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Japan Tobacco (JT Group) Q3 FY2026 earnings presentation: the CFO deck for the January–September 2026 results (JT's fiscal year is the calendar year) and the upgraded full-year FY2026 forecast. This is a Japanese-language deck (original title 2026年度 第3四半期 決算説明会資料, presented by JT Group CFO Hiromasa Furukawa) first published on TDnet, the Tokyo Stock Exchange's timely-disclosure system. Nine-month revenue was ¥2,991.4 billion (¥29,914 億円, +13.6%), adjusted operating profit ¥972.4 billion (+21.6%), and JT raised every P&L line of its full-year forecast, now guiding to ¥3,903.0 billion revenue and ¥1,079.0 billion adjusted operating profit.
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Japan Tobacco (JT Group) Q3 FY2026 earnings presentation: the CFO deck for the January–September 2026 results (JT's fiscal year is the calendar year) and the upgraded full-year FY2026 forecast. This is a Japanese-language deck (original title 2026年度 第3四半期 決算説明会資料, presented by JT Group CFO Hiromasa Furukawa) first published on TDnet, the Tokyo Stock Exchange's timely-disclosure system. Nine-month revenue was ¥2,991.4 billion (¥29,914 億円, +13.6%), adjusted operating profit ¥972.4 billion (+21.6%), and JT raised every P&L line of its full-year forecast, now guiding to ¥3,903.0 billion revenue and ¥1,079.0 billion adjusted operating profit.
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Cover slide titled 'JT Group 2026年度 第3四半期 決算説明会' (FY2026 Q3 earnings briefing), presented by Hiromasa Furukawa, JT Group CFO; footnotes say figures are presented to explain business performance and may differ from the financial statements, and that term definitions appear from slide 18 onward.
Centered title block with the green JT logo above, a green underline rule, presenter name and role below, and small footnotes at the bottom over a soft green-to-teal diagonal-line background.
Standard forward-looking statements disclaimer listing ten key risks: rising health concerns about smoking; domestic and overseas tobacco regulation (tax increases, sales, mandatory purchase of domestic leaf tobacco, packaging, labelling, marketing); litigation; JT's ability to diversify beyond tobacco; its ability to expand internationally and invest successfully outside Japan; intensifying competition, changing consumer preferences and declining demand; the impact of acquisitions and diversification; economic conditions in Japan and abroad; exchange-rate and raw-material cost fluctuations; and natural disasters and unforeseen events.
Header bar with title and logo, a full-width paragraph of disclaimer text, and a grey panel containing a numbered list of ten risk factors.
Section break introducing the nine-month (January–September 2026) cumulative results (2026年度 第3四半期累計実績).
Single centered heading with a green underline on a pale grey diagonal-line background, JT logo top right.
Group results for January–September 2026 (¥100 million / 億円, YoY): revenue 29,914 (+13.6%); constant-currency core revenue 27,323 (+8.4%); adjusted operating profit 9,724 (+21.6%); constant-currency adjusted operating profit 9,347 (+16.9%); operating profit 9,477 (+24.2%); quarterly profit 6,189 (+21.0%). Commentary: both tobacco and processed food grew revenue and profit; FX had a positive effect from yen weakness and local-currency strength; operating profit rose on higher adjusted operating profit and lower amortization of acquired intangibles; quarterly profit followed operating profit. Footnotes note comparisons are on a continuing-operations basis, the Canada adjustment (deduction of the annual contribution) applies from Q1 FY2026 on a like-for-like basis, profit after the Canada adjustment used for dividends is ¥615.4 billion, and IAS 29 hyperinflation accounting is applied.
Two-line headline; left half is a KPI table with green header row, bold green figures and YoY percentages; right half has four green label boxes (Revenue & AOP, FX impact, Operating profit, Quarterly profit) each followed by a one-line bullet; footnotes at the bottom.
Volumes for January–September 2026 (100 million sticks / 億本, YoY): total volume 4,374 (-0.3%); combustibles 4,242 (-1.0%); Global Flagship Brands (GFB: Winston, Camel, MEVIUS, LD) 3,130 (-0.5%); RRP 132 (+31.1%); heated products 113 (+39.6%). Combustibles share gains led by GFB partly offset lower industry volume, with growth in emerging markets and declines in Japan, Russia and the UK. RRP growth came from Ploom volume and share gains, Ploom AURA in Japan, and growth in Europe helped by LYO.
Headline across the top; left is a light-green-headed volume table with indented sub-rows; right has two label boxes (Combustibles, RRP) with nested bullet commentary.
Tobacco segment for January–September 2026 (¥100 million): own-brand tobacco revenue 27,505 (+14.5%), 26,113 at constant FX (+8.7%); adjusted operating profit 10,054 (+21.1%), 9,677 at constant FX (+16.6%). The bridge runs from 8,302 in Jan–Sep 2025: volume -142, price/mix +2,285, others -768, reaching 9,677 at constant currency, then FX +377 to 10,054. Pricing was strong in the Philippines, Russia, Türkiye, the UK and the US; volume was hurt by lower volume in high-price markets; other costs reflect higher Ploom investment and inflation-driven supply-chain costs; FX was positive from yen weakness.
Upper-left KPI table with alternating light-green rows, lower-left waterfall chart of adjusted operating profit drivers, right column of four labelled commentary boxes (Volume, Price/Mix, Others, FX).
Three cluster panels, YoY for Jan–Sep 2026 (CR and AOP at constant FX). Asia: total volume +3.4%, RRP volume +32.1%, core revenue +6.7%, AOP +23.5%, helped by resilient demand and share gains, Ploom growth in Japan and Taiwan, forward buying in Japan ahead of RRP tax-driven price increases, and pricing in Japan and the Philippines. Western Europe: total volume -3.9%, RRP +13.4%, CR +2.3%, AOP +0.6%, as share gains and Ploom growth met lower UK combustible demand, with UK pricing offsetting negative volume. EMA: total volume -0.6%, RRP +43.9%, CR +12.8%, AOP +23.5%, with share gains in Türkiye, Ploom growth, and pricing in Romania, Russia, Türkiye and the US. A shared footer cites higher Ploom investment and supply-chain inflation.
Three equal columns separated by thin dividers, each with a cluster heading, a four-bar column chart (Total Volume, RRP volume, CR, AOP) and two green-underlined sub-sections (Total Volume, CR/AOP) of bullets; a dashed rule and single shared bullet at the bottom.
RRP volume rose from 79 (Jan–Sep 2024) to 101 (2025, +27.0%) to 132 (2026, +31.1%) hundred-million sticks; RRP-related revenue rose from ¥75.7 billion to ¥91.3 billion (+20.7%) to ¥119.3 billion (+30.6%). Heated-products category share Q3'25 to Q3'26: Japan 15.5% to 17.4%, Italy 1.6% to 1.8%, Poland 2.7% to 4.4%, Portugal 2.9% to 3.4%, Lithuania 4.3% to 5.4%, Slovakia 6.2% to 8.6%.
Top half has two side-by-side three-year column charts (RRP volume, RRP revenue) with growth callout ovals and arrows; bottom half has a clustered column chart of heated-products share by country with flag icons, over a faint world-map background.
JT's quarterly share of Japan's heated-products category was 15.7% in Q4'25, 15.8% in Q1'26, 18.1% in Q2'26 and 17.4% in Q3'26, shown with monthly shipments (JT versus peers) from January to September 2026. Shipment spikes appear in March and September 2026 ahead of RRP tax hikes; shipments are JT estimates on a shipment basis.
Stacked monthly column chart (peers in navy, JT in light green) with broken axes, quarterly share figures in green circles above, dashed vertical lines marking the RRP tax hikes, and a legend at the top right.
Processed food for January–September 2026 (¥100 million): revenue 1,194 (+41 YoY) and adjusted operating profit 60 (+4). Revenue rose on price revisions and new products; higher sales offset higher raw-material and logistics costs. Product photos show TableMark frozen Sanuki udon, packaged Koshihikari rice and beef curry udon.
Orange-themed KPI table on the left, two orange label boxes with commentary on the right, and a row of three product package photos across the bottom.
Section break introducing the revised full-year FY2026 forecast (2026年度 修正見込).
Single centered heading with green underline on the grey diagonal-line background.
Revised FY2026 forecast (¥100 million; change vs previous forecast; YoY): revenue 39,030 (+180; +12.6%); constant-currency core revenue 35,580 (+440; +7.3%); adjusted operating profit 10,790 (+440; +21.9%); constant-currency AOP 10,280 (+400; +16.1%); operating profit 10,410 (+330; +20.1%); profit for the year 6,620 (+180; +32.6%); free cash flow 5,960 (-550; +3,233). The upgrade reflects the tobacco business and positive FX; FCF was updated mainly for the payment to acquire Scandinavian Tobacco Group's fine-cut tobacco brands. Profit after the Canada adjustment used for dividends is ¥660.0 billion.
Two-line headline; four-column forecast table (revised forecast, change vs previous, YoY) on the left; four green label boxes (Revenue & AOP, Operating profit, Profit, FCF) with bullets on the right; footnotes below.
Total tobacco volume is now expected at about -0.5% YoY (previously -1.0% to flat), on resilient combustible demand in Asia and share momentum in markets including Türkiye. Financial forecast (¥100 million): own-brand tobacco revenue 35,610 (+60 vs previous; +13.0% YoY), 33,870 at constant FX (+470; +7.4%); adjusted operating profit 11,330 (+460; +21.2%), 10,820 at constant FX (+420; +15.7%). The FX impact on AOP is now expected at +¥51.0 billion (previously +¥47.0 billion).
Upper-left volume assumption table and lower-left financial forecast table with alternating light-green rows; right column has three label boxes (Volume assumption, Financial forecast, FX impact) with bullets.
Processed food full-year forecast (¥100 million): revenue 1,670 (-30 vs previous forecast; +75 YoY) and adjusted operating profit 85 (+5; -1). Revenue was cut on a more precise sales outlook for frozen and ambient foods, while profit was raised as price revisions and cost reductions improved margins.
Orange-themed forecast table on the left and two orange label boxes with commentary on the right, with generous white space.
Section break introducing the closing remarks.
Centered English heading with green underline on the grey diagonal-line background.
Three takeaways: strong top-line growth driven by combustibles and Ploom, with combustible share gains, pricing and higher Ploom volume; strong nine-month profit growth, with group constant-currency adjusted operating profit up 16.9%; and full-year guidance raised for every P&L metric to record highs, with profit for the year expected to rise more than 30%. The right side shows JT's corporate message (roughly 'more richness of heart') and a stakeholder triangle of customers at the centre with shareholders, employees and society.
Three bold bullet headlines with one-line explanations on the left; green tagline and a circular stakeholder diagram connected by lines on the right.
Quarterly profit walk (¥100 million): Jan–Sep 2025 reported 5,114, Canada adjustment -50 to 5,064; constant-currency AOP +1,352, FX +377, adjustment items +119, financial income/costs -148, income taxes -613, non-controlling interests -11, reaching 6,189 reported for Jan–Sep 2026 (+21.0%); a further Canada adjustment of -35 gives 6,154. The Canada adjustment deducts the after-tax annual contribution and discount interest on the related financial liability.
Full-width waterfall chart with green start/end bars, blue positive and red negative steps, dashed boxes around the Canada-adjusted bars, and a +21.0% bracket arrow across the top.
Defines adjusted operating profit (operating profit plus amortization of acquired intangibles plus adjustment items, minus the Canada annual contribution tied to the JTI-Macdonald smoking and health litigation settlement), constant-currency basis, constant-currency core revenue, own-brand tobacco revenue, RRP-related revenue, quarterly/annual profit (attributable to owners of the parent), reduced-risk products (heated products, infused tobacco, e-vapor, modern oral, traditional oral), heated products, heated tobacco sticks (HTS) and heated nicotine sticks (HNS), each stick counted as one RMC cigarette equivalent.
Two-column definition table with term on the left and definition on the right, alternating light-green row shading.
Defines infused tobacco (one pack counted as 20 RMC), combustibles (excluding contract manufacturing and RRP), total volume, combustibles volume, RRP volume and heated products/Ploom volume (RMC-converted, excluding devices and accessories), and Global Flagship Brands: Winston, Camel, MEVIUS and LD.
Continuation of the two-column definition table with alternating light-green shading and white space below.
Các câu hỏi phổ biến về slide này và nội dung trình bày cơ bản.
For January–September 2026, JT Group reported revenue of ¥2,991.4 billion (+13.6%), adjusted operating profit of ¥972.4 billion (+21.6%, +16.9% at constant currency), operating profit of ¥947.7 billion (+24.2%) and quarterly profit of ¥618.9 billion (+21.0%).
Yes. The original is a Japanese-language CFO presentation titled 2026年度 第3四半期 決算説明会資料 (FY2026 Q3 earnings briefing materials), published on TDnet, the Tokyo Stock Exchange's timely-disclosure system, under JT's securities code 2914. The slide images keep the original Japanese; the page-by-page summary on this page is written in English, with amounts kept in JT's own unit of 億円 (¥100 million).
Unlike most Japanese companies, which use an April–March fiscal year, JT's fiscal year follows the calendar year. FY2026 runs from January to December 2026, so the Q3 year-to-date figures cover January–September 2026.
Yes, it raised every P&L line. Revenue is now forecast at ¥3,903.0 billion (+12.6%), adjusted operating profit at ¥1,079.0 billion (+21.9%), operating profit at ¥1,041.0 billion (+20.1%) and profit for the year at ¥662.0 billion (+32.6%), all record highs. Free cash flow guidance was lowered by ¥55.0 billion to ¥596.0 billion, mainly for the purchase of Scandinavian Tobacco Group's fine-cut brands.
RRP volume rose 31.1% to 13.2 billion sticks in January–September 2026, heated-products volume rose 39.6%, and RRP-related revenue grew 30.6% to ¥119.3 billion. JT's share of Japan's heated-tobacco category was 17.4% in Q3 2026, up from 15.5% a year earlier.
From Q1 FY2026, JT deducts the annual contribution payable under the settlement of smoking and health litigation involving its Canadian subsidiary JTI-Macdonald Corp. from revenue and adjusted operating profit, and restates prior-year comparisons on a like-for-like basis. Profit after this adjustment is the base used for dividends.
Yes. The page offers the original PDF and a PPTX version converted from it, so you can reuse the KPI-table, waterfall-chart and forecast-revision layouts in your own earnings or investor deck.
IR teams, analysts and finance students who need a clear quarterly results structure: a KPI summary, segment volume and profit bridges, a regional comparison, a growth-segment spotlight, a forecast revision and an appendix glossary of non-GAAP terms.
Original Japanese-language PDF filed on TDnet
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