Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q1 2026 Earnings Presentation
14 slides from Japan Tobacco's earnings presentation, May 8, 2026
Slide 1: 2026 First-Quarter Results
JT Group 2026 First-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: 2026 First-Quarter Consolidated Results
2026 First-Quarter Consolidated Results: Robust top-line growth continued to drive strong overall performance 2026 Revenue and AOP 1) (JPY BN) vs. 2025*1 Jan-Mar • Revenue and AOP growth largely driven by pricing contributions Revenue 924.0 +15.2% and resilient volume in the tobacco business 1) AOP=
Slide 4: Tobacco Business Volume Performance
Tobacco Business Volume Performance: Solid combustibles performance and accelerated growth of Ploom 2026 Combustibles (BnU) vs. 2025 Jan-Mar • Strong share momentum across markets Total volume 135.6 +0.9% • In key markets, combustibles industry volume remained under pressure in Japan, Russia and the
Slide 5: Tobacco Business Financial Performance
Tobacco Business Financial Performance: Pricing momentum continued to deliver strong contribution 2026 (JPY BN) vs. 2025 Volume Jan-Mar • Despite total volume growth, unfavorable market mix Core revenue* 848.5 +16.2% resulted in a negative variance at constant FX* 804.1 +10.1% Price/Mix AOP* 325.4 +
Slide 6: Tobacco Business Results by Cluster
Tobacco Business Results by Cluster ASIA WESTERN EUROPE EMA +26.7% +6.1% +23.9% +12.0% +12.8% +2.7% 7.3% Total Volume CR AOP -3.2% -0.3% Total Volume CR AOP Total Volume CR *2 AOP*2 Total Volume Total Volume Total Volume • Continued Ploom volume growth • Market share gains, mainly in Italy • Higher
Slide 7: RRP: Top-line growth accelerated, led by Ploom
RRP: Top-line growth accelerated, led by Ploom RRP volume (BnU) RRP-related revenue (JPY BN) +34.2% +37.3% 15.3 139.5 +22.5% +19.2% 11.4 101.6 9.3 85.2 MAT-2 MAT-1 2026 Mar. MAT MAT-2 MAT-1 2026 Mar. MAT Note：YoY and two-year YoY like-for-like comparison based on Apr 2025–Mar 2026 12-month Moving An
Slide 8: Ploom: Continued RRP investment drives steady market share growth across markets
Ploom: Continued RRP investment drives steady market share growth across markets Heated Products Share of Segment (%) Japan +3.1ppt 15.8 +1.8ppt 12.7 10.9 Q1’24 Q1’25 Q1’26 Q1’24 Q1’25 Q1’26 7.2 7.1 5.8 5.2 4.7 4.8 2.9 3.0 2.8 1.7 1.3 1.4 1.3 0.3 0.1 Italy Poland Czech R Lithuania Slovakia Note: Thi
Slide 9: Processed Food Business Financial Results
Processed Food Business Financial Results Processed Food Business Revenue 2026 (JPY BN) vs. 2025 Jan-Mar • Increase mainly driven by price revisions in the frozen and ambient foods business Revenue 37.8 +1.4 AOP AOP 1.7 +0.9 • Increase driven by the revenue growth offsetting higher raw material cost
Slide 10: Closing remarks
Closing remarks
Slide 11: Closing remarks
Closing remarks • Robust performance drove a significant increase in consolidated AOP at constant FX, up by 20.5% year-on-year • Combustibles: Favorable pricing contribution and continued share momentum Share holders • RRP: Significant top-line growth driven by Ploom • Regarding the Middle East, whi
Slide 12: Appendix: 2026 First-Quarter Consolidated Results
Appendix: 2026 First-Quarter Consolidated Results ◼ Profit Roadmap (JPY BN) +27.3% +6.0 +1.6 +5.9 -23.9 197.0 195.9 -0.1 -1.2 +52.7 154.8 153.1 -1.7 2025 The Canada 2025 AOP at Currencies Adjusted items Financial Corporate Non-controlling 2026 The Canada 2026 Jan-Mar Adjustment* (After the constant
Slide 13: 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 14: 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