Philip Morris (PM) Q1 2026 (USD): adj. EPS 1.93 (exp. 1.83), Revenue 10.2bln (exp. 9.89bln)

COMMENTARY:

• The Middle East conflict had a small impact in Q1, affected shipments to Global Travel Retail and certain markets in the region
• Performance continues to be driven by the international smoke-free business 
• IQOS continued to lead the growth of the global category, in which PMI holds approximately 77% volume share. 

GUIDANCE:

• FY EPS view 8.36-8.51 (exp. 8.40)