Release date: February 6, 2025 (NYSE, before the bell) Key Business Metrics: Q4 2024 Revenue: up +7.3% to $9.71 billion (vs. $9.44 billion expected, $9.05 billion in Q4 2023) Adjusted diluted EPS: up +14.0% to $1.55 (vs. $1.50 expected, $1.36 in Q4 2023) Total volume: up +2.9% to 193.1 billion

Release date: Philip Morris International (PMI) issues its 2024 third-quarter and first nine-months results on Tuesday, October 22, 2024, at 9:00 a.m. ET (13:00 pm CEST) and hosts a live audiowebcast at 9:00 a.m. ET (15:00 p.m. CEST) the same day. Key Business Metrics Adjusted net revenue: up +11.6% to

Key Business Metrics Adjusted net revenue: up +5.6% to $9.47Bn (vs. $9.18Bn expected; $8.97Bn in Q2 2023) Adjusted diluted EPS: down -0.6% to $1.59 (vs. $1.57 expected; $1.60 in Q2 2023) Adjusted operating income margin: 38.6% (down -0.8pp vs. Q2 2023; +1.1pp ex-FX) Total volume: up +2.8% to 197.3Bn (heated

Key Business Metrics Adjusted net revenue: up +8.6% to $8.79Bn (vs. $8.47Bn expected; +11% ex-FX) Adjusted diluted EPS: up +8.7% to $1.50 (vs. $1.41 expected; +23.2% ex-FX) Adjusted operating income margin: 38.2% (up+0.9pp vs. Q1 2023; +3.7pp ex-FX; deceleration in SG&A growth) Total volume: up +3.6% to 180.5Bn (HnB volume:

Release date: April 23, 2024 (before the opening bell) Sell-side analyst expectations Revenue: $8.47Bn (+4.6% vs. $8.1Bn adjusted net revenue in Q1 2023; +5.6% vs. reported) EPS: $1.41 (+2.2% vs. $1.38 adjusted EPS in Q1 2023) Latest FY24 Guidance PMI first disclosed its FY24 guidance at the Q4 2023 earnings release (February

CAGNY Conference: February 2024 In an attempt to re-assure the market of its ability to deliver growth in reported basis (before endless FX adjustments), PMI admits that US strength has been a major headwind in the past few years (limiting its financial performance) while re-confirming its objective to generate growth

Key Business Metrics: Q4 2023 Revenue: up +8.3% to $9Bn (vs. $9Bn expected) Adjusted diluted EPS: up +12.2% to $1.36 (vs. $1.45 expected) Total volume: down -0.5% to 185.1Bn (HnB volume: +6.1% to 34Bn) Oral nicotine shipment volume: +23.4% to 219.6Mn cans Smoke-free revenue: up +13.6% to $3.6Bn => 39.3%

Release date: February 8, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.0Bn, EPS: $1.45 Latest FY23 Guidance PMI last updated its FY23 guidance at the time of the Q3 2023 Earnings release (October 19, 2023). – Reported diluted EPS: $4.95-$4.98 (down -15.5% vs. $5.81 in FY22) – Adj. diluted EPS,

Key Business Metrics Revenue: up +9.3% to $9.14Bn (vs. $9.2Bn expected). Surpassed the $9Bn threshold for the first-time Adjusted diluted EPS: up +20.3% to $1.67 (vs. $1.61 expected) Adjusted operating income margin: 40.8% (still 0.7pp below Q3 2022) Total volume: up +2.2% to 193.6Bn (HnB volume: +18% to 32.5Bn; cigarette

Release date: October 19, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.2Bn EPS: $1.61 (up +16% on adjusted, ex-currency basis) PMI last updated its Q3 2023 and FY23 guidance at the 2023 Investor Day (September 28, 2023; only 2 days before the end of the third quarter). Q3 2023 Guidance

September 2023 At the 2023 Investor Day, PMI announced that no share repurchases are foreseen in the 2024-26 period as it prioritizes debt reduction. By the end of 2026, PMI expects its leverage (Net Debt/Adj. EBITDA ratio) to be reduced to around 2x – which would be broadly in line

PMI will host an Investor Day on Sept 28, 2023 – the first one since Feb 2021. This is an opportunity for the PMI Management team to address the buy-side concerns and generate a wave of buying interest among the large money managers – thereby, helping PMI share price to

Philip Morris International (PMI) appointed Victoria Harker, an experienced US public-company CFO, to its Board of Directors (effective January 1, 2024). This appointment is important & meaningful. In our recent “PMI: Not All Roses” write-up, we highlighted financial planning & reporting issues as a major buy-side concern for the PMI shares. Thanks to

Sell-side analysts believe that Philip Morris International (PMI)’s healthy business fundamentals and encouraging growth outlook aren’t yet reflected in the share price. The average analyst target for PMI is around $114 – implying a 20% upside. Although the sell-side is pretty convinced, PMI share price struggles to break out to

Key Business Metrics Revenue: up +10.5% to $8.97Bn (expected $8.7Bn) Adjusted diluted EPS: up +16.9% to $1.60 (expected $1.48) Total volume: up +3.3% to 188.4Bn (HnB volume: +26.6% to 31.4Bn; cigarette volume: -0.4% to 157Bn) Smoke-free revenue: $3.2Bn => 35.4% of total revenue (2025 target: 50%) Key Highlights – Combustibles:

Guidance & Expectations EPS (adjusted diluted): $1.42-$1.47, including an unfavorable FX impact of $0.13/share (revised as “towards the top-end” at the DB conference) Heated Tobacco Volume: 30-32Bn units (revised as 31-32Bn units at the DB conference) Operating Income Margin: significant sequential improvement, up to 100 bps vs. Q1 2023 Analyst

Bottom-line results & Volume progression Revenue: up +3.2% to $8.02Bn in Q1 2023 (expected $8.11Bn) Adjusted diluted EPS: down -4.4% to $1.38 in Q1 2023 (expected $1.34) Total volume: down -1.1% to 171.1Bn units in Q1 2023 (HnB volume: +10.4% to 27.4Bn; +16% adj.) Smoke-free revenue: $2.8Bn => 34.9% of

Bottom-line results & Volume progression EPS: up +20.8% to $1.23 in Q4; up +11.9% to $5.34 in FY22 Total volume: +2.6% in Q4; 3.2% in FY22 (HnB volume: +37.5% in Q4; +21.5% in FY22) Adjusted figures: excluding Russia & Ukraine Operating Income: margin pressures FY22: 0.6% decline on an organic