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Tag: annual meeting

  • PMI’s Net Revenue Tops $40B for 2025

    PMI’s Net Revenue Tops $40B for 2025

    Philip Morris International highlighted strong financial performance and continued growth in its smoke-free portfolio during its 2026 Annual Meeting, reporting net revenues exceeding $40 billion in 2025, including nearly $17 billion from smoke-free products. The company said it delivered its fifth consecutive year of volume growth and remains focused on expanding its smoke-free business, which now accounts for a significant share of total revenues and is used by more than 43 million adult consumers globally.

    PMI reaffirmed its outlook for continued growth through 2026–2028 and its commitment to shareholder returns, while noting ongoing investments in innovation and regulatory progress for alternative products. The company also pointed to a complex operating environment, including regulatory pressures, geopolitical risks, and shifting consumer behavior, but said its performance in early 2026 supports confidence in achieving its long-term strategy.

  • Altria to Host Webcast of 2026 Annual Meeting May 14

    Altria to Host Webcast of 2026 Annual Meeting May 14

    Altria Group, Inc. will host its 2026 Annual Meeting of Shareholders via live audio webcast on May 14 at 9 a.m. ET. Shareholders of record as of March 25 will be able to vote electronically and submit questions during the virtual meeting, while non-shareholders may attend as guests without participation rights. The company encourages shareholders to vote in advance using methods outlined in its proxy materials, and said an archived webcast will be available after the event, along with supporting business and financial resources on its investor website.

  • PMI Schedules 2026 Annual Shareholder Meeting

    PMI Schedules 2026 Annual Shareholder Meeting

    Philip Morris International announced that it will hold its 2026 Annual Meeting of Shareholders on May 6 at 9 a.m. ET via a live virtual webcast. The meeting will be accessible online, with presentation materials and a replay available for one year following the event.

    Chairman André Calantzopoulos and CEO Jacek Olczak are scheduled to address shareholders and respond to questions, with participation limited to verified shareholders using a control number.

  • Universal Announces Dividend Increase, Sets Annual Meeting

    Universal Announces Dividend Increase, Sets Annual Meeting

    Universal Corporation announced that its Board of Directors declared a quarterly dividend of $0.82 per share on the common shares of the company, payable August 4, to common shareholders of record at the close of business on July 14. This increase indicates an annualized rate of $3.28 per common share and a yield of approximately 5.66% based on the $58 per share closing price on May 19.

    “We are pleased to announce our 55th annual dividend increase as we continue to execute our business strategy and deliver on our commitment to returning value to our shareholders,” Preston D. Wigner, chairman, president, and CEO of Universal, said. “Our focus on consistent performance and operational excellence positions us well for continued success.”

    The Board of Directors set the company’s 2025 Annual Meeting of Shareholders for August 5, at 11 a.m. EST at the company’s headquarters.

  • Altria to Host Annual Meeting May 15

    Altria to Host Annual Meeting May 15

    Altria Group, Inc. will host a live audio webcast of its 2025 Annual Meeting of Shareholders May 15, 2025, at 9 a.m. EST. During the meeting, shareholders as of the 2025 Annual Meeting record date (March 25, 2025) will be able to vote their shares electronically and will be able to submit questions during the meeting as time permits. Although shareholders will be able to vote their shares during the meeting, they are encouraged to do so before the meeting using one of the methods described in the 2025 Proxy Statement.

    If you are not a shareholder, you may listen as a guest but cannot participate.

    Directions on how to participate in the meeting are posted at www.altria.com/proxy.

    Instead of a business update presentation at the 2025 Annual Meeting, the company encourages shareholders and guests to review resources before the meeting, available at www.altria.com/investors.

  • BAT Hosts Annual General Meeting

    BAT Hosts Annual General Meeting

    At its 2025 General Meeting, British American Tobacco (BAT) announced that its sales had fallen by 5.2% as reported in 2024, although has risen 1.3% organically. The company presented its updated strategy based on three pillars: quality growth, a sustainable future, and a dynamic company.

    “2024 was an investment year for BAT, with delivery in line with our guidance,” Luc Jobin said in BAT’s chair address. “I was pleased to see another solid performance in our new categories business. New categories’ contribution increased by £251 million, on an adjusted organic basis at constant currency rates, and category contribution margin is now at 7.1%.”

    BAT said it would continue its strategy towards a smoke-free world, aiming for a largely combustion-free business by 2035. Smokeless products now account for 17.5% of sales, with 29.1 million adult consumers. For 2025, BAT expects 1% sales growth, with its adjusted operating profit up by between 1.5% and 2.5%, with an unfavorable exchange rate effect. The company is targeting 3%-5% growth in sales for 2026, with adjusted profit up 4%-6%. The £900m share buyback program and a 2% increase in its dividend have been confirmed.
    The Board announced the addition of Soraya Benchikh as Chief Financial Officer and Uta Kemmerich-Keil as an independent director.

  • BAT Gives Notice of Annual Meeting 

    BAT Gives Notice of Annual Meeting 

    BAT announced that it has published its Notice of Annual General Meeting 2025 on its website ahead of the meeting on April 16. The following documents are being mailed and made available to its shareholders today (March 13):

    1)    Annual Report and Form 20-F 2024 (including the Strategic Report 2024) www.bat.com/annualreport

    2)    Combined Performance and Sustainability Summary 2024 www.bat.com/annualreport

    3)    AGM Notice 2025 www.bat.com/AGM

    4)    Proxy Form 

    5)    Proxy Form – South Africa 

    6)    Voting Instruction Form – South Africa

    Click here for details on document submissions and local compliance.

  • Pride in Tobacco

    Pride in Tobacco

    Photos courtesy of ITGA

    Participants in ITGA’s annual meeting debated the challenges and opportunities facing their sector and obtained an in-depth understanding of U.S. tobacco farming.

    By Ivan Genov

    Jose Javier Aranda

    The International Tobacco Growers Association (ITGA) held its 2024 annual general meeting (AGM) Oct.15–18 in Raleigh, North Carolina (N.C.), USA. The birthplace of flue-cured “bright leaf” was the perfect location to wrap up a year full of activities, which included regional meetings in the Americas and Africa, global campaigns and numerous visits focusing on grower challenges.

    Hosted by the Tobacco Growers Association of North Carolina (TGANC), the meeting included a four-day dynamic program concentrating on the practical side of farming in the U.S. Notably, the association’s members reelected the ITGA’s president, Jose Javier Aranda, for another term. His efforts to defend the legitimate interests of farmers around the world have expanded to most of the leading tobacco-growing markets. As a result, the AGM was attended by a record number of delegates, including representatives from Argentina, Brazil, the European Union, India, Malawi, the Philippines, Tanzania, the USA, Zambia and Zimbabwe.

    The meeting started with a guided tour of the Universal Leaf Factory in Nashville, North Carolina. The facility is the company’s biggest and most advanced plant in the world. Today, it has the capacity to process the entire yearly U.S. crop. Delegates from other regions were able to compare the process to their own markets, but the sheer size of the facility is surely to leave them with a lasting memory. This was followed by a visit to a live auction, a unique experience that is rarely seen in any other place. For example, tobacco growers from Kentucky were sad to note the absence of auctions in their state.

    Mercedes Vazquez

    The open day conference started with an overview of the ITGA’s strategic objectives. Currently, the ITGA focuses on four pillars—information, tobacco sector advocacy, strategic partnerships and reinforcement of the membership base. ITGA CEO Mercedes Vazquez went through the association’s substantial data reserves and capabilities, campaigns to help bring attention to the enormous socioeconomic impact of tobacco growing, such as the May 31 World Understanding Tobacco Farming Day and the Oct. 28 World Tobacco Growers Day, along with the association’s recent participation in the InterTabac/InterSupply trade fair, which presented four ITGA member associations an opportunity to obtain greater visibility. This is particularly important to entities such as Fedetabaco in Colombia, which went through an extraordinary transformation after leading companies left the market with little notice and no alternatives.

    Shane MacGuill, Euromonitor International’s global lead for nicotine and cannabis, provided an in-depth global overview of consumption trends. MacGuill noted that the U.S. market is characterized by an ongoing realignment of consumption behavior in the context of overall flat nicotine volume evolution. Among the most significant global tobacco drivers for the future will be regulatory innovation, including sustainability, cost-of-living crises and risk of impaired sensitivities, along with a broadening of the nicotine universe, according to MacGuill. Currently, the Middle East and Africa are the only cigarette markets experiencing growth, compared with significant declines in Europe and North America.

    The top volume growth cigarette markets in the next five years, according to Euromonitor, will be Ethiopia, the United Arab Emirates, Cambodia, Egypt and Lebanon while the biggest volume declines are expected in New Zealand, Australia, Denmark, the United Kingdom and Ireland. In the reduced-risk products space, heated tobacco is establishing itself as the key format as significant e-vapor value migrates to illicit markets. Euromonitor’s estimates of the total nicotine market (excluding China), which includes legal and illicit sales and all categories, traditional and novel, indicate striking overall nicotine resilience. In stick-equivalent terms, global volumes are expected to remain unchanged from 2018 to 2028. In addition, the reduced-risk categories are gaining share of the total nicotine universe, but by 2028, it is likely that cigarette sales will still account for three in every four nicotine units. Regarding one of the newest tobacco categories, nicotine pouches, growth is predominantly centered in the U.S., with no evidence of serious traction elsewhere. In the “beyond nicotine” category, manufacturers’ activity remains patchy as the cannabis revolution slows down.

    Ivan Genov, ITGA manager of tobacco industry analysis, provided information about tobacco leaf production trends. In 2024, the biggest tobacco variety, flue-cured Virginia (FCV) was characterized by short crops. Unfavorable weather affected some of the leading FCV markets. In Brazil, more humid and warmer climate resulted in lower productivity (see “The Great Scramble,” Tobacco Reporter, May 2024). FCV final volume output was 461 million kg against 551 million kg in 2023. Zimbabwe, which declared a state of disaster during the growing season, registered one of the lowest rainfalls on record. Consequently, production went from 296 million kg in 2023 to 231 million kg in 2024. At the same time, burley production is rising, with Malawi being one of the year’s star performers. The marketing season brought growth in both volume and value terms and expectations for an even better 2025. Another market to pay attention to, Tanzania, was unable to reach the government target of 200 million kg. Nevertheless, local growers produced 116 million kg, twice as much as in 2022. The local ministry of agriculture remains optimistic that Tanzania could become the biggest tobacco exporter in Africa. In summary, demand for tobacco leaf continues to exceed supply on the global markets. Major leaf dealers report low levels of uncommitted stocks, and tobacco is sold very quickly. Current forecasts suggest a larger crop in 2025, but problems that have built up for many years, including thin profit margins for growers, lack of continuity and other social and environmental issues, are now reaching a tipping point.

    The topic was further unpacked in a panel that was moderated by TGANC Executive Vice President Graham Boyd and featured leaf sales executives from Alliance One and Universal Leaf North America. While some expected the FCV market to balance in 2025 and burley in 2026, others, particularly in the audience, saw this happening in a longer time frame. Burley Stabilization Corp. CEO Daniel Green noted that three quarters of the U.S. burley production is now realized on the local U.S. market.

    A panel moderated by William Snell from the University of Kentucky and featuring farmers with many generations’ worth of experience also sparked a lot of debate. Growers were united in the opinion that the issues faced by growers are the same in every market. TGANC President Matt Grissom expressed another sentiment shared by many growers—that they grow tobacco because they love to do it. However, underlying market changes are putting strong pressure on the community. The U.S. tobacco buyout program was also discussed in detail. At its start, stakeholders expected farms to consolidate, individual farm operations to get bigger, production to shift westward and yields to improve. The first three happened as predicted, but the last one failed to materialize, with yields remaining flat. This was also the key focus of ITGA research in 2024. The association interviewed leading agronomy experts to uncover the reasons behind flat or declining yields—a trend that goes against that seen in crops like corn, soybean and cotton. The research identified common factors impacting all growers as well as ones relevant to small scale against commercial growers. After identifying the issue, the ITGA will continue to analyze the underlying factors and come up with ways to address them.

    The session also included a U.S. regulatory update by Universal Leaf Vice President of External Affairs Benjamin Dessart and a global regulatory overview by Michiel Reerink, international corporate affairs director and managing director at Alliance One International. Certain regulatory actions in the pipeline are likely to impact not only consumption but also the whole supply chain, including farmers. These include, for example, the discussions around nicotine reduction in the U.S. and the Due Diligence Directive in the European Union. Tracking regulations that impact growers directly remains a key focus area for the ITGA.

    As part of the AGM, delegates also visited a research farm in Oxford, North Carolina, where Loren Fisher, director of N.C. State Research Stations and Field Labs, explained how the U.S. conducts tobacco production research—how it allocates financing, for example, or how it handles technical aspects related to resilient varieties. ITGA delegates agreed that this is an incredible asset for local growers—one that needs to be kept at all costs. The group also visited a field where experts was noted that crop failures are welcome in the research environment as they help in the pursuit for productivity improvements for the future.

    Finally, ITGA delegates visited the N.C. State Fair, where tobacco featured prominently. The group witnessed a tobacco-stringing contest, visited the TGANC pavilion and came to appreciate the continuing importance of the golden leaf to their host state. This enduring significance was perhaps best captured by a sign stating that “North Carolina still has pride in tobacco”—a sentiment that was not only wholeheartedly shared by the AGM participants but even managed to grow stronger during their short visit to America’s Tobacco Belt.

    Ivan Genov is ITGA’s manager of tobacco industry analysis.
  • PMI Holds Virtual Annual Meeting

    PMI Holds Virtual Annual Meeting

    Image: Tobacco Reporter archive
    Jacek Olczak

     

    Andre Calantzopoulos

    Philip Morris International held its 2023 annual meeting of shareholders. Andre Calantzopoulos, executive chairman of the board, addressed shareholders and answered questions. Jacek Olczak, CEO, gave a business presentation, which included an overview of PMI’s strong performance in 2022 and encouraging start to 2023; robust business fundamentals and rapid progress on its smoke-free transformation; excellent momentum in the heat-not-burn and nicotine pouch categories; further progress on sustainability, with continued recognition by leading external stakeholders; and commitment to rewarding shareholders over time.

    “Our smoke-free transformation continued apace in 2022, with the growth of smoke-free products to nearly one-third of total net revenues for the year and the achievement of two important milestones—the acquisition of Swedish Match and the agreement to gain the full rights to commercialize IQOS in the U.S. in April 2024,” said Olczak.

    “As a global smoke-free champion with leading brands IQOS and Zyn, we are well positioned to further accelerate our transformation in the years to come to the benefit of the company, our shareholders, other stakeholders and public health,” he said.

    Approximately 81 percent of the shares entitled to vote were represented at the meeting in person or by proxy. The shareholders elected 12 nominees for director; approved, on an advisory basis, the compensation of named executive officers; approved, on an advisory basis, a one-year interval for the vote on the compensation of named executive officers; ratified the selection of PricewaterhouseCoopers SA as independent auditors; and voted against the shareholder proposal. Final voting results will be included in a Form 8-K that PMI will file with the SEC in the coming days.

    An archived copy of the webcast of the meeting will be available for approximately one year from the date of the meeting. The presentation slides and script will be available as well.