JAPAN TOBACCO, Net Income Forecast for the Fiscal Year Revised Upward by 14%, Exceeded Record Profit Forecast, Dividend Revised Upward by 26 Yen

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Thu Oct 30, 2025 3:30 pm JST Earnings

2914 JAPAN TOBACCO INC. 【IFRS】

Earnings Report

JAPAN TOBACCO INC. <2914> [TSE Prime] announced its financial results (based on IFRS) after the market closed on October 30th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2025 (January to September) increased 15.7% from the same period last year, reaching 511 billion yen.

In addition, the full-year forecast for consolidated net income has been revised upward 13.8%, from the previous forecast of 494 billion yen to 562 billion yen (compared to 179 billion yen in the previous period), increasing the growth rate from 2.8 times to 3.1 times. The company has further increased its previous forecast of record profits for the first time in ten years.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the July to December period (second half) is expected to increase 39.1%, from the previous forecast of 174 billion yen to 242 billion yen (compared to a loss of 125 billion yen in the same period of the previous year).

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 208 yen to 234 yen (compared to 194 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated net income increased 39.8% from the same period last year, reaching 191 billion yen. The operating profit margin rose from 26.3% in the same period last year to 31.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2023	2,157,018	631,847	586,209	442,010	249.0	94.3	Oct 31, 2023	IFRS
Jan - Sep, 2024	2,327,244	631,468	574,955	442,414	249.2	246.0	Oct 31, 2024	IFRS
Jan - Sep, 2025	2,634,028	762,935	707,162	511,749	288.2	ー	Oct 30, 2025	IFRS
YoY	+13.2%	+20.8%	+23.0%	+15.7%	+15.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2025 Prev	1,609,457	259,129	ー	174,095	98.1	104	Jul 31, 2025	IFRS
Jul - Dec, 2025 New	1,721,457	365,129	ー	242,095	136.4	130	Oct 30, 2025	IFRS
Revision Rate	+7.0%	+40.9%	－	+39.1%	+39.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2025 Prev	3,344,000	739,000	ー	494,000	278.3	208	Jul 31, 2025	IFRS
Dec, 2025 New	3,456,000	845,000	ー	562,000	316.6	234	Oct 30, 2025	IFRS
Revision Rate	+3.3%	+14.3%	－	+13.8%	+13.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024	1,579,867	-109,201	-165,307	-125,932	-70.9	97	Feb 13, 2025	IFRS
Jul - Dec, 2025 Guidance	1,721,457	365,129	ー	242,095	136.4	130	Oct 30, 2025	IFRS
YoY	+9.0%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2023	2,841,077	672,410	621,601	482,288	271.7	194	Feb 13, 2024	IFRS
Dec, 2024	3,149,759	323,461	233,766	179,240	101.0	194	Feb 13, 2025	IFRS
Dec, 2025 Guidance	3,456,000	845,000	ー	562,000	316.6	234	Oct 30, 2025	IFRS
YoY	+9.7%	+161.2%	－	+213.5%	+213.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	757,352	198,806	175,882	137,242	77.3	26.3	Oct 31, 2024	IFRS
Oct - Dec, 2024	822,515	-308,007	-341,189	-263,174	-148.2	-37.4	Feb 13, 2025	IFRS
Jan - Mar, 2025	826,981	248,758	226,069	157,480	88.7	30.1	May 7, 2025	IFRS
Apr - Jun, 2025	907,562	231,113	211,752	162,425	91.5	25.5	Jul 31, 2025	IFRS
Jul - Sep, 2025	899,485	283,064	269,341	191,844	108.1	31.5	Oct 30, 2025	IFRS
YoY	+18.8%	+42.4%	+53.1%	+39.8%	+39.8%