Worth reading
85Important
Scored from 4 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
800
¥ millionWording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFY2026 second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥19,861 million+17.7%
Operating profit¥6,449 million+29.0%
Net income¥4,318 million+28.9%
Full-year earnings forecast
Revenue
¥38,850 million
Core revenue (constant exchange rates)
¥35,140 million
Adjusted operating profit
¥10,350 million
Adjusted operating profit (constant exchange rates)
¥9,880 million
Operating profit
¥10,080 million
Profit for the period
¥6,440 million
FCF
¥6,510 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Profit growth in the first half exceeded the initial assumptionsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Tobacco business adjusted operating profit
January–June 2025
¥5,449 million
Volume
¥-80 million
Price/Mix
¥1,542 million
Others
¥-438 million
January–June 2026 at constant exchange rates
¥6,473 million
FX
¥356 million
January–June 2026
¥6,829 million
Quarterly profit roadmap
Change in AOP at constant exchange rates
¥1,017 million
Foreign Exchange Effects
¥356 million
Adjustments
¥76 million
Financial result
¥-510 million
Income tax expense
¥-3 million
Non-controlling interests
¥-25 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Total tobacco sales volumeUnchanged from the initial forecast: -1.0% year on year to flat
Foreign Exchange Effects
Initial forecast-¥9 billion
Revised forecast+¥47 billion
New initiatives
- Increased investment in Ploom
- Strengthening business momentum based on the results of strategic investments
Key KPIsA metric the company considers important as a management benchmark.
- Total sales volume2,860 100 million sticks+1.0%
- Combustibles sales volume2,776 100 million sticks+0.2%
- GFB sales volume2,049 100 million sticks+1.2%
- RRP sales volume84 100 million sticks+33.8%
- Heated Products sales volume71 100 million sticks+43.5%
- RRP-related revenue¥786 million+40.7%
- ASIA CR7.3 % year on year
- Western Europe CR4.1 % year on year
- EMA CR15.5 % year on year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Total sales volume2,860 100 million sticks+1.0%
- In-house tobacco product revenue¥18,284 million+19.1%
- Price/Mix impact¥1,542 million
Segment results
Tobacco business
In-house tobacco product revenue
¥18,284 million+19.1%
Adjusted operating profit
¥6,829 million+25.3%
Processed Food Operations
Revenue
¥792 million
Year-on-year change+¥2.5 billion
Adjusted operating profit
¥41 million
Year-on-year change+¥1.5 billion
Tobacco business cluster
ASIA
Total Volume_yoy_pct4.2
CR_yoy_pct7.3
AOP_yoy_pct17.1
Western Europe
Total Volume_yoy_pct-2.4
CR_yoy_pct4.1
AOP_yoy_pct5.7
EMA
Total Volume_yoy_pct0.7
CR_yoy_pct15.5
AOP_yoy_pct28.2
Market Size / Share
Heated Products category share
Japan
June 202618.3 %
Italy
Q2'262 %
Poland
Q2'263.6 %
Czech Republic
Q2'267.1 %
Lithuania
Q2'268.1 %
Slovakia
Q2'265.2 %
Annual Dividend
Annual
¥272 per share
Interim
¥136 per share
End of period
¥136 per share
Payout ratio
75.2 %
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | FY2026 second quarter |
| Net Sales | ¥19,861 million (YoY +17.7%) |
| Operating profit | ¥6,449 million (YoY +29.0%) |
| Net income | ¥4,318 million (YoY +28.9%) |
| Full-year earnings forecast | Revenue ¥38,850 million / Core revenue (constant exchange rates) ¥35,140 million / Adjusted operating profit ¥10,350 million / Adjusted operating profit (constant exchange rates) ¥9,880 million / Operating profit ¥10,080 million / Profit for the period ¥6,440 million / FCF ¥6,510 million |
| Self-assessment against the plan | Profit growth in the first half exceeded the initial assumptions |
| Segment results | Tobacco business In-house tobacco product revenue ¥18,284 million (YoY +19.1%) / Adjusted operating profit ¥6,829 million (YoY +25.3%) / Processed Food Operations Revenue ¥792 million / Adjusted operating profit ¥41 million / Tobacco business cluster ASIA Total Volume_yoy_pct 4.2 / CR_yoy_pct 7.3 / AOP_yoy_pct 17.1 / Western Europe Total Volume_yoy_pct -2.4 / CR_yoy_pct 4.1 / AOP_yoy_pct 5.7 / EMA Total Volume_yoy_pct 0.7 / CR_yoy_pct 15.5 / AOP_yoy_pct 28.2 |
| Breakdown of Factors Affecting the Change | Tobacco business adjusted operating profit January–June 2025 ¥5,449 million / Volume ¥-80 million / Price/Mix ¥1,542 million / Others ¥-438 million / January–June 2026 at constant exchange rates ¥6,473 million / FX ¥356 million / January–June 2026 ¥6,829 million / Quarterly profit roadmap Change in AOP at constant exchange rates ¥1,017 million / Foreign Exchange Effects ¥356 million / Adjustments ¥76 million / Financial result ¥-510 million / Income tax expense ¥-3 million / Non-controlling interests ¥-25 million |
| Key KPIs | Total sales volume 2,860 100 million sticks (YoY +1.0%), Combustibles sales volume 2,776 100 million sticks (YoY +0.2%), GFB sales volume 2,049 100 million sticks (YoY +1.2%), RRP sales volume 84 100 million sticks (YoY +33.8%), Heated Products sales volume 71 100 million sticks (YoY +43.5%), RRP-related revenue ¥786 million (YoY +40.7%), ASIA CR 7.3 % year on year, Western Europe CR 4.1 % year on year, EMA CR 15.5 % year on year |
| Unit price and quantity metrics | Total sales volume 2,860 100 million sticks (YoY +1.0%), In-house tobacco product revenue ¥18,284 million (YoY +19.1%), Price/Mix impact ¥1,542 million |
| Assumptions Underlying the Business Outlook | Total tobacco sales volume Unchanged from the initial forecast: -1.0% year on year to flat / Foreign Exchange Effects Initial forecast -¥9 billion / Revised forecast +¥47 billion |
| Annual Dividend | Annual ¥272 per share / Interim ¥136 per share / End of period ¥136 per share |
| Payout ratio | 75.2 % |
| Market Size / Share | Heated Products category share Japan June 2026 18.3 % / Italy Q2'26 2 % / Poland Q2'26 3.6 % / Czech Republic Q2'26 7.1 % / Lithuania Q2'26 8.1 % / Slovakia Q2'26 5.2 % |
| New initiatives | Increased investment in Ploom, Strengthening business momentum based on the results of strategic investments |
Items this document does not state (15)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Strong business momentum in the tobacco business, particularly pricing effects in many markets, was the main driver of the upward revision to the full-year forecasts. First-half results also identified higher adjusted operating profit, lower amortization of intangible assets and improved net finance income as factors contributing to profit growth.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.