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    Mirza Faham Baig • UBS Group AG

    Mirza Faham Baig's questions to Altria Group Inc (MO) leadership

    Mirza Faham Baig's questions to Altria Group Inc (MO) leadership • Q1 2025

    Question

    Mirza Faham Baig of UBS asked about the impact of tariffs on imported disposable vapes, Altria's view on synthetic nicotine products, and the reason for the decline in MSA settlement payments during the quarter.

    Answer

    CEO William Gifford stated it was too early to see the full impact of tariffs but hoped they would lead to increased enforcement. He also noted Altria's view on synthetic nicotine has evolved and it is now assessing opportunities. CFO Salvatore Mancuso explained that the decline in settlement payments was driven by the expiration of the legal fund, a benefit that will continue through the first three quarters of the year.

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    Mirza Faham Baig's questions to Altria Group Inc (MO) leadership • Q4 2024

    Question

    Mirza Faham Baig of UBS asked about the potential timeline for an NJOY relaunch if patent issues are resolved, the reason for a sharp increase in Q4 smokeable division costs, and the growth outlook for the nicotine pouch category.

    Answer

    CEO William Gifford stated that an NJOY relaunch timeline depends on the final product changes and would likely follow the more rapid, though unpredictable, SE exemption process. CFO Salvatore Mancuso attributed the Q4 cost increase to timing and emphasized ongoing cost discipline. Gifford noted that nicotine pouch growth depends on converting cigarette smokers, not just MST users.

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    Mirza Faham Baig's questions to Altria Group Inc (MO) leadership • Q3 2024

    Question

    Mirza Faham Baig asked for an update on the JUUL patent lawsuit against NJOY, questioned the drivers of the strong EBIT margin in smokables, and inquired about Altria's expectations for the heated tobacco category's impact on cigarette trends.

    Answer

    CEO William Gifford confirmed the late December timeline for the ITC's final determination on the JUUL lawsuit and noted NJOY has filed PMTA exemptions for tweaked products to avoid 3 of 4 patents. CFO Salvatore Mancuso explained that the strong smokables margin was due to the timing of controllable costs, which were higher earlier in the year, and should not be extrapolated. Gifford reiterated that Altria expects e-vapor to be the largest smoke-free category, followed by nicotine pouches and then heated tobacco.

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