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Charter and Comcast Announce Agreement to Leverage T-Mobile 5G for Wireless Business Customers
Charter and Comcast Announce Agreement to Leverage T-Mobile 5G for Wireless Business Customers

Yahoo

time17 hours ago

  • Business
  • Yahoo

Charter and Comcast Announce Agreement to Leverage T-Mobile 5G for Wireless Business Customers

PHILADELPHIA & STAMFORD, Conn. & BELLEVUE, Wash., July 22, 2025--(BUSINESS WIRE)--Charter (NASDAQ: CHTR) and Comcast (NASDAQ: CMCSA) today announced they have entered into a multi-year exclusive agreement with T-Mobile (NASDAQ: TMUS) to utilize its network to deliver mobile services to their business customers across the United States. Service is set to launch in 2026. Charter and Comcast's innovative wireless partnership will leverage the power of T-Mobile's advanced mobile network through a long-term Mobile Virtual Network Operator (MVNO) relationship. The MVNO will expand Charter's and Comcast's leadership in delivering wireline and wireless offerings supported by the nation's largest and fastest broadband and WiFi networks. Mobile services will be offered by Charter and Comcast under the Spectrum Mobile for Business and Comcast Business Mobile brands, respectively. "T-Mobile is pleased to work with Charter and Comcast to deliver their U.S. business customers connectivity on the mobile network with more new customer growth than any other network over the past five years," said Omar Tazi, T-Mobile EVP and Chief Product and Digital Officer. "This partnership complements what our T-Mobile for Business group already offers and expands the reach of T-Mobile's network to even more business customers beyond those we currently serve. This is truly a win-win as Charter and Comcast Business customers are benefitting from T-Mobile's advanced network and T-Mobile gains incremental value from the unique business segment that our partners serve today with broadband." "Comcast Business delivers advanced, converged solutions to business customers by uniting the scale of our nationwide WiFi network, gig-plus speeds, and the integration of top-tier 5G mobile capabilities," said Edward Zimmermann, President, Comcast Business. "Our capital-light partnership with T-Mobile further strengthens our growth strategy in wireless for business customers and provides them exceptional value." "Spectrum Mobile for Business offers a truly converged connectivity experience, combining gig-powered internet and superior WiFi service with a premium 5G mobile network," said Danny Bowman, Executive Vice President, Product, Charter Communications. "This partnership with T-Mobile will allow us to rapidly and cost-effectively bring even more value to our Spectrum Mobile business customers." Through their mobile businesses, Comcast and Charter have collectively grown to more than 18 million residential and business mobile lines since they introduced their services in 2017 and 2018, respectively. T-Mobile has been providing wireless services to MVNOs for more than 20 years, utilizing its deep expertise to deliver transformative solutions as a market leader in the MVNO space. Charter and Comcast will continue to develop wireless business solutions using the best of in-home WiFi, out-of-home WiFi, proprietary 5G cellular networks leveraging CBRS spectrum, and now multiple MVNO cellular networks.

Credit Card Giant Synchrony's Earnings Show U.S. Consumer 'In Pretty Good Shape'–As Long As Inflation Doesn't Spike
Credit Card Giant Synchrony's Earnings Show U.S. Consumer 'In Pretty Good Shape'–As Long As Inflation Doesn't Spike

Forbes

time18 hours ago

  • Business
  • Forbes

Credit Card Giant Synchrony's Earnings Show U.S. Consumer 'In Pretty Good Shape'–As Long As Inflation Doesn't Spike

Synchrony, which has 68 million active accounts, saw more consumers paying back their loans in the second quarter of 2025 versus last year. Jaque Silva/NurPhoto via Getty Images A mericans have more debt than they've ever had, making them vulnerable to defaulting on their loans if the economy turns south. New financial results from credit card issuer Synchrony show that U.S. borrowers are holding up fine, but if inflation rises sharply again, all bets are off. Synchrony is a Stamford, Connecticut-based bank that offers co-branded credit cards and point-of-sale loans for customers like Sam's Club, Lowe's and PayPal. One in every four American adults has a Synchrony card, the company says, so its financial performance gives us an inside look into consumers' financial health. The bank manages a book of $100 billion in loans and has a stock market value of $27 billion. Have a story tip? Contact Jeff Kauflin at jkauflin@ or on Signal at jeff.273. During the first two years of the pandemic, U.S. consumers became financially healthier than ever thanks to government stimulus checks and increased saving. But after inflation rose quickly in the years that followed, consumers strained to meet rising expenses, with lower-income consumers being particularly hard-hit. Default rates hit alarmingly high levels. In November 2024, nearly 8% of people with credit scores of 660 or below were at least 30 days late on their credit card payments. It was the highest delinquency rate seen among that group since January 2011, according to Moody's and Equifax. Synchrony saw a similar trend among its customers. The bank's charge-off rates, or the dollar amount of its loans it considers gone for good because consumers probably won't pay them back, went from 4.75% in the second quarter of 2023 to 6.42% a year later, sailing past the 6% maximum charge-off rate the company aims for. 'Since we hadn't experienced inflation for so long, lenders didn't have a large and modern set of data to react to it with a scientific or surgical approach,' says John Hecht, an analyst at Jefferies. In Synchrony's second quarter of 2025 earnings call on Tuesday, CEO Brian Doubles said more consumers are now paying back their loans than the company expected. 'They're still in pretty good shape. We're not seeing signs of weakness,' he said, adding that consumer spending is 'pretty strong.' Charge-offs fell from 6.4% in the first quarter of this year to 5.7%, and the number of people who were at least 30 days late on their payments fell, too. Synchrony's total book of loans shrank 2% in the second quarter of 2025 compared with a year ago. But Doubles has recently led Synchrony to start 'opening up the credit box,' or loosening its standards for doling out money. He expects faster growth in the second half of this year and next year. Doubles is optimistic, but his predictions 'exclude any potential impacts from the deteriorating macroeconomic environment, or from the implementation of tariffs or potential retaliatory tariffs, as their effects remain unknown,' Synchrony chief financial officer Brian Wenzel said on the call. In other words, if inflation jumps up, borrowers' plight will worsen quickly. An analyst from JPMorgan asked Doubles how he'll keep borrower defaults under control while relaxing lending standards. The CEO responded that lending 'has always been an art and a science.' He said he likes the credit trends he's seeing and is being selective in where to expand. Yet he also added, 'The most important part here now is what's going to happen with the economy and essentially a tariff situation.' Synchrony's customers are especially vulnerable to getting hurt by inflation, says TD Cowen analyst Moshe Orenbuch, because many have below-average credit scores. According to Synchrony, 28% of its credit card customers had FICO scores below 650 as of March 2025. The company touted a few new products and customers that it expects will drive higher growth. That included a new buy-now, pay-later product for Amazon users, a physical PayPal credit card and two credit cards for Walmart's digital bank, OnePay. Walmart was a long-time Synchrony customer until 2018, when the retail giant switched to Capital One. Back then, Synchrony managed $10 billion in loans for Walmart. Doubles said Walmart will eventually become one of Synchrony's top five customers now that it has won back that credit card business. After the earnings call, Synchrony's stock closed up 1.8% for the day. So far in 2025, its stock has risen 8.7%, according to FactSet, compared with 7.3% for the S&P 500.

U.S. Firms Seek Google Partners to Drive AI, Cloud Projects
U.S. Firms Seek Google Partners to Drive AI, Cloud Projects

Yahoo

timea day ago

  • Business
  • Yahoo

U.S. Firms Seek Google Partners to Drive AI, Cloud Projects

Provider ecosystem helps companies build, manage complex cloud environments for more autonomous, automated operations, ISG Provider Lens® report says STAMFORD, Conn., July 22, 2025--(BUSINESS WIRE)--Enterprises in the U.S. are increasingly adopting Google Cloud services, with the help of service providers, as their cloud strategies evolve beyond basic infrastructure, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm. The 2025 ISG Provider Lens® Google Cloud Partner Ecosystem report for the U.S. finds that companies are engaging Google partners to take advantage of Google Cloud's strengths in AI, data modernization, analytics, security and scalable infrastructure. These capabilities are helping organizations adopt and modernize cloud environments, navigate the complexity of cloud computing and use generative AI to achieve tangible business outcomes. "Rapidly growing use of GenAI and agentic AI is the biggest driver of increasing cloud budgets at U.S. enterprises," said Bill Huber, ISG partner, digital platforms and solutions. "To carry out AI transformations on Google Cloud, companies need partners with advanced GenAI expertise who know how to accelerate and cost-optimize those transformations." Service providers are guiding companies through AI adoption and ongoing development using Google's AI stack, including Gemini models, the Vertex platform and AI-optimized Google infrastructure, the report says. A growing number of enterprises are working with partners to develop custom AI agents and industry solutions using platforms such as Google Agentspace. U.S. companies remain focused on responsible AI practices, and providers are helping them deploy GenAI responsibly using Vertex. Enterprises are also applying AI tools, including Gemini, to essential data management projects, ISG says. They are using AI to automate complex tasks such as code translation, schema mapping and data validation as companies migrate from siloed data systems to unified platforms that handle diverse data types and workloads. Data management is becoming more autonomous, with AI assisting in performance tuning, detection of anomalies and cost optimization. As U.S. companies increasingly build complex multicloud environments, Google ecosystem providers are helping clients assess their readiness, design an architecture and adopt cloud-native technologies, the report says. Enterprises are moving beyond simple lift-and-shift cloud migrations and instead replatforming applications into containers using Google Kubernetes Engine. Increasingly, organizations use AI-based tools for cloud project assessment and planning. A growing number of companies are adopting Google Cloud VMware Engine in the aftermath of Broadcom's 2023 acquisition of VMware and overhauling of its licensing model, the report says. U.S. enterprises see GCVE as a stable and cost-efficient alternative that lets them rapidly migrate VMware environments to Google Cloud, and many service providers are building up significant GCVE migration practices. "Many U.S. enterprises see Google's cloud portfolio and its extensive provider ecosystem as a powerful combination for creating value through cloud migration," said Tapati Bandopadhyay, lead author of the report. "As AI transforms both cloud tools and enterprise operations, they are likely to gain even greater benefits." The report also explores other Google Cloud ecosystem trends in the U.S., including increasing migration of Oracle workloads to Google Cloud and the rising importance of FinOps frameworks to rein in cloud expenses. For more insights into the Google Cloud-related challenges U.S. enterprises face, and ISG's advice for addressing them, see the ISG Provider Lens® Focal Points briefing here. The 2025 ISG Provider Lens® Google Cloud Partner Ecosystem report for the U.S. evaluates the capabilities of 35 providers across four quadrants: Google Cloud Professional Services (Consulting and Migration), Google Cloud Managed Services, Google Cloud Enterprise Data Infrastructure Services and Google Cloud GenAI and AI Services. The report names Accenture, Capgemini, Cognizant, Deloitte, HCLTech, LTIMindtree, Persistent Systems, Rackspace Technology, TCS, Tech Mahindra and Wipro as Leaders in all four quadrants. It names Genpact, PwC and Quantiphi as Leaders in three quadrants each. In addition, Hexaware and Mphasis are named as Rising Stars — companies with a "promising portfolio" and "high future potential" by ISG's definition — in three quadrants each. DXC Technology and NTT DATA are named as Rising Stars in one quadrant each. In the area of customer experience, Persistent Systems is named the global ISG CX Star Performer for 2025 among Google Cloud Partners Ecosystem providers. Persistent Systems earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry. Customized versions of the report are available from Cognizant and Hexaware. The 2025 ISG Provider Lens® Google Cloud Partner Ecosystem report for the U.S. is available to subscribers or for one-time purchase on this webpage. About ISG Provider Lens® Research The ISG Provider Lens® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. About ISG ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world's top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments. View source version on Contacts Press Contacts:Laura Hupprich, ISG+1 203 517 Julianna Sheridan, Matter Communications for ISG+1 978-518-4520isg@ Sign in to access your portfolio

Philip Morris: Q2 Earnings Snapshot
Philip Morris: Q2 Earnings Snapshot

Yahoo

timea day ago

  • Business
  • Yahoo

Philip Morris: Q2 Earnings Snapshot

STAMFORD, Conn. (AP) — STAMFORD, Conn. (AP) — Philip Morris International Inc. (PM) on Tuesday reported second-quarter earnings of $3.04 billion. The Stamford, Connecticut-based company said it had profit of $1.95 per share. Earnings, adjusted for one-time gains and costs, were $1.91 per share. The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share. Philip Morris expects full-year earnings in the range of $7.43 to $7.56 per share. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on PM at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Philip Morris International Reports 2025 Second Quarter & First Six-Months Results and Raises Full-Year Guidance; Second Quarter Reported Diluted EPS Grew 26.6% to $1.95, Adjusted Diluted EPS Grew 20.1% to $1.91, and by 18.9% excluding currency
Philip Morris International Reports 2025 Second Quarter & First Six-Months Results and Raises Full-Year Guidance; Second Quarter Reported Diluted EPS Grew 26.6% to $1.95, Adjusted Diluted EPS Grew 20.1% to $1.91, and by 18.9% excluding currency

Yahoo

timea day ago

  • Business
  • Yahoo

Philip Morris International Reports 2025 Second Quarter & First Six-Months Results and Raises Full-Year Guidance; Second Quarter Reported Diluted EPS Grew 26.6% to $1.95, Adjusted Diluted EPS Grew 20.1% to $1.91, and by 18.9% excluding currency

STAMFORD, CT, July 22, 2025--(BUSINESS WIRE)--Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 second quarter results.1 "Our business delivered very strong results in the second quarter, with record net revenues and exceptional growth in operating income and adjusted diluted EPS," said Jacek Olczak, Chief Executive Officer."These results reflect excellent momentum in our multicategory smoke-free business, with a reacceleration of IQOS adjusted in-market sales growth and ZYN U.S. offtake growth, coupled with combustibles resilience. Given our strong year-to-date performance, we are raising our full-year guidance." _____________________________ 1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the "Non-GAAP Measures, Glossary and Explanatory Notes" section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2025, and at Results Highlights - Second Quarter 2025 Smoke-free business (SFB): Our smoke-free business accounted for 41% of total net revenues (up by 2.9pp vs. Q2 last year) and over 42% of total gross profit (up by 3.8pp vs. Q2 last year). Our smoke-free products are now available in 97 markets, nearly half of which have at least two of our three flagship brands (IQOS, ZYN and VEEV) available for sale, including 20 markets with all three. Our SFB continues to deliver superior performance, with shipment volumes up by 11.8%, net revenues growing by 15.2% (14.5% organically) and gross profit increasing by 23.3% (21.5% organically). Inhalable smoke-free products (SFP): Our international smoke-free portfolio is centered on IQOS, which exceeded 3 billion dollars in quarterly net revenues. It continues to strengthen its overall position as the second largest nicotine 'brand' in markets where present (gaining 1.0pp of combined cigarette and HTU industry volumes to reach 9.2% share) and is driving the growth of the global heat-not-burn category, where PMI holds approximately 76% volume share. HTU adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler inventory movements, reaccelerated back to double-digit growth of 11.4%, driven by our commercial initiatives, and notable improvement in Europe as the impact of the characterizing flavor ban subsides in affected markets. In Japan, IQOS reached over 10 million legal-age consumers. IQOS HTU adjusted market share increased by 2.3pp to 31.7% with both TEREA and SENTIA further strengthening their #1 and #3 positions, notwithstanding increased competitive intensity. Adjusted IMS grew by an estimated 7.8% against a strong prior year comparator, which included the introduction of ILUMA i. In Europe, adjusted IMS growth reaccelerated to an estimated 9.1%, with Italy a notable strong performer as well as impressive broad-based growth across markets including Germany, Greece, Romania, Bulgaria and Spain. This was fueled by the continued roll-out of ILUMA i and expansion of the consumables portfolio, including the further roll-out of DELIA and new variants of tobacco-free LEVIA. IQOS HTU adjusted market share increased by 1.2pp to 10.9%, with offtake share exceeding 20% in key cities of 12 markets. Outside Europe and Japan, strong adjusted IMS growth continued and offtake share increased in key cities across the globe, including Jakarta, Mexico City, Tunis, Riyadh, Kuala Lumpur, and Seoul. Following promising results of the BONDS by IQOS pilot, a broader roll-out in Indonesia has commenced in the latter half of the quarter. In the e-vapor category, VEEV continued its increasingly profitable growth, and is now available in 42 markets. Shipment volumes more than doubled, driven by Europe. Within the closed pods segment, VEEV holds the #1 position in 6 European markets, including Greece and Italy. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner, as illustrated by the recently launched innovation VEEV inPrime, which offers superior consumer experience and an optimized pod cost. Oral SFP: Shipment volume increased by 23.8% in pouch or pouch equivalents (26.5% in cans), fueled by nicotine pouches, which more than doubled outside the U.S. and Nordics, and in the U.S. grew by over 40% to 190 million cans. In the U.S., ZYN reaccelerated its offtake growth to approximately 36% in June, and 26% in Q2 overall as measured by Nielsen. This reflects the strength of the brand as in-store availability improved and legal-age consumers regain access to the full ZYN portfolio offering. Restocking was effectively completed in the first-half, with the estimated impact slightly lower than initially expected. To further grow the brand and nicotine pouch category overall, commercial activities were reaccelerated towards the end of the quarter. The growth of the international nicotine pouch business was fueled by strong offtake and geographic expansion. The category is nascent in the majority of markets and our focus is on switching legal-age smokers with a relevant product portfolio. Global Travel Retail, Pakistan, the UK, South Africa, Mexico and Poland delivered strong performances. Following further launches, ZYN is now available in 44 markets. Combustibles: Notwithstanding the expected return to volume declines, net revenues grew by 2.1% (up 2.0% organically) fueled by strong pricing, partly offset by negative mix dynamics. This drove another quarter of robust gross profit growth of 5.0% (4.8% organically). Marlboro continues to gain market share, achieving its highest quarterly market share since the 2008 spin. Our overall cigarette category share was broadly stable. Dividend: Declared regular quarterly dividend of $1.35 per share, or an annualized $5.40 per share. Performance Highlights - Second Quarter 2025 Total PMI SFP HTU Oral SFP E-vapor2 Cigarettes Total Shipment Volume (units bn) 200.1 44.8 38.8 5.2 0.9 155.2 vs. Q2 2024 1.2% 11.8% 9.2% 23.8% +100% (1.5)% PMI Smoke-Free Business Combustibles Net Revenues ($ bn) $10.1 $4.2 $6.0 reported vs. Q2 2024 7.1% 15.2% 2.1% organic vs. Q2 2024 6.8% 14.5% 2.0% Gross Profit ($ bn) $6.9 $2.9 $4.0 reported vs. Q2 2024 12.1% 23.3% 5.0% organic vs. Q2 2024 11.2% 21.5% 4.8% Operating Income ($ bn) $3.7 reported vs. Q2 2024 7.8% organic vs. Q2 2024 14.9% Reported Diluted EPS Adjusting Items3 Adjusted Diluted EPS Currency Impact Adj. Diluted EPS ex. Currency EPS $1.95 $0.04 $1.91 $0.02 $1.89 vs. Q2 2024 26.6% 20.1% 18.9% Performance Highlights - First Six Months 2025 Total PMI SFP HTU Oral SFP E-vapor2 Cigarettes Total Shipment Volume (units bn) 387.9 87.9 75.9 10.5 1.5 300.0 vs. YTD 2024 2.5% 13.1% 10.5% 25.5% +100% (0.3)% PMI Smoke-Free Business Combustibles Net Revenues ($ bn) $19.4 $8.1 $11.4 reported vs. YTD 2024 6.5% 15.1% 1.1% organic vs. YTD 2024 8.4% 17.3% 2.9% Gross Profit ($ bn) $13.1 $5.6 $7.5 reported vs. YTD 2024 12.0% 25.4% 3.6% organic vs. YTD 2024 13.5% 27.0% 5.0% Operating Income ($ bn) $7.3 reported vs. YTD 2024 11.8% organic vs. YTD 2024 15.4% Reported Diluted EPS Adjusting Items3 Adjusted Diluted EPS Currency Impact Adj. Diluted EPS ex. Currency EPS $3.67 $0.07 $3.60 $(0.05) $3.65 vs. YTD 2024 25.7% 16.1% 17.7% _____________________________ 2 One milliliter of e-vapor liquid equivalent to 10 units; 2024 volumes in billions of units: Q1 0.3, Q2 0.4, Q3 0.5, Q4 0.5 3 For a list of adjusting items refer to additional information section of this release Note: Sums might not foot to total due to rounding. 2025 Full-Year Forecast Full-Year 2025 Forecast 2024 Growth Reported Diluted EPS $7.24 - $7.37 $ 4.52 Adjustments: Restructuring charges(1) 0.13 0.10 Impairment of goodwill and other intangibles 0.03 0.01 Amortization of intangibles(2) 0.50 0.40 Loss on sale of Vectura Group — 0.13 Egypt sales tax charge — 0.03 Megapolis localization tax impact — 0.05 Income tax impact associated with Swedish Match AB financing (0.24) 0.14 Impairment related to the RBH equity investment — 1.49 Fair value adjustment for equity security investments (0.26) (0.27) Tax items 0.03 (0.03) Total Adjustments 0.19 2.05 Adjusted Diluted EPS $7.43 - $7.56 $ 6.57 13% - 15% Less: Currency 0.10 Adjusted Diluted EPS, excluding currency $7.33 - $7.46 $ 6.57 11.5% - 13.5% (1) 2025 amount reflects pre-tax restructuring charges of $243 million ($200 million net of income tax) incurred in Q2 with respect to manufacturing footprint optimization in Germany (2) See forecast assumptions for details Reported diluted EPS is forecast to be in a range of $7.24 to $7.37, at prevailing exchange rates, versus reported diluted EPS of $4.52 in 2024. Excluding a total 2025 adjustment of $0.19 per share, this forecast represents a projected increase of 13% to 15% versus adjusted diluted EPS of $6.57 in 2024. Also excluding a favorable currency impact of $0.10, at prevailing exchange rates, this forecast represents a projected increase of 11.5% to 13.5% versus adjusted diluted EPS of $6.57 in 2024, as outlined in the above table. 2025 Full-Year Forecast Assumptions This forecast assumes: An estimated total international industry volume decline of around 1% for cigarettes and HTUs, excluding China and the U.S.; Total cigarette and smoke-free product shipment volume growth for PMI of around 1%. We continue to expect smoke-free product volume growth of 12% to 14%, partly offset by cigarette volume declines which we now forecast to be around 2%. SFP volume growth continues to assume absolute growth in HTU adjusted IMS volumes at a similar level to 2024, translating into 10% to 12% growth, with the HTU shipment growth rate broadly in line subject to shipment timing and trade inventory movements, and U.S. nicotine pouch shipment volume of 800 to 840 million cans; Net revenue growth of around 6% to 8% on an organic basis; Organic operating income growth of 11% to 12.5%; Full-year amortization of acquired intangibles of $0.50 per share, including the amortization of IQOS commercialization rights in the U.S. related to the agreement to end our commercial relationship with Altria Group, Inc. covering IQOS in the U.S.; An effective tax rate, excluding discrete tax events, of approximately 22% to 23%; Operating cash flow of approximately $11.5 billion at prevailing exchange rates, subject to year-end working capital requirements; Capital expenditures of around $1.6 billion, almost entirely due to investments supporting the smoke-free business; Further net debt to adjusted EBITDA ratio improvement as we continue to target a ratio of around 2x by the end of 2026; No dividend income from Rothmans, Benson & Hedges Inc., our deconsolidated Canadian affiliate; No share repurchases in 2025; and Third quarter adjusted diluted EPS of $2.08 to $2.13, including an estimated favorable currency impact of 5 cents at prevailing exchange rates. Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections. Conference Call A conference call hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on July 22, 2025. Access the webcast at Operating Review - Second Quarter 2025 Net Revenues (in millions) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas 2024 9,468 3,895 2,771 1,673 1,129 Price 420 211 174 11 24 Volume/Mix 225 75 (34) 15 169 Other (5) — (4) — (1) Acquisitions & Divestitures (39) (39) — — — Currency 71 92 19 9 (49) 2025 10,140 4,234 2,926 1,708 1,272 vs. Q2 2024 7.1% 8.7% 5.6% 2.1% 12.7% Organic growth 6.8% 7.3% 4.9% 1.6% 17.0% Operating Income (in millions) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas 2024 3,444 1,617 891 753 183 Price 420 211 174 11 24 Volume/Mix 301 41 57 49 154 Cost/Other (507) (308) (76) 11 (134) Acquisitions & Divestitures 23 11 12 — — Currency 31 96 (58) 29 (36) 2025 3,712 1,668 1,000 853 191 vs. Q2 2024 7.8% 3.2% 12.2% 13.3% 4.4% Adjustments* (534) (331) (4) (1) (198) 2025 Adjusted OI 4,246 2,000 1,004 853 389 vs. Q2 2024 16.1% 19.6% 12.1% 13.3% 16.1% Organic growth 14.9% 13.8% 17.2% 9.4% 26.9% 2024 Adjusted OI Margin 38.6% 42.9% 32.3% 45.0% 29.7% 2025 Adjusted OI Margin 41.9% 47.2% 34.3% 49.9% 30.6% vs. Q2 2024 3.3pp 4.3pp 2.0pp 4.9pp 0.9pp Organic growth 3.0pp 2.6pp 3.8pp 3.5pp 2.5pp (*) For a list of adjusting items refer to additional information section of this release or Schedules 7 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. HTU & Cigarette Shipments (m units) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas Heated Tobacco Units 38,810 14,292 7,863 16,451 204 vs. Q2 2024 9.2% 10.5% 13.3% 6.3% 3.0% Cigarettes 155,248 40,775 87,464 11,879 15,130 vs. Q2 2024 (1.5)% (6.2)% 0.1% 0.1% 1.6% Total 194,058 55,067 95,327 28,330 15,334 vs. Q2 2024 0.5% (2.4)% 1.1% 3.6% 1.6% Oral SFP Shipments (m cans) Total PMI Europe SSEA, CIS & MEA ... EA, AU & PMI GTR Americas Nicotine Pouches 214.7 15.5 6.0 1.9 191.3 vs. Q2 2024 43.3% 31.0% +100% +100% 41.6% Snus 59.6 54.6 — 4.4 0.6 vs. Q2 2024 1.4% (5.9)% — — (23.1)% Moist Snuff 33.4 — — — 33.4 vs. Q2 2024 (2.1)% — — — (2.1)% Other Oral SFP 0.7 0.7 — — — vs. Q2 2024 (26.9)% (26.9)% — — — Total 308.4 70.8 6.0 6.3 225.3 vs. Q2 2024 26.5% —% +100% +100% 32.5% Note: U.S. travel retail volumes of approximately 2.5 million nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Total PMI Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable. PMI's shipment volume increased by 1.2% with SFP volumes up by 11.8%, with all SFP categories growing strongly, and cigarette volumes down by 1.5% largely driven by Turkey and Indonesia. Net revenues increased by 6.8% on an organic basis, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes. Adjusted operating income increased by 14.9% on an organic basis, mainly reflecting the same factors as for net revenues, partly offset by higher marketing, administration and research costs. Europe The estimated market for cigarettes and HTUs decreased by 1.2% to 136.7 billion units, with a 2.8% decrease for cigarettes and continued HTU growth. Notable decreases in Poland (down by 7.8%), Ukraine (down by 7.6%), and the Netherlands (down by 23.5%) were partly offset by Germany (up by 6.5%) and Italy (up by 4.0%). PMI's shipment volume decreased by 1.7% with cigarettes down by 6.2%, including unfavorable inventory movements in France and Italy, and SFP up by 11.7%. PMI's cigarette and HTU shipment volume decreased by 2.4% to 55.1 billion units, predominantly due to decreases in France (down by 17.5%), Italy (down by 4.1%), and Poland (down by 4.6%) driven by cigarette shipments. PMI HTUs share of the total cigarette and HTU market increased by 1.2pp on an adjusted basis. Net revenues increased by 7.3% on an organic basis, reflecting a favorable pricing variance driven by higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes. Adjusted operating income increased by 13.8% on an organic basis, primarily reflecting the same factors as for net revenues. SSEA, CIS & MEA The estimated market for cigarettes and HTUs increased by 0.8% to 392.6 billion units, mainly due to Egypt (up by 17.9%), India (up by 10.5%), and Turkey (up by 4.3%), partly offset by Indonesia (down by 7.0%) and Bangladesh (down by 8.9%). PMI's shipment volume increased by 1.2% with SFP up by 14.8%, and cigarettes broadly stable. PMI's cigarette and HTU shipment volume increased by 1.1% to 95.3 billion units, with increases in India (up by 41.9%) and the Philippines (up 8.0%), partly offset by Turkey (down by 8.0% due to supply chain issues following a change in regulatory requirements) and Indonesia (down by 3.7%). PMI's HTU adjusted in-market sales volume, fueled by broad growth across the region, increased by an estimated 19.8%. Net revenues increased by 4.9% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; while higher cigarette and HTU volume was offset by unfavorable cigarette mix due to the below mentioned commercial model change in Indonesia. A change in our commercial model for the below tier-one cigarette segment in Indonesia in the fourth quarter of 2024 resulted in lower net revenue growth, with no meaningful impact on operating income. Adjusted operating income increased by 17.2% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing, as well as higher cigarette and HTU volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf). East Asia, Australia & PMI Global Travel Retail The estimated market for cigarettes and HTUs, excluding China, decreased by 0.7% to 79.8 billion units, with a decrease in cigarettes largely offset by HTU growth. The decrease in the estimated market was mainly driven by Australia (down by 50.2%) and South Korea (down by 2.4%), partly offset by Global Travel Retail (up by 7.8%). PMI's shipment volume increased by 4.1% with SFP up by 7.2%, and cigarettes broadly stable. PMI's cigarette and HTU shipment volume increased by 3.6% to 28.3 billion units with growth in Global Travel Retail (up by 23.0%) and Japan (up by 2.9%), partly offset by Australia (down by 83.4% predominantly due to shipment phasing). PMI's HTU adjusted in-market sales volume increased by an estimated 9.6%. Net revenues increased by 1.6% on an organic basis, predominantly reflecting a favorable volume/mix, driven by higher smoke-free products volume. Adjusted operating income increased by 9.4% on an organic basis, driven by the same factor as for net revenues. Americas The estimated market for cigarettes and HTUs, excluding the U.S., decreased by 0.7% to 45.3 billion units, predominantly reflecting a decrease in the cigarette market. The decrease was mainly due to Canada (down by 11.3%) and Brazil (down by 1.6%), partly offset by Argentina (up by 8.3%) and Mexico (up by 3.6%). PMI's shipment volume increased by 6.2% with SFP up by 30.2%, and cigarettes up by 1.6%. PMI's cigarette and HTU shipment volume increased by 1.6% to 15.3 billion units, with increases in Argentina (up by 12.3%) and Mexico (up by 2.3%), partly offset by decreases in Brazil (down by 2.7%) and Colombia (down by 7.9%). Oral SFP shipments increased by 32.5% to 225 million cans, predominantly driven by ZYN nicotine pouches in the U.S. Net revenues increased by 17.0% on an organic basis, primarily reflecting: favorable volume/mix, predominantly driven by nicotine pouches in the U.S. Adjusted operating income increased by 26.9% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs, including incremental U.S. investments. Operating Review - First Six Months 2025 Net Revenues (in millions) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas 2024 18,261 7,350 5,429 3,357 2,125 Price 946 427 342 33 144 Volume/Mix 602 155 (30) 102 375 Other (11) — (3) — (8) Acquisitions & Divestitures (88) (88) — — — Currency (269) (50) (69) (53) (97) 2025 19,441 7,794 5,669 3,439 2,539 vs. YTD 2024 6.5% 6.0% 4.4% 2.4% 19.5% Organic growth 8.4% 7.9% 5.7% 4.0% 24.0% Operating Income (in millions) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas 2024 6,489 3,028 1,663 1,516 282 Price 946 427 342 33 144 Volume/Mix 751 87 134 184 346 Cost/Other (914) (497) (212) 28 (233) Acquisitions & Divestitures 66 35 31 — — Currency (82) 25 (38) 5 (74) 2025 7,256 3,105 1,920 1,766 465 vs. YTD 2024 11.8% 2.5% 15.5% 16.5% 64.9% Adjustments* (780) (374) (8) (1) (396) 2025 Adjusted OI 8,036 3,480 1,928 1,767 861 vs. YTD 2024 14.5% 10.0% 15.2% 16.5% 30.3% Organic growth 15.4% 9.6% 15.7% 16.2% 41.5% 2024 Adjusted OI Margin 38.4% 43.1% 30.8% 45.2% 31.1% 2025 Adjusted OI Margin 41.3% 44.6% 34.0% 51.4% 33.9% vs. YTD 2024 2.9pp 1.5pp 3.2pp 6.2pp 2.8pp Organic growth 2.5pp 0.6pp 2.9pp 5.3pp 4.4pp (*) For a list of adjusting items refer to additional information section of this release or Schedules 8 and 9 in Exhibit 99.2 to the Form 8-K dated July 22, 2025. HTU & Cigarette Shipments (m units) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas Heated Tobacco Units 75,899 27,364 14,365 33,815 355 vs. YTD 2024 10.5% 12.7% 10.4% 8.8% 12.7% Cigarettes 300,001 76,113 171,208 23,274 29,406 vs. YTD 2024 (0.3)% (5.5)% 2.2% (0.7)% 0.6% Total 375,900 103,477 185,573 57,089 29,761 vs. YTD 2024 1.7% (1.3)% 2.8% 4.7% 0.7% Oral SFP Shipments (m cans) Total PMI Europe SSEA, CIS & MEA EA, AU & PMI GTR Americas Nicotine Pouches 438.1 30.5 10.5 2.9 394.1 vs. YTD 2024 48.2% 26.9% +100% +100% 47.8% Snus 119.8 111.1 — 7.5 1.2 vs. YTD 2024 (0.4)% (6.5)% — — (17.5)% Moist Snuff 67.0 — — — 67.0 vs. YTD 2024 (2.2)% — — — (2.2)% Other Oral SFP 1.3 1.3 — — — vs. YTD 2024 (34.2)% (34.8)% — — — Total 626.3 142.9 10.5 10.4 462.4 vs. YTD 2024 28.8% (1.3)% +100% +100% 37.3% Note: U.S. travel retail volumes of approximately 2.9 million nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Total PMI Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable. PMI's shipment volume increased by 2.5% with smoke-free volumes up by 13.1%, with all SFP categories growing strongly, and cigarette volumes down by 0.3%. Net revenues increased organically by 8.4%, mainly reflecting: a favorable pricing variance, predominantly due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free volume, notwithstanding unfavorable mix and lower volumes for cigarettes. Adjusted operating income increased by 15.4% on an organic basis, reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs as well as manufacturing costs. Europe PMI's shipment volume decreased by 0.7% with cigarettes down by 5.5% and smoke-free up by 13.2%. Net revenues increased organically by 7.9%, reflecting a favorable pricing variance, predominantly due higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding unfavorable mix and lower volumes for cigarettes. Adjusted operating income increased by 9.6% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs. SSEA, CIS & MEA PMI's shipment volume increased by 2.9% with smoke-free up by 11.7% and cigarettes up by 2.2%. Net revenues increased organically by 5.7%, mainly reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; while higher cigarette and SFP volume was offset by unfavorable cigarette mix due to an already mentioned commercial model change in Indonesia. Adjusted operating income increased by 15.7% on an organic basis, primarily reflecting: a favorable pricing variance as well as higher cigarette and SFP volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf). East Asia, Australia & PMI Global Travel Retail PMI's shipment volume increased by 5.1% with smoke-free up by 9.6% and cigarettes down by 0.7%. Net revenues increased 4.0% organically, primarily due to favorable volume/mix, driven by SFP volume. Adjusted operating income increased 16.2% organically, reflecting the same factors as for net revenues. Americas PMI's shipment volume increased by 6.1% with smoke-free up by 35.3% and cigarettes up by 0.6%. Net revenues increased 24.0% organically, reflecting: favorable volume/mix, driven by SFP volume, as well as favorable pricing variance, due to U.S. smoke-free products and cigarettes outside of the U.S. Adjusted operating income increased by 41.5% organically, due to the same factors as for net revenues, partly offset by higher marketing, administration and research costs as well as manufacturing costs. Additional Information Second Quarter First Six Months 2025 2024 2025 2024 $ 1.95 $ 1.54 Reported Diluted EPS $ 3.67 $ 2.92 0.13 — Restructuring charges 0.13 0.09 0.03 — Impairment of goodwill and other intangibles 0.03 0.01 0.12 0.11 Amortization of intangibles 0.24 0.17 (0.18 ) 0.02 Income tax impact associated with Swedish Match AB financing (0.24 ) 0.09 (0.17 ) (0.08 ) Fair value adjustment for equity security investments (0.26 ) (0.15 ) 0.03 — Tax items 0.03 (0.03 ) $ 1.91 $ 1.59 Adjusted Diluted EPS $ 3.60 $ 3.10 0.02 Less: Currency (0.05 ) $ 1.89 $ 1.59 Adjusted Diluted EPS, excluding Currency $ 3.65 $ 3.10 Second Quarter Change Fav./(Unfav.) Variance Fav./(Unfav.) 2025 2024 Total &Acq./Div. Total Cur-rency Acq./ Div. Price Vol/Mix Cost/Other (in millions) Net Revenues $10,140 $9,468 7.1 % 6.8 % 672 71 (39 ) 420 225 (5 ) Cost of Sales(1) (3,279 ) (3,345 ) 2.0 % 1.5 % 66 (26 ) 43 — 76 (27 ) Marketing, Administration and Research Costs(2) (3,108 ) (2,679 ) (16.0 )% (16.2 )% (429 ) (14 ) 19 — — (434 ) Impairment of Goodwill (41 ) — — % — % (41 ) — — — — (41 ) Operating Income $3,712 $3,444 7.8 % 6.2 % 268 31 23 420 301 (507 ) Restructuring charges (243 ) — — % — % (243 ) — — — — (243 ) Amortization of intangibles (250 ) (212 ) (17.9 )% (22.6 )% (38 ) — 10 — — (48 ) Impairment of goodwill (41 ) — — % — % (41 ) — — — — (41 ) Adjusted Operating Income $4,246 $3,656 16.1 % 14.9 % 590 31 13 420 301 (175 ) Adjusted Operating Income Margin 41.9 % 38.6 % 3.3 pp 3.0 pp (1) Includes $6 million in 2025 and $16 million in 2024 related to the special items below. (2) Includes $528 million in 2025 and $196 million in 2024 related to the special items below. First Six Months Change Fav./(Unfav.) Variance Fav./(Unfav.) 2025 2024 Total &Acq./Div. Total Cur-rency Acq./ Div. Price Vol/Mix Cost/Other (in millions) Net Revenues $19,441 $18,261 6.5 % 8.4 % 1,180 (269 ) (88 ) 946 602 (11 ) Cost of Sales (1) (6,319 ) (6,540 ) 3.4 % 0.7 % 221 80 92 — 149 (100 ) Marketing, Administration and Research Costs (2) (5,825 ) (5,232 ) (11.3 )% (14.6 )% (593 ) 107 62 — — (762 ) Impairment of Goodwill (41 ) — — % — % (41 ) — — — — (41 ) Operating Income $7,256 $6,489 11.8 % 12.1 % 767 (82 ) 66 946 751 (914 ) Restructuring charges (243 ) (168 ) (44.6 )% (44.6 )% (75 ) — — — — (75 ) Impairment of goodwill and other intangibles (41 ) (27 ) (51.9 )% -(100 )% (14 ) — 26 — — (40 ) Amortization of intangibles (496 ) (332 ) (49.4 )% (55.7 )% (164 ) — 21 — — (185 ) Adjusted Operating Income $8,036 $7,016 14.5 % 15.4 % 1,020 (82 ) 19 946 751 (614 ) Adjusted Operating Income Margin 41.3 % 38.4 % 2.9 pp 2.5 pp (1) Includes $11 million in 2025 and $32 million in 2024 related to the special items below. (2) Includes $769 million in 2025 and $495 million in 2024 related to the special items below. Second Quarter First Six Months 2025 2024 Change (pp) 2025 2024 Change (pp) Total International Market Share(1) 29.2% 28.8% 0.4 29.1% 28.5% 0.6 Cigarettes 23.4% 23.7% (0.3) 23.4% 23.4% — HTU 5.7% 5.1% 0.6 5.7% 5.1% 0.6 Cigarette over Cigarette Market Share(2) 25.4% 25.5% (0.1) 25.3% 25.1% 0.2 (1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan (2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan Note: Sum of share of market by product categories might not foot to total due to rounding. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. As of June 30, 2025, our smoke-free products were available for sale in 97 markets, and PMI estimates they were used by over 41 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41% of PMI's first-half 2025 total net revenues. Since 2008, PMI has invested over $14 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match's General snus and ZYN nicotine pouches and versions of PMI's IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness and healthcare areas and aims to enhance life through the delivery of seamless health experiences. References to "PMI", "we", "our" and "us" mean Philip Morris International Inc., and its subsidiaries. For more information, please visit and Forward-Looking and Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI. PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance. PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the second quarter ended June 30, 2025, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations. Non-GAAP Measures, Glossary and Explanatory Notes Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated July 22, 2025, and at A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available. Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI's revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI's business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management. Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. Appendix 1 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Key Market Data Second Quarter Market Cigarette & HTU Market (bn units) PMI Shipments (bn units) PMI Market Share(2) (%) Cigarette & HTU Cigarette HTU Cigarette & HTU HTU 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 pp Change 2025 2024 pp Change Total(1)(2) 654.5 654.0 0.1 194.1 193.2 0.5 155.2 157.6 (1.5) 38.8 35.5 9.2 29.2 28.8 0.4 5.7 5.1 0.6 Europe France 6.4 6.7 (4.5) 2.7 3.3 (17.5) 2.7 3.3 (17.4) — — — 40.5 41.5 (1.0) 0.5 0.6 (0.1) Germany(3) 18.4 17.3 6.5 6.9 6.8 0.6 5.6 5.8 (2.3) 1.2 1.1 16.5 37.9 39.0 (1.1) 6.8 6.0 0.8 Italy(3) 18.9 18.1 4.0 10.1 10.6 (4.1) 7.0 8.0 (12.5) 3.1 2.5 22.2 53.4 53.6 (0.2) 17.7 16.7 1.0 Poland(3) 13.8 15.0 (7.8) 6.2 6.5 (4.6) 4.8 5.1 (5.2) 1.3 1.4 (2.2) 45.2 43.5 1.7 9.9 9.2 0.7 Spain 11.2 11.2 — 3.5 3.5 1.0 3.1 3.2 (1.9) 0.4 0.3 35.3 29.7 29.1 0.6 3.4 2.6 0.8 SSEA, CIS & MEA Egypt 22.6 19.1 17.9 6.7 6.7 0.8 6.4 6.3 1.2 0.3 0.3 (7.3) 29.6 34.3 (4.7) 1.8 1.9 (0.1) Indonesia(4) 60.4 65.0 (7.0) 18.9 19.6 (3.7) 18.5 19.4 (4.5) 0.4 0.3 50.2 31.3 30.2 1.1 0.7 0.4 0.3 Philippines 12.0 11.1 8.3 5.5 5.1 8.0 5.4 5.0 7.3 0.1 0.1 63.5 46.0 46.2 (0.2) 0.9 0.6 0.3 Russia 56.3 55.2 1.9 18.3 17.4 5.4 13.3 12.9 2.5 5.1 4.4 13.9 32.1 31.5 0.6 9.0 8.2 0.8 Turkey 41.0 39.3 4.3 18.7 20.3 (8.0) 18.7 20.3 (8.0) — — — 45.8 51.7 (5.9) — — — EA, AU & PMI GTR Australia 0.7 1.4 (50.2) 0.1 0.4 (83.4) 0.1 0.4 (83.4) — — — 24.8 32.8 (8.0) — — — Japan(2)(3) 37.9 37.9 (0.1) 18.0 17.5 2.9 4.2 4.1 2.0 13.9 13.4 3.2 42.8 41.0 1.8 31.7 29.4 2.3 South Korea 17.8 18.2 (2.4) 3.5 3.6 (1.2) 1.9 2.2 (10.3) 1.6 1.4 12.8 19.9 19.6 0.3 8.9 7.7 1.2 Americas Argentina 6.4 5.9 8.3 4.1 3.6 12.3 4.1 3.6 12.3 — — — 63.8 61.6 2.2 — — — Mexico 8.2 7.9 3.6 4.7 4.6 2.3 4.6 4.6 1.8 0.1 0.1 38.8 57.8 58.6 (0.8) 1.0 0.8 0.2 (1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information. (2) Total market and market share estimates include cigarillos in Japan (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS (4) 2025 includes 2.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1% Appendix 2 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Key Market Data First Six Months Market Cigarette & HTU Market (bn units) PMI Shipments (bn units) PMI Market Share(2) (%) Cigarette & HTU Cigarette HTU Cigarette & HTU HTU 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 pp Change 2025 2024 pp Change Total(1)(2) 1,261.5 1,266.3 (0.4) 375.9 369.5 1.7 300.0 300.8 (0.3) 75.9 68.7 10.5 29.1 28.5 0.6 5.7 5.1 0.6 Europe France 11.9 13.0 (8.5) 5.1 5.9 (12.9) 5.1 5.8 (12.7) 0.1 0.1 (27.4) 40.3 40.9 (0.6) 0.5 0.6 (0.1) Germany(3) 33.8 33.3 1.5 12.9 13.2 (1.9) 10.5 11.1 (5.7) 2.4 2.1 18.6 38.1 39.3 (1.2) 7.2 6.2 1.0 Italy(3) 35.9 35.6 0.9 18.8 18.5 1.3 12.9 13.7 (5.8) 5.8 4.8 21.8 53.2 53.1 0.1 18.0 17.2 0.8 Poland(3) 25.7 29.1 (11.8) 11.4 12.5 (9.3) 9.0 9.9 (9.1) 2.4 2.7 (10.1) 44.6 43.2 1.4 9.8 9.1 0.7 Spain 20.6 21.0 (1.9) 6.7 6.3 6.8 6.1 5.8 5.3 0.6 0.5 23.3 29.3 29.0 0.3 3.3 2.7 0.6 SSEA, CIS & MEA Egypt 42.5 38.7 10.1 12.7 12.0 5.7 12.1 11.3 6.8 0.5 0.6 (14.9) 29.3 30.5 (1.2) 1.8 1.9 (0.1) Indonesia(4) 126.5 132.1 (4.3) 39.3 39.9 (1.5) 38.6 39.4 (2.0) 0.7 0.5 34.3 31.0 30.2 0.8 0.5 0.4 0.1 Philippines 23.9 22.9 4.0 11.1 10.6 4.9 10.9 10.4 4.2 0.2 0.1 57.0 46.4 46.0 0.4 0.9 0.6 0.3 Russia 103.9 102.0 1.9 34.7 32.9 5.6 25.4 24.4 4.0 9.3 8.5 10.2 32.5 31.9 0.6 9.5 8.8 0.7 Turkey 75.2 70.5 6.7 35.8 36.3 (1.6) 35.8 36.3 (1.6) — — — 47.6 51.6 (4.0) — — — EA, AU & PMI GTR Australia 1.8 2.7 (33.0) 0.6 1.0 (39.1) 0.6 1.0 (39.1) — — — 37.1 35.2 1.9 — — — Japan(2)(3) 73.4 73.6 (0.4) 36.9 35.4 4.1 8.1 8.4 (3.0) 28.8 27.0 6.3 42.9 41.0 1.9 31.9 29.3 2.6 South Korea 33.2 34.7 (4.3) 6.8 6.9 (1.5) 3.7 4.2 (11.8) 3.1 2.8 14.1 20.6 20.0 0.6 9.5 7.9 1.6 Americas Argentina 13.4 13.0 3.4 8.5 8.0 6.5 8.5 8.0 6.5 — — — 63.4 61.6 1.8 — — — Mexico 13.9 14.2 (2.4) 8.0 8.3 (3.6) 7.9 8.2 (3.9) 0.1 0.1 21.2 57.9 58.6 (0.7) 0.9 0.8 0.1 (1) Market share estimates are calculated using IMS data, unless otherwise stated (2) Total market and market share estimates include cigarillos in Japan (3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS (4) 2025 includes 4.1 billion units of cigarettes shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1% View source version on Contacts Philip Morris InternationalInvestor Relations:Stamford, CT: +1 (203) 905 2413Lausanne, Switzerland: +41 582 424 666Email: InvestorRelations@ Media:Lausanne: +41 582 424 500Email: Sign in to access your portfolio

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