JAPAN TOBACCO, Net Income Forecast for the Fiscal Year Revised Upward by 10%, Highest in Ten Terms, Dividend Revised Upward by 14 Yen

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Thu Jul 31, 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 July 31st (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending December 2025 (January to June) increased 4.8% from the same period last year, reaching 319 billion yen.

In addition, the full-year forecast for consolidated net income has been revised upward 9.8%, from the previous forecast of 450 billion yen to 494 billion yen (compared to 179 billion yen in the previous period), increasing the growth rate from 2.5 times to 2.8 times, reaches new record high for the first time in ten terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income/loss for the July to December period (second half) is expected to turn into a profit of 174 billion yen (compared to a loss of 125 billion yen in the same period last 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 194 yen to 208 yen (compared to 194 yen in the previous period).

In the most recent three-month period, from April to June (2Q), the consolidated net income grew 9.8% from the same period last year, reaching 162 billion yen. However, the operating profit margin decreased from 26.1% in the same period last year to 25.5%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Jun, 2023	1,392,812	413,555	373,430	287,009	161.7	60.1	Jul 31, 2023	IFRS
Jan - Jun, 2024	1,569,892	432,662	399,073	305,172	171.9	170.7	Aug 2, 2024	IFRS
Jan - Jun, 2025	1,734,543	479,871	437,821	319,905	180.2	ー	Jul 31, 2025	IFRS
YoY	+10.5%	+10.9%	+9.7%	+4.8%	+4.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan - Jun, 2025 Guidance	ー	ー	ー	ー	－	97	Feb 13, 2025	IFRS
Jan - Jun, 2025 Results	1,734,543	479,871	437,821	319,905	180.2	104	Jul 31, 2025	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2025 Prev	3,273,000	671,000	ー	450,000	253.5	194	Feb 13, 2025	IFRS
Dec, 2025 New	3,344,000	739,000	ー	494,000	278.3	208	Jul 31, 2025	IFRS
Revision Rate	+2.2%	+10.1%	－	+9.8%	+9.8%

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	1,609,457	259,129	ー	174,095	98.1	104	Jul 31, 2025	IFRS
YoY	+1.9%	－	－	－	－

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	3,344,000	739,000	ー	494,000	278.3	208	Jul 31, 2025	IFRS
YoY	+6.2%	+128.5%	－	+175.6%	+175.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Apr - Jun, 2024	829,559	216,844	197,807	147,906	83.3	26.1	Aug 2, 2024	IFRS
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
YoY	+9.4%	+6.6%	+7.0%	+9.8%	+9.8%