EX-99.1 2 ex991recastschedules_2024v.htm EX-99.1

Exhibit 99.1

Recast Unaudited Financial Information

2024 vs. 2023

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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.

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																																				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.

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																																				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.

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																																				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.

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																																				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.

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																																				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.

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																																																			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

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																																																			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

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																																							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		%

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																																							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		%

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																																																						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)

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																																																			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

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																																																			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

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																														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

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																														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.

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																														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

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																														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.

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																																																									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

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																																																									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