\n| \n EPS<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $4.52<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $(2.05)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $6.57<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $(0.38)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $6.95<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nvs. FY 2023<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(*) For a list of adjusting items refer to page 23<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n________________________
\n
4<\/sup> In pouches or pouch equivalents\n<\/p>\n\n\n| \n 2025 Full-Year Forecast<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Full-Year<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2025<\/b><\/p>\n Forecast<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Growth<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported Diluted EPS<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n $6.55<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n $6.68<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $4.52<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments:<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring charges<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of goodwill and other intangibles<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of intangibles(1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \n0.49<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.40<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on sale of Vectura Group<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEgypt sales tax charge<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMegapolis localization tax impact<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax impact associated with Swedish Match AB financing<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment related to the RBH equity investment<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.49<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair value adjustment for equity security investments<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.27)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax items<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.03)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Adjustments<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 0.49<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.05<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Diluted EPS<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n $7.04<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n $7.17<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $6.57<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.2%<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n 9.1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLess: Currency<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(0.22)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Diluted EPS, excluding currency<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n $7.26<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n $7.39<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $6.57<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10.5%<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n 12.5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n(1) See forecast assumptions for details<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nReported diluted EPS is forecast to be in a range of $6.55 to $6.68, at prevailing exchange rates, versus reported diluted EPS of $4.52 in 2024. Excluding a total 2025 adjustment of $0.49 per share, this forecast represents a projected increase of 7.2% to 9.1% versus adjusted diluted EPS of $6.57 in 2024. Also excluding an adverse currency impact of $0.22, at prevailing exchange rates, this forecast represents a projected increase of 10.5% to 12.5% versus adjusted diluted EPS of $6.57 in 2024, as outlined in the above table.<\/p>\n 2025 Full-Year Forecast Assumptions<\/b><\/p>\n \nThis forecast assumes:<\/p>\n \n- \nAn estimated total international industry volume decline of around 1% for cigarettes and HTUs, excluding China and the U.S.;<\/p>\n<\/li>\n
- \nTotal cigarette and smoke-free product shipment volume growth for PMI of up to 2% driven by smoke-free products volume growth of 12% to 14%. This factors absolute growth in HTU adjusted IMS volumes at a similar level to 2024, translating into 10% to 12% growth, with the HTU shipment growth rate broadly in line subject to shipment timing and trade inventory movements, and an acceleration in U.S. nicotine pouch shipment volume to reach 780 to 820 million cans, representing growth of 34% to 41%;<\/p>\n<\/li>\n
- \nNet revenue growth of around 6% to 8% on an organic basis;<\/p>\n<\/li>\n
- \nOrganic operating income growth of 10.5% to 12.5%;<\/p>\n<\/li>\n
- \nFull-year amortization of acquired intangibles of $0.49 per share, including the amortization of IQOS<\/i> commercialization rights in the U.S. related to the agreement to end our commercial relationship with Altria Group, Inc. covering IQOS<\/i> in the U.S.;<\/p>\n<\/li>\n
- \nAn effective tax rate, excluding discrete tax events, of approximately 22.5% to 23.5%;<\/p>\n<\/li>\n
- \nOperating cash flow of around $11 billion at prevailing exchange rates, subject to year-end working capital requirements. This takes into account non-recurring payments relating to the German tax surcharge and the U.S. Tax Cuts and Jobs Act, which amount to approximately $1 billion;<\/p>\n<\/li>\n
- \nCapital expenditures of approximately $1.5 billion, including further investments in ZYN<\/i> capacity in the U.S.;<\/p>\n<\/li>\n
- \nFurther net debt to adjusted EBITDA ratio improvement as we continue to target a ratio of around 2x by the end of 2026;<\/p>\n<\/li>\n
- \nNo dividend income from Rothmans, Benson & Hedges Inc. (our deconsolidated Canadian affiliate);<\/p>\n<\/li>\n
- \nNo share repurchases in 2025; and<\/p>\n<\/li>\n
- \nFirst quarter adjusted diluted EPS of $1.58 to $1.63, including an estimated adverse currency impact of 4 cents at prevailing exchange rates.<\/p>\n<\/li>\n<\/ul>\n
\nFactors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.<\/p>\n \n\n| \n Update on CCAA Proceeding in Canada<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn October 2024, PMI was informed by its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), that the court-appointed mediator and monitor in RBH\u2019s Companies\u2019 Creditors Arrangement Act (CCAA) proceeding filed a proposed plan of compromise and arrangement outlining certain terms of a comprehensive resolution of tobacco product-related claims and litigation in Canada against RBH and its affiliates. See PMI’s Form 8-K dated October 18, 2024 for additional details.<\/p>\n \nOn January 24, 2025, RBH filed an objection to approval of the proposed plan with the CCAA court. The positions taken by RBH in this objection, the positions taken by other parties in related filings, and other related developments narrowed the range of possible outcomes with respect to the allocation of the aggregate settlement amount of CAD 32.5 billion, which was determined to be an indicator that PMI\u2019s investment in RBH may be impaired. Although there remains some uncertainty as to the final terms of the plan, PMI concluded that, the estimated fair value of its investment in RBH was lower than its carrying value and recorded a non-cash impairment charge of $2.3 billion in the consolidated statement of earnings for the year ended December 31, 2024 as a recognized subsequent event, with an adverse impact on reported diluted EPS of $1.49.<\/p>\n \nAdditionally, PMI has determined that if the CCAA court approves the plan as proposed and it is subsequently implemented, RBH would likely remain deconsolidated under U.S. GAAP. Since the first quarter of 2019, and to date, PMI\u2019s reported and adjusted EPS, net debt and other financial results have excluded RBH. However, subject to the terms and requirements of the proposed plan, the payment of certain dividends from RBH to PMI would be permitted going forward, which would be incremental to PMI\u2019s cash flow and adjusted diluted EPS.<\/p>\n \n\n| \n New Segment Structure<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFollowing the sale of Vectura Group Ltd. on December 31, 2024, we will update our segment reporting by including the remaining units of Vectura Fertin Pharma in the Europe segment as of the first quarter of 2025. We plan to disclose select historical financial information for the 2022 to 2024 period reflecting this change in the coming weeks.<\/p>\n \n\n| \n Conference Call<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nA conference call hosted by Jacek Olczak, Chief Executive Officer, and Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on February 6, 2025. Access the webcast at www.pmi.com\/2024Q4earnings<\/a>.<\/p>\n \n\n| \n Financial Review<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE<\/b><\/p>\n Total Market Volume<\/b><\/p>\n Full-Year
\n
<\/b>Estimated international industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by 1.5% to 2.6 trillion units.<\/p>\n Consolidated Shipment Volume<\/b><\/p>\n\n\n| \n PMI Cigarettes and HTUs<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Fourth-Quarter<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Full-Year<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (million units)<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCigarettes<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n152,780<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n151,094<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1.1%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n616,827<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n612,949<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n0.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHeated Tobacco Units<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n35,718<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n33,972<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n5.1%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n139,743<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n125,263<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n11.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Cigarettes and HTUs<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 188,498<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 185,066<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 1.9%<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 756,570<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 738,212<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n PMI Oral SFP<\/b>(1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n Fourth-Quarter<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Full-Year<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (million cans)<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNicotine Pouches<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n183.8<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n125.7<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n46.2%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n644.0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n421.1<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n52.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSnus<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n58.2<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n61.8<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(5.9)%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n239.6<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n240.4<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(0.3)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMoist Snuff<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n32.0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n31.2<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n134.6<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n133.7<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n0.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Oral SFP(2)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \n0.6<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n0.8<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(20.1)%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n3.4<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4.2<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(18.3)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Oral SFP<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 274.6<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 219.6<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 25.0%<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 1,021.6<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 799.3<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 27.8%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n(1) Excluding snuff, snuff leaf and U.S. chew<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2) Includes chew bags and tobacco bits<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote: Sum may not foot due to rounding.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Fourth-Quarter
\n
<\/b>PMI’s total cigarette and HTU shipment volume increased by 1.9% (HTU shipments increased by 5.1%, and cigarette shipments increased by 1.1%), driven by increases in the SSEA, CIS & MEA Region and the EA, AU & PMI DF Region.<\/p>\n \nPMI\u2019s total oral product shipment volume in cans increased by 25.0%, predominantly reflecting growth in nicotine pouches.<\/p>\n Full-Year
\n
<\/b>PMI’s total cigarette and HTU shipment volume increased by 2.5% (HTU shipments increased by 11.6%, while cigarette shipments increased by 0.6%) with increases across all regions except the Americas.<\/p>\n \nPMI\u2019s total oral product shipment volume in cans increased by 27.8%, primarily reflecting growth in nicotine pouches.<\/p>\n International Share of Market – Cigarettes and HTUs<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Fourth-Quarter<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Full-Year<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n Change (pp)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n Change (pp)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total International Market Share(1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 28.9%<\/b><\/p>\n<\/td>\n | \n 28.5%<\/b><\/p>\n<\/td>\n | \n 0.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 28.7%<\/b><\/p>\n<\/td>\n | \n 28.3%<\/b><\/p>\n<\/td>\n | \n 0.4<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCigarettes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23.5%<\/p>\n<\/td>\n | \n \n23.6%<\/p>\n<\/td>\n | \n \n(0.1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23.5%<\/p>\n<\/td>\n | \n \n23.7%<\/p>\n<\/td>\n | \n \n(0.2)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHTU<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.4%<\/p>\n<\/td>\n | \n \n4.9%<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2%<\/p>\n<\/td>\n | \n \n4.7%<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCigarette over Cigarette Market Share(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.3%<\/p>\n<\/td>\n | \n \n25.3%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.3%<\/p>\n<\/td>\n | \n \n25.2%<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(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<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(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<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote: Sum of share of market by product categories might not foot to total due to rounding.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n CONSOLIDATED FINANCIAL SUMMARY<\/b><\/p>\n Fourth-Quarter<\/b><\/p>\n\n\n| \n Financial Summary – Quarters Ended<\/span><\/b><\/p>\nDecember 31,<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n Fav.\/(Unfav.)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Variance<\/b><\/p>\n Fav.\/(Unfav.)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Total<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Excl.
\n
<\/b>Curr. &
\n
Acquis.<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Total<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Cur-
\n
<\/b>rency<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Acqui-
\n
sitions<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Price<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Vol\/
\n
<\/b>Mix<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Cost\/
\n
<\/b>Other<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in millions)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $9,706<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n $9,047<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 7.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 659<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 482<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 179<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n (2<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of Sales(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,423<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,462<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(33<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(31<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n89<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMarketing, Administration and Research Costs(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,024<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,696<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(16.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(328<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(455<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |