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PHILIP MORRIS INTERNATIONAL 2025 ANNUAL REPORT
2025 Smoke-Free Highlights Smoke-Free Business Net Revenues Smoke-Free Net Revenues >50% of Total Markets 41.5% 27 Total SFP1 Users2 Smoke-Free Products Shipment Volumes3 Million Billion Units ~43.5 179.1 2025 Smoke-Free Product Portfolio4 IQOS VEEV ZYN Smoke-free products (SFP) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, oral smokeless, and e-vapor. (2) See page G-1 for definitions. (3) Includes heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and e-vapor shipment volume in equivalent units. (4) Select smoke-free products. (1)
2025 Financial Highlights Net Revenues Adjusted Operating Income Adjusted Diluted EPS vs. 20241 vs. 20241 vs. 20242 +6.5% +10.6% +14.2% Operating Cash Flow $12.2 Billion Annualized Dividend Quarterly Dividend Increased by Per Share3 Since 2008 $5.88 219.6% Dear Shareholder, 2025 was another remarkable year for PMI, with a fifth consecutive year of volume growth, net revenues surpassing $40 billion, including close to $17 billion from our smoke-free business, and further operating margin expansion. Our performance continues to be fueled by the international business, which generated most of our organic net revenue growth, led by smoke-free products. Our business yet again delivered best-in-class top- and bottom-line growth and outperformed the industry. This demonstrates not only the strength of our global organization but also the sustainability of our evolved business model as we continued to advance our smoke free leadership. Jacek Olczak, Group CEO PMI Andr Calantzopoulos, Chairman of the Board Our achievements this year are a testament to the dedication of PMI s around 84,900 employees worldwide, who once again brought their passion, resilience, and talent to everything they do. We extend our sincere thanks for their unwavering commitment and hard work. This represented the highest increase since 2013 and the eighteenth consecutive year of dividend growth since becoming a public company in 2008. 2025 vs. 2024 Results In 2025, our smoke-free business accounted for 41.5% of total net revenues. In the fourth quarter we achieved a key milestone: over 50% of net revenues generated by the smoke-free business in three of our four regions. On a full-year basis, we reached the same milestone in 27 markets and 8 markets exceeded 75%. As of year-end, our smoke-free products were available in 106 markets, with over 43 million estimated adult consumers.5 Our smoke-free business continued its upward trajectory in profitability. IQOS was again the primary driver of this performance, combining global topline momentum with increasing scale and cost efficiencies, coupled with VEEV s improving profitability and ZYN s best-in-class gross margins. Estimated international industry4 volume for cigarettes and heated tobacco units (HTUs) was broadly stable, with a 1.1% decrease for cigarettes, largely offset by 10.2% growth of HTUs. In the fifth consecutive year of total shipment volume growth (up by 1.4%), our smoke-free shipments increased by 12.8%. This impressive increase reflects strong HTU growth, accelerating traction in nicotine pouches, and a doubling of e vapor volumes. Cigarette shipment volumes declined by 1.5%. Our total cigarette and HTU volume share reached 29.2% of the international industry, up by 0.2 percentage points fueled by HTU performance (up by 0.5 percentage points). Net revenues increased by 7.3% to $40.6 billion. On an organic basis net revenues increased by 6.5%, mainly driven by favorable pricing as well as smoke-free volume growth and a corresponding positive product mix impact. Operating income increased by 11.1% to $14.9 billion (10.6% on an organic basis), supported by the same drivers as net revenues, partly offset by higher marketing, administration and research costs. Diluted EPS increased to $7.26 compared to $4.52 in 2024. Adjusted diluted EPS of $7.54 increased by 14.2%, excluding currency. In 2025 PMI delivered operating cash flow of $12.2 billion, matching the record performance in 2024. On a currency-neutral basis, operating cash flow decreased by 3.8% primarily due to higher working capital requirements. In September, the Board of Directors approved an 8.9% increase in the quarterly dividend to an annualized rate of $5.88 per share. Delivering a Smoke-Free Future IQOS continued to strengthen its position as the second-largest nicotine brand in markets where present, with the number one volume share position in 13 markets, and drove the growth of the global heat-not-burn category, where PMI holds approximately 76% volume share. This was supported by brand engagement initiatives and continuous innovation across devices and consumables, including the expansion of ILUMA i, which is now6 available in 55 out of 79 IQOS markets. In December 2025 an important landmark was reached in Japan, where over 50% of the total industry was smoke-free on an offtake volume basis, driven by the heat-notburn category where IQOS holds the number one position. To complement IQOS, PMI continues to invest in a range of innovative and high-quality heat-not-burn alternatives. This includes BONDS, our peripheral heating system. We continue to expand in the attractive oral smoke-free category, with ZYN modern oral pouches now6 available in 56 markets across the globe. Total oral smoke-free shipment volume7 in pouches or pouch equivalents increased versus the prior year by 18.5%, driven by nicotine pouches, which grew by 36%. The nicotine pouch category remains nascent in most geographies. On an organic basis. See page G-1 for definitions. On a currency-neutral basis. (3) 2025 Annualized rate is based on a quarterly dividend of $1.47 per common share, declared September 19, 2025. (4) References to international industry and the international market exclude China and the U.S. (5) See page G-1 for definitions. (6) As of December 31, 2025. (7) Oral smoke-free products volume excludes snuff, snuff leaf and U.S. chew. (1) (2) 1
In the vaping category, VEEV is the fastest-growing brand of any major player in international closed pods and holds the number one position in eight markets. The pod segment is growing rapidly as disposables decline, and VEEV is gaining significant volume share in a fragmented landscape, sourcing primarily from consumers of other vaping products and adult smokers. VEEV s profitability improved further while shipment volumes more than doubled. PMI s complementary brand portfolio with high-quality products in all three smoke-free categories allows us to better serve consumers and enhance our financial performance. Our multicategory strategy is a critical catalyst for smoke-free product adoption by adult consumers and an important driver of our long-term growth. It has already been deployed in 52 markets, including over 25 markets with the IQOS, ZYN and VEEV brands now commercialized together. Smoke-Free Product Regulation 2025 was a critical year for advancing regulatory frameworks for smoke free products around the world. While progress remains uneven across geographies, we saw growing recognition of harm reduction principles and more consistent differentiation between categories. The number of markets with a dedicated excise tax category for heat-not-burn, e-vapor and modern oral is steadily growing. The introduction of product definitions for all smoke-free categories with an appropriate tax differential versus cigarettes is crucial to accelerate the switching of smokers to better alternatives. Some setbacks also occurred, including Japan s adoption of an excise equalization plan for heated tobacco and cigarettes in 2026, albeit with a more consistent tax structure and visibility on future excise increases on both cigarettes and heated tobacco. Market access for smoke-free products continues to expand. The number of markets that have either proceeded with a dedicated or improved regulatory framework or lifted a regulatory ban for at least one smoke-free product category reached 85. This includes the long-awaited authorization of IQOS in Taiwan. We continue to advocate for effective harm reduction measures, especially in markets such as Turkey, India, Brazil and Vietnam, where smokefree products are banned, resulting in the perpetuation of cigarette consumption. Combustible Tobacco Product Portfolio Our combustible portfolio continues to play a vital role in our quest to transition adult smokers to better alternatives. It provides the financial stability, infrastructure, and consumer relationships that support long term investment in our smoke free journey. Our combustibles business remained resilient and, with disciplined management, delivered another year of strong performance. Notwithstanding expected lower volumes, net revenues grew by 2.5%, driven by strong pricing, partly offset by geographic mix. Marlboro remains the world s best selling cigarette brand and reached an all-time high of 11.0% volume share of the international cigarette market in the fourth quarter of 2025, despite over-indexing to IQOS cannibalization. Organization We continue to evolve and develop our organization, including the introduction of a new organizational model effective January 1, 2026. With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented 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. As a result, PMI realigned its reportable segments accordingly, with the four geographic segments replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. Our reporting will reflect these changes as of the first quarter of 2026. Our digital transformation is advancing rapidly, supported by our global digital consumer platforms and the scaling of proven initiatives enabled by artificial intelligence. To strengthen the 2 foundations for the future, we invest in our people by advancing digitalization and artificial intelligence upskilling to accelerate the transition from individual adoption to enterprise-wide impact. Our key priority is to continue evolving PMI s culture to fully support our mission and the evolving requirements of a modern, highly skilled workforce, while strengthening succession depth to ensure leadership continuity, organizational resilience, and long-term sustainable performance. Sustainable Business Value At PMI, the long-term sustainability of our business is not an outcome of our strategy. It is the strategy itself. It informs how we secure critical resources, manage risks, meet stakeholders expectations, and future proof a business built to deliver results today while securing the ability to deliver tomorrow. Our approach to value creation extends beyond financial performance to encompass the full range of resources and relationships on which our long-term success depends. We recognize that sustainable business results require investing deliberately in multiple forms of capital: human, intellectual, natural, manufactured, and social, alongside financial capital. By proactively addressing environmental and social impacts in our products and operations, we strengthen our ability to manage risks, capitalize on opportunities, and build resilience in a dynamic operating environment. For further information on how PMI creates, preserves, and enhances value over the short, medium, and long term, we invite you to read our 2025 Value Report, which we plan to publish in the coming weeks. Board of Directors In February 2026, Dessislava Temperley informed the Board that she would not stand for re-election this year. On behalf of the entire organization, we sincerely thank Dessislava, who joined the Board in 2021, for her valued contributions to the company as a Director and member of the Audit and Risk Committee, and as a former member of the Consumer Relationships and Regulation, and Finance Committees. Looking Ahead The past year was marked by persistent global uncertainty and a demanding operating backdrop. It also clearly demonstrated the strength of PMI and the leadership position we have built. Despite ongoing volatility, our people delivered with focus and conviction, achieving strong results and reaching important milestones in our smoke-free journey. These achievements reinforce our confidence in the long-term potential of our strategic shift away from combustible tobacco, anchored by our leadership in smoke-free products, and complemented by growth opportunities in wellness over the long term. As outlined in our 2025 full-year results announcement, we are confident in the company s next growth phase and are targeting compound annual growth rates for 2026 - 2028 of: 6% to 8% for net revenues, on an organic basis, including smoke-free products volume growth of high single-digit to low-teens driving total shipment volume growth; 8% to 10% for adjusted operating income on an organic basis; and 9% to 11% for adjusted diluted EPS, excluding currency, assuming current corporate income tax rates and no share repurchases. We remain committed to science, innovation, responsible marketing, and transparency as we scale our smoke free portfolio and broaden our impact. PMI s ambition remains clear: to replace cigarettes with smoke free products and to deliver sustainable, long term value to our shareholders while contributing to improved public health outcomes globally. Jacek Olczak, Group CEO PMI March 10, 2026 Andr Calantzopoulos, Chairman of the Board
Board of Directors Andr Calantzopoulos 4 Chairman of the Board Director since 2013 Bonin Bough 1,4 Founder & Chief Growth Officer, Diligence LLC dba Bonin Ventures Director since 2021 Michel Combes 1,3 Partner at Forgelight LLC Director since 2020 Werner Geissler 1,2,3 Operating Partner, Advent International Director since 2015 Kalpana Morparia 2,3,4 Founder & Managing Partner, KalMor Advisors LLP Director since 2011 Victoria Harker 1 Former CFO and Executive Vice President of TEGNA, Inc. Director since 2024 Jacek Olczak 4 Group CEO PMI Director since 2021 Lisa A. Hook Managing Partner, Two Island Partners LLC Director since 2018 1,2,3,4 Robert B. Polet 2,4 Chairman, Arica Holding B.V. Chairman, SFMS B.V. Director since 2011 Dessislava Temperley 1 Former Group CFO and Executive Board Member of Beiersdorf AG Director since 2021 Shlomo Yanai 3,4 Chairman, Lumenis Ltd. Director since 2021 Board and Committee Leadership Member of Audit and Risk Committee, Michel Combes, Chair 2 Member of Compensation and Leadership Development Committee, Werner Geissler, Chair 3 Member of Nominating and Corporate Governance Committee, Kalpana Morparia, Chair 4 Member of Science and Technology Committee, Shlomo Yanai, Chair 1 Company Management Jacek Olczak* Group CEO PMI Emmanuel Babeau* Group Chief Financial Officer Michele Cattoni Chief Global Research & Development Officer Scott Coutts Chief Global Operations Officer Yann Gu rin* Group Chief Legal Officer Frederic de Wilde* CEO PMI International Christos Harpantidis Group Chief Corporate Affairs Officer Reginaldo Dobrowolski* Group Controller Stacey Kennedy* CEO PMI U.S. Moira Gilchrist Chief Global Communications Officer Michael Kunst CEO Aspeya Frederic Patitucci Group Chief People & Culture Officer Michael Voegele Chief Global Digital & Information Officer Stefano Volpetti Chief Global Growth Officer Lead Independent Director Not standing for re-election at the Annual Meeting of Shareholders on May 6, 2026. * Executive Officer 3
 • shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 PM Stockholder Letter
 • stockholder letter icon 3/28/2024 PM Stockholder Letter
 • stockholder letter icon 3/27/2025 PM Stockholder Letter
 • stockholder letter icon More "Cigarettes & Tobacco" Category Stockholder Letters
 • Benford's Law Stocks icon PM Benford's Law Stock Score = 75


PM Shareholder/Stockholder Letter Transcript:

PHILIP MORRIS INTERNATIONAL
2025 ANNUAL REPORT

2025 Smoke-Free Highlights
Smoke-Free
Business
Net Revenues
Smoke-Free
Net Revenues
>50%
of Total
Markets
41.5%
27
Total
SFP1
Users2
Smoke-Free
Products
Shipment Volumes3
Million
Billion Units
~43.5
179.1
2025 Smoke-Free
Product Portfolio4
IQOS
VEEV
ZYN
Smoke-free products (SFP) is the term PMI uses to refer to all of its products that provide
nicotine without combusting tobacco, such as heat-not-burn, oral smokeless, and e-vapor.
(2)
See page G-1 for definitions.
(3)
Includes heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S.
chew) and e-vapor shipment volume in equivalent units.
(4)
Select smoke-free products.
(1)

2025 Financial Highlights
Net
Revenues
Adjusted
Operating Income
Adjusted
Diluted EPS
vs. 20241
vs. 20241
vs. 20242
+6.5% +10.6% +14.2%
Operating
Cash Flow
$12.2
Billion
Annualized
Dividend
Quarterly Dividend
Increased by
Per Share3
Since 2008
$5.88 219.6%
Dear Shareholder,
2025 was another remarkable year for PMI, with a fifth consecutive
year of volume growth, net revenues surpassing $40 billion, including
close to $17 billion from our smoke-free business, and further
operating margin expansion. Our performance continues to be
fueled by the international business, which generated most of our
organic net revenue growth, led by smoke-free products.
Our business yet again delivered best-in-class top- and bottom-line
growth and outperformed the industry. This demonstrates not only
the strength of our global organization but also the sustainability
of our evolved business model as we continued to advance our
smoke   free leadership.
Jacek Olczak,
Group CEO PMI
Andr   Calantzopoulos,
Chairman of the Board
Our achievements this year are a testament to the dedication of
PMI   s around 84,900 employees worldwide, who once again brought
their passion, resilience, and talent to everything they do. We extend
our sincere thanks for their unwavering commitment and hard work.
This represented the highest increase since 2013 and the eighteenth
consecutive year of dividend growth since becoming a public
company in 2008.
2025 vs. 2024 Results
In 2025, our smoke-free business accounted for 41.5% of total
net revenues. In the fourth quarter we achieved a key milestone:
over 50% of net revenues generated by the smoke-free business
in three of our four regions. On a full-year basis, we reached the
same milestone in 27 markets and 8 markets exceeded 75%. As of
year-end, our smoke-free products were available in 106 markets,
with over 43 million estimated adult consumers.5 Our smoke-free
business continued its upward trajectory in profitability. IQOS was
again the primary driver of this performance, combining global topline momentum with increasing scale and cost efficiencies, coupled
with VEEV   s improving profitability and ZYN   s best-in-class gross
margins.
Estimated international industry4 volume for cigarettes and heated
tobacco units (HTUs) was broadly stable, with a 1.1% decrease for
cigarettes, largely offset by 10.2% growth of HTUs.
In the fifth consecutive year of total shipment volume growth
(up by 1.4%), our smoke-free shipments increased by 12.8%. This
impressive increase reflects strong HTU growth, accelerating
traction in nicotine pouches, and a doubling of e   vapor volumes.
Cigarette shipment volumes declined by 1.5%.
Our total cigarette and HTU volume share reached 29.2% of the
international industry, up by 0.2 percentage points fueled by HTU
performance (up by 0.5 percentage points).
Net revenues increased by 7.3% to $40.6 billion. On an organic basis
net revenues increased by 6.5%, mainly driven by favorable pricing
as well as smoke-free volume growth and a corresponding positive
product mix impact.
Operating income increased by 11.1% to $14.9 billion (10.6% on an
organic basis), supported by the same drivers as net revenues, partly
offset by higher marketing, administration and research costs.
Diluted EPS increased to $7.26 compared to $4.52 in 2024. Adjusted
diluted EPS of $7.54 increased by 14.2%, excluding currency.
In 2025 PMI delivered operating cash flow of $12.2 billion, matching
the record performance in 2024. On a currency-neutral basis,
operating cash flow decreased by 3.8% primarily due to higher
working capital requirements.
In September, the Board of Directors approved an 8.9% increase
in the quarterly dividend to an annualized rate of $5.88 per share.
Delivering a Smoke-Free Future
IQOS continued to strengthen its position as the second-largest
nicotine    brand    in markets where present, with the number one
volume share position in 13 markets, and drove the growth of the
global heat-not-burn category, where PMI holds approximately 76%
volume share. This was supported by brand engagement initiatives
and continuous innovation across devices and consumables,
including the expansion of ILUMA i, which is now6 available in 55
out of 79 IQOS markets. In December 2025 an important landmark
was reached in Japan, where over 50% of the total industry was
smoke-free on an offtake volume basis, driven by the heat-notburn category where IQOS holds the number one position. To
complement IQOS, PMI continues to invest in a range of innovative
and high-quality heat-not-burn alternatives. This includes BONDS,
our peripheral heating system.
We continue to expand in the attractive oral smoke-free category,
with ZYN modern oral pouches now6 available in 56 markets across
the globe. Total oral smoke-free shipment volume7 in pouches or
pouch equivalents increased versus the prior year by 18.5%, driven by
nicotine pouches, which grew by 36%. The nicotine pouch category
remains nascent in most geographies.
On an organic basis. See page G-1 for definitions.
On a currency-neutral basis.
(3)
2025 Annualized rate is based on a quarterly dividend of $1.47 per common share, declared September 19, 2025.
(4)
References to    international industry    and the    international market    exclude China and the U.S.
(5)
See page G-1 for definitions.
(6)
As of December 31, 2025.
(7)
Oral smoke-free products volume excludes snuff, snuff leaf and U.S. chew.
(1)
(2)
1

In the vaping category, VEEV is the fastest-growing brand of any
major player in international closed pods and holds the number one
position in eight markets. The pod segment is growing rapidly as
disposables decline, and VEEV is gaining significant volume share in a
fragmented landscape, sourcing primarily from consumers of other
vaping products and adult smokers. VEEV   s profitability improved
further while shipment volumes more than doubled.
PMI   s complementary brand portfolio with high-quality products in
all three smoke-free categories allows us to better serve consumers
and enhance our financial performance. Our multicategory strategy
is a critical catalyst for smoke-free product adoption by adult
consumers and an important driver of our long-term growth. It has
already been deployed in 52 markets, including over 25 markets with
the IQOS, ZYN and VEEV brands now commercialized together.
Smoke-Free Product Regulation
2025 was a critical year for advancing regulatory frameworks for
smoke   free products around the world. While progress remains
uneven across geographies, we saw growing recognition of harm
reduction principles and more consistent differentiation between
categories.
The number of markets with a dedicated excise tax category for
heat-not-burn, e-vapor and modern oral is steadily growing. The
introduction of product definitions for all smoke-free categories
with an appropriate tax differential versus cigarettes is crucial to
accelerate the switching of smokers to better alternatives. Some
setbacks also occurred, including Japan   s adoption of an excise
equalization plan for heated tobacco and cigarettes in 2026, albeit
with a more consistent tax structure and visibility on future excise
increases on both cigarettes and heated tobacco.
Market access for smoke-free products continues to expand. The
number of markets that have either proceeded with a dedicated
or improved regulatory framework or lifted a regulatory ban for at
least one smoke-free product category reached 85. This includes
the long-awaited authorization of IQOS in Taiwan. We continue
to advocate for effective harm reduction measures, especially in
markets such as Turkey, India, Brazil and Vietnam, where smokefree products are banned, resulting in the perpetuation of cigarette
consumption.
Combustible Tobacco Product Portfolio
Our combustible portfolio continues to play a vital role in our quest
to transition adult smokers to better alternatives. It provides the
financial stability, infrastructure, and consumer relationships that
support long   term investment in our smoke   free journey.
Our combustibles business remained resilient and, with disciplined
management, delivered another year of strong performance.
Notwithstanding expected lower volumes, net revenues grew by
2.5%, driven by strong pricing, partly offset by geographic mix.
Marlboro remains the world   s best   selling cigarette brand and
reached an all-time high of 11.0% volume share of the international
cigarette market in the fourth quarter of 2025, despite over-indexing
to IQOS cannibalization.
Organization
We continue to evolve and develop our organization, including the
introduction of a new organizational model effective January 1,
2026. With our smoke-free business now operating at scale across
our regions, including substantial growth from our U.S. business,
PMI has implemented 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. As a result,
PMI realigned its reportable segments accordingly, with the four
geographic segments replaced with three new reportable segments:
International Smoke-Free, International Combustibles, and U.S. Our
reporting will reflect these changes as of the first quarter of 2026.
Our digital transformation is advancing rapidly, supported by
our global digital consumer platforms and the scaling of proven
initiatives enabled by artificial intelligence. To strengthen the
2
foundations for the future, we invest in our people by advancing
digitalization and artificial intelligence upskilling to accelerate the
transition from individual adoption to enterprise-wide impact.
Our key priority is to continue evolving PMI   s culture to fully support
our mission and the evolving requirements of a modern, highly
skilled workforce, while strengthening succession depth to ensure
leadership continuity, organizational resilience, and long-term
sustainable performance.
Sustainable Business Value
At PMI, the long-term sustainability of our business is not an outcome
of our strategy. It is the strategy itself. It informs how we secure
critical resources, manage risks, meet stakeholders    expectations,
and future proof a business built to deliver results today while
securing the ability to deliver tomorrow.
Our approach to value creation extends beyond financial
performance to encompass the full range of resources and
relationships on which our long-term success depends. We recognize
that sustainable business results require investing deliberately in
multiple forms of capital: human, intellectual, natural, manufactured,
and social, alongside financial capital. By proactively addressing
environmental and social impacts in our products and operations, we
strengthen our ability to manage risks, capitalize on opportunities,
and build resilience in a dynamic operating environment.
For further information on how PMI creates, preserves, and enhances
value over the short, medium, and long term, we invite you to read
our 2025 Value Report, which we plan to publish in the coming weeks.
Board of Directors
In February 2026, Dessislava Temperley informed the Board that
she would not stand for re-election this year. On behalf of the
entire organization, we sincerely thank Dessislava, who joined the
Board in 2021, for her valued contributions to the company as a
Director and member of the Audit and Risk Committee, and as a
former member of the Consumer Relationships and Regulation, and
Finance Committees.
Looking Ahead
The past year was marked by persistent global uncertainty and a
demanding operating backdrop. It also clearly demonstrated the
strength of PMI and the leadership position we have built. Despite
ongoing volatility, our people delivered with focus and conviction,
achieving strong results and reaching important milestones in our
smoke-free journey. These achievements reinforce our confidence
in the long-term potential of our strategic shift away from
combustible tobacco, anchored by our leadership in smoke-free
products, and complemented by growth opportunities in wellness
over the long term.
As outlined in our 2025 full-year results announcement, we are
confident in the company   s next growth phase and are targeting
compound annual growth rates for 2026 - 2028 of: 6% to 8% for net
revenues, on an organic basis, including smoke-free products volume
growth of high single-digit to low-teens driving total shipment
volume growth; 8% to 10% for adjusted operating income on an
organic basis; and 9% to 11% for adjusted diluted EPS, excluding
currency, assuming current corporate income tax rates and no share
repurchases.
We remain committed to science, innovation, responsible marketing,
and transparency as we scale our smoke   free portfolio and broaden
our impact. PMI   s ambition remains clear: to replace cigarettes with
smoke   free products and to deliver sustainable, long   term value
to our shareholders while contributing to improved public   health
outcomes globally.
Jacek Olczak,
Group CEO PMI
March 10, 2026
Andr   Calantzopoulos,
Chairman of the Board

Board of Directors
Andr   Calantzopoulos 4
Chairman of the Board
Director since 2013
Bonin Bough 1,4
Founder & Chief
Growth Officer,
Diligence LLC dba
Bonin Ventures
Director since 2021
Michel Combes 1,3
Partner at Forgelight LLC
Director since 2020
Werner Geissler 1,2,3
Operating Partner,
Advent International
Director since 2015
Kalpana Morparia 2,3,4
Founder & Managing Partner,
KalMor Advisors LLP
Director since 2011
Victoria Harker 1
Former CFO and Executive
Vice President of TEGNA, Inc.
Director since 2024
Jacek Olczak 4
Group CEO PMI
Director since 2021
Lisa A. Hook
Managing Partner,
Two Island Partners LLC
Director since 2018
1,2,3,4    
Robert B. Polet 2,4
Chairman, Arica Holding B.V.
Chairman, SFMS B.V.
Director since 2011
Dessislava Temperley 1       
Former Group CFO and
Executive Board Member
of Beiersdorf AG
Director since 2021
Shlomo Yanai 3,4
Chairman, Lumenis Ltd.
Director since 2021
Board and Committee Leadership
Member of Audit and Risk Committee, Michel Combes, Chair
2
Member of Compensation and Leadership Development Committee, Werner Geissler, Chair
3
Member of Nominating and Corporate Governance Committee, Kalpana Morparia, Chair
4
Member of Science and Technology Committee, Shlomo Yanai, Chair
1
Company Management
Jacek Olczak*
Group CEO PMI
Emmanuel Babeau*
Group Chief Financial
Officer
Michele Cattoni
Chief Global Research &
Development Officer
Scott Coutts
Chief Global Operations
Officer
Yann Gu  rin*
Group Chief Legal Officer
Frederic de Wilde*
CEO PMI International
Christos Harpantidis
Group Chief Corporate
Affairs Officer
Reginaldo Dobrowolski*
Group Controller
Stacey Kennedy*
CEO PMI U.S.
Moira Gilchrist
Chief Global
Communications Officer
Michael Kunst
CEO Aspeya
Frederic Patitucci
Group Chief People &
Culture Officer
Michael Voegele
Chief Global Digital &
Information Officer
Stefano Volpetti
Chief Global Growth
Officer

Lead Independent Director
Not standing for re-election at the Annual Meeting of Shareholders on May 6, 2026.
* Executive Officer

3


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