PRESS RELEASE

Philip Morris International Reports 2024 Third-Quarter & First Nine-Months Results;
Raises 2024 Guidance for Reported Diluted EPS to $6.20 - $6.26 and Adjusted Diluted EPS to $6.45 - $6.51

Third-Quarter Reported Diluted EPS grew 49.2% to $1.97,

Adjusted Diluted EPS increased by 14.4% to $1.91 and grew by 18.0% excluding currency

STAMFORD, CT, October 22, 2024 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its
2024 third-quarter and first nine-months results.1

"In the third quarter, we delivered exceptionally strong performance, with record quarterly net revenues and
earnings per share." said Jacek Olczak, Chief Executive Officer.

“This reflects excellent momentum across all regions and categories, with a reacceleration in IQOS adjusted
in-market sales growth, strong ZYN volumes, and resilient combustible performance.”

"As a result of our strong year-to-date delivery, we are raising our full-year growth outlook for adjusted diluted
EPS to a range of 14% to 15%, excluding currency."

Third Quarter Highlights

• Smoke-free business (SFB): Quarterly shipments of smoke-free products (SFP), available in 92 markets,
reached close to 40 billion units. The smoke-free business accounted for 38% of our total net revenues and
40% of gross profit (up by 1.9pp and 2.2pp respectively, versus third-quarter last year), and continues to deliver
superior performance, with net revenues increasing by 14.2% (16.8% organically) and gross profit increasing
by 15.9% (20.2% organically).

• Inhalable smoke-free products: IQOS continues strengthening its overall position as the second largest
nicotine ‘brand’ in markets where present (gaining 1.0pp of combined cigarette and HTU industry volumes) and

driving the growth of the heat-not-burn category (reaching nearly 77% of global category volumes). HTU

adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler

inventory movements, was up by an estimated 14.8%.

• In Japan, ILUMA i fueled the growth of IQOS, with adjusted IMS up by 14.3%, the 8th consecutive quarter of
double-digit growth. IQOS HTU adjusted market share increased by 3.2pp to nearly 30%, driving the overall
category to at least 50% of total nicotine offtake share in 8 major cites, including Tokyo and Yokohama.

• In Europe, IQOS HTU adjusted market share increased by 0.8pp to 9.5%. Adjusted IMS growth
reaccelerated to 11.3%, with Italy recovering well and 8 markets growing in excess of 20%, including
Greece and Germany. Our portfolio of IQOS consumables continues to expand with both DELIA and LEVIA
now being available in 9 markets each, with further launches planned in Q4.

• Outside Europe and Japan, adjusted IMS growth accelerated and we grew offtake share in key cities across
the globe, including Seoul, Toronto, Mexico City, Cairo, and Jakarta. Our strong growth in Indonesia benefits

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 October 22, 2024, and at www.pmi.com/2024Q3earnings.
 from the expansion of our geographic reach and consumables portfolio, with premium clove and capsule
products.

In the vaping category, our focused strategy is delivering good results with excellent volume momentum and
unit cost improvements. Europe is at the forefront, as the closed pod segment continues to take share from
disposables. VEEV continues to lead the closed pod segment in several markets, including Italy, Romania, and
the Czech Republic.

• Oral SFP2: Shipment volume increased by 24.7% in cans (22.2% in pouches or pouch equivalents), fueled by
ZYN nicotine pouch growth in the U.S., where shipments reached 149.1 million cans, representing growth of
41.4% versus prior year as supply constraints start to ease. Outside the U.S., our nicotine pouch volume in
cans grew by nearly 70%, with notable contributions from Pakistan and South Africa. The number of markets
with ZYN presence increased to 30, including recent launches in Greece and Czech Republic.

• Combustibles: Net revenues grew by 5.2% (8.6% organically), driven by another quarter of high single-digit
pricing and resilient industry volumes. Both our global brands portfolio and Marlboro achieved their highest
quarterly market shares since the 2008 spin-off.

• Dividend: Increased regular quarterly dividend by 3.8% to $1.35 per share, or an annualized $5.40 per share.

Operating Review - Third Quarter

Total HTU Oral SFP3 Cigarettes

Shipment Volume (units bn) 203.0 35.3 4.4 163.2

vs. Q3 2023 2.9% 8.9% 22.2% 1.3%

Smoke-Free
PMI Combustibles
Business

Net Revenues ($ bn) $9.9 $3.8 $6.1

reported vs. Q3 2023 8.4% 14.2% 5.2%
organic vs. Q3 2023 11.6% 16.8% 8.6%

Gross Profit ($ bn) $6.5 $2.6 $3.9

reported vs. Q3 2023 9.5% 15.9% 5.7%
organic vs. Q3 2023 13.0% 20.2% 8.7%

Operating Income ($ bn) $3.7

reported vs. Q3 2023 8.4%
organic vs. Q3 2023 13.8%

Adjusted
Reported Adjusted Diluted
Diluted Adjusting Diluted Currency EPS ex.
EPS Items* EPS Impact Currency

EPS $1.97 $0.06 $1.91 $(0.06) $1.97

vs. Q3 2023 49.2% 14.4% 18.0%

(*) For a list of adjusting items refer to page 21

2
Oral smoke-free products volume excludes snuff, snuff leaf and U.S. chew
3
In pouches or pouch equivalents

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 Full-Year Forecast

Full-Year
2024 2023 Growth
Forecast
Reported Diluted EPS $6.20 - $6.26 $ 5.02
Adjustments:
Asset impairment and exit costs 0.09 0.06
Termination of distribution arrangement in the Middle — 0.04
East
Impairment of goodwill and other intangibles 0.01 0.44

Amortization of intangibles(1) 0.42 0.25

Impairment related to Vectura Group's expected sale 0.13 —

Egypt sales tax charge 0.03 —

Charges related to the war in Ukraine — 0.03

Swedish Match AB acquisition accounting related items — 0.01

Income tax impact associated with Swedish Match AB (0.01) (0.11)
financing
South Korea indirect tax charge — 0.11
Termination of agreement with Foundation for a Smoke- — 0.07
Free World
Fair value adjustment for equity security investments (0.39) (0.02)

Tax items (0.03) 0.11

Total Adjustments 0.25 0.99
Adjusted Diluted EPS $6.45 - $6.51 $ 6.01 7.3% - 8.3%
Less: Currency (0.40)
Adjusted Diluted EPS, excluding currency $6.85 - $6.91 $ 6.01 14.0% - 15.0%

(1) See forecast assumptions for details

Reported diluted EPS is forecast to be in a range of $6.20 to $6.26, at prevailing exchange rates, versus
reported diluted EPS of $5.02 in 2023. Excluding a total 2024 adjustment of $0.25 per share, this forecast
represents a projected increase of 7.3% to 8.3% versus adjusted diluted EPS of $6.01 in 2023. Also excluding
an adverse currency impact of $0.40, at prevailing exchange rates, this forecast represents a projected increase
of 14.0% to 15.0% versus adjusted diluted EPS of $6.01 in 2023, as outlined in the above table.

2024 Full-Year Forecast Assumptions

This forecast assumes:

• An estimated total international industry volume growth of up to 1% for cigarettes and HTUs, excluding
China and the U.S.;
• Total cigarette, HTU and oral smoke-free product shipment volume growth for PMI of 2% to 3% driven by
smoke-free products;
• HTU adjusted IMS to deliver around 13% growth for the full year, and HTU shipment volumes of around 140
billion units;
• Nicotine pouch shipment volume in the U.S. of 570 to 580 million cans;
• Net revenue growth of around 9.5% on an organic basis;
• Organic operating income growth of 14% to 14.5%;

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• An acceleration in organic smoke-free net revenue and gross profit growth compared to 2023;
• Broadly unchanged net revenue and adjusted operating loss in the Wellness and Healthcare segment
compared to 2023;
• No earnings impact from the May 15, 2024 Fiscal Court in Dusseldorf ruling related to the legality of a
supplemental tax surcharge on HTUs in Germany, which went into effect in 2022. On June 19, 2024, a
German subsidiary of PMI submitted an appeal;
• No earnings impact from potential impairments of equity holdings, including potential impairment of PMI’s
Canadian affiliate, Rothmans, Benson & Hedges Inc.;
• Full-year amortization of acquired intangibles of $0.42 per share, which includes an estimate of amortization
of IQOS commercialization rights in the U.S. following the closing of the agreement to end our commercial
relationship with Altria Group, Inc. covering IQOS in the U.S. effective May 1, 2024;
• Net financing costs of approximately $1.1 to $1.2 billion;
• An effective tax rate, excluding discrete tax events, of approximately 21% to 22%;
• Operating cash flow of approximately $11 billion at prevailing exchange rates, subject to year-end working
capital requirements;
• Capital expenditures of around $1.4 billion, including further investments in ZYN capacity in the U.S.;
• Net debt to adjusted EBITDA ratio improvement of 0.3x to 0.4x at prevailing exchange rates as we continue
to target a ratio of around 2x by the end of 2026; and
• No share repurchases in 2024

Factors described in the Forward-Looking and Cautionary Statements section of this release represent
continuing risks to these projections.

Sale of Vectura Group

In September 2024, PMI announced the sale of its subsidiary Vectura Group Ltd. (Vectura) to Molex Asia
Holdings Ltd., and the establishment of master service agreements to develop Vectura Fertin Pharma’s inhaled
therapeutics proprietary pipeline. The transaction is expected to close by the end of 2024, subject to regulatory
approval, which may impact the timing, and other customary closing conditions. See PMI's Form 8-K dated
September 17, 2024 for additional details. In the third quarter of 2024, PMI recorded an impairment charge of
$198 million (previously estimated to be approximately $220 million at the time of announcement) related to
Vectura's classification as held for sale.

The remaining units of Vectura Fertin Pharma will continue to operate as a separate company under PMI’s
ownership and will be given a new corporate identity. This business will focus on developing and
commercializing oral consumer health and wellness offerings and inhaled prescription products for therapy areas
that include pain management and cardiovascular emergencies.

Update on CCAA Proceeding in Canada

In October 2024, PMI was informed by its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc.
(RBH), that the court-appointed mediator and monitor in RBH’s Companies’ Creditors Arrangement Act (CCAA)
proceeding filed a proposed plan of compromise and arrangement outlining certain terms of a comprehensive
resolution of tobacco product-related claims and litigation in Canada against RBH and its affiliates. See PMI's
Form 8-K dated October 18, 2024 for additional details.

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 Conference Call
A conference call hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern
Time, on October 22, 2024. Access the webcast at www.pmi.com/2024Q3earnings.

Investor Relations: Media:

Stamford, CT: +1 (203) 905 2413 Lausanne: +41 582 424 500
Lausanne, Switzerland: +41 582 424 666 Email: [email protected]
Email: [email protected]

Financial Review

TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE

Total Market Volume

Third-Quarter

Estimated international industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by
1.3%, reflecting increases in the SSEA, CIS & MEA and Europe Regions, partly offset by decreases in the EA,
AU & PMI DF and Americas Regions, as described in the Regional sections below.

Nine Months Year-to-Date

Estimated international industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by
1.2%, reflecting an increase in the SSEA, CIS & MEA Region, partly offset by a decrease in the Americas
Region, and broad stability in the EA, AU & PMI DF and Europe Regions, as described in the Regional sections
below.

Consolidated Shipment Volume

PMI Cigarettes and HTUs Third-Quarter Nine Months Year-to-Date

(million units) 2024 2023 Change 2024 2023 Change
Cigarettes 163,238 161,137 1.3 % 464,047 461,855 0.5 %
Heated Tobacco Units 35,347 32,471 8.9 % 104,025 91,291 13.9 %
Total Cigarettes and HTUs 198,585 193,608 2.6 % 568,072 553,146 2.7 %

PMI Oral SFP(1) Third-Quarter Nine Months Year-to-Date

(million cans) 2024 2023 Change 2024 2023 Change
Nicotine Pouches 164.6 114.6 43.6 % 460.2 295.4 55.8 %
Snus 61.3 60.3 1.6 % 181.5 178.5 1.7 %
Moist Snuff 34.1 33.2 2.6 % 102.6 102.5 0.1 %
Other Oral SFP(2) 0.7 0.9 (20.9)% 2.7 3.3 (17.9)%
Total Oral SFP 260.7 209.0 24.7 % 747.0 579.8 28.9 %
(1) Excluding snuff, snuff leaf and U.S. chew
(2) Includes chew bags and tobacco bits
Note: Sum may not foot due to rounding.

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Third-Quarter

PMI's total cigarette and HTU shipment volume increased by 2.6% (HTU shipments increased by 8.9%, and
cigarette shipments increased by 1.3%), with increases across all regions except the Americas Region.

PMI’s total oral product shipment volume in cans increased by 24.7%, predominantly reflecting growth in nicotine
pouches.

Adjusted in-market sales for HTUs increased by 14.8%, including growth in Japan of 14.3% and Europe of
11.3%.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume increased by 2.7% (HTU shipments increased by 13.9%, while
cigarette shipments were broadly stable).

PMI’s total oral product shipment volume in cans increased by 28.9%, primarily reflecting growth in nicotine
pouches.

Adjusted in-market sales for HTUs increased by 12.6%, including growth in Japan of 13.4% and Europe of 9.2%.

International Share of Market - Cigarettes and HTUs

Third-Quarter Nine Months Year-to-Date

Change Change
2024 2023 (pp) 2024 2023 (pp)

Total International Market Share(1) 29.5 % 28.9 % 0.6 28.7 % 28.3 % 0.4
Cigarettes 24.2 % 24.3 % (0.1) 23.6 % 23.7 % (0.1)
HTU 5.3 % 4.6 % 0.7 5.2 % 4.6 % 0.6

Cigarette over Cigarette Market Share(2) 26.0 % 25.9 % 0.1 25.3 % 25.2 % 0.1
(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.

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 CONSOLIDATED FINANCIAL SUMMARY

Third-Quarter

Change Variance
Financial Summary - Fav./(Unfav.) Fav./(Unfav.)
Quarters Ended
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency sitions Mix Other
(in millions) Acquis.

Net Revenues $ 9,911 $ 9,141 8.4% 11.6% 770 (289) — 689 322 48

Cost of Sales(1) (3,366) (3,165) (6.4)% (9.0)% (201) 63 21 — (159) (126)

Marketing, Administration (2,891) (2,606) (10.9)% (15.1)% (285) 108 — — — (393)
and Research Costs(2)
Operating Income $ 3,654 $ 3,370 8.4% 11.3% 284 (118) 21 689 163 (471)

Amortization of Intangibles (256) (205) (24.9)% (24.9)% (51) — — — — (51)

Impairment related to
Vectura Group's expected (198) — —% —% (198) — — — — (198)
sale

Egypt sales tax charge (45) — —% —% (45) — — — — (45)

Charges related to the war — (19) +100% +100% 19 — — — — 19

in Ukraine

Termination of agreement
with Foundation for a — (140) +100% +100% 140 — — — — 140
Smoke-Free World
Adjusted Operating $ 4,153 $ 3,734 11.2% 13.8% 419 (118) 21 689 163 (336)
Income

Adjusted Operating 41.9 % 40.8 % 1.1pp 0.9pp

Income Margin
(1)
Includes $14 million in 2024 and $10 million in 2023 related to the special items below.
(2)
Includes $485 million in 2024 and $354 million in 2023 related to the special items below.

Net revenues increased by 11.6% on an organic basis, mainly reflecting: a favorable pricing variance, primarily
due to higher combustible tobacco pricing; and favorable volume/mix, mainly driven by higher smoke-free
products volume.

Adjusted operating income increased by 13.8% on an organic basis, mainly reflecting: the same factors as for
net revenues, notwithstanding unfavorable cigarette mix; partly offset by higher manufacturing costs, notably
related to tobacco leaf, and higher marketing, administration and research costs.

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Nine Months Year-to-Date

Change Variance
Financial Summary - Fav./(Unfav.) Fav./(Unfav.)
Nine Months Ended
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency sitions Mix Other
(in millions) Acquis

Net Revenues $ 28,172 $ 26,127 7.8 % 11.0 % 2,045 (841) — 1,721 1,089 76
Termination of
distribution arrangement — (80) +100% +100% 80 — — — — 80
in the Middle East
Adjusted Net $ 28,172 $ 26,207 7.5 % 10.7 % 1,965 (841) — 1,721 1,089 (4)
Revenues

Net Revenues $ 28,172 $ 26,127 7.8 % 11.0 % 2,045 (841) — 1,721 1,089 76

Cost of Sales (1) (9,906) (9,431) (5.0)% (6.8)% (475) 134 33 — (473) (169)
Marketing,
Administration and (8,123) (7,364) (10.3)% (9.4)% (759) (70) — — — (689)
Research Costs (2)
Impairment of Goodwill — (665) +100% +100% 665 — — — — 665

Operating Income $ 10,143 $ 8,667 17.0 % 25.6 % 1,476 (777) 33 1,721 616 (117)
Asset Impairment & Exit (168) (109) (54.1)% (54.1)% (59) — — — — (59)
Costs
Impairment related to
Vectura Group's (198) — —% —% (198) — — — — (198)
expected sale

Egypt sales tax charge (45) — —% —% (45) — — — — (45)

Termination of
distribution arrangement — (80) +100% +100% 80 — — — — 80
in the Middle East (3)
Impairment of Goodwill (27) (680) 96.0 % 96.0 % 653 — — — — 653
and Other Intangibles (4)
Amortization of (588) (368) (59.8)% (59.8)% (220) — — — — (220)
Intangibles
Charges related to the — (19) +100% +100% 19 — — — — 19
war in Ukraine
Swedish Match AB
acquisition accounting — (18) +100% +100% 18 — — — — 18
related items
South Korea Indirect Tax — (204) +100% +100% 204 — — — — 204
Charge
Termination of
agreement with — (140) +100% +100% 140 — — — — 140
Foundation for a Smoke-
Free World
Adjusted Operating $ 11,169 $ 10,285 8.6 % 15.8 % 884 (777) 33 1,721 616 (709)
Income

Adjusted Operating
39.6 % 39.2 % 0.4pp 1.9pp
Income Margin
(1)
Includes $46 million in 2024 and $72 million in 2023 related to the special items below.
(2)
Includes $980 million in 2024 and $801 million in 2023 related to the special items below.
(3)
Included in Net Revenues above.
(4)
Includes $665 million impairment of goodwill in 2023.

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Adjusted net revenues increased by 10.7% on an organic basis, mainly reflecting: a favorable pricing variance,
primarily driven by higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free
products volume, partly offset by unfavorable cigarette mix.

Adjusted operating income increased by 15.8% on an organic basis, mainly reflecting: the same factors as for
net revenues; partly offset by higher marketing, administration and research costs (primarily due to inflationary
impacts, notably related to wages, and higher commercial investments), as well as higher manufacturing costs,
notably related to tobacco leaf and the impact of the EU single-use plastics directive, partly offset by productivity.

EUROPE REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region increased by 1.8% to 148.6 billion units,
reflecting a 0.6% increase for cigarettes and continued HTU growth. The increase in the estimated total market
was predominantly due to Ukraine (up by 9.4%), Italy (up by 3.5%) and Spain (up by 3.8%), partly offset by
France (down by 10.9%), the Netherlands (down by 25.6%), and Belgium (down by 16.2%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region was broadly stable, reflecting a 1.5% decrease
for cigarettes, largely offset by an increase for HTUs. The decrease in the estimated total market was
predominantly due to France (down by 12.8%), the United Kingdom (down by 11.0%), and the Netherlands
(down by 18.7%), partly offset by Bulgaria (up by 7.9%), Greece (up by 8.2%), and Poland (up by 1.9%).

Europe Key Data Third-Quarter Nine Months Year-to-Date

Change Change
2024 2023 % / pp 2024 2023 % / pp
PMI Shipment Volume (million units)
Cigarettes 43,735 43,365 0.9 % 124,291 126,263 (1.6)%
Heated Tobacco Units 14,199 13,155 7.9 % 38,474 34,959 10.1 %
Total Europe 57,934 56,520 2.5 % 162,765 161,222 1.0 %

PMI Market Share

Cigarettes 30.1 % 30.5 % (0.4) 30.1 % 30.4 % (0.3)
Heated Tobacco Units 9.5 % 8.6 % 0.9 9.7 % 8.8 % 0.9
Total Europe 39.6 % 39.1 % 0.5 39.8 % 39.1 % 0.7
Note: Sum may not foot due to rounding.

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 Europe Oral SFP Third-Quarter Nine Months Year-to-Date

2024 2023 Change 2024 2023 Change

PMI Shipment Volume (million cans)
Nicotine Pouches 11.2 9.1 23.5 % 35.3 26.2 34.4 %
Snus 60.5 59.5 1.7 % 179.2 175.3 2.2 %
Other Oral SFP(1) 0.7 0.9 (22.3)% 2.7 3.3 (18.2)%
Total Europe 72.4 69.5 4.2 % 217.2 204.9 6.0 %
(1) Includes chew bags and tobacco bits
Note: Sum may not foot due to rounding.

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region increased by 2.5% to 57.9 billion units. Total
cigarette and HTU shipment volume increased notably in Ukraine (up by 12.3%) and Poland (up by 5.7%), and
decreased notably in Belgium (down by 25.8%) as well as the Netherlands (down by 24.9%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 11.3% in the quarter,
reflecting continued growth momentum for IQOS.

PMI's HTU share of the total cigarette and HTU market in the Region increased by 0.8 pp on an adjusted basis.

Oral SFP shipments increased by 4.2%, primarily driven by nicotine pouches (up by 23.5%).

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 1.0% to 162.8 billion units. Total
cigarette and HTU shipment volume increased notably in Poland (up by 7.1%) and Ukraine (up by 8.7%), and
decreased notably in France (down by 18.4%) as well as the Netherlands (down by 18.2%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 9.2%, reflecting continued
growth momentum for IQOS, partly offset by the impact from the EU characterizing flavor ban.

PMI's HTU share of the total cigarette and HTU market in the Region increased by 0.9 pp on an adjusted basis.

Oral SFP shipments increased by 6.0%, driven by growth of nicotine pouches (up by 34.4%).

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Financial Summary

Third-Quarter

Financial Summary - Change Variance

Quarters Ended Fav./(Unfav.) Fav./(Unfav.)
September 30,
Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.

Net Revenues $ 4,121 $ 3,823 7.8% 8.7% 298 (35) — 228 105 —

Operating Income $ 2,020 $ 1,717 17.6% 15.5% 303 37 — 228 47 (9)

Adjustments (1) (40) (148) 73.0% 73.0% 108 — — — — 108

Adjusted Operating $ 2,059 $ 1,865 10.4% 8.4% 194 37 — 228 47 (117)
Income
Adjusted Operating 50.0 % 48.8 % 1.2pp (0.1)pp
Income Margin
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 8.7% on an organic basis, reflecting: a favorable pricing variance, mainly driven by
higher combustible tobacco pricing; and favorable volume/mix, primarily driven by higher HTU volume, partly
offset by adverse cigarette mix.

Adjusted operating income increased by 8.4% on an organic basis, primarily reflecting: the same factors as for
net revenues; partly offset by higher marketing, administration and research costs.

Nine Months Year-to-Date

Financial Summary - Change Variance

Nine Months Ended Fav./(Unfav.) Fav./(Unfav.)
September 30,
Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.

Net Revenues $ 11,301 $ 10,465 8.0 % 7.7 % 836 34 — 596 206 —

Operating Income $ 5,136 $ 4,551 12.9 % 12.7 % 585 6 — 596 113 (130)

Adjustments (1) (120) (251) 52.1 % 52.1 % 131 — — — — 131

Adjusted Operating $ 5,256 $ 4,802 9.5 % 9.3 % 454 6 — 596 113 (260)
Income

Adjusted Operating 46.5 % 45.9 % 0.6pp 0.7pp

Income Margin
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 7.7% on an organic basis, primarily driven by the same factors as for the quarter.

Adjusted operating income increased by 9.3% on an organic basis, primarily reflecting: a favorable pricing
variance, mainly driven by higher combustible tobacco pricing; and favorable volume/mix, primarily driven by
higher HTU volume, notwithstanding lower cigarette volume; partly offset by higher marketing, administration
and research costs as well as manufacturing costs, including the impact of the EU single-use plastics directive.

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 SSEA, CIS & MEA REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region increased by 2.0% to 399.4 billion units. The
increase in the estimated total market was mainly due to Egypt (up by 32.4%), Russia (up by 8.3%), and Turkey
(up by 9.4%), partly offset by Bangladesh (down by 30.8%), Indonesia (down by 3.3%), and Thailand (down by
17.0%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region increased by 2.4% to 1,167.0 billion units. The
increase in the estimated total market was mainly due to Turkey (up by 10.4%), Russia (up by 6.4%), and Egypt
(up by 9.4%), partly offset by Bangladesh (down by 4.9%), Thailand (down by 15.4%), and the Philippines (down
by 5.4%).

PMI Shipment Volume Third-Quarter Nine Months Year-to-Date

(million units) 2024 2023 Change 2024 2023 Change
Cigarettes 91,456 89,398 2.3 % 259,038 250,344 3.5 %
Heated Tobacco Units 7,127 6,088 17.1 % 20,142 17,388 15.8 %
Total SSEA, CIS & MEA 98,583 95,486 3.2 % 279,180 267,732 4.3 %

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region increased by 3.2% to 98.6 billion units, mainly
driven by Turkey (up by 13.1%), partly offset by Indonesia (down by 8.9%). PMI's estimated HTU adjusted in-
market sales volume increased by 20.9%, with 17.1% HTU shipment volume growth.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 4.3% to 279.2 billion units, mainly
driven by Turkey (up by 14.9%), partly offset by Indonesia (down by 4.6%). PMI's estimated HTU adjusted in-
market sales volume increased by 15.5%, with 15.8% HTU shipment volume growth.

- 12 -
Financial Summary

Third-Quarter

Change Variance
Financial Summary - Fav./(Unfav.) Fav./(Unfav.)
Quarters Ended
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency sitions Mix Other
(in millions) Acquis.

Net Revenues $ 2,964 $ 2,777 6.7% 12.1% 187 (148) — 296 39 —

Operating Income $ 960 $ 823 16.6% 29.8% 137 (129) 21 296 21 (72)

Adjustments (1) (50) (46) (7.6)% (7.6)% (4) — — — — (4)

Adjusted Operating $ 1,009 $ 869 16.1% 28.5% 140 (129) 21 296 21 (68)
Income
Adjusted Operating 34.0 % 31.3 % 2.7pp 4.6pp
Income Margin
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 12.1% on an organic basis, primarily reflecting: a favorable pricing variance,
predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by HTU
performance.

Adjusted operating income increased by 28.5% on an organic basis, primarily reflecting: the same factors as for
net revenues; partly offset by higher manufacturing costs (primarily due to higher cost of tobacco leaf).

- 13 -
Nine Months Year-to-Date

Change Variance
Financial Summary - Fav./(Unfav.) Fav./(Unfav.)
Nine Months Ended
September 30,
Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency sitions Mix Other
Acquis.
(in millions)

Net Revenues $ 8,393 $ 7,922 5.9 % 13.4 % 471 (593) — 680 306 78

Adjustment (1) — (80) +100% +100% 80 — — — — 80

Adjusted Net $ 8,393 $ 8,002 4.9 % 12.3 % 391 (593) — 680 306 (2)
Revenues

Net Revenues $ 8,393 $ 7,922 5.9 % 13.4 % 471 (593) — 680 306 78

Operating Income $ 2,623 $ 2,437 7.6 % 30.9 % 186 (600) 33 680 117 (44)
(2)
Adjustments (59) (168) 64.8 % 64.8 % 109 — — — — 109
Adjusted Operating $ 2,682 $ 2,605 3.0 % 24.7 % 77 (600) 33 680 117 (152)
Income

Adjusted Operating 32.0 % 32.6 % (0.6)pp 3.6pp

Income Margin
(1) Termination of distribution arrangement in the Middle East.
(2) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Adjusted net revenues increased by 12.3% on an organic basis, primarily reflecting: a favorable pricing variance,
predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by higher
cigarette and HTU volume as well as favorable mix.

Adjusted operating income increased by 24.7% on an organic basis, primarily reflecting: a favorable pricing
variance, predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by
higher cigarette and HTU volume, notwithstanding unfavorable cigarette mix; partly offset by higher
manufacturing costs (primarily due to higher cost of tobacco leaf).

EA, AU AND PMI DF REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region, excluding China, decreased by 1.4% to 82.2
billion units, with a decrease in cigarettes, partly offset by HTU growth. The decrease in the estimated total
market was mainly driven by Taiwan (down by 10.0%) and Korea (down by 3.2%), partly offset by International
Duty Free (up by 7.2%) and Japan (up by 0.9%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region, excluding China, was broadly stable, with a
decrease in cigarettes, largely offset by HTU growth. The decrease in the estimated total market was mainly
driven by Australia (down by 29.0%) and Korea (down by 2.5%), partly offset by International Duty Free (up by
10.9%) and Japan (up by 1.0%).

- 14 -
 PMI Shipment Volume Third-Quarter Nine Months Year-to-Date
(million units) 2024 2023 Change 2024 2023 Change
Cigarettes 12,806 12,941 (1.0)% 36,246 39,402 (8.0)%
Heated Tobacco Units 13,864 13,099 5.8 % 44,937 38,561 16.5 %
Total EA, AU & PMI DF 26,670 26,040 2.4 % 81,183 77,963 4.1 %

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region increased by 2.4% to 26.7 billion units, driven by
Japan (up by 1.5%), partly offset by Australia (down by 30.0%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 15.5% in the quarter, including
growth in Japan of 14.3%.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 4.1% to 81.2 billion units, driven by
Japan (up by 8.9%), partly offset by Australia (down by 28.2%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 14.7%, including growth in
Japan of 13.4%.

Financial Summary

Third-Quarter

Financial Summary - Change Variance

Quarters Ended Fav./(Unfav.) Fav./(Unfav.)
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.

Net Revenues $ 1,602 $ 1,571 2.0% 7.4% 31 (85) — 71 45 —

Operating Income $ 788 $ 769 2.5% 7.8% 19 (41) — 71 (21) 10

Adjustments (1) (1) (25) 97.2% 97.2% 24 — — — — 24

Adjusted Operating $ 789 $ 794 (0.6)% 4.5% (5) (41) — 71 (21) (14)
Income

Adjusted Operating 49.3 % 50.5 % (1.2)pp (1.3)pp

Income Margin
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 7.4% on an organic basis, reflecting: a favorable pricing variance and favorable
volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume.

Adjusted operating income increased by 4.5% on an organic basis, reflecting: favorable pricing variance, partly
offset by unfavorable volume/mix, driven by cigarettes, and higher marketing, administration and research costs.

- 15 -
Nine Months Year-to-Date

Financial Summary - Change Variance

Nine Months Ended Fav./(Unfav.) Fav./(Unfav.)
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.

Net Revenues $ 4,959 $ 4,771 3.9 % 10.5 % 188 (314) — 289 213 —

Operating Income $ 2,304 $ 1,963 17.4 % 30.5 % 341 (257) — 289 53 256

Adjustments (1) (2) (250) 99.1 % 99.1 % 248 — — — — 248

Adjusted Operating $ 2,306 $ 2,213 4.2 % 15.8 % 93 (257) — 289 53 8
Income

Adjusted Operating 46.5 % 46.4 % 0.1pp 2.2pp

Income Margin
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 10.5% on an organic basis, reflecting: a favorable pricing variance and favorable
volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume.

Adjusted operating income increased by 15.8% on an organic basis, primarily driven by the same factors as for
net revenues.

AMERICAS REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region, excluding the U.S., decreased by 0.7% to
46.5 billion units, primarily reflecting a decline in the cigarette market. The decrease in the estimated total market
was mainly due to Canada (down by 15.4%) and Mexico (down by 5.8%), partly offset by Brazil (up by 12.3%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region, excluding the U.S., decreased by 2.1% to
136.1 billion units, primarily reflecting a decline for cigarettes. The decrease in the estimated total market was
mainly due to Argentina (down by 11.5%) and Canada (down by 13.1%), partly offset by Brazil (up by 8.5%).

PMI Shipment Volume Third-Quarter Nine Months Year-to-Date

(million units) 2024 2023 Change 2024 2023 Change
Cigarettes 15,241 15,433 (1.2)% 44,472 45,846 (3.0)%
Heated Tobacco Units 157 129 21.7 % 472 383 23.2 %
Total Americas 15,398 15,562 (1.1)% 44,944 46,229 (2.8)%
Note: Sum may not foot due to rounding.

- 16 -
 Americas Oral SFP1 Third-Quarter Nine Months Year-to-Date

2024 2023 Change 2024 2023 Change

PMI Shipment Volume (million cans)
Nicotine Pouches 149.6 105.4 41.9 % 416.3 268.5 55.0 %
Moist Snuff 34.1 33.2 2.6 % 102.6 102.5 0.1 %
Snus 0.7 0.8 (4.3)% 2.2 3.2 (30.0)%
Total Americas 184.4 139.4 32.3 % 521.1 374.2 39.3 %
(1) Excluding U.S. chew;
Note: Volumes of other oral SFP introduced in Q3'24 are not material. Sum may not foot due to rounding.

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region decreased by 1.1% to 15.4 billion units, mainly due
to Mexico (down by 5.9%) and Argentina (down by 4.3%), partly offset by Brazil (up by 13.6%).

Oral products shipments increased by 32.3%, predominantly driven by ZYN nicotine pouches in the U.S.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region decreased by 2.8% to 44.9 billion units, mainly due
to Argentina (down by 11.6%), partly offset by Brazil (up by 10.8%).

Cigar shipment volume decreased by 14.6%, predominantly due to trade inventory movements in the prior-year
around the April 2023 price increase. Gross profit for cigars grew robustly.

Oral products shipments increased by 39.3%, predominantly driven by ZYN nicotine pouches in the U.S.

Financial Summary

Third-Quarter

Financial Summary - Change Variance

Quarters Ended Fav./(Unfav.) Fav./(Unfav.)
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.
Net Revenues $ 1,148 $ 895 28.3% 30.5% 253 (20) — 92 133 48

Operating Income $ 137 $ 98 39.8% 20.4% 39 19 — 92 116 (188)

Adjustments (1) (198) (131) (51.3)% (51.3)% (67) — — — — (67)

Adjusted Operating $ 336 $ 229 46.7% 38.4% 107 19 — 92 116 (121)
Income

Adjusted Operating 29.3 % 25.6 % 3.7pp 1.5pp

Income Margin
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 30.5% on an organic basis, primarily reflecting: a favorable pricing variance and
favorable volume/mix, both predominantly driven by nicotine pouches in the U.S., partly offset by lower cigarette
volume and unfavorable cigarette mix outside of the U.S.

- 17 -
Adjusted operating income increased by 38.4% on an organic basis, mainly reflecting: favorable volume/mix and
price variance, mainly due to the same factors as for net revenues; partly offset by higher marketing,
administration and research costs, including incremental investment in the U.S.

Nine Months Year-to-Date

Financial Summary - Change Variance

Nine Months Ended Fav./(Unfav.) Fav./(Unfav.)
September 30, Excl. Cur- Acqui- Price Vol/ Cost/
2024 2023 Total Curr. & Total rency
(in millions) sitions Mix Other
Acquis.
Net Revenues $ 3,273 $ 2,732 19.8 % 18.7 % 541 31 — 146 364 —

Operating Income $ 419 $ 524 (20.0)% (34.5)% (105) 76 — 146 333 (660)

Adjustments (1) (578) (226) -(100)% -(100)% (352) — — — — (352)

Adjusted Operating $ 997 $ 750 32.9 % 22.8 % 247 76 — 146 333 (309)
Income

Adjusted Operating 30.5 % 27.5 % 3.0pp 0.9pp

Income Margin
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 18.7% on an organic basis, primarily reflecting: favorable volume/mix, mainly due to
growth of ZYN nicotine pouches in the U.S., partly offset by cigarette volume declines outside of the U.S.; and
favorable cigarette pricing.

Adjusted operating income increased by 22.8% on an organic basis, mainly reflecting: favorable price variance
and favorable volume/mix, mainly due to the same factors as for net revenues, partly offset by higher marketing,
administration and research costs, including incremental investment in the U.S.

WELLNESS AND HEALTHCARE

The results of PMI’s Vectura Fertin Pharma business are reported in the Wellness and Healthcare segment.

Third-Quarter

Financial Summary - Change Variance

Quarters Ended Fav./(Unfav.) Fav./(Unfav.)
September 30,
Excl. Cur- Acqui- Price Vol/ Cost/
(in millions) 2024 2023 Total Curr. & Total rency sitions Mix Other
Acquis.
Net Revenues $ 76 $ 75 1.3 % 2.7 % 1 (1) — 2 — —

Operating Income / $ (251) $ (37) -(100)% -(100)% (214) (4) — 2 — (212)

(Loss)

Adjustments (1) (211) (14) -(100)% -(100)% (197) — — — — (197)

Adjusted Operating $ (40) $ (23) (73.9)% (56.5)% (17) (4) — 2 — (16)
Income / (Loss)

Adjusted Operating (52.6)% (30.7)% (21.9)pp (16.1)pp

Income / (Loss) Margin
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

- 18 -
Net revenues increased by 2.7% on an organic basis. The adjusted operating loss of $40 million was primarily
due to R&D and administration costs.

Nine Months Year-to-Date

Financial Summary - Change Variance

Nine Months Ended Fav./(Unfav.) Fav./(Unfav.)
September 30,
Excl. Cur- Acqui- Price Vol/ Cost/
(in millions) 2024 2023 Total Curr. & Total rency sitions Mix Other
Acquis.
Net Revenues $ 246 $ 237 3.8 % 3.4 % 9 1 — 10 — (2)

Operating Income / $ (339) $ (808) 58.0 % 58.3 % 469 (2) — 10 — 461

(Loss)

Adjustments (1) (266) (723) 63.2 % 63.2 % 457 — — — — 457

Adjusted Operating $ (72) $ (85) 15.3 % 17.6 % 13 (2) — 10 — 4
Income / (Loss)

Adjusted Operating (29.3)% (35.9)% 6.6pp 7.3pp

Income / (Loss) Margin
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 3.4% on an organic basis. The adjusted operating loss of $72 million was primarily
due to R&D and administration costs.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is a leading international tobacco 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. Since 2008,
PMI has invested over $12.5 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. In 2022, PMI
acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the
companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s
IQOS devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products and
renewal applications for these products are presently pending before the FDA. As of June 30, 2024, PMI's
smoke-free products were available for sale in 90 markets, and PMI estimates that 36.5 million adults around the
world use PMI's smoke-free products. The smoke-free business accounted for approximately 38% of PMI’s total
first-nine months 2024 net revenues. With a strong foundation and significant expertise in life sciences, PMI
announced in February 2021 its 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., including its subsidiaries. For more information, please visit www.pmi.com and
www.pmiscience.com.

- 19 -
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; and 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; 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, 2023, Quarterly Report on
Form 10-Q for the second quarter ended June 30, 2024, and the Quarterly Report on Form 10-Q for the third
quarter ended September 30, 2024, 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 October 22, 2024, and at www.pmi.com/2024Q3earnings. A
glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on

- 20 -
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, asset impairment and exit 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.

Diluted EPS reconciliation

Third-Quarter
2024 2023 % Change
Reported Diluted EPS $ 1.97 $ 1.32 49.2 %
Amortization of intangibles 0.12 0.10
Egypt sales tax charge 0.03 —
Impairment related to Vectura Group's expected sale 0.13 —
Income tax impact associated with Swedish Match AB financing (0.10) 0.09
Charges related to the war in Ukraine — 0.01
Termination of agreement with Foundation for a Smoke-Free World — 0.07
Fair value adjustment for equity security investments (0.24) (0.03)
Tax items — 0.11
Adjusted Diluted EPS $ 1.91 $ 1.67 14.4 %
Less: Currency (0.06)
Adjusted Diluted EPS, excluding Currency $ 1.97 $ 1.67 18.0 %

- 21 -
 Appendix 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data

Quarters Ended September 30,

Total Market, PMI Shipments, bio units PMI Market Share(2), %
bio units Total Cigarette HTU Total HTU
Market
% % % % pp pp
2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change

Total(1)(2) 676.7 667.8 1.3 198.6 193.6 2.6 163.2 161.1 1.3 35.3 32.5 8.9 29.5 28.9 0.6 5.3 4.6 0.7

Europe
France 6.8 7.6 (10.9) 2.4 2.7 (9.0) 2.4 2.6 (9.4) — — — 41.0 42.2 (1.2) 0.6 0.7 (0.1)
Germany(3) 19.7 19.3 2.1 7.0 6.9 0.3 5.9 6.0 (2.7) 1.1 0.9 20.9 37.9 38.4 (0.5) 5.9 4.9 1.0
Italy(3) 20.1 19.4 3.5 10.5 10.4 0.9 7.2 6.8 5.0 3.3 3.6 (6.8) 54.9 53.5 1.4 16.6 16.0 0.6
Poland(3) 15.4 15.2 1.1 6.9 6.5 5.7 5.5 5.2 7.0 1.3 1.3 0.8 44.0 42.0 2.0 8.6 8.4 0.2
Spain 12.3 11.9 3.8 3.6 3.5 3.6 3.2 3.1 2.5 0.4 0.3 14.3 29.6 29.9 (0.3) 2.7 2.3 0.4

SSEA, CIS & MEA

Egypt 21.5 16.2 32.4 6.5 6.4 2.1 6.0 6.1 (1.5) 0.5 0.2 92.8 30.4 40.2 (9.8) 1.9 2.0 (0.1)
Indonesia 75.5 78.1 (3.3) 20.7 22.7 (8.9) 20.3 22.5 (9.7) 0.3 0.2 99.9 27.4 29.0 (1.6) 0.4 0.2 0.2
Philippines 10.4 10.5 (0.9) 5.3 5.7 (7.9) 5.2 5.6 (8.3) 0.1 0.1 39.4 50.7 54.5 (3.8) 0.7 0.5 0.2
Russia 58.8 54.3 8.3 19.0 17.1 11.4 14.5 12.9 11.9 4.6 4.2 9.9 32.9 31.8 1.1 8.1 7.7 0.4
Turkey 41.2 37.7 9.4 21.4 18.9 13.1 21.4 18.9 13.1 — — — 52.0 50.3 1.7 — — —

EA, AU & PMI DF

Australia 1.3 1.8 (28.3) 0.5 0.7 (30.0) 0.5 0.7 (30.0) — — — 37.2 38.1 (0.9) — — —
Japan(2) 38.6 38.2 0.9 15.7 15.5 1.5 4.2 4.3 (3.0) 11.5 11.2 3.2 41.4 39.5 1.9 30.0 26.5 3.5
South Korea 18.2 18.8 (3.2) 3.7 3.7 (1.2) 2.2 2.4 (9.0) 1.5 1.3 12.6 19.9 19.6 0.3 8.2 7.1 1.1

Americas
Argentina 6.1 6.6 (6.4) 3.9 4.0 (4.3) 3.9 4.0 (4.3) — — — 62.7 61.4 1.3 — — —
Mexico 7.3 7.7 (5.8) 4.6 4.9 (5.9) 4.5 4.8 (6.2) 0.1 — — 62.7 62.7 — 0.7 0.5 0.2

(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; Total Market is based on reported IMS
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

Nine Months Ended September 30,

Total Market, PMI Shipments, bio units PMI Market Share(2), %
bio units Total Cigarette HTU Total HTU
Market
% % % % pp pp
2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change

Total(1)(2) 1,952.0 1,929.4 1.2 568.1 553.1 2.7 464.0 461.9 0.5 104.0 91.3 13.9 28.7 28.3 0.4 5.2 4.6 0.6

Europe
France 19.8 22.7 (12.8) 8.3 10.2 (18.4) 8.2 10.0 (18.3) 0.1 0.2 (22.1) 40.9 42.3 (1.4) 0.6 0.7 (0.1)
Germany(3) 53.0 53.0 — 20.1 19.8 1.3 17.0 17.7 (4.0) 3.1 2.2 44.7 38.8 39.0 (0.2) 6.1 5.2 0.9
Italy(3) 55.7 55.1 1.2 29.0 29.1 (0.3) 20.9 20.8 0.8 8.1 8.4 (2.9) 53.7 53.6 0.1 17.0 16.6 0.4
Poland(3) 44.5 43.7 1.9 19.4 18.1 7.1 15.4 14.3 7.5 4.0 3.8 5.7 43.5 41.3 2.2 8.9 8.8 0.1
Spain 33.3 33.0 0.7 9.9 9.9 (0.6) 9.0 9.2 (1.9) 0.9 0.8 15.1 29.2 29.4 (0.2) 2.7 2.2 0.5

SSEA, CIS & MEA

Egypt 59.9 54.8 9.4 18.5 18.1 2.0 17.4 17.4 (0.1) 1.1 0.7 55.0 30.6 33.3 (2.7) 1.9 1.6 0.3
Indonesia 221.4 219.5 0.9 60.5 63.5 (4.6) 59.7 63.1 (5.3) 0.8 0.4 +100 27.3 28.9 (1.6) 0.4 0.2 0.2
Philippines 30.4 32.2 (5.4) 15.8 18.0 (12.2) 15.6 17.8 (12.6) 0.2 0.2 33.2 52.0 56.0 (4.0) 0.7 0.5 0.2
Russia 160.7 151.0 6.4 51.9 48.3 7.5 38.9 36.5 6.6 13.0 11.8 10.3 32.3 31.9 0.4 8.5 7.9 0.6
Turkey 111.7 101.2 10.4 57.8 50.3 14.9 57.8 50.3 14.9 — — — 51.7 49.7 2.0 — — —

EA, AU & PMI DF

Australia 4.0 5.6 (29.0) 1.4 2.0 (28.2) 1.4 2.0 (28.2) — — — 35.8 35.4 0.4 — — —
Japan(2) 112.2 111.1 1.0 51.1 47.0 8.9 12.6 13.9 (9.6) 38.5 33.0 16.7 41.1 39.5 1.6 29.6 26.4 3.2
South Korea 52.9 54.3 (2.5) 10.6 10.6 (0.1) 6.3 6.8 (6.8) 4.3 3.8 12.0 20.0 19.5 0.5 8.0 7.0 1.0

Americas
Argentina 19.1 21.6 (11.5) 11.8 13.4 (11.6) 11.8 13.4 (11.6) — — — 61.9 62.0 (0.1) — — —
Mexico 21.0 21.3 (1.4) 12.9 13.2 (2.1) 12.8 13.1 (2.6) 0.2 0.1 61.2 61.6 62.1 (0.5) 0.8 0.5 0.3

(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; Total Market is based on reported IMS
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%