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Altria — Presentation (Q2 2026)
Altria (MO) · 0 slides · Filed Oct 21, 2026
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Slide 1 — Altria’s Second-Quarter 2026
Altria’s Second-Quarter 2026 Earnings Conference Call July 30, 2026 1 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 2 — 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 based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Altria undertakes no obligation to publicly update or revise any forward-looking statement other than in the normal course of our public disclosure obligations and except as required by applicable law. The risks and uncertainties relating to the forward-looking statements in this presentation include those described in Altria’s publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2025, and under the heading “Forward-Looking and Cautionary Statements” in our earnings press release dated July 30, 2026. Reconciliations of non-GAAP financial measures included in this presentation to the most comparable GAAP financial measures are available on Altria’s website at altria.com. 2 | Safe Harbor Statement ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 3 — Strong First-Half Execution Across Our Strategic Priorities
• Helix expanded on! PLUS to 120,000 stores nationwide • PM USA advanced its data-driven, total portfolio approach to drive profitability • Marlboro Cowboy Cut generated strong interest among premium smokers • Basic continued to gain share in discount 3 | ALCS | Q2 2026 | For Investor Purposes ONLY Strong First-Half Execution Across Our Strategic Priorities
Slide 4 — First-Half Earnings Growth and Shareholder Returns
4 | ALCS | Q2 2026 | For Investor Purposes ONLY First-Half Earnings Growth and Shareholder Returns $2.67 $2.80 1H '25 1H '26 Adjusted Diluted Earnings Per Share (EPS)* $3,556 $335 1H '26 Dividends Share Repurchases Cash Returned to Shareholders ($ in millions) *For reconciliations of non-GAAP to GAAP measures visit altria.com. +4.9%
Slide 5 — Nicotine Pouches Now Nearly 60% of the Oral Category
9.5% 11.0% 6.0% 6/30/2024 6/30/2025 6/30/2026 51.8% 59.9% Q2 '25 Q2 '26 Nicotine Pouches Now Nearly 60% of the Oral Category Oral Tobacco Industry Volume Growth (six months ended June 30) 5 | ALCS | Q2 2026 | For Investor Purposes ONLY Oral Nicotine Pouches (retail share of oral tobacco category) Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Oral tobacco industry includes moist smokeless tobacco (MST), snus and oral nicotine pouch products. +8.1pp Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026.
Slide 6 — on! First-Half Volume Grew as on! PLUS Scaled
91.4 96.1 1H '25 1H '26 +5.1% on! First-Half Volume Grew as on! PLUS Scaled 6 | ALCS | Q2 2026 | For Investor Purposes ONLY on! Reported Shipment Volume (cans in millions)
Slide 7 — on! Retail Share Up Sequentially and Year-Over-Year
8.3% 8.6% Q2 '25 Q2 '26 on! Retail Share Up Sequentially and Year-Over-Year 7 | ALCS | Q2 2026 | For Investor Purposes ONLY +0.3pp on! Share of Oral Tobacco Category Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026.
Slide 8 — on! PLUS Driving Incremental Volume and Repeat Purchase
40.2 40.8 47.2 Q4 '25 Q1 '26 Q2 '26 on! on! PLUS on! PLUS Driving Incremental Volume and Repeat Purchase 8 | ALCS | Q2 2026 | For Investor Purposes ONLY on! Estimated Retail Takeaway Volume (cans in millions) Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026.
Slide 9 — Marketing Investments Lifting on! Brand Awareness
9 | ALCS | Q2 2026 | For Investor Purposes ONLY Marketing Investments Lifting on! Brand Awareness Note: (1) on! unaided awareness also increased 5pp in 1H ’26 vs. 1H ’25. Source: Nicotine Pouch Awareness & Perceptions Study; among total adult nicotine consumer focused audience (adult smokers interested in smoke-free, adult dippers and adult nicotine pouch consumers); includes unaided and aided awareness; excludes adult nicotine consumers who claim to be aware of ‘ghost/not real’ brands. 53% 57% 1H '25 1H '26 +4.0pp on! Brand Awareness1 (among adult nicotine consumers 21-54)
Slide 10 — Improving Regulatory Backdrop Reinforces Helix’s Position
10 | ALCS | Q2 2026 | For Investor Purposes ONLY Improving Regulatory Backdrop Reinforces Helix’s Position The FDA’s updated enforcement priorities provide greater regulatory clarity on! PLUS authorizations received last year create the potential for a faster supplemental PMTA pathway for future line extensions.
Slide 11 — Expanding on! PLUS with Higher Strengths and New Flavors
11 | ALCS | Q2 2026 | For Investor Purposes ONLY Expanding on! PLUS with Higher Strengths and New Flavors Q2 2026 Q3 2026 Q4 2026
Slide 12 — Encouraging Signs of Federal and State Enforcement Efforts
12 | ALCS | Q2 2026 | For Investor Purposes ONLY Encouraging Signs of Federal and State Enforcement Efforts All third-party trademarks remain the property of their respective owners. We continue to see encouraging signs that federal and state agencies are committed to enforcement: • federal seizures of illicit products totaling more than $250 million; • lawsuit by the Minnesota Attorney General against a leading illicit e-vapor manufacturer; and • major commerce and payment platforms restricting illicit e-vapor sales.
Slide 13 — Harm Reduction Requires Authorization and Enforcement
13 | ALCS | Q2 2026 | For Investor Purposes ONLY Harm Reduction Requires Authorization and Enforcement Authorization Accelerate product authorizations to establish a legal market of e-vapor products Enforcement Use all available tools to hold rule-breakers accountable
Slide 14 — Vaper Population Flat as Disposable Growth Moderates
14 | ALCS | Q2 2026 | For Investor Purposes ONLY Vaper Population Flat as Disposable Growth Moderates Adult Vapers 21+ - Past 30-Day Usage Source: ATCT June 2024 to June 2026. 11.7 14.6 14.6 18.6 20.5 20.0 6/30/2024 6/30/2025 6/30/2026 Illicit (Primarily Disposable) Balance Vapers by Form (twelve months ended June 30, in millions)
Slide 15 — Honoring Our American Roots For America’s 250th
15 | ALCS | Q2 2026 | For Investor Purposes ONLY Honoring Our American Roots For America’s 250th Supporting U.S. Growers Investing in American tobacco growers and their local communities Serving Communities Engaging employees through service and civic participation Marking the Milestone Celebrating across our portfolio with Copenhagen and Marlboro Cowboy Cut
Slide 16 — 16 | ALCS | Q2 2026 | For Investor Purposes ONLY
16 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 17 — Strong Adjusted Diluted Earnings Per Share* Growth
17 | ALCS | Q2 2026 | For Investor Purposes ONLY Strong Adjusted Diluted Earnings Per Share* Growth $1.44 $1.48 Q2 '25 Q2 '26 Second Quarter *For reconciliations of non-GAAP to GAAP measures visit altria.com. +2.8% $2.67 $2.80 1H '25 1H '26 First Half +4.9%
Slide 18 — Robust Smokeable Products Adjusted OCI* Growth
64.5% 64.8% Q2 '25 Q2 '26 $2,947 $3,018 Q2 '25 Q2 '26 Robust Smokeable Products Adjusted OCI* Growth Adjusted OCI* ($ in millions) +2.4% 18 | ALCS | Q2 2026 | For Investor Purposes ONLY Adjusted OCI Margins* +0.3pp *For reconciliations of non-GAAP to GAAP measures visit altria.com.
Slide 19 — Adjusted Cigarette Decline Rates Continued to Moderate
1H ′26: (5.0)% (9.0)% (8.5)% (8.0)% (6.5)% (5.0)% (5.0)% Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 1H ′26: (4.0)% (12.0)% (10.5)% (9.0)% (7.0)% (4.0)% (4.5)% Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Adjusted Cigarette Decline Rates Continued to Moderate 19 | ALCS | Q2 2026 | For Investor Purposes ONLY Smokeable Products Segment Total Industry Source: ALCS Enterprise Insights estimates. Rounded to the nearest 0.5%. Note: Estimates are subject to revision due to wholesaler resubmission of inventory data.
Slide 20 — Discount Retail Share
20 | ALCS | Q2 2026 | For Investor Purposes ONLY Discount Retail Share Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026. 15.3% 15.4% 15.6% 15.9% 16.0% 15.9% 16.7% 17.2% 17.4% 17.8% 31.2% 32.1% 32.8% 33.3% 33.8% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Branded Discount (Major Manufacturers) Deep Discount (All Other)
Slide 21 — Marlboro Maintained Premium Leadership
41.0% 39.5% Q2 '25 Q2 '26 Marlboro Maintained Premium Leadership 21 | ALCS | Q2 2026 | For Investor Purposes ONLY Marlboro Share of Premium Marlboro Retail Share 59.6% 59.6% Q2 '25 Q2 '26 --pp (1.5)pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026.
Slide 22 — Basic Continues to Grow, Supporting the PM USA Portfolio
0.6% 1.4% 2.1% 2.6% 2.9% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Basic Continues to Grow, Supporting the PM USA Portfolio 22 | ALCS | Q2 2026 | For Investor Purposes ONLY +2.3pp Basic Retail Share Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026.
Slide 23 — PM USA Portfolio Approach Driving Share Gains
PM USA Portfolio Approach Driving Share Gains 23 | ALCS | Q2 2026 | For Investor Purposes ONLY PM USA Retail Share 45.2% 45.5% Q2 '25 Q2 '26 +0.3pp Source: Circana Complete Market/MSAi Blended Cigarette, week ending 6/28/2026.
Slide 24 — Middleton Cigars Continue to Outperform the Industry
479 503 Q2 '25 Q2 '26 Middleton Cigars Continue to Outperform the Industry 24 | ALCS | Q2 2026 | For Investor Purposes ONLY Reported Shipment Volume (sticks in millions) +5.0%
Slide 25 — Oral Tobacco Products Segment
68.7% 66.7% Q2 '25 Q2 '26 Oral Tobacco Products Segment Adjusted OCI Margins* (2.0)pp $500 $460 Q2 '25 Q2 '26 (8.0)% Adjusted OCI* ($ in millions) 25 | ALCS | Q2 2026 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com.
Slide 26 — Oral Tobacco Products Segment Volume
198.6 181.7 Q2 '25 Q2 '26 Oral Tobacco Products Segment Volume Second Quarter (cans in millions) (8.5)% (0.4) 26 | ALCS | Q2 2026 | For Investor Purposes ONLY 374.0 351.6 1H '25 1H '26 First Half (cans in millions) (6.0)%
Slide 27 — on! Growth and MST Resiliency Supported Stable Share
27 | ALCS | Q2 2026 | For Investor Purposes ONLY on! Growth and MST Resiliency Supported Stable Share Oral Tobacco Products Segment Retail Share 24.4% 22.5% 21.8% 21.2% 20.4% 8.3% 8.2% 7.6% 7.8% 8.6% 32.7% 30.7% 29.4% 29.0% 29.0% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 MST on! Source: Circana Complete Market Oral Tobacco – Total US-Multi Outlet + Conv, week ending 6/28/2026.
Slide 28 — Our ABI Investment
Our ABI Investment All third-party trademarks remain the property of their respective owners. 28 | ALCS | Q2 2026 | For Investor Purposes ONLY
Slide 29 — Committed to Returning Significant Value to Shareholders
Committed to Returning Significant Value to Shareholders 29 | ALCS | Q2 2026 | For Investor Purposes ONLY *For reconciliations of non-GAAP to GAAP measures visit altria.com. Share Repurchase • Repurchased more than 5.3 million shares for $335 million. • $665 million remaining under our current share repurchase program. Dividends • Paid approximately $3.6 billion in dividends in the first half. • 1.9x debt-to-EBITDA* ratio as of June 30, 2026. Debt
Slide 30 — 2026 Financial Outlook
30 | ALCS | Q2 2026 | For Investor Purposes ONLY • We narrow our guidance for 2026 full-year adjusted diluted EPS* to be in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025. • Our narrowed guidance range continues to reflect our expectation for a greater benefit from cigarette import and export activity in the second half of the year than in the first half. 2026 Financial Outlook *For reconciliations of non-GAAP to GAAP measures visit altria.com.
Slide 31 — 31 | ALCS | Q2 2026 | For Investor Purposes ONLY
31 | ALCS | Q2 2026 | For Investor Purposes ONLY