Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q3 2025 Earnings Presentation
18 slides from Japan Tobacco's earnings presentation, Oct 30, 2025
Slide 1: 2025 Third-Quarter Results
JT Group 2025 Third-Quarter Results Hiromasa Furukawa JT Group Chief Financial Officer *Please be reminded that the figures shown on these slides may differ from those shown in the financial statements as they are intended to facilitate the reader’s understanding of individual businesses. *For detai
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief, or current and future expectations of our management with respect to our business, financial condition
Slide 3: 2025 Nine-Month Results
2025 Nine-Month Results
Slide 4: 2025 Nine-Month Consolidated Results
2025 Nine-Month Consolidated Results: Strong growth continued in the tobacco business 2025 Revenue and AOP 1) (JPY BN) vs. 2024 Jan-Sep At constant FX • Significant growth driven by strong organic performance and the inclusion of VGR 2) in the tobacco business Core revenue* 2,580.3 +15.3% 1) AOP=Adj
Slide 5: Tobacco Business Volume Performance
Tobacco Business Volume Performance: Strong first half momentum continued 2025 Combustibles (BnU) vs. 2024 Jan-Sep • Inclusion of VGR and strong organic performance • Continued share momentum in many markets Total volume 438.6 +2.2% • In key markets, combustibles industry volume remained under press
Slide 6: Tobacco Business Financial Performance
Tobacco Business Financial Performance: Double-digit growth driven by strong top-line performance 2025 (JPY BN) vs. 2024 Volume Jan-Sep • Positive volume contribution, mainly driven by the EMA Core revenue 2,428.5 +14.4% cluster, including the VGR contribution at constant FX 2,463.1 +16.1% Price/Mix
Slide 7: Tobacco Business Results by Cluster
Tobacco Business Results by Cluster ASIA WESTERN EUROPE EMA +10.4% +6.0% +5.4% +52.1% +4.6% +28.6% +5.0% -0.2% Total Volume CR AOP -4.2% Total Volume CR AOP Total Volume CR AOP Total Volume Total Volume Total Volume • Market share gains, mainly in Taiwan • Market share gains, mainly in Italy & the U
Slide 8: Ploom: Steady Share Gains Continued
Ploom: Steady share gains continued across the global footprint HTS SoS Japan 15.5% Italy Poland 13.6% 12.5% 12.7% 3.0% 11.3% 11.6% 10.5% 10.7% 10.9% 9.3% 9.5% 1.5% 1.5% 7.9% 8.1% 0.9% 0.2% 0.0% Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Launched Aug ’24 Aug ’25 La
Slide 9: Ploom in Japan
Ploom in Japan: Ploom AURA boosting our presence in HTS # of Ploom users HTS volume by Brand EVO MEVIUS / CAMEL Approx. (BnU) x2 3.0 2.0 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q1’25 Q2’25 Q3’25 # of Ploom users: JT estimate HTS volume by Brand: Based on shipment data • Ploom AURA cont
Slide 10: Processed Food Business Financial Results
Processed Food Business Financial Results Processed Food Business Revenue 2025 (JPY BN) vs. 2024 Jan-Sep • Increase mainly driven by price revisions in the frozen and ambient foods business Revenue 115.2 +1.8 AOP AOP 5.5 -0.8 • Decrease as the revenue growth was offset by higher raw material costs ©
Slide 11: Full-year Revised Forecasts
Full-year Revised Forecasts
Slide 12: 2025 Consolidated Revised Forecasts
2025 Consolidated Revised Forecasts: Upward revisions driven by robust momentum in tobacco business FY2025 vs. Core revenue: +109.0 JPY BN (JPY BN) Revised Previous vs. 2024 AOP: +71.0 JPY BN (at constant FX) / +89.0 JPY BN (reported) forecasts forecasts At constant FX • Upward revision driven by th
Slide 13: Tobacco Business Revised Forecasts
Tobacco Business: Upward revision reflecting strong results Volume FY2025 Volume assumption Previous forecast Revised forecast An increase of A decrease of • Upward revision driven by improved industry volume in certain markets, Total strong share momentum in combustibles and continued HTS growth vo
Slide 14: Processed Food Business Revised Forecasts
Processed Food Business Revised Forecasts Processed Food Business FY2025 vs. Revenue vs. 2024 (JPY BN) Revised Previous variance forecasts forecasts • Downward revision reflecting sales performance in the frozen and ambient foods business Revenue 162.0 -3.0 +4.8 AOP • Unchanged, as downward revision
Slide 15: Closing Remarks
Closing remarks
Slide 16: Closing Remarks
Closing remarks Nine-month results • In the third quarter, the strong business momentum in the tobacco business continued. As a result, AOP at constant FX increased by 27.2%, driven by robust top-line growth • The newly launched Ploom AURA ecosystem strengthened our presence in the HTS segment, even
Slide 17: Definitions
＜Definitions＞ Adjusted operating profit Operating profit + amortization cost of acquired intangibles arising from business acquisitions + adjusted items (income and costs)* (AOP) * Adjusted items (income and costs) = impairment losses on goodwill ± restructuring income and costs ± others. Constant F
Slide 18: Definitions
＜Definitions＞ Total volume The volume of tobacco-based products which excludes contract-manufactured products, RRP devices and related accessories. Combustibles volume The shipment volume of combustibles which excludes contract-manufactured products and RRP. RRP volume RRP sales volume in cigarette-