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)
Tobacco Segment: 91.8% weight in revenue, 100+% weight in adj. operating profit in FY25
Top-line & Bottom-line Results: Tobacco Segment Only
Excluding Processed Food Segments; Pharmaceutical Business (now deconsolidated); Adjusted, at constant currencies
Revenue: +10.1% in Q4 2025 and +14.6% in FY25
Operating profit: +6.1% in Q4 2025 and +23.5% in FY25
Total Volume: +2.4% in Q4 and +2.2% in FY25 (combustible volume: +1.7%)
RRP volume: +30.4% in Q4 and +28% in FY25 (heated tobacco volume: +40.7% and +38.6%, respectively)
RRP weight – FY25: 2.4% by volume (+0.4pps) and 3.85% by revenue (+0.25pps)
Dividend: ¥242 (up +3.4% from ¥234; dividend payout ratio of 75.2%)
Mid- to long-term (2026-28) growth algorithm: Mid- to high-single digit adjusted operating profit growth
Operating Profit: +20.3% reported, +23.5% at constant FX
– Volume (+6.6pp): Positive volume contribution, mainly driven by the EMA cluster, including the Vector contribution
– Price/mix (+37.6pp): Robustpricing contribution fueled by many markets, including Japan, the Philippines, Russia, Turkey and the UK
– Others (-20.8pp): Incremental investments towards Ploom. Inflation-led cost increases
– FX (-3.2pp): Unfavorable due to the depreciation of emerging currencies against JPY
Reduced-Risk Products
– c. ¥800 billion investment over the three-year period from 2026 to 2028. JT’s top priority is to accelerate Ploom’s volume momentum and continued category share growth in Heated Tobacco Products (HTPs) with geographic presence across c.80% of the global HTP demand. Selective & flexible (profit-oriented) approaches in other categories
– Growth momentum of Ploom AURA in Japan, driven by premium EVO sticks (complementing MEVIUS & Camel), improved consumer KPIs (positive consumer feedback mainly on taste and design) and higher number of consumer touchpoints
– Transitioned to AURA in 19 markets as of February 2026; Building EVO as a global Heated Products brand
– Japan: reached 15.7% segment share in Q4 2025
– Outside of Japan: reached 1.5%-6.6% segment share in select markets
– No further mention of the 2028 ambition to reach mid-teens heated tobacco share of segment
Combustibles
– Combustibles volume increased despite -2.7% industry volume decline. 50+ markets with volume growth and integration of Vector in the U.S.
– Global Fragship Brands (GFB) volume growth for the 7th consecutive year. GFB now represents c.75% of total volume. Winston & Camel further strengthened their global #2 & #3 brand rankings
– Continued market share momentum (+1.3pp in 70+ markets representing 90%+ of JT volume). Increased SoM in c.60 markets and all clusters, including gains in 9 out of 10 key markets
– Exceptional Combustibles pricing, above historical average, driving +15% revenue growth (at constant FX) – more than offsetting impacts from ongoing inflationary pressure & down-trading
– Significant increase in Combustibles profit margin (+3.4pp) fueled by pricing and strategic drive on ROI
FY26 Forecast
– Consolidated core revenue: +6.6% to ¥3,697Bn (+3.6% at constant FX)
– Consolidated operating profit: +7.9% to ¥955Bn (+8.9% at constant FX)
– Tobacco Segment: revenue +6.9%, operating profit +7.6% (+3.4% and +8.5%, respectively, at constant FXs)
– Sustained momentum in Combustibles market share gains, combined with RRP volume growth, expected to partially offset global Combustibles industry volume contraction. Top-line growth, supported by continued pricing contribution and growth in RRP-related revenue, partially offset by increased sRRP investments and higher inflation-led costs, including across the supply chain. Unfavorable impact to adjusted operating profit, due to the depreciation of emerging currencies and the appreciation of cost-related currencies vs. JPY
– Tobacco volume: flat to -1% decline
Download JT FY25 Report
Download JT FY25 Presentation
