Philip Morris International Inc. (PM) Presents at Barclays 19th Annual Global Consumer Staples Conference Transcript

Philip Morris International Inc. ( PM ) Barclays 19th Annual Global Consumer Staples Conference September 8, 2026 9:45 AM EDT Company Participants Jacek Olczak - Group CEO & Director Conference Call Participants Pallav Mittal - Barclays Bank PLC, Research Division Presentation Pallav Mittal Barclays Bank PLC, Research Division Good morning, everyone. Thank you for being here. I'm Pallav Mittal, Head of Global Tobacco at Barclays. I'm thrilled to have Jacek Olczak here with me, CEO of Philip Morris. Thank you so much, Jacek, for giving us this opportunity to host you. We will start with a few comments from Jacek, and then we'll move over to Q&A. Over to you, Jacek.

Jacek Olczak Group CEO & Director Thank you. Thank you for having me. The standard slide in the beginning, including the forward-looking and cautionary statements, which as always, we encourage you to read. And earlier today, we issued a press release revising our full year guidance for currency only. So now we're cruising at the spot rate, the favorable currency impact of about $0.24 -- at $0.12 to $0.24. We also give an update how we see the currency impact on the Q3 results. So we're turning into $0.01 the current spot rate favor.

I mean there are a few big ticket items, if you like, which are happening this year, at least for PMI. One is obviously the tax price change situation in Japan. As you remember, the prices taxes, excise tax went up in April 1. Now we're going into second stage of the tax increase and the price increase. The prices has been registered by all the main players, including us. So we have a visibility how it's going on. I have to admit that, obviously, in a country when the prices is not happening very frequently, the absolute amount