TobaccoReporter logo

Category: Business & Finance

  • Turning Point to Host Q3 Call on November 5

    Turning Point to Host Q3 Call on November 5

    Turning Point Brands, Inc. announced it will host a conference call November 5 at 8:30 a.m. EST to review Q3 2025 results. Listeners in the U.S. can call 800 715-9871, while international listeners call +1 646 307-1963. The event ID is 6640134.

    Participants should call at least 10 minutes in advance and follow the audio prompts to register. The call will also be broadcast live as a listen-only webcast from the investor relations section of the company’s website. The replay of the webcast will be available on the site two hours following the call.

  • Nicaraguan Cigars Could Face 100% Tariff

    Nicaraguan Cigars Could Face 100% Tariff

    The U.S. is considering imposing new tariffs of up to 100% on imports from Nicaragua or revoking the country’s benefits under a free trade deal, the White House’s Office of the U.S. Trade Representative announced yesterday (October 20). According to Reuters, the report cites Nicaragua’s “abuses of labor rights, human rights and fundamental freedoms, and dismantling of rule of law” as creating a burden on U.S. commerce. Nicaragua and its President Daniel Ortega have faced international scrutiny for cracking down on dissidents, local journalists, and non-governmental organizations in recent years. The proposed tariffs stem from a “Section 301” unfair trade practices investigation initiated during the final days of the Biden administration, with President Trump set to make the final decision.

    The proposed tariffs could have a significant impact on the cigar market, as Nicaragua is the largest exporter of handmade cigars to the United States. Currently, these cigars face an 18% tariff, but a 100% tariff would sharply raise costs for U.S. importers and consumers. According to Cigar Aficionado, industry analysts estimate the price increase could range from 50 cents to $1 per cigar, with higher increases in states with additional tobacco taxes. This could affect consumer demand and shift purchasing behavior, potentially slowing sales of Nicaraguan cigars in the U.S.

    Cigar companies have indicated that current supply deals may remain unaffected in the short term, but price increases are likely once tariffs are implemented, according to Halfwheel. The industry is closely monitoring the situation as the public consultation period on the proposed tariffs concludes November 19, after which the final decision is expected.

  • BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT announced a cash tender offer for its €1 billion Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities, carrying a 3% coupon and a first optional redemption date in late 2026. The company is offering to purchase all of the securities at 100.375% of face value, plus accrued interest. The move is part of BAT’s plan to proactively manage its hybrid capital portfolio, alongside the planned issuance of new euro-denominated hybrid capital securities. The tender offer runs until October 28 at 4 p.m. BST, with settlement expected on October 31.

    If BAT purchases 75% or more of the outstanding securities, it may exercise its option to redeem the remaining notes at par. Securities acquired in the offer will be cancelled. The transaction is not open to U.S. investors and remains subject to a New Financing Condition linked to the success of the new bond issuance.

  • PMI Reports Strong Q3 Based on Smoke-Free Surge

    PMI Reports Strong Q3 Based on Smoke-Free Surge

    Today (October 21), Philip Morris International reported strong third-quarter 2025 results, with adjusted diluted earnings per share rising 17.3% to $2.24, while reported EPS increased 13.2% to $2.23. The company said it achieved record smoke-free gross profit, supported by higher volumes and favorable pricing. Net revenues grew 5.9% on an organic basis, and adjusted operating income rose 7.5%, driven by strong performance in smoke-free products, despite a 3.2% decline in cigarette volumes.

    PMI’s smoke-free portfolio continued to expand rapidly, now accounting for 41% of total net revenues and 42% of gross profit. Volumes of smoke-free products rose 16.6%, led by the IQOS heated tobacco line and ZYN nicotine pouches. IQOS strengthened its market share across Europe and Asia, while ZYN’s U.S. offtake surged 39% following its return to full availability. The e-vapor brand VEEV also posted a 91% jump in shipments, solidifying PMI’s diversified presence across smoke-free categories.

    Reflecting this momentum, PMI raised its full-year adjusted EPS guidance and boosted its quarterly dividend by 8.9% to $1.47 per share. CEO Jacek Olczak said the company’s smoke-free business “continues to outgrow the industry by a clear margin,” adding that PMI is “on track to exceed” its 2024–2026 growth targets. Despite regulatory challenges in some markets, the company remains focused on transitioning adult smokers toward smoke-free alternatives and expanding its portfolio in 100 markets worldwide.

  • Spring Mountain Investments Divests Another 1.15% of BAT Shares

    Spring Mountain Investments Divests Another 1.15% of BAT Shares

    On October 16, BAT announced that Spring Mountain Investments Ltd.’s holding of voting rights attached to shares in the company fell below a notifiable threshold on October 14. The new total position of voting rights attached to shares is 2.808906%, representing 61,410,486 voting rights. This is a decrease from the previous notification of 3.950733%. The chain of controlled undertakings through which the voting rights are held includes Kenneth Bryan Dart, Portfolio Services Ltd, and Spring Mountain Investments.

    Spring Mountain Investments sold 115.2 million shares of BAT earlier this year, reducing its shares in the company by 53% since April.

  • Altria to Webcast 2025 Q3 and Nine-Month Results

    Altria to Webcast 2025 Q3 and Nine-Month Results

    Altria Group, Inc. will host a live audio webcast October 30, at 9 a.m. ET, to discuss its third-quarter and nine-month business results. A press release with the results will be issued at approximately two hours in advance.

    CEO Billy Gifford and CFO Sal Mancuso will present the results and answer questions from investors and the media. The webcast is listen-only, and pre-registration is required. Directions are available at www.altria.com/webcasts. An archived version will be accessible on Altria’s website after the event.

  • BAT Acquires Full Ownership of UzBAT for $22M

    BAT Acquires Full Ownership of UzBAT for $22M

    BAT Group completed its deal with Uzbekistan’s State Assets Management Agency to buy the state-owned stake in the UzBAT joint venture for $22.3 million, finalizing it on October 6. BAT acquired 641,661 shares (2.6%) as part of its continued commitment to the country’s economic and social development.

    Operating in Uzbekistan since 1994, BAT has invested over $500 million in the local market over the past 30 years. UzBAT, the country’s leading tobacco manufacturer, produces traditional cigarettes and, since 2023, heated tobacco sticks at the Samarkand Multi-Category Factory as part of BAT’s global “A Better Tomorrow” strategy to expand smoke-free products and reduce harm.

    The joint venture not only serves domestic demand but also exports products to Kazakhstan, Georgia, Azerbaijan, Iraq, and South Korea. UzBAT is a major employer with over 800 staff and a top private taxpayer. For seven consecutive years, it has been recognized as a Top Employer by the international Top Employers Institute.

  • JTI Releases White Paper on Tobacco Farmer Supply Chains

    JTI Releases White Paper on Tobacco Farmer Supply Chains

    JTI published a white paper highlighting its evolving relationship with tobacco farmers, focusing on improving yields, product quality, and sustainability. Paulo Saath, Global Head of Leaf Operations, emphasizes balancing business growth with environmental, social, and governance (ESG) goals.

    Titled, “Changes and Innovation in the Tobacco Supply Chain,” the paper details how JTI is tackling challenges like climate change and geopolitical volatility through digitization, AI, and integrated analytics, centralizing 15–20 systems into a unified data platform for better visibility across its global supply chain.

    Saath also stressed that technology succeeds when paired with human engagement, advising leaders to address concerns transparently and support teams through transitions, ensuring sustainable and efficient operations.

    Find the white paper here (e-mail registration required).

  • Philip Morris to Host Q3 2025 Results Webcast

    Philip Morris to Host Q3 2025 Results Webcast

    Philip Morris International announced it will hold a live audio webcast on Tuesday, October 21, at 9 a.m. ET to discuss its third-quarter and first nine-month results, which will be released at approximately 7 a.m. the same day. The webcast, hosted by CFO Emmanuel Babeau, will feature a review of financial results and a Q&A session with the investment community in listen-only mode. The webcast can be accessed here or via PMI’s Investor Relations App for mobile devices. Slides, script, and recording will be available for one year following the event.

  • Gap Growing Between EU’s Public-Health Ambitions, Economic Concerns

    Gap Growing Between EU’s Public-Health Ambitions, Economic Concerns

    The European Commission’s plan to overhaul the EU’s tobacco taxation directive has met resistance from numerous Member States, revealing deep divisions over how far and how fast the bloc should go in taxing nicotine products. The proposal, first unveiled on July 16 and discussed for the first time at the Ecofin Council in Luxembourg last week, would sharply raise minimum excise duties on cigarettes and extend taxation to new categories such as vaping and heated tobacco.

    Commissioner for Climate and Clean Growth Wopke Hoekstra defended the reform as long overdue. “Europe ranks among the highest in the world for the number of smokers,” he said. “Moreover, there are new products deliberately designed for young people, 15-year-olds, which create a new addiction to nicotine. We cannot allow the industry to reverse the narrative, spreading lies as it has already done with traditional cigarettes.”

    Under the Commission’s plan, the minimum duty on cigarettes would rise from 60% to 63% of the weighted average retail price (WAP) and from €90 to €215 per 1,000 pieces. Rolling tobacco would see its threshold climb from 50% to 62% of WAP and from €60 to €215 per kilo. The reform also introduces EU-wide minimum rates for heated tobacco and e-cigarettes, starting in 2028 at 45% of WAP or €88 per 1,000 pieces and increasing through 2032.

    While most governments support the goal of improving public health, at least 12 Member States voiced objections. Italy, Bulgaria, and Romania warned that higher taxes on traditional cigarettes could fuel illicit trade. “We have to examine the interaction between increased tax thresholds and the trafficking of illegal cigarettes,” said Italy’s economy minister Giancarlo Giorgetti.

    Croatia, Greece, Luxembourg, Malta, the Czech Republic, Slovakia, and Hungary described the proposed thresholds as too high. Hungary fears for its cigarillo sector, while Luxembourg rejects the Commission’s plan for automatic adjustments based on purchasing power.

    Sweden and Finland objected to taxing snus, with Swedish finance minister Elisabeth Svantesson insisting that “taxes should reflect the degree of harm, not the product type.”