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British American Tobacco (BATS) investor relations material
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
Executive summary
On track to deliver around 2% revenue and adjusted operating profit growth for FY25, with strong US momentum and double-digit new category acceleration expected in H2.
New category revenue growth is set to reach double digits in H2, led by Velo Plus and improved US vapor performance.
Committed to achieving 2-2.5x net debt to EBITDA by year-end 2026, with a £1.3bn share buyback announced for FY26.
Strategic focus on premium innovations, regulatory engagement, and portfolio investments to drive sustainable shareholder returns.
AME region shows resilience, while APMEA faces fiscal and regulatory headwinds, particularly in Bangladesh and Australia.
Trading performance and revenue trends
US business shows positive momentum, with Velo Plus driving triple-digit Modern Oral revenue growth and value share gains.
Modern Oral category is now the second-largest new category, with Velo gaining 590bps to 31.8% share in top markets.
Vuse returned to volume and revenue growth in the US after 18 months of decline, supported by regulatory enforcement.
Combustibles revenue and profit growth expected in the US for the first time since 2022, with robust pricing in AME.
Group revenue growth impacted by regulatory headwinds in Bangladesh and Australia, offsetting gains in other regions.
New Category and product performance
Velo Plus drives strong global growth in Modern Oral, achieving significant volume and value share gains, especially in the US and AME.
glo's FY revenue remains flat due to competitive pressures and resource reallocation ahead of glo Hilo launches in Japan, Poland, and Italy.
Vuse shows improved H2 revenue performance in the US, supported by enforcement actions, but faces headwinds from illicit vapor in Canada and market exits.
Premium innovation Vuse Ultra delivers encouraging early results in Canada, Germany, and France.
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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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