PM 8-K: Smart Summary

On June 2, 2026, Philip Morris International Inc. (PMI) Group CEO Jacek Olczak presented at the 2026 dbAccess Global Consumer Conference in Paris, discussing PMI's smoke-free business performance, ZYN portfolio expansion, and heat-not-burn category developments. PMI updated its 2026 full-year reported diluted EPS forecast to $7.18–$7.33, reflecting currency impacts and a non-cash impairment charge of approximately $500M related to its Canadian affiliate RBH. Adjusted diluted EPS guidance of $8.31–$8.46 represents projected growth of 10.2%–12.2% versus $7.54 in 2025.

• PMI updated its 2026 full-year reported diluted EPS forecast to a range of $7.18 to $7.33, reflecting currency and the non-cash impairment of RBH only.
• Adjusted diluted EPS forecast range of $8.31 to $8.46 represents a projected increase of 10.2% to 12.2% versus $7.54 in 2025; excluding a favorable currency impact of $0.20 per share, growth is 7.5% to 9.5%.
• Total 2026 adjustments amount to $1.13 per share, including: amortization of intangibles ($0.50), fair value adjustment for equity investments ($0.22), restructuring charges ($0.03), income tax impact associated with Swedish Match AB financing ($0.05), and non-cash impairment of RBH equity investment ($0.33).
• PMI expects to record a non-cash impairment charge of approximately $500M (33 cents of diluted EPS) in Q2 2026 related to its Canadian affiliate RBH, following updated five-year financial projections submitted to RBH's Plan Administrator in May 2026; RBH remains deconsolidated from PMI, with the remaining carrying value expected to be less than $100M.
• Q2 2026 adjusted diluted EPS forecast updated for currency only to a range of $1.97 to $2.02, now including an estimated unfavorable currency impact of 3 cents at prevailing exchange rates.
• The change in forecasted currency impact primarily reflects unrealized transactional foreign exchange effects from deferred tax liabilities associated with the strengthening Russian ruble, expected to occur in Q2 2026.
• PMI launched ZYN ULTRA this month (June 2026) in 9mg and 11mg moist variants, available in a 20-pouch can format, positioned at a lower list price-per-pouch than the 'flagship' dry ZYN portfolio (15-pouch format); further ZYN extensions are planned for the remainder of 2026.
• Heat-not-burn category developments in Japan following the April 1, 2026 excise tax increase were broadly in-line with expectations, with April offtake impacted by consumer pantry de-loading and IQOS maintaining a strong category share.
• The smoke-free business accounted for 43% of PMI's first-quarter 2026 total net revenues; smoke-free products are available in over 105 markets and estimated to be used by over 43 million legal-age consumers as of December 31, 2025.
• All other forecast assumptions remain unchanged from those communicated on April 22, 2026.