Philip Morris (PM) official guidance

•Growing (previously broadly stable to slightly growing) total PMI cigarette and SFP shipment volume, with high single-digit SFP shipment growth, led by high single-digit SFP adjusted IMS growth, and a cigarette shipment volume decline at a similar level to the year-to-date trend (previously around 2% to 3%);

In dollar terms, we now forecast a currency tailwind of around $0.15 at prevailing rates.

| Adjusted Diluted EPS | $8.29 | - | $8.44 | $ 7.54 | 9.9% | - | 11.9% |

Translating into an adjusted diluted EPS range of $8.26 to $8.41, an increase of 9.5% to +11.5%.

| Adjusted Diluted EPS | $8.26 | - | $8.41 | $ 7.54 | 9.5% | - | 11.5% |

This results in an updated adjusted diluted EPS forecast of $8.36-$8.51 or +10.9% to +12.9% growth in dollar terms.

| Adjusted Diluted EPS | $8.36 | - | $8.51 | $ 7.54 | 10.9% | - | 12.9% |

Including an estimated $0.28 currency benefit at prevailing exchange rates, this translates to 11.3%-13.3% growth to a range of $8.39-$8.54, which would mark another year of double-digit EPS growth in dollar terms.

| Adjusted Diluted EPS | $8.38 | - | $8.53 | $ 7.54 | 11.1% | - | 13.1% |

For 2026, we continue to target organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency neutral adjusted diluted EPS growth of +7.5% to +9.5%.

We continue to expect broadly stable shipment volumes, organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency-neutral adjusted diluted earnings per share growth of +7.5% to +9.5%.

We are forecasting currency-neutral adjusted diluted EPS growth of 7.5%-9.5%, factoring in broadly stable net finance costs and an effective corporate tax rate approximately in line with 2025 at around 21.5%.

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

We continue to expect operating cash flow generation of around $13.5 billion, providing further flexibility to support both investment and continued attractive shareholder return.

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

We expect a significant acceleration in operating cash flow growth at around $13.5 billion at prevailing exchange rates and subject to year-end working capital requirements.

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

•Organic operating income growth of 7% to 9%; with a greater likelihood to be in the middle or lower-half of the range, with a corresponding flow through to our EPS forecast range, given the cost impacts of ongoing geopolitical tensions and the previously communicated step-up in U.S. growth investments;

For 2026, we continue to target organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency neutral adjusted diluted EPS growth of +7.5% to +9.5%.

•Organic operating income growth of 7% to 9%;

We continue to expect broadly stable shipment volumes, organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency-neutral adjusted diluted earnings per share growth of +7.5% to +9.5%.

•Organic operating income growth of 7% to 9%;

We expect the same factors, in addition to operating leverage and ongoing cost efficiencies, to drive further robust margin expansion, with projected organic operating income growth of 7%-9%.

•Organic operating income growth of 7% to 9%;

•Net revenue growth of 5% to 7% on an organic basis; with a greater likelihood to be in the middle or upper-half of the range, supported by a fourth-quarter reacceleration in international smoke-free;

For 2026, we continue to target organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency neutral adjusted diluted EPS growth of +7.5% to +9.5%.

•Net revenue growth of 5% to 7% on an organic basis;

We continue to expect broadly stable shipment volumes, organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency-neutral adjusted diluted earnings per share growth of +7.5% to +9.5%.

•Net revenue growth of 5% to 7% on an organic basis;

Taking all these elements into account, we forecast 2026 organic net revenue growth of 5%-7%.

•Net revenue growth of 5% to 7% on an organic basis;

While we expect some moderation in H2 due to timing factors and annualization, we now forecast a pricing variance of more than 7% for the full year.

While we expect some moderation, notably in the second half of the year, due to timing and comparison effect, we now forecast a full year variance of more than 6%.

For 2026, we forecast a combustible pricing variance of around +6%, reflecting continued dynamic performance.

Our base expectation is that ZYN shipments should broadly track offtake growth in future quarters against the estimated underlying 2025 basis provided in February of approximately 180 million cans in Q2, 205 million cans in Q3, and 200 million cans in Q4.

•Broadly stable to slightly growing (previously broadly stable) total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of 2% to 3% (previously around 3%);

We continue to expect broadly stable shipment volumes, organic net revenue growth of +5% to +7%, organic operating income growth of +7% to +9%, and currency-neutral adjusted diluted earnings per share growth of +7.5% to +9.5%.

•Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%;

•Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%, including the impact of weaker industry volume in India and Mexico, and the ongoing recovery of our business in Turkey;

•Growing (previously broadly stable to slightly growing) total PMI cigarette and SFP shipment volume, with high single-digit SFP shipment growth, led by high single-digit SFP adjusted IMS growth, and a cigarette shipment volume decline at a similar level to the year-to-date trend (previously around 2% to 3%);

Taken together, we now expect total shipment volume to be around stable to slightly positive for the full year, with high single-digit growth in smoke-free product broadly offsetting the decline in cigarettes.

•Broadly stable to slightly growing (previously broadly stable) total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of 2% to 3% (previously around 3%);

We continue to expect strong global smoke-free growth for the full year, supported by high single-digit volume progression and normalizing U.S. comparison.

•Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%;

Both shipments and adjusted IMS volumes are projected to grow in a high single digit after factoring in the headwinds from Japan excise taxes and U.S. ZYN inventory comparisons described earlier.

•Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%, including the impact of weaker industry volume in India and Mexico, and the ongoing recovery of our business in Turkey;

•Full-year amortization of acquired intangibles of $0.50 per share;

•Full-year amortization of acquired intangibles of $0.50 per share;

•Full-year amortization of acquired intangibles of $0.51 per share;

•Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;

•Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;

•Capital expenditures of $1.4 to $1.6 billion, predominantly due to investments supporting the smoke-free business;

•An effective tax rate, excluding discrete tax events, of around 21.5%;

•An effective tax rate, excluding discrete tax events, of around 21.5%;

We are forecasting currency-neutral adjusted diluted EPS growth of 7.5%-9.5%, factoring in broadly stable net finance costs and an effective corporate tax rate approximately in line with 2025 at around 21.5%.

•An effective tax rate, excluding discrete tax events, of around 21.5%;

Reported diluted EPS is forecast to be in a range of $7.19 to $7.34, at prevailing exchange rates.

Reported diluted EPS is forecast to be in a range of $7.56 to $7.71, at prevailing exchange rates. Excluding a total 2026 adjustment of $0.80 per share, this forecast represents a projected increase of 10.9% to 12.9% versus adjusted diluted EPS of $7.54 in 2025. Also excluding a favorable currency impact of $0.25, at prevailing exchange rates, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.

Reported diluted EPS is forecast to be in a range of $7.87 to $8.02, at prevailing exchange rates, versus reported diluted EPS of $7.26 in 2025.