Altria Group, Inc. · NYSE:MO
Altria — Q3 2026 Earnings Presentation
30 slides from Altria's earnings presentation, Oct 29, 2026
Slide 1: Altria's Third-Quarter and Nine-Months 2026 Earnings Conference Call
Altria’s Third -Quarter and Nine-Months 2026 Earnings Conference Call October 29, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are bas
Slide 3: Strong Third-Quarter Financial Performance
Strong Third -Quarter Financial Performance Adjusted Diluted EPS* +4.8% $1.52 $1.45 Q3 '25 Q3 '26 *Adjusted diluted earnings per share (EPS), For reconciliations of non-GAAP to GAAP measures visit altria.com. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 3
Slide 4: Executed Across Our Portfolio While Advancing Smoke-Free Innovation
Executed Across Our Portfolio While Advancing Smoke -Free Innovation ▪ Cowboy Cut strengthened Marlboro’s premium position ▪ Basic continued to gain share in discount ▪ Expanded on! PLUS 12-milligram nationwide ▪ Invested in on! brand-building initiatives ▪ Introducing on! PLUS flavor extensions ALC
Slide 5: Robust Cash Generation Supports Investment and Shareholder Returns
Robust Cash Generation Supports Investment and Shareholder Returns Cash Returned to Shareholders (dollars in millions) Dividends Share Repurchases $6,065 In August, we announced our 61st dividend $735 increase in 57 years. Our Board recently authorized a $1 billion $5,330 expansion of our existing s
Slide 6: Nicotine Pouches Now More Than 60% of the Oral Category
Nicotine Pouches Now More Than 60% of the Oral Category Oral Tobacco Industry Volume Growth Oral Nicotine Pouches (estimates, six months ended) (retail share of oral tobacco category) +5.8pp 61.2% 55.4% 14.5% 9.0% 5.5% 9/30/2024 9/30/2025 9/30/2026 Q3 '25 Q3 '26 Source: ALCS Enterprise Insights esti
Slide 7: on! Continued to Deliver Solid Volume Growth
on! Continued to Deliver Solid Volume Growth on! Reported Shipment Volume (cans in millions) +13.3% 47.8 42.2 Q3 '25 Q3 '26 ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 7
Slide 8: on! Share Remained Resilient as Retail Price Moved Higher
on! Share Remained Resilient as Retail Price Moved Higher on! Share of Oral Tobacco Category on! Retail Price +0.1pp +21.6% 8.2% 8.3% $4.90 $4.03 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/27/2026. ALCS | Q3 2026 | FOR INVES
Slide 9: Expanding New on! PLUS SKUs to Meet Evolving Adult Nicotine Consumer Preferences
Expanding 12 New on! PLUS SKUs to Meet Evolving Adult Nicotine Consumer Preferences Q3 2026 Q4 2026 National National Select Retail Locations ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 9
Slide 10: Supporting on! PLUS With Superior Retail Execution
Supporting on! PLUS With Superior Retail Execution Note: This fixture illustrates a Helix Platinum Merchandising Level. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 10
Slide 11: Slide 11
Slide 12: ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY
ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 12
Slide 13: Seeking a Durable Framework for Smoke-Free Innovation
Seeking a Durable Framework for Smoke -Free Innovation Helix and NJOY brought legal action against the FDA asking the court to require the FDA to establish a review process that meets the 180 -day timeframeset by Congress. Following the filing, the FDA announced plans to evaluate changes to the PMTA
Slide 14: Illicit E-Vapor Growth Continued to Moderate
Illicit E -Vapor Growth Continued to Moderate Vapers by Form (adult vapers 21+ - past 30-day usage, in millions) Illicit (Primarily Disposable) Balance 20.9 19.8 19.0 15.1 14.2 12.4 Twelve Months Ended Twelve Months Ended Twelve Months Ended Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2026 Source: ATCT
Slide 15: Slide 15
Slide 16: Effective Execution Delivered Impressive Adjusted Diluted EPS Growth
Effective Execution Delivered Impressive Adjusted Diluted EPS* Growth Third Quarter First Nine Months +4.8% +5.1% $4.33 $4.12 $1.52 $1.45 Q3 '25 Q3 '26 Nine Months Ended Nine Months Ended Sept. 30, 2025 Sept. 30, 2026 *For reconciliations of non-GAAP to GAAP measures visit altria.com. ALCS | Q3 2026
Slide 17: Smokeable Products Contributed Strong Adjusted OCI Growth
Smokeable Products Contributed Strong Adjusted OCI* Growth Adjusted OCI* Adjusted OCI Margins* ($ in millions) +3.9% +0.1pp 64.4% 64.5% $3,072 $2,956 Q3 '25 Q3 '26 Q3 '25 Q3 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 17
Slide 18: Adjusted Cigarette Decline Rates Continued to Outperform the Industry
Adjusted Cigarette Decline Rates Continued to Outperform the Industry Smokeable Products Segment Total Industry Q3 '25 Q3 '26 Q3 '25 Q3 '26 (4.0)% (5.0)% (8.0)% (9.0)% 9M: (4.0)% 9M: (5.0)% Source: ALCS Enterprise Insights estimates – rounded to nearest 0.5%. Note: Estimates are subject to revision
Slide 19: Cowboy Cut Strengthened Marlboro's Premium Leadership Position
Cowboy Cut Strengthened Marlboro’s Premium Leadership Position Marlboro Share of Premium Marlboro Retail Share +0.3pp (1.0)pp 40.5% 39.5% 59.7% 60.0% Q3 '25 Q3 '26 Q3 '25 Q3 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY
Slide 20: Economic Pressures Continued to Drive Discount Segment Growth
Economic Pressures Continued to Drive Discount Segment Growth Branded Discount (Major Manufacturers) Deep Discount (All Other) 33.3% 33.8% 34.1% 32.1% 32.8% 15.9% 16.0% 16.0% 15.4% 15.6% 16.7% 17.2% 17.4% 17.8% 18.1% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Source: Circana Complete Market/MSAi Blended Cig
Slide 21: Basic Continued to Capture Growth in Discount
Basic Continued to Capture Growth in Discount Basic Retail Share +1.8pp 3.2% 1.4% Q3 '25 Q3 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 21
Slide 22: PM USA's Total Portfolio Approach Delivered Share Growth
PM USA’s Total Portfolio Approach Delivered Share Growth PM USA Retail Share +0.3pp 45.4% 45.7% Q3 '25 Q3 '26 Source: Circana Complete Market/MSAi Blended Cigarette, week ending 9/27/2026. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 22
Slide 23: Middleton Cigars Continued to Outperform the Industry
Middleton Cigars Continued to Outperform the Industry Reported Shipment Volume (sticks in millions) +0.9% 453 457 Q3 '25 Q3 '26 ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 23
Slide 24: Oral Tobacco Products Segment Financial Results
Oral Tobacco Products Segment Financial Results Adjusted OCI* Adjusted OCI Margins* ($ in millions) (3.7)% (2.8)pp 69.2% $460 66.4% $443 Q3 '25 Q3 '26 Q3 '25 Q3 '26 *For reconciliations of non-GAAP to GAAP measures visit altria.com. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 24
Slide 25: Oral Tobacco Products Segment Volume
Oral Tobacco Products Segment Volume Third Quarter First Nine Months (cans in millions) (cans in millions) (4.3)% (5.4)% 552.2 178.2 522.2 170.6 Q3 '25 Q3 '26 Nine Months Ended Nine Months Ended Sept. 30, 2025 Sept. 30, 2026 ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 25
Slide 26: Oral Tobacco Products Segment Retail Share
Oral Tobacco Products Segment Retail Share Retail Share MST on! (2.7)pp 30.6% 27.9% 8.2% 8.3% 22.4% 19.6% Q3 '25 Q3 '26 Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 9/27/2026. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 26
Slide 27: ABI Continued to Contribute to Altria's Earnings
ABI Continued to Contribute to Altria’s Earnings All third-party trademarks remain the property of their respective owners. ALCS | Q3 2026 | FOR INVESTOR PURPOSES ONLY 27
Slide 28: Committed to Returning Significant Value to Shareholders
Committed to Returning Significant Value to Shareholders ▪ Paid approximately $5.3 billion in dividends in the first nine months. Dividends ▪ Increased our quarterly dividend by 4.7% to $1.11 per share. ▪ Repurchased more than 11 million shares for $735 million in the first nine months. Share Repurc
Slide 29: Raising Our Full-Year Earnings Outlook
Raising Our Full -Year Earnings Outlook ▪ Our businesses performed extremely well in a dynamic environment during the first nine months of the year. ▪ We raise our guidance for 2026 full-year adjusted diluted EPS* to be in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a
Slide 30: Nicotine Pouches
NICOTINE POUCHES