Worth reading
52Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
440
¥100 million (increase from the previous forecast for full-year adjusted operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsFY2026 Third Quarter7 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥29,914 hundred million+13.6%
Operating profit¥9,477 hundred million+24.2%
Net income¥6,189 hundred million+21.0%
Full-year earnings forecast
Revenue
¥39,030 hundred million
Adjusted operating profit
¥10,790 hundred million
Adjusted operating profit at constant exchange rates
¥10,280 hundred million
Operating profit
¥10,410 hundred million
Profit for the period
¥6,620 hundred million
FCF
¥5,960 hundred million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Adjusted tobacco business operating profit at constant exchange rates
January–September 2025
¥8,302 hundred million
Volume
¥-768 hundred million
Price/Mix
¥2,285 hundred million
Others
¥-142 hundred million
January–September 2026 at constant exchange rates
¥9,677 hundred million
FX
¥377 hundred million
January–September 2026
¥10,054 hundred million
Quarterly profit roadmap
Change in adjusted operating profit at constant exchange rates
¥1,352 hundred million
Foreign Exchange Effects
¥377 hundred million
Adjustments
¥119 hundred million
Financial result
¥-148 hundred million
Income tax expense
¥-613 hundred million
Non-controlling interests
¥-35 hundred million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Total tobacco business sales volumeFY2026: approximately -0.5% year on year
Exchange rate impact on adjusted operating profitCurrent forecast: +¥51.0 billion; previous forecast: +¥47.0 billion
New initiatives
- Increased investment in Ploom
- Price revision measures
- Refining the sales outlook and reducing costs in the frozen and ambient businesses
Key KPIsA metric the company considers important as a management benchmark.
- Total sales volume4,374 100 million sticks-0.3%
- Combustibles sales volume4,242 100 million sticks-1.0%
- GFB sales volume3,130 100 million sticks-0.5%
- RRP sales volume132 100 million sticks+31.1%
- Heated Products sales volume113 100 million sticks+39.6%
- RRP-related revenue¥1,193 hundred million+30.6%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volume and pricing effects/Price-Mix are shownSegment results
Tobacco business
In-house tobacco product revenue
¥27,505 hundred million+14.5%
Adjusted operating profit
¥10,054 hundred million+21.1%
Processed Food Operations
Revenue
¥1,194 hundred million+3.6%
Adjusted operating profit
¥60 hundred million+7.1%
Market Size / Share
Heated Products category share in JapanQ3'26 17.4％
Heated Products category share in ItalyQ3'26 8.6％
Heated Products category share in PolandQ3'26 6.2％
Heated Products category share in PortugalQ3'26 5.4％
Heated Products category share in LithuaniaQ3'26 4.4％
Heated Products category share in SlovakiaQ3'26 2.9％
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | FY2026 Third Quarter |
| Net Sales | ¥29,914 hundred million (YoY +13.6%) |
| Operating profit | ¥9,477 hundred million (YoY +24.2%) |
| Net income | ¥6,189 hundred million (YoY +21.0%) |
| Full-year earnings forecast | Revenue ¥39,030 hundred million / Adjusted operating profit ¥10,790 hundred million / Adjusted operating profit at constant exchange rates ¥10,280 hundred million / Operating profit ¥10,410 hundred million / Profit for the period ¥6,620 hundred million / FCF ¥5,960 hundred million |
| Segment results | Tobacco business In-house tobacco product revenue ¥27,505 hundred million (YoY +14.5%) / Adjusted operating profit ¥10,054 hundred million (YoY +21.1%) / Processed Food Operations Revenue ¥1,194 hundred million (YoY +3.6%) / Adjusted operating profit ¥60 hundred million (YoY +7.1%) |
| Breakdown of Factors Affecting the Change | Adjusted tobacco business operating profit at constant exchange rates January–September 2025 ¥8,302 hundred million / Volume ¥-768 hundred million / Price/Mix ¥2,285 hundred million / Others ¥-142 hundred million / January–September 2026 at constant exchange rates ¥9,677 hundred million / FX ¥377 hundred million / January–September 2026 ¥10,054 hundred million / Quarterly profit roadmap Change in adjusted operating profit at constant exchange rates ¥1,352 hundred million / Foreign Exchange Effects ¥377 hundred million / Adjustments ¥119 hundred million / Financial result ¥-148 hundred million / Income tax expense ¥-613 hundred million / Non-controlling interests ¥-35 hundred million |
| Key KPIs | Total sales volume 4,374 100 million sticks (YoY -0.3%), Combustibles sales volume 4,242 100 million sticks (YoY -1.0%), GFB sales volume 3,130 100 million sticks (YoY -0.5%), RRP sales volume 132 100 million sticks (YoY +31.1%), Heated Products sales volume 113 100 million sticks (YoY +39.6%), RRP-related revenue ¥1,193 hundred million (YoY +30.6%) |
| Unit price and quantity metrics | Sales volume and pricing effects/Price-Mix are shown |
| Assumptions Underlying the Business Outlook | Total tobacco business sales volume FY2026: approximately -0.5% year on year / Exchange rate impact on adjusted operating profit Current forecast: +¥51.0 billion; previous forecast: +¥47.0 billion |
| Market Size / Share | Heated Products category share in Japan Q3'26 17.4％ / Heated Products category share in Italy Q3'26 8.6％ / Heated Products category share in Poland Q3'26 6.2％ / Heated Products category share in Portugal Q3'26 5.4％ / Heated Products category share in Lithuania Q3'26 4.4％ / Heated Products category share in Slovakia Q3'26 2.9％ |
| New initiatives | Increased investment in Ploom, Price revision measures, Refining the sales outlook and reducing costs in the frozen and ambient businesses |
Items this document does not state (18)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition 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.The main reasons are strong business momentum in the tobacco business, pricing effects, growth in sales volumes of reduced-risk products (RRP), including Ploom, and the foreign exchange impact of yen depreciation and appreciation of local currencies. In the processed food business, the forecast for adjusted operating profit was revised upward due to margin improvement from price revisions and cost reductions.
How to read this page
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