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2023 ANNUAL REPORT PHILIP MORRIS INTERNATIONAL
The Future Reimagined If you could glimpse into the future, what would you want to see? A world without cigarettes. And it s one we re delivering today. Without willingness to change, there is no progress. That s why we re disrupting the tobacco industry and driving the transformation to smoke-free. We don't need to imagine a future without cigarettes. We are delivering one. 2023 Smoke-Free Highlights Total IQOS Users1 28.6 Million Market Share of PMI HTUs1 in IQOS Markets 9.1% Markets with Smoke-Free Net Revenues >50% 25 HTU Shipment Volume 125.3 Billion Units Smoke-Free Product1 Net Revenues 36.5% of Total Smoke-Free Product Portfolio2 At PMI, it is our ambition to replace cigarettes with science-based smoke-free products as soon as possible. These products provide nicotine without burning, making them a much better alternative to cigarettes. We are growing our portfolio of smoke-free products, providing a range of better choices to satisfy the diverse taste, usage, technology, and price preferences of every adult smoker. IQOS ILUMA (1) (2) See page G-1 for definition. Select smoke-free products. VEEV ZYN Nicotine is addictive and not risk-free; these products are only for those adults who would otherwise continue to smoke.
Dear Shareholder, In 2023, PMI delivered another year of strong financial performance with excellent organic top-line growth and the very positive contribution of smoke-free products compensating for cost increases and currency headwinds. This reflects the continued impressive performance of IQOS, the outstanding growth of ZYN, and the resilience of our combustible business. As we look back on the year, we must first and foremost salute the enormous efforts of our nearly 83,000 employees across the globe who again delivered strongly in a very challenging environment. 2023 vs. 2022 Results Total international industry1 volume for cigarettes and heated tobacco units (HTUs) decreased by 1.6%. Our total cigarette and HTU shipment volume increased by 1.0%, to 738.2 billion units, representing a third consecutive year of volume growth for PMI. Total cigarette and HTU market share increased by 0.6 percentage points, to 28.3% of the international market. Net revenues of $35.2 billion increased by 10.7%. Adjusted net revenues increased by 7.8% on an organic basis, mainly driven by HTU shipment volume growth and a corresponding positive product mix impact, as well as favorable combustible tobacco pricing. Operating income (OI) decreased by 5.6%, to approximately $11.6 billion. Adjusted OI increased by 3.7% on an organic basis, driven by adjusted net revenue growth. This was partly offset by higher manufacturing costs, notably related to direct materials, tobacco leaf and energy, mitigated by productivity. Our adjusted OI performance also reflects higher marketing, administration and research costs, mainly due to inflationary impacts, notably related to wages, and lower commercial investments in the prior year. Diluted EPS decreased by 13.6%, to $5.02. Adjusted diluted EPS of $6.01 increased by 11.0%, excluding currency. Operating cash flow decreased by 14.8%, to $9.2 billion. On a currency-neutral basis, operating cash flow decreased by 2.8%, notably due to higher working capital requirements. In September, the Board of Directors approved a 2.4% increase in the quarterly dividend, to an annualized rate of $5.20 per share. This represented the sixteenth consecutive year in which we increased our dividend since becoming a public company in 2008. Delivering a Smoke-Free Future In 2023, our smoke-free portfolio accounted for 36.5% of total net revenues, with 25 markets generating more than 50% of their total net revenues from smoke-free products. As of year-end, our smoke-free products had approximately 33 million users2 and were available in 84 markets. 2023 Financial Highlights Jacek Olczak, Chief Executive Officer Andr Calantzopoulos, Executive Chairman of the Board IQOS continues to drive the strong growth of our smoke-free product portfolio. The estimated number of total IQOS users3 increased by 3.7 million in 2023 to reach 28.6 million as of year-end, with an estimated 73% having switched to IQOS and stopped smoking. This performance reflected IQOS user growth across key geographies, including notable progress in Japan and Europe, in addition to a broad range of low- and middle-income markets. Last year will be remembered for IQOS surpassing Marlboro in terms of net revenues in the fourth quarter and confirming its position as the leading premium nicotine brand less than 10 years from launch. ILUMA is now available in essentially all major IQOS markets outside Russia and Ukraine, with over 17 million estimated adult users as of year-end, which reflects the switching of existing IQOS users and the acquisition of adult smokers. To complement IQOS, PMI continues to invest in a broader range of innovative and high-quality heat-not-burn alternatives across multiple price tiers. This includes licensed lil products, which were available in over 30 markets as of year-end, successfully competing in lower price segments and delivering strong shipment volume growth. Additionally, pilots in the Philippines and Colombia of BONDS by IQOS our proprietary heat-not-burn device with external heating technology delivered valuable insights and confirmed the opportunity to expand acquisition potential with limited risk of cannibalization. In e-vapor, we have made good progress on our targeted strategy, whereby this category can contribute to our growth in specific markets. After portfolio adjustments, we now have a strong offering in this space. The VEEV ONE pod system and VEEV NOW disposables have shown some promising early results. In the attractive oral smoke-free category, ZYN in the U.S. delivered a truly remarkable performance and solidified its position as the clear nicotine pouch category leader. Outstanding volume growth and a substantial increase in category share in the U.S. were driven by accelerated momentum in consumer off-take and velocities at the retail level (measured in cans per store per week) as well as distribution expansion. While the international opportunity is more nascent, we have launched or relaunched ZYN in 10 markets as we work to establish it as a truly global brand. Since becoming a public company in 2008, PMI has increased its regular quarterly dividend by 182.6% representing a compound annual growth rate of 7.2% Adjusted Net Revenues +7.8% vs. 20224 Adjusted Operating Income +3.7% vs. 20224 Adjusted Diluted EPS +11% vs. 20225 Operating Cash Flow $10.5 Billion5 Annualized Dividend $5.20 Per Share6 References to international industry and the international market exclude China and the U.S. Based on PMI Financials or estimates, IQOS user panels and PMI Market Research; estimated user numbers for oral nicotine and e-vapor are approximate, with further methodology details to be provided in future disclosures. (3) See Key Terms, Definitions and Explanatory Notes. (4) On an organic basis. See page G-1 for definition. (5) On a currency-neutral basis. (6) 2023 Annualized rate is based on a quarterly dividend of $1.30 per common share, declared September 13, 2023. (1) (2) 1
We have made significant and unparalleled progress on our smoke-free transformation, developing a more sustainable growth model while making important contributions to tobacco harm reduction, as more smokers switch to our smoke-free products and leave cigarettes behind. Jacek Olczak, Chief Executive Officer PMI 2023 Investor Day Press Release, September 28, 2023 The fourth quarter of 2023 also marked the first anniversary of our acquisition of Swedish Match, which positioned us as a clear multicategory global leader for smoke-free products, with IQOS and ZYN as the leading brands in their respective categories, as well as providing a substantial operating platform in the U.S., which we intend to leverage for the commercialization of IQOS. Smoke-Free Product Regulation The regulatory environment for smoke-free products is a work in progress, as many tobacco-control advocates, non-governmental organizations and the World Health Organization continue to confuse the discourse around such products. Nevertheless, we remain at the forefront of the debate to increase category understanding and advocate tobacco harm reduction among consumers and regulators. Importantly, there have been positive regulatory developments, such as allowing the importation of heated tobacco products subject to compliance with certain requirements, including a health assessment review in Taiwan. There were also regulatory challenges, most notably the elimination of the exemption of the European Union's ban on the use of characterizing flavors for heated tobacco products, which we do not expect to have significant impact on the structural long-term growth of the category. Combustible Tobacco Product Portfolio Maintaining our competitive position in the combustible tobacco category as we transition to a smoke-free future is critical, as it best positions us to significantly accelerate our smoke-free journey. Our combustible tobacco business delivered robust performance in 2023 with 5.5% growth in organic net revenue, driven by pricing of 8.9%. Marlboro, the world s best-selling cigarette in the international market, which accounted for approximately 39% of our total 2023 cigarette shipment volume, remains extremely resilient despite over-indexing to IQOS cannibalization. Organization There were several organizational developments at PMI in 2023. Notably, we realigned our regional structure and operations with existing and emerging business opportunities. This resulted in a reduction to four regions (from six), establishment of a Dubai regional hub, and significant advancement in the set-up of a new U.S. organization, while integrating our activities with Swedish Match. The new structure positions PMI for continued success in the future, with regions organized by similarity of consumer needs, opportunities for growth, and geographic proximity. We are making strong progress in building an engaged organization with distinctive capabilities and a winning team spirit. Overall, we continue to advance our internal transformation to enable future business growth while strengthening a thriving organization. Our key priority is to continue adapting the PMI culture to serve our mission and the requirements of a modern and skillful workforce, while strengthening our succession depth. Sustainability Championing sustainability remains essential to our transformation as we aim to tackle the impacts of both our products (what we produce) and our operations (how we produce). (7) 2 Effective as of December 18, 2023. From a product perspective, we continued to: make progress towards our transformation, focus on our responsible marketing efforts, and put in place youth access prevention safeguards in our direct and indirect retail channels. We also made significant strides on post-consumer waste management for our devices, consumables, and packaging. Regarding our operations, we continued improving the lives of people in our supply chain. We published a dedicated Human Rights Report detailing our work in this area. We also updated PMI s Responsible Sourcing Principles and initiated the rollout to all suppliers. We are proud to be included7, once again, in the Dow Jones Sustainability Index North America, and for the first time in the Dow Jones Sustainability World Index. Moreover, we were recognized for the fourth consecutive year by the CDP with a Triple A score for climate, forest, and water security. Please refer to the inside back cover of this report for more information regarding sustainability recognitions in 2023. For more information on PMI s sustainability progress and ambitions, we invite you to read our 2023 Integrated Report. Board of Directors In February 2024, Jun Makihara informed the Board that he would not stand for re-election this year. On behalf of the entire organization, we sincerely thank Jun, who joined the Board in 2014, for his valued contributions to the company as a Director and member of the Audit and Risk, and Compensation and Leadership Development Committees, and former Chair of the Finance Committee. We also welcome Victoria Harker, who joined our Board in January 2024. Looking Ahead Last year brought continued challenges for the world and for PMI. Despite ongoing volatility in the operating environment, our people yet again rose to the occasion and spared no effort to deliver excellent business results and achieve several remarkable milestones on our path to becoming a smoke-free company. We continue to see significant opportunity in our business transformation away from combustible tobacco products through our leadership in smoke-free products, as well as further growth in wellness and healthcare over the long term. As outlined at our Investor Day in September 2023, we are confident in the company s next growth phase and are targeting compound annual organic growth for 2024-26 of: 6% to 8% for net revenues, on an organic basis, including growing total shipment volumes; 8% to 10% for adjusted operating income, on an organic basis; and 9% to 11% for adjusted diluted EPS, excluding currency, assuming 2023 corporate income tax rates. Propelled by science, innovation, and ambition, we now aim to have more than two-thirds of our total net revenues come from smoke-free products in 2030, an important milestone toward our ambition to deliver a smoke-free future. Jacek Olczak, Chief Executive Officer March 8, 2024 Andr Calantzopoulos, Executive Chairman of the Board
Board of Directors Andr Calantzopoulos 4 Executive Chairman of the Board Director since 2013 Werner Geissler 1,2,3 Operating Partner, Advent International Director since 2015 Bonin Bough 4 Founder & Chief Growth Officer, Digilience LLC dba Bonin Ventures Director since 2021 Victoria Harker 1 Former CFO and Executive Vice President of TEGNA, Inc. Director since 2024 Michel Combes 1,3 Executive Vice President, Claure Group LLP Director since 2020 Dr. Juan Jos Daboub 2,4 Chairman, President and CEO, Daboub Partnership of Arcis, LLC Director since 2021 Lisa A. Hook 1,2,3,4 Managing Partner, Two Island Partners LLC Director since 2018 Jun Makihara 1,2 Retired Businessman Director since 2014 Kalpana Morparia 3,4 Founder & Managing Partner, KalMor Advisors LLP Director since 2011 Jacek Olczak 4 Chief Executive Officer Director since 2021 Robert B. Polet 2 Chairman, Rituals Cosmetics Enterprise B.V. 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 Board and Committee Leadership 1 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 Shlomo Yanai 3,4 Chairman, Lumenis Ltd. Director since 2021 Company Management Jacek Olczak Chief Executive Officer Frank de Rooij Vice President, Treasury & Corporate Finance Michael Kunst Chief Strategy Officer, Vectura Fertin Pharma Marian Salzman Senior Vice President & Chief Corporate Citizenship Officer Frederic de Wilde President, SSEA, CIS & MEA Region Andreas Kurali Deputy CFO & Head of Finance Transformation Mindaugas Trumpaitis President, Latin America & Canada Reginaldo Dobrowolski Vice President & Controller Werner Barth President, Combustibles Category & Global Combustibles Marketing Mimi Kurniawan Chief Diversity Officer Gr goire Verdeaux Senior Vice President, External Affairs Moira Gilchrist Chief Communications Officer Bin Li Chief Product Officer Badrul Chowdhury Chief Life Sciences Officer, Smoke-Free Products Yann Gu rin Senior Vice President and General Counsel Marco Mariotti President CIS & Central Asia Scott Coutts Senior Vice President, Operations Jorge Insuasty President, Vectura Fertin Pharma Frederic Patitucci Chief People & Culture Officer Lars Dahlgren President, Smoke-Free Oral Products & CEO Swedish Match Stacey Kennedy President, Americas Region & CEO of PMI's U.S. Business Massimo Andolina President, Europe Region Emmanuel Babeau Chief Financial Officer Paul Riley President, East Asia, Australia, and PMI Duty Free Region Michael Voegele Chief Digital & Information Officer Stefano Volpetti President, Smoke-Free Inhalable Products & Chief Consumer Officer Waynn Wu Chief Strategy Officer & Global Head Product Development Not standing for re-election at the Annual Meeting of Shareholders on May 8, 2024. Executive Officer Note: SSEA, CIS & MEA are acronyms for South and South East Asia, Commonwealth of Independent States & Middle East and Africa. 3
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PM Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
PHILIP MORRIS INTERNATIONAL

The Future Reimagined
If you could glimpse into the future, what would you want to see?
A world without cigarettes. And it   s one we   re delivering today.
Without willingness to change, there is no progress.
That   s why we   re disrupting the tobacco industry and
driving the transformation to smoke-free.
We don't need to imagine a future without cigarettes.
We are delivering one.
2023
Smoke-Free
Highlights
Total
IQOS Users1
28.6
Million
Market Share
of PMI HTUs1
in IQOS Markets
9.1%
Markets with
Smoke-Free
Net Revenues >50%
25
HTU
Shipment Volume
125.3
Billion Units
Smoke-Free Product1
Net Revenues
36.5%
of Total
Smoke-Free Product Portfolio2
At PMI, it is our ambition to replace cigarettes
with science-based smoke-free products as soon
as possible.
These products provide nicotine without burning,
making them a much better alternative to
cigarettes.
We are growing our portfolio of smoke-free
products, providing a range of better choices to
satisfy the diverse taste, usage, technology, and
price preferences of every adult smoker.
IQOS ILUMA
(1)
(2)
See page G-1 for definition.
Select smoke-free products.
VEEV
ZYN
Nicotine is addictive and not risk-free; these
products are only for those adults who would
otherwise continue to smoke.

Dear Shareholder,
In 2023, PMI delivered another year of strong financial
performance with excellent organic top-line growth
and the very positive contribution of smoke-free
products compensating for cost increases and
currency headwinds. This reflects the continued
impressive performance of IQOS, the outstanding
growth of ZYN, and the resilience of our combustible
business.
As we look back on the year, we must first and
foremost salute the enormous efforts of our nearly
83,000 employees across the globe who again
delivered strongly in a very challenging environment.
2023 vs. 2022 Results
Total international industry1 volume for cigarettes and
heated tobacco units (HTUs) decreased by 1.6%.
Our total cigarette and HTU shipment volume
increased by 1.0%, to 738.2 billion units, representing
a third consecutive year of volume growth for PMI.
Total cigarette and HTU market share increased by
0.6 percentage points, to 28.3% of the international
market.
Net revenues of $35.2 billion increased by 10.7%.
Adjusted net revenues increased by 7.8% on an
organic basis, mainly driven by HTU shipment volume
growth and a corresponding positive product mix
impact, as well as favorable combustible tobacco
pricing.
Operating income (OI) decreased by 5.6%, to
approximately $11.6 billion. Adjusted OI increased
by 3.7% on an organic basis, driven by adjusted net
revenue growth. This was partly offset by higher
manufacturing costs, notably related to direct
materials, tobacco leaf and energy, mitigated by
productivity. Our adjusted OI performance also
reflects higher marketing, administration and
research costs, mainly due to inflationary impacts,
notably related to wages, and lower commercial
investments in the prior year.
Diluted EPS decreased by 13.6%, to $5.02. Adjusted
diluted EPS of $6.01 increased by 11.0%, excluding
currency.
Operating cash flow decreased by 14.8%, to $9.2
billion. On a currency-neutral basis, operating cash
flow decreased by 2.8%, notably due to higher
working capital requirements.
In September, the Board of Directors approved
a 2.4% increase in the quarterly dividend, to an
annualized rate of $5.20 per share. This represented
the sixteenth consecutive year in which we
increased our dividend since becoming a public
company in 2008.
Delivering a Smoke-Free Future
In 2023, our smoke-free portfolio accounted for 36.5%
of total net revenues, with 25 markets generating
more than 50% of their total net revenues from
smoke-free products. As of year-end, our smoke-free
products had approximately 33 million users2 and
were available in 84 markets.
2023 Financial
Highlights
Jacek Olczak,
Chief Executive Officer
Andr   Calantzopoulos,
Executive Chairman
of the Board
IQOS continues to drive the strong growth of our
smoke-free product portfolio. The estimated number
of total IQOS users3 increased by 3.7 million in 2023 to
reach 28.6 million as of year-end, with an estimated
73% having switched to IQOS and stopped smoking.
This performance reflected IQOS user growth
across key geographies, including notable progress
in Japan and Europe, in addition to a broad range of
low- and middle-income markets. Last year will be
remembered for IQOS surpassing Marlboro in terms
of net revenues in the fourth quarter and confirming
its position as the leading premium nicotine brand
less than 10 years from launch.
ILUMA is now available in essentially all major IQOS
markets outside Russia and Ukraine, with over 17
million estimated adult users as of year-end, which
reflects the switching of existing IQOS users and
the acquisition of adult smokers.
To complement IQOS, PMI continues to invest in
a broader range of innovative and high-quality
heat-not-burn alternatives across multiple price
tiers. This includes licensed lil products, which
were available in over 30 markets as of year-end,
successfully competing in lower price segments
and delivering strong shipment volume growth.
Additionally, pilots in the Philippines and Colombia
of BONDS by IQOS     our proprietary heat-not-burn
device with external heating technology     delivered
valuable insights and confirmed the opportunity
to expand acquisition potential with limited risk of
cannibalization.
In e-vapor, we have made good progress on our
targeted strategy, whereby this category can
contribute to our growth in specific markets.
After portfolio adjustments, we now have a strong
offering in this space. The VEEV ONE pod system
and VEEV NOW disposables have shown some
promising early results.
In the attractive oral smoke-free category, ZYN in
the U.S. delivered a truly remarkable performance
and solidified its position as the clear nicotine pouch
category leader. Outstanding volume growth and
a substantial increase in category share in the U.S.
were driven by accelerated momentum in consumer
off-take and velocities at the retail level (measured
in cans per store per week) as well as distribution
expansion. While the international opportunity is
more nascent, we have launched or relaunched ZYN
in 10 markets as we work to establish it as a truly
global brand.
Since becoming a
public company in
2008, PMI has
increased its regular
quarterly dividend by
182.6%
representing a
compound annual
growth rate of
7.2%
Adjusted
Net Revenues
+7.8%
vs. 20224
Adjusted
Operating
Income
+3.7%
vs. 20224
Adjusted
Diluted EPS
+11%
vs. 20225
Operating
Cash Flow
$10.5
Billion5
Annualized
Dividend
$5.20
Per Share6
References to    international industry    and the    international market    exclude China and the U.S.
Based on PMI Financials or estimates, IQOS user panels and PMI Market Research; estimated user numbers for oral nicotine and e-vapor are approximate,
with further methodology details to be provided in future disclosures.
(3)
See Key Terms, Definitions and Explanatory Notes.
(4)
On an organic basis. See page G-1 for definition.
(5)
On a currency-neutral basis.
(6)
2023 Annualized rate is based on a quarterly dividend of $1.30 per common share, declared September 13, 2023.
(1)
(2)
1

   We have made
significant and
unparalleled
progress on
our smoke-free
transformation,
developing a
more sustainable
growth model
while making
important
contributions to
tobacco harm
reduction, as
more smokers
switch to our
smoke-free
products and
leave cigarettes
behind.   
    Jacek Olczak,
Chief Executive Officer
PMI 2023 Investor
Day Press Release,
September 28, 2023
The fourth quarter of 2023 also marked the first
anniversary of our acquisition of Swedish Match,
which positioned us as a clear multicategory global
leader for smoke-free products, with IQOS and ZYN
as the leading brands in their respective categories,
as well as providing a substantial operating platform
in the U.S., which we intend to leverage for the
commercialization of IQOS.
Smoke-Free Product Regulation
The regulatory environment for smoke-free products
is a work in progress, as many tobacco-control
advocates, non-governmental organizations and the
World Health Organization continue to confuse the
discourse around such products. Nevertheless, we
remain at the forefront of the debate to increase
category understanding and advocate tobacco harm
reduction among consumers and regulators.
Importantly, there have been positive regulatory
developments, such as allowing the importation of
heated tobacco products subject to compliance with
certain requirements, including a health assessment
review in Taiwan.
There were also regulatory challenges, most notably
the elimination of the exemption of the European
Union's ban on the use of characterizing flavors for
heated tobacco products, which we do not expect to
have significant impact on the structural long-term
growth of the category.
Combustible Tobacco Product Portfolio
Maintaining our competitive position in the
combustible tobacco category as we transition to
a smoke-free future is critical, as it best positions us
to significantly accelerate our smoke-free journey.
Our combustible tobacco business delivered robust
performance in 2023 with 5.5% growth in organic
net revenue, driven by pricing of 8.9%. Marlboro, the
world   s best-selling cigarette in the international
market, which accounted for approximately 39% of
our total 2023 cigarette shipment volume, remains
extremely resilient despite over-indexing to IQOS
cannibalization.
Organization
There were several organizational developments
at PMI in 2023. Notably, we realigned our regional
structure and operations with existing and emerging
business opportunities. This resulted in a reduction
to four regions (from six), establishment of a Dubai
regional hub, and significant advancement in the
set-up of a new U.S. organization, while integrating
our activities with Swedish Match. The new structure
positions PMI for continued success in the future, with
regions organized by similarity of consumer needs,
opportunities for growth, and geographic proximity.
We are making strong progress in building an engaged
organization with distinctive capabilities and a
winning team spirit. Overall, we continue to advance
our internal transformation to enable future business
growth while strengthening a thriving organization.
Our key priority is to continue adapting the PMI
culture to serve our mission and the requirements of
a modern and skillful workforce, while strengthening
our succession depth.
Sustainability
Championing sustainability remains essential to our
transformation as we aim to tackle the impacts
of both our products (what we produce) and our
operations (how we produce).
(7)
2
Effective as of December 18, 2023.
From a product perspective, we continued to: make
progress towards our transformation, focus on our
responsible marketing efforts, and put in place
youth access prevention safeguards in our direct and
indirect retail channels. We also made significant
strides on post-consumer waste management for
our devices, consumables, and packaging. Regarding
our operations, we continued improving the lives of
people in our supply chain. We published a dedicated
Human Rights Report detailing our work in this area.
We also updated PMI   s Responsible Sourcing Principles
and initiated the rollout to all suppliers.
We are proud to be included7, once again, in the Dow
Jones Sustainability Index North America, and for
the first time in the Dow Jones Sustainability World
Index. Moreover, we were recognized for the fourth
consecutive year by the CDP with a Triple A score for
climate, forest, and water security. Please refer to the
inside back cover of this report for more information
regarding sustainability recognitions in 2023.
For more information on PMI   s sustainability progress
and ambitions, we invite you to read our 2023
Integrated Report.
Board of Directors
In February 2024, Jun Makihara informed the Board
that he would not stand for re-election this year.
On behalf of the entire organization, we sincerely
thank Jun, who joined the Board in 2014, for his valued
contributions to the company as a Director and
member of the Audit and Risk, and Compensation
and Leadership Development Committees, and
former Chair of the Finance Committee. We also
welcome Victoria Harker, who joined our Board in
January 2024.
Looking Ahead
Last year brought continued challenges for the
world and for PMI. Despite ongoing volatility in the
operating environment, our people yet again rose
to the occasion and spared no effort to deliver
excellent business results and achieve several
remarkable milestones on our path to becoming a
smoke-free company. We continue to see significant
opportunity in our business transformation away
from combustible tobacco products through our
leadership in smoke-free products, as well as further
growth in wellness and healthcare over the long term.
As outlined at our Investor Day in September 2023,
we are confident in the company   s next growth
phase and are targeting compound annual organic
growth for 2024-26 of: 6% to 8% for net revenues,
on an organic basis, including growing total shipment
volumes; 8% to 10% for adjusted operating income,
on an organic basis; and 9% to 11% for adjusted
diluted EPS, excluding currency, assuming 2023
corporate income tax rates. Propelled by science,
innovation, and ambition, we now aim to have more
than two-thirds of our total net revenues come from
smoke-free products in 2030, an important milestone
toward our ambition to deliver a smoke-free future.
Jacek Olczak,
Chief Executive Officer
March 8, 2024
Andr   Calantzopoulos,
Executive Chairman
of the Board

Board of Directors
Andr   Calantzopoulos 4
Executive Chairman
of the Board
Director since 2013
Werner Geissler 1,2,3
Operating Partner,
Advent International
Director since 2015
Bonin Bough 4
Founder & Chief
Growth Officer,
Digilience LLC dba
Bonin Ventures
Director since 2021
Victoria Harker 1
Former CFO and Executive
Vice President of TEGNA, Inc.
Director since 2024
Michel Combes 1,3
Executive Vice President,
Claure Group LLP
Director since 2020
Dr. Juan Jos   Daboub 2,4
Chairman, President
and CEO, Daboub
Partnership of Arcis, LLC
Director since 2021
Lisa A. Hook 1,2,3,4
Managing Partner,
Two Island Partners LLC
Director since 2018
Jun Makihara     1,2
Retired Businessman
Director since 2014
Kalpana Morparia 3,4
Founder & Managing
Partner, KalMor
Advisors LLP
Director since 2011
Jacek Olczak 4
Chief Executive Officer
Director since 2021
Robert B. Polet 2
Chairman,
Rituals Cosmetics
Enterprise B.V.
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
Board and Committee
Leadership
1
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
Shlomo Yanai 3,4
Chairman,
Lumenis Ltd.
Director since 2021
Company Management
Jacek Olczak      
Chief Executive Officer
Frank de Rooij
Vice President,
Treasury & Corporate Finance
Michael Kunst
Chief Strategy Officer,
Vectura Fertin Pharma
Marian Salzman
Senior Vice President & Chief
Corporate Citizenship Officer
Frederic de Wilde      
President, SSEA, CIS &
MEA Region
Andreas Kurali
Deputy CFO & Head of
Finance Transformation
Mindaugas Trumpaitis
President,
Latin America & Canada
Reginaldo Dobrowolski      
Vice President & Controller
Werner Barth      
President, Combustibles
Category & Global
Combustibles Marketing
Mimi Kurniawan
Chief Diversity Officer
Gr  goire Verdeaux
Senior Vice President,
External Affairs
Moira Gilchrist
Chief Communications Officer
Bin Li
Chief Product Officer
Badrul Chowdhury
Chief Life Sciences Officer,
Smoke-Free Products
Yann Gu  rin      
Senior Vice President
and General Counsel
Marco Mariotti
President CIS &
Central Asia
Scott Coutts
Senior Vice President,
Operations
Jorge Insuasty
President,
Vectura Fertin Pharma
Frederic Patitucci
Chief People & Culture Officer
Lars Dahlgren      
President, Smoke-Free
Oral Products &
CEO Swedish Match
Stacey Kennedy
President, Americas Region &
CEO of PMI's U.S. Business
Massimo Andolina      
President,
Europe Region
Emmanuel Babeau      
Chief Financial Officer



Paul Riley      
President, East Asia, Australia,
and PMI Duty Free Region
Michael Voegele
Chief Digital &
Information Officer
Stefano Volpetti      
President, Smoke-Free
Inhalable Products &
Chief Consumer Officer
Waynn Wu
Chief Strategy Officer &
Global Head Product
Development
Not standing for re-election at the Annual Meeting of Shareholders on May 8, 2024.
Executive Officer
Note: SSEA, CIS & MEA are acronyms for South and South East Asia, Commonwealth of Independent States & Middle East and Africa.
3



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