Japan Tobacco Inc. (DE:JAT)
FRANKFURT:JAT
Earnings Data
Report Date
May 08, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.49Last Year’s EPS
0.48Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call presented a strongly positive operational and financial performance in FY2025 with record revenue, AOP and cash flow, driven by exceptional Combustibles pricing and rapid RRP (heated products) growth. Management articulated a clear, well-funded plan to scale RRP (JPY 800 billion through 2028) and reiterated a shareholder-friendly 75% payout target. Key risks highlighted include foreign-exchange volatility (notably Iran), heavy upfront RRP investment with uncertain exact timing to profitability, ongoing industry volume decline and margin pressure in the processed food business. On balance the company emphasized durable momentum, disciplined capital allocation and confidence in achieving high single‑digit AOP growth over the plan period, while flagging execution and macro/FX risks.Company Guidance
Record Financial Performance
Group delivered record highs across revenue, AOP and profit in FY2025. AOP on a constant currency basis increased strongly (management cited +24.9% year-on-year at group level), core revenue rose ~15% and adjusted operating profit grew over 23% year‑on‑year (company commentary).
Rapid RRP (Heated Products) Growth
Reduced risk products accelerated: RRP volume +28% YoY and RRP revenue +24% YoY. Heated products volume rose by 3.2 billion units (+38.6% YoY) and heated-product revenue grew by ~50% at constant FX. Ploom AURA launched across 17 markets in 2025 and 19 markets at time of call; Ploom users increased 34% YoY, 58% of AURA users were new to the franchise, and EVO premium stick reached a 3% share of segment in Japan.
Combustibles Outperformance and Pricing Strength
Combustibles volume grew +1.7% YoY despite industry contraction; GFBs (Global Flagship Brands) grew 2.8% and represented 74% of Combustibles volume. Winston volume +4.9% and Camel +4.3%. Price/mix contribution to core revenue reached an exceptional 10.8%, and Combustibles profit margin expanded by 3.4 percentage points YoY.
Strong Cash and Shareholder Returns
Free cash flow increased by JPY 102.2 billion to JPY 272.7 billion in 2025. Management reaffirmed dividend policy and shareholder returns: planned dividend JPY 234 per share for FY2025 and projected JPY 242 per share for FY2026 (payout ratio ~75%, management target).
Committed, Large-Scale Investment Program for RRP
Management announced a stepped-up investment plan of approximately JPY 800 billion for 2026–2028 (larger than prior guidance of JPY 650 billion), with management noting ~80% of the investment will support commercial/marketing initiatives to accelerate heated-products growth and global rollout of Ploom AURA / EVO.
Successful M&A Integration Supporting Growth
The acquired Vector Group (U.S. Tobacco Company) is integrated and contributed to organic volume growth as expected; management confirmed the Vector contribution has been in line with initial expectations and boosted FY2025 results.
DE:JAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:JAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | €33.34 | €33.50 | +0.48% |
Oct 30, 2025 | €26.16 | €27.31 | +4.41% |
Jul 31, 2025 | €24.31 | €24.55 | +0.97% |
May 07, 2025 | €26.06 | €26.54 | +1.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Japan Tobacco Inc. (DE:JAT) report earnings?
Japan Tobacco Inc. (DE:JAT) is schdueled to report earning on May 08, 2026, Before Open (Confirmed).
What is Japan Tobacco Inc. (DE:JAT) earnings time?
Japan Tobacco Inc. (DE:JAT) earnings time is at May 08, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Japan Tobacco Inc. stock?
The P/E ratio of Japan Tobacco is N/A.
What is DE:JAT EPS forecast?
DE:JAT EPS forecast for the fiscal quarter 2026 (Q1) is 0.49.