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Japan Tobacco (2914) investor relations material
Japan Tobacco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month consolidated results showed significant growth in revenue and profit, driven by strong tobacco business performance, the Vector Group acquisition, and favorable FX.
The Pharmaceutical Business was divested and is now treated as a discontinued operation, with results presented separately.
Upward revisions across all full-year indicators, with record-high figures for revenue, profit, and free cash flow.
Annual dividend guidance was raised to JPY 234, reflecting robust performance and shareholder return policy.
Ploom AURA ecosystem launch strengthened presence in the heated tobacco segment, accelerating share gains.
Financial highlights
Nine-month core revenue reached JPY 2,580.3B (+15.3% YoY at constant FX); reported revenue JPY 2,634.0B (+13.2% YoY).
Adjusted operating profit at constant FX was JPY 849.0B (+27.2% YoY); reported AOP JPY 814.7B (+22.1% YoY).
Operating profit rose 20.8% YoY to JPY 762.9B; profit from continuing operations up 16.6% YoY to JPY 511.4B.
Free cash flow forecast revised upward by JPY 44B, reflecting higher AOP.
Basic earnings per share for the period were JPY 288.24, up from JPY 249.18 in the prior year.
Outlook and guidance
Full-year 2025 revenue forecast revised up to JPY 3,456.0B (+13.2% YoY); AOP forecast at JPY 923.0B (+24.3% YoY).
Operating profit forecast raised to JPY 845.0B; profit from continuing operations to JPY 555.0B.
Dividend forecast for 2025 revised upward to JPY 234 per share, with a payout ratio of 74.9%.
Tobacco business volume forecast revised to +2.0% YoY, up from previous -1.0% estimate.
Mid to high single-digit growth targeted for next fiscal year, with no concern for a reactionary decline.
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