BAT
British American Tobacco: News
August 2026: BAT Accelerates Digital Transformation with Expanded Multi-Year ITC Infotech Strategic Partnership British American Tobacco (BAT) has announced an expanded multi-year strategic technology agreement with ITC Infotech to accelerate the transformation of its global Information and Digital Technology operations. Building on a long-standing relationship, the expanded partnership will modernize
Credit Ratings: BAT
August 2026: S&P Global Assigns ‘BBB-‘ Rating to BAT’s Perpetual Subordinated Hybrid Instruments S&P Global Ratings has assigned a ‘BBB-‘ long-term issue rating to British American Tobacco PLC’s proposed multi-tranche perpetual subordinated fixed-to-reset rate hybrid securities. The rating covers the hybrid segment of BAT’s multi-part capital market offering, which also
BAT: H1 2026 Results
Ahead of H1 2026 Earnings Release Release date: July 30, 2026 (before the opening bell) Revenue: £12.19 billion (+1.0% reported, +3.0% at constant currency) Adj. Profit from Operations (APFO): £5.24 billion (+1.4% reported, +3.7% at constant currency) EPS: £1.585 (+1.9% reported, +4.6% at constant currency) Latest guidance: Lower end of
BAT: H1 2026 Trading Update
Ahead of the H1 2026 Trading Update release Date: June 2, 2026 (Tuesday), before the bell FY26 Consensus: At constant currency, 3.4% Revenue, 4.3% Adjusted profit from operations and 5.9% adjusted diluted EPS growth. 16.2% New Category revenue growth. BAT FY26 Guidance: Lower end of the medium-term guidance ranges – defined as 3-5%
Beyond Nicotine: BAT
April 2026: British American Tobacco Affiliate Holds 29.9% Stake in Organigram, With Path to 49% Organigram reported that its strategic investor, BT DE Investments, an affiliate of British American Tobacco (BAT), has updated its ownership position. As of April 2026, BAT owns 42.2 million common shares, representing 29.9% of the
BAT: FY25 Results
Release date: February 12, 2026; before the LSE opening Consensus ahead of the release: +1.9% revenue and 2.0% operating profit growth in FY25; Acceleration in financial delivery to +3.5% revenue and +4.0% operating profit growth in FY26 Latest guidance: c.2.0% revenue and c.2.0% operating profit growth in FY25; Lower end
British American Tobacco: Manufacturing
Three key trends force tobacco companies to continuously re-assess and optimize their manufacturing footprint: (1) Cost savings: Transferring labor intensive operations to lower-cost countries within a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
BAT: FY25 Trading Update
Ahead of the FY25 Trading Update release Release date: December 9, 2025 (before the LSE opening bell) Consensus estimates: 2.1% revenue and 2.1% adj. operating profit growth in 2025; acceleration in financial delivery to 3.5% revenue and 4.7% adj. operating profit growth in 2026 British American Tobacco (BAT) repeatedly committed
BAT: H1 2025 Results
Ahead of H1 2025 Earnings release Release date: July 31, 2025 (before the opening bell) Revenue: £12.0 billion (-2.7% reported, +1.2% at constant currency) EPS: £1.548 (-2.9% reported, +1.3% at constant currency) Latest guidance: 1%-2% revenue growth and 1.5%-2.5% adjusted operating profit growth at constant rates in FY25. Similar revenue
BAT: H1 2025 Trading Update
Ahead of the H1 2025 results (to be released on July 31, 2025), BAT provided an interim business update on June 3, 2025 (Tuesday). Key Highlights: – H1 2025 revenue slightly ahead of guidance: 1%-2% revenue growth and 1.5%-2.5% operating profit in FY25 – 2025 as a deployment year: H2
Reynolds
Reynolds Reinvented: 150 Years of Tobacco, Transformation, and Corporate Reinvention R.J. Reynolds Tobacco Company’s story is at once quintessentially American and quietly emblematic of the broader transitions in twentieth- and twenty-first-century commerce: a small, family-founded manufacturing operation that grew into a national icon and then navigated the social, regulatory, and
BAT: FY24 Results
Release date: February 13, 2025; before the LSE opening Consensus ahead of the release: +0.9% revenue and +1.3% operating profit growth in FY24; acceleration in financial delivery to +2.8% revenue and +2.3% operating profit growth in FY25 Results – Reported revenue down -5.2%, driven by the sale of businesses in
BAT: FY24 Pre-Close Trading Update
Date/time: December 11, 2024 (Wednesday) at 8:00am UK time – BAT reaffirms its low-single digit revenue and operating profit growth guidance for 2024. The H2 2024 acceleration is in line with previous communications, driven by New Categories innovation phasing, the benefits of H1 2024 investment in US commercial actions and
BAT: 2024 Capital Markets Day
Ahead of the event, BAT re-confirmed its FY24 and medium-term financial targets: “on track to deliver low-single digit organic revenue and adjusted operating profit growth in 2024” and “progressive improvement to 3%-5% organic revenue growth and mid-single digit (4%-6%) adjusted operating profit growth, on an organic, constant currency basis by 2026”.
Share Buybacks: BAT
July 2024 BAT enters into an agreement with Goldman Sachs to purchase ordinary BAT shares from July 25, 2024 to October 14, 2024. Thereby, Goldman Sachs becomes the third brokerage to execute BAT’s £700Mn share repurchase program for 2024 after UBS (twice) and Merrill Lynch. Any purchases by Goldman Sachs
BAT: H1 2024 Results
Top-line – Revenue: £12.34Bn (vs. £12.47Bn expected, down -0.8% on an organic basis) – Revenue from New Categories: £1.65Bn (vs. £1.69Bn expected, up +7.4%) – Revenue from New Categories: 13.4% of total – Combustibles revenue: -2.6% (drivers: volume -6.9%, price +7.2%, mix -2.9%); -1.6% if adjusted for the unfavorable US
BAT – H1 2024 Pre-close Update
Ahead of the H1 2024 results (to be released on July 25, 2024), BAT provided an interim business update on June 4, 2024 (Tuesday). The key highlights are: – On track to deliver FY24 guidance (i.e. low single-digit revenue and adjusted operating profit growth) with H2-weighted financial delivery – Revenue
BAT – H1 2024 Pre-close: Preview
Ahead of the H1 2024 results (to be released on July 25, 2024), BAT will provide an interim business update on June 4, 2024 (Tuesday). At this occasion, BAT will reaffirm (or revise) its FY24 guidance and report YTD April volume & SoM progression for the combustibles and (three) NGP/RRP
BAT: FY23 Results
Top-line – Revenue: £27.28Bn (vs. £27.9Bn expected) – Reported Revenue: down -1.3%, largely due to the sale of Russian business as well as the impact of lower cigarette volume (mainly in the US) and a translational FX headwind of 2.9% (due to the relative strength of £, particularly against the
BAT – FY23 Results: Preview
Release date: February 8, 2023 (before the opening bell) BAT already released an Interim Business Update (IBU) on December 6, 2023. Recall: Our “BAT: Interim Business Update” write-up. Thereby, for the FY23 Results release, focus will be on: (1) numerical details of the business update; (2) any deviations & changes versus the
BAT: Interim Business Update
Highlights – Reaffirms FY23 EPS guidance: organic revenue growth in the low end of 3-5%; mid-single digit EPS growth – Continued strong volume and revenue growth and increased profitability in New Categories, led by Vuse and Velo – New Category contribution expected to broadly break-even, two years ahead of the
BAT – Interim Business Update: Preview
Ahead of the FY23 results (to be released on February 8, 2024), BAT will provide an interim business update on December 6, 2023 (Wednesday). At this occasion, BAT will reaffirm (or revise) its FY23 guidance and report YTD September volume & SoM progression for the combustibles and (three) NGP/RRP categories.
The BAT – ITC Saga
ITC is the tobacco market leader in India, world’s most populous country, and is the fourth largest publicly-traded tobacco company in the world by market cap. ITC is also the seventh largest Indian company by market cap – a list led by giants like Reliance Industries, TATA and HDFC. Brief
BAT: H1 2023 Results
Top-line – Revenue: £13.44Bn (vs. £13.3Bn expected) – Revenue up +2.8% (New Categories up +27.9%) – Revenue from New Categories: 12.3% of total Bottom-line – Adj. Operating Profit: £6.02Bn (vs. £5.9Bn exp.) – Adj. Operating Margin: 44.8% (vs. 44.4% exp.) – Contribution from New Categories: -£12Mn (break-even in sight) –
BAT: Trading Update
Key Highlights – On track to meet FY23 guidance – Disappointing US combustibles performance: but, the volume share has grown sequentially since the start of the year – Underwhelming start to 2023 by glo: but, the recent momentum is more encouraging – 900k more non-combustible consumers in Q1: on track
BAT: CEO Appointment
May 2023: New CEO The Board announces that – the current CEO is stepping down from the Board of Directors with immediate effect – the current CFO (“Group Finance Director”) is appointed as the new CEO. Our takeaway We highlighted many times before that BAT is poorly managed and needs
BAT: H2 & FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +2.3% (New Category net revenue up +37%) Operating profit up +4.3%; operating margin +90 bps EPS up +5.8% Key Highlights New Categories (NC): – BAT now expects NC profitability in 2024, one year ahead of plan – NC revenue:
