The JT Group has disclosed the Financial Results for Q3 and nine-month 2026.
Read the full report here.
Nine-month 2026 Tobacco business highlights
Performance continued to be solid, driven by a robust pricing contribution across the footprint and sustained market share gains while volume in the third quarter performed in line with expectations. RRP volume and revenue grew double-digit, fueled by Ploom continuing to gain share in Heated Products.
These results led to a further upward revision of the full-year forecast for the tobacco business.
Core revenue
At constant FX: Core revenue grew by 8.7%, driven by a solid price/mix contribution of JPY 231.5 billion across all clusters, more than offsetting an unfavorable volume variance of JPY 22.7 billion in the EMA and Western Europe clusters. RRP-related revenue grew by 30.6%, fueled by strong volume growth in all clusters, notably in Heated Products.
At reported: Core revenue increased by 14.5%, driven by a weak JPY.
Adjusted operating profit
At constant FX: Adjusted operating profit grew by 16.6%, driven by the strong increase in core revenue, partially offset by higher investments towards RRP and inflation-led cost increases.
At reported: Adjusted operating profit increased by 21.1%, driven by a weak JPY.
Volume and market share
Strong RRP volume growth, driven by Ploom, and sustained market share gains in Combustibles, resulted in total volume being resilient (-0.3%), even when excluding inventory adjustments (-0.2%). This is despite lower industry volume in several markets.
In Combustibles, growth in the Asia cluster (+0.6%) was offset by lower industry volume in several markets of the EMA and Western Europe clusters. As a result, Combustibles volume declined by 1.0%. GFB volume was down by 0.5%, although Winston and Camel grew volume by 0.2% and 1.2%, respectively.
In RRP, solid volume growth (+31.1%) was driven by Ploom increasing volume by 39.6%, partially due to the impacts from excise tax-led price increases on consumer demand for Heated Products in Japan.
Total tobacco market share grew in over 40 markets, including the key markets of Turkey, the UK and the USA.