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2026 Virtual Annual Meeting of Shareholders
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Presentation highlights
Our progress toward a smoke-free future as of H1 2026
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42 percent
of PMI’s total global net revenues came from our smoke-free business.*
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> 43 million
estimated legal-age consumers of PMI’s smoke-free products.**
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109 markets
where our smoke-free products are available, providing better alternatives for legal-age smokers.*
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27 markets
with smoke-free net revenues >50%.**
*As of H1 2026. **As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated July 22, 2026, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our Investor Relations page. “PMI,” “we,” “our,” and “us” refers to the entire Philip Morris International family of companies.
Emmanuel Babeau shares his highlights from our Q2 Results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, speaks to camera:
We delivered very strong results in the second quarter, rounding off an excellent first half of the year. We reported close to plus 8% organic top line growth, reaching over $11 billion in quarterly net revenues for the first time. Overall in H1, our smoke-free business generated 42% of our total net revenues.
Operating income grew plus 11% organically, driving plus 14% currency-neutral growth in adjusted diluted earnings per share, or plus 15% in dollar terms. These results were powered by the excellent performance of our international smoke-free business.
IQOS continued to show strong underlying momentum, while other smoke-free categories, especially VEEV, also continued to grow rapidly, as our multicategory commercial approach gains momentum across markets.
Our combustible business exceeded expectations with growing volumes and very good pricing, stable category share, and gross profit growth. In the U.S. we delivered strong sequential performance improvement versus a challenging first quarter.
ZYN shipments increased by 2% year-on-year to 2.9 billion pouches, including the initial shipments of new variants such as ZYN ULTRA. This first phase of our portfolio expansion is an exciting milestone.
Overall, these results underscore the quality of our business model and our ability to reinvest behind our smoke-free future while sustaining best-in-class growth.
We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking.James Bushnell Vice President, Investor Relations & Financial Communications
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Investor relations
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Philip Morris International is leading a transformation in the tobacco industry to create a smoke-free future, and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, as well as to society, the company, and its shareholders. PMI is building its future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its products meet adult consumer preferences and rigorous regulatory requirements.
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We are engaged in the manufacture and sale of cigarettes and smoke-free products in more than 180 markets around the world.
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We have a leading multicategory smoke-free portfolio with IQOS, ZYN and VEEV.
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Our brand portfolio is led by Marlboro, the world’s best-selling international cigarette. Based on the strength of our brand portfolio, we enjoy robust pricing power.
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One of our key strategic priorities is to develop, assess, and commercialize a portfolio of innovative tobacco and other nicotine-containing products. We draw on the expertise of a team of world-class scientists from a broad spectrum of disciplines to help us reach our ultimate goal of replacing cigarettes with less harmful alternatives.
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