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British American Tobacco

BTI · Consumer Staples

Last earnings Aug 3, 2026

Important announcements

British American Tobacco p.l.c. (the “Company” or “BAT”)Oct 28, 2026British American Tobacco p.l.c. (the “Company”)Oct 7, 2026

Key results

New Categories revenuequarter

18.0%

New Categories revenue up 18.0% 2 and New Categories contribution margin up 3.3 ppts to 13.8% 2 &ndash

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Operating marginquarter

34.9%

operating margin down 7.1 ppts to 34.9%), partly due to a credit in the prior year related to the Canadian settlement provision &ndash

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

EPSquarter

28.6%

EPS down 28.6% to 145.3p , with adjusted diluted EPS 1,2,3 up 7.9% &ndash

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Adjusted EPSquarter

7.9%

EPS down 28.6% to 145.3p , with adjusted diluted EPS 1,2,3 up 7.9% &ndash

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

New Category revenuequarter

18.0%

New Category revenue growth has accelerated to 18.0% 2 , driven by another strong performance from Modern Oral globally (up 65.9% 2 ), and a return to double-digit growth 2 in U.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Growthquarter

up 65.9%

New Category revenue growth has accelerated to 18.0% 2 , driven by another strong performance from Modern Oral globally (up 65.9% 2 ), and a return to double-digit growth 2 in U.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Revenuequarter

65.9%

Revenue grew 65.9% 2 , driven by the continued excellent performance of Velo Plus in the U.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

We delivered a robust performance in combustibles with revenue up 2.1% 2 , driven by the U.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Net incomequarter

100%

The adjustment in respect of Canada is discussed on pages 49 and 50, with the adjustment based upon a percentage (2026: 85%; 2025: 100%) of the net income after taxes earned from all sources, excluding New Categories, in Canada.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

2-3% on adjusted diluted EPS growth 2 .

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

AI analysis

Latest earnings event · reported Aug 3, 2026

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Operating margin ·
34.9%
EX-99 · Aug 3, 2026

Headline figures

MetricLatest earnings eventPrior qtrYear ago
New Categories revenue18.0%——
Operating margin34.9%——
EPS28.6%——
Adjusted EPS7.9%——
New Category revenue18.0%——
Growthup 65.9%——
Revenue65.9%——
Net income100%——

EX-99 · Aug 3, 2026

Guidance · company-stated

adjusted diluted EPS

“1,2,3 now expected to be towards the middle of our 5-8%”

Guidance stated in the release for FY26; figures as stated.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Operating margin34.9%

Capital allocation

Operating margin15.8%
Growthup 3.5%
Adjusted operating margin43.7%
Reported EPS28.6%
Adjusted EPS7.9%
Free cash flow47.3%

) – Reported profit from operations down 15.8% (with reported operating margin down 7.1 ppts to 34.9%), partly due to a credit in the prior year related to the Canadian settlement provision – Adjusted profit from operations 1,2,3 up 3.5% , adjusted operating margin 1,2,3 up 30 bps at 43.7% – Reported diluted EPS down 28.6% to 145.3p , with adjusted diluted EPS 1,2,3 up 7.9% – FY26 adjusted diluted EPS 1,2,3 now expected to be towards the middle of our 5-8% guidance range – Share buy-back programme on track for £1.3 billion in 2026 Tadeu Marroco, Chief Executive “Our H1 performance is in line with expectations.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

British American Tobacco — Earnings release (2026-08-03)

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Guidance & outlook

adjusted diluted EPS: “adjusted diluted EPS 1,2,3 now expected to be towards the middle of our 5-8%”

adjusted diluted EPS (“FY26”)
“FY26 adjusted diluted EPS 1,2,3 now expected to be towards the middle of our 5-8% guidance range –”

Guidance stated in the release for FY26; figures as stated.

Capital allocation

) – Reported profit from operations down 15.8% (with reported operating margin down 7.1 ppts to 34.9%), partly due to a credit in the prior year related to the Canadian settlement provision – Adjusted profit from operations 1,2,3 up 3.5% , adjusted operating margin 1,2,3 up 30 bps at 43.7% – Reported diluted EPS down 28.6% to 145.3p , with adjusted diluted EPS 1,2,3 up 7.9% – FY26 adjusted diluted EPS 1,2,3 now expected to be towards the middle of our 5-8% guidance range – Share buy-back programme on track for £1.3 billion in 2026 Tadeu Marroco, Chief Executive “Our H1 performance is in line with expectations.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

– Commitment to dividend growth in sterling terms and £1.3 billion share buy-back.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Basic earnings per share were positively impacted by the reduction in the number of shares due to the cumulative effect of the 2025 and 2026 share buy-back programmes , with 14,609,571 ordinary shares re purchased and cancelled in the period.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

£50 billion of free cash flow before dividends between 2024 and 2030 (inclusive).

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

We understand the importance of cash returns to shareholders, and remain committed to our progressive dividend based upon 65% of long-term sustainable earnings.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

For six months to 30 June 2026 2025 Change £m £m % Net cash generated from operating activities 3,402 2,309 47.3% Operating cash flow conversion 80% 75% Free cash flow – before payment of dividends 2,285 1,234 85.2% Free cash flow – after payment of dividends (349) (1,375) -75% As at 30 June 2026 2025 Change £m £m % Borrowings (including lease liabilities) (35,063) (35,208) -0.4% Adjusted net debt (31,969) (29,749) 7.5% In the Group’s cash flow statement, prepared in accordance with IFRS and presented on page 24, net cash generated from operating activities increased by 47.3% to £3,402 million.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Strategy & priorities

This improving portfolio mix, together with our continued focus on quality growth and disciplined resource allocation in Heated Products and Vapour, drove an increase in New Category contribution of 54.7%.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

We continue to drive value from combustibles to fund our transformation, while remaining focused on volume share globally.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

, the recently published FDA prioritisation guidance for Vapour and Modern Oral, together with other Federal and State enforcement actions, mean that BAT is well-positioned to benefit from our multi-category nicotine portfolio, leveraging Reynolds’ strong execution and extensive distribution capabilities.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Specifically in Australia, we estimate the illicit combustibles segment now accounts for around 80% of the combustibles industry volume, with the duty paid combustibles industry volume down more than 50% in the first half of 2026 (versus the same period in 2025); – Vapour , as volume declined 20.2%, leading to a 28.2% reduction in revenue, largely due to the Group’s exit from the category in low revenue markets (Indonesia and South Korea) as the Group prioritises investment to drive Quality Growth; and – HP (down 12.5%), largely due to inventory movements and heightened competition in Japan.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

*Volume share is based upon the Top Modern Oral markets which are defined as the Group’s priority Top Modern Oral markets by industry revenue.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Risks & headwinds

However, in 2026, the Group recognised an adjusting credit to net finance costs of £315 million and an adjusting credit to taxation of £95 million related to the FII GLO litigation following further judgments by the Supreme Court in the UK, as discussed on page 38.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Reported profit from operations increased by 15.0%, partly due to a credit of £149 million as the Group settled historical litigation with ITG Brands.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Reported profit from operations declined 38.4% as the Group recognised a lower net credit of £38 million (30 June 2025: £575 million) in respect of the provision related to the Canadian litigation settlement described on page 28 and a net loss of £12 million in respect of the Group’s exit from Cuba.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Our active capital allocation framework considers the continued investment in our transformation, the macro-environment, and potential future litigation and regulatory outcomes.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

This was largely due to: – lower payments in respect of the Franked Investment Income Group Litigation Order (FII GLO) of £111 million (of which £44 million was in respect of the principal, impacting net cash generated from operating activities, and £67 million was in respect of interest paid) compared to £368 million in the first six months of 2025, discussed on page 38; – lower tax paid as the first six months of 2025 included the net impact of the tax deferrals in the U.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

1% transactional FX headwind.

SEC original ↗British American Tobacco — Earnings release (6-K exhibit)EX-99Aug 3, 2026

Documents

Earnings deck slides

0 decks with slide view

British American Tobacco — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

British American Tobacco — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

British American Tobacco — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

British American Tobacco — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

JBS N.V. (JBS) Consumer StaplesAltria (MO) Consumer StaplesCostco (COST) Consumer StaplesSanfilippo John B & Son Inc. (JBSS) Consumer StaplesPhilip Morris International (PM) Consumer StaplesDollar General (DG) Consumer StaplesFEMSA (FMX) Consumer StaplesAnheuser-Busch InBev (BUD) Consumer Staples

Filings

223 documents

Earnings releases

73 documents

Presentations

4 documents

Transcripts

0 documents

No transcripts for British American Tobacco are held in this edition of the library.

Mentioned by

5 companies

Other tracked companies whose held documents mention British American Tobacco by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.