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Japan Tobacco (2914) investor relations material
Japan Tobacco Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Six-month revenue rose 12.7% year on year to JPY 1,734.5B, with operating profit up 10.9% and profit up 4.8%, driven by organic growth, Vectra/VGR acquisition, and strong tobacco performance.
Adjusted operating profit (AOP) at constant FX grew 24.7% year on year, mainly from solid pricing and volume growth in key markets.
Early momentum for Ploom AURA and EVO in Japan, with HTS share gains globally.
Comprehensive income decreased 40.9% year on year due to lower exchange differences on translation.
Announced transfer of Pharmaceutical Business to Shionogi & Co., Ltd. and sale of subsidiary TORII PHARMACEUTICAL CO., LTD.
Financial highlights
Core revenue for Jan–Jun 2025: JPY 1,724.5B (+14.2% at constant FX), reported revenue: JPY 1,734.5B (+10.5%).
AOP: JPY 565.1B (+24.7% at constant FX), reported AOP: JPY 539.9B (+19.2%).
Operating profit: JPY 479.9B (+10.9%), profit: JPY 319.9B (+4.8%) year on year.
Free cash flow guidance revised downward due to Canadian litigation settlement and higher working capital.
Basic earnings per share increased to JPY 180.19 from JPY 171.89 year on year.
Outlook and guidance
Full-year 2025 core revenue forecast revised upward to JPY 3,286.0B (+8.4% at constant FX), AOP to JPY 862.0B (+14.6% at constant FX).
Operating profit forecast: JPY 739.0B (+128.5%), profit: JPY 494.0B (+175.6%).
Dividend per share forecast raised to JPY 208.00, with interim dividend at JPY 104.00.
Group targets high single-digit annual average growth in AOP at constant FX through 2027.
Negative FX impact on AOP expected to ease due to favorable exchange rate assumptions.
RRP investment impact on AOP this year?
H2 outlook: Any risks beyond Vector/Ploom costs?
Ploom AURA/EVO: Mix change & sustainability?
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Next Japan Tobacco earnings date
Q3 202530 Oct, 2025
Next Japan Tobacco earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Japan Tobacco Inc is a Japan-based multinational company primarily engaged in the manufacturing and sale of tobacco products. The company also operates in the pharmaceutical and processed food segments. It markets both domestic and international cigarette brands. Japan Tobacco Inc is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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