Philip Morris International Inc. (NYSE: PM) released its Value Report 2025, offering a holistic perspective on the company’s approach to sustainable value creation across markets worldwide. The report reflects the culmination of PMI’s 2025 Roadmap, outlining progress against the company’s ambitions set 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.”
Throughout 2025, PMI demonstrated significant progress globally across a range of areas, including sustainability initiatives, operational performance, and the continued expansion of its smoke-free product portfolio, while maintaining a focus on responsible business practices and stakeholder engagement.
“The Value Report 2025 report provides a comprehensive and integrated view of PMI’s strategy, management, performance, and future outlook in relation to our most significant sustainability related topics,” said Andrzej Dabrowski, Vice President Middle East and North Africa, Philip Morris International. “For the wider Middle East, it helps clearly connect global progress to the work we advance regionally and locally and demonstrates how PMI’s transformation delivers tangible value for adult consumers, partners, and communities.”
PMI’s Value Report 2025 is complemented by Stories of Impact “Stories of Impact” available on PMI.com, highlighting real-world examples of the company’s initiatives across different markets.
PMI achieved meaningful progress across both product and operational impact in 2025, as it closed its 2025 Roadmap.
PMI’s Business Transformation Metrics (BTMs) have provided stakeholders with clear, comparable indicators of our progress toward a smoke-free future. These metrics go beyond traditional reporting frameworks to capture aspects unique to PMI’s change of motion. They include the following:
• Around 43.5 million adult consumers of smoke-free products worldwide.
• PMI’s smoke-free products were available for sale in 106 markets.
• PMI’s smoke-free business net revenues reached USD 16.9 billion and represented 41.5% of total annual net revenues.
These metrics are intended to enhance transparency and provide stakeholders with a clearer understanding of the company’s ongoing business transformation.
“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+,” said Jennifer Motles, Chief Sustainability Officer. “Our 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. It also reflects our commitment to collaboration and engagement with a wide range of stakeholders to drive meaningful progress.”
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. Any forward-looking ambitions are subject to applicable regulatory environments and market conditions.
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.
