Philip Morris International Inc. $(PMI.UK)$ has announced its second quarter results for 2025, highlighting a strong performance across its business segments. The company reported a 26.6% increase in reported diluted earnings per share $(EPS)$ to $1.95, while adjusted diluted EPS grew by 20.1% to $1.91, with an 18.9% increase excluding currency effects. Net revenues saw record levels, with the smoke-free business now accounting for 41% of total net revenues, up by 2.9 percentage points compared to the previous year. The smoke-free sector also contributed over 42% of the total gross profit, increasing by 3.8 percentage points year-over-year. The company reported shipment volumes for smoke-free products rising by 11.8%, with net revenues in this segment growing by 15.2% (14.5% organically) and gross profit increasing by 23.3% (21.5% organically). In Europe, PMI's shipment volume decreased by 0.7%, with cigarette volumes declining by 5.5% but smoke-free products increasing by 13.2%. Net revenues in Europe increased organically by 7.9%, driven by favorable pricing and higher smoke-free product volumes. In the SSEA, CIS, and MEA regions, shipment volume increased by 2.9%, with smoke-free products up by 11.7% and cigarettes by 2.2%. Philip Morris has raised its full-year guidance, forecasting net revenue growth of around 6% to 8% on an organic basis and organic operating income growth of 11% to 12.5%. The company expects operating cash flow of approximately $11.5 billion and capital expenditures of around $1.6 billion, primarily directed towards investments in the smoke-free business. PMI continues to focus on reducing its net debt to adjusted EBITDA ratio, targeting around 2x by the end of 2026.