Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q2 2026 Earnings Presentation
18 slides from Japan Tobacco's earnings presentation, Jul 30, 2026
Slide 1: JT Group 2026 Second-Quarter Results
JT Group 2026 Second-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 deta
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: 2026 Six-Month Results
2026 Six-Month Results
Slide 4: 2026 Second-Quarter Consolidated Results: Significant profit growth driven by strong top-line growth
2026 Second-Quarter Consolidated Results: Significant profit growth driven by strong top-line growth 2026 Revenue・AOP1) (JPY BN) vs. 2025*1 Jan-Jun • Revenue and AOP growth in both the tobacco and processed food Revenue 1,986.1 +17.7% businesses 1) AOP=Adjusted operating profit Core revenue at const
Slide 5: Tobacco Business Volume Performance
Tobacco Business Volume Performance: Solid combustibles performance and double-digit Ploom growth 2026 Combustibles (BnU) vs. 2025 Jan-Jun • Solid share momentum across markets Total volume 286.0 +1.0% • In key markets, combustibles industry volume remained under pressure in Japan, Russia and the UK
Slide 6: Tobacco Business Financial Performance
Tobacco Business Financial Performance: Strong pricing contribution drives robust revenue and AOP growth 2026 (JPY BN) vs. 2025 Volume Jan-Jun • Despite volume growth, contribution was negative due to Core revenue* 1,828.4 +19.1% unfavorable market mix at constant FX* 1,696.9 +10.6% Price/Mix • Cont
Slide 7: Tobacco Business Results by Cluster
Tobacco Business Results by Cluster ASIA WESTERN EUROPE EMA +17.1% +5.7% +28.2% +4.1% +15.5% +7.3% +4.2% +0.7% Total Volume CR AOP -2.4% Total Volume CR * AOP * Total Volume CR AOP Total Volume Total Volume Total Volume • Solid industry volume and market share gains in • Market share gains, includin
Slide 8: RRP: Continued top-line growth driven by steady market share gains
RRP: Continued top-line growth driven by steady market share gains RRP volume (BnU) RRP-related revenue (JPY BN) +33.8% +40.7% +20.2% 8.4 78.6 +10.0% 6.3 5.2 55.8 50.7 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 H1 Heated Products Share of Segment (%) Japan Q2’25 Q2’26 18.3 8.1 6.7 7.1 5.8 5.2 4.5
Slide 9: Processed Food Business Financial Results
Processed Food Business Financial Results Processed Food Business Revenue 2026 (JPY BN) vs. 2025 Jan-Jun • Increase mainly driven by price revisions in the frozen and ambient foods business Revenue 79.2 +2.5 AOP AOP 4.1 +1.5 • Increase driven by the revenue growth offsetting higher raw material cost
Slide 10: Full-year Revised Forecasts
Full-year Revised Forecasts
Slide 11: 2026 Consolidated Revised Forecasts
2026 Consolidated Revised Forecasts: Significant upward revision driven by strong tobacco business momentum FY2026 vs. Revenue・AOP (JPY BN) Revised Initial vs. 2025*1 forecasts forecasts • Reflecting a significant upward revision in the tobacco business Revenue 3,885.0 +188.0 +12.0% • Foreign exchan
Slide 12: Tobacco Business Revised Forecasts
Tobacco Business Revised Forecasts: Upward revision reflecting strong pricing contributions Volume FY2026 Volume assumption Initial forecast Revised forecast A decrease of • Unchanged Total volume Unchanged approx. 1.0% to flat ‒ H2 vs. H1: Lower industry volume and unfavorable prior- vs. 2025 year
Slide 13: Processed Food Business Revised Forecasts
Processed Food Business Revised Forecasts Processed Food Business Revenue FY2026 vs. vs. 2025 • Unchanged (JPY BN) Revised Initial variance forecasts forecasts • Revenue is expected to increase year-on-year, driven by price revisions and sales growth across products in the frozen and Revenue 170.0 -
Slide 14: Closing remarks
Closing remarks
Slide 15: Closing remarks
Closing remarks • Delivered another strong profit growth in the first half, led by the tobacco business, and ahead of initial expectations, • Combustibles: Strong pricing contribution and continued share growth • RRP: Strengthened Ploom presence enhanced top-line growth • Significant upgrade to the
Slide 16: Appendix: 2026 Second-Quarter Consolidated Results
Appendix: 2026 Second-Quarter Consolidated Results ◼ Profit Roadmap (JPY BN) +28.9% +3.4 +7.6 +35.6 -51.0 431.8 429.4 -0.3 -2.5 +101.7 335.0 331.1 -3.8 2025 The Canada 2025 AOP at Currencies Adjusted items Financial Corporate Non-controlling 2026 The Canada 2026 Jan-Jun Adjustment* (After the consta
Slide 17: Definitions
＜Definitions＞ Operating profit + amortization cost of acquired intangibles arising from business acquisitions + adjusted items (income and costs) * - Canada Adjustment (Annual contribution**) Adjusted operating profit *Adjusted items (income and costs) = impairment losses on goodwill ± restructuring
Slide 18: Definitions
＜Definitions＞ Infused Tobacco Infused Products involve a battery-powered device that heats a liquid capsule to generate a vapor which passes through a tobacco containing (Infused) consumable (i.e. not on a stick but rather a capsule or pod). One pack of consumables is equivalent to 20 sticks of ciga