Equibles

8-K

Philip Morris International Inc. (PM)

8-K 2025-03-25 For: 2025-03-25
View Original
Added on April 02, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 25, 2025

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia 1-33708 13-3435103
(State or other jurisdiction<br><br>of incorporation) (Commission File Number) (I.R.S. Employer<br><br>Identification No.)
677 Washington Blvd, Ste. 1100 Stamford Connecticut 06901
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(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (203) 905-2410

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value PM New York Stock Exchange 3.375% Notes due 2025 PM25A New York Stock Exchange
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2.750% Notes due 2026 PM26A New York Stock Exchange
2.875% Notes due 2026 PM26 New York Stock Exchange
0.125% Notes due 2026 PM26B New York Stock Exchange
3.125% Notes due 2027 PM27 New York Stock Exchange
3.125% Notes due 2028 PM28 New York Stock Exchange
2.875% Notes due 2029 PM29 New York Stock Exchange
3.375% Notes due 2029 PM29A New York Stock Exchange
3.750% Notes due 2031 PM31B New York Stock Exchange
0.800% Notes due 2031 PM31 New York Stock Exchange
3.125% Notes due 2033 PM33 New York Stock Exchange
2.000% Notes due 2036 PM36 New York Stock Exchange
1.875% Notes due 2037 PM37A New York Stock Exchange
6.375% Notes due 2038 PM38 New York Stock Exchange
1.450% Notes due 2039 PM39 New York Stock Exchange
4.375% Notes due 2041 PM41 New York Stock Exchange
4.500% Notes due 2042 PM42 New York Stock Exchange
3.875% Notes due 2042 PM42A New York Stock Exchange
4.125% Notes due 2043 PM43 New York Stock Exchange
4.875% Notes due 2043 PM43A New York Stock Exchange
4.250% Notes due 2044 PM44 New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ☐
--- --- If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 7.01. Regulation FD Disclosure.
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As previously reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10- K”), filed with the U.S. Securities and Exchange Commission on February 6, 2025 by Philip Morris International Inc. (the “Company” or "PMI"), following the sale of Vectura Group Ltd. on December 31, 2024, the Company is updating its segment reporting by including the remaining Wellness and Healthcare results into the Europe segment, and it is renaming the “PMI Duty Free” business to “PMI Global Travel Retail.” As a result of these changes, the four existing segments are now as follows:

• The Europe Region;

• The South & Southeast Asia, Commonwealth of Independent States and Middle East & Africa Region (“SSEA, CIS &

MEA");

• The East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”); and

• The Americas Region.

On March 25, 2025, the Company posted on its website certain recast financial information that reflects the change in reporting segments described above.

The unaudited recast historical financial information is being furnished solely to aid investors by providing supplemental information, has no impact on the Company's previously reported consolidated financial position or results of operations, and does not represent a restatement of the Company's previously issued consolidated financial statements that were included in the 2024 Form 10-K. The Company's 2024 and 2023 quarterly and annual recast financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The Company's 2023 and 2022 recast financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.2 and is incorporated in this Item 7.01 by reference. As presented in Exhibits 99.1 and 99.2 to this Form 8-K, shipment volumes and financial information for PMI on a consolidated basis do not differ from previously disclosed results.

Key terms, definitions and explanatory notes, as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are set forth on Exhibits 99.1 and 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is incorporated by reference herein and is being “furnished” to the Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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99.1 Recast Unaudited Financial Information - 2024 vs. 2023 (furnished pursuant to Item 7.01).
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99.2 Recast Unaudited Financial Information - 2023 vs. 2022 (furnished pursuant to Item 7.01).
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104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101).
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILIP MORRIS INTERNATIONAL INC.
By: /s/ EMMANUEL BABEAU
Name: Emmanuel Babeau
Title: Chief Financial Officer

Date: March 25, 2025

Document

Exhibit 99.1

Recast Unaudited Financial Information

2024 vs. 2023

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes

General<br><br>• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.<br><br><br><br>• Following the sale of Vectura Group Ltd. on December 31, 2024, we are updating our segment reporting by including the remaining Wellness & Healthcare results in the Europe segment. In addition, we will be renaming our “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, PMI's segment that includes our duty free business will be renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”).<br><br><br><br>• The recast 2024 and 2023 financial information in this document reflect the inclusion of the remaining Wellness & Healthcare results into the existing Europe region (announced on February 6, 2025). PMI’s shipment volumes do not differ from previously disclosed results. Financial information for total PMI as well as SSEA, CIS & MEA region, EA, AU & PMI GTR region and Americas region do not differ from previously disclosed results.<br><br><br><br>• Comparisons are made to the same prior-year period unless otherwise stated.<br><br><br><br>• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.<br><br><br><br>Financial<br><br>• Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East.<br><br><br><br>• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.<br><br><br><br>• 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, 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.<br><br><br><br>• Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.<br><br><br><br>Smoke-Free<br><br>• Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as<br><br>consumer accessories, such as lighters and matches.<br><br><br><br>• Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor,<br><br>and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.<br><br><br><br>• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.<br><br><br><br>• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.<br><br><br><br>• "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.
Schedule 1 (1/5)
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PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>March 31, NetRevenues Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
1,931 $ 1,886 $ — $ 1,886 Europe 1,815 6.4 % 3.9 % 3.9 %
2,346 2,484 — 2,484 SSEA, CIS & MEA 2,154 8.9 % 15.4 % 15.4 %
597 621 — 621 EA, AU & PMI GTR 689 (13.4) % (9.8) % (9.8) %
534 506 — 506 Americas 566 (5.6) % (10.6) % (10.6) %
5,407 $ 5,498 $ — $ 5,498 Total Combustible Tobacco 5,223 3.5 % 5.3 % 5.3 %
2024 Smoke-Free 2023 % Change
1,524 $ 1,489 $ — $ 1,489 Europe 1,339 13.8 % 11.2 % 11.2 %
90 88 — 88 of which, Wellness & Healthcare 86 4.7 % 2.3 % 2.3 %
312 368 — 368 SSEA, CIS & MEA 323 (3.5) % 13.7 % 13.7 %
1,087 1,172 — 1,172 EA, AU & PMI GTR 831 30.8 % 41.0 % 41.0 %
462 461 — 461 Americas 302 52.9 % 52.5 % 52.5 %
3,386 $ 3,489 $ — $ 3,489 Total Smoke-Free 2,796 21.1 % 24.8 % 24.8 %
2024 PMI 2023 % Change
3,455 $ 3,375 $ — $ 3,375 Europe 3,154 9.5 % 7.0 % 7.0 %
2,658 2,852 — 2,852 SSEA, CIS & MEA 2,477 7.3 % 15.1 % 15.1 %
1,684 1,793 — 1,793 EA, AU & PMI GTR 1,520 10.8 % 18.0 % 18.0 %
996 967 — 967 Americas 868 14.7 % 11.4 % 11.4 %
8,793 $ 8,987 $ — $ 8,987 Total PMI 8,019 9.7 % 12.1 % 12.1 %
(1) Includes a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>June 30, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
2,214 $ 2,215 $ — $ 2,215 Europe $ 2,108 5.0 % 5.1 % 5.1 %
2,432 2,636 — 2,636 SSEA, CIS & MEA 2,350 3.5 % 12.2 % 12.2 %
620 645 — 645 EA, AU & PMI GTR 724 (14.3) % (10.9) % (10.9) %
592 571 — 571 Americas 608 (2.5) % (5.9) % (5.9) %
5,858 $ 6,068 $ — $ 6,068 Total Combustible Tobacco $ 5,790 1.2 % 4.8 % 4.8 %
2024 Smoke-Free 2023 % Change
1,681 $ 1,689 $ — $ 1,689 Europe $ 1,542 9.1 % 9.5 % 9.5 %
80 80 — 80 of which, Wellness & Healthcare 76 5.3 % 5.3 % 5.3 %
339 386 — 386 SSEA, CIS & MEA 318 6.6 % 21.4 % 21.4 %
1,053 1,148 — 1,148 EA, AU & PMI GTR 956 10.1 % 20.0 % 20.0 %
537 536 — 536 Americas 361 48.5 % 48.2 % 48.2 %
3,610 $ 3,758 $ — $ 3,758 Total Smoke-Free $ 3,177 13.6 % 18.3 % 18.3 %
2024 PMI 2023 % Change
3,895 $ 3,904 $ — $ 3,904 Europe $ 3,650 6.7 % 7.0 % 7.0 %
2,771 3,022 — 3,022 SSEA, CIS & MEA 2,668 3.9 % 13.3 % 13.3 %
1,673 1,793 — 1,793 EA, AU & PMI GTR 1,680 (0.4) % 6.7 % 6.7 %
1,129 1,107 — 1,107 Americas 969 16.5 % 14.2 % 14.2 %
9,468 $ 9,826 $ — $ 9,826 Total PMI $ 8,967 5.6 % 9.6 % 9.6 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>September 30, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
2,322 $ 2,343 $ — $ 2,343 Europe $ 2,160 7.5 % 8.5 % 8.5 %
2,612 2,755 — 2,755 SSEA, CIS & MEA 2,485 5.1 % 10.9 % 10.9 %
673 691 — 691 EA, AU & PMI GTR 678 (0.8) % 1.8 % 1.8 %
527 546 — 546 Americas 509 3.4 % 7.2 % 7.2 %
6,134 $ 6,335 $ — $ 6,335 Total Combustible Tobacco $ 5,832 5.2 % 8.6 % 8.6 %
2024 Smoke-Free 2023 % Change
1,875 $ 1,890 $ — $ 1,890 Europe $ 1,738 7.9 % 8.7 % 8.7 %
76 77 — 77 of which, Wellness & Healthcare 75 1.3 % 2.7 % 2.7 %
352 357 — 357 SSEA, CIS & MEA 292 20.3 % 22.2 % 22.2 %
929 996 — 996 EA, AU & PMI GTR 893 4.1 % 11.6 % 11.6 %
621 622 — 622 Americas 386 61.1 % 61.3 % 61.3 %
3,777 $ 3,865 $ — $ 3,865 Total Smoke-Free $ 3,309 14.2 % 16.8 % 16.8 %
2024 PMI 2023 % Change
4,197 $ 4,233 $ — $ 4,233 Europe $ 3,898 7.7 % 8.6 % 8.6 %
2,964 3,112 — 3,112 SSEA, CIS & MEA 2,777 6.7 % 12.1 % 12.1 %
1,602 1,687 — 1,687 EA, AU & PMI GTR 1,571 2.0 % 7.4 % 7.4 %
1,148 1,168 — 1,168 Americas 895 28.3 % 30.5 % 30.5 %
9,911 $ 10,200 $ — $ 10,200 Total PMI $ 9,141 8.4 % 11.6 % 11.6 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>December 31, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
2,132 $ 2,090 $ — $ 2,090 Europe $ 1,953 9.2 % 7.0 % 7.0 %
2,458 2,470 — 2,470 SSEA, CIS & MEA 2,333 5.4 % 5.9 % 5.9 %
627 628 — 628 EA, AU & PMI GTR 585 7.1 % 7.3 % 7.3 %
602 640 — 640 Americas 617 (2.5) % 3.8 % 3.8 %
5,819 $ 5,828 $ — $ 5,828 Total Combustible Tobacco $ 5,489 6.0 % 6.2 % 6.2 %
2024 Smoke-Free 2023 % Change
2,011 $ 1,969 $ — $ 1,969 Europe $ 1,882 6.9 % 4.6 % 4.6 %
87 85 — 85 of which, Wellness & Healthcare 69 26.1 % 23.2 % 23.2 %
410 415 — 415 SSEA, CIS & MEA 374 9.6 % 11.0 % 11.0 %
807 833 — 833 EA, AU & PMI GTR 845 (4.5) % (1.4) % (1.4) %
659 661 — 661 Americas 458 43.9 % 44.2 % 44.2 %
3,887 $ 3,878 $ — $ 3,878 Total Smoke-Free $ 3,558 9.2 % 9.0 % 9.0 %
2024 PMI 2023 % Change
4,143 $ 4,059 $ — $ 4,059 Europe $ 3,835 8.0 % 5.8 % 5.8 %
2,868 2,885 — 2,885 SSEA, CIS & MEA 2,707 5.9 % 6.6 % 6.6 %
1,434 1,461 — 1,461 EA, AU & PMI GTR 1,430 0.3 % 2.2 % 2.2 %
1,261 1,301 — 1,301 Americas 1,075 17.3 % 21.0 % 21.0 %
9,706 $ 9,706 $ — $ 9,706 Total PMI $ 9,047 7.3 % 7.3 % 7.3 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Full Year Ended<br>December 31, NetRevenues Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
8,599 $ 8,535 $ — $ 8,535 Europe 8,037 7.0 % 6.2 % 6.2 %
9,848 10,345 — 10,345 SSEA, CIS & MEA 9,321 5.7 % 11.0 % 11.0 %
2,516 2,585 — 2,585 EA, AU & PMI GTR 2,676 (6.0) % (3.4) % (3.4) %
2,255 2,264 — 2,264 Americas 2,299 (2.0) % (1.5) % (1.5) %
23,218 $ 23,729 $ — $ 23,729 Total Combustible Tobacco 22,334 4.0 % 6.2 % 6.2 %
2024 Smoke-Free 2023 % Change
7,091 $ 7,036 $ — $ 7,036 Europe 6,500 9.1 % 8.2 % 8.2 %
333 330 — 330 of which, Wellness & Healthcare 306 8.8 % 7.8 % 7.8 %
1,413 1,526 — 1,526 SSEA, CIS & MEA 1,308 8.0 % 16.7 % 16.7 %
3,877 4,149 — 4,149 EA, AU & PMI GTR 3,525 10.0 % 17.7 % 17.7 %
2,279 2,279 — 2,279 Americas 1,508 51.2 % 51.2 % 51.2 %
14,660 $ 14,990 $ — $ 14,990 Total Smoke-Free 12,840 14.2 % 16.7 % 16.7 %
2024 PMI 2023 % Change
15,690 $ 15,571 $ — $ 15,571 Europe 14,537 7.9 % 7.1 % 7.1 %
11,261 11,871 — 11,871 SSEA, CIS & MEA 10,629 5.9 % 11.7 % 11.7 %
6,393 6,734 — 6,734 EA, AU & PMI GTR 6,201 3.1 % 8.6 % 8.6 %
4,534 4,543 — 4,543 Americas 3,807 19.1 % 19.3 % 19.3 %
37,878 $ 38,719 $ — $ 38,719 Total PMI 35,174 7.7 % 10.1 % 10.1 %
(1) Includes a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 2 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Adjusted Net<br>Revenues Currency Adjusted Net<br>Revenues excluding Currency Acqui-<br>sitions Adjusted NetRevenues excluding Currency & Acqui-sitions Net<br>Revenues Special Items (1) Adjusted Net<br>Revenues Total Excluding Currency Excluding Currency<br>& Acqui-<br>sitions
2024 2023 % Change
3,455 $ 3,455 $ 80 $ 3,375 $ — 3,375 Europe $ 3,154 $ — $ 3,154 9.5 % 7.0 % 7.0 %
2,658 2,658 (194) 2,852 — 2,852 SSEA, CIS & MEA 2,477 (80) 2,557 3.9 % 11.5 % 11.5 %
1,684 1,684 (109) 1,793 — 1,793 EA, AU & PMI GTR 1,520 — 1,520 10.8 % 18.0 % 18.0 %
996 996 29 967 — 967 Americas 868 — 868 14.7 % 11.4 % 11.4 %
8,793 $ 8,793 $ (194) $ 8,987 $ — 8,987 Total PMI $ 8,019 $ (80) $ 8,099 8.6 % 11.0 % 11.0 %
2024 2023 % Change
3,895 $ 3,895 $ (9) $ 3,904 $ — 3,904 Europe $ 3,650 $ — $ 3,650 6.7 % 7.0 % 7.0 %
2,771 2,771 (251) 3,022 — 3,022 SSEA, CIS & MEA 2,668 — 2,668 3.9 % 13.3 % 13.3 %
1,673 1,673 (120) 1,793 — 1,793 EA, AU & PMI GTR 1,680 — 1,680 (0.4) % 6.7 % 6.7 %
1,129 1,129 22 1,107 — 1,107 Americas 969 — 969 16.5 % 14.2 % 14.2 %
9,468 $ 9,468 $ (358) $ 9,826 $ — 9,826 Total PMI $ 8,967 $ — $ 8,967 5.6 % 9.6 % 9.6 %
2024 2023 % Change
4,197 $ 4,197 $ (36) $ 4,233 $ — 4,233 Europe $ 3,898 $ — $ 3,898 7.7 % 8.6 % 8.6 %
2,964 2,964 (148) 3,112 — 3,112 SSEA, CIS & MEA 2,777 — 2,777 6.7 % 12.1 % 12.1 %
1,602 1,602 (85) 1,687 — 1,687 EA, AU & PMI GTR 1,571 — 1,571 2.0 % 7.4 % 7.4 %
1,148 1,148 (20) 1,168 — 1,168 Americas 895 — 895 28.3 % 30.5 % 30.5 %
9,911 $ 9,911 $ (289) $ 10,200 $ — 10,200 Total PMI $ 9,141 $ — $ 9,141 8.4 % 11.6 % 11.6 %
(1) Reflects a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East

All values are in US Dollars.

Schedule 2 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Adjusted Net<br>Revenues Currency Adjusted Net<br>Revenues excluding Currency Acqui-<br>sitions Adjusted NetRevenues excluding Currency & Acqui-sitions Net<br>Revenues Special Items (1) Adjusted Net<br>Revenues Total Excluding Currency Excluding Currency<br>& Acqui-<br>sitions
2024 2023 % Change
4,143 $ 4,143 $ 84 $ 4,059 $ — 4,059 Europe $ 3,835 $ — $ 3,835 8.0 % 5.8 % 5.8 %
2,868 2,868 (17) 2,885 — 2,885 SSEA, CIS & MEA 2,707 — 2,707 5.9 % 6.6 % 6.6 %
1,434 1,434 (27) 1,461 — 1,461 EA, AU & PMI GTR 1,430 — 1,430 0.3 % 2.2 % 2.2 %
1,261 1,261 (40) 1,301 — 1,301 Americas 1,075 — 1,075 17.3 % 21.0 % 21.0 %
9,706 $ 9,706 $ — $ 9,706 $ — 9,706 Total PMI $ 9,047 $ — $ 9,047 7.3 % 7.3 % 7.3 %
2024 2023 % Change
15,690 $ 15,690 $ 119 $ 15,571 $ — 15,571 Europe $ 14,537 $ — $ 14,537 7.9 % 7.1 % 7.1 %
11,261 11,261 (610) 11,871 — 11,871 SSEA, CIS & MEA 10,629 (80) 10,709 5.2 % 10.9 % 10.9 %
6,393 6,393 (341) 6,734 — 6,734 EA, AU & PMI GTR 6,201 — 6,201 3.1 % 8.6 % 8.6 %
4,534 4,534 (9) 4,543 — 4,543 Americas 3,807 — 3,807 19.1 % 19.3 % 19.3 %
37,878 $ 37,878 $ (841) $ 38,719 $ — 38,719 Total PMI $ 35,174 $ (80) $ 35,254 7.4 % 9.8 % 9.8 %
(1) Reflects a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East

All values are in US Dollars.

Schedule 3 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended<br>March 31, 2023 % Change
1,411 $ 1,395 $ — $ 1,395 Europe $ 1,177 19.9 % 18.5 % 18.5 %
772 1,013 — 1,013 SSEA, CIS & MEA 734 5.2 % 38.0 % 38.0 %
763 888 — 888 EA, AU & PMI GTR 637 19.8 % 39.4 % 39.4 %
99 77 — 77 Americas 183 (45.9) % (57.9) % (57.9) %
3,045 $ 3,373 $ — $ 3,373 Total PMI $ 2,731 11.5 % 23.5 % 23.5 %
2024 Quarters Ended<br>June 30, 2023 % Change
1,617 $ 1,662 $ — $ 1,662 Europe $ 886 82.5 % 87.6 % 87.6 %
891 1,121 12 1,109 SSEA, CIS & MEA 880 1.3 % 27.4 % 26.0 %
753 844 — 844 EA, AU & PMI GTR 557 35.2 % 51.5 % 51.5 %
183 148 — 148 Americas 243 (24.7) % (39.1) % (39.1) %
3,444 $ 3,775 $ 12 $ 3,763 Total PMI $ 2,566 34.2 % 47.1 % 46.6 %
2024 Quarters Ended<br>September 30, 2023 % Change
1,769 $ 1,736 $ — $ 1,736 Europe $ 1,680 5.3 % 3.3 % 3.3 %
960 1,089 21 1,068 SSEA, CIS & MEA 823 16.6 % 32.3 % 29.8 %
788 829 — 829 EA, AU & PMI GTR 769 2.5 % 7.8 % 7.8 %
137 118 — 118 Americas 98 39.8 % 20.4 % 20.4 %
3,654 $ 3,772 $ 21 $ 3,751 Total PMI $ 3,370 8.4 % 11.9 % 11.3 %

All values are in US Dollars.

Schedule 3 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended<br>December 31, 2023 % Change
1,750 $ 1,751 $ — $ 1,751 Europe $ 1,556 12.5 % 12.5 % 12.5 %
806 798 13 785 SSEA, CIS & MEA 699 15.3 % 14.2 % 12.3 %
574 615 — 615 EA, AU & PMI GTR 576 (0.3) % 6.8 % 6.8 %
129 — — — Americas 58 +100% -(100)% -(100)%
3,259 $ 3,164 $ 13 $ 3,151 Total PMI $ 2,889 12.8 % 9.5 % 9.1 %
2024 Full Year Ended<br>December 31, 2023 % Change
6,547 $ 6,544 $ — $ 6,544 Europe $ 5,299 23.6 % 23.5 % 23.5 %
3,429 4,021 46 3,975 SSEA, CIS & MEA 3,136 9.3 % 28.2 % 26.8 %
2,878 3,176 — 3,176 EA, AU & PMI GTR 2,539 13.4 % 25.1 % 25.1 %
548 343 — 343 Americas 582 (5.8) % (41.1) % (41.1) %
13,402 $ 14,084 $ 46 $ 14,038 Total PMI $ 11,556 16.0 % 21.9 % 21.5 %

All values are in US Dollars.

Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
( in millions) / (Unaudited)
Quarters Ended<br>June 30, Quarters Ended<br>September 30, Quarters Ended<br>December 31, Full Year Ended<br>December 31,
Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other
Net Revenues
Europe $ 56 $ — $ 211 $ 45 $ (2) $ 230 $ 105 $ — $ 218 $ 6 $ — $ 824 $ 212 $ (2)
SSEA, CIS & MEA 144 76 229 123 2 296 39 — 141 37 — 821 343 78
EA, AU & PMI GTR 143 — 88 25 — 71 45 — 36 (5) — 325 208 —
Americas 121 (21) 55 110 (27) 92 133 48 87 141 (2) 233 505 (2)
Total PMI $ 464 $ 55 $ 583 $ 303 $ (27) $ 689 $ 322 $ 48 $ 482 $ 179 $ (2) $ 2,203 $ 1,268 $ 74
Operating Income
Europe $ 64 $ (11) $ 211 $ 2 $ 563 $ 230 $ 47 $ (221) $ 218 $ (23) $ — $ 824 $ 90 $ 331
SSEA, CIS & MEA 46 78 229 50 (50) 296 21 (72) 141 28 (83) 821 145 (127)
EA, AU & PMI GTR 72 49 88 2 197 71 (21) 10 36 6 (3) 325 59 253
Americas 113 (218) 55 104 (254) 92 116 (188) 87 137 (282) 233 470 (942)
Total PMI $ 295 $ (102) $ 583 $ 158 $ 456 $ 689 $ 163 $ (471) $ 482 $ 148 $ (368) $ 2,203 $ 764 $ (485)

All values are in US Dollars.

Schedule 5 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended<br>March 31, 2023 % Change
1,411 $ 1,493 $ 16 $ 1,477 $ — $ 1,477 Europe $ 1,177 $ (89) $ 1,266 17.9 % 16.7 % 16.7 %
772 777 (241) 1,018 — 1,018 SSEA, CIS & MEA 734 (117) 851 (8.7) % 19.6 % 19.6 %
763 764 (125) 889 — 889 EA, AU & PMI GTR 637 (20) 657 16.3 % 35.3 % 35.3 %
99 326 22 304 — 304 Americas 183 (62) 245 33.1 % 24.1 % 24.1 %
3,045 $ 3,360 $ (328) $ 3,688 $ — $ 3,688 Total PMI $ 2,731 $ (288) $ 3,019 11.3 % 22.2 % 22.2 %
2024 Quarters Ended<br>June 30, 2023 % Change
1,617 $ 1,672 $ (45) $ 1,717 $ — $ 1,717 Europe $ 886 $ (723) $ 1,609 3.9 % 6.7 % 6.7 %
891 896 (230) 1,126 12 1,114 SSEA, CIS & MEA 880 (5) 885 1.2 % 27.2 % 25.9 %
753 753 (91) 844 — 844 EA, AU & PMI GTR 557 (205) 762 (1.2) % 10.8 % 10.8 %
183 335 35 300 — 300 Americas 243 (33) 276 21.4 % 8.7 % 8.7 %
3,444 $ 3,656 $ (331) $ 3,987 $ 12 $ 3,975 Total PMI $ 2,566 $ (966) $ 3,532 3.5 % 12.9 % 12.5 %
2024 Quarters Ended<br>September 30, 2023 % Change
1,769 $ 2,019 $ 33 $ 1,986 $ — $ 1,986 Europe $ 1,680 $ (162) $ 1,842 9.6 % 7.8 % 7.8 %
960 1,009 (129) 1,138 21 1,117 SSEA, CIS & MEA 823 (46) 869 16.1 % 31.0 % 28.5 %
788 789 (41) 830 — 830 EA, AU & PMI GTR 769 (25) 794 (0.6) % 4.5 % 4.5 %
137 336 19 317 — 317 Americas 98 (131) 229 46.7 % 38.4 % 38.4 %
3,654 $ 4,153 $ (118) $ 4,271 $ 21 $ 4,250 Total PMI $ 3,370 $ (364) $ 3,734 11.2 % 14.4 % 13.8 %
(1) For details on Special Items, refer to Schedule 6

All values are in US Dollars.

Schedule 5 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended<br>December 31, 2023 % Change
1,750 $ 1,795 $ (1) $ 1,796 $ — $ 1,796 Europe $ 1,556 $ (87) $ 1,643 9.3 % 9.3 % 9.3 %
806 810 8 802 13 789 SSEA, CIS & MEA 699 (5) 704 15.1 % 13.9 % 12.1 %
574 575 (41) 616 — 616 EA, AU & PMI GTR 576 — 576 (0.2) % 6.9 % 6.9 %
129 339 129 210 — 210 Americas 58 (71) 129 +100% 62.8 % 62.8 %
3,259 $ 3,519 $ 95 $ 3,424 $ 13 $ 3,411 Total PMI $ 2,889 $ (163) $ 3,052 15.3 % 12.2 % 11.8 %
2024 Full Year Ended<br>December 31, 2023 % Change
6,547 $ 6,979 $ 3 $ 6,976 $ — $ 6,976 Europe $ 5,299 $ (1,061) $ 6,360 9.7 % 9.7 % 9.7 %
3,429 3,492 (592) 4,084 46 4,038 SSEA, CIS & MEA 3,136 (173) 3,309 5.5 % 23.4 % 22.0 %
2,878 2,881 (298) 3,179 — 3,179 EA, AU & PMI GTR 2,539 (250) 2,789 3.3 % 14.0 % 14.0 %
548 1,336 205 1,131 — 1,131 Americas 582 (297) 879 52.0 % 28.7 % 28.7 %
13,402 $ 14,688 $ (682) $ 15,370 $ 46 $ 15,324 Total PMI $ 11,556 $ (1,781) $ 13,337 10.1 % 15.2 % 14.9 %
(1) For details on Special Items, refer to Schedule 6

All values are in US Dollars.

Schedule 6 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2024 2024 2024 2024
PMI
Reported Operating Income $ 3,444 $ 3,654 $ 3,259 $ 13,402
Restructuring charges — — (12) (180)
Impairment of other intangibles — — — (27)
Amortization of intangibles (212) (256) (247) (835)
Egypt sales tax charge — (45) — (45)
Loss on sale of Vectura Group — (198) (1) (199)
Adjusted Operating Income $ 3,656 $ 4,153 $ 3,519 $ 14,688
Europe
Reported Operating Income $ 1,617 $ 1,769 $ 1,750 $ 6,547
Loss on sale of Vectura Group — (198) (1) (199)
Amortization of intangibles (54) (53) (44) (206)
Impairment of other intangibles — — — (26)
Adjusted Operating Income $ 1,672 $ 2,019 $ 1,795 $ 6,979
SSEA, CIS & MEA
Reported Operating Income $ 891 $ 960 $ 806 $ 3,429
Amortization of intangibles (5) (4) (4) (18)
Egypt sales tax charge — (45) — (45)
Adjusted Operating Income $ 896 $ 1,009 $ 810 $ 3,492

All values are in US Dollars.

Schedule 6 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2024 2024 2024 2024
EA, AU & PMI GTR
Reported Operating Income $ 753 $ 788 $ 574 $ 2,878
Amortization of intangibles (1) (1) (1) (3)
Adjusted Operating Income $ 753 $ 789 $ 575 $ 2,881
Americas
Reported Operating Income $ 183 $ 137 $ 129 $ 548
Restructuring charges — — (12) (180)
Amortization of intangibles (152) (198) (198) (608)
Adjusted Operating Income $ 335 $ 336 $ 339 $ 1,336
Note: Sum of special items might not foot due to roundings. Special items between -0.5 million and +0.5 million are not displayed by segment.

All values are in US Dollars.

Schedule 6 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2023 2023 2023 2023
PMI
Reported Operating Income $ 2,566 $ 3,370 $ 2,889 $ 11,556
Restructuring Charges — — — (109)
Termination of distribution arrangement in the Middle East — — — (80)
Impairment of goodwill and other intangibles (680) — — (680)
Amortization of intangibles (82) (205) (129) (497)
Charges related to the war in Ukraine — (19) (34) (53)
Swedish Match AB acquisition accounting related items — — — (18)
South Korea indirect tax charge (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — (140) — (140)
Adjusted Operating Income $ 3,532 $ 3,734 $ 3,052 $ 13,337
Europe
Reported Operating Income $ 886 $ 1,680 $ 1,556 $ 5,299
Restructuring Charges — — — (47)
Amortization of intangibles (43) (83) (53) (221)
Charges related to the war in Ukraine — (19) (34) (53)
Termination of agreement with Foundation for a Smoke-Free World — (60) — (60)
Impairment of goodwill and other intangibles (680) — — (680)
Adjusted Operating Income $ 1,609 $ 1,842 $ 1,643 $ 6,360
SSEA, CIS & MEA
Reported Operating Income $ 880 $ 823 $ 699 $ 3,136
Restructuring Charges — — — (32)
Termination of distribution arrangement in the Middle East — — — (80)
Amortization of intangibles (5) (5) (5) (20)
Termination of agreement with Foundation for a Smoke-Free World — (41) — (41)
Adjusted Operating Income $ 885 $ 869 $ 704 $ 3,309

All values are in US Dollars.

Schedule 6 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2023 2023 2023 2023
EA, AU & PMI GTR
Reported Operating Income $ 557 $ 769 $ 576 $ 2,539
Restructuring Charges — — — (19)
Amortization of intangibles (1) (1) — (3)
South Korea indirect tax charge (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — (24) — (24)
Adjusted Operating Income $ 762 $ 794 $ 576 $ 2,789

All values are in US Dollars.

Americas
Reported Operating Income $ 243 $ 98 $ 58 $ 582
Restructuring Charges — — — (11)
Amortization of intangibles (33) (116) (71) (253)
Swedish Match AB acquisition accounting related items — — — (18)
Termination of agreement with Foundation for a Smoke-Free World — (15) — (15)
Adjusted Operating Income $ 276 $ 229 $ 129 $ 879
Note: Sum of special items might not foot due to roundings. Special items between -0.5 million and +0.5 million are not displayed by segment.

All values are in US Dollars.

Schedule 7 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency<br>(1) Adjusted Net Revenues excluding Currency<br>(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions<br>(1) Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(2) Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income<br>Margin Adjusted Operating Income<br>Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2024 Quarters Ended<br>March 31, 2023 % Points Change
1,493 43.2 % $ 1,477 $ 3,375 43.8 % $ 1,477 $ 3,375 43.8 % Europe $ 1,266 $ 3,154 40.1 % 3.1 3.7 3.7
777 29.2 % 1,018 2,852 35.7 % 1,018 2,852 35.7 % SSEA, CIS & MEA 851 2,557 33.3 % (4.1) 2.4 2.4
764 45.4 % 889 1,793 49.6 % 889 1,793 49.6 % EA, AU & PMI GTR 657 1,520 43.2 % 2.2 6.4 6.4
326 32.7 % 304 967 31.4 % 304 967 31.4 % Americas 245 868 28.2 % 4.5 3.2 3.2
3,360 38.2 % $ 3,688 $ 8,987 41.0 % $ 3,688 $ 8,987 41.0 % Total PMI $ 3,019 $ 8,099 37.3 % 0.9 3.7 3.7
2024 Quarters Ended<br>June 30, 2023 % Points Change
1,672 42.9 % $ 1,717 $ 3,904 44.0 % $ 1,717 $ 3,904 44.0 % Europe $ 1,609 $ 3,650 44.1 % (1.2) (0.1) (0.1)
896 32.3 % 1,126 3,022 37.3 % 1,114 3,022 36.9 % SSEA, CIS & MEA 885 2,668 33.2 % (0.9) 4.1 3.7
753 45.0 % 844 1,793 47.1 % 844 1,793 47.1 % EA, AU & PMI GTR 762 1,680 45.4 % (0.4) 1.7 1.7
335 29.7 % 300 1,107 27.1 % 300 1,107 27.1 % Americas 276 969 28.5 % 1.2 (1.4) (1.4)
3,656 38.6 % $ 3,987 $ 9,826 40.6 % $ 3,975 $ 9,826 40.5 % Total PMI $ 3,532 $ 8,967 39.4 % (0.8) 1.2 1.1
2024 Quarters Ended<br>September 30, 2023 % Points Change
2,019 48.1 % $ 1,986 $ 4,233 46.9 % $ 1,986 $ 4,233 46.9 % Europe $ 1,842 $ 3,898 47.3 % 0.8 (0.4) (0.4)
1,009 34.0 % 1,138 3,112 36.6 % 1,117 3,112 35.9 % SSEA, CIS & MEA 869 2,777 31.3 % 2.7 5.3 4.6
789 49.3 % 830 1,687 49.2 % 830 1,687 49.2 % EA, AU & PMI GTR 794 1,571 50.5 % (1.2) (1.3) (1.3)
336 29.3 % 317 1,168 27.1 % 317 1,168 27.1 % Americas 229 895 25.6 % 3.7 1.5 1.5
4,153 41.9 % $ 4,271 $ 10,200 41.9 % $ 4,250 $ 10,200 41.7 % Total PMI $ 3,734 $ 9,141 40.8 % 1.1 1.1 0.9
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2

All values are in US Dollars.

Schedule 7 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency<br>(1) Adjusted Net Revenues excluding Currency<br>(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions<br>(1) Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(2) Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income<br>Margin Adjusted Operating Income<br>Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2024 Quarters Ended<br>December 31, 2023 % Points Change
1,795 43.3 % $ 1,796 $ 4,059 44.2 % $ 1,796 $ 4,059 44.2 % Europe $ 1,643 $ 3,835 42.8 % 0.5 1.4 1.4
810 28.2 % 802 2,885 27.8 % 789 2,885 27.3 % SSEA, CIS & MEA 704 2,707 26.0 % 2.2 1.8 1.3
575 40.1 % 616 1,461 42.2 % 616 1,461 42.2 % EA, AU & PMI GTR 576 1,430 40.3 % (0.2) 1.9 1.9
339 26.9 % 210 1,301 16.1 % 210 1,301 16.1 % Americas 129 1,075 12.0 % 14.9 4.1 4.1
3,519 36.3 % $ 3,424 $ 9,706 35.3 % $ 3,411 $ 9,706 35.1 % Total PMI $ 3,052 $ 9,047 33.7 % 2.6 1.6 1.4
2024 Full Year Ended<br>December 31, 2023 % Points Change
6,979 44.5 % $ 6,976 $ 15,571 44.8 % $ 6,976 $ 15,571 44.8 % Europe $ 6,360 $ 14,537 43.8 % 0.7 1.0 1.0
3,492 31.0 % 4,084 11,871 34.4 % 4,038 11,871 34.0 % SSEA, CIS & MEA 3,309 10,709 30.9 % 0.1 3.5 3.1
2,881 45.1 % 3,179 6,734 47.2 % 3,179 6,734 47.2 % EA, AU & PMI GTR 2,789 6,201 45.0 % 0.1 2.2 2.2
1,336 29.5 % 1,131 4,543 24.9 % 1,131 4,543 24.9 % Americas 879 3,807 23.1 % 6.4 1.8 1.8
14,688 38.8 % $ 15,370 $ 38,719 39.7 % $ 15,324 $ 38,719 39.6 % Total PMI $ 13,337 $ 35,254 37.8 % 1.0 1.9 1.8
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2

All values are in US Dollars.

Document

Exhibit 99.2

Recast Unaudited Financial Information

2023 vs. 2022

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes

General<br><br>• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.<br><br><br><br>• Our consolidated statements of earnings for the year ended December 31, 2022, include the results of operations of Swedish Match from November 11, 2022 (acquisition date) to December 31, 2022.<br><br><br><br>• Following the sale of Vectura Group Ltd. on December 31, 2024, we are updating our segment reporting by including the remaining Wellness & Healthcare results in the Europe segment. In addition, we will be renaming our “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, PMI's segment that includes our duty free business will be renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”).<br><br><br><br>• The recast 2023 and 2022 financial information in this document reflect the inclusion of the remaining Wellness & Healthcare results into the existing Europe region (announced on February 6, 2025). PMI’s shipment volumes do not differ from previously disclosed results. Financial information for total PMI as well as SSEA, CIS & MEA region, EA, AU & PMI GTR region and Americas region do not differ from previously disclosed results.<br><br><br><br>• Comparisons are made to the same prior-year period unless otherwise stated.<br><br><br><br>• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.<br><br><br><br>Financial<br><br>• Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East.<br><br><br><br>• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.<br><br><br><br>• 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, 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.<br><br><br><br>• Non-GAAP measures used by PMI neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.<br><br><br><br>Smoke-Free<br><br>• Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as<br><br>consumer accessories, such as lighters and matches.<br><br><br><br>• Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor,<br><br>and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.<br><br><br><br>• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.<br><br><br><br>• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.<br><br><br><br>• "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.
Schedule 1 (1/5)
--- --- --- --- --- --- --- --- --- --- --- --- ---
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Currency Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>March 31, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
1,815 $ (121) $ 1,936 $ — $ 1,936 Europe $ 1,937 (6.3) % — % — %
2,154 (130) 2,284 — 2,284 SSEA, CIS & MEA 2,195 (1.9) % 4.0 % 4.0 %
689 (53) 742 — 742 EA, AU & PMI GTR 769 (10.4) % (3.5) % (3.5) %
566 9 556 136 420 Americas 402 40.6 % 38.3 % 4.5 %
5,223 $ (295) $ 5,518 $ 136 $ 5,382 Total Combustible Tobacco $ 5,303 (1.5) % 4.0 % 1.5 %
2023 Smoke-Free 2022 % Change
1,339 $ (81) $ 1,420 $ 158 $ 1,262 Europe $ 1,353 (1.0) % 4.9 % (6.7) %
86 (5) 91 — 91 of which, Wellness & Healthcare 66 30.3 % 37.9 % 37.9 %
323 19 304 — 304 SSEA, CIS & MEA 250 29.6 % 21.9 % 21.9 %
831 (117) 948 — 948 EA, AU & PMI GTR 818 1.6 % 15.8 % 15.8 %
302 — 303 287 16 Americas 22 +100% +100% (28.4) %
2,796 $ (179) $ 2,975 $ 445 $ 2,530 Total Smoke-Free $ 2,443 14.5 % 21.8 % 3.6 %
2023 PMI 2022 % Change
3,154 $ (202) $ 3,356 $ 158 $ 3,198 Europe $ 3,290 (4.1) % 2.0 % (2.8) %
2,477 (111) 2,588 — 2,588 SSEA, CIS & MEA 2,445 1.3 % 5.8 % 5.8 %
1,520 (170) 1,690 — 1,690 EA, AU & PMI GTR 1,587 (4.2) % 6.5 % 6.5 %
868 9 859 423 436 Americas 424 +100% +100% 2.8 %
8,019 $ (474) $ 8,493 $ 581 $ 7,912 Total PMI $ 7,746 3.5 % 9.6 % 2.1 %
(1) Includes a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>June 30, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
2,108 $ 2,121 $ — $ 2,121 Europe $ 2,062 2.2 % 2.8 % 2.8 %
2,350 2,537 — 2,537 SSEA, CIS & MEA 2,203 6.7 % 15.2 % 15.2 %
724 763 — 763 EA, AU & PMI GTR 754 (4.0) % 1.2 % 1.2 %
608 593 149 444 Americas 444 36.8 % 33.5 % 0.1 %
5,790 $ 6,014 $ 149 $ 5,865 Total Combustible Tobacco $ 5,463 6.0 % 10.1 % 7.4 %
2023 Smoke-Free 2022 % Change
1,542 $ 1,540 $ 172 $ 1,368 Europe $ 1,323 16.5 % 16.5 % 3.4 %
76 76 — 76 of which, Wellness & Healthcare 76 — % — % — %
318 352 — 352 SSEA, CIS & MEA 311 2.1 % 13.0 % 13.0 %
956 1,050 — 1,050 EA, AU & PMI GTR 710 34.7 % 47.9 % 47.9 %
361 362 344 18 Americas 25 +100% +100% (29.3) %
3,177 $ 3,304 $ 516 $ 2,788 Total Smoke-Free $ 2,369 34.1 % 39.5 % 17.7 %
2023 PMI 2022 % Change
3,650 $ 3,661 $ 172 $ 3,489 Europe $ 3,385 7.8 % 8.2 % 3.1 %
2,668 2,889 — 2,889 SSEA, CIS & MEA 2,514 6.1 % 14.9 % 14.9 %
1,680 1,813 — 1,813 EA, AU & PMI GTR 1,464 14.8 % 23.8 % 23.8 %
969 955 493 462 Americas 469 +100% +100% (1.5) %
8,967 $ 9,318 $ 665 $ 8,653 Total PMI $ 7,832 14.5 % 19.0 % 10.5 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>September 30, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
2,160 $ 2,048 $ — $ 2,048 Europe $ 1,996 8.2 % 2.6 % 2.6 %
2,485 2,775 — 2,775 SSEA, CIS & MEA 2,454 1.3 % 13.1 % 13.1 %
678 692 — 692 EA, AU & PMI GTR 692 (1.9) % 0.1 % 0.1 %
509 472 49 423 Americas 450 13.3 % 4.9 % (5.9) %
5,832 $ 5,988 $ 49 $ 5,939 Total Combustible Tobacco $ 5,591 4.3 % 7.1 % 6.2 %
2023 Smoke-Free 2022 % Change
1,738 $ 1,645 $ 151 $ 1,494 Europe $ 1,333 30.4 % 23.4 % 12.1 %
75 72 — 72 of which, Wellness & Healthcare 57 31.6 % 26.3 % 26.3 %
292 403 — 403 SSEA, CIS & MEA 368 (20.6) % 9.3 % 9.3 %
893 930 — 930 EA, AU & PMI GTR 715 24.8 % 29.9 % 29.9 %
386 385 368 17 Americas 24 +100% +100% (30.1) %
3,309 $ 3,362 $ 519 $ 2,843 Total Smoke-Free $ 2,441 35.6 % 37.8 % 16.5 %
2023 PMI 2022 % Change
3,898 $ 3,693 $ 151 $ 3,542 Europe $ 3,329 17.1 % 10.9 % 6.4 %
2,777 3,178 — 3,178 SSEA, CIS & MEA 2,822 (1.6) % 12.6 % 12.6 %
1,571 1,622 — 1,622 EA, AU & PMI GTR 1,407 11.7 % 15.3 % 15.3 %
895 857 417 440 Americas 474 88.8 % 80.8 % (7.2) %
9,141 $ 9,350 $ 568 $ 8,782 Total PMI $ 8,032 13.8 % 16.4 % 9.3 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended<br>December 31, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
1,953 $ 1,816 $ — $ 1,816 Europe $ 1,698 15.0 % 7.0 % 7.0 %
2,333 2,539 — 2,539 SSEA, CIS & MEA 2,321 0.5 % 9.4 % 9.4 %
585 596 — 596 EA, AU & PMI GTR 617 (5.1) % (3.3) % (3.3) %
617 583 44 539 Americas 578 6.8 % 0.9 % (6.8) %
5,489 $ 5,534 $ 44 $ 5,489 Total Combustible Tobacco $ 5,214 5.3 % 6.1 % 5.3 %
2023 Smoke-Free 2022 % Change
1,882 $ 1,759 $ 65 $ 1,694 Europe $ 1,541 22.1 % 14.1 % 9.9 %
69 64 — 64 of which, Wellness & Healthcare 72 (4.2) % (11.1) % (11.1) %
374 495 — 495 SSEA, CIS & MEA 365 2.5 % 35.8 % 35.8 %
845 880 — 880 EA, AU & PMI GTR 861 (1.9) % 2.2 % 2.2 %
458 457 190 268 Americas 171 +100% +100% 56.4 %
3,558 $ 3,591 $ 255 $ 3,337 Total Smoke-Free $ 2,938 21.1 % 22.2 % 13.6 %
2023 PMI 2022 % Change
3,835 $ 3,575 $ 65 $ 3,510 Europe $ 3,239 18.4 % 10.4 % 8.4 %
2,707 3,034 — 3,034 SSEA, CIS & MEA 2,686 0.8 % 13.0 % 13.0 %
1,430 1,476 — 1,476 EA, AU & PMI GTR 1,478 (3.2) % (0.1) % (0.1) %
1,075 1,040 234 806 Americas 749 43.5 % 38.9 % 7.6 %
9,047 $ 9,125 $ 299 $ 8,826 Total PMI $ 8,152 11.0 % 11.9 % 8.3 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 1 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Currency Net Revenues excluding<br>Currency Acquisitions Net Revenues excluding Currency & Acquisitions Full Year Ended<br>December 31, Net<br>Revenues Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
8,037 $ 116 $ 7,921 $ — $ 7,921 Europe $ 7,694 4.5 % 3.0 % 3.0 %
9,321 (814) 10,135 — 10,135 SSEA, CIS & MEA 9,173 1.6 % 10.5 % 10.5 %
2,676 (117) 2,793 — 2,793 EA, AU & PMI GTR 2,831 (5.5) % (1.3) % (1.3) %
2,299 96 2,204 378 1,826 Americas 1,874 22.7 % 17.6 % (2.6) %
22,334 $ (720) $ 23,053 $ 378 $ 22,676 Total Combustible Tobacco $ 21,572 3.5 % 6.9 % 5.1 %
2023 Smoke-Free 2022 % Change
6,500 $ 136 $ 6,364 $ 546 $ 5,818 Europe $ 5,549 17.1 % 14.7 % 4.8 %
306 3 303 — 303 of which, Wellness & Healthcare 271 12.9 % 11.8 % 11.8 %
1,308 (246) 1,554 — 1,554 SSEA, CIS & MEA 1,294 1.0 % 20.1 % 20.1 %
3,525 (283) 3,808 — 3,808 EA, AU & PMI GTR 3,105 13.5 % 22.6 % 22.6 %
1,508 1 1,507 1,189 318 Americas 242 +100% +100% 31.2 %
12,840 $ (392) $ 13,233 $ 1,735 $ 11,497 Total Smoke-Free $ 10,190 26.0 % 29.9 % 12.8 %
2023 PMI 2022 % Change
14,537 $ 252 $ 14,285 $ 546 $ 13,739 Europe $ 13,243 9.8 % 7.9 % 3.7 %
10,629 (1,060) 11,689 — 11,689 SSEA, CIS & MEA 10,467 1.5 % 11.7 % 11.7 %
6,201 (400) 6,601 — 6,601 EA, AU & PMI GTR 5,936 4.5 % 11.2 % 11.2 %
3,807 96 3,711 1,567 2,144 Americas 2,116 79.9 % 75.4 % 1.3 %
35,174 $ (1,112) $ 36,286 $ 2,113 $ 34,173 Total PMI $ 31,762 10.7 % 14.2 % 7.6 %
(1) Includes a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

Schedule 2 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Adjusted Net<br>Revenues Currency Adjusted Net<br>Revenues excluding Currency Acqui-<br>sitions Adjusted NetRevenues excluding Currency & Acqui-sitions Net<br>Revenues Special Items Adjusted Net<br>Revenues Total Excluding Currency Excluding Currency<br>& Acqui-<br>sitions
2023 2022 % Change
3,154 $ 3,154 $ (202) $ 3,356 $ 158 3,198 Europe $ 3,290 $ — $ 3,290 (4.1) % 2.0 % (2.8) %
2,477 2,557 (111) 2,668 — 2,668 SSEA, CIS & MEA 2,445 — 2,445 4.6 % 9.1 % 9.1 %
1,520 1,520 (170) 1,690 — 1,690 EA, AU & PMI GTR 1,587 — 1,587 (4.2) % 6.5 % 6.5 %
868 868 9 859 423 436 Americas 424 — 424 +100% +100% 2.8 %
8,019 $ 8,099 $ (474) $ 8,573 $ 581 7,992 Total PMI $ 7,746 $ — $ 7,746 4.6 % 10.7 % 3.2 %
2023 2022 % Change
3,650 $ 3,650 $ (11) $ 3,661 $ 172 3,489 Europe $ 3,385 $ — $ 3,385 7.8 % 8.2 % 3.1 %
2,668 2,668 (221) 2,889 — 2,889 SSEA, CIS & MEA 2,514 — 2,514 6.1 % 14.9 % 14.9 %
1,680 1,680 (133) 1,813 — 1,813 EA, AU & PMI GTR 1,464 — 1,464 14.8 % 23.8 % 23.8 %
969 969 14 955 493 462 Americas 469 — 469 +100% +100% (1.5) %
8,967 $ 8,967 $ (351) $ 9,318 $ 665 8,653 Total PMI $ 7,832 $ — $ 7,832 14.5 % 19.0 % 10.5 %
2023 2022 % Change
3,898 $ 3,898 $ 205 $ 3,693 $ 151 3,542 Europe $ 3,329 $ — $ 3,329 17.1 % 10.9 % 6.4 %
2,777 2,777 (401) 3,178 — 3,178 SSEA, CIS & MEA 2,822 — 2,822 (1.6) % 12.6 % 12.6 %
1,571 1,571 (51) 1,622 — 1,622 EA, AU & PMI GTR 1,407 — 1,407 11.7 % 15.3 % 15.3 %
895 895 38 857 417 440 Americas 474 — 474 88.8 % 80.8 % (7.2) %
9,141 $ 9,141 $ (209) $ 9,350 $ 568 8,782 Total PMI $ 8,032 $ — $ 8,032 13.8 % 16.4 % 9.3 %
(1) Reflects a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East

All values are in US Dollars.

Schedule 2 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues Adjusted Net<br>Revenues Currency Adjusted Net<br>Revenues excluding Currency Acqui-<br>sitions Adjusted NetRevenues excluding Currency & Acqui-sitions Net<br>Revenues Special Items Adjusted Net<br>Revenues Total Excluding Currency Excluding Currency<br>& Acqui-<br>sitions
2023 2022 % Change
3,835 $ 3,835 $ 260 $ 3,575 $ 65 3,510 Europe $ 3,239 $ — $ 3,239 18.4 % 10.4 % 8.4 %
2,707 2,707 (327) 3,034 — 3,034 SSEA, CIS & MEA 2,686 — 2,686 0.8 % 13.0 % 13.0 %
1,430 1,430 (46) 1,476 — 1,476 EA, AU & PMI GTR 1,478 — 1,478 (3.2) % (0.1) % (0.1) %
1,075 1,075 35 1,040 234 806 Americas 749 — 749 43.5 % 38.9 % 7.6 %
9,047 $ 9,047 $ (78) $ 9,125 $ 299 8,826 Total PMI $ 8,152 $ — $ 8,152 11.0 % 11.9 % 8.3 %
2023 2022 % Change
14,537 $ 14,537 $ 252 $ 14,285 $ 546 13,739 Europe $ 13,243 $ — $ 13,243 9.8 % 7.9 % 3.7 %
10,629 10,709 (1,060) 11,769 — 11,769 SSEA, CIS & MEA 10,467 — 10,467 2.3 % 12.4 % 12.4 %
6,201 6,201 (400) 6,601 — 6,601 EA, AU & PMI GTR 5,936 — 5,936 4.5 % 11.2 % 11.2 %
3,807 3,807 96 3,711 1,567 2,144 Americas 2,116 — 2,116 79.9 % 75.4 % 1.3 %
35,174 $ 35,254 $ (1,112) $ 36,366 $ 2,113 34,253 Total PMI $ 31,762 $ — $ 31,762 11.0 % 14.5 % 7.8 %
(1) Reflects a reduction in net revenues of 80 million related to the termination of a distribution arrangement in the Middle East

All values are in US Dollars.

Schedule 3 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended<br>March 31, 2022 % Change
1,177 $ 1,266 $ 24 $ 1,242 Europe $ 1,527 (22.9) % (17.1) % (18.7) %
734 778 — 778 SSEA, CIS & MEA 965 (23.9) % (19.4) % (19.4) %
637 754 — 754 EA, AU & PMI GTR 685 (7.0) % 10.1 % 10.1 %
183 192 169 23 Americas 121 51.2 % 58.7 % (81.0) %
2,731 $ 2,990 $ 193 $ 2,797 Total PMI $ 3,298 (17.2) % (9.3) % (15.2) %
2023 Quarters Ended<br>June 30, 2022 % Change
886 $ 859 $ 40 $ 819 Europe $ 1,440 (38.5) % (40.3) % (43.1) %
880 978 — 978 SSEA, CIS & MEA 958 (8.1) % 2.1 % 2.1 %
557 685 — 685 EA, AU & PMI GTR 528 5.5 % 29.7 % 29.7 %
243 270 224 46 Americas 130 86.9 % +100% (64.6) %
2,566 $ 2,792 $ 264 $ 2,528 Total PMI $ 3,056 (16.0) % (8.6) % (17.3) %
2023 Quarters Ended<br>September 30, 2022 % Change
1,680 $ 1,553 $ (8) $ 1,561 Europe $ 1,264 32.9 % 22.9 % 23.5 %
823 1,127 — 1,127 SSEA, CIS & MEA 1,086 (24.2) % 3.8 % 3.8 %
769 836 — 836 EA, AU & PMI GTR 533 44.3 % 56.8 % 56.8 %
98 141 148 (7) Americas 85 15.3 % 65.9 % -(100)%
3,370 $ 3,657 $ 140 $ 3,517 Total PMI $ 2,968 13.5 % 23.2 % 18.5 %

All values are in US Dollars.

Schedule 3 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended<br>December 31, 2022 % Change
1,556 $ 1,436 $ 11 $ 1,425 Europe $ 1,287 20.9 % 11.6 % 10.7 %
699 902 — 902 SSEA, CIS & MEA 855 (18.2) % 5.5 % 5.5 %
576 658 — 658 EA, AU & PMI GTR 678 (15.0) % (2.9) % (2.9) %
58 194 86 108 Americas 104 (44.2) % 86.5 % 3.8 %
2,889 $ 3,190 $ 97 $ 3,093 Total PMI $ 2,924 (1.2) % 9.1 % 5.8 %
2023 Full Year Ended<br>December 31, 2022 % Change
5,299 $ 5,114 $ 67 $ 5,047 Europe $ 5,518 (4.0) % (7.3) % (8.5) %
3,136 3,785 — 3,785 SSEA, CIS & MEA 3,864 (18.8) % (2.0) % (2.0) %
2,539 2,933 — 2,933 EA, AU & PMI GTR 2,424 4.7 % 21.0 % 21.0 %
582 797 627 170 Americas 440 32.3 % 81.1 % (61.4) %
11,556 $ 12,629 $ 694 $ 11,935 Total PMI $ 12,246 (5.6) % 3.1 % (2.5) %

All values are in US Dollars.

Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
( in millions) / (Unaudited)
Quarters Ended<br>June 30, Quarters Ended<br>September 30, Quarters Ended<br>December 31, Full Year Ended<br>December 31,
Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other
Net Revenues
Europe $ (145) $ — $ 147 $ (45) $ 2 $ 191 $ 22 $ — $ 177 $ 97 $ (3) $ 568 $ (71) $ (1)
SSEA, CIS & MEA 36 (126) 253 149 (27) 265 118 (27) 257 97 (6) 1,008 400 (186)
EA, AU & PMI GTR 89 — 23 326 — 36 179 — 133 (135) — 206 459 —
Americas (21) (4) 36 (40) (3) 21 (54) (1) 64 (9) 2 158 (124) (6)
Total PMI $ (41) $ (130) $ 459 $ 390 $ (28) $ 513 $ 265 $ (28) $ 631 $ 50 $ (7) $ 1,940 $ 664 $ (193)
Operating Income
Europe $ (180) $ (158) $ 147 $ (56) $ (712) $ 191 $ 11 $ 95 $ 177 $ 138 $ (177) $ 568 $ (87) $ (952)
SSEA, CIS & MEA (79) (341) 253 (35) (198) 265 (74) (150) 257 (49) (161) 1,008 (237) (850)
EA, AU & PMI GTR 45 10 23 244 (110) 36 170 97 133 (133) (20) 206 326 (23)
Americas (17) (118) 36 (26) (94) 21 (41) (72) 64 (9) (51) 158 (93) (335)
Total PMI $ (231) $ (607) $ 459 $ 127 $ (1,114) $ 513 $ 66 $ (30) $ 631 $ (53) $ (409) $ 1,940 $ (91) $ (2,160)

All values are in US Dollars.

Schedule 5 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended<br>March 31, 2022 % Change
1,177 $ 1,266 $ (89) $ 1,355 $ 42 $ 1,313 Europe $ 1,527 $ (71) $ 1,598 (20.8) % (15.2) % (17.9) %
734 851 (44) 895 — 895 SSEA, CIS & MEA 965 (6) 971 (12.4) % (7.8) % (7.8) %
637 657 (117) 774 — 774 EA, AU & PMI GTR 685 (1) 686 (4.2) % 12.8 % 12.8 %
183 245 (9) 254 218 36 Americas 121 (2) 123 99.2 % +100% (71.0) %
2,731 $ 3,019 $ (259) $ 3,278 $ 261 $ 3,017 Total PMI $ 3,298 $ (80) $ 3,378 (10.6) % (3.0) % (10.7) %
2023 Quarters Ended<br>June 30, 2022 % Change
886 $ 1,609 $ 27 $ 1,582 $ 58 $ 1,524 Europe $ 1,440 $ (131) $ 1,571 2.4 % 0.7 % (3.0) %
880 885 (98) 983 — 983 SSEA, CIS & MEA 958 (21) 979 (9.6) % 0.4 % 0.4 %
557 762 (128) 890 — 890 EA, AU & PMI GTR 528 (12) 540 41.1 % 64.8 % 64.8 %
243 276 (27) 303 255 48 Americas 130 (4) 134 +100% +100% (64.4) %
2,566 $ 3,532 $ (226) $ 3,758 $ 313 $ 3,445 Total PMI $ 3,056 $ (168) $ 3,224 9.6 % 16.6 % 6.9 %
2023 Quarters Ended<br>September 30, 2022 % Change
1,680 $ 1,842 $ 127 $ 1,715 $ 52 $ 1,663 Europe $ 1,264 $ (236) $ 1,500 22.8 % 14.3 % 10.9 %
823 869 (304) 1,173 — 1,173 SSEA, CIS & MEA 1,086 (67) 1,153 (24.6) % 1.7 % 1.7 %
769 794 (67) 861 — 861 EA, AU & PMI GTR 533 (46) 579 37.1 % 48.7 % 48.7 %
98 229 (43) 272 263 9 Americas 85 (13) 98 +100% +100% (90.5) %
3,370 $ 3,734 $ (287) $ 4,021 $ 315 $ 3,706 Total PMI $ 2,968 $ (362) $ 3,330 12.1 % 20.8 % 11.3 %
(1) For details on Special Items, refer to Schedule 6

All values are in US Dollars.

Schedule 5 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended<br>December 31, 2022 % Change
1,556 $ 1,643 $ 120 $ 1,523 $ 24 $ 1,499 Europe $ 1,287 $ (32) $ 1,319 24.6 % 15.5 % 13.7 %
699 704 (203) 907 — 907 SSEA, CIS & MEA 855 38 817 (13.8) % 11.0 % 11.0 %
576 576 (82) 658 — 658 EA, AU & PMI GTR 678 31 647 (11.0) % 1.7 % 1.7 %
58 129 (136) 265 114 151 Americas 104 (89) 193 (33.2) % 37.3 % (22.0) %
2,889 $ 3,052 $ (301) $ 3,353 $ 138 $ 3,215 Total PMI $ 2,924 $ (52) $ 2,976 2.6 % 12.7 % 8.0 %
2023 Full Year Ended<br>December 31, 2022 % Change
5,299 $ 6,360 $ 185 $ 6,175 $ 177 $ 5,998 Europe $ 5,518 $ (470) $ 5,988 6.2 % 3.1 % 0.2 %
3,136 3,309 (649) 3,958 — 3,958 SSEA, CIS & MEA 3,864 (56) 3,920 (15.6) % 1.0 % 1.0 %
2,539 2,789 (394) 3,183 — 3,183 EA, AU & PMI GTR 2,424 (28) 2,452 13.7 % 29.8 % 29.8 %
582 879 (215) 1,094 851 243 Americas 440 (108) 548 60.4 % 99.6 % (55.6) %
11,556 $ 13,337 $ (1,073) $ 14,410 $ 1,027 $ 13,383 Total PMI $ 12,246 $ (662) $ 12,908 3.3 % 11.6 % 3.7 %
(1) For details on Special Items, refer to Schedule 6

All values are in US Dollars.

Schedule 6 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2023 2023 2023 2023
PMI
Reported Operating Income $2,566 $3,370 $2,889 $11,556
Restructuring charges — — — (109)
Termination of distribution arrangement in the Middle East — — — (80)
Impairment of goodwill and other intangibles (680) — — (680)
Amortization of intangibles (82) (205) (129) (497)
Charges related to the war in Ukraine — (19) (34) (53)
Swedish Match AB acquisition accounting related items — — — (18)
South Korea indirect tax charge (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — (140) — (140)
Adjusted Operating Income $3,532 $3,734 $3,052 $13,337
Europe
Reported Operating Income $886 $1,680 $1,556 $5,299
Restructuring charges — — — (47)
Amortization of intangibles (43) (83) (53) (221)
Charges related to the war in Ukraine — (19) (34) (53)
Termination of agreement with Foundation for a Smoke-Free World — (60) — (60)
Impairment of goodwill and other intangibles (680) — — (680)
Adjusted Operating Income $1,609 $1,842 $1,643 $6,360
SSEA, CIS & MEA
Reported Operating Income $880 $823 $699 $3,136
Restructuring charges — — — (32)
Termination of distribution arrangement in the Middle East — — — (80)
Amortization of intangibles (5) (5) (5) (20)
Termination of agreement with Foundation for a Smoke-Free World — (41) — (41)
Adjusted Operating Income $885 $869 $704 $3,309

All values are in US Dollars.

Schedule 6 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2023 2023 2023 2023
EA, AU & PMI GTR
Reported Operating Income $557 $769 $576 $2,539
Restructuring charges — — — (19)
Amortization of intangibles (1) (1) — (3)
South Korea indirect tax charge (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — (24) — (24)
Adjusted Operating Income $762 $794 $576 $2,789
Americas
Reported Operating Income $243 $98 $58 $582
Restructuring charges — — — (11)
Amortization of intangibles (33) (116) (71) (253)
Swedish Match AB acquisition accounting related items — — — (18)
Termination of agreement with Foundation for a Smoke-Free World — (15) — (15)
Adjusted Operating Income $276 $229 $129 $879
Note: Sum of special items might not foot due to roundings. Special items between -0.5 million and +0.5 million are not displayed by segment.

All values are in US Dollars.

Schedule 6 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2022 2022 2022 2022
PMI
Reported Operating Income $3,056 $2,968 $2,924 $12,246
Impairment of other intangibles — (112) — (112)
Amortization of intangibles (36) (27) (58) (159)
Charges related to the war in Ukraine (80) (6) (23) (151)
Costs associated with Swedish Match AB offer (52) (217) 154 (115)
Swedish Match AB acquisition accounting related items — — (125) (125)
Adjusted Operating Income $3,224 $3,330 $2,976 $12,908
Europe
Reported Operating Income $1,440 $1,264 $1,287 $5,518
Amortization of intangibles (27) (18) (32) (106)
Charges related to the war in Ukraine (80) (6) (23) (151)
Costs associated with Swedish Match AB offer (24) (100) 71 (53)
Swedish Match AB acquisition accounting related items — — (48) (48)
Impairment of other intangibles — (112) — (112)
Adjusted Operating Income $1,571 $1,500 $1,319 $5,988
SSEA, CIS & MEA
Reported Operating Income $958 $1,086 $855 $3,864
Amortization of intangibles (6) (6) (5) (23)
Costs associated with Swedish Match AB offer (15) (61) 43 (33)
Adjusted Operating Income $979 $1,153 $817 $3,920

All values are in US Dollars.

Schedule 6 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
Quarter Ended<br>June 30, Quarter Ended<br>September 30, Quarter Ended<br>December 31, Full Year Ended<br>December 31,
2022 2022 2022 2022
EA, AU & PMI GTR
Reported Operating Income $528 $533 $678 $2,424
Amortization of intangibles (1) (1) (1) (4)
Costs associated with Swedish Match AB offer (11) (45) 32 (24)
Adjusted Operating Income $540 $579 $647 $2,452

All values are in US Dollars.

Americas
Reported Operating Income $130 $85 $104 $440
Amortization of intangibles (2) (2) (20) (26)
Costs associated with Swedish Match AB offer (2) (11) 8 (5)
Swedish Match AB acquisition accounting related items — — (77) (77)
Adjusted Operating Income $134 $98 $193 $548
Note: Sum of special items might not foot due to roundings. Special items between -0.5 million and +0.5 million are not displayed by segment.

All values are in US Dollars.

Schedule 7 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency<br>(1) Adjusted Net Revenues excluding Currency<br>(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions<br>(1) Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(2) Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income<br>Margin Adjusted Operating Income<br>Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023 Quarters Ended<br>March 31, 2022 % Points Change
1,266 40.1 % $ 1,355 $ 3,356 40.4 % $ 1,313 $ 3,198 41.0 % Europe $ 1,598 $ 3,290 48.6 % (8.5) (8.2) (7.6)
851 33.3 % 895 2,668 33.5 % 895 2,668 33.5 % SSEA, CIS & MEA 971 2,445 39.7 % (6.4) (6.2) (6.2)
657 43.2 % 774 1,690 45.8 % 774 1,690 45.8 % EA, AU & PMI GTR 686 1,587 43.2 % — 2.6 2.6
245 28.2 % 254 859 29.6 % 36 436 8.2 % Americas 123 424 29.0 % (0.8) 0.6 (20.8)
3,019 37.3 % $ 3,278 $ 8,573 38.2 % $ 3,017 $ 7,992 37.8 % Total PMI $ 3,378 $ 7,746 43.6 % (6.3) (5.4) (5.8)
2023 Quarters Ended<br>June 30, 2022 % Points Change
1,609 44.1 % $ 1,582 $ 3,661 43.2 % $ 1,524 $ 3,489 43.7 % Europe $ 1,571 $ 3,385 46.4 % (2.3) (3.2) (2.7)
885 33.2 % 983 2,889 34.0 % 983 2,889 34.0 % SSEA, CIS & MEA 979 2,514 38.9 % (5.7) (4.9) (4.9)
762 45.4 % 890 1,813 49.1 % 890 1,813 49.1 % EA, AU & PMI GTR 540 1,464 36.9 % 8.5 12.2 12.2
276 28.5 % 303 955 31.7 % 48 462 10.3 % Americas 134 469 28.6 % (0.1) 3.1 (18.3)
3,532 39.4 % $ 3,758 $ 9,318 40.3 % $ 3,445 $ 8,653 39.8 % Total PMI $ 3,224 $ 7,832 41.2 % (1.8) (0.9) (1.4)
2023 Quarters Ended<br>September 30, 2022 % Points Change
1,842 47.3 % $ 1,715 $ 3,693 46.4 % $ 1,663 $ 3,542 46.9 % Europe $ 1,500 $ 3,329 45.1 % 2.2 1.3 1.8
869 31.3 % 1,173 3,178 36.9 % 1,173 3,178 36.9 % SSEA, CIS & MEA 1,153 2,822 40.9 % (9.6) (4.0) (4.0)
794 50.5 % 861 1,622 53.1 % 861 1,622 53.1 % EA, AU & PMI GTR 579 1,407 41.2 % 9.3 11.9 11.9
229 25.6 % 272 857 31.7 % 9 440 2.1 % Americas 98 474 20.7 % 4.9 11.0 (18.6)
3,734 40.8 % $ 4,021 $ 9,350 43.0 % $ 3,706 $ 8,782 42.2 % Total PMI $ 3,330 $ 8,032 41.5 % (0.7) 1.5 0.7
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2

All values are in US Dollars.

Schedule 7 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency<br>(1) Adjusted Net Revenues excluding Currency<br>(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions<br>(1) Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(2) Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income<br>Margin Adjusted Operating Income<br>Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023 Quarters Ended<br>December 31, 2022 % Points Change
1,643 42.8 % $ 1,523 $ 3,575 42.6 % $ 1,499 $ 3,510 42.7 % Europe $ 1,319 $ 3,239 40.7 % 2.1 1.9 2.0
704 26.0 % 907 3,034 29.9 % 907 3,034 29.9 % SSEA, CIS & MEA 817 2,686 30.4 % (4.4) (0.5) (0.5)
576 40.3 % 658 1,476 44.6 % 658 1,476 44.6 % EA, AU & PMI GTR 647 1,478 43.8 % (3.5) 0.8 0.8
129 12.0 % 265 1,040 25.5 % 151 806 18.7 % Americas 193 749 25.8 % (13.8) (0.3) (7.1)
3,052 33.7 % $ 3,353 $ 9,125 36.7 % $ 3,215 $ 8,826 36.4 % Total PMI $ 2,976 $ 8,152 36.5 % (2.8) 0.2 (0.1)
2023 Full Year Ended<br>December 31, 2022 % Points Change
6,360 43.8 % $ 6,175 $ 14,285 43.2 % $ 5,998 $ 13,739 43.7 % Europe $ 5,988 $ 13,243 45.2 % (1.4) (2.0) (1.5)
3,309 30.9 % 3,958 11,769 33.6 % 3,958 11,769 33.6 % SSEA, CIS & MEA 3,920 10,467 37.5 % (6.6) (3.9) (3.9)
2,789 45.0 % 3,183 6,601 48.2 % 3,183 6,601 48.2 % EA, AU & PMI GTR 2,452 5,936 41.3 % 3.7 6.9 6.9
879 23.1 % 1,094 3,711 29.5 % 243 2,144 11.3 % Americas 548 2,116 25.9 % (2.8) 3.6 (14.6)
13,337 37.8 % $ 14,410 $ 36,366 39.6 % $ 13,383 $ 34,253 39.1 % Total PMI $ 12,908 $ 31,762 40.6 % (2.8) (1.0) (1.5)
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2

All values are in US Dollars.

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