EX-99.2 3 ex992recastschedules_2022v.htm EX-99.2

Exhibit 99.2

Recast Shipment Volume and

Unaudited Financial Information

2022 vs. 2021

---

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. • In November 2022, we acquired Swedish Match AB ("Swedish Match") - a leader in oral nicotine delivery - creating a global smoke-free combination led by the companies' IQOS and ZYN brands. 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. The operating results of Swedish Match were included in a separate segment for 2022 and 2023. Following the combination and the progress in 2023 toward the integration of the Swedish Match business into the existing PMI regional segment structure, we are updating our segment reporting by including Swedish Match results in the four existing geographical segments. As of the first quarter of 2024, we will report on this basis. • The recast 2022 and 2021 shipment volumes and financial information in this document reflect the integration of the Swedish Match business into the existing PMI geographical segment structure (announced on February 8, 2024). PMI’s organic growth rates, shipment volumes and financials for total PMI and Wellness & Healthcare, as well as periods prior to fourth-quarter 2022 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. • "Total Oral Products volume" is defined as oral smoke-free product volume excluding snuff, snuff leaf and U.S. chew. Financial • Adjusted net revenues in 2021 exclude the impact related to the Saudi Arabia customs assessments. • "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, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.			• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management. • Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. 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 Products • Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches. • Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke. • Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma. • "Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, HEETS Creations, HEETS Dimensions (defined collectively as "HEETS"), Marlboro HeatSticks, SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (LEVIA). • "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa. • "EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.

    

---

																																																									Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Oral Products Shipment Volume
(million cans)
						Quarters Ended March 31												Quarters Ended June 30												Quarters Ended September 30												Quarters Ended December 31												Full Year Ended December 31
						2022			2021			% Change						2022			2021			% Change						2022			2021			% Change						2022			2021			% Change						2022			2021			% Change
Nicotine Pouches
Europe						1.0			—			—		%				0.9			—			—		%				0.8			0.5			69.2		%				5.1			0.6			+100.0%						7.8			1.1			+100.0%
SSEA, CIS & MEA						—			—			—		%				—			—			—		%				—			—			—		%				0.1			—			—		%				0.1			—			—		%
EA, AU & PMI DF						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
Americas						—			—			—		%				—			—			—		%				—			—			—		%				34.5			—			—		%				34.5			—			—		%
Total PMI						1.0			—			—		%				0.9			—			—		%				0.8			0.5			69.2		%				39.8			0.6			+100.0%						42.5			1.1			+100.0%
Snus
Europe						2.5			—			—		%				5.0			0.5			+100.0%						4.4			2.8			56.4		%				42.0			2.9			+100.0%						53.9			6.2			+100.0%
SSEA, CIS & MEA						—			—			—		%				—			—			(100.0)		%				—			—			(100.0)		%				—			—			—		%				—			—			(100.0)		%
EA, AU & PMI DF						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
Americas						—			—			—		%				—			—			—		%				—			—			—		%				0.8			—			+100.0%						0.9			—			+100.0%
Total PMI						2.5			—			—		%				5.1			0.5			+100.0%						4.4			2.8			57.6		%				42.8			2.9			+100.0%						54.8			6.2			+100.0%
Moist Snuff
Europe						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
SSEA, CIS & MEA						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
EA, AU & PMI DF						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
Americas						—			—			—		%				—			—			—		%				—			—			—		%				16.0			—			—		%				16.0			—			—		%
Total PMI						—			—			—		%				—			—			—		%				—			—			—		%				16.0			—			—		%				16.0			—			—		%
Total Oral Products
Europe						3.5			—			—		%				5.9			0.5			+100.0%						5.1			3.2			58.2		%				47.2			3.5			+100.0%						61.8			7.3			+100.0%
SSEA, CIS & MEA						—			—			—		%				—			—			(100.0)		%				—			—			(100.0)		%				0.1			—			—		%				0.1			—			+100.0%
EA, AU & PMI DF						—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%				—			—			—		%
Americas						—			—			—		%				—			—			—		%				—			—			—		%				51.3			—			+100.0%						51.4			—			+100.0%
Total PMI						3.5			—			—		%				6.0			0.5			+100.0%						5.2			3.2			59.2		%				98.6			3.5			+100.0%						113.2			7.3			+100.0%

Note: Total Oral Products exclude snuff, snuff leaf and U.S. chew. Sum may not foot due to rounding and "-" indicates volumes from 0 to 0.1 million.

---

																																	Schedule 2 (1/2)
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
2022																		Combustible Tobacco						2021						% Change
$ 1,698			$ (291)			$ 1,989			$ —			$ 1,989						Europe						$ 2,065						(17.8)		%	(3.7)		%	(3.7)		%
2,321			(144)			2,465			—			2,465						SSEA, CIS & MEA						2,298						1.0		%	7.3		%	7.3		%
617			(74)			691			—			691						EA, AU & PMI DF						727						(15.1)		%	(4.9)		%	(4.9)		%
578			2			576			70			506						Americas						490						17.9		%	17.5		%	3.3		%
$ 5,214			$ (508)			$ 5,722			$ 70			$ 5,652						Total Combustible Tobacco						$ 5,579						(6.6)		%	2.6		%	1.3		%
2022																		Smoke-free excl. W&H						2021						% Change
$ 1,469			$ (229)			$ 1,698			$ 103			$ 1,595						Europe						$ 1,177						24.8		%	44.2		%	35.5		%
365			16			349			—			349						SSEA, CIS & MEA						315						15.7		%	10.6		%	10.6		%
861			(147)			1,008			—			1,008						EA, AU & PMI DF						898						(4.1)		%	12.2		%	12.2		%
171			(1)			172			143			29						Americas						33						+100%			+100%			(12.1)		%
$ 2,866			$ (360)			$ 3,226			$ 246			$ 2,980						Total Smoke-free excl. W&H						$ 2,424						18.3		%	33.1		%	23.0		%
2022																		Wellness & Healthcare						2021						% Change
$ 72			$ (10)			$ 82			$ —			$ 82						Wellness & Healthcare						$ 101						(28.7)		%	(18.8)		%	(18.8)		%
2022																		Smoke-free incl. W&H						2021						% Change
$ 2,938			$ (370)			$ 3,308			$ 246			$ 3,062						Total Smoke-free incl. W&H						$ 2,525						16.4		%	31.0		%	21.3		%
2022																		PMI						2021						% Change
$ 3,167			$ (520)			$ 3,687			$ 103			$ 3,584						Europe						$ 3,242						(2.3)		%	13.7		%	10.5		%
2,686			(128)			2,814			—			2,814						SSEA, CIS & MEA						2,613						2.8		%	7.7		%	7.7		%
1,478			(221)			1,699			—			1,699						EA, AU & PMI DF						1,625						(9.0)		%	4.6		%	4.6		%
749			1			748			213			535						Americas						523						43.2		%	43.0		%	2.3		%
72			(10)			82			—			82						Wellness & Healthcare						101						(28.7)		%	(18.8)		%	(18.8)		%
$ 8,152			$ (878)			$ 9,030			$ 316			$ 8,714						Total PMI						$ 8,104						0.6		%	11.4		%	7.5		%
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 2 (2/2)
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
2022																					Combustible Tobacco						2021						% Change
$ 7,694						$ (931)			$ 8,624			$ —			$ 8,624						Europe						$ 8,767						(12.2)		%	(1.6)		%	(1.6)		%
9,173						(456)			9,629			—			9,629						SSEA, CIS & MEA						8,734			(a)			5.0		%	10.2		%	10.2		%
2,831						(243)			3,074			—			3,074						EA, AU & PMI DF						2,861						(1.0)		%	7.5		%	7.5		%
1,874						(13)			1,887			70			1,818						Americas						1,706						9.9		%	10.6		%	6.5		%
$ 21,572						$ (1,643)			$ 23,214			$ 70			$ 23,144						Total Combustible Tobacco						$ 22,067						(2.2)		%	5.2		%	4.9		%
2022																					Smoke-free excl. W&H						2021						% Change
$ 5,278						$ (645)			$ 5,924			$ 113			$ 5,811						Europe						$ 4,388						20.3		%	35.0		%	32.4		%
1,294						37			1,257			—			1,257						SSEA, CIS & MEA						1,124						15.1		%	11.8		%	11.8		%
3,105						(392)			3,497			—			3,497						EA, AU & PMI DF						3,587						(13.5)		%	(2.5)		%	(2.5)		%
242						(2)			244			143			100						Americas						137						76.3		%	77.5		%	(26.8)		%
$ 9,919						$ (1,002)			$ 10,922			$ 256			$ 10,666						Total Smoke-free excl. W&H						$ 9,237						7.4		%	18.2		%	15.5		%
2022																					Wellness & Healthcare						2021						% Change
$ 271						$ (11)			$ 282			$ 189			$ 93						Wellness & Healthcare						$ 101						+100%			+100%			(7.9)		%
2022																					Smoke-free incl. W&H						2021						% Change
$ 10,190						$ (1,013)			$ 11,204			$ 445			$ 10,759						Total Smoke-free incl. W&H						$ 9,338						9.1		%	20.0		%	15.2		%
2022																					PMI						2021						% Change
$ 12,972						$ (1,576)			$ 14,548			$ 113			$ 14,435						Europe						$ 13,155						(1.4)		%	10.6		%	9.7		%
10,467						(419)			10,886			—			10,886						SSEA, CIS & MEA						9,858			(a)			6.2		%	10.4		%	10.4		%
5,936						(635)			6,571			—			6,571						EA, AU & PMI DF						6,448						(7.9)		%	1.9		%	1.9		%
2,116						(15)			2,131			213			1,918						Americas						1,843						14.8		%	15.6		%	4.1		%
271						(11)			282			189			93						Wellness & Healthcare						101						+100%			+100%			(7.9)		%
$ 31,762						$ (2,656)			$ 34,418			$ 515			$ 33,903						Total PMI						$ 31,405						1.1		%	9.6		%	8.0		%
(a) Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment
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 3
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 (a)			Adjusted Net Revenues						Total			Excluding Currency			Excluding Currency & Acqui- sitions
2022																					Quarters Ended December 31,									2021												% Change
$ 3,167			$ —			$ 3,167			$ (520)			$ 3,687			$ 103			$ 3,584						Europe						$ 3,242			$ —			$ 3,242						(2.3)		%	13.7		%	10.5		%
2,686			—			2,686			(128)			2,814			—			2,814						SSEA, CIS & MEA						2,613			—			2,613						2.8		%	7.7		%	7.7		%
1,478			—			1,478			(221)			1,699			—			1,699						EA, AU & PMI DF						1,625			—			1,625						(9.0)		%	4.6		%	4.6		%
749			—			749			1			748			213			535						Americas						523			—			523						43.2		%	43.0		%	2.3		%
72			—			72			(10)			82			—			82						Wellness & Healthcare						101			—			101						(28.7)		%	(18.8)		%	(18.8)		%
$ 8,152			$ —			$ 8,152			$ (878)			$ 9,030			$ 316			$ 8,714						Total PMI						$ 8,104			$ —			$ 8,104						0.6		%	11.4		%	7.5		%
2022																					Years Ended December 31,									2021												% Change
$ 12,972			$ —			$ 12,972			$ (1,576)			$ 14,548			$ 113			$ 14,435						Europe						$ 13,155			$ —			$ 13,155						(1.4)		%	10.6		%	9.7		%
10,467			—			10,467			(419)			10,886			—			10,886						SSEA, CIS & MEA						9,858			(246)			10,104						3.6		%	7.7		%	7.7		%
5,936			—			5,936			(635)			6,571			—			6,571						EA, AU & PMI DF						6,448			—			6,448						(7.9)		%	1.9		%	1.9		%
2,116			—			2,116			(15)			2,131			213			1,918						Americas						1,843			—			1,843						14.8		%	15.6		%	4.1		%
271			—			271			(11)			282			189			93						Wellness & Healthcare						101			—			101						+100%			+100%			(7.9)		%
$ 31,762			$ —			$ 31,762			$ (2,656)			$ 34,418			$ 515			$ 33,903						Total PMI						$ 31,405			$ (246)			$ 31,651						0.4		%	8.7		%	7.1		%
(a) Represents the reduction in net revenues of $246 million related to the Saudi Arabia customs assessment.

---

																																	Schedule 4
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
2022																		Quarters Ended December 31						2021						% Change
$ 1,329			$ (272)			$ 1,601			$ (26)			$ 1,627						Europe						$ 1,353						(1.8)		%	18.3		%	20.3		%
855			(21)			876			—			876						SSEA, CIS & MEA						844						1.3		%	3.8		%	3.8		%
678			(113)			791			—			791						EA, AU & PMI DF						631						7.4		%	25.4		%	25.4		%
104			(15)			119			4			115						Americas						120						(13.3)		%	(0.8)		%	(4.2)		%
(42)			6			(48)			—			(48)						Wellness & Healthcare						(1)						(100)		%	(100)		%	(100)		%
$ 2,924			$ (415)			$ 3,339			$ (22)			$ 3,361						Total PMI						$ 2,947						(0.8)		%	13.3		%	14.0		%
2022																		Full Year Ended December 31						2021						% Change
$ 5,776			$ (1,029)			$ 6,805			$ (28)			$ 6,833						Europe						$ 6,409						(9.9)		%	6.2		%	6.6		%
3,864			(99)			3,963			—			3,963						SSEA, CIS & MEA						3,295						17.3		%	20.3		%	20.3		%
2,424			(376)			2,800			—			2,800						EA, AU & PMI DF						2,836						(14.5)		%	(1.3)		%	(1.3)		%
440			(11)			451			4			447						Americas						487						(9.7)		%	(7.4)		%	(8.2)		%
(258)			8			(266)			(72)			(194)						Wellness & Healthcare						(52)						(100)		%	(100)		%	(100)		%
$ 12,246			$ (1,507)			$ 13,753			$ (96)			$ 13,849						Total PMI						$ 12,975						(5.6)		%	6.0		%	6.7		%

---

																																													Schedule 5
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 (a)			Adjusted Operating Income			Currency			Adjusted Operating Income excluding Currency			Acquisitions			Adjusted Operating Income excluding Currency & Acquisitions												Operating Income			Special Items (a)			Adjusted Operating Income						Total			Excluding Currency			Excluding Currency & Acquisitions
2022																								Quarters Ended December 31						2021												% Change
$ 1,329			$ (19)			$ 1,348			$ (272)			$ 1,620			$ 31			$ 1,589						Europe						$ 1,353			$ (23)			$ 1,376						(2.0)		%	17.7		%	15.5		%
855			38			817			(21)			838			—			838						SSEA, CIS & MEA						844			(19)			863						(5.3)		%	(2.9)		%	(2.9)		%
678			31			647			(113)			760			—			760						EA, AU & PMI DF						631			(23)			654						(1.1)		%	16.2		%	16.2		%
104			(89)			193			(15)			208			98			110						Americas						120			(4)			124						55.6		%	67.7		%	(11.3)		%
(42)			(13)			(29)			6			(35)			—			(35)						Wellness & Healthcare						(1)			(18)			17						(100)		%	(100)		%	(100)		%
$ 2,924			$ (52)			$ 2,976			$ (415)			$ 3,391			$ 129			$ 3,262						Total PMI						$ 2,947			$ (87)			$ 3,034						(1.9)		%	11.8		%	7.5		%
2022																								Full Year Ended December 31						2021												% Change
$ 5,776			$ (299)			$ 6,075			$ (1,029)			$ 7,104			$ 29			$ 7,075						Europe						$ 6,409			$ (109)			$ 6,518						(6.8)		%	9.0		%	8.5		%
3,864			(56)			3,920			(99)			4,019			—			4,019						SSEA, CIS & MEA						3,295			(319)			3,614						8.5		%	11.2		%	11.2		%
2,424			(28)			2,452			(376)			2,828			—			2,828						EA, AU & PMI DF						2,836			(95)			2,931						(16.3)		%	(3.5)		%	(3.5)		%
440			(108)			548			(11)			559			98			461						Americas						487			(17)			504						8.7		%	10.9		%	(8.5)		%
(258)			(171)			(87)			8			(95)			(28)			(67)						Wellness & Healthcare						(52)			(69)			17						(100)		%	(100)		%	(100)		%
$ 12,246			$ (662)			$ 12,908			$ (1,507)			$ 14,415			$ 99			$ 14,316						Total PMI						$ 12,975			$ (609)			$ 13,584						(5.0)		%	6.1		%	5.4		%
(a) For details on Special Items, refer to Schedule 6

---

																																										Schedule 6 (1/2)
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 December 31						Full Year Ended December 31						Quarter Ended December 31						Full Year Ended December 31
																								2022						2022						2021						2021
PMI
Reported Operating Income																								$ 2,924						$ 12,246						$ 2,947						$ 12,975
Asset impairment and exist costs																								—						—						(46)						(216)
Asset acquisition cost																								—						—						—						(51)
Saudi Arabia customs assessment																								—						—						—						(246)
Impairment of goodwill and other intangibles																								—						(112)						—						—
Amortization of intangibles																								(58)						(159)						(41)						(96)
Charges related to the war in Ukraine																								(23)						(151)						—						—
Costs associated with Swedish Match AB offer																								154						(115)						—						—
Swedish Match AB acquisition accounting related items																								(125)						(125)						—						—
Adjusted Operating Income																								$ 2,976						$ 12,908						$ 3,034						$ 13,584
Europe
Reported Operating Income																								$ 1,329						$ 5,776						$ 1,353						$ 6,409
Asset impairment and exist costs																								—						—						(13)						(72)
Amortization of intangibles																								(19)						(47)						(10)						(37)
Charges related to the war in Ukraine																								(23)						(151)						—						—
Costs associated with Swedish Match AB offer																								71						(53)						—						—
Swedish Match AB acquisition accounting related items																								(48)						(48)						—						—
Adjusted Operating Income																								$ 1,348						$ 6,075						$ 1,376						$ 6,518
SSEA, CIS & MEA
Reported Operating Income																								$ 855						$ 3,864						$ 844						$ 3,295
Asset impairment and exist costs																								—						—						(9)						(45)
Amortization of intangibles																								(5)						(23)						(10)						(28)
Saudi Arabia customs assessment																								—						—						—						(246)
Costs associated with Swedish Match AB offer																								43						(33)						—						—
Adjusted Operating Income																								$ 817						$ 3,920						$ 863						$ 3,614

---

																																										Schedule 6 (2/2)
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 December 31						Full Year Ended December 31						Quarter Ended December 31						Full Year Ended December 31
																								2022						2022						2021						2021
EA, AU & PMI DF
Reported Operating Income																								$ 678						$ 2,424						$ 631						$ 2,836
Asset impairment and exist costs																								—						—						(22)						(91)
Amortization of intangibles																								(1)						(4)						(1)						(4)
Costs associated with Swedish Match AB offer																								32						(24)						—						—
Adjusted Operating Income																								$ 647						$ 2,452						$ 654						$ 2,931
Americas
Reported Operating Income																								$ 104						$ 440						$ 120						$ 487
Asset impairment and exist costs																								—						—						(2)						(8)
Amortization of intangibles																								(20)						(26)						(2)						(9)
Costs associated with Swedish Match AB offer																								8						(5)						—						—
Swedish Match AB acquisition accounting related items																								(77)						(77)						—						—
Adjusted Operating Income																								$ 193						$ 548						$ 124						$ 504
Wellness & Healthcare
Reported Operating Income																								$ (42)						$ (258)						$ (1)						$ (52)
Amortization of intangibles																								(13)						(59)						(18)						(18)
Asset acquisition cost																								—						—						—						(51)
Impairment of goodwill and other intangibles																								—						(112)						—						—
Adjusted Operating Income																								$ (29)						$ (87)						$ 17						$ 17

---

																																																									Schedule 7
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 (a)			Adjusted Net Revenues (b)			Adjusted Operating Income Margin						Adjusted Operating Income excluding Currency (a)			Adjusted Net Revenues excluding Currency (b)			Adjusted Operating Income Margin excluding Currency						Adjusted Operating Income excluding Currency & Acqui- sitions (a)			Adjusted Net Revenues excluding Currency & Acqui- sitions (b)			Adjusted Operating Income Margin excluding Currency & Acqui- sitions												Adjusted Operating Income (a)			Adjusted Net Revenues (b)			Adjusted Operating Income Margin						Adjusted Operating Income Margin			Adjusted Operating Income Margin excluding Currency			Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2022																																				Quarters Ended December 31						2021												% Points Change
$ 1,348			$ 3,167			42.6		%				$ 1,620			$ 3,687			43.9		%				$ 1,589			$ 3,584			44.3		%				Europe						$ 1,376			$ 3,242			42.4		%				0.2			1.5			1.9
817			2,686			30.4		%				838			2,814			29.8		%				838			2,814			29.8		%				SSEA, CIS & MEA						863			2,613			33.0		%				(2.6)			(3.2)			(3.2)
647			1,478			43.8		%				760			1,699			44.7		%				760			1,699			44.7		%				EA, AU & PMI DF						654			1,625			40.2		%				3.6			4.5			4.5
193			749			25.8		%				208			748			27.8		%				110			535			20.6		%				Americas						124			523			23.7		%				2.1			4.1			(3.1)
(29)			72			(40.3)		%				(35)			82			(42.7)		%				(35)			82			(42.7)		%				Wellness & Healthcare						17			101			16.8		%				(57.1)			(59.5)			(59.5)
$ 2,976			$ 8,152			36.5		%				$ 3,391			$ 9,030			37.6		%				$ 3,262			$ 8,714			37.4		%				Total PMI						$ 3,034			$ 8,104			37.4		%				(0.9)			0.2			—
2022																																				Full Year Ended December 31						2021												% Points Change
$ 6,075			$ 12,972			46.8		%				$ 7,104			$ 14,548			48.8		%				$ 7,075			$ 14,435			49.0		%				Europe						$ 6,518			$ 13,155			49.5		%				(2.7)			(0.7)			(0.5)
3,920			10,467			37.5		%				4,019			10,886			36.9		%				4,019			10,886			36.9		%				SSEA, CIS & MEA						3,614			10,104			35.8		%				1.7			1.1			1.1
2,452			5,936			41.3		%				2,828			6,571			43.0		%				2,828			6,571			43.0		%				EA, AU & PMI DF						2,931			6,448			45.5		%				(4.2)			(2.5)			(2.5)
548			2,116			25.9		%				559			2,131			26.2		%				461			1,918			24.0		%				Americas						504			1,843			27.3		%				(1.4)			(1.1)			(3.3)
(87)			271			(32.1)		%				(95)			282			(33.7)		%				(67)			93			(71.6)		%				Wellness & Healthcare						17			101			16.8		%				(48.9)			(50.5)			(88.8)
$ 12,908			$ 31,762			40.6		%				$ 14,415			$ 34,418			41.9		%				$ 14,316			$ 33,903			42.2		%				Total PMI						$ 13,584			$ 31,651			42.9		%				(2.3)			(1.0)			(0.7)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3