cigarettes	157,940	40,754	90,445	12,216	14,525
vs. Q3 2024	(3.2)%	(6.8)%	(1.1)%	(4.6)%	(4.7)%
Total	198,776	56,423	99,162	28,488	14,703
vs. Q3 2024	0.1%	(2.6)%	0.6%	6.8%	(4.5)%


Oral SFP Shipments (m cans)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
Nicotine Pouches	224.6	12.0	6.1	0.7	205.8
vs. Q3 2024	36.4%	6.8%	92.2%	7.5%	37.6%
Snus	56.2	52.5	—	3.0	0.7
vs. Q3 2024	(8.2)%	(13.3)%	—	—	(5.2)%
Moist Snuff	31.6	—	—	—	31.6
vs. Q3 2024	(7.2)%	—	—	—	(7.2)%
Other Oral SFP	0.8	0.8	—	—	—
vs. Q3 2024	9.8%	10.1%	—	—	—
Total	313.2	65.2	6.1	3.8	238.1
vs. Q3 2024	20.2%	(10.0)%	92.2%	+100%	29.1%
Note: U.S. travel retail volumes of approximately 5.2m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. "-" indicates volume below 0.1 million cans

- 6 -


Total PMI

•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs decreased by 0.8%.

•PMI's shipment volume increased by 0.7% with SFP volumes up by 16.6%, with all SFP categories growing strongly, and cigarette volumes down by 3.2% with declines in all regions.

•Net revenues increased by 5.9% on an organic basis, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.

•Adjusted operating income increased by 7.5% on an organic basis, mainly reflecting the same factors as for net revenues, partly offset by higher marketing, administration and research costs.


Europe

•The estimated market for cigarettes and HTUs decreased by 4.8% to 141.9 billion units, with a 6.3% decrease for cigarettes and continued HTU growth. Markets with notable decreases include Ukraine (down by 15.0%), Poland (down by 9.7%), and United Kingdom (down by 17.0%).

•PMI's shipment volume decreased by 2.2% with cigarettes down by 6.8% and SFP up by 10.5%.

•PMI HTUs share of the total cigarette and HTU market increased by 1.2pp on an adjusted basis.

•Net revenues increased by 6.4% on an organic basis, reflecting: a favorable pricing variance driven by higher combustible tobacco pricing, and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.

•Adjusted operating income increased by 9.1% organically, mainly due to the same factors as for net revenues.


SSEA, CIS & MEA

•The estimated market for cigarettes and HTUs increased by 1.2% to 399.9 billion units, mainly due to Bangladesh (up by 23.5%), India (up by 9.1%), and Turkey (up by 2.5%), partly offset by Vietnam (down by 8.3%) and Indonesia (down by 2.7%).

•PMI's shipment volume increased by 0.7% with SFP up by 23.3%, and cigarettes down by 1.1%.

•PMI's HTU adjusted in-market sales volume, fueled by broad growth across the region, increased by an estimated 13.3%.

•Net revenues increased by 7.8% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; while higher SFP volume was more than offset by unfavorable cigarette mix due to the below mentioned commercial model change in Indonesia.

•A change in our commercial model for the below tier-one cigarette segment in Indonesia in the fourth quarter of 2024 resulted in lower net revenue growth, with no meaningful impact on operating income.

•Adjusted operating income increased by 17.9% on an organic basis, mainly reflecting a favorable price variance, predominantly driven by higher combustible tobacco pricing, partly offset by higher marketing, administration and research costs.

- 7 -


East Asia, Australia & PMI Global Travel Retail

•The estimated market for cigarettes and HTUs, excluding China, was broadly stable (82.5 billion units), with a decrease in cigarettes offset by HTU growth. Notable increases in South Korea (up by 2.6%) and Global Travel Retail (up by 4.6%) were offset by Australia (down by 59.2%) and Taiwan (down by 2.3%).

•PMI's shipment volume increased by 7.1% with SFP up by 17.8%, and cigarettes down by 4.6%.

•PMI's HTU adjusted in-market sales volume increased by an estimated 8.2%.

•Net revenues increased by 8.9% on an organic basis, predominantly reflecting a favorable volume/mix, driven by higher smoke-free products volume.

•Adjusted operating income increased by 11.9% organically, mainly due to the same factor as for net revenues.


Americas

•The estimated market for cigarettes and HTUs, excluding the U.S., decreased by 6.2% to 44.1 billion units, driven by a decrease in the cigarette market. The decrease was mainly due to Brazil (down by 9.8%) and Mexico (down by 11.3%), partly offset by Argentina (up by 5.0%).

•PMI's shipment volume increased by 0.6% with SFP up by 26.9%, and cigarettes down by 4.7%.

•Oral SFP shipments increased by 29.1% to 238 million cans, predominantly driven by ZYN nicotine pouches in the U.S.

•Net revenues decreased by 5.0% organically, mainly reflecting an unfavorable price variance in the U.S., including the impact of special promotions to mark ZYN's return to full availability, with all promotional costs including retailer incentives taken in net revenue. This was partly offset by higher SFP volumes.

•Adjusted operating income decreased by 43.5% on an organic basis, primarily reflecting: the same factors as for net revenues; and higher marketing, administration and research costs.

- 8 -


Operating Review - First Nine Months 2025


Net Revenues (in millions)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
2024	28,172	11,547	8,393	4,959	3,273
Price	1,251	647	596	68	(60)
Volume/Mix	847	204	(92)	210	525
Other	26	—	37	—	(11)
Acquisitions & Divestitures	(126)	(126)	—	—	—
Currency	116	241	8	(30)	(103)
2025	30,286	12,513	8,942	5,207	3,624
vs. YTD 2024	7.5%	8.4%	6.5%	5.0%	10.7%
Organic growth	7.5%	7.4%	6.4%	5.6%	13.9%


Operating Income (in millions)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
2024	10,143	4,797	2,623	2,304	419
Price	1,251	647	596	68	(60)
Volume/Mix	1,009	97	160	270	482
Cost/Other	(1,082)	(526)	(266)	1	(291)
Acquisitions & Divestitures	84	53	31	—	—
Currency	114	187	11	(31)	(53)
2025	11,519	5,255	3,155	2,612	497
vs. YTD 2024	13.6%	9.5%	20.3%	13.4%	18.6%


Adjustments*	(1,187)	(598)	(12)	(2)	(575)
2025 Adjusted OI	12,706	5,853	3,167	2,614	1,072
vs. YTD 2024	13.8%	12.9%	18.1%	13.4%	7.5%
Organic growth	12.5%	9.4%	16.5%	14.7%	12.8%

2024 Adjusted OI Margin	39.6%	44.9%	32.0%	46.5%	30.5%
2025 Adjusted OI Margin	42.0%	46.8%	35.4%	50.2%	29.6%
vs. YTD 2024	2.4pp	1.9pp	3.4pp	3.7pp	(0.9)pp
Organic growth	1.9pp	0.8pp	3.0pp	4.0pp	(0.3)pp
(*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated October 21, 2025.


HTU & Cigarette Shipments (m units)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
Heated Tobacco Units	116,735	43,033	23,082	50,087	533
vs. YTD 2024	12.2%	11.8%	14.6%	11.5%	12.9%
Cigarettes	457,941	116,867	261,653	35,490	43,931
vs. YTD 2024	(1.3)%	(6.0)%	1.0%	(2.1)%	(1.2)%
Total	574,676	159,900	284,735	85,577	44,464
vs. YTD 2024	1.2%	(1.8)%	2.0%	5.4%	(1.1)%


Oral SFP Shipments (m cans)	Total PMI	Europe	SSEA, CIS & MEA	EA, AU & PMI GTR	Americas
Nicotine Pouches	662.7	42.5	16.6	3.7	599.9
vs. YTD 2024	44.0%	20.5%	+100%	+100%	44.1%
Snus	176.0	163.6	—	10.5	1.9
vs. YTD 2024	(3.0)%	(8.8)%	—	—	(13.3)%
Moist Snuff	98.7	—	—	—	98.7
vs. YTD 2024	(3.9)%	—	—	—	(3.9)%
Other Oral SFP	2.1	2.1	—	—	—
vs. YTD 2024	(23.0)%	(23.6)%	—	—	—
Total	939.5	208.1	16.6	14.2	700.5
vs. YTD 2024	25.8%	(4.2)%	+100%	+100%	34.4%
Note: U.S. travel retail volumes of approximately 8.1m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. "-" indicates volume below 0.1 million cans

- 9 -


Total PMI

•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs decreased by 0.7%.

•PMI's shipment volume increased by 1.8% with smoke-free volumes up by 14.3%, with all SFP categories growing strongly, and cigarette volumes down by 1.3%.

•Net revenues increased organically by 7.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free volume, notwithstanding unfavorable mix and lower cigarette volumes.

•Adjusted operating income increased by 12.5% organically, reflecting: the same factors as for net revenues; partly offset by marketing, administration and research costs as well as manufacturing costs.


Europe

•PMI's shipment volume decreased by 1.2% with cigarettes down by 6.0% and SFP up by 12.2%.

•Net revenues increased organically by 7.4%, reflecting a favorable price variance, predominantly due higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.

•Adjusted operating income increased by 9.4% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs.


SSEA, CIS & MEA

•PMI's shipment volume increased by 2.1% with SFP up by 15.8% and cigarettes up by 1.0%.

•Net revenues increased organically by 6.4%, mainly reflecting: a favorable price variance, predominantly driven by combustible tobacco pricing; while unfavorable cigarette mix due to an already mentioned commercial model change in Indonesia was largely offset by higher cigarette and SFP volume.

•Adjusted operating income increased by 16.5% on an organic basis, mainly reflecting: a favorable price variance as well as higher cigarette and SFP volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf).


East Asia, Australia & PMI Global Travel Retail

•PMI's shipment volume increased by 5.8% with SFP up by 12.1% and cigarettes down by 2.1%.

•Net revenues increased 5.6% organically, mainly reflecting favorable volume/mix, driven by SFP volume and favorable price variance, driven by higher combustible tobacco pricing.

•Adjusted operating income increased 14.7% organically, reflecting the same factors as for net revenues.


Americas

•PMI's shipment volume increased by 4.2% with SFP up by 32.3% and cigarettes down by 1.2%.

•Net revenues increased 13.9% organically with favorable volume/mix, driven by SFP volume and an unfavorable U.S. price variance largely offset by cigarette pricing outside of the U.S.

•Adjusted operating income increased by 12.8% organically, due to the same factors as for net revenues, partly offset by higher marketing, administration and research costs as well as manufacturing costs.

- 10 -


Additional Information



Third Quarter			First Nine Months
2025	2024		2025	2024
$ 2.23	$ 1.97	Reported Diluted EPS	$ 5.89	$ 4.89
—	—	Restructuring charges	0.13	0.09

—	—	Impairment of goodwill and other intangibles	0.03	0.01
0.13	0.12	Amortization of intangibles	0.37	0.29



—	(0.10)	Income tax impact associated with Swedish Match AB financing	(0.24)	(0.01)
—	0.03	Egypt sales tax charge	—	0.03
—	0.13	Loss on sale of Vectura Group	—	0.13



0.10	—	Germany excise tax classification litigation charge	0.10	—
(0.10)	—	RBH (Canada) Plan Implementation, including dividend income, net	(0.10)	—
0.09	—	Impairment of Wellness & Healthcare related equity investment	0.09	—
(0.07)	(0.24)	Fair value adjustment for equity security investments	(0.33)	(0.39)
(0.14)	—	Tax items	(0.11)	(0.03)

$ 2.24	$ 1.91	Adjusted Diluted EPS	$ 5.83	$ 5.01
0.08		Less: Currency	0.02
$ 2.16	$ 1.91	Adjusted Diluted EPS, excluding Currency	$ 5.81	$ 5.01


Third Quarter					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2025		2024		Total	Excl. Curr. & Acq./Div.	Total	Cur- rency	Acq. / Div.	Price	Vol/ Mix	Cost/ Other
(in millions)




Net Revenues	$ 10,845		$ 9,911		9.4%	5.9%	934	385	(38)	305	245	37
Cost of Sales(1)	(3,487)		(3,366)		(3.6)%	(0.4)%	(121)	(143)	36	—	13	(27)
Marketing, Administration and Research Costs(2)	(3,095)		(2,891)		(7.1)%	(6.2)%	(204)	(46)	20	—	—	(178)


Operating Income	$ 4,263		$ 3,654		16.7%	10.8%	609	196	18	305	258	(168)


Amortization of intangibles	(250)		(256)		2.3%	(1.2)%	6	—	9	—	—	(3)

Egypt sales tax charge	—		(45)		+100%	+100%	45	—	—	—	—	45
Loss on sale of Vectura Group	—		(198)		+100%	+100%	198	—	—	—	—	198
Germany excise tax classification litigation charge	(176)		—		—%	—%	(176)	—	—	—	—	(176)
RBH (Canada) Plan implementation	19		—		—%	—%	19	—	—	—	—	19


Adjusted Operating Income	$ 4,670		$ 4,153		12.4%	7.5%	517	196	9	305	258	(251)

Adjusted Operating Income Margin	43.1	%	41.9	%	1.2pp	0.6pp
(1) Includes $5 million in 2025 and $14 million in 2024 related to the special items below.
(2) Includes $402 million in 2025 and $485 million in 2024 related to the special items below.

- 11 -


First Nine Months					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2025		2024		Total		Excl. Curr. & Acq./Div.		Total	Cur- rency	Acq. / Div.	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 30,286		$ 28,172		7.5	%	7.5	%	2,114	116	(126)	1,251	847	26
Cost of Sales (1)	(9,806)		(9,906)		1.0	%	0.4	%	100	(63)	128	—	162	(127)
Marketing, Administration and Research Costs (2)	(8,920)		(8,123)		(9.8)	%	(11.6)	%	(797)	61	82	—	—	(940)
Impairment of Goodwill	(41)		—		—	%	—	%	(41)	—	—	—	—	(41)

Operating Income	$ 11,519		$ 10,143		13.6	%	11.6	%	1,376	114	84	1,251	1,009	(1,082)
Restructuring charges	(243)		(168)		(44.6)	%	(44.6)	%	(75)	—	—	—	—	(75)

Impairment of goodwill and other intangibles	(41)		(27)		(51.9)	%	-(100)%		(14)	—	26	—	—	(40)
Amortization of intangibles	(746)		(588)		(26.9)	%	(32.0)	%	(158)	—	30	—	—	(188)
Loss on sale of Vectura Group	—		(198)		+100%		+100%		198	—	—	—	—	198
Egypt sales tax charge	—		(45)		+100%		+100%		45	—	—	—	—	45
Germany excise tax classification litigation charge	(176)		—		—	%	—	%	(176)	—	—	—	—	(176)
RBH (Canada) Plan implementation	19		—		—	%	—	%	19	—	—	—	—	19



Adjusted Operating Income	$ 12,706		$ 11,169		13.8	%	12.5	%	1,537	114	28	1,251	1,009	(865)

Adjusted Operating Income Margin	42.0	%	39.6	%	2.4pp		1.9pp
(1) Includes $16 million in 2025 and $46 million in 2024 related to the special items below.
(2) Includes $1,130 million in 2025 and $980 million in 2024 related to the special items below.


	Third Quarter					First Nine Months
	2025		2024		Change (pp)	2025		2024		Change (pp)

Total International Market Share(1)	29.5	%	29.6	%	(0.1)	29.3	%	28.9	%	0.4
Cigarettes	23.7	%	24.3	%	(0.6)	23.5	%	23.7	%	(0.2)
HTU	5.8	%	5.3	%	0.5	5.8	%	5.2	%	0.6

Cigarette over Cigarette Market Share(2)	25.6	%	26.1	%	(0.5)	25.4	%	25.5	%	(0.1)
(1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan
(2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan
Note: Sum of share of market by product categories might not foot to total due to rounding.

- 12 -

Philip Morris International: A Global Smoke-Free Champion

Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in 100 markets, and as of June 30, 2025 PMI estimates they were used by over 41 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41% of PMI’s first-nine months 2025 total net revenues. Since 2008, PMI has invested over $14 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness and healthcare areas and aims to enhance life through the delivery of seamless health experiences. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

Forward-Looking and Cautionary Statements

This press release 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; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our

- 13 -

electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the third quarter ended September 30, 2025, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

Non-GAAP Measures, Glossary and Explanatory Notes

Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated October 21, 2025, and at www.pmi.com/2025Q3earnings. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.

Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.

- 14 -


																	Appendix 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data

Third Quarter
Market	Cigarette & HTU Market (bn units)			PMI Shipments (bn units)									PMI Market Share(2) (%)
				Cigarette & HTU			Cigarette			HTU			Cigarette & HTU			HTU
	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change	2025	2024	pp Change	2025	2024	pp Change

Total(1)(2)	668.5	673.8	(0.8)	198.8	198.6	0.1	157.9	163.2	(3.2)	40.8	35.3	15.5	29.5	29.6	(0.1)	5.8	5.3	0.5

Europe
France	6.2	6.8	(8.9)	2.3	2.4	(5.5)	2.3	2.4	(5.0)	—	—	—	40.1	41.0	(0.9)	0.5	0.6	(0.1)
Germany(3)	18.9	19.7	(3.7)	6.6	7.0	(5.1)	5.4	5.9	(7.5)	1.2	1.1	8.0	36.7	37.6	(0.9)	6.5	5.8	0.7
Italy(3)	19.9	20.1	(1.1)	10.8	10.5	3.3	6.7	7.2	(6.5)	4.1	3.3	24.2	53.9	54.9	(1.0)	18.2	16.6	1.6
Poland(3)	13.9	15.4	(9.7)	6.4	6.9	(6.8)	5.0	5.5	(9.5)	1.4	1.3	4.4	45.5	43.9	1.6	9.5	8.6	0.9
Spain	12.2	12.3	(0.8)	3.4	3.6	(5.8)	3.0	3.2	(7.5)	0.4	0.4	9.2	29.6	29.6	—	3.3	2.7	0.6

SSEA, CIS & MEA
Egypt	21.8	21.6	0.7	6.8	6.5	4.8	6.3	6.0	4.8	0.5	0.5	5.3	32.0	30.2	1.8	2.1	1.9	0.2
Indonesia(4)	65.8	67.6	(2.7)	20.2	20.7	(2.5)	19.8	20.3	(2.7)	0.4	0.3	13.1	30.7	30.6	0.1	0.6	0.5	0.1
Philippines	11.5	11.3	1.4	5.4	5.3	2.3	5.3	5.2	1.4	0.1	0.1	56.9	46.9	46.5	0.4	1.1	0.7	0.4
Russia	59.8	59.8	0.1	18.4	19.0	(3.4)	13.2	14.5	(9.0)	5.2	4.6	14.5	31.2	32.3	(1.1)	8.7	7.9	0.8
Turkey	42.4	41.4	2.5	19.8	21.4	(7.7)	19.8	21.4	(7.7)	—	—	—	46.7	51.8	(5.1)	—	—	—

EA, AU & PMI GTR
Australia	0.5	1.3	(59.2)	0.2	0.5	(53.4)	0.2	0.5	(53.4)	—	—	—	27.9	37.2	(9.3)	—	—	—
Japan(2)(3)	38.8	38.6	0.6	17.7	15.7	12.5	4.3	4.2	2.5	13.4	11.5	16.2	42.6	41.3	1.3	31.7	29.9	1.8
South Korea	18.7	18.2	2.6	3.8	3.7	4.5	2.1	2.2	(2.1)	1.7	1.5	13.9	20.3	19.9	0.4	9.1	8.2	0.9

Americas
Argentina	6.5	6.1	5.0	4.1	3.9	7.1	4.1	3.9	7.1	—	—	—	64.0	62.7	1.3	—	—	—

Mexico	6.9	7.8	(11.3)	4.0	4.6	(12.8)	3.9	4.5	(13.5)	0.1	0.1	46.0	57.5	58.6	(1.1)	1.1	0.6	0.5

(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.
(2) Total market and market share estimates include cigarillos in Japan
(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS
(4) 2025 includes 2.4 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%


																	Appendix 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data

First Nine Months
Market	Cigarette & HTU Market (bn units)			PMI Shipments (bn units)									PMI Market Share(2) (%)
				Cigarette & HTU			Cigarette			HTU			Cigarette & HTU			HTU
	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change	2025	2024	pp Change	2025	2024	pp Change

Total(1)(2)	1,925.9	1,939.2	(0.7)	574.7	568.1	1.2	457.9	464.0	(1.3)	116.7	104.0	12.2	29.3	28.9	0.4	5.8	5.2	0.6

Europe
France	18.1	19.8	(8.6)	7.4	8.3	(10.7)	7.3	8.2	(10.4)	0.1	0.1	(30.4)	40.2	41.0	(0.8)	0.5	0.6	(0.1)
Germany(3)	52.8	53.0	(0.4)	19.5	20.1	(3.0)	15.9	17.0	(6.4)	3.6	3.1	15.0	37.7	38.7	(1.0)	7.0	6.0	1.0
Italy(3)	55.8	55.7	0.2	29.6	29.0	2.0	19.7	20.9	(6.1)	10.0	8.1	22.8	53.5	53.7	(0.2)	18.1	17.0	1.1
Poland(3)	39.5	44.5	(11.0)	17.7	19.4	(8.4)	14.0	15.4	(9.2)	3.8	4.0	(5.2)	44.8	43.3	1.5	9.7	9.0	0.7
Spain	32.8	33.3	(1.5)	10.1	9.9	2.2	9.0	9.0	0.7	1.0	0.9	17.5	29.4	29.2	0.2	3.3	2.7	0.6

SSEA, CIS & MEA
Egypt	64.3	60.3	6.7	19.5	18.5	5.4	18.4	17.4	6.1	1.0	1.1	(6.3)	30.2	30.4	(0.2)	1.9	1.9	—
Indonesia(4)	192.3	199.7	(3.7)	59.4	60.5	(1.9)	58.4	59.7	(2.2)	1.1	0.8	25.8	30.9	30.3	0.6	0.5	0.4	0.1
Philippines	34.7	33.7	3.1	16.4	15.8	4.0	16.1	15.6	3.3	0.3	0.2	57.0	47.4	46.9	0.5	1.0	0.6	0.4
Russia	164.1	161.7	1.4	53.1	51.9	2.3	38.5	38.9	(0.9)	14.6	13.0	11.7	31.9	32.1	(0.2)	9.2	8.5	0.7
Turkey	118.2	111.9	5.6	55.5	57.8	(3.9)	55.5	57.8	(3.9)	—	—	—	47.1	51.6	(4.5)	—	—	—

EA, AU & PMI GTR
Australia	2.3	4.0	(41.4)	0.8	1.4	(43.9)	0.8	1.4	(43.9)	—	—	—	35.0	35.8	(0.8)	—	—	—
Japan(2)(3)	112.2	112.2	—	54.6	51.1	6.7	12.4	12.6	(1.2)	42.1	38.5	9.3	42.8	41.1	1.7	31.8	29.5	2.3
South Korea	51.9	52.9	(1.9)	10.7	10.6	0.6	5.8	6.3	(8.5)	4.9	4.3	14.0	20.5	20.0	0.5	9.3	8.0	1.3

Americas
Argentina	19.9	19.1	3.9	12.6	11.8	6.7	12.6	11.8	6.7	—	—	—	63.6	61.9	1.7	—	—	—

Mexico	20.8	22.0	(5.6)	12.0	12.9	(6.8)	11.8	12.8	(7.3)	0.2	0.2	29.1	57.8	58.6	(0.8)	1.0	0.7	0.3

(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.
(2) Total market and market share estimates include cigarillos in Japan
(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS
(4) 2025 includes 6.4 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%

Exhibit 99.2

Philip Morris International Inc.

Glossary of Key Terms, Definitions

and Explanatory Notes; and

Select Financial Information and Reconciliations of

Non-GAAP Financial Measures

2025 Third-Quarter Results

October 21, 2025

Glossary of Key Terms, Definitions

and Explanatory Notes

General

•"PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

•Comparisons are made to the same prior-year period unless otherwise stated.

•References to total industry (or total market), PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.

•As of the first quarter of 2022, total industry volume, PMI in-market sales volume and PMI market share for the following geographies include the cigarillo category in Japan: the total international market, EA, AU & PMI GTR Region, and Japanese domestic market.

•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid products based on data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China. Past reported periods may be updated to ensure comparability and to incorporate the most current information for industry and market share reporting.

•"Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

•In-market sales or "IMS" is defined as sales to the trade channels, which serve the end legal age nicotine users. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.

•From time to time, PMI’s shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes, IMS, certain estimated total industry/market volumes and estimated market share on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI's shipment volumes, IMS, estimated total industry/market volumes and estimated market share in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, improves the comparability of performance and trends for these measures over different reporting periods.

•Consumer offtake or offtake is the term PMI uses to refer to an approximation of purchases by consumers based on various market specific sources (e.g., Nielsen).

•"Total shipment volume" is defined as the combined total of cigarette, heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and
e-vapor shipment volume in equivalent units, unless otherwise stated.

•"SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

•"EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.

•2025 volumes of nicotine pouches from U.S. based Global Travel Retail locations are recorded in Americas segment, financial impact is recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year.

•Following the sale of Vectura Group Ltd. on December 31, 2024, we updated our segment reporting in January 2025 by including the ongoing Wellness & Healthcare segment results in the Europe segment. In addition, PMI renamed its “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, our segment that includes our duty free business was renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”). As of the first quarter of 2025, PMI began reporting on this basis.

•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include Next, TEREA and VEEV. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.

•Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

Financial

•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

•"Cost/Other" in the Consolidated Financial Summary table of total PMI and the four segments of this release reflects the currency and acquisition/divestiture-neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including restructuring costs); and amortization and impairment of intangibles. “Cost/Other” also includes the currency and acquisition/divestiture-neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets in the SSEA, CIS & MEA Region.

•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by net revenues.

•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.

•"Net debt" is defined as total debt, less cash and cash equivalents.

•Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and divestitures.

•Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

•When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as restructuring costs, amortization and impairment of acquired intangibles and other special items, changes in

currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

•Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.

•U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, April 1, 2022, for Turkey, and October 1, 2024 for Egypt.

•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.

•"Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.

•Egypt sales tax charge: In the third quarter of 2024, following a ruling issued by the Higher Administrative Court in Egypt and subsequent evaluation of available remedies, PMI concluded that an adverse outcome was probable and recorded a pre-tax charge of $45 million in relation to tax assessments for general sales tax deducted on imported cutfiller for the years 2014 to 2016.

•Loss on Sale of Vectura Group: In September 2024, PMI announced the execution of a definitive agreement to sell Vectura to Molex Asia Holdings Ltd. On December 31, 2024, we completed the sale. As a result, PMI recorded a pre-tax loss in 2024 of $199 million, primarily related to an impairment charge of $198 million recorded in the third quarter related to Vectura's classification as held for sale.

Smoke-Free

•Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches.

•Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

•Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.

•"Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, HEETS Creations (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (LEVIA).

•Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.

•"Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.

•Unless otherwise stated, all references to IQOS are to PMI's IQOS devices and heated tobacco consumables.

•IQOS heat-not-burn devices are precisely controlled heating devices into which a specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.

•"PMI heat-not-burn products" or "PMI HTUs" or "IQOS HTUs" include licensed KT&G heat-not-burn products.

•“Total PMI SFPs users” is defined as the sum of “Total IQOS users”, “Total oral smokeless users", “Total e-Vapor users” of PMI products and considering “Poly-users across PMI SFPs categories”.

•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years1) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.

The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:

•for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

•for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

•“Total PMI oral smokeless users” are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years11outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.

•“Total PMI e-Vapor users” is defined as the estimated number of Legal Age (minimum 18 years1) users of e-Vapor products, who consumed at least one of PMI
e-Vapor products in the past seven days.

•“Poly-users across PMI SFPs categories” are defined as the estimated number of Legal Age (minimum 18 years1) users who used multiple PMI SFPs over the past seven days.

•The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT) in combination with SFP multicategory offtake volume trends. The NCPT methodology estimates rely on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total IQOS user data, leveraging our deep understanding of PMI’s heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.

Note: PMI SFPs user estimates are derived from sample-based estimations from NCPT at 95% Confidence Interval. The accuracy and reliability of PMI SFPs users estimates may vary based on sample size, market maturity and availability of information.

•"Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew and is measured in cans or, for the purposes of total shipment volumes, in pouches or pouch equivalents.

•"Other Oral SFP volume" includes tobacco bits and chew bags.

11Minimum 18 years or older depending on market regulation

•Oral smoke-free products conversion: (i) nicotine pouches: 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can.

•E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units.

Select Financial Information and Reconciliations of Non-GAAP Financial Measures


								Schedule 1 (1 of 2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)

		Quarters Ended			Diluted EPS		Nine Months Ended
	September 30,					September 30,
			$ 2.23		2025 Diluted Earnings Per Share (1)				$ 5.89
			$ 1.97		2024 Diluted Earnings Per Share (1)				$ 4.89
			$ 0.26		Change				$ 1.00
			13.2	%	% Change				20.4%

					Reconciliation:
			$ 1.97		2024 Diluted Earnings Per Share (1)				$ 4.89
			—		2024 Restructuring charges				0.09
			0.12		2024 Amortization of intangibles				0.29
			—		2024 Impairment of other intangibles				0.01
			0.03		2024 Egypt sales tax charge				0.03
			0.13		2024 Loss on sale of Vectura Group				0.13





			(0.10)		2024 Income tax impact associated with Swedish Match AB financing				(0.01)
			(0.24)		2024 Fair value adjustment for equity security investments				(0.39)
			—		2024 Tax Items				(0.03)
			—		2025 Restructuring charges				(0.13)



			—		2025 Impairment of goodwill				(0.03)
			(0.13)		2025 Amortization of intangibles				(0.37)


			—		2025 Income tax impact associated with Swedish Match AB financing				0.24
			(0.10)		2025 Germany excise tax classification litigation charge				(0.10)
			0.10		2025 RBH (Canada) Plan Implementation, including dividend income, net				0.10
			(0.09)		2025 Impairment of Wellness & Healthcare related equity investment				(0.09)




			0.07		2025 Fair value adjustment for equity security investments				0.33
			0.14		2025 Tax Items				0.11

			0.08		Currency				0.02
			(0.02)		Interest				0.03
			0.06		Change in tax rate				—

			0.21		Operations (2)				0.77
			$ 2.23		2025 Diluted Earnings Per Share (1)				$ 5.89


					Schedule 1 (2 of 2)

(1) Basic and diluted EPS were calculated using the following (in millions):

	Quarters Ended			Nine Months Ended
	September 30,			September 30,
	2025	2024		2025		2024
	$ 3,478	$ 3,082	Net Earnings attributable to PMI	$ 9,207		$ 7,636
	10	9	Less: Distributed and undistributed earnings attributable to share-based payment awards (3)	26		22
	$ 3,468	$ 3,073	Net Earnings for basic and diluted EPS	$ 9,181		$ 7,614

	1,557	1,555	Weighted-average shares for basic EPS	1,556		1,554
	1	1	Plus Contingently Issuable Performance Stock Units (3)	2		2
	1,558	1,556	Weighted-average shares for diluted EPS	1,558		1,556

(2) Includes the impact of shares outstanding and share-based payments
(3) Including rounding adjustment
Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


								Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,
and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency
(Unaudited)

	Quarters Ended September 30,					Nine Months Ended September 30,
	2025	2024	% Change			2025	2024	% Change
	$ 2.23	$ 1.97	13.2	%	Reported Diluted EPS	$ 5.89	$ 4.89	20.4	%
	0.08				Less: Currency	0.02
	$ 2.15	$ 1.97	9.1	%	Reported Diluted EPS, excluding Currency	$ 5.87	$ 4.89	20.0	%


	Quarters Ended September 30,					Nine Months Ended September 30,				Year Ended
	2025	2024	% Change			2025	2024	% Change		2024
	$ 2.23	$ 1.97	13.2	%	Reported Diluted EPS	$ 5.89	$ 4.89	20.4	%	$ 4.52
	—	—			Restructuring charges	0.13	0.09			0.10

	—	0.03			Egypt sales tax charge	—	0.03			0.03
	—	0.13			Loss on sale of Vectura Group	—	0.13			0.13
	—	—			Impairment of goodwill and other intangibles	0.03	0.01			0.01
	0.13	0.12			Amortization of intangibles	0.37	0.29			0.40

	—	—			Megapolis localization tax impact	—	—			0.05

	—	(0.10)			Income tax impact associated with Swedish Match AB financing	(0.24)	(0.01)			0.14



	0.10	—			Germany excise tax classification litigation charge	0.10	—			—
	(0.10)	—			RBH (Canada) Plan Implementation, including dividend income, net	(0.10)	—			—
	0.09	—			Impairment of Wellness & Healthcare related equity investment	0.09	—			—
	(0.07)	(0.24)			Fair value adjustment for equity security investments	(0.33)	(0.39)			(0.27)
	—	—			Impairment related to the RBH equity investment	—	—			1.49
	(0.14)	—			Tax items	(0.11)	(0.03)			(0.03)
	$ 2.24	$ 1.91	17.3	%	Adjusted Diluted EPS	$ 5.83	$ 5.01	16.4	%	$ 6.57
	0.08				Less: Currency	0.02
	$ 2.16	$ 1.91	13.1	%	Adjusted Diluted EPS, excluding Currency	$ 5.81	$ 5.01	16.0	%

	Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


									Schedule 3


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions / Divestitures	Net Revenues excl. Currency & Acquisitions / Divestitures	Quarters Ended September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					Combustible Tobacco	2024	% Change
$ 2,478	$ 151	$ 2,327	$ —	$ 2,327	Europe	$ 2,322	6.7	%	0.2	%	0.2	%
2,753	46	2,706	—	2,706	SSEA, CIS & MEA	2,612	5.4	%	3.6	%	3.6	%
649	11	638	—	638	EA, AU & PMI GTR	673	(3.6)	%	(5.2)	%	(5.2)	%
520	(6)	526	—	526	Americas	527	(1.2)	%	(0.1)	%	(0.1)	%
$ 6,400	$ 203	$ 6,197	$ —	$ 6,197	Total Combustible Tobacco	$ 6,134	4.3	%	1.0	%	1.0	%

2025					Smoke-Free	2024	% Change
$ 2,241	$ 140	$ 2,101	$ (38)	$ 2,140	Europe	$ 1,875	19.5	%	12.1	%	14.1	%
57	4	54	(38)	92	of which, Wellness & Healthcare	76	(24.3)	%	(28.9)	%	21.7	%
520	31	490	—	490	SSEA, CIS & MEA	352	47.9	%	39.2	%	39.2	%
1,119	12	1,107	—	1,107	EA, AU & PMI GTR	929	20.4	%	19.1	%	19.1	%
565	—	565	—	565	Americas	621	(9.1)	%	(9.1)	%	(9.1)	%
$ 4,445	$ 182	$ 4,263	$ (38)	$ 4,301	Total Smoke-Free	$ 3,777	17.7	%	12.9	%	13.9	%

2025					PMI	2024	% Change
$ 4,719	$ 291	$ 4,428	$ (38)	$ 4,466	Europe	$ 4,197	12.4	%	5.5	%	6.4	%
3,273	77	3,196	—	3,196	SSEA, CIS & MEA	2,964	10.4	%	7.8	%	7.8	%
1,768	23	1,745	—	1,745	EA, AU & PMI GTR	1,602	10.4	%	8.9	%	8.9	%
1,085	(6)	1,091	—	1,091	Americas	1,148	(5.5)	%	(5.0)	%	(5.0)	%
$ 10,845	$ 385	$ 10,460	$ (38)	$ 10,498	Total PMI	$ 9,911	9.4	%	5.5	%	5.9	%


Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


									Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions / Divestitures	Net Revenues excl. Currency & Acquisitions / Divestitures	Nine Months Ended September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					Combustible Tobacco	2024	% Change
$ 6,713	$ 130	$ 6,583	$ —	$ 6,583	Europe	$ 6,467	3.8	%	1.8	%	1.8	%
7,670	(27)	7,697	—	7,697	SSEA, CIS & MEA	7,390	3.8	%	4.2	%	4.2	%
1,851	(5)	1,857	—	1,857	EA, AU & PMI GTR	1,889	(2.0)	%	(1.7)	%	(1.7)	%
1,551	(98)	1,649	—	1,649	Americas	1,653	(6.1)	%	(0.2)	%	(0.2)	%
$ 17,786	$ —	$ 17,786	$ —	$ 17,786	Total Combustible Tobacco	$ 17,399	2.2	%	2.2	%	2.2	%

2025					Smoke-Free	2024	% Change
$ 5,800	$ 111	$ 5,689	$ (126)	$ 5,815	Europe	$ 5,080	14.2	%	12.0	%	14.5	%
166	3	163	(126)	290	of which, Wellness & Healthcare	246	(32.5)	%	(33.6)	%	17.8	%
1,272	35	1,237	—	1,237	SSEA, CIS & MEA	1,003	26.8	%	23.3	%	23.3	%
3,356	(25)	3,380	—	3,380	EA, AU & PMI GTR	3,070	9.3	%	10.1	%	10.1	%
2,073	(5)	2,078	—	2,078	Americas	1,620	27.9	%	28.2	%	28.2	%
$ 12,500	$ 116	$ 12,384	$ (126)	$ 12,510	Total Smoke-Free	$ 10,773	16.0	%	15.0	%	16.1	%

2025					PMI	2024	% Change
$ 12,513	$ 241	$ 12,272	$ (126)	$ 12,398	Europe	$ 11,547	8.4	%	6.3	%	7.4	%
8,942	8	8,934	—	8,934	SSEA, CIS & MEA	8,393	6.5	%	6.4	%	6.4	%
5,207	(30)	5,237	—	5,237	EA, AU & PMI GTR	4,959	5.0	%	5.6	%	5.6	%
3,624	(103)	3,727	—	3,727	Americas	3,273	10.7	%	13.9	%	13.9	%
$ 30,286	$ 116	$ 30,170	$ (126)	$ 30,296	Total PMI	$ 28,172	7.5	%	7.1	%	7.5	%



Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


													Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Gross Profit	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acqui-sitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures	Quarters Ended September 30,	Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025								2024			% Change






$ 4,253	$ —	$ 4,253	$ 117	$ 4,136	$ —	$ 4,136	Combustible Tobacco	$ 3,947	$ —	$ 3,947	7.7	%	4.8	%	4.8	%













2025								2024			% Change
$ 3,104	$ (6)	$ 3,110	$ 123	$ 2,987	$ (11)	$ 2,998	Smoke-Free	$ 2,598	$ (14)	$ 2,612	19.1	%	14.4	%	14.8	%

2025								2024			% Change






$ 7,358	$ (5)	$ 7,363	$ 242	$ 7,121	$ (11)	$ 7,132	Total PMI	$ 6,545	$ (14)	$ 6,559	12.3	%	8.6	%	8.7	%

(1) 2025 third-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 third-quarter reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold.
Note: Sum of product categories and special items might not foot due to roundings.


													Schedule 6
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Gross Profit	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acqui-sitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures	Nine Months Ended September 30,	Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025								2024			% Change






$ 11,737	$ —	$ 11,737	$ (17)	$ 11,755	$ 31	$ 11,724	Combustible Tobacco	$ 11,173	$ —	$ 11,173	5.1	%	5.2	%	4.9	%













2025								2024			% Change
$ 8,742	$ (16)	$ 8,759	$ 69	$ 8,689	$ (59)	$ 8,749	Smoke-Free	$ 7,093	$ (46)	$ 7,139	22.7	%	21.7	%	22.5	%

2025								2024			% Change






$ 20,480	$ (16)	$ 20,496	$ 53	$ 20,443	$ (28)	$ 20,471	Total PMI	$ 18,266	$ (46)	$ 18,312	11.9	%	11.6	%	11.8	%

(1) 2025 nine months ended September 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold. 2024 nine months ended September 30 reflects amortization of intangibles in Smoke-free, all amounts are related to cost of goods sold.
Note: Sum of product categories and special items might not foot due to roundings.


														Schedule 7


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Operating Income	Currency	Operating Income excluding Currency	Acqui-sitions / Divestitures	Operating Income excluding Currency & Acquisitions / Divestitures				Operating Income		Total	Excluding Currency	Excluding Currency & Acquisitions / Divestitures

2025						Quarters Ended September 30,		2024		% Change
$ 2,150		$ 162	$ 1,988	$ 18	$ 1,970		Europe		$ 1,769			21.5	%	12.4	%	11.4	%
1,235		49	1,186	—	1,186		SSEA, CIS & MEA		960			28.6	%	23.5	%	23.5	%
846		(36)	882	—	882		EA, AU & PMI GTR		788			7.4	%	11.9	%	11.9	%
32		21	11	—	11		Americas		137			(76.6)	%	(92.0)	%	(92.0)	%
$ 4,263		$ 196	$ 4,067	$ 18	$ 4,049		Total PMI		$ 3,654			16.7	%	11.3	%	10.8	%

2025						Nine Months Ended September 30,		2024		% Change
$ 5,255		$ 187	$ 5,068	$ 53	$ 5,015		Europe		$ 4,797			9.5	%	5.6	%	4.5	%
3,155		11	3,144	31	3,113		SSEA, CIS & MEA		2,623			20.3	%	19.9	%	18.7	%
2,612		(31)	2,643	—	2,643		EA, AU & PMI GTR		2,304			13.4	%	14.7	%	14.7	%
497		(53)	550	—	550		Americas		419			18.6	%	31.3	%	31.3	%
$ 11,519		$ 114	$ 11,405	$ 84	$ 11,321		Total PMI		$ 10,143			13.6	%	12.4	%	11.6	%


																Schedule 8


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Operating Income	Special Items (1)	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acqui-sitions / Divestitures	Adjusted Operating Income excluding Currency & Acquisitions / Divestitures			Operating Income	Special Items (1)	Adjusted Operating Income	Total	Excluding Currency	Excluding Currency & Acquisitions / Divestitures

2025							Quarters Ended September 30,		2024			% Change
$ 2,150	$ (224)		$ 2,373	$ 162	$ 2,211	$ 9	$ 2,202	Europe		$ 1,769	$ (251)	$ 2,019		17.5	%	9.5	%	9.1	%
1,235	(4)		1,239	49	1,190	—	1,190	SSEA, CIS & MEA		960	(50)	1,009		22.8	%	17.9	%	17.9	%
846	(1)		847	(36)	883	—	883	EA, AU & PMI GTR		788	(1)	789		7.4	%	11.9	%	11.9	%
32	(179)		211	21	190	—	190	Americas		137	(198)	336		(37.2)	%	(43.5)	%	(43.5)	%
$ 4,263	$ (407)		$ 4,670	$ 196	$ 4,474	$ 9	$ 4,465	Total PMI		$ 3,654	$ (499)	$ 4,153		12.4	%	7.7	%	7.5	%

2025							Nine Months Ended September 30,		2024			% Change
$ 5,255	$ (598)		$ 5,853	$ 187	$ 5,666	$(3)	$ 5,669	Europe		$ 4,797	$ (387)	$ 5,184		12.9	%	9.3	%	9.4	%
3,155	(12)		3,167	11	3,156	31	3,125	SSEA, CIS & MEA		2,623	(59)	2,682		18.1	%	17.7	%	16.5	%
2,612	(2)		2,614	(31)	2,645	—	2,645	EA, AU & PMI GTR		2,304	(2)	2,306		13.4	%	14.7	%	14.7	%
497	(575)		1,072	(53)	1,125	—	1,125	Americas		419	(578)	997		7.5	%	12.8	%	12.8	%
$ 11,519	$ (1,187)		$ 12,706	$ 114	$ 12,592	$ 28	$ 12,564	Total PMI		$ 10,143	$ (1,026)	$ 11,169		13.8	%	12.7	%	12.5	%

(1) See Schedule 9 and Schedule 10 for Special Items details
Note: Sum of special items might not foot due to roundings.


											Schedule 9 (1 of 2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarters Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2025	2024	Total		Excl. Curr. & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 4,263	$ 3,654	16.7	%	10.8	%	$ 609	$ 196	$ 18	$ 305	$ 258	$ (168)



Loss on sale of Vectura Group	—	(198)	100.0	%	100.0	%	198	—	—	—	—	198
Amortization of intangibles	(250)	(256)	2.3	%	(1.2)	%	6	—	9	—	—	(3)

Germany excise tax classification litigation charge	(176)	—	—	%	—	%	(176)	—	—	—	—	(176)
RBH (Canada) Plan Implementation	19	—	—	%	—	%	19	—	—	—	—	19
Egypt sales tax charge	—	(45)	100.0	%	100.0	%	45	—	—	—	—	45



Adjusted Operating Income	$ 4,670	$ 4,153	12.4	%	7.5	%	$ 517	$ 196	$ 9	$ 305	$ 258	$ (251)

Europe
Reported Operating Income	$ 2,150	$ 1,769	21.5	%	11.4	%	$ 381	$ 162	$ 18	$ 220	$ 10	$ (29)


Amortization of intangibles	(49)	(53)	7.7	%	(9.1)	%	4	—	9	—	—	(5)

Germany excise tax classification litigation charge	(176)	—	—	%	—	%	(176)	—	—	—	—	(176)
Loss on sale of Vectura Group	—	(198)	100.0	%	100.0	%	198	—	—	—	—	198

Adjusted Operating Income	$ 2,373	$ 2,019	17.5	%	9.1	%	$ 354	$ 162	$ 9	$ 220	$ 10	$ (46)

SSEA, CIS & MEA
Reported Operating Income	$ 1,235	$ 960	28.6	%	23.5	%	$ 275	$ 49	$ —	$ 254	$ 26	$ (54)


Amortization of intangibles	(4)	(4)	14.6	%	14.6	%	1	—	—	—	—	1
Egypt sales tax charge	—	(45)	100.0	%	100.0	%	45	—	—	—	—	45

Adjusted Operating Income	$ 1,239	$ 1,009	22.8	%	17.9	%	$ 230	$ 49	$ —	$ 254	$ 26	$ (100)


											Schedule 9 (2 of 2)

Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarters Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
EA, AU & PMI GTR	2025	2024	Total		Excl. Curr. & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 846	$ 788	7.4	%	11.9	%	$ 58	$ (36)	$ —	$ 35	$ 86	$ (27)

Amortization of intangibles	(1)	(1)	—	%	—	%	—	—	—	—	—	—



Adjusted Operating Income	$ 847	$ 789	7.4	%	11.9	%	$ 58	$ (36)	$ —	$ 35	$ 86	$ (27)

Americas
Reported Operating Income	$ 32	$ 137	(76.6)	%	(92.0)	%	$ (105)	$ 21	$ —	$ (204)	$ 136	$ (58)

Amortization of intangibles	(198)	(198)	0.3	%	0.3	%	1	—	—	—	—	1
RBH (Canada) Plan Implementation	19	—	—	%	—	%	19	—	—	—	—	19


Adjusted Operating Income	$ 211	$ 336	(37.2)	%	(43.5)	%	$ (125)	$ 21	$ —	$ (204)	$ 136	$ (77)

Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


											Schedule 10 (1 of 2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Nine Months Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2025	2024	Total		Excl. Curr. & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 11,519	$ 10,143	13.6	%	11.6	%	$ 1,376	$ 114	$ 84	$ 1,251	$ 1,009	$ (1,082)
Restructuring charges	(243)	(168)	(44.6)	%	(44.6)	%	(75)	—	—	—	—	(75)

Impairment of goodwill and other intangibles	(41)	(27)	(51.9)	%	-(100)%		(14)	—	26	—	—	(40)
Egypt sales tax charge	—	(45)	100.0	%	100.0	%	45	—	—	—	—	45
Loss on sale of Vectura Group	—	(198)	100.0	%	100.0	%	198	—	—	—	—	198
Germany excise tax classification litigation charge	(176)	—	—	%	—	%	(176)	—	—	—	—	(176)
RBH (Canada) Plan Implementation	19	—	—	%	—	%	19	—	—	—	—	19
Amortization of intangibles	(746)	(588)	(26.9)	%	(32.0)	%	(158)	—	30	—	—	(188)




Adjusted Operating Income	$ 12,706	$ 11,169	13.8	%	12.5	%	$ 1,537	$ 114	$ 28	$ 1,251	$ 1,009	$ (865)

Europe
Reported Operating Income	$ 5,255	$ 4,797	9.5	%	4.5	%	$ 458	$ 187	$ 53	$ 647	$ 97	$ (526)
Restructuring charges	(243)	—	—	%	—	%	(243)	—	—	—	—	(243)
Impairment of goodwill and other intangibles	(41)	(26)	(56.2)	%	-(100)%		(15)	—	26	—	—	(41)
Amortization of intangibles	(138)	(162)	14.9	%	(3.6)	%	24	—	30	—	—	(6)

Germany excise tax classification litigation charge	(176)	—	—	%	—	%	(176)	—	—	—	—	(176)
Loss on sale of Vectura Group	—	(198)	100.0	%	100.0	%	198	—	—	—	—	198

Adjusted Operating Income	$ 5,853	$ 5,184	12.9	%	9.4	%	$ 669	$ 187	$ (3)	$ 647	$ 97	$ (258)

SSEA, CIS & MEA
Reported Operating Income	$ 3,155	$ 2,623	20.3	%	18.7	%	$ 532	$ 11	$ 31	$ 596	$ 160	$ (266)



Amortization of intangibles	(12)	(14)	14.1	%	14.1	%	2	—	—	—	—	2
Egypt sales tax charge	—	(45)	100.0	%	100.0	%	45	—	—	—	—	45

Adjusted Operating Income	$ 3,167	$ 2,682	18.1	%	16.5	%	$ 485	$ 11	$ 31	$ 596	$ 160	$ (313)

















EA, AU & PMI GTR
Reported Operating Income	$ 2,612	$ 2,304	13.4	%	14.7	%	$ 308	$ (31)	$ —	$ 68	$ 270	$ 1


Amortization of intangibles	(2)	(2)	0.2	%	0.2	%	—	—	—	—	—	—



Adjusted Operating Income	$ 2,614	$ 2,306	13.4	%	14.7	%	$ 308	$ (31)	$ —	$ 68	$ 270	$ 1



											Schedule 10 (2 of 2)

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Nine Months Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
Americas	2025	2024	Total		Excl. Curr. & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 497	$ 419	18.6	%	31.3	%	$ 78	$ (53)	$ —	$ (60)	$ 482	$ (291)
Restructuring charges	—	(168)	100.0	%	100.0	%	168	—	—	—	—	168

Amortization of intangibles	(594)	(410)	(44.9)	%	(44.9)	%	(184)	—	—	—	—	(184)
RBH (Canada) Plan Implementation	19	—	—	%	—	%	19	—	—	—	—	19


Adjusted Operating Income	$ 1,072	$ 997	7.5	%	12.8	%	$ 75	$ (53)	$ —	$ (60)	$ 482	$ (294)

Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


																			Schedule 11


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Adjusted Operating Income (1)	Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui-sitions / Divestitures (1)	Net Revenues excluding Currency & Acqui-sitions / Divestitures (2)	Adjusted Operating Income Margin excluding Currency & Acqui-sitions / Divestitures				Adjusted Operating Income (1)	Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui-sitions / Divestitures

2025												Quarters Ended September 30,		2024				% Points Change
$ 2,373	$ 4,719	50.3	%	$ 2,211	$ 4,428	49.9	%	$ 2,202	$ 4,466	49.3	%		Europe	$ 2,019	$ 4,197	48.1	%	2.2	1.8	1.2
1,239	3,273	37.9	%	1,190	3,196	37.2	%	1,190	3,196	37.2	%		SSEA, CIS & MEA	1,009	2,964	34.0	%	3.9	3.2	3.2
847	1,768	47.9	%	883	1,745	50.6	%	883	1,745	50.6	%		EA, AU & PMI GTR	789	1,602	49.3	%	(1.4)	1.3	1.3
211	1,085	19.4	%	190	1,091	17.4	%	190	1,091	17.4	%		Americas	336	1,148	29.3	%	(9.9)	(11.9)	(11.9)
$ 4,670	$ 10,845	43.1	%	$ 4,474	$ 10,460	42.8	%	$ 4,465	$ 10,498	42.5	%		Total PMI	$ 4,153	$ 9,911	41.9	%	1.2	0.9	0.6

2025												Nine Months Ended September 30,		2024				% Points Change
$ 5,853	$ 12,513	46.8	%	$ 5,666	$ 12,272	46.2	%	$ 5,669	$ 12,398	45.7	%		Europe	$ 5,184	$ 11,547	44.9	%	1.9	1.3	0.8
3,167	8,942	35.4	%	3,156	8,934	35.3	%	3,125	8,934	35.0	%		SSEA, CIS & MEA	2,682	8,393	32.0	%	3.4	3.3	3.0
2,614	5,207	50.2	%	2,645	5,237	50.5	%	2,645	5,237	50.5	%		EA, AU & PMI GTR	2,306	4,959	46.5	%	3.7	4.0	4.0
1,072	3,624	29.6	%	1,125	3,727	30.2	%	1,125	3,727	30.2	%		Americas	997	3,273	30.5	%	(0.9)	(0.3)	(0.3)
$ 12,706	$ 30,286	42.0	%	$ 12,592	$ 30,170	41.7	%	$ 12,564	$ 30,296	41.5	%		Total PMI	$ 11,169	$ 28,172	39.6	%	2.4	2.1	1.9


(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8
(2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3 and 4


								Schedule 12
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)

	Quarters Ended September 30,					Nine Months Ended September 30,
	2025	2024	Change Fav./(Unfav.)			2025	2024	Change Fav./(Unfav.)


	$ 10,845	$ 9,911	9.4	%	Net Revenues	$ 30,286	$ 28,172	7.5	%
	3,487	3,366	(3.6)	%	Cost of sales	9,806	9,906	1.0	%
	7,358	6,545	12.4	%	Gross profit	20,480	18,266	12.1	%
	3,095	2,891	(7.1)	%	Marketing, administration and research costs	8,920	8,123	(9.8)	%
	—	—	—	%	Impairment of goodwill	41	—	—	%
	4,263	3,654	16.7	%	Operating Income	11,519	10,143	13.6	%
	230	189	(21.7)	%	Interest expense, net	748	817	8.4	%
	14	15	6.7	%	Pension and other employee benefit costs	37	44	15.9	%
	4,019	3,450	16.5	%	Earnings before income taxes	10,734	9,282	15.6	%
	751	735	(2.2)	%	Provision for income taxes	2,062	2,145	3.9	%

	(345)	(500)	(31.0)	%	Equity investments and securities (income)/loss, net	(926)	(852)	8.7	%
	3,613	3,215	12.4	%	Net Earnings	9,598	7,989	20.1	%
	135	133	(1.5)	%	Net Earnings attributable to noncontrolling interests	391	353	(10.8)	%
	$ 3,478	$ 3,082	12.8	%	Net Earnings attributable to PMI	$ 9,207	$ 7,636	20.6	%

					Per share data: (1)
	$ 2.23	$ 1.98	12.6	%	Basic Earnings Per Share	$ 5.90	$ 4.90	20.4	%
	$ 2.23	$ 1.97	13.2	%	Diluted Earnings Per Share	$ 5.89	$ 4.89	20.4	%


(1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters and nine months ended September 30, 2025 and 2024 are shown on Schedule 1, Footnote 1



				Schedule 13
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions) / (Unaudited)

	September 30,			December 31,
	2025			2024
Assets
Cash and cash equivalents		$	4,037		$	4,216
All other current assets		18,628			15,954
Property, plant and equipment, net		8,115			7,310
Goodwill		17,181			16,600
Other intangible assets, net		11,146			11,327
Equity investments		3,133			2,654
Other assets		4,821			3,723
Total assets		$	67,061		$	61,784

Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings		$	1,880		$	137
Current portion of long-term debt		6,339			3,392
All other current liabilities		18,500			19,386
Long-term debt		41,863			42,166
Deferred income taxes		1,999			2,517
Other long-term liabilities		5,464			4,056
Total liabilities		76,045			71,654

Total PMI stockholders' deficit		(10,914)			(11,750)
Noncontrolling interests		1,930			1,880
Total stockholders' (deficit) equity		(8,984)			(9,870)
Total liabilities and stockholders' (deficit) equity		$	67,061		$	61,784



											Schedule 14
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios) / (Unaudited)

	Year Ended September 30, 2025									Year Ended December 31, 2024
	October ~ December			January ~ September			12 months
	2024			2025			rolling
Net Earnings		$	(486)		$	9,598		$	9,112			$	7,503
Equity investments and securities (income)/loss, net		215			(926)			(711)				(637)
Provision for income taxes		872			2,062			2,934				3,017
Interest expense, net		326			748			1,074				1,143
Impairment related to the RBH equity investment		2,316			—			2,316				2,316
Depreciation, amortization and impairment of goodwill and other intangibles		477			1,516			1,993				1,814
Restructuring charges and Others (1)		13			400			413				424
Adjusted EBITDA		$	3,733		$	13,398		$	17,131			$	15,580

							September 30,			December 31,
							2025			2024
Short-term borrowings								$	1,880			$	137
Current portion of long-term debt								6,339				3,392
Long-term debt								41,863				42,166
Total Debt								$	50,082			$	45,695
Cash and cash equivalents								4,037				4,216
Net Debt								$	46,045			$	41,479

Ratios:
Total Debt to Adjusted EBITDA								2.92				2.93
Net Debt to Adjusted EBITDA								2.69				2.66

(1) For the period January 2025 to September 2025 "Others" includes Germany excise tax classification litigation charge ($176 million) and other immaterial items.



							Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency
($ in millions) / (Unaudited)

Quarters Ended September 30,					Nine Months Ended September 30,
2025	2024	% Change			2025	2024	% Change
$ 4,462	$ 3,342	33.5	%	Net cash provided by operating activities (1)	$ 7,524	$ 8,215	(8.4)	%
262				Less: Currency	331
$ 4,200	$ 3,342	25.7	%	Net cash provided by operating activities, excluding currency	$ 7,193	$ 8,215	(12.4)	%

(1) Operating cash flow