Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q3 2026 Earnings Presentation
19 slides from Japan Tobacco's earnings presentation, Oct 29, 2026
Slide 1: JT Group 2026 Third-Quarter Results
JT Group 2026 Third-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 Nine-Month Results
2026 Nine-Month Results
Slide 4: 2026 Nine-Month Consolidated Results: Strong top-line growth continued
2026 Nine-Month Consolidated Results: Strong top-line growth continued to drive significant profit growth 2026 Revenue・AOP1) (JPY BN) vs. 2025*1 Jan-Sep • Revenue and AOP growth in both the tobacco and processed food Revenue 2,991.4 +13.6% businesses 1) AOP=Adjusted operating profit Core revenue at
Slide 5: Tobacco Business Volume Performance
Tobacco Business Volume Performance: Combustibles share momentum and steady RRP volume growth 2026 Combustibles (BnU) vs. 2025 Jan-Sep • Continued share gains across markets, driven by GFBs, partially offset the decline in total industry volume Total volume 437.4 -0.3% • Volume growth mainly driven
Slide 6: Tobacco Business Financial Performance
Tobacco Business Financial Performance: Strong pricing contribution drove solid financial performance 2026 (JPY BN) vs. 2025 Volume Jan-Sep • The decline in total volume, mainly in higher-priced markets, Core revenue* 2,750.5 +14.5% resulted in a negative variance at constant FX* 2,611.3 +8.7% Price
Slide 7: Tobacco Business Results by Cluster
Tobacco Business Results by Cluster ASIA WESTERN EUROPE EMA +32.1% +13.4% +43.9% +23.5% +23.5% +12.8% +6.7% +3.4% +2.3% +0.6% -0.6% Total RRP CR AOP RRP CR AOP RRP CR* AOP * Volume volume -3.9% volume Total volume Volume Total Volume Total Volume Total Volume Total Volume • Solid industry volume and
Slide 8: RRP: Top-line growth continued to accelerate
RRP: Top-line growth continued to accelerate RRP volume (BnU) RRP-related revenue (JPY BN) +31.1% +30.6% +27.0% 13.2 +20.7% 119.3 10.1 91.3 7.9 75.7 2024 Jan-Sep 2025 Jan-Sep 2026 Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2026 Jan-Sep Heated Products Share of Segment (%) 17.4 Q3’25 Q3’26 15.5 8.6 6.2 5.4 4.
Slide 9: RRP Japan: On-going Ploom momentum
RRP Japan: On-going Ploom momentum JT Quarterly SoS Heated Products Peers shipment JT Quarterly Share of Segment (％) & Monthly Volume* JT shipment Q2’26 Q3’26 18.1 Q4’25 Q1’26 17.4 15.7 15.8 Jan’26 Feb’26 Mar’26 Apr’26 May’26 Jun’26 Jul’26 Aug’26 Sep’26 RRP Tax Hike RRP Tax Hike *Figures are based o
Slide 10: Processed Food Business Financial Results
Processed Food Business Financial Results Processed Food Business Revenue 2026 (JPY BN) vs. 2025 Jan-Sep • Increase mainly driven by price revisions and growth of new products Revenue 119.4 +4.1 AOP AOP 6.0 +0.4 • Increase driven by the revenue growth offsetting higher raw material and logistic cost
Slide 11: Full-year Revised Forecasts
Full-year Revised Forecasts
Slide 12: 2026 Consolidated Revised Forecasts
2026 Consolidated Revised Forecasts: Upward revisions driven by robust momentum in tobacco business FY2026 vs. Revenue・AOP (JPY BN) Revised Previous vs. 2025*1 forecasts forecasts • Upward revision driven by the tobacco business Revenue 3,903.0 +18.0 +12.6% • Foreign exchange impact on AOP is expect
Slide 13: Tobacco Business Revised Forecasts
Tobacco Business Revised Forecasts: Upward revision reflecting favorable business momentum Volume FY2026 Volume assumption Previous forecast Revised forecast A decrease of A decrease of • Reflecting resilient volume performance driven by Total volume approx. 0.5% approx. 1.0% to flat • Steady combus
Slide 14: Processed Food Business Revised Forecasts
Processed Food Business Revised Forecasts Processed Food Business FY2026 vs. Revenue (JPY BN) Revised Previous vs. 2025 forecasts forecasts • Downward revision reflecting sales performance in the frozen and ambient foods business Revenue 167.0 -3.0 +7.5 AOP • Upward revision driven by margin improve
Slide 15: Closing Remarks
Closing Remarks
Slide 16: Closing Remarks
Closing Remarks • Robust top-line growth, driven by Combustibles and Ploom Combustibles share growth and pricing contribution, combined with Ploom volume growth • Strong profit growth achieved in the first nine months Share Consolidated AOP at constant FX increased by 16.9% year on year holders • Re
Slide 17: Appendix: 2026 Nine-Month Consolidated Results
Appendix: 2026 Nine-Month Consolidated Results ◼ Profit Roadmap (JPY BN) +21.0% +11.9 -14.8 +37.7 -61.3 618.9 -3.5 615.4 -1.1 +135.2 511.4 -5.0 506.4 2025 The Canada 2025 AOP at Currencies Adjusted items Financial Corporate Non-controlling 2026 The Canada 2026 Jan-Sep Adjustment* (After the constant
Slide 18: 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 19: 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