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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
British American Tobacco
British American Tobacco (BATS) investor relations material
British American Tobacco CMD 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2026 summary29 Sep, 2026
Horizon 2030 strategy
Strategic direction is unchanged from CMD 2024, with execution sharpened around quality growth, a dynamic business and a sustainable future.
Legal nicotine industry revenue is expected to grow ~4% CAGR from 2025 to 2030, driven by double-digit New Category growth and resilient low-single-digit combustibles growth.
Ambition is a predominantly smokeless business by 2035, with New Categories targeting 50m smokeless consumers by 2030.
Seven growth levers prioritize the U.S., Modern Oral, combustibles, selective Vapour and Heated investment, Beyond Nicotine, harm-reduction policy and core capabilities.
Financial guidance and capital allocation
2030 algorithm: 3%-5% revenue growth, 4%-6% adjusted profit growth and 5%-8% adjusted diluted EPS growth; 2026 adjusted profit growth is expected at the lower end of its range.
Free cash flow target exceeds £50bn cumulatively from 2024 to 2030, with ~£8bn annual generation expected through 2030; 2025 and 2026 include significant one-off cash outflows.
Productivity plans target £2bn savings in 2026-30 and £700m annualized Fit2Win benefits by 2028; £1.2bn savings were delivered in 2023-25.
Capital returns include progressive dividends and sustainable buybacks; £3.1bn of repurchases are expected since 2024 by year-end, including a £1.3bn 2026 buyback.
Leverage target is 2.0x-2.5x by end-2026; senior management incentives track EPS, cash flow, smokeless revenue and return on capital.
Category plans
New Categories target mid-teens revenue growth and >30% contribution margin by 2030; Velo revenue is projected at £4.3bn by 2030.
Modern Oral industry revenue is forecast to reach £11bn by 2030, ~3x today’s level; Velo aims to outperform category growth and holds 40% global volume share.
Combustibles guidance is 1%-2% revenue growth and >2% category contribution growth, focused on 20 markets representing ~80% of industry revenue.
Vapour investment focuses on 10 priority markets and Heated investment on the top 10 value markets; Heated products reach peak investment in 2026, with losses reducing from 2027.
Vapour and Modern Oral are profitable at scale; Heated returns are expected to improve after 2026. New Category contribution reached 14% at H1 2026, up from zero in 2023.
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Latest events from British American Tobacco
- Revenue up 2.9%, New Categories up 18%, adjusted EPS up 7.9%, FY26 guidance reaffirmed.BATS
H1 2026 - Mid-teens revenue growth led by Modern Oral and Vapour, with robust U.S. and cash generation momentum.BATSTrading update
- Accelerating smokeless transformation and U.S. growth through innovation and regulatory action.BATSConsumer Analyst Group of New York Conference (CAGNY) 2026
- FY25 delivered top-end results, led by Modern Oral and New Category growth, strong U.S. and AME performance.BATSH2 2025
- H1 revenue up 1.8% at constant FX, led by Modern Oral and U.S. growth; profit up 19.1%.BATSH1 2025
- New Category growth and innovation offset U.S. headwinds, supporting full-year guidance.BATSH1 2024
- Accelerating innovation and smokeless growth, with robust financials and U.S. market stabilization.BATS21st Annual dbAccess Global Consumer Conference 2024
- Guidance reaffirmed as new categories and innovation drive H2 acceleration and cash returns.BATSTrading Update
- New category growth and cost discipline offset regulatory and illicit trade headwinds in 2024.BATSH2 2024
Next British American Tobacco earnings date
H2 202611 Feb, 2027
British American Tobacco
Next British American Tobacco earnings date
H2 202611 Feb, 2027
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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.