Share Buybacks: Philip Morris International 

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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 with level before the Swedish Match acquisition. Thereafter, PMI would be in a position to re-initiate the share repurchase program.

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