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British American Tobacco
British American Tobacco (BATS) investor relations material
British American Tobacco H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary12 Feb, 2026
Executive summary
2025 results delivered at the top end of guidance, driven by strong growth in smokeless products, robust U.S. and AME performance, and resilient combustibles.
Added 4.7 million smokeless consumers, reaching 34.1 million, mainly via Modern Oral; smokeless now 18.2% of group revenue.
New Category contribution rose 77% to £442m, with revenue up 7% and Modern Oral up 48%, offsetting a 9% decline in Vapor.
Premium innovations launched across all three New Categories, including VELO Shift, Vuse Ultra, and glo Hilo.
Continued deleveraging, with leverage reduced to 2.55x and share buyback increased to £1.3bn for FY26.
Financial highlights
Group revenue increased 2.1% year-over-year to £25,610m; adjusted profit from operations up 2.3% to £11,279m.
Adjusted diluted EPS rose 3.4% to 340.5p; operating margin stable at 44%.
Adjusted gross profit up 3.4% to £17.5bn; free cash flow pre-dividend at £4,048m.
U.S. revenue up 5.5%, adjusted profit up 5.9%, driven by combustibles.
AME revenue grew over 3%, with adjusted operating profit up nearly 10%.
Outlook and guidance
FY26 guidance: 3%-5% revenue growth, low double-digit New Category revenue growth, 4%-6% adjusted profit from operations growth, and 5%-8% adjusted diluted EPS growth.
2026 expected at the lower end of these ranges, with profit performance second half weighted.
Continued investment in premium innovations and productivity savings targeted at £2bn by 2030.
Fit to Win program to deliver £600m annualized savings by 2028.
Commitment to progressive dividend and £1.3bn share buy-back in FY26.
Quantify US Vapour enforcement's future impact.
What drives the £1.4bn NC profitability gain?
What drives APMEA's expected FY26 stabilization?
Vuse 2026 flat guidance rationale
Heated Products strategy to revert share decline
Buyback increase potential for 2026
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Next British American Tobacco earnings date
Consumer Analyst Group of New York Conference 202618 Feb, 2026
British American Tobacco
Next British American Tobacco earnings date
Consumer Analyst Group of New York Conference 202618 Feb, 2026
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Frequently asked questions
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers worldwide. It offers combustible cigarettes, including international brands and/or local brands, TMG, and product technology; smoke-free products comprising e-vapour and tobacco heating products, such as e-cigarettes and shisha or heated tobacco sticks; and oral tobacco and nicotine products, such as moist snuff and snus.
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