The earnings call reflects a strong financial performance, with significant growth in AOP and successful product launches, particularly in the tobacco and RRP segments. Despite challenges such as negative FX impacts and decreased free cash flow, the overall outlook remains positive with an upward revision in forecasts and dividend increases.

Company Guidance

In the call, Hiromasa Furukawa, CFO of the JT Group, provided detailed guidance on the company's financial outlook and performance metrics for FY2025. Revenue and Adjusted Operating Profit (AOP) increased significantly, with a 24.7% year-over-year (YoY) growth in AOP at constant foreign exchange (FX) rates, primarily driven by strong organic performance and the acquisition of the Vector Group. Despite a negative FX impact due to the appreciation of the Japanese yen, operating profit rose by 10.9% YoY. The tobacco business showed robust pricing contributions, particularly in the Philippines, Russia, and the UK, leading to a 23.1% YoY increase in AOP at constant FX for the first half of the year. The company revised its full-year core revenue forecast at constant FX upwards by JPY54 billion, anticipating an 8.4% YoY increase. AOP at constant FX is expected to rise by 14.6% YoY. The annual dividend guidance was increased from JPY194 to JPY208, reflecting a payout ratio of 74.9%. The forecast for free cash flow was revised downward by JPY112 billion, partly due to an expected initial payment related to Canadian litigations.

Significant Increase in AOP

AOP at constant FX increased by an impressive 24.7% YoY, driven by strong organic performance and the contribution of the Vector Group in the US.

Tobacco Business Growth

Total tobacco volume increased by 0.7% YoY, with RRP volume growing by 20.2% YoY. Double-digit growth in both revenue and AOP was achieved in Q2.

Successful Launch of Ploom AURA

The Ploom AURA launch in Japan exceeded previous sales records for HTS devices, with cumulative device sales surpassing the previous model by approximately 3x.

Upward Revision of Full-Year Forecast

Core revenue at constant FX revised upward by JPY54 billion, and AOP by JPY47 billion, reflecting strong H1 performance.

Dividend Increase

Annual dividend guidance revised upward by JPY14 from JPY194 to JPY208, reflecting strong business performance.

Japan Tobacco (JP:2914) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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JP:2914 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	80.61 / -	77.29	―	―	―
Jul 31, 2025	2025 (Q2)	84.06 / 91.50	83.31	9.83% (+8.19)
May 07, 2025	2025 (Q1)	82.21 / 88.69	88.58	0.12% (+0.11)
Feb 13, 2025	2024 (Q4)	23.12 / 11.80	22.689	-47.99% (-10.89)
Oct 31, 2024	2024 (Q3)	87.57 / 77.29	87.31	-11.48% (-10.02)
Aug 02, 2024	2024 (Q2)	85.57 / 83.31	80.18	3.90% (+3.13)
May 09, 2024	2024 (Q1)	81.06 / 88.58	81.52	8.66% (+7.06)
Feb 13, 2024	2023 (Q4)	17.50 / 22.69	21.92	3.51% (+0.77)
Oct 31, 2023	2023 (Q3)	73.42 / 87.31	78.73	10.90% (+8.58)
Jul 31, 2023	2023 (Q2)	77.09 / 80.18	78.86	1.67% (+1.32)

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

JP:2914 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	¥4291.00	¥4318.00	+0.63%
May 07, 2025	¥4386.26	¥4399.94	+0.31%
Feb 13, 2025	¥3839.93	¥3862.41	+0.59%
Oct 31, 2024	¥4065.69	¥4085.74	+0.49%

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. (JP:2914) report earnings?

Japan Tobacco Inc. (JP:2914) is schdueled to report earning on Oct 30, 2025, Before Open (Confirmed).

What is Japan Tobacco Inc. (JP:2914) earnings time?

Japan Tobacco Inc. (JP:2914) earnings time is at Oct 30, 2025, 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 JP:2914 EPS forecast?

JP:2914 EPS forecast for the fiscal quarter 2025 (Q3) is 80.62.

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