Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q2 2025 Earnings Presentation
20 slides from Japan Tobacco's earnings presentation, Jul 31, 2025
Slide 1: JT Group 2025 Second-Quarter Results
JT Group 2025 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: 2025 Six-Month Results
2025 Six-Month Results
Slide 4: 2025 Second-Quarter Consolidated Results: Robust performance driven by top-line growth in tobacco
2025 Second-Quarter Consolidated Results: Robust performance driven by top-line growth in the tobacco business 2025 Revenue and AOP 1) (JPY BN) vs. 2024 Jan-Jun • Robust growth driven by strong organic performance, boosted At constant FX by the inclusion of VGR 2) in the tobacco business Core revenu
Slide 5: Tobacco Business Volume Performance
Tobacco Business Volume Performance: Solid combustibles performance and double-digit RRP volume growth 2025 Combustibles （BnU） vs. 2024 Jan-Jun • Strong volume growth in the EMA cluster, boosted by the inclusion of VGR Total volume 283.3 +0.7% • On-going share momentum in many markets • In key marke
Slide 6: Tobacco Business Financial Performance
Tobacco Business Financial Performance: Strong pricing contributions fueled double-digit top- and bottom-line growth 2025 （JPY BN） vs. 2024 Volume Jan-Jun • Positive volume contribution, mainly driven by the Core revenue 1,552.5 +11.5% incremental volume and improved market mix from VGR inclusion at
Slide 7: Tobacco Business Results by Cluster
Tobacco Business Results by Cluster ASIA WESTERN EUROPE EMA +4.6% +4.2％ +8.5％ +49.8％ +3.5％ +27.9％ -0.4% +3.2% Total CR AOP Total CR AOP Volume -5.8% Volume Total Volume CR AOP Total Volume Total Volume Total Volume • Market share gains, mainly in Taiwan • Market share gains, mainly in the UK • Inclu
Slide 8: Ploom: Continued steady share gains across the global footprint
Ploom: Continued steady share gains across the global footprint HTS SoS Japan Lithuania Italy 13.6% Ploom Volume 12.5% 12.7% 4.5% HTS SoS (QTD) 11.6% 11.3% 10.9% 3.6% 10.5% 10.7% 9.3% 9.5% 8.1% 7.6% 7.9% 1.5% 1.5% 0.2% 0.1% '22Q2 '22Q3 '22Q4 '23Q1 '23Q2 '23Q3 '23Q4 '24Q1 '24Q2 '24Q3 '24Q4 '25Q1 '25Q
Slide 9: Ploom: Strong consumer adoption of Ploom AURA in Japan
Ploom: Strong consumer adoption of Ploom AURA in Japan Cumulative sales of Ploom AURA device HTS SoS in Japan Approx. Approx. x3 +2ppt May AURA launch Jul 23 JT estimate. Sell-out based device sales volume comparison among our model in Japan. Same channel and period JT estimate. Sell-out based HTS S
Slide 10: Processed Food and Pharmaceutical Businesses Financial Results
Processed Food and Pharmaceutical Businesses Financial Results Processed Food Business Revenue 2025 （JPY BN） vs. 2024 Jan-Jun • Increase driven by price revisions and growth in the frozen and ambient foods business Revenue 76.7 +2.9 AOP AOP 2.6 -1.8 • Decrease as the revenue increase was offset by h
Slide 11: Full-year Revised Forecasts
Full-year Revised Forecasts
Slide 12: 2025 Consolidated Revised Forecasts: Upward revision across the P&L
2025 Consolidated Revised Forecasts: Upward revision across the P&L FY2025 vs. (JPY BN) Revised Initial vs. 2024 Core revenue: +54.0 JPY BN forecasts forecasts • Upward revision in the tobacco business, partially offset by downward At constant FX revision in the pharmaceutical business due to the tr
Slide 13: Tobacco Business: Upward revision reflecting strong results in the first half
Tobacco Business: Upward revision reflecting strong results in the first half Volume FY2025 Volume assumption Initial forecast Revised forecast A decrease of A decrease of • Upward revision driven by strong momentum in combustibles share gains Total and improved industry volume in several markets vo
Slide 14: Processed Food and Pharmaceutical Businesses Revised Forecasts
Processed Food and Pharmaceutical Businesses Revised Forecasts Processed Food Business FY2025 vs. Revenue vs. 2024 (JPY BN) Revised Initial variance forecasts forecasts • Upward revision driven by sales growth in the frozen and ambient foods business Revenue 165.0 +2.0 +7.8 AOP • AOP unchanged as re
Slide 15: Closing remarks
Closing remarks
Slide 16: Closing remarks
Closing remarks First half results • AOP at constant FX grew by over 20% year-on-year, mainly driven by top-line growth with solid pricing contributions in the tobacco business – VGR contributed in line with our expectations • Steady growth in HTS share of segment across markets – Encouraging early
Slide 17: For reference: Financial disclosure from Q3 2025 following pharmaceutical transfer
For reference: Financial disclosure from Q3 2025 following transfer of Pharmaceutical business to Shionogi & Co., Ltd.
Slide 18: Financial disclosure from Q3 2025 onwards
Financial disclosure from Q3 2025 onwards In accordance with IFRS, results and forecasts for the Disclosure from Q3 onwards Pharmaceutical business will be classified as discontinued (based on Q2 revised forecasts)* operation starting from Q3 2025 FY2025 (JPY BN) • Consolidated financials will be sh
Slide 19: 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 20: 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-