Consistent with our latest sustainability materiality assessment conducted in 2024 and refreshed in 2025 , we disclose data points related to all our most material sustainability topics, including but not limited to the KPIs described in further detail in the Non-financial KPI Hub.
To prepare our annual Value Report, data are collected through a central repository and approved by data-owners through a system workflow prior to publication. PMI is enhancing data integration and automation by connecting to key systems like manufacturing and HR platforms, aiming to create a single, reliable source of sustainability data across all organizational levels. The company has automated many environmental and social KPIs, improving reporting and accuracy, and plans to expand this automation further. PMI is also piloting AI projects to gather vendor data and generate reports, all under strong controls and human oversight to ensure security and reliability.
Scope
Data and information reported in our annual Value Report cover PMI’s global operations, including subsidiaries consolidated in PMIs financial statements as of December 31 of the reporting year and excludes joint ventures, partnerships, or license agreements, unless specified otherwise. Information, data and aspirations related to Aspeya, PMI’s wellness business units, are generally excluded, except when specified otherwise.
Newly acquired subsidiaries, consolidated by PMI, are included in our reporting as soon as the appropriate processes and systems are implemented to enable consistent data collation and group-level consolidation. Unless otherwise stated, all applicable KPIs include Swedish Match data - for details please refer to the Basis for Preparation section.
Unless otherwise stated, all applicable KPIs have included Russia whenever feasible, with appropriate control considerations; when relevant data relates to Russia, PMI ensures compliance with all applicable sanctions and trade restrictions.
At PMI, the credibility of our disclosures is paramount. As non‑financial information becomes integral to how we assess and communicate business performance, Corporate Controlling and the Sustainability function work in close partnership to ensure it is subject to robust governance, discipline, and accountability, consistent with our financial reporting standards. By embedding non‑financial data within our established financial control framework, we apply uniform requirements for internal control, verification, and assurance across everything we report. Strong governance over non‑financial data is therefore not a compliance exercise but a value‑creation imperative, providing stakeholders with a complete, consistent, and trustworthy view of our performance and reinforcing confidence in both our reporting and our long‑term strategy.
Reginaldo Dobrowlski
PMI Group Controller
Reporting period
The reporting period for our Value Report is aligned with our financial calendar and extends from January 1 to December 31 of any given year, unless otherwise stated in the selected KPI’s details and indicated with an appropriate footnote in PMI’s Value Report.
Evolved organizational model
In November 2025, PMI announced a new corporate organizational model, effective January 1, 2026, designed to enhance our company’s agility and support our journey to becoming a smoke-free company. PMI will implement three business units: PMI International, PMI U.S., and Wellness (Aspeya) and will report results based on these new segments as of the first quarter of 2026.
Restatement of nonfinancial data
To ensure consistency, comparability, and accuracy in our year-on-year reporting, we may restate previously reported data when a change in KPI definition, methodology, or scope has a material impact. A restatement is required when the change improves data quality and comparability, reflects updates to the company’s footprint, or corrects significant variance identified in in previously reported data. Before historical data are restated, both the business owner and sustainability controlling group are accountable for assessing the materiality of the change and approving the restatement. Whenever we restate historical data, we provide an appropriate footnote explaining the change in PMI’s annual Value Report.
Uncertainty and estimates
We make every effort to capture all relevant data globally, often working with our partners along our value chain to collect reliable primary data. However, it may not always be feasible or practical to do so, particularly for data connected with activities that are outside our direct or indirect control. PMI may use reasonable assumptions and proxies to calculate certain KPIs, such as estimating GHG emissions with spend-based methods when direct data is unavailable. This ensures comprehensive, consistent, and transparent reporting despite data limitations.
Data integrity
To ensure that the data we report are measured consistently, from year to year, with a clearly defined scope and calculation methodology, the KPIs described in the KPI Hub are supported by detailed internal standards.
We continuously work with our Internal Controls function to review these standards and strengthen our KPI definitions, data management processes, and controls. The results of this effort were summarized in the internally published Sustainability Index governance process in 2024 and are kept up to date. The Nonfinancial Disclosures Assurance team has conducted independent audit reviews and delivered strategic guidance on preparing for external verification through holistic Auditability Principles to support our commitment to transparency and accountability. The controls established for the index governance and preparation, along with comprehensive definitions of key performance indicators (KPIs), are made available through the KPI hub.
Strengthening our governance and data quality
In recent years, we have further strengthened the way we manage nonfinancial risks and data across all business functions. Through rigorous data‑management processes, strong internal controls, and regular collaboration with KPI owners, we ensure that our nonfinancial data are reliable, comparable, and meaningful for stakeholders. This continuous improvement has enabled us to expand the quality and scope of our non-financial KPIs, in line with evolving regulatory expectations and stakeholder demands.
As a result of these efforts, in 2025 we successfully obtained external assurance of our Index and all its associated KPIs. This milestone demonstrates the effectiveness of our integrated approach and our commitment to producing credible, externally validated sustainability information.
This online content about our Value Report should be read in conjunction with PMI’s Value Report 2025. This report includes metrics that are subject to uncertainties due to inherent limitations in the nature and methods for data collection and measurement. The precision of different collection and measurement techniques may also vary. This report includes data or information obtained from external sources or third parties. Unless otherwise indicated, the data contained herein cover our operations worldwide for the full calendar year 2025 or reflect the status as of December 31, 2025. Where not specified, data comes from PMI financials, nonfinancials, or estimates.
Unless explicitly stated, the data, information, and aspirations in this report do not incorporate PMI’s Wellness unit, Aspeya. Regarding the Swedish Match acquisition, completed late 2022, unless otherwise indicated, this report includes information pertaining to its sustainability performance. Please also refer to "About this report" on page 3 of the PMI’s Value Report 2025 for more information. Aspirational targets and goals do not constitute financial projections, and achievement of future results is subject to risks, uncertainties and inaccurate assumptions, as outlined in our forward-looking and cautionary statements on page 142. In PMI’s Value Report 2025 and in related communications, the terms “materiality,” “material,” and similar terms are defined in the referenced sustainability standards and are not meant to correspond to the concept of materiality under the U.S. securities laws and/or disclosures required by the U.S. Securities and Exchange Commission.
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