Value Report

The report describes PMI's continued business transformation, with smoke-free products contributing 41.5% of 2025 net revenues and reaching an estimated 43.5 million users across 106 markets. It reports a 17% absolute reduction in value-chain GHG emissions compared with the 2019 baseline and sets a net-zero target for Scope 1+2+3 emissions by 2040. The report also details progress on circularity, workforce development, and responsible sourcing, including zero reported child labor prevalence among contracted tobacco farmers in 2025.