pm-20250325

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

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

677 Washington Blvd, Ste. 1100

Stamford

Connecticut

06901

(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)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

New York Stock Exchange

3.375% Notes due 2025

PM25A

New York Stock Exchange

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).


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.			☐


Item 7.01.			Regulation FD Disclosure.

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.


99.1			Recast Unaudited Financial Information - 2024 vs. 2023 (furnished pursuant to Item 7.01).


99.2			Recast Unaudited Financial Information - 2023 vs. 2022 (furnished pursuant to Item 7.01).


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101).

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

Exhibit 99.1

Recast Unaudited Financial Information

2024 vs. 2023

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes


General • “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. • 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”). • 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. • Comparisons are made to the same prior-year period unless otherwise stated. • "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted. Financial • Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East. • "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues. • 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. • 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. Smoke-Free • 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 consumer accessories, such as lighters and matches. • 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, 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. • Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems. • "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa. • "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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended March 31,	Net Revenues		Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023		% Change
$ 1,931	$ 45	$ 1,886	$ —	$ 1,886	Europe	$ 1,815		6.4	%	3.9	%	3.9	%
2,346	(139)	2,484	—	2,484	SSEA, CIS & MEA	2,154	(1)	8.9	%	15.4	%	15.4	%
597	(24)	621	—	621	EA, AU & PMI GTR	689		(13.4)	%	(9.8)	%	(9.8)	%
534	28	506	—	506	Americas	566		(5.6)	%	(10.6)	%	(10.6)	%
$ 5,407	$ (90)	$ 5,498	$ —	$ 5,498	Total Combustible Tobacco	$ 5,223		3.5	%	5.3	%	5.3	%

2024					Smoke-Free	2023		% Change
$ 1,524	$ 35	$ 1,489	$ —	$ 1,489	Europe	$ 1,339		13.8	%	11.2	%	11.2	%
90	2	88	—	88	of which, Wellness & Healthcare	86		4.7	%	2.3	%	2.3	%
312	(55)	368	—	368	SSEA, CIS & MEA	323		(3.5)	%	13.7	%	13.7	%
1,087	(85)	1,172	—	1,172	EA, AU & PMI GTR	831		30.8	%	41.0	%	41.0	%
462	1	461	—	461	Americas	302		52.9	%	52.5	%	52.5	%
$ 3,386	$ (104)	$ 3,489	$ —	$ 3,489	Total Smoke-Free	$ 2,796		21.1	%	24.8	%	24.8	%

2024					PMI	2023		% Change
$ 3,455	$ 80	$ 3,375	$ —	$ 3,375	Europe	$ 3,154		9.5	%	7.0	%	7.0	%
2,658	(194)	2,852	—	2,852	SSEA, CIS & MEA	2,477	(1)	7.3	%	15.1	%	15.1	%
1,684	(109)	1,793	—	1,793	EA, AU & PMI GTR	1,520		10.8	%	18.0	%	18.0	%
996	29	967	—	967	Americas	868		14.7	%	11.4	%	11.4	%
$ 8,793	$ (194)	$ 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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended June 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023	% Change
$ 2,214	$ (2)	$ 2,215	$ —	$ 2,215	Europe	$ 2,108	5.0	%	5.1	%	5.1	%
2,432	(204)	2,636	—	2,636	SSEA, CIS & MEA	2,350	3.5	%	12.2	%	12.2	%
620	(25)	645	—	645	EA, AU & PMI GTR	724	(14.3)	%	(10.9)	%	(10.9)	%
592	21	571	—	571	Americas	608	(2.5)	%	(5.9)	%	(5.9)	%
$ 5,858	$ (210)	$ 6,068	$ —	$ 6,068	Total Combustible Tobacco	$ 5,790	1.2	%	4.8	%	4.8	%

2024					Smoke-Free	2023	% Change
$ 1,681	$ (7)	$ 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	(47)	386	—	386	SSEA, CIS & MEA	318	6.6	%	21.4	%	21.4	%
1,053	(95)	1,148	—	1,148	EA, AU & PMI GTR	956	10.1	%	20.0	%	20.0	%
537	1	536	—	536	Americas	361	48.5	%	48.2	%	48.2	%
$ 3,610	$ (148)	$ 3,758	$ —	$ 3,758	Total Smoke-Free	$ 3,177	13.6	%	18.3	%	18.3	%

2024					PMI	2023	% Change
$ 3,895	$ (9)	$ 3,904	$ —	$ 3,904	Europe	$ 3,650	6.7	%	7.0	%	7.0	%
2,771	(251)	3,022	—	3,022	SSEA, CIS & MEA	2,668	3.9	%	13.3	%	13.3	%
1,673	(120)	1,793	—	1,793	EA, AU & PMI GTR	1,680	(0.4)	%	6.7	%	6.7	%
1,129	22	1,107	—	1,107	Americas	969	16.5	%	14.2	%	14.2	%
$ 9,468	$ (358)	$ 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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023	% Change
$ 2,322	$ (21)	$ 2,343	$ —	$ 2,343	Europe	$ 2,160	7.5	%	8.5	%	8.5	%
2,612	(142)	2,755	—	2,755	SSEA, CIS & MEA	2,485	5.1	%	10.9	%	10.9	%
673	(18)	691	—	691	EA, AU & PMI GTR	678	(0.8)	%	1.8	%	1.8	%
527	(19)	546	—	546	Americas	509	3.4	%	7.2	%	7.2	%
$ 6,134	$ (201)	$ 6,335	$ —	$ 6,335	Total Combustible Tobacco	$ 5,832	5.2	%	8.6	%	8.6	%

2024					Smoke-Free	2023	% Change
$ 1,875	$ (15)	$ 1,890	$ —	$ 1,890	Europe	$ 1,738	7.9	%	8.7	%	8.7	%
76	(1)	77	—	77	of which, Wellness & Healthcare	75	1.3	%	2.7	%	2.7	%
352	(6)	357	—	357	SSEA, CIS & MEA	292	20.3	%	22.2	%	22.2	%
929	(67)	996	—	996	EA, AU & PMI GTR	893	4.1	%	11.6	%	11.6	%
621	(1)	622	—	622	Americas	386	61.1	%	61.3	%	61.3	%
$ 3,777	$ (88)	$ 3,865	$ —	$ 3,865	Total Smoke-Free	$ 3,309	14.2	%	16.8	%	16.8	%

2024					PMI	2023	% Change
$ 4,197	$ (36)	$ 4,233	$ —	$ 4,233	Europe	$ 3,898	7.7	%	8.6	%	8.6	%
2,964	(148)	3,112	—	3,112	SSEA, CIS & MEA	2,777	6.7	%	12.1	%	12.1	%
1,602	(85)	1,687	—	1,687	EA, AU & PMI GTR	1,571	2.0	%	7.4	%	7.4	%
1,148	(20)	1,168	—	1,168	Americas	895	28.3	%	30.5	%	30.5	%
$ 9,911	$ (289)	$ 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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended December 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023	% Change
$ 2,132	$ 42	$ 2,090	$ —	$ 2,090	Europe	$ 1,953	9.2	%	7.0	%	7.0	%
2,458	(12)	2,470	—	2,470	SSEA, CIS & MEA	2,333	5.4	%	5.9	%	5.9	%
627	(1)	628	—	628	EA, AU & PMI GTR	585	7.1	%	7.3	%	7.3	%
602	(39)	640	—	640	Americas	617	(2.5)	%	3.8	%	3.8	%
$ 5,819	$ (9)	$ 5,828	$ —	$ 5,828	Total Combustible Tobacco	$ 5,489	6.0	%	6.2	%	6.2	%

2024					Smoke-Free	2023	% Change
$ 2,011	$ 42	$ 1,969	$ —	$ 1,969	Europe	$ 1,882	6.9	%	4.6	%	4.6	%
87	2	85	—	85	of which, Wellness & Healthcare	69	26.1	%	23.2	%	23.2	%
410	(5)	415	—	415	SSEA, CIS & MEA	374	9.6	%	11.0	%	11.0	%
807	(26)	833	—	833	EA, AU & PMI GTR	845	(4.5)	%	(1.4)	%	(1.4)	%
659	(1)	661	—	661	Americas	458	43.9	%	44.2	%	44.2	%
$ 3,887	$ 9	$ 3,878	$ —	$ 3,878	Total Smoke-Free	$ 3,558	9.2	%	9.0	%	9.0	%

2024					PMI	2023	% Change
$ 4,143	$ 84	$ 4,059	$ —	$ 4,059	Europe	$ 3,835	8.0	%	5.8	%	5.8	%
2,868	(17)	2,885	—	2,885	SSEA, CIS & MEA	2,707	5.9	%	6.6	%	6.6	%
1,434	(27)	1,461	—	1,461	EA, AU & PMI GTR	1,430	0.3	%	2.2	%	2.2	%
1,261	(40)	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.


										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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Full Year Ended December 31,	Net Revenues		Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023		% Change
$ 8,599	$ 63	$ 8,535	$ —	$ 8,535	Europe	$ 8,037		7.0	%	6.2	%	6.2	%
9,848	(497)	10,345	—	10,345	SSEA, CIS & MEA	9,321	(1)	5.7	%	11.0	%	11.0	%
2,516	(68)	2,585	—	2,585	EA, AU & PMI GTR	2,676		(6.0)	%	(3.4)	%	(3.4)	%
2,255	(9)	2,264	—	2,264	Americas	2,299		(2.0)	%	(1.5)	%	(1.5)	%
$ 23,218	$ (511)	$ 23,729	$ —	$ 23,729	Total Combustible Tobacco	$ 22,334		4.0	%	6.2	%	6.2	%

2024					Smoke-Free	2023		% Change
$ 7,091	$ 56	$ 7,036	$ —	$ 7,036	Europe	$ 6,500		9.1	%	8.2	%	8.2	%
333	3	330	—	330	of which, Wellness & Healthcare	306		8.8	%	7.8	%	7.8	%
1,413	(113)	1,526	—	1,526	SSEA, CIS & MEA	1,308		8.0	%	16.7	%	16.7	%
3,877	(273)	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	$ (330)	$ 14,990	$ —	$ 14,990	Total Smoke-Free	$ 12,840		14.2	%	16.7	%	16.7	%

2024					PMI	2023		% Change
$ 15,690	$ 119	$ 15,571	$ —	$ 15,571	Europe	$ 14,537		7.9	%	7.1	%	7.1	%
11,261	(610)	11,871	—	11,871	SSEA, CIS & MEA	10,629	(1)	5.9	%	11.7	%	11.7	%
6,393	(341)	6,734	—	6,734	EA, AU & PMI GTR	6,201		3.1	%	8.6	%	8.6	%
4,534	(9)	4,543	—	4,543	Americas	3,807		19.1	%	19.3	%	19.3	%
$ 37,878	$ (841)	$ 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.


														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)

Net Revenues	Special Items	Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui- sitions	Adjusted Net Revenues excluding Currency & Acqui- sitions			Net Revenues	Special Items (1)	Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acqui- sitions

2024							Quarters Ended March 31,		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							Quarters Ended June 30,		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							Quarters Ended September 30,		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


															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)

Net Revenues	Special Items		Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui- sitions	Adjusted Net Revenues excluding Currency & Acqui- sitions			Net Revenues	Special Items (1)	Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acqui- sitions

2024								Quarters Ended December 31,		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								Years Ended December 31,		2023			% Change
$ 15,690	$ —		$ 15,690	$ 119	$ 15,571	$ —	$ 15,571		Europe	$ 14,537	$ —	$ 14,537	7.9	%	7.1	%	7.1	%
11,261	—	-1	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


									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	Currency	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Quarters Ended March 31,	2023	% Change
$ 1,411	$ 16	$ 1,395	$ —	$ 1,395	Europe	$ 1,177	19.9	%	18.5	%	18.5	%
772	(241)	1,013	—	1,013	SSEA, CIS & MEA	734	5.2	%	38.0	%	38.0	%
763	(125)	888	—	888	EA, AU & PMI GTR	637	19.8	%	39.4	%	39.4	%
99	22	77	—	77	Americas	183	(45.9)	%	(57.9)	%	(57.9)	%
$ 3,045	$ (328)	$ 3,373	$ —	$ 3,373	Total PMI	$ 2,731	11.5	%	23.5	%	23.5	%

2024					Quarters Ended June 30,	2023	% Change
$ 1,617	$ (45)	$ 1,662	$ —	$ 1,662	Europe	$ 886	82.5	%	87.6	%	87.6	%
891	(230)	1,121	12	1,109	SSEA, CIS & MEA	880	1.3	%	27.4	%	26.0	%
753	(91)	844	—	844	EA, AU & PMI GTR	557	35.2	%	51.5	%	51.5	%
183	35	148	—	148	Americas	243	(24.7)	%	(39.1)	%	(39.1)	%
$ 3,444	$ (331)	$ 3,775	$ 12	$ 3,763	Total PMI	$ 2,566	34.2	%	47.1	%	46.6	%

2024					Quarters Ended September 30,	2023	% Change
$ 1,769	$ 33	$ 1,736	$ —	$ 1,736	Europe	$ 1,680	5.3	%	3.3	%	3.3	%
960	(129)	1,089	21	1,068	SSEA, CIS & MEA	823	16.6	%	32.3	%	29.8	%
788	(41)	829	—	829	EA, AU & PMI GTR	769	2.5	%	7.8	%	7.8	%
137	19	118	—	118	Americas	98	39.8	%	20.4	%	20.4	%
$ 3,654	$ (118)	$ 3,772	$ 21	$ 3,751	Total PMI	$ 3,370	8.4	%	11.9	%	11.3	%


									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	Currency	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Quarters Ended December 31,	2023	% Change
$ 1,750	$ (1)	$ 1,751	$ —	$ 1,751	Europe	$ 1,556	12.5	%	12.5	%	12.5	%
806	8	798	13	785	SSEA, CIS & MEA	699	15.3	%	14.2	%	12.3	%
574	(41)	615	—	615	EA, AU & PMI GTR	576	(0.3)	%	6.8	%	6.8	%
129	129	—	—	—	Americas	58	+100%		-(100)%		-(100)%
$ 3,259	$ 95	$ 3,164	$ 13	$ 3,151	Total PMI	$ 2,889	12.8	%	9.5	%	9.1	%

2024					Full Year Ended December 31,	2023	% Change
$ 6,547	$ 3	$ 6,544	$ —	$ 6,544	Europe	$ 5,299	23.6	%	23.5	%	23.5	%
3,429	(592)	4,021	46	3,975	SSEA, CIS & MEA	3,136	9.3	%	28.2	%	26.8	%
2,878	(298)	3,176	—	3,176	EA, AU & PMI GTR	2,539	13.4	%	25.1	%	25.1	%
548	205	343	—	343	Americas	582	(5.8)	%	(41.1)	%	(41.1)	%
$ 13,402	$ (682)	$ 14,084	$ 46	$ 14,038	Total PMI	$ 11,556	16.0	%	21.9	%	21.5	%


													Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)


	2024 vs. 2023
	Quarters Ended March 31,			Quarters Ended June 30,			Quarters Ended September 30,			Quarters Ended December 31,			Full Year Ended December 31,
	Price	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	$ 165	$ 56	$ —	$ 211	$ 45	$ (2)	$ 230	$ 105	$ —	$ 218	$ 6	$ —	$ 824	$ 212	$ (2)
SSEA, CIS & MEA	155	144	76	229	123	2	296	39	—	141	37	—	821	343	78
EA, AU & PMI GTR	130	143	—	88	25	—	71	45	—	36	(5)	—	325	208	—
Americas	(1)	121	(21)	55	110	(27)	92	133	48	87	141	(2)	233	505	(2)
Total PMI	$ 449	$ 464	$ 55	$ 583	$ 303	$ (27)	$ 689	$ 322	$ 48	$ 482	$ 179	$ (2)	$ 2,203	$ 1,268	$ 74

Operating Income
Europe	$ 165	$ 64	$ (11)	$ 211	$ 2	$ 563	$ 230	$ 47	$ (221)	$ 218	$ (23)	$ —	$ 824	$ 90	$ 331
SSEA, CIS & MEA	155	46	78	229	50	(50)	296	21	(72)	141	28	(83)	821	145	(127)
EA, AU & PMI GTR	130	72	49	88	2	197	71	(21)	10	36	6	(3)	325	59	253
Americas	(1)	113	(218)	55	104	(254)	92	116	(188)	87	137	(282)	233	470	(942)
Total PMI	$ 449	$ 295	$ (102)	$ 583	$ 158	$ 456	$ 689	$ 163	$ (471)	$ 482	$ 148	$ (368)	$ 2,203	$ 764	$ (485)


													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	Special Items (1)	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 March 31,	2023			% Change
$ 1,411	$ (82)	$ 1,493	$ 16	$ 1,477	$ —	$ 1,477	Europe	$ 1,177	$ (89)	$ 1,266	17.9	%	16.7	%	16.7	%
772	(5)	777	(241)	1,018	—	1,018	SSEA, CIS & MEA	734	(117)	851	(8.7)	%	19.6	%	19.6	%
763	(1)	764	(125)	889	—	889	EA, AU & PMI GTR	637	(20)	657	16.3	%	35.3	%	35.3	%
99	(227)	326	22	304	—	304	Americas	183	(62)	245	33.1	%	24.1	%	24.1	%
$ 3,045	$ (315)	$ 3,360	$ (328)	$ 3,688	$ —	$ 3,688	Total PMI	$ 2,731	$ (288)	$ 3,019	11.3	%	22.2	%	22.2	%

2024							Quarters Ended June 30,	2023			% Change
$ 1,617	$ (54)	$ 1,672	$ (45)	$ 1,717	$ —	$ 1,717	Europe	$ 886	$ (723)	$ 1,609	3.9	%	6.7	%	6.7	%
891	(5)	896	(230)	1,126	12	1,114	SSEA, CIS & MEA	880	(5)	885	1.2	%	27.2	%	25.9	%
753	(1)	753	(91)	844	—	844	EA, AU & PMI GTR	557	(205)	762	(1.2)	%	10.8	%	10.8	%
183	(152)	335	35	300	—	300	Americas	243	(33)	276	21.4	%	8.7	%	8.7	%
$ 3,444	$ (212)	$ 3,656	$ (331)	$ 3,987	$ 12	$ 3,975	Total PMI	$ 2,566	$ (966)	$ 3,532	3.5	%	12.9	%	12.5	%

2024							Quarters Ended September 30,	2023			% Change
$ 1,769	$ (251)	$ 2,019	$ 33	$ 1,986	$ —	$ 1,986	Europe	$ 1,680	$ (162)	$ 1,842	9.6	%	7.8	%	7.8	%
960	(50)	1,009	(129)	1,138	21	1,117	SSEA, CIS & MEA	823	(46)	869	16.1	%	31.0	%	28.5	%
788	(1)	789	(41)	830	—	830	EA, AU & PMI GTR	769	(25)	794	(0.6)	%	4.5	%	4.5	%
137	(198)	336	19	317	—	317	Americas	98	(131)	229	46.7	%	38.4	%	38.4	%
$ 3,654	$ (499)	$ 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


													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	Special Items (1)	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 December 31,	2023			% Change
$ 1,750	$ (45)	$ 1,795	$ (1)	$ 1,796	$ —	$ 1,796	Europe	$ 1,556	$ (87)	$ 1,643	9.3	%	9.3	%	9.3	%
806	(4)	810	8	802	13	789	SSEA, CIS & MEA	699	(5)	704	15.1	%	13.9	%	12.1	%
574	(1)	575	(41)	616	—	616	EA, AU & PMI GTR	576	—	576	(0.2)	%	6.9	%	6.9	%
129	(210)	339	129	210	—	210	Americas	58	(71)	129	+100%		62.8	%	62.8	%
$ 3,259	$ (260)	$ 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 December 31,	2023			% Change
$ 6,547	$ (432)	$ 6,979	$ 3	$ 6,976	$ —	$ 6,976	Europe	$ 5,299	$ (1,061)	$ 6,360	9.7	%	9.7	%	9.7	%
3,429	(63)	3,492	(592)	4,084	46	4,038	SSEA, CIS & MEA	3,136	(173)	3,309	5.5	%	23.4	%	22.0	%
2,878	(3)	2,881	(298)	3,179	—	3,179	EA, AU & PMI GTR	2,539	(250)	2,789	3.3	%	14.0	%	14.0	%
548	(788)	1,336	205	1,131	—	1,131	Americas	582	(297)	879	52.0	%	28.7	%	28.7	%
$ 13,402	$ (1,286)	$ 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


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2024	2024	2024	2024	2024
PMI
Reported Operating Income	$ 3,045	$ 3,444	$ 3,654	$ 3,259	$ 13,402
Restructuring charges	(168)	—	—	(12)	(180)
Impairment of other intangibles	(27)	—	—	—	(27)
Amortization of intangibles	(120)	(212)	(256)	(247)	(835)
Egypt sales tax charge	—	—	(45)	—	(45)
Loss on sale of Vectura Group	—	—	(198)	(1)	(199)
Adjusted Operating Income	$ 3,360	$ 3,656	$ 4,153	$ 3,519	$ 14,688

Europe
Reported Operating Income	$ 1,411	$ 1,617	$ 1,769	$ 1,750	$ 6,547
Loss on sale of Vectura Group	—	—	(198)	(1)	(199)
Amortization of intangibles	(55)	(54)	(53)	(44)	(206)
Impairment of other intangibles	(26)	—	—	—	(26)
Adjusted Operating Income	$ 1,493	$ 1,672	$ 2,019	$ 1,795	$ 6,979

SSEA, CIS & MEA
Reported Operating Income	$ 772	$ 891	$ 960	$ 806	$ 3,429
Amortization of intangibles	(5)	(5)	(4)	(4)	(18)
Egypt sales tax charge	—	—	(45)	—	(45)
Adjusted Operating Income	$ 777	$ 896	$ 1,009	$ 810	$ 3,492


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2024	2024	2024	2024	2024
EA, AU & PMI GTR
Reported Operating Income	$ 763	$ 753	$ 788	$ 574	$ 2,878
Amortization of intangibles	(1)	(1)	(1)	(1)	(3)
Adjusted Operating Income	$ 764	$ 753	$ 789	$ 575	$ 2,881

Americas
Reported Operating Income	$ 99	$ 183	$ 137	$ 129	$ 548
Restructuring charges	(168)	—	—	(12)	(180)
Amortization of intangibles	(60)	(152)	(198)	(198)	(608)
Adjusted Operating Income	$ 326	$ 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.


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2023	2023	2023	2023	2023
PMI
Reported Operating Income	$ 2,731	$ 2,566	$ 3,370	$ 2,889	$ 11,556
Restructuring Charges	(109)	—	—	—	(109)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Impairment of goodwill and other intangibles	—	(680)	—	—	(680)
Amortization of intangibles	(81)	(82)	(205)	(129)	(497)
Charges related to the war in Ukraine	—	—	(19)	(34)	(53)
Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)
South Korea indirect tax charge	—	(204)	—	—	(204)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(140)	—	(140)
Adjusted Operating Income	$ 3,019	$ 3,532	$ 3,734	$ 3,052	$ 13,337

Europe
Reported Operating Income	$ 1,177	$ 886	$ 1,680	$ 1,556	$ 5,299
Restructuring Charges	(47)	—	—	—	(47)
Amortization of intangibles	(42)	(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	$ 1,266	$ 1,609	$ 1,842	$ 1,643	$ 6,360

SSEA, CIS & MEA
Reported Operating Income	$ 734	$ 880	$ 823	$ 699	$ 3,136
Restructuring Charges	(32)	—	—	—	(32)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Amortization of intangibles	(5)	(5)	(5)	(5)	(20)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(41)	—	(41)
Adjusted Operating Income	$ 851	$ 885	$ 869	$ 704	$ 3,309


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2023	2023	2023	2023	2023
EA, AU & PMI GTR
Reported Operating Income	$ 637	$ 557	$ 769	$ 576	$ 2,539
Restructuring Charges	(19)	—	—	—	(19)
Amortization of intangibles	(1)	(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	$ 657	$ 762	$ 794	$ 576	$ 2,789



Americas
Reported Operating Income	$ 183	$ 243	$ 98	$ 58	$ 582
Restructuring Charges	(11)	—	—	—	(11)
Amortization of intangibles	(33)	(33)	(116)	(71)	(253)
Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(15)	—	(15)
Adjusted Operating Income	$ 245	$ 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.


																		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 Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions (1)	Adjusted Net Revenues excluding Currency & Acqui- sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions

2024												Quarters Ended March 31,	2023				% Points Change
$ 1,493	$ 3,455	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	2,658	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	1,684	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	996	32.7	%	304	967	31.4	%	304	967	31.4	%	Americas	245	868	28.2	%	4.5	3.2	3.2
$ 3,360	$ 8,793	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 June 30,	2023				% Points Change
$ 1,672	$ 3,895	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	2,771	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	1,673	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	1,129	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	$ 9,468	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 September 30,	2023				% Points Change
$ 2,019	$ 4,197	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	2,964	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	1,602	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	1,148	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	$ 9,911	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


																		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 Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions (1)	Adjusted Net Revenues excluding Currency & Acqui- sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions

2024												Quarters Ended December 31,	2023				% Points Change
$ 1,795	$ 4,143	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	2,868	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	1,434	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	1,261	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	$ 9,706	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 December 31,	2023				% Points Change
$ 6,979	$ 15,690	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	11,261	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	6,393	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	4,534	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	$ 37,878	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

Exhibit 99.2

Recast Unaudited Financial Information

2023 vs. 2022

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes


General • “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. • 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. • 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”). • 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. • Comparisons are made to the same prior-year period unless otherwise stated. • "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted. Financial • Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East. • "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues. • 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. • 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. Smoke-Free • 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 consumer accessories, such as lighters and matches. • 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, 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. • Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems. • "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa. • "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)

Net Revenues		Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended March 31,	Net 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	(1)	(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	(1)	(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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended June 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2023					Combustible Tobacco	2022	% Change
$ 2,108	$ (12)	$ 2,121	$ —	$ 2,121	Europe	$ 2,062	2.2	%	2.8	%	2.8	%
2,350	(187)	2,537	—	2,537	SSEA, CIS & MEA	2,203	6.7	%	15.2	%	15.2	%
724	(39)	763	—	763	EA, AU & PMI GTR	754	(4.0)	%	1.2	%	1.2	%
608	14	593	149	444	Americas	444	36.8	%	33.5	%	0.1	%
$ 5,790	$ (224)	$ 6,014	$ 149	$ 5,865	Total Combustible Tobacco	$ 5,463	6.0	%	10.1	%	7.4	%

2023					Smoke-Free	2022	% Change
$ 1,542	$ 1	$ 1,540	$ 172	$ 1,368	Europe	$ 1,323	16.5	%	16.5	%	3.4	%
76	—	76	—	76	of which, Wellness & Healthcare	76	—	%	—	%	—	%
318	(34)	352	—	352	SSEA, CIS & MEA	311	2.1	%	13.0	%	13.0	%
956	(94)	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	$ (127)	$ 3,304	$ 516	$ 2,788	Total Smoke-Free	$ 2,369	34.1	%	39.5	%	17.7	%

2023					PMI	2022	% Change
$ 3,650	$ (11)	$ 3,661	$ 172	$ 3,489	Europe	$ 3,385	7.8	%	8.2	%	3.1	%
2,668	(221)	2,889	—	2,889	SSEA, CIS & MEA	2,514	6.1	%	14.9	%	14.9	%
1,680	(133)	1,813	—	1,813	EA, AU & PMI GTR	1,464	14.8	%	23.8	%	23.8	%
969	14	955	493	462	Americas	469	+100%		+100%		(1.5)	%
$ 8,967	$ (351)	$ 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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2023					Combustible Tobacco	2022	% Change
$ 2,160	$ 112	$ 2,048	$ —	$ 2,048	Europe	$ 1,996	8.2	%	2.6	%	2.6	%
2,485	(291)	2,775	—	2,775	SSEA, CIS & MEA	2,454	1.3	%	13.1	%	13.1	%
678	(14)	692	—	692	EA, AU & PMI GTR	692	(1.9)	%	0.1	%	0.1	%
509	37	472	49	423	Americas	450	13.3	%	4.9	%	(5.9)	%
$ 5,832	$ (155)	$ 5,988	$ 49	$ 5,939	Total Combustible Tobacco	$ 5,591	4.3	%	7.1	%	6.2	%

2023					Smoke-Free	2022	% Change
$ 1,738	$ 93	$ 1,645	$ 151	$ 1,494	Europe	$ 1,333	30.4	%	23.4	%	12.1	%
75	3	72	—	72	of which, Wellness & Healthcare	57	31.6	%	26.3	%	26.3	%
292	(110)	403	—	403	SSEA, CIS & MEA	368	(20.6)	%	9.3	%	9.3	%
893	(37)	930	—	930	EA, AU & PMI GTR	715	24.8	%	29.9	%	29.9	%
386	1	385	368	17	Americas	24	+100%		+100%		(30.1)	%
$ 3,309	$ (54)	$ 3,362	$ 519	$ 2,843	Total Smoke-Free	$ 2,441	35.6	%	37.8	%	16.5	%

2023					PMI	2022	% Change
$ 3,898	$ 205	$ 3,693	$ 151	$ 3,542	Europe	$ 3,329	17.1	%	10.9	%	6.4	%
2,777	(401)	3,178	—	3,178	SSEA, CIS & MEA	2,822	(1.6)	%	12.6	%	12.6	%
1,571	(51)	1,622	—	1,622	EA, AU & PMI GTR	1,407	11.7	%	15.3	%	15.3	%
895	38	857	417	440	Americas	474	88.8	%	80.8	%	(7.2)	%
$ 9,141	$ (209)	$ 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.


									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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended December 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2023					Combustible Tobacco	2022	% Change
$ 1,953	$ 137	$ 1,816	$ —	$ 1,816	Europe	$ 1,698	15.0	%	7.0	%	7.0	%
2,333	(206)	2,539	—	2,539	SSEA, CIS & MEA	2,321	0.5	%	9.4	%	9.4	%
585	(11)	596	—	596	EA, AU & PMI GTR	617	(5.1)	%	(3.3)	%	(3.3)	%
617	34	583	44	539	Americas	578	6.8	%	0.9	%	(6.8)	%
$ 5,489	$ (45)	$ 5,534	$ 44	$ 5,489	Total Combustible Tobacco	$ 5,214	5.3	%	6.1	%	5.3	%

2023					Smoke-Free	2022	% Change
$ 1,882	$ 123	$ 1,759	$ 65	$ 1,694	Europe	$ 1,541	22.1	%	14.1	%	9.9	%
69	5	64	—	64	of which, Wellness & Healthcare	72	(4.2)	%	(11.1)	%	(11.1)	%
374	(121)	495	—	495	SSEA, CIS & MEA	365	2.5	%	35.8	%	35.8	%
845	(35)	880	—	880	EA, AU & PMI GTR	861	(1.9)	%	2.2	%	2.2	%
458	1	457	190	268	Americas	171	+100%		+100%		56.4	%
$ 3,558	$ (33)	$ 3,591	$ 255	$ 3,337	Total Smoke-Free	$ 2,938	21.1	%	22.2	%	13.6	%

2023					PMI	2022	% Change
$ 3,835	$ 260	$ 3,575	$ 65	$ 3,510	Europe	$ 3,239	18.4	%	10.4	%	8.4	%
2,707	(327)	3,034	—	3,034	SSEA, CIS & MEA	2,686	0.8	%	13.0	%	13.0	%
1,430	(46)	1,476	—	1,476	EA, AU & PMI GTR	1,478	(3.2)	%	(0.1)	%	(0.1)	%
1,075	35	1,040	234	806	Americas	749	43.5	%	38.9	%	7.6	%
$ 9,047	$ (78)	$ 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.


										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)

Net Revenues		Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Full Year Ended December 31,	Net 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	(1)	(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)	(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.


														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)

Net Revenues	Special Items (1)	Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui- sitions	Adjusted Net Revenues excluding Currency & Acqui- sitions			Net Revenues	Special Items	Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acqui- sitions

2023							Quarters Ended March 31,		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	(80)	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	$ (80)	$ 8,099	$ (474)	$ 8,573	$ 581	$ 7,992		Total PMI	$ 7,746	$ —	$ 7,746	4.6	%	10.7	%	3.2	%

2023							Quarters Ended June 30,		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							Years Ended September 30,		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


															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)

Net Revenues	Special Items (1)		Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui- sitions	Adjusted Net Revenues excluding Currency & Acqui- sitions			Net Revenues	Special Items	Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acqui- sitions

2023								Quarters Ended December 31,		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								Years Ended December 31,		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	(80)	-1	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	$ (80)		$ 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


									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	Currency	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions

2023					Quarters Ended March 31,	2022	% Change
$ 1,177	$ (89)	$ 1,266	$ 24	$ 1,242	Europe	$ 1,527	(22.9)	%	(17.1)	%	(18.7)	%
734	(44)	778	—	778	SSEA, CIS & MEA	965	(23.9)	%	(19.4)	%	(19.4)	%
637	(117)	754	—	754	EA, AU & PMI GTR	685	(7.0)	%	10.1	%	10.1	%
183	(9)	192	169	23	Americas	121	51.2	%	58.7	%	(81.0)	%
$ 2,731	$ (259)	$ 2,990	$ 193	$ 2,797	Total PMI	$ 3,298	(17.2)	%	(9.3)	%	(15.2)	%

2023					Quarters Ended June 30,	2022	% Change
$ 886	$ 27	$ 859	$ 40	$ 819	Europe	$ 1,440	(38.5)	%	(40.3)	%	(43.1)	%
880	(98)	978	—	978	SSEA, CIS & MEA	958	(8.1)	%	2.1	%	2.1	%
557	(128)	685	—	685	EA, AU & PMI GTR	528	5.5	%	29.7	%	29.7	%
243	(27)	270	224	46	Americas	130	86.9	%	+100%		(64.6)	%
$ 2,566	$ (226)	$ 2,792	$ 264	$ 2,528	Total PMI	$ 3,056	(16.0)	%	(8.6)	%	(17.3)	%

2023					Quarters Ended September 30,	2022	% Change
$ 1,680	$ 127	$ 1,553	$ (8)	$ 1,561	Europe	$ 1,264	32.9	%	22.9	%	23.5	%
823	(304)	1,127	—	1,127	SSEA, CIS & MEA	1,086	(24.2)	%	3.8	%	3.8	%
769	(67)	836	—	836	EA, AU & PMI GTR	533	44.3	%	56.8	%	56.8	%
98	(43)	141	148	(7)	Americas	85	15.3	%	65.9	%	-(100)%
$ 3,370	$ (287)	$ 3,657	$ 140	$ 3,517	Total PMI	$ 2,968	13.5	%	23.2	%	18.5	%


									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	Currency	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions

2023					Quarters Ended December 31,	2022	% Change
$ 1,556	$ 120	$ 1,436	$ 11	$ 1,425	Europe	$ 1,287	20.9	%	11.6	%	10.7	%
699	(203)	902	—	902	SSEA, CIS & MEA	855	(18.2)	%	5.5	%	5.5	%
576	(82)	658	—	658	EA, AU & PMI GTR	678	(15.0)	%	(2.9)	%	(2.9)	%
58	(136)	194	86	108	Americas	104	(44.2)	%	86.5	%	3.8	%
$ 2,889	$ (301)	$ 3,190	$ 97	$ 3,093	Total PMI	$ 2,924	(1.2)	%	9.1	%	5.8	%

2023					Full Year Ended December 31,	2022	% Change
$ 5,299	$ 185	$ 5,114	$ 67	$ 5,047	Europe	$ 5,518	(4.0)	%	(7.3)	%	(8.5)	%
3,136	(649)	3,785	—	3,785	SSEA, CIS & MEA	3,864	(18.8)	%	(2.0)	%	(2.0)	%
2,539	(394)	2,933	—	2,933	EA, AU & PMI GTR	2,424	4.7	%	21.0	%	21.0	%
582	(215)	797	627	170	Americas	440	32.3	%	81.1	%	(61.4)	%
$ 11,556	$ (1,073)	$ 12,629	$ 694	$ 11,935	Total PMI	$ 12,246	(5.6)	%	3.1	%	(2.5)	%


													Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)


	2023 vs. 2022
	Quarters Ended March 31,			Quarters Ended June 30,			Quarters Ended September 30,			Quarters Ended December 31,			Full Year Ended December 31,
	Price	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	$ 53	$ (145)	$ —	$ 147	$ (45)	$ 2	$ 191	$ 22	$ —	$ 177	$ 97	$ (3)	$ 568	$ (71)	$ (1)
SSEA, CIS & MEA	233	36	(126)	253	149	(27)	265	118	(27)	257	97	(6)	1,008	400	(186)
EA, AU & PMI GTR	14	89	—	23	326	—	36	179	—	133	(135)	—	206	459	—
Americas	37	(21)	(4)	36	(40)	(3)	21	(54)	(1)	64	(9)	2	158	(124)	(6)
Total PMI	$ 337	$ (41)	$ (130)	$ 459	$ 390	$ (28)	$ 513	$ 265	$ (28)	$ 631	$ 50	$ (7)	$ 1,940	$ 664	$ (193)

Operating Income
Europe	$ 53	$ (180)	$ (158)	$ 147	$ (56)	$ (712)	$ 191	$ 11	$ 95	$ 177	$ 138	$ (177)	$ 568	$ (87)	$ (952)
SSEA, CIS & MEA	233	(79)	(341)	253	(35)	(198)	265	(74)	(150)	257	(49)	(161)	1,008	(237)	(850)
EA, AU & PMI GTR	14	45	10	23	244	(110)	36	170	97	133	(133)	(20)	206	326	(23)
Americas	37	(17)	(118)	36	(26)	(94)	21	(41)	(72)	64	(9)	(51)	158	(93)	(335)
Total PMI	$ 337	$ (231)	$ (607)	$ 459	$ 127	$ (1,114)	$ 513	$ 66	$ (30)	$ 631	$ (53)	$ (409)	$ 1,940	$ (91)	$ (2,160)


													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	Special Items (1)	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 March 31,	2022			% Change
$ 1,177	$ (89)	$ 1,266	$ (89)	$ 1,355	$ 42	$ 1,313	Europe	$ 1,527	$ (71)	$ 1,598	(20.8)	%	(15.2)	%	(17.9)	%
734	(117)	851	(44)	895	—	895	SSEA, CIS & MEA	965	(6)	971	(12.4)	%	(7.8)	%	(7.8)	%
637	(20)	657	(117)	774	—	774	EA, AU & PMI GTR	685	(1)	686	(4.2)	%	12.8	%	12.8	%
183	(62)	245	(9)	254	218	36	Americas	121	(2)	123	99.2	%	+100%		(71.0)	%
$ 2,731	$ (288)	$ 3,019	$ (259)	$ 3,278	$ 261	$ 3,017	Total PMI	$ 3,298	$ (80)	$ 3,378	(10.6)	%	(3.0)	%	(10.7)	%

2023							Quarters Ended June 30,	2022			% Change
$ 886	$ (723)	$ 1,609	$ 27	$ 1,582	$ 58	$ 1,524	Europe	$ 1,440	$ (131)	$ 1,571	2.4	%	0.7	%	(3.0)	%
880	(5)	885	(98)	983	—	983	SSEA, CIS & MEA	958	(21)	979	(9.6)	%	0.4	%	0.4	%
557	(205)	762	(128)	890	—	890	EA, AU & PMI GTR	528	(12)	540	41.1	%	64.8	%	64.8	%
243	(33)	276	(27)	303	255	48	Americas	130	(4)	134	+100%		+100%		(64.4)	%
$ 2,566	$ (966)	$ 3,532	$ (226)	$ 3,758	$ 313	$ 3,445	Total PMI	$ 3,056	$ (168)	$ 3,224	9.6	%	16.6	%	6.9	%

2023							Quarters Ended September 30,	2022			% Change
$ 1,680	$ (162)	$ 1,842	$ 127	$ 1,715	$ 52	$ 1,663	Europe	$ 1,264	$ (236)	$ 1,500	22.8	%	14.3	%	10.9	%
823	(46)	869	(304)	1,173	—	1,173	SSEA, CIS & MEA	1,086	(67)	1,153	(24.6)	%	1.7	%	1.7	%
769	(25)	794	(67)	861	—	861	EA, AU & PMI GTR	533	(46)	579	37.1	%	48.7	%	48.7	%
98	(131)	229	(43)	272	263	9	Americas	85	(13)	98	+100%		+100%		(90.5)	%
$ 3,370	$ (364)	$ 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


													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	Special Items (1)	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 December 31,	2022			% Change
$ 1,556	$ (87)	$ 1,643	$ 120	$ 1,523	$ 24	$ 1,499	Europe	$ 1,287	$ (32)	$ 1,319	24.6	%	15.5	%	13.7	%
699	(5)	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	(71)	129	(136)	265	114	151	Americas	104	(89)	193	(33.2)	%	37.3	%	(22.0)	%
$ 2,889	$ (163)	$ 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 December 31,	2022			% Change
$ 5,299	$ (1,061)	$ 6,360	$ 185	$ 6,175	$ 177	$ 5,998	Europe	$ 5,518	$ (470)	$ 5,988	6.2	%	3.1	%	0.2	%
3,136	(173)	3,309	(649)	3,958	—	3,958	SSEA, CIS & MEA	3,864	(56)	3,920	(15.6)	%	1.0	%	1.0	%
2,539	(250)	2,789	(394)	3,183	—	3,183	EA, AU & PMI GTR	2,424	(28)	2,452	13.7	%	29.8	%	29.8	%
582	(297)	879	(215)	1,094	851	243	Americas	440	(108)	548	60.4	%	99.6	%	(55.6)	%
$ 11,556	$ (1,781)	$ 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


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2023	2023	2023	2023	2023
PMI
Reported Operating Income	$2,731	$2,566	$3,370	$2,889	$11,556
Restructuring charges	(109)	—	—	—	(109)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Impairment of goodwill and other intangibles	—	(680)	—	—	(680)
Amortization of intangibles	(81)	(82)	(205)	(129)	(497)
Charges related to the war in Ukraine	—	—	(19)	(34)	(53)
Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)
South Korea indirect tax charge	—	(204)	—	—	(204)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(140)	—	(140)
Adjusted Operating Income	$3,019	$3,532	$3,734	$3,052	$13,337

Europe
Reported Operating Income	$1,177	$886	$1,680	$1,556	$5,299
Restructuring charges	(47)	—	—	—	(47)
Amortization of intangibles	(42)	(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	$1,266	$1,609	$1,842	$1,643	$6,360

SSEA, CIS & MEA
Reported Operating Income	$734	$880	$823	$699	$3,136
Restructuring charges	(32)	—	—	—	(32)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Amortization of intangibles	(5)	(5)	(5)	(5)	(20)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(41)	—	(41)
Adjusted Operating Income	$851	$885	$869	$704	$3,309


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2023	2023	2023	2023	2023
EA, AU & PMI GTR
Reported Operating Income	$637	$557	$769	$576	$2,539
Restructuring charges	(19)	—	—	—	(19)
Amortization of intangibles	(1)	(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	$657	$762	$794	$576	$2,789

Americas
Reported Operating Income	$183	$243	$98	$58	$582
Restructuring charges	(11)	—	—	—	(11)
Amortization of intangibles	(33)	(33)	(116)	(71)	(253)
Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(15)	—	(15)
Adjusted Operating Income	$245	$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.


					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2022	2022	2022	2022	2022
PMI
Reported Operating Income	$3,298	$3,056	$2,968	$2,924	$12,246
Impairment of other intangibles	—	—	(112)	—	(112)
Amortization of intangibles	(38)	(36)	(27)	(58)	(159)
Charges related to the war in Ukraine	(42)	(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	$3,378	$3,224	$3,330	$2,976	$12,908

Europe
Reported Operating Income	$1,527	$1,440	$1,264	$1,287	$5,518
Amortization of intangibles	(29)	(27)	(18)	(32)	(106)
Charges related to the war in Ukraine	(42)	(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	$1,598	$1,571	$1,500	$1,319	$5,988

SSEA, CIS & MEA
Reported Operating Income	$965	$958	$1,086	$855	$3,864
Amortization of intangibles	(6)	(6)	(6)	(5)	(23)
Costs associated with Swedish Match AB offer	—	(15)	(61)	43	(33)
Adjusted Operating Income	$971	$979	$1,153	$817	$3,920



					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 March 31,	Quarter Ended June 30,	Quarter Ended September 30,	Quarter Ended December 31,	Full Year Ended December 31,
	2022	2022	2022	2022	2022
EA, AU & PMI GTR
Reported Operating Income	$685	$528	$533	$678	$2,424
Amortization of intangibles	(1)	(1)	(1)	(1)	(4)
Costs associated with Swedish Match AB offer	—	(11)	(45)	32	(24)
Adjusted Operating Income	$686	$540	$579	$647	$2,452



Americas
Reported Operating Income	$121	$130	$85	$104	$440
Amortization of intangibles	(2)	(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	$123	$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.


																		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 Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions (1)	Adjusted Net Revenues excluding Currency & Acqui- sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions

2023												Quarters Ended March 31,	2022				% Points Change
$ 1,266	$ 3,154	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	2,557	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	1,520	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	868	28.2	%	254	859	29.6	%	36	436	8.2	%	Americas	123	424	29.0	%	(0.8)	0.6	(20.8)
$ 3,019	$ 8,099	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 June 30,	2022				% Points Change
$ 1,609	$ 3,650	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	2,668	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	1,680	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	969	28.5	%	303	955	31.7	%	48	462	10.3	%	Americas	134	469	28.6	%	(0.1)	3.1	(18.3)
$ 3,532	$ 8,967	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 September 30,	2022				% Points Change
$ 1,842	$ 3,898	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	2,777	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	1,571	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	895	25.6	%	272	857	31.7	%	9	440	2.1	%	Americas	98	474	20.7	%	4.9	11.0	(18.6)
$ 3,734	$ 9,141	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


																		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 Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions (1)	Adjusted Net Revenues excluding Currency & Acqui- sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions

2023												Quarters Ended December 31,	2022				% Points Change
$ 1,643	$ 3,835	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	2,707	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	1,430	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	1,075	12.0	%	265	1,040	25.5	%	151	806	18.7	%	Americas	193	749	25.8	%	(13.8)	(0.3)	(7.1)
$ 3,052	$ 9,047	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 December 31,	2022				% Points Change
$ 6,360	$ 14,537	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	10,709	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	6,201	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	3,807	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	$ 35,254	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