Japan's tax changes on heated tobacco threaten JTI product growth this year, CFO says
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Japan Tobacco International's CFO, Vassilis Vovos, warned that a tax increase on heated tobacco products in Japan could hinder growth this year. The company plans to raise prices of its brands to mitigate disruptions. Currently, heated tobacco products enjoy a lower tax rate than traditional cigarettes, but a government proposal to equalize the tax rates may lead to significant price increases. JTI's heated tobacco device, Ploom, has seen substantial growth, but the tax changes could slow this momentum temporarily. JTI's operating profit grew by 23.5% in 2025, driven by sales of traditional and newer products.
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