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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
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 were slightly ahead of expectations, driven by strong U.S. recovery, global Velo growth, and robust performance in combustibles and new categories.
Velo is the fastest growing brand in the New Category segment, with significant share gains in the U.S. and AME.
Smokeless products now account for 18.2% of group revenue, reflecting continued progress towards a smokeless world.
Shareholder returns remain robust, with increased dividends and a £200 million boost to the 2025 share buyback program, now totaling £1.1bn.
Transformation momentum continues, with a focus on quality growth, innovation, and financial flexibility.
Financial highlights
Group revenue rose 1.8% year-over-year at constant FX to £12,567m, at the upper end of the 1%-2% guidance range.
Adjusted profit from operations increased 1.9% at constant FX, with adjusted diluted EPS up 1.7%.
Modern Oral revenue grew over 40% at constant FX, while vapor declined 13% due to illicit trade.
Gross margin improved by 250 bps, and new category contribution margin rose 2.8 ppts to 10.6%.
U.S. revenue grew 3.7% at constant FX, with profit from operations up 3.2%, led by combustibles and Modern Oral.
Outlook and guidance
Full-year 2025 revenue expected at the top end of 1%-2% guidance, with adjusted profit from operations growth at 1.5%-2.5%.
New Category revenue growth anticipated to move into mid-single digits for the full year.
Continued investment in innovation and new categories, with Fit to Win program targeting £500m in annualized savings by 2028.
On track to deliver more than £50bn in free cash flow by 2030; leverage target 2.0-2.5x by end 2026.
Net finance costs expected at c.£1.8bn, with gross capital expenditure for 2025 at ~£650m.
Explain the operational process review.
What is driving the decline in APMEA?
What is the outlook for 2026 algorithm?
Velo Plus capacity for US market share gains?
Fit2Win program's impact on agility and structure?
FDA approval pace for smokeless products?
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Next British American Tobacco earnings date
Q4 2025 TU9 Dec, 2025
Next British American Tobacco earnings date
Q4 2025 TU9 Dec, 2025
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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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