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Analyses on Globrands Group (4)
- March 27, 2026March 27, 2026
- Follow-up
Globrands Group: Do Calir and the Reorganization Really Reduce Tobacco Dependence
Globrands shows more diversification in revenue in 2025, but hardly any more diversification in profit. Calir broadens the healthcare platform and the reorganization cleans up the perimeter ahead of 2026, yet tobacco still remains the overwhelming earnings engine.
- Follow-up
Globrands Group: How Much Cushion Is Really Left After Working Capital, Leases, and Dividends
Globrands' operating cash flow recovered in 2025, but real cash headroom stayed narrow because very little was left after working capital, lease principal, dividends, capex and debt service.
- Follow-up
Globrands Group: What Is Really at Stake in the JTI Renewal
The core risk in the JTI renewal is not only losing the agreement, but resetting the economics of distribution: the company already says that even if a new agreement is signed, the profit rate on JTI products is expected to decline from 2027.
Globrands Group 2025: Cash Flow Recovered, but 2027 Is Already in the Room
Globrands ended 2025 with a stable tobacco core and improved operating cash flow, but the story still rests on heavy JTI and BAT dependence, working-capital intensity, and balance-sheet flexibility that is not yet comfortable.
