ationships that make it possible.By investing in natural, human, social, intellectual, and manufactured capital—what we define as non-financial capitals—we strengthen the very foundations on which long-term financial success depends,” said Emmanuel Babeau, Group Chief Financial Officer. “This is fundamental to our growth, resilience, and identity as a forward-thinking organization.”

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.i

PMI’s smoke-free products were available f
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