Three key trends force tobacco companies to continuously re-assess and optimize their manufacturing footprint: (1) Cost savings: Transferring labor intensive operations to lower-cost countries within
Ahead of the Q2 2026 Earnings release Date: July 30, 2026 (Thursday), After Market Close Consensus Estimates: ¥986.2 billion Revenue (+8.7% yoy); ¥97.6 EPS (+6.6% yoy) Guidance: JT’s
July 2026: JT Expands Processed Food Operations and Business Development Pipeline Japan Tobacco (JT) is expanding its non-tobacco capabilities, positioning its processed food segment as
Japan Tobacco reported a strong start to FY2026, with broad-based growth across the tobacco business, continued pricing power in combustibles, accelerating reduced-risk product (RRP) momentum,
April 2026: S&P Downgrades Japan Tobacco to “A” on Geopolitical Risk Exposure, Maintains Stable Outlook S&P Global has lowered its long-term issuer credit rating on
Consolidated Results FY25 Revenue up +13.4% to ¥3,467.7 billion (+13.9% at constant FX); Adjusted operating profit up +21.5% to ¥902.2 billion (+24.9% at constant FX)
December 2025: Japan Tobacco completes the transfer of its pharmaceutical business to Shionogi Japan Tobacco (JT) completed the transfer of its pharmaceutical business to the
Revenue: ¥947.2Bn (versus ¥901Bn expected) EPS: ¥109 (versus ¥92.9 expected) Starting from Q3 2025, the Pharmaceutical business is classified as discontinued operations Top-line & Bottom-line
Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 90% weight in revenue and 100+% weight
Pharmaceutical business (including a 55% stake in Torii Pharmaceutical): Sold to Shionogi on May 7, 2025. For further details: Beyond Nicotine: Japan Tobacco Top-line &
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in FY24 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and
Tobacco Segment: 89% weight in revenue, 100+% weight in adjusted operating profit Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food
Tobacco Segment: 89% weight in revenue, 100+% weight in adj. operating profit in H1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in Q1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals
Since we noted that “in the League of Laggards to the transformation to RRPs (Altria, Imperial, JT), we clearly favor JT due its size/scale, higher
Tobacco Segment: 87% weight in revenue, 97% weight in adj. operating profit in FY23 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and
Top-line & Bottom-line Results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue: +4.7% driven by positive price/mix variance and volume
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue +6.3% (positive pricing contributions) Operating profit +4.6% (lower
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Core revenue: up +4.8% (RRP revenue: up +4.4%) Operating
