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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 2026 Q1
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43 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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108 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 Q1 2026. **As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated April 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 Q1 Results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, speaks to camera:
Our First-Quarter earnings for 2026
marked a strong start to the year.
We reported outstanding growth
from our international
smoke-free business and very robust
pricing driving impressive progress,
despite a particularly strong prior
comparison for both the U.S.
and our combustible business.
International smoke-free
delivered a striking
double-digit growth performance across
financial metrics led by IQOS,
alongside further multi-category
contributions from ZYN and VEEV,
which reached the joint number
one position in Europe within closed pods.
At the group level, our smoke-free business
represented 43% of total net revenues,
an increase of almost two points
versus the same period last year.
The financial performance
of our combustible business was robust,
delivering results in line
with our mid-term growth model.
This was especially remarkable
given the notably
challenging volume comparison
this quarter.
In the U.S., ZYN offtake volume grew by plus 10%
despite an uneven competitive landscape.
As anticipated, segment financial
performance was challenging due to the
specific combination of impacts this quarter.
Overall, our strong and resilient
First-Quarter performance
reflects the structural growth fundamentals
underpinning our business model.
Despite ongoing macroeconomic uncertainty,
we look ahead with confidence.
Music starts
Words appear on screen reading:
PMI’s 2026 First Quarter Results
Philip Morris International's logo is seen on screen alongside the words Global Smoke-free Champion.
Financial disclaimer appears on screen.
Music ends.
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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