On May 18, 2026, the Board of Directors of Philip Morris International Inc. approved the appointment of Massimo Andolina, the Company?s current President, Europe Region, as Group Chief Financial Officer, replacing Emmanuel Babeau, effective August 1, 2026. Mr. Babeau will remain with the Company as Strategic Advisor to Jacek Olczak, Group CEO PMI through March 31, 2027 and to assist Mr. Andolina with his transition. Massimo Andolina is reporting to Jacek Olczak, Group CEO PMI.

Mr. Andolina, age 57 joined PMI in 2008, and over the course of his journey, he has made significant contributions across the organization in a number of senior operational and strategic roles. Since being appointed President, Europe Region in 2023, Mr. Andolina?s responsibilities have included the execution of strategic and operational priorities, as well as the financial performance of the largest region and most advanced smoke-free geography in the group. Under Mr. Andolina?s leadership the Europe Region delivered robust top and bottom-line growth, underpinned by excellent smoke-free progress at-scale and resilient combustibles performance.

He led significant regional organizational changes to strengthen management depth, improve financial discipline, and accelerate sustainable growth, while remaining a visible advocate for innovation, people development and constructive engagement with external stakeholders across Europe. From 2018 to 2023, Mr. Andolina served as PMI?s Senior Vice President, Global Operations, where he led a supply chain and manufacturing organization of over 30,000 people in an increasingly complex environment with significant external volatility. Mr. Andolina implemented a number of enterprise-wide transformation initiatives and operational efficiencies, many of which continue to benefit the company today, contributing to sustained improvements in PMI?s gross margin while enhancing resilience.

Earlier, from 2016 to 2017, he served as Vice President, PMI Transformation, playing an important role at a pivotal moment in the company?s evolution. Prior to joining PMI, Mr. Andolina held a number of strategic and business development roles at other large multinational corporations. He holds a Master of Science in Mechanical and Industrial Engineering from the University of Palermo, and an MBA from IMD in Lausanne.

Mr. Babeau was appointed Chief Financial Officer in May 2020 and joined PMI with extensive experience of transformation and Finance leadership across several industries, including at Schneider Electric and Pernod Ricard. Over the past six years, Mr. Babeau has made a significant contribution to both PMI?s strong financial performance and its evolution into a recognized growth company, including through the acquisition of Swedish Match in 2022 and a substantial increase in the share of net revenues derived from smoke-free business, which reached 43% in quarter one 2026.