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British American Tobacco Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary9 Dec, 2025
Financial Performance and Guidance
On track for FY25 with approximately 2% revenue and adjusted operating profit growth expected, despite headwinds from Bangladesh and Australia impacting group revenue and profit by about 1% and 2% respectively.
Strong U.S. business momentum, with both revenue and profit growth in combustibles for the first time since 2022, and value share gains attributed to commercial actions and improved execution.
Operating cash conversion is expected to exceed 95% in FY25, with financial flexibility improving and over GBP 50 billion in free cash flow targeted by 2030.
Committed to 2x-2.5x net debt to EBITDA leverage by end-2026, supported by a GBP 1.3 billion share buyback for FY26 and a progressive dividend.
Guidance for 2026 is at the lower end of the mid-term algorithm (3%-5% revenue, 4%-6% profit growth, 5%-8% adjusted diluted EPS growth) due to continued investment in innovation and market exits.
New Category and Product Performance
New Category revenue growth is set to accelerate to double digits in H2, led by Modern Oral (Velo Plus) and improved U.S. vapor performance; full-year New Category revenue growth expected at mid-single digits.
Velo Plus is the fastest-growing U.S. Modern Oral brand, reaching number two in volume and value share, and driving triple-digit revenue growth in H2.
Glo Halo, a new premium heated product, launched in Japan, Poland, and Italy, is showing strong early retention and brand health, with plans for broader rollout in 2026.
Vuse maintains global value share leadership in vapor, with U.S. performance rebounding due to enforcement against illicit products; value share reached 50.4% in the U.S.
Premium innovation Vuse Ultra delivers encouraging early results in Canada, Germany, and France.
Regulatory and Market Environment
FDA and U.S. authorities are increasing enforcement against illicit vapor products, supporting legal market recovery and benefiting Vuse.
Modern Oral is recognized by the FDA for its harm reduction potential, and a pilot program is streamlining PMTA review for nicotine pouches.
Australia and Bangladesh face significant industry volume declines due to regulatory and fiscal headwinds, fueling illicit trade and reducing government excise collection.
Exit from certain markets (Mozambique, Cuba) and continued regulatory challenges in Australia are factored into 2026 guidance.
Vuse faces headwinds from illicit vapor in Canada and market exits.
U.S. Modern Oral profitability evolution post-2025
glo Hilo's role in stopping overall glo decline
What factors sustain U.S. combustibles growth?
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Next British American Tobacco earnings date
H2 202512 Feb, 2026
Next British American Tobacco earnings date
H2 202512 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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