STAMFORD, CT, October 21, 2025 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 third quarter results.1 (Form 8-K)

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.

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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.

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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: [email protected]
Email: [email protected]

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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

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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.

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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.

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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

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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.

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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.

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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.

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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