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.

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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.