The JT Group has disclosed the Financial Results for 2025 (Earnings Report)
Read the full report here.
FY2025 Tobacco business highlights (vs. FY2024)
Core revenue
At constant FX: Core revenue increased by 14.6%, driven by a robust price/mix contribution of JPY 298.8 billion from all clusters, as well as by a favorable volume variance of JPY 108.1 billion, including the Vector Group contribution. RRP-related revenue grew by 23.9%, mainly fueled by Heated Products.
At reported: Core revenue also increased by 14.6%.
Adjusted operating profit
At constant FX: Adjusted operating profit increased by 23.5%, driven by the solid core revenue growth, partially offset by higher investments towards RRP and the impact of inflation-led cost increases.
At reported: Adjusted operating profit grew by 20.3%, due to several stronger cost-related currencies, and certain weaker emerging currencies.
Volume and Market share
Continued market share gains in Combustibles, combined with the accelerated RRP volume growth and the contribution from the Vector Group, led to total volume increasing by 2.2%, or 2.6% when excluding inventory movements. Strong growth in the EMA cluster and higher volume in the Asia cluster, more than offset a decline in Western Europe, where lower industry volumes impacted several markets.
Combustibles volume increased by 1.7%, with Winston (+4.9%) and Camel (+4.3%) driving a 2.8% increase in GFB volume.
RRP volume grew by 28.0%, driven by Ploom volume increasing 38.6%, particularly in Japan.
Total market share increased in approximately 50 markets, including the key markets of Italy, Romania, Spain, Taiwan, Turkey, the UK and the USA