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Philip Morris International (PMI) is attempting an ambitious reinvention, repositioning itself around smoke-free alternatives in the U.S., while still carrying the financial weight of a global cigarette business. The roughly $280 billion tobacco company, best known for the Marlboro brand, says it plans to generate more than two-thirds of its net revenue from smoke-free alternatives by 2030. It is a delicate transition. To get there, PMI must build new growth engines while preserving the revenue base that ma ...

Core Viewpoint - Philip Morris International Inc. is transitioning towards smoke-free products, aiming to replace traditional cigarettes with healthier alternatives while maintaining a competitive stance against other tobacco giants [1]. Group 1: Company Overview - Philip Morris is a leading tobacco company known for its popular brands like Marlboro [1]. - The company has a market capitalization of approximately $285.5 billion, indicating its significant presence in the tobacco industry [5]. Group 2: Stock Performance and Analyst Ratings - Barclays maintained an "Overweight" rating for Philip Morris, raising its price target from $180 to $205, reflecting optimism about the company's future performance [2]. - The current stock price of Philip Morris is $183.40, with a slight decrease of 0.1, or approximately -0.05% [4]. - Over the past year, the stock has fluctuated between a high of $190.98 and a low of $142.11, indicating some volatility in its performance [4]. Group 3: Upcoming Events - Philip Morris is set to present at the 2026 Consumer Analyst Group of New York (CAGNY) Conference, where the CEO and CFO will reaffirm the full-year forecast for 2026 [3].

Key Takeaways Altria's Marlboro held a 40.5% retail share in 2025 despite ongoing U.S. cigarette volume declines.MO offset lower shipment volumes with higher pricing, supporting Smokeable Products' profitability.Increased promotional spending and trade-down trends weighed on margins amid evolving competitive dynamics.Altria Group, Inc. (MO) is facing an important challenge for its flagship Marlboro brand as the U.S. cigarette market continues to shrink. In the fourth quarter of 2025, the company’s results u ...

Core Insights - Altria is transitioning from traditional tobacco products to innovative alternatives, emphasizing products like on! PLUS and advocating for stronger enforcement against illicit markets in the U.S. [1] - The company continues to provide strong cash returns to shareholders while navigating this transition [1] - CEO Billy Gifford will retire in May, with Sal Mancuso set to take over leadership [1] Company Overview - Altria has been a leader in the tobacco industry for decades, known for its iconic Marlboro brand [1] - The management team includes key figures such as Sal Mancuso (CFO), Heather Newman (Chief Strategy and Growth Officer), and Bob McCarter (General Counsel) [3] Financial Considerations - Future dividend payments and share repurchases are subject to the discretion of the Board [4] - The presentation includes discussions on non-GAAP financial measures, with further explanations available on Altria's website [4]

Altria Conference Call Summary Company Overview - **Company**: Altria Group, Inc. - **Industry**: Tobacco and Nicotine Products Key Points Transition to Smoke-Free Products - Altria is transitioning smokers to a smoke-free future while competing for existing smoke-free nicotine consumers and exploring growth opportunities beyond the U.S. and nicotine [3][4] - The U.S. nicotine space is evolving with innovative smoke-free products driving change, creating unprecedented opportunities for Altria's businesses [4] Market Dynamics - In 2025, growth in e-vapor and oral tobacco offset cigarette industry volume declines, leading to a total equivalized nicotine volume growth of approximately 2.5% last year [5] - Over half of the 55 million U.S. nicotine consumers now use smoke-free products, with more than one-third using them exclusively [5] Consumer Segmentation - Altria identifies three consumer groups: 1. **Traditionalists**: Loyal to established brands like Marlboro and Copenhagen [6][7] 2. **Transitioners**: Open to switching to smoke-free alternatives [8] 3. **Variety Seekers**: Early adopters of innovation, seeking different product forms and flavors [9] Product Performance - The oral tobacco category grew by 12.5% last year, with nicotine pouches driving over 40% growth [10] - Altria's oral tobacco products segment grew adjusted OCI by a CAGR of 1.3% over the past five years [10] - The introduction of on! PLUS, a premium nicotine pouch, is expected to meet evolving consumer preferences [11][12] Regulatory Environment - Altria is advocating for improved enforcement against illicit markets, which represent a significant portion of the e-vapor category [17][18] - The company is optimistic about FDA authorizations for new products, including additional flavors and strengths for on! PLUS [13][14] Financial Performance - Altria's smokable product segment has grown adjusted OCI by more than $950 million over the past five years, with adjusted OCI margins expanding to 63.4% [26] - The company has delivered over $100 billion in cash returns to shareholders since the 2008 PMI spinoff, with a recent quarterly dividend increase of 3.9% [35][36] Future Growth Opportunities - Altria is exploring international and non-nicotine opportunities, including energy products through collaboration with Proper Wild [33][34] - The company aims to commercialize at least five non-nicotine products by 2028, with strong consumer interest in energy shots and gummies [34][35] Strategic Initiatives - The Optimize and Accelerate initiative aims to generate at least $600 million in savings to reinvest in growth, enhancing operational and financial flexibility [21][22] - Altria is modernizing its marketing strategies to engage consumers through new channels, including social media and in-person events [14][15] Conclusion - Altria is well-positioned to capture the growing smoke-free opportunity while maintaining strong cash returns and shareholder value through its traditional tobacco businesses [38]

1 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY CAGNY 2026 Safe Harbor Statement ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY Statements in this presentation that are not reported financial results or other historical information are "forward- looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantee ...

Summary of Philip Morris International (PMI) Conference Call Company Overview - **Company**: Philip Morris International (NYSE: PM) - **Event**: 2026 Conference on February 18, 2026 - **Key Speakers**: CEO Jacek Olczak, CFO Emmanuel Babeau Core Industry Insights - PMI is undergoing a significant transformation towards smoke-free products, with over **40%** of revenues and gross profit now derived from these products [1][3] - The company has achieved **$17 billion** in smoke-free revenues and **180 billion** units in volume, exceeding its target of being present in **100 markets** by 2025, now reaching **106 markets** [6][7] - PMI aims for **two-thirds** of its revenues to come from smoke-free products by **2030** [7] Financial Performance and Growth Strategy - PMI is targeting **double-digit EPS growth** over the next several years, with a focus on margin expansion and free cash flow generation [1] - The company expects **high single-digit to low teen growth** for smoke-free volumes from **2026 to 2028**, which will offset declines in combustible products [40] - Projected organic revenue growth is between **6%-8%**, with operating income growth of **8%-10%** [41] - Adjusted EPS growth is targeted between **9%-11%** [42] Market Dynamics - The company has seen a **5-fold** acceleration in volume decline in markets where smoke-free products are available, compared to those where they are not [15] - In regions where smoke-free products are established, they represent **62%** of total revenues in the top five operating income markets [9] - PMI has successfully penetrated markets like Taiwan, achieving a **6%** market share in combined cigarettes and heated tobacco products within three months of entry [11] Regulatory Environment - There is a growing recognition of the potential of smoke-free products, with more mature discussions around nicotine and its role in smoking-related diseases [17][18] - Regulatory momentum is shifting positively, with increasing acceptance of smoke-free products globally [20] - Major markets like India, Turkey, Brazil, and Vietnam, which currently do not allow smoke-free products, represent significant future opportunities [21] Consumer Trends - The company is observing a growing interaction with smoke-free products, indicating an openness among consumers to transition from combustible cigarettes [26] - The multi-category strategy, offering heat-not-burn, vape, and pouches, is accelerating growth, with markets showing over **15%** growth when multiple products are available [31] Investment and Infrastructure - PMI has established a robust infrastructure with **1.5 million** points of sale for smoke-free products and **8,000** brand retail networks [33] - The company is focusing on productive investments in marketing and brand building while seeking efficiencies in back-office costs [51] Shareholder Returns - PMI has a target payout ratio of **75%** of net profit into dividends, with a **9%** increase in dividends noted in 2025 [53] - The company has consistently outperformed indices like the S&P 500 and the MSI Tobacco Index in total shareholder return [54] Conclusion - PMI is positioned as a leader in the transition to smoke-free products, with a clear growth strategy, strong financial performance, and a commitment to shareholder returns. The ongoing transformation is supported by favorable regulatory trends and increasing consumer acceptance of smoke-free alternatives.

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying those that can fulfill their potential is challenging due to associated risks and volatility [1] Group 1: Company Overview - Philip Morris is recommended as a cutting-edge growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 4.8%, but projected EPS growth for this year is expected to be 11.9%, surpassing the industry average of 9.2% [4] Group 2: Financial Metrics - Year-over-year cash flow growth for Philip Morris stands at 14.6%, significantly higher than the industry average of 1.2% [5] - The annualized cash flow growth rate over the past 3-5 years is 8.8%, compared to the industry average of 4.5% [6] Group 3: Earnings Estimates - Current-year earnings estimates for Philip Morris have been revised upward, with the Zacks Consensus Estimate increasing by 1.4% over the past month [8] - The combination of a Growth Score of A and a Zacks Rank 2 indicates that Philip Morris is a potential outperformer and a solid choice for growth investors [10]

Core Viewpoint - Altria's stock has shown strong performance with a 16% increase in 2026 and a dividend yield of 6.4%, supported by its consistent dividend growth and strategic focus on nicotine products [1] Group 1: Stock Performance and Dividend - Altria's stock rose 16% in 2026, outperforming the broader market, and has increased 25% over the past year [1] - The stock offers a dividend yield of approximately 6.4% and is trading less than 2% below its 52-week high of $68.60 [1] - Altria has raised its dividend for 57 consecutive years, aiming to pay out about 80% of adjusted earnings per share as dividends [1] Group 2: Market Demand and Product Strategy - The demand for Altria's flagship Marlboro brand remains steady due to nicotine's addictive nature, allowing for price increases even amidst declining cigarette sales [1] - Traditional cigarette sales dropped about 10% in 2025, but Altria is shifting towards smoke-free products, with its on! oral nicotine pouches seeing a 10.9% increase in shipments [1] - Nicotine pouches now account for over 55% of the overall oral tobacco market, with expectations for continued growth through 2036 [1] Group 3: Regulatory Challenges - Altria faced regulatory issues that led to the withdrawal of its NJOY Ace e-vapor product from stores, with no expected return in 2026 [1] - The company is now focusing more on oral nicotine products in response to these challenges [1]