Philip Morris International released its Value Report 2025, offering a holistic perspective on the company’s approach to sustainable value creation. The report marks the completion of PMI’s 2025 Roadmap, communicating achievements for each aspiration introduced by the company in 2020, and introduces its Value Plan 2030+, set to guide the company’s continued path to sustainable growth.
“For more than a decade, PMI has pursued an industry-leading shift away from cigarettes—a transformation that goes far beyond product innovation to encompass how we allocate capital, engage stakeholders, and measure success,” said Jacek Olczak, Group Chief Executive Officer. “‘change in motion’ captures the reality that transformation is not a project with a defined end date, it is the continuous work of improvement, innovation, and adaptation that keeps us relevant and resilient. We transform continuously because markets evolve, science advances, stakeholder expectations rise, and new opportunities emerge. This is who we are: a company perpetually in motion toward a better future, refusing to stand still even as we celebrate how far we have come.”
Built on the progress that PMI has made over the past decade, the report explains how the company is securing the resources, capabilities, and stakeholder trust that will sustain its business for decades to come. The sustainability of the business is PMI’s strategy; it is how it secures resources, manages risk, meets stakeholder expectations, and future-proofs a business built to deliver results today, while securing the ability to deliver tomorrow.
PMI achieved meaningful progress across both product and operational impact in 2025, as it closed its 2025 Roadmap: approximately 43.5 million adult consumers worldwide use the company’s smoke-free productsi, which are available across 106ii markets globally.
Net revenues generated globally from the smoke-free products category reached USD 16.9 billion, accounting for 41.5% of total net revenues in 2025. ᶦᶦᶦ
PMI also recorded significant progress across its key operational indicators.
Globally, 98% of the company’s commercial partners operating in the indirect retail channel participate in joint programs aimed at preventing minors’ access to tobacco and nicotine products ᶦᵛ, while 91% of shipment volumes are covered by cigarette butt litter prevention programs ᵛ.
Among the achievements reported by the company are also:
76% of PMI employees globally had access to structured lifelong learning opportunities. vi
99.6% of contracted farmers supplying tobacco to PMI made a living income by year-end 2025. This was achieved through initiatives aimed at boosting farm productivity and encouraging income diversification.vii
99.3% of tobacco purchased at no risk of net deforestation of managed natural forest and no conversion of natural ecosystems.viii
46% decrease versus 2019 on absolute Scope 1 and 2 greenhouse gas (GHG) emissions, with the company achieving carbon neutrality in its direct operationsix, and PMI’s absolute Scope 3 Forest, Land, and Agriculture (FLAG) GHG emissions decreased by 31% versus 2010.x
“We have identified six strategic priorities that reflect what matters most to our stakeholders and our business: consumers and product health impact, circularity, climate change, nature and biodiversity, our own workforce, and workers throughout our value chain, which are consolidated in our Value Plan 2030+. This plan identifies where our actions intersect most significantly with business imperatives, ensuring our initiatives drive tangible outcomes across various forms of capital, creating a strategy that is comprehensive yet focused, ambitious yet pragmatic, and deeply integrated into how we operate and grow,” said Jennifer Motles, Chief Sustainability Officer. “Our plan is explicit about what we control directly and what requires the action of, and partnership with others, setting a strong foundation for effective action. That is the spirit with which we present our Value Plan 2030+, as an invitation to dialogue, a platform for collaboration, and a roadmap for the next chapter: turning sustainability into lasting business value.”
In Romania, 2025 marked a year of significant progress in the company’s mission to build a smoke-free future.
Philip Morris Romania strengthened its ability to respond to the increasingly diverse needs of adult consumers through its multicategory commercial strategy, which includes a broad range of smoke-free products, such as heated tobacco devices and oral nicotine pouches.
The company reinforced its presence across partner retail locations and expanded its branded retail network, reaching 150 dedicated points of sale for smoke-free products nationwide.
Beyond business progress, the company was certified as a Top Employer, recognizing excellence in human resources practices. The number of employees across the two entities through which PMI operates in Romania exceeded 1,500, while overall, PMI supports approximately 9,000 direct, indirect, and induced jobs. In addition, the company maintains commercial relationships with more than 4,000 local suppliers, integrated into a stable and competitive value chain.
2025 was also a milestone year for strengthening the company’s sustainability commitments, with substantial progress toward the sustainable transformation of the Otopeni factory. More than 6,100 solar panels were commissioned, with an installed capacity of 3.4 MWp, representing one of the largest bifacial solar panel installations in the country dedicated to the production of green energy.
The factory achieved Zero Waste certification at the GOLD level from TÜV SÜD. Furthermore, the Alliance for Water Stewardship certification was renewed, confirming compliance with the highest standards for sustainable water use.
“The 2025 Value Report provides a comprehensive and integrated perspective on PMI’s strategy, governance, performance, and future direction, in relation to the most material sustainability topics,” said Roxana Pîntea, External Affairs Director, Philip Morris Romania. “For the Romanian market, the report clearly connects global progress with our local operations and demonstrates how PMI’s transformation is generating tangible value for adult consumers, partners, and communities. We create value for Romania’s economy and society and are a trusted partner of the Romanian state, through continued investments, a strong contribution to the public budget, and our significant role in creating and supporting approximately 9,000 direct, indirect, and induced jobs. Through consistent community engagement, we support long-term development and contribute to strengthening a sustainable socio-economic ecosystem.”
PMI’s Value Plan 2030+ sets the course for the company’s next chapter—a continuation of the change in motion that has defined PMI’s evolution over the past decade. It focuses on accelerating the growth of its smoke-free product portfolio, working to make cigarettes obsolete, and exploring adjacent avenues of growth in wellness, while maintaining responsible sales and marketing practices, investing in human and natural capital, and strengthening the operational resilience that underpins long-term, sustainable value creation.
PMI’s Value Report 2025 has been prepared with reference to the Global Reporting Initiative (GRI) Universal Standards (2021) and relevant topic-specific standards. This report follows guidance from the International Sustainability Standards Board (ISSB) of the IFRS Foundation, including SASB Standards, Integrated Thinking Principles, and the Integrated Reporting Framework. Beginning with the 2025 reporting cycle, the company renamed its annual disclosure from the ‘Integrated Report’ to the ‘Value Report’ to reflect its commitment to transparency, communicating how it creates, preserves, and enhances value over the short, medium, and long term. The Value Report continues to build on the foundation established by previous Integrated Reports, providing a comprehensive and integrated view of PMI’s strategy, management, performance, and outlook in relation to its most significant sustainability-related topics.
Please visit www.pmi.com/sustainability to learn more and read the full 2025 Value Report, as well as Stories of Impact.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
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