Philip Morris International Inc. (PM) Q2 2026 Earnings Call Transcript

Philip Morris International Inc. ( PM ) Q2 2026 Earnings Call July 22, 2026 9:00 AM EDT Company Participants James Bushnell - Vice President of Investor Relations & Financial Communications Emmanuel Babeau - Group Chief Financial Officer Massimo Andolina - President of Europe Region Conference Call Participants Bonnie Herzog - Goldman Sachs Group, Inc., Research Division Matthew Smith - Stifel, Nicolaus & Company, Incorporated, Research Division Eric Serotta - Morgan Stanley, Research Division Mirza Faham Baig - UBS Investment Bank, Research Division Pallav Mittal - Barclays Bank PLC, Research Division Gerald Pascarelli - Needham & Company, LLC, Research Division Presentation Operator Good day, and thank you for standing by. Welcome to the Philip Morris International 2026 Second Quarter Results. Please be advised that today's call is being recorded. I would now like to hand it over to our first speaker, James Bushnell, Vice President of Investor Relations and Financial Communications. Please go ahead. James Bushnell Vice President of Investor Relations & Financial Communications Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2026 second quarter results. The press release is available on our website at pmi.com. A glossary of terms, including the definition for smoke-free products as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibit 99.2 to the company's Form 8-K dated today and on our Investor Relations website. Today's remarks contain forward-looking statements and projections of future results. I direct your attention to the forward-looking and cautionary statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements. I'm joined today by Emmanuel Babeau, Group Chief Financial Officer; and Massimo Andolina, currently