Japan Tobacco Inc

2914: XTKS (JPN)

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Japan Tobacco Earnings: Strong Start to 2025, but Currency Volatility a Risk; Shares Fairly Valued

Kristoffer Inton

May 7, 2025

Japan Tobacco started 2025 with another quarter of strong results. Tobacco core revenue grew 14% in constant currency as the Vector acquisition and higher pricing offset a 1.3% volume decline in the first quarter. Firmwide adjusted operating profit margin expanded 160 basis points to 32.2%.

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Japan Tobacco Inc

Japan Tobacco Earnings: Strong Start to 2025, but Currency Volatility a Risk; Shares Fairly Valued

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