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British American Tobacco (BATS) investor relations material
British American Tobacco H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary31 Jul, 2025
Executive summary
H1 2025 results slightly ahead of expectations, driven by U.S. recovery, Velo/modern oral growth, and transformation momentum.
Return to revenue and profit growth in the U.S. for the first time since 2022, led by combustibles and modern oral.
Smokeless products now 18.2% of group revenue, with 1.4 million new consumers added.
Share buyback increased by £200m to £1.1bn for FY25, reflecting confidence in transformation.
Focus on innovation, digital transformation, and efficiency, with significant investments in new categories.
Financial highlights
Group revenue up 1.8% at constant FX to £12,567m, at the upper end of 1%-2% guidance.
Adjusted profit from operations up 1.9% at constant FX; adjusted diluted EPS up 1.7%.
Modern oral revenue up over 40% at constant FX; vapor down 13% due to illicit trade in US/Canada.
Gross margin up 250 bps; contribution margin up 2.8 ppts to 10.6%.
Notable one-time items: £575m Canadian provision credit, £900m gain from partial ITC investment sale.
Outlook and guidance
Full-year 2025 revenue expected at the top end of 1%-2% guidance; mid-single digit New Category growth.
Adjusted profit from operations growth expected at 1.5%-2.5% at constant FX.
Midterm targets reaffirmed: 3%-5% revenue growth, 4%-6% operating profit growth.
Deleveraging to 2.0-2.5x net debt/EBITDA by 2026; progressive dividend and £1.1bn buyback maintained.
No improvement in legal vapor market assumed in 2025 guidance due to ongoing illicit trade.
Explain the operational process review.
What is driving the decline in APMEA?
What is the outlook for 2026 algorithm?
How will Fit2Win savings be reinvested?
Assess glo Hilo's Japan consumer feedback.
Detail AME vape business challenges.
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Next British American Tobacco earnings date
H2 202512 Feb, 2026
LIVEat 09:30
Next British American Tobacco earnings date
H2 202512 Feb, 2026
LIVEat 09:30
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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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