Philip Morris International continues to rewrite the rules of the tobacco industry. The second quarter of 2025 delivered not only record financial results, but more importantly, a clear confirmation that smokeless products have become a major driver of the business. The company reported double-digit growth in adjusted operating profit and earnings per share growth, with the smokeless category's share of total sales exceeding 40% for the first time. In particular, the IQOS, ZYN and VEEV brands recorded strong growth, consolidating their leading positions in their respective segments across continents.

Geographical and product diversification is bearing fruit. Philip Morris was able to increase market shares in Europe, achieve milestones in Japan and the US and expand its portfolio in the emerging markets of South East Asia. Management responded to the strong performance by raising its full-year outlook and maintaining a stable dividend policy. The transformation towards a "smoke-free…