Japan Tobacco Group reported strong first-half 2026 results, driven by pricing, positive volume, and market-share gains in both combustibles and reduced-risk products. Core revenue rose 10.6% at constant currency, supported by a JPY157 billion ($973 million) price/mix contribution and a JPY5.1 billion ($31.6 million) favorable volume variance in Asia and EMA. RRP-related revenue increased 40.7%, while adjusted operating profit grew 18.8% at constant currency.
Total tobacco volume increased 1%, or 0.4% excluding inventory adjustments. Combustibles volume rose 0.2%, with Winston and Camel volumes increasing 1.7% and 2.8%, respectively, while RRP volume jumped 33.8%, led by a 43.5% increase for Ploom. JT said tobacco market share increased in more than 30 markets, including Japan, the Philippines, Türkiye, and the U.S., prompting an upward revision to its full-year tobacco business forecast.
