2022 Full-Year Reported Diluted EPS of $5.81, Adjusted Diluted EPS of $5.98 and Adjusted Diluted EPS Excluding Russia and Ukraine of $5.34,

Representing Currency-Neutral Growth of 11.9%;

Provides 2023 EPS Forecast

Regulatory News:

Philip Morris International Inc. (NYSE: PM) today announces its 2022 fourth-quarter and full-year results. Growth rates presented in this press release on an organic basis reflect adjusted results, excluding currency, acquisitions and disposals. Given the impact of the War in Ukraine on the company’s operations in Russia and Ukraine in 2022, PMI is also providing figures and comparisons excluding the company’s operations in these two markets for all historical periods. To provide more clarity on the full extent of the company's business in 2023, PMI will include both Ukraine and Russia in its 2023 forecast and adjusted reporting. A glossary of key terms, definitions and explanatory notes is included at the end of this press release. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.

2022 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS

Full-Year

• Net revenues from smoke-free products accounted for 32.1% of total net revenues, or 31.3% excluding Russia and Ukraine. Following the acquisition of Swedish Match, PMI defines “smoke-free products” to include all Swedish Match products other than Swedish Match’s combustible tobacco products, in addition to PMI's heat-not-burn, e-vapor, oral nicotine, and wellness and healthcare products.
• Market share for heated tobacco units (HTUs) in IQOS markets up by 1.1 points to 8.0%, or by 1.4 points to 7.9% excluding Russia and Ukraine
• Increased regular quarterly dividend by 1.6% to $1.27 per share, or an annualized rate of $5.08 per share

Fourth-Quarter

• Net revenues from smoke-free products accounted for 36.0% of total net revenues, or 35.6% excluding Russia and Ukraine
• Market share for HTUs in IQOS markets up by 1.4 points to 8.5%, or up by 1.8 points to 8.5% excluding Russia and Ukraine
• Total IQOS users at quarter-end estimated at approximately 24.9 million, of which approximately 17.8 million had switched to IQOS and stopped smoking (approximately 20.3 million and 14.2 million, respectively, excluding Russia and Ukraine)

"Despite the challenging operating environment in 2022, due to the war in Ukraine, as well as supply-chain and global inflationary pressures, we delivered very strong full-year adjusted results led by the continued growth of IQOS and a robust performance in the combustible tobacco category," said Jacek Olczak, Chief Executive Officer.

"We are well on our way to becoming a majority smoke-free company, with smoke-free products accounting for almost one-third of our total net revenues for the year. With the acquisition of Swedish Match and the agreement to take full control of IQOS in the U.S. in April 2024, we achieved two important milestones in our smoke-free transformation in 2022 and are well positioned to accelerate this journey."

"We enter 2023 as a truly global smoke-free champion, with two of the industry's leading smoke-free brands, IQOS and ZYN, and continued innovation across our broader smoke-free product portfolio. For the year, we forecast organic top-line growth of 7% to 8.5% and currency-neutral adjusted diluted EPS growth of 7% to 9%, despite inflationary pressures and transitory impacts related to ILUMA deployment."

"For Swedish Match, we expect continued strong growth from the business in 2023, following a very strong finish to the year, led by ZYN in the U.S."

2022 FULL-YEAR SUMMARY

Unless otherwise noted, all references to performance in this section exclude Russia and Ukraine

Adjusted net revenues increased by 7.7% in organic terms, primarily driven by total shipment volume growth of 3.2% (marking the second consecutive year of growth), the continued favorable mix shift from cigarettes to smoke-free products, and a favorable total pricing variance.

Smoke-free product net revenues increased by 18.0% on an organic basis, mainly driven by HTU shipment volume growth of 21.5%, partly offset by lower device revenues.

Combustible tobacco product adjusted net revenues increased by 3.7% on an organic basis, driven by a favorable pricing variance of approximately 4% and a cigarette shipment volume increase of 0.8%. International cigarette category share increased by 0.3 points to 24.9% despite the impact of IQOS cannibalization, including a 0.2 point increase for Marlboro.

Adjusted operating income margin declined by 0.6 points on an organic basis, primarily reflecting lower gross margins due mainly to: (i) inflationary pressures on cost of sales, (ii) the adverse profitability impact of accelerated switching to ILUMA devices, (iii) the higher initial cost of ILUMA devices and related HTUs; and (iv) higher air freight costs due to supply chain disruptions related to the war in Ukraine. The pressures at the gross margin level were partly offset by the favorable product mix impact of growing HTU volume at higher unit margins, as well as pricing and productivities. The benefits of operating cost efficiencies and operating leverage further offset the gross margin headwinds.

Adjusted diluted EPS of $5.34 increased by 11.9%, excluding currency. Including Russia and Ukraine, adjusted diluted EPS of $5.98 increased by 10.1% on a currency-neutral basis.

2023 FULL-YEAR FORECAST

Reported diluted EPS is forecast to be in a range of $6.09 to $6.21, at prevailing exchange rates, versus reported diluted EPS of $5.81 in 2022. Excluding a total 2023 adjustment of $0.16 per share and an adverse currency impact, at prevailing exchange rates, of $0.15 per share, this forecast represents a projected increase of 7% to 9% versus adjusted diluted EPS of $5.98 in 2022, as outlined in the above table.

2023 Full-Year Forecast Assumptions

This forecast assumes:

• The full contribution of the company's operations in Russia and Ukraine for the entire year. In Russia, the environment for divestment has become increasingly challenging and complex (see "War in Ukraine" section on page 6). To provide more clarity on the full extent of PMI's business, the company will include both Russia and Ukraine in its 2023 forecast and adjusted reporting.
• An estimated total international industry volume decline, excluding China and the U.S., of 1% to 2%;
• A total cigarette and HTU shipment volume change for PMI of approximately flat to +1%;
• HTU shipment volume of 125 to 130 billion units, reflecting an acceleration in growth versus 2022 on a total PMI basis;
• Net revenue growth of approximately 7% to 8.5% on an organic basis;
• An adjusted operating income margin decline of 50 to 150 basis points on an organic basis, primarily reflecting:
  • continued global inflationary pressures, primarily impacting cost of sales for the combustible tobacco business (notably related to leaf, acetate tow and energy prices)
  • the continued transitory impacts associated with the ILUMA roll-out, including the margin impact of accelerated device replacements and higher initial costs of devices and consumables; and
  • incremental investments to drive future growth, including the commercialization of ILUMA and around $150 million with a broadly even split between the U.S. and the wellness and healthcare segment;
  • partly offset by a positive margin impact from the favorable contribution of growing HTU volume within PMI's product mix at higher unit margins, supporting an overall positive margin contribution from the heat-not-burn business.
• Strong full-year performance for Swedish Match’s existing operations, underpinned by strong shipment volume growth for ZYN in the U.S.;
• Wellness and Healthcare segment net revenues of around $300 million (including smoking cessation products), with an adjusted operating loss of around $150 million, primarily due to investments in research and development;
• No contribution from any potential favorable court ruling related to the legality of a supplemental excise tax surcharge on heated tobacco units in Germany, which went into effect in 2022:
  • PMI currently accounts for the supplemental excise tax surcharge as a reduction in net revenues and a liability in its results and outlook, though the obligation to pay the surcharge is currently suspended and under court review;
  • For forecasted 2023 excise surcharges, a favorable ruling would equate, on a full-year basis, to an estimated one percentage point increase in net revenues and three percentage point increase in adjusted diluted EPS, with operating cash flow moving toward the top half of the company's corresponding assumption range outlined below;
  • PMI expects a judgment toward the end of the year;
• Full-year amortization and impairment of acquired intangibles of $0.16 per share, which includes amortization related to the Swedish Match acquisition based on preliminary purchase price allocation that may be subject to change;
• A full year’s net positive earnings contribution from Swedish Match including related interest expense, with Swedish Match included in PMI's organic performance as of November 11, 2023;
• Incremental net interest costs of around $200 million versus 2022 on PMI borrowings excluding Swedish Match-related financing, notably reflecting higher borrowing costs on refinanced debt;
• An effective tax rate, excluding discrete tax events, of approximately 20.5% to 21.5%;
• Operating cash flow of $10 to $11 billion at prevailing exchange rates, subject to year-end working capital requirements;
• Capital expenditures of approximately $1.3 billion, partly reflecting increased investments behind smoke-free product manufacturing capacity, including for ILUMA consumables and Swedish Match's portfolio;
• No share repurchases in 2023;
• Top and bottom-line delivery that is second half-weighted, reflecting: certain margin pressures that are skewed to the first-half, timing factors related to shipments and cost saving, and tougher first-half comparisons versus 2022;
• First-quarter reported diluted EPS in a range of $1.28 to $1.33, including an unfavorable currency impact, at prevailing exchange rates, of $0.10 per share, notably reflecting: HTU shipment volume of around 26 to 28 billion units, low single-digit organic top-line growth and soft margins relative to the full year.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

Swedish Match AB Acquisition

On November 11, 2022, Philip Morris Holland Holdings B.V. (“PMHH”), a wholly owned subsidiary of PMI, acquired a controlling interest of 85.87% of the total issued and outstanding shares in Swedish Match. Swedish Match's operating results beginning on November 11, 2022, through December 31, 2022, are included in PMI's consolidated statement of earnings and disclosed as a separate segment.

On November 28, 2022, PMHH announced that it had acquired 93.11% of the shares in Swedish Match and intended to: (i) initiate compulsory redemption under the Swedish Companies Act to acquire all remaining shares in the company; and (ii) request delisting of Swedish Match’s shares from Nasdaq Stockholm.

On December 16, 2022, Swedish Match announced that the compulsory redemption process had been initiated. On December 30, 2022, the shares of Swedish Match were delisted from Nasdaq Stockholm, by which time PMHH had become the owner of 94.81% of the company's shares.

New Regional Structure

In November 2022, PMI announced a change in the company’s regional structure -- to four regions, from six -- to further support the growth of its smoke-free business, reinforce consumer centricity, and increase the speed of innovation and deployment, all in alignment with its ambition of becoming a majority smoke-free business by net revenues by 2025. The change to its regional operations was completed in January 2023.

PMI will report its financial results based on the new regional structure as of the first quarter of 2023. In March 2023, the company plans to disclose select historical financial information for the 2020 to 2022 period based on the new regional structure.

KT&G Agreements

On January 30, 2023, PMI announced a long-term collaboration with KT&G, South Korea’s leading tobacco and nicotine manufacturer, to continue to commercialize KT&G’s innovative smoke-free devices and consumables on an exclusive, worldwide basis (excluding South Korea).

The agreement covers fifteen years, to January 29, 2038, with performance-review cycles and associated commitments, based on volume, to be confirmed for each three-year period, to allow flexibility for evolving market conditions.

The agreement gives PMI continued exclusive access to KT&G’s smoke-free brands and product-innovation pipeline, including offerings for low- and middle-income markets, that will enhance PMI’s existing portfolio of smoke-free products.

Products sold under the agreement will be subject to assessment to ensure they meet the regulatory requirements in the markets where they are launched, as well as PMI’s high standards of quality and scientific substantiation. PMI and KT&G will seek any necessary regulatory approvals that may be required on a market-by-market basis.

War in Ukraine

Since the onset of the war in Ukraine, PMI's main priority has been the safety and security of its more than 1,300 employees and their families in the country. The company has helped to evacuate more than 1,000 people from Ukraine and relocate over 2,700 others from conflict zones to locations in the country away from the heaviest fighting; provided critical aid to employees who cannot leave or who decide to remain in Ukraine; and provided those who have left the country with a range of support in neighboring countries. The company is continuing to pay salaries to all its Ukrainian employees and is also providing substantial in-kind support to them and their families. In addition, PMI has contributed approximately $10 million in funds and donated essential items across the country.

On February 25, 2022, in order to preserve the safety of its employees, PMI announced the temporary suspension of its commercial and manufacturing operations in Ukraine, including at its factory, in Kharkiv. The company subsequently resumed some retail activities where safety allowed, in order to provide product availability and service to adult consumers, and began to supply the market from production centers outside Ukraine, as well as through a contract manufacturing arrangement. Production at the company's factory in Kharkiv remains suspended.

As of December 31, 2022, PMI's Ukrainian operations have approximately $0.4 billion in total assets, excluding intercompany balances.

On March 24, 2022, PMI announced the concrete steps it had taken to suspend planned investments and scale down its manufacturing operations in Russia.

PMI is continuously assessing the evolving situation in Russia, including: recent regulatory constraints in the market that entail very complex terms and conditions that must be met for any divestment transaction to be granted approval by the authorities; and restrictions resulting from international regulations.

As of December 31, 2022, PMI's Russian operations have approximately $2.5 billion in total assets, excluding intercompany balances, of which approximately $0.6 billion consisted of cash and equivalents held mostly in local currency (Russian rubles).

PMI recorded pre-tax charges related to the war in Ukraine of approximately $23 million in the fourth quarter of 2022 and approximately $151 million in the full year (including humanitarian efforts). This includes charges in Russia related to the cancellation of the planned launch of ILUMA and the planned production of related HTUs.

Conference Call

A conference call, hosted by Jacek Olczak, Chief Executive Officer, and Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on February 9, 2023. Access the call at www.pmi.com/2022Q4earnings.

TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE

Total Market

Full-year estimated international industry cigarette and heated tobacco unit volume (excluding China and the U.S.) of 2.6 trillion, increased by 0.2%, driven by the EU, South & Southeast Asia and Americas Regions, partly offset by the Eastern Europe, Middle East & Africa and East Asia & Australia Regions, as described in the Regional sections.

Excluding Russia and Ukraine, full-year estimated international industry volume increased by 0.9%.

Consolidated Shipment Volume

Full-Year

Shipment Volume

PMI's total shipment volume increased by 1.6%, driven by an increase of 14.9% for HTUs, partly offset by a 0.5% decline for cigarettes.

Excluding Russia and Ukraine, PMI's total shipment volume increased by 3.2%, as detailed in Appendix 3, reflecting increases of 21.5% and 0.8% for HTUs and cigarettes, respectively. PMI's total shipment volume in the Eastern Europe Region increased by 2.7%, on the same basis, as shown in Appendix 4.

For additional detail on PMI's shipment volume performance by Region, please refer to the "Total Market, PMI Shipment & Market Share Commentaries" sections for PMI's regional operating segments.

Impact of Inventory Movements

The net unfavorable impact of estimated distributor inventory movements was immaterial in the year, with PMI’s total in-market sales increasing by 1.7%, or by 3.2% excluding Russia and Ukraine -- both essentially in-line with the respective shipment volumes.

PMI's total HTU in-market sales volume for the year was 106.9 billion units, or 86.4 billion units excluding Russia and Ukraine, representing growth of 15.6% and 21.4%, respectively.

Fourth-Quarter

PMI's total shipment volume increased by 1.2%, driven by a 26.1% increase in HTU shipments, partly offset by a 2.8% decline in cigarette shipments.

Excluding Russia and Ukraine, PMI's total shipment volume increased by 2.6%, as detailed in Appendix 3, reflecting a 37.5% increase for HTUs, partly offset by a 2.2% decrease for cigarettes. PMI's total shipment volume in the Eastern Europe Region increased by 3.2%, on the same basis, as shown in Appendix 4.

For additional detail on PMI's shipment volume performance by Region, please refer to the "Total Market, PMI Shipment & Market Share Commentaries" sections for PMI's regional operating segments.

Impact of Inventory Movements

The net unfavorable impact of estimated distributor inventory movements was immaterial in the quarter, with PMI’s total in-market sales increasing by 1.5%, or by 2.7% excluding Russia and Ukraine -- both essentially in-line with the respective shipment volumes.

PMI's total HTU in-market sales volume in the quarter was 28.4 billion units, or 23.2 billion units excluding Russia and Ukraine, representing growth of 20.3% and 28.1%, respectively.

PMI Shipment Volume by Brand

Full-Year

Shipment volume for PMI's HTU brands increased, primarily driven by the EU, Middle East & Africa and East Asia & Australia Regions, partly offset by the Eastern Europe Region.

PMI's cigarette shipment volume of the following international brands increased:

• Marlboro, mainly driven by the Eastern Europe, Middle East & Africa and Americas Regions, partly offset by the EU Region;
• Chesterfield, primarily driven by the Eastern Europe and South & Southeast Asia Regions, partly offset by the Middle East & Africa Region; and
• Parliament, mainly driven by the Middle East & Africa Region.

PMI's cigarette shipment volume of the following international brands decreased:

• L&M, primarily due to the EU, Eastern Europe and South & Southeast Asia Regions, partly offset by the Middle East & Africa and Americas Regions; and
• Philip Morris, mainly due to the Eastern Europe and Americas Regions, partly offset by the East Asia & Australia Region.

The cigarette shipment volume decline for "Others" was mainly due to: Bond Street (primarily Eastern Europe) and Lark (mainly Japan and Turkey), partly offset by Dji Sam Soe (Indonesia).

Excluding Russia and Ukraine, PMI's cigarette shipment volume increased by 1.8% for Marlboro, 5.6% for Chesterfield, 10.3% for Parliament and 6.3% for Philip Morris, and decreased by 0.3% for L&M.

Fourth-Quarter

Shipment volume for PMI's HTU brands increased, primarily driven by the EU, Middle East & Africa and East Asia & Australia Regions, partly offset by the Eastern Europe Region.

PMI's cigarette shipment volume of the following international brands increased:

• L&M, primarily driven by the Middle East & Africa Region, partly offset by the Eastern Europe Region;
• Chesterfield, mainly driven by the Eastern Europe and South & Southeast Asia Regions; and
• Parliament, primarily driven by the Middle East & Africa Region.

PMI's cigarette shipment volume of the following international brands decreased:

• Marlboro, mainly due to the EU and South & Southeast Asia Regions; and
• Philip Morris, mainly due to the Eastern Europe and Americas Regions.

The cigarette shipment volume decline for "Others" was mainly due to: Bond Street (primarily Eastern Europe), Lark (mainly Japan and Turkey) and Sampoerna A (Indonesia).

Excluding Russia and Ukraine, PMI's cigarette shipment volume increased by 2.4% for L&M, 2.3% for Chesterfield and 12.8% for Parliament, and decreased by 2.6% for Marlboro and 9.5% for Philip Morris.

International Share of Market

International Share of Market, Excluding Russia and Ukraine

CONSOLIDATED FINANCIAL SUMMARY

Full-Year

Net revenues increased by 8.0%, excluding currency and acquisitions, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume and device volume, partly offset by lower cigarette volume and unfavorable device mix, cigarette mix and HTU mix; a favorable pricing variance, driven by higher combustible tobacco pricing, partly offset by lower device pricing and lower HTU (net) pricing; and a favorable comparison related to the Saudi Arabia customs assessments of $246 million in 2021, shown in "Cost/Other". Adjusted net revenues increased by 7.1% on an organic basis.

For the year, Russia and Ukraine accounted for around 8% of PMI's total net revenues. Excluding Russia and Ukraine, adjusted net revenues increased by 7.7% on an organic basis, as detailed in Schedule 11.

Operating income increased by 6.7%, excluding currency and acquisitions. Adjusted operating income increased by 5.4% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable cigarette mix, HTU mix and device mix, and the unfavorable impact on profitability of higher device volume; and a favorable pricing variance; partially offset by higher manufacturing costs (primarily due to higher logistics costs and other inflationary impacts, partly offset by productivity); and higher marketing, administration and research costs. Adjusted operating income margin decreased by 0.7 points on an organic basis.

Excluding Russia and Ukraine, adjusted operating income increased by 6.2% on an organic basis, while adjusted operating income margin decreased by 0.6 points, on the same basis, as detailed in Schedule 11.

Fourth-Quarter

Net revenues increased by 7.5% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume and higher device volume, partly offset by lower cigarette volume and unfavorable HTU mix; and a favorable pricing variance, driven by higher combustible tobacco pricing, partly offset by lower HTU (net) pricing and lower device pricing.

For the quarter, Russia and Ukraine accounted for nearly 9% of PMI's total net revenues. Excluding Russia and Ukraine, net revenues increased by 7.9% on an organic basis, as detailed in Schedule 11.

Operating income increased by 14.0%, excluding currency and acquisitions, partly reflecting the impact of 2022 items associated with the Swedish Match AB offer.

Adjusted operating income increased by 7.5% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable HTU mix and unfavorable cigarette mix; and a favorable pricing variance; partially offset by higher manufacturing costs (mainly due to higher logistics costs and other inflationary impacts, partly offset by productivity); and higher marketing, administration and research costs. Adjusted operating income margin was stable on an organic basis.

Excluding Russia and Ukraine, adjusted operating income increased by 10.3% on an organic basis, while adjusted operating income margin increased by 0.8 point, on the same basis, as detailed in Schedule 11.

EUROPEAN UNION REGION

Full-Year

Net revenues increased by 10.6% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume and device volume, partly offset by lower cigarette volume, unfavorable HTU mix, and unfavorable cigarette mix; partially offset by an unfavorable pricing variance, mainly due to lower HTU (net) pricing and lower device pricing, partly offset by higher combustible tobacco pricing.

Operating income increased by 10.5%, excluding currency and acquisitions. Adjusted operating income increased by 10.1% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable HTU mix, unfavorable cigarette mix and the unfavorable impact on profitability of higher device volume; partially offset by an unfavorable pricing variance; higher manufacturing costs; and higher marketing, administration and research costs. Adjusted operating income margin decreased by 0.3 points on an organic basis.

Fourth-Quarter

Net revenues increased by 11.2% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume and higher device volume, partly offset by lower cigarette volume; partially offset by an unfavorable pricing variance, primarily due to lower HTU (net) pricing, partly offset by higher combustible tobacco pricing.

Operating income increased by 23.2%, excluding currency and acquisitions. Adjusted operating income increased by 16.9% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume; and lower marketing, administration and research costs; partially offset by an unfavorable pricing variance; and higher manufacturing costs. Adjusted operating income margin increased by 2.3 points on an organic basis.

Total Market, PMI Shipment & Market Share Commentaries

Full-Year

The estimated total market in the EU increased by 1.1% to 484.3 billion units, primarily driven by:

• Italy, up by 3.4%, mainly reflecting the impact on adult smoker average daily consumption of the easing of pandemic-related measures (particularly in the first half of the year);
• Poland, up by 13.0%, primarily reflecting a lower estimated prevalence of illicit trade, as well as higher border sales (largely due to the easing of pandemic-related measures); and
• Romania, up by 8.2%, mainly reflecting a lower estimated prevalence of illicit trade, as well as higher border sales (largely due to the easing of pandemic-related measures);

partly offset by

• Germany, down by 5.1%, primarily reflecting the impact of excise tax-driven price increases and higher cross-border (non-domestic) purchases due to the easing of pandemic-related measures; and
• the U.K., down by 13.4%, notably reflecting the impact of increased out-bound tourism compared to the pandemic-affected prior year period.

PMI's Regional market share increased by 0.9 points to 39.5%, with gains in Germany, Italy and Poland, partly offset by declines in France and Spain.

PMI's total shipment volume increased by 4.0% to 193.4 billion units, mainly driven by:

• Italy, up by 5.8%, primarily reflecting a higher market share driven by HTUs, as well as a higher total market;
• Poland, up by 17.6%, mainly reflecting the higher total market and a higher market share driven by HTUs; and
• Romania, up by 36.1%. Excluding the net favorable impact of estimated distributor inventory movements, total in-market sales volume increased by 27.3%, primarily reflecting a higher market share driven by HTUs, as well as the higher total market;

partly offset by

• France, down by 8.1%, primarily reflecting a lower total market and a lower market share.

Fourth-Quarter

The estimated total market in the EU decreased by 2.2% to 115.4 billion units, mainly due to:

• Germany, down by 9.0%, or by 5.9% excluding the net unfavorable impact of estimated trade inventory movements, primarily reflecting the same factors as for the year; and
• the U.K., down by 16.3%, notably reflecting the same factor as for the year;

partly offset by

• Poland, up by 5.7%, primarily reflecting higher border sales (largely due to the easing of pandemic-related measures).

PMI's total shipment volume increased by 3.1% to 46.8 billion units, mainly driven by:

• Italy, up by 5.0%, primarily reflecting the same factors as for the year; and
• Poland, up by 13.0%, mainly reflecting the same factors as for the year;

partly offset by

• France, down by 10.3%, primarily reflecting the same factors as for the year.

   

EASTERN EUROPE REGION

Full-Year