UNITED STATES
PMI publishes business transformation-linked financing framework

Philip Morris International Inc. (PMI) has published its business transformation-linked financing framework (“Framework”), which integrates the company’s smoke-free transformation into its financing strategy.

“To strengthen our commitment and further highlight to stakeholders the seriousness of our smoke-free ambitions, we wish to link our most material sustainability priorities to our financing,” said Emmanuel Babeau, Chief Financial Officer. “We believe that a business transformation-linked financing framework not only helps reinforce our commitment to reinvent our company, but will also allow investors and lenders to engage with and support our industry-leading transformation as we work to accelerate the end of smoking and use our strong capabilities to develop products that go beyond nicotine and have a net positive impact on society.”
The Framework outlines the guidelines that PMI will follow in issuing business transformation-linked financing instruments in the debt capital and loan markets, which may include public notes offerings, private placements, loans, and other relevant financing instruments.
The Framework includes two Sustainability Performance Targets (SPTs), with an observation date of December 31, 2025:
Increase PMI’s full-year 2025 smoke-free/total net revenue percentage to more than 50%, from the 2020 baseline of 23.8%.
Increase the number of markets where PMI’s smoke-free products are available for sale to 100 markets by the end of 2025, from the baseline of 64 markets on December 31, 2020.

Find the Framework here

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