Philip Morris International (PM) 8-KPhilip Morris International Presents at Reaffirms 2024 Full-year Forecast for Reported Diluted Eps

Championing a Smoke-Free World CAGNY Conference February 21, 2024 Jacek Olczak, Chief Executive Officer Emmanuel Babeau, Chief Financial Officer Introduction • A glossary of terms, including the definition for smoke-free products(a) as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation, and additional net revenue data are available on our Investor Relations website with additional non-GAAP reconciliations available at the end of this presentation • Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions and disposals. As such, figures and comparisons presented on an organic basis exclude Swedish Match up until November 11, 2023 2(a) Following the acquisition of Swedish Match, PMI defines “smoke-free products” to include all Swedish Match products other than Swedish Match’s combustible tobacco products, in addition to its heat-not-burn, e-vapor, oral nicotine, and wellness and healthcare products Exhibit 99.2

 

Forward-Looking and Cautionary Statements • This presentation contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; and business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI • PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of COVID-19 on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our reduced-risk product category's performance • PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2023. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations 3 Structural Smoke-Free Growth, Accelerating Returns 4 • Clear demand for smoke-free products among 1bn+ smokers • Structural shift: 10 years of double-digit smoke-free category growth, momentum continues:⎼ All SFP categories and geographies have growth⎼ Growth rates & margin profiles are not uniform⎼ Upfront investment, higher returns than cigarettes • PMI: substantial, selective long-term investments in premium brands, unrivaled commercial and scientific capabilities • Accelerating growth for PMI smoke-free business

 

Real, Fast Smoke-Free Transformation 5 <1% 39.3% 2015 Q4, 2023 Smoke-Free Products Net Revenues (% of Total PMI Net Revenues) (a) Smoke-free volumes reflects shipments of HTUs and oral smoke-free products (in pouches, excl. snuff, snuff leaf and U.S. Chew) Source: 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 >20% Smoke-Free Volumes / Total(a) ~33m Smoke-Free Users 25 Markets SFP >50% Net Revenue / Total >40% Smoke-Free Gross Profit / Total 84 Smoke-Free Markets PMI: Q4, 2023 IQOS Net Revenues Surpassed Marlboro in Q4, 2023 6 $0 $2 $4 $6 $8 $10 $12 2015 2016 2017 2018 2019 2020 2021 2022 2023 PMI Annual Net Revenues(a) ($ billion) (a) Marlboro includes Marlboro combustibles, IQOS represents Heat-not-Burn net revenues Source: PMI Financials or estimates

 

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Smoke-Free Rapidly Approaching $15 billion Top-Line 7 Est. (a) Forecast provided in Q4’23 Earnings Release presented February 8, 2024, at prevailing rates February 7, 2024 Source: PMI Financials or estimates ~$15bn Annual Smoke-Free Net Revenues ($ billion) (a) 8Note: Smoke-free markets are markets where PMI smoke-free products are available in key cities or nationwide Source: PMI Financials or estimates 2030 Ambition: Substantially Smoke-Free 2/3 Smoke-Free Net Revenues ~> ~20 markets ~40 markets 50-75% net revenues >75% net revenues 60 Markets Majority Smoke-Free ~

 

(a) Excluding China and the U.S. Including cigarillos in Japan (b) Markets where IQOS was present as of Q4, 2017 Source: PMI Financials or estimates Cigarette Industry Declines Faster When SFPs are Present 9 Cigarette Industry Volume % Change Vs. Previous Year 2018 2019 2020 2021 2022 2023 (6.3)% 1.3% (4.5)% (8.1)% (3.3)% (3.0)%(2.8)% (2.6)% (6.5)% IQOS Markets(b)International(a) (2.4)% (2.7)% • SFPs are switching adult smokers away from cigarettes • PMI cigarette volume in current SFP markets vs. 2015 baseline: – Already >33% lower in 2023 – Expect >50% lower by 2030 on current trajectory (0.9)% The Science is Clear: SFPs Are A Much Better Alternative 10Note: Charts are used for illustrative purposes; not to scale. Combustible Products include cigarettes, cigars and cigarillos. Inhalable Smoke-Free Products include Heat-not-Burn and e-vapor. Oral Smoke-Free Products include nicotine pouches and snus. Nicotine Replacement Therapy products include patches and gums Tobacco Harm Reduction: Continuum of Risk H ig he r R is k Combustion No Combustion Inhalable Smoke-Free Products Cessation Lo w er R is k Oral Smoke- Free Products Combustible Products

 

Significant Decline of Cigarette Sales in Sweden 11 0 100 200 300 400 500 600 700 Volumes Sold Per Year In Sweden (Million Packs/Cans) 1973: First portion Swedish snus launched Snus / Nicotine Pouches Cigarettes Note: Temporal associations do not demonstrate cause and effect and are subject to inherent limitations. Specific factors associated with changing cigarette sales volumes over time have not been fully analyzed. 20 cigarettes per pack; 21 estimated average pouches in can for snus and nicotine pouches Source: Swedish Match Estimates, SMD Logistics; 2019 TPSAC Meeting Materials and Information | FDA. Investor Day 2023, presented September 28, 2023 Cigarettes Now Less Than Half of Nicotine in Tokyo Within 10y 12 100% 2015 2019 2020 2021 2022 20232016 2017 2018 Combustibles Tokyo Monthly Offtake Category Share(a) (a) Based on 3 C-Store Chains offtake. Base includes cigarettes, cigarillos and HTUs Source: PMI Financials or estimates HTUs Jan’24 50.4% 49.6%

 

Sweden: Lowest Male Smoking Prevalence and Tobacco- Attributable Mortality in EU 13 6 22 34 49 Sweden United Kingdom Netherlands Finland Denmark Ireland Belgium Spain Portugal Germany France Italy Austria Poland Slovakia Hungary Czechia Romania Croatia Lithuania Greece Bulgaria 72 108 177 267 Sweden Finland France Italy Portugal Austria Ireland Germany Netherlands Spain Belgium Denmark Czechia Greece Slovakia Poland Lithuania Romania Hungary Bulgaria Male Smoking Prevalence (2020) Male Deaths per 100,000 Attributable to Tobacco (2019) Note: The charts in this slide do not demonstrate cause and effect and are subject to inherent limitations Source: Dataset Special Eurobarometer 506: Attitudes of Europeans towards tobacco and electronic cigarettes, February 2021 Lars M. Ramström: National availability of snus is clearly associated with lower rates of mortality attributable to tobacco—while country-level implementation of WHO tobacco control measures is not, Global Forum on Nicotine 2022, https://gfn.events/new-research/lars-m-ramstrom-2022/ Nicotine Misinformation Slowing Tobacco Harm Reduction •Many misperceptions on smoke-free products & nicotine •Nicotine is not the primary cause of smoking-related disease(a), combustion is • Science from existing laboratory and clinical data(b) is conclusive: heated tobacco, e-vapor, & oral products ARE NOT equally or more harmful than cigarettes 14 “Nicotine, though not benign, is not directly responsible for the tobacco- caused cancer, lung disease, and heart disease that kill hundreds of thousands of Americans each year. The FDA’s approach to reducing the devastating toll of tobacco use must be rooted in this foundational understanding: other chemical compounds in tobacco, and in the smoke created by combustion, are primarily to blame for such health harms.” (c) [emphasis added] FDA – September 2017 (a) Nicotine is addictive and not risk-free (b) Available scientific data from third-party laboratory and clinical studies, published in scientific journals (c) FDA - September 21, 2017, N Engl J Med 2017; 377:1111-1114 DOI: 10.1056/NEJMp1707409

 

• SFPs marketed in a responsible manner to legal age smokers and nicotine users • Those under the legal age of purchase should not have access to, or use, any nicotine product • Adult-oriented flavors can play an important role in switching legal age smokers to SFPs, particularly where corresponding flavors are present for combustible products • National regulation and enforcement critical to minimizing underage usage and the availability of illicit products • After ~10 years in-market, rates of underage use of IQOS and ZYN remain very low 15 Responsible Marketing Practices U.S. Responsible Marketing, Compliance & Innovation 16 www.21PLUSresponsibly.com Responsible Marketing Responsible Social Media Innovation for Age Restriction Responsible Retail Practices Retail Technology Advancement Enforcement Monitoring Underage Use

 

Around 33 Million Users of PMI Smoke-Free Products 17 Heat-not-Burn Oral Nicotine E-Vapor ~29m Users(a) ~4m Users ~0.5m Users (a) See Glossary for definition Source: 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 #1 Smoke-Free Brand #1 Nicotine Pouch Brand Selective Strategy Estimated legal-age users as of December 31, 2023 IQOS: Strong Consumer Momentum 18 HTU Adjusted IMS change vs. PY (a) (in %) 14% 15% 14-16% 2022 2023 2024 Est. (a) Excluding the impact of estimated distributor and wholesaler inventory movements (b) Forecast provided in Q4’23 Earnings Release presented February 8, 2024 Source: PMI Financials or estimates (b)

 

(a) Adjusted market share for HTUs is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes, HTUs and excluding the impact of estimated distributor and wholesaler inventory movement; Note: Chart not to scale. Key Cities selected are respectively: Athens, London, Rome, Stockholm, Munich and Madrid; Source: PMI Financials or estimates Key Cities Lead the Way For National Shares Over Time 19 Italy Greece PMI Adjusted National Share(a) and Key City Offtake Share of Total Cigarette and HTU Market Key City Offtake SharePMI Adjusted National Share 6.1% 12.7% 17.1% 10.7% 21.6% 28.2% Q4, 2019 Q4, 2021 Q4, 2023 10.5% 15.8% 20.8% 16.5% 22.3% 29.7% Q4, 2019 Q4, 2021 Q4, 2023 Germany UK 1.6% 3.4% 5.6%4.4% 8.6% 11.1% Q4, 2019 Q4, 2021 Q4, 2023 0.6% 2.4% 3.9% 1.6% 5.9% 7.0% Q4, 2019 Q4, 2021 Q4, 2023 Sweden 0.5% 1.8% 3.2%3.7% 6.8% Q4, 2019 Q4, 2021 Q4, 2023 N/A Spain 0.8% 1.3% 2.4%1.5% 2.9% 5.5% Q4, 2019 Q4, 2021 Q4, 2023 Japan: ~40% Category Penetration and Growing Double-Digit 20 16.6% 18.8% 21.1% 23.4% 26.7% 2019 2020 2021 2022 2023 (a) Adjusted market share for HTUs is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes, HTUs and cigarillos and excluding the impact of estimated distributor and wholesaler inventory movements Source: PMI Financials or estimates; Note: all data presented on Adj. IMS basis PMI HTU Adj. SoM(a)HnB Category Share of Total Tobacco 20.6% 22.5% 25.8% 29.6% 33.8% 37.9% 2018 2019 2020 2021 2022 2023 Adj. IMS change vs. PY, % 4% 8% 9% 9% 14% ~70% PMI Share of HnB, 2022 PMI Outgrowing HnB Category in 2023 ~40% Q4’23 ~80% PMI Share of HnB Category Growth, 2023

 

Continuous Innovation Supports Growth 21 • ILUMA: the core platform for multi-year growth and innovation •Broadening HTU offerings •Rich pipeline of ILUMA device innovations • IQOS uniqueness: evolving features for a customized and personalized experience IQOS Successful Across Many Emerging Markets 22 3.2% 3.4% 3.5% 3.7% 6.5% 9.4% 10.3% 11.9% 12.4% 14.3% 14.8% 15.1% 15.4% Manila Tunis Urban Jakarta Rabat Santo Domingo Cairo Kuala Lumpur Sarajevo Belgrade Beirut Skopje Sofia Podgorica +2.0pp +1.8pp +3.0pp -0.2pp +1.5pp PMI HTU Offtake Shares (Q4, 2023) +2.0pp Change vs. PY +0.7pp +1.5pp +1.4pp+3.6pp+1.1pp +2.8pp Note: Urban Jakarta represents West, Central and South Jakarta which include an estimated 1.5 million Legal Age Nicotine Users; in Indonesia IQOS is sold via the IQOS club member program. Cairo represents Urban Cairo, Manila represents Metro Manila, Tunis represents Greater Tunis. Low and Middle-Income markets defined using World Bank classification Source: PMI Financials or estimates +0.7pp

 

Clear Strategy For Low & Middle-Income Markets • IQOS comes first:⎼ Premium offer with ILUMA to build brand equity⎼ Best product for switching smokers⎼ Substantial premium CC segment to switch •Below premium offering to address full volume opportunity:⎼ LIL(a) with intuitive innovation⎼ BONDS pilot learnings being taken to refine product offering 23 LMIC Cigarette Industry(b) (2023) 23% ~400 billion sticks ~1,700 billion sticks Total Industry Premium Segment (a) Commercialized under partnership with KT&G (b) Excluding China Note: LMIC refers to Low and Middle-Income countries and defined using World Bank classification Source: PMI Financials or estimates Swedish Match: Excellent First Year 24 •Delivered strong growth in 2023, driven by U.S. ZYN •ROIC/WACC crossover expected well ahead of 5 year target • Strong progress on integration • Expanding & diversifying U.S. ZYN manufacturing •U.S. Cigar business strategic review Source: Swedish Match Financials or estimates

 

Strong Resonance of ZYN with U.S. Adult Nicotine Users 25(a) Based on 13-week period; (b) Other primary uses before ZYN include cigars, snus, OTP, other nicotine pouch brands Source: PMI and Swedish Match Financials or estimates. Circana, LLC, Nicotine Pouches, Week ending 12/24/23. PMI Market Research (Legal Age 21+) Smoke-Free Oral Product #1 (Q4, 2023, by volumes) Shipment Volume Growth >60% (2023 vs. PY) Share of Category(a) 72.8% (Q4,2023) ZYN Consumer Avg. Age 39 Years (2023) Primary Use Before ZYN(b) 20% Cigarettes 25% Vape 36% Trad. Oral (2023) U.S. IQOS: Building Towards ILUMA Success 26 Ambition 10% share 5 years from ILUMA launch(a) • Investing to support ZYN’s growth and building capabilities for IQOS • ILUMA at-scale launch remains core focus • Flexibility to leverage global supply chain • First city test planned with IQOS 3 system in Q2 (a) Illustrative target share of U.S. Cigarette and HTU Industry Volume within five years of ILUMA launch Source: PMI Financials or estimates

 

VEEV: Good Progress on Targeted Strategy • Substantial consumer demand with >60 million adult vape users(a) • Emerging signs of better regulation & enforcement • Promising early results from VEEV relaunch • Remains a selective market play, but in specific markets can be an important growth driver 27 VEEV (SoS in Closed Pod Systems) Czech Republic(b)Italy(b) 15% 14% 28% 33% Q1 Q2 Q3 Q4 2023 10% 11% 21% 36% Q1 Q2 Q3 Q4 2023(a) PMI Market Research, excluding Russia and China (b) Nielsen. Italy based on tobacco shops only Source: PMI Financials or estimates Combustible Leadership Supports SFP Growth • Leading portfolio well-positioned for evolving adult smoker base • Infrastructure and expertise benefits smoke-free portfolio • Responsible category stewardship – market leader driving the obsolescence of combustible tobacco • Continue to target stable combustible share over time and profit growth contribution 28 Share of Cigarette Category(a) (Change vs. PY in pp) (0.7) 0.1 0.22021 2022 2023 (a) Excludes China and the U.S. Reflects in-market sales volume of PMI cigarettes as a percentage of cigarette industry sales volume and includes cigarillos in Japan Source: PMI Financials or estimates

 

29 Strong Overall Financial Model for Sustainable Growth Delivering sustainable growth while investing and rewarding shareholders Volume Growth Positive Product Mix Pricing Invest for Growth / Cost Efficiencies Strong Top- & Bottom-Line Performance =&++ Target 6 consecutive years of volume growth through 2026 Higher smoke-free volumes at higher net revenue per unit Strong combustible pricing power with potential for smoke- free Disciplined investment in high return categories while generating cost efficiencies Source: PMI Financials or estimates (a) Includes heat-not-burn consumables and devices and U.S. ZYN; Note: 1 can of U.S. ZYN contains 15 pouches Source: PMI Financials or estimates Smoke-Free: Attractive & Substantial Growth Opportunity 30 Equivalent Cigarette Volumes Smoke-Free Products 2023 Net Revenue Per Unit (Index = Equivalent Cigarette Volumes) 2023 Gross Profit Per Unit (Index = Equivalent Cigarette Volumes) ~2.5 1 Equivalent Cigarette Volumes Smoke-Free Products ~2.6 1 (a) (a)

 

Increasingly Smoke-Free, Profitability Accelerating 31 Adj. Net Revenues (Q4, 2023) (a) Excludes snuff, snuff leaf and U.S. chew; (b) Includes heat-not-burn and e-vapor Note: Total may not foot due to rounding Source: PMI Financials or estimates Adj. Gross Profit (Q4, 2023) 61% 32% 6% 59% 41% Combustibles Smoke-Free Inhalable Products(b) Smoke-Free Oral Products Smoke-Free Other Shipment Volumes (Q4, 2023) 80% 18% Cigarettes HTUs Oral Nicotine(a) 1% 2% Combustibles Smoke-Free Products Total SFPs 20% Total SFPs 39% Smoke-Free Driving Net Revenue & Profit Growth 32 2023 Net Revenues (Organic Variance vs. PY)(a) (a) Organic variance, reflecting currency-neutral adjusted results, excluding acquisitions Note: Chart not to scale. Adjusted gross margin is calculated by dividing adjusted gross profit by adjusted net revenues Source: PMI Financials or estimates Combustibles Smoke-Free Products 12.8% 5.5% 2023 Gross Profit (Organic Variance vs. PY)(a) 19.2% 0.3% 63.4% 64.2% Adj. Gross Margin Organic OI growth of 8-9.5% expected in 2024, driven by SFP acceleration

 

(a) Includes Czech Krona, Egyptian Pound, Indonesian Rupiah, Mexican Peso, Philippine Peso, Polish Zloty, Russian Ruble and Turkish Lira (b) JPY, CHF, KRW, GBP, ILS, AUD, HKD, NOK, SGD, SEK, DKK, CAD and NZD Note: Reflects currencies in which net revenues are generated. Source: PMI Financials or estimates Delivering USD Performance is a Key Priority • Best-in-class constant currency growth • Increasing USD revenue contribution with rapid smoke-free growth in the U.S. • Currency risk mitigation:⎼ Debt matching: >60% effectively in EUR⎼ Hedging programs: JPY rolling hedge⎼ Strategic cost allocation • Focused on delivering strong USD growth in 2024 and beyond 33 9% 13% 28% 27% 13% 36% 50% 24% Combustibles Smoke-Free Products 2023 Net Revenues by Currency Other Developed(b) Euro USD Emerging(a) 76% 50% Delivering Strong Financial & Non-Financial Performance 34 (a) Excluding PMI Duty Free. World Bank report issued in July 2023 is used on a comparative basis for income level classification. For definition of low- and middle-income markets, see pages 205-209 of PMI Integrated Report 2022; (b) Total shipment volume includes cigarettes, OTPs, and smoke-free product consumables; (c) Including Swedish Match; (d) Emissions from PMI-operated IQOS stores are partially excluded from scope 1+2 emissions, as de minimis. PMI was included for the first time in the Dow Jones Sustainability World Index, and for the fourth consecutive year in the Dow Jones Sustainability North America Composite Index (Indices effective as of December 18, 2023). PMI achieved industry leadership, improving to a rating of “C+” in ISS ESG Corporate Rating and gaining “Prime” status” for the first time (score as of November 21, 2023). Source: PMI Financials or estimates PR O D U CT IM PA CT 2025 Aspiration20232022Selected Performance Indicators 1008473Number of markets where PMI smoke-free products are available for sale Maximize benefits of SFPs >50%47%42%Proportion of markets where smoke-free products are available for sale that are low- and middle-income markets(a) >90%>90%91%% of shipment volume covered by markets with youth access prevention programs in indirect retail channels(b) ≥80%On Track68%% of shipment volumes covered by markets with anti-littering programs for cigarettes Reduce post-consumer waste 100%On Track73%% of contracted tobacco farmers making a living incomeImprove quality of life of people in our supply chain 0On Track328Net carbon emissions scope 1+2 in thousands of metric tons(c)(d)Tackle climate change O PE RA TI O N A L IM PA CT

 

Shipment Volume(a) (Variance) ~1.6% Positive Strong Past & Future Growth Trajectory 2021-23 CAGR 35 Adj. Diluted EPS (Currency-neutral variance) ~12.1% 9-11%(b) Net Revenues (Organic variance) ~7.5% 6-8% 2024-26 CAGR Targets Operating Income (Organic variance) ~7.3% 8-10% (a) Reflects total shipment volume for cigarettes and HTUs in 2021-23 and for cigarettes, HTUs and oral smoke-free products (in pouches or equivalent, excl. U.S. Chew) in 2024-26 (b) At 2023 corporate income tax rates Note: Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions Source: PMI Financials or estimates Transforming, Growing & Delivering 36 • Unparalleled transformation continues • Accelerating returns from smoke-free leadership • Confident in 2024-26 targets, with ambition to reach >2/3 smoke-free net revenues by 2030 • Highly cash generative with focus on rapid deleveraging • Steadfast commitment to progressive dividend policy Source: PMI Financials or estimates

 

Championing a Smoke-Free World CAGNY Conference February 21, 2024 Have you downloaded the new PMI Investor Relations App yet? The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices iOS Download Android Download Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 38

 

Europe: PMI HTU Adjusted Share of Market(a) Growth vs. PYFY, 2023 Growth vs. PYFY, 2023 Growth vs. PYFY, 2023 +1.7pp7.7%Romania+4.5pp28.8%Hungary+1.9pp7.1%Austria +1.816.5Slovak Republic+2.416.7Italy+1.48.4Croatia +1.812.3Slovenia(0.5)27.8Lithuania+2.014.8Czech Republic +2.011.5Switzerland+1.09.0Poland+1.35.3Germany +0.83.5United Kingdom+3.919.7Portugal+3.319.5Greece 39(a) Adjusted market share for HTUs is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes, HTUs and excluding the impact of estimated distributor and wholesaler inventory movement; Note: Select markets where HTU share is ≥ 1%; Source: PMI Financials or estimates Growth vs. PYQ4, 2023 Growth vs. PYQ4, 2023 Growth vs. PYQ4, 2023 +1.4pp8.4%Romania+3.9pp30.8%Hungary+1.7pp7.7%Austria +1.417.2Slovak Republic+2.517.1Italy+0.88.8Croatia +2.413.1Slovenia(3.2)27.2Lithuania+1.315.3Czech Republic +1.812.3Switzerland+0.59.8Poland+0.95.6Germany +0.83.9United Kingdom+3.021.4Portugal+2.720.8Greece 40 Europe: PMI HTU Adjusted Share of Market(a) (a) Adjusted market share for HTUs is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes, HTUs and excluding the impact of estimated distributor and wholesaler inventory movement; Note: Select markets where HTU share is ≥ 1%; Source: PMI Financials or estimates

 

 

 

Championing a Smoke-Free World CAGNY Conference February 21, 2024 Jacek Olczak, Chief Executive Officer Emmanuel Babeau, Chief Financial Officer