British American Tobacco (BATS.L) — Company Research

Last Updated: 9 May 2026

British American Tobacco p.l.c. is a London-headquartered, FTSE 100-listed tobacco and nicotine-products group that sells combustible cigarettes alongside a portfolio of "New Categories" — vapour products (Vuse), heated tobacco (glo) and modern oral nicotine (Velo) — across the United States, Europe, Latin America, Canada, Asia-Pacific, the Middle East, Central Asia, the Caucasus and Africa. The most recent full reporting year ended 31 December 2025 produced revenue of £25,610 million, operating income of £11,659 million, net income of £7,764 million and free cash flow of £5,638 million, on diluted earnings per share of £3.491. The stock trades in pence on the London Stock Exchange under BATS.L; intraday on 9 May 2026 the price stood at 4,267p, capitalising the equity at £92.3 billion. This research note assembles the company's reported financial profile, the recent news flow and the on-calendar events using only the company's own dataset and primary news URLs, with no analyst opinions or price targets included. Note: the dataset for this report contains no SEC 10-K or 20-F filing — British American Tobacco is UK-incorporated and reports under IFRS via the UK Annual Report and London-Stock-Exchange RNS filings, with a New York-listed ADR (BTI) that files an annual 20-F that is outside the scope of this dataset. Segment-level revenue splits, geographic mix, category-level New Categories disclosures, mine-by-mine US-FDA filing detail and the detailed MD&A narrative that would normally be sourced from a 10-K/20-F are therefore not quoted in this report; investors should consult British American Tobacco's investor-relations page directly for those details.

1. Company Snapshot

Name	British American Tobacco p.l.c.
Ticker	BATS.L (London Stock Exchange); also NYSE:BTI (US ADR)
Sector / Industry	Consumer Defensive / Tobacco
Country of incorporation	United Kingdom
Reporting currency	Pound sterling (GBP)
Trading currency (LSE)	British pence (GBp)
Market cap	£92.32 billion
Enterprise value	£124.18 billion
Latest fiscal-year revenue	£25,610 million (FY2025, ended 31 December 2025)
Employees	47,797
CEO	Mr. Tadeu Luiz Marroco
Headquarters	Globe House, London, United Kingdom
Website	bat.com
Price (intraday 9 May 2026)	4,267p
Previous close	4,286p
52-week high	4,876.92p
52-week low	3,013p
Beta	0.117
Dividend yield (trailing)	5.75%
Founded	1902

2. Bull Case vs Bear Case

Bull Case

• FY2025 returned the business: FY2025 returned the business to clear GAAP profitability: net income of £7,764 million versus a £14,367 million loss in FY2023 (the year of the U.S. combustibles intangible-asset impairment that drove operating income to a £8,533 million loss); diluted EPS swung from £1.36 in FY2024 to £3.491 in FY2025, a +156.7% year-on-year EPS rise as recorded in the source dataset's eps_growth_yoy field.
• Cash returns to shareholders: Cash returns to shareholders are large in absolute terms: FY2025 dividends paid of £5,238 million plus share buybacks of £1,173 million total £6,411 million returned to shareholders, against operating cash flow of £6,342 million and free cash flow of £5,638 million. The trailing dividend yield is 5.75% and the FCF yield (FCF / market cap) computes to 6.11%.
• Headline gross margin of: Headline gross margin of 83.5% and operating margin of 45.53% in FY2025 reflect the structurally high contribution margin of branded tobacco and nicotine products carrying high pricing power and minimal incremental unit cost. Net margin of 30.32% is among the highest in the FTSE 100 consumer-staples cohort.
• The capital structure has: The capital structure has de-levered modestly across the four-year window in the source dataset: total debt fell from £43,139 million at end-2022 to £35,070 million at end-2025, while cash rose from £1,711 million to £3,492 million over the same period. Debt-to-equity is 0.7318× on FY2025 equity of £47,926 million.
• The share register is: The share register is broad (the float is 1.98 billion shares against 2.16 billion outstanding, i.e. 91.5% of shares-out), there is no controlling shareholder identified in the source dataset's holders register, and the stock's beta of 0.117 indicates very low historical sensitivity to the broader market.
• The most recent industry-level: The most recent industry-level regulatory news cited a White House push for the Food and Drug Administration to authorise flavoured vapour products: "President Donald Trump is intensifying pressure on Food and Drug Administration Commissioner Marty Makary to reverse current agency policy and authorize flavored nicotine products" (per the recent_news entry, Investing.com via Yahoo Finance, 5 May 2026). If acted upon, that policy reversal would be directly relevant to BAT's U.S. Vuse vapour business.
• Capital allocation discipline is: Capital allocation discipline is visible in the four-year buyback cadence: £2,092m in FY2022, £110m in FY2023, £792m in FY2024 and £1,173m in FY2025 — buybacks were stepped down sharply in FY2023 (the impairment year) and rebuilt as cash flow recovered.

Bear Case

• Top-line growth has been: Top-line growth has been negative for three consecutive years: revenue declined from £27,655 million in FY2022 to £27,283 million in FY2023 (−1.35%), to £25,867 million in FY2024 (−5.19%) and to £25,610 million in FY2025 (−0.99%). The FY2025 EPS rebound is therefore primarily a function of operating-cost discipline, the absence of the FY2023 impairment and a non-comparable tax base, not underlying volume growth.
• The FY2024 income-statement shape: The FY2024 income-statement shape is unusual and worth flagging directly: operating income of £10,633 million but pretax income of just £3,538 million, with a tax provision of only £357 million producing net income of £3,068 million. The £7.1 billion gap between operating and pretax income in FY2024 (which the dataset does not separately classify) suggests material non-operating charges that readers should investigate via the company's audited UK Annual Report.
• The FY2023 result included: The FY2023 result included the well-known U.S. combustibles intangible-asset writedown that the operating-income line of −£8,533 million and net-loss line of −£14,367 million both reflect; while the impairment is non-cash, it is a permanent, audited acknowledgement that the carrying value of the U.S. combustibles brand portfolio (including Newport, Camel and Pall Mall in the U.S. market) was overstated.
• The U.S. regulatory backdrop: The U.S. regulatory backdrop for vapour products has been hostile to BAT's existing Vuse line for years; Philip Morris itself "lowered its annual profit forecast amid regulatory uncertainty around its Zyn nicotine pouches and rising competition in tobacco products" (per the recent_news entry, Insider Monkey via Yahoo Finance, 24 April 2026), an industry-wide signal that nicotine-pouch and vapour regulatory visibility remains poor.
• Interest expense was £1,927: Interest expense was £1,927 million in FY2025 against operating income of £11,659 million — interest cover of 6.05× on operating income, which is comfortable but materially below typical staples norms because of the £35.07 billion of total debt on the balance sheet. Approximately 89% of total debt (£31,332m of £35,070m) is long-term debt, so the absolute interest bill will roll over slowly as bonds refinance into the prevailing rate environment.
• The current ratio of: The current ratio of 0.87× (current assets £12,684m vs current liabilities £14,524m) is less than 1× — a feature of the consumer-staples model with high payables turnover, but reduces near-term financial flexibility.
• The 52-week range is: The 52-week range is wide (3,013p to 4,876.92p, a range of 61.9% of the low) and the stock closed 9 May 2026 at 4,267p, 12.5% off the 52-week high. The Simply Wall St 29 April 2026 article noted a "45% one year rally" in the BATS.L line (per the recent_news entry, Simply Wall St., 29 April 2026), so the position in the cycle reflects strong recent gains rather than a depressed starting point.
• The dataset for this: The dataset for this report contains no SEC 10-K or 20-F filing, so segment-level revenue splits (Combustibles vs New Categories vs Traditional Oral), geographic split (USA vs AME vs APMEA vs Americas-and-Europe), category-by-category gross-profit contribution, and detailed MD&A narrative on volume vs price/mix are not available to quote and should be sourced directly from BAT's investor-relations website and the company's audited UK Annual Report.

3. What Does This Company Actually Do?

British American Tobacco is a tobacco-and-nicotine products company. The company's own description, as captured in the source dataset, is verbatim: "British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa. The company offers vapour products; heated products, which consists of a battery-powered device and a plant-based substance consumable that is heated; modern oral products, such as nicotine pouches; combustibles, including cigarette sticks and other tobacco stick products; traditional oral products, such as snus and moist snuff; and fine cut/roll-your-own tobacco products. It sells its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel Snus brands, as well as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555 brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is headquartered in London, the United Kingdom."

The product taxonomy from the company description groups into six product categories:

• Vapour products — sold under the Vuse brand
• Heated products — battery-powered devices plus plant-based "Heated Tobacco Substrate" consumables, sold under the glo brand
• Modern oral products — nicotine pouches sold under the Velo brand
• Combustibles — cigarette sticks and other tobacco-stick products, sold under the Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A and State Express 555 brands
• Traditional oral products — snus and moist snuff, sold under the Grizzly, Kodiak and Camel Snus brands
• Fine cut / roll-your-own tobacco

The first three categories (Vapour, Heated and Modern Oral) constitute what BAT publicly refers to as its "New Categories" or "non-combustibles" portfolio; Combustibles, Traditional Oral and Fine-Cut are the legacy categories. Revenue splits between New Categories and Combustibles, geographic-segment revenue splits (USA, AME, APMEA, Americas-and-Europe in BAT's reporting), and brand-level revenue contribution are not disclosed in this report's source data — readers should consult BAT's published Annual Report on the company's investor-relations page for those breakdowns including volumes by category, organic revenue growth ex-FX, and adjusted operating profit by region. Because the data condition for the Section 3 Revenue Mix Donut chart (≥2 segment percentages quoted from primary disclosure) is therefore not met, that visual is intentionally not emitted in this section.

4. The Business Model

BAT's economics are the standard global-tobacco-major formula: a portfolio of high-pricing-power branded tobacco products distributed to retail outlets across roughly 175 markets, where revenue equals cigarette/HTU/pouch sticks sold × realised price per stick (less excise tax in most markets, where excise is collected by the manufacturer and remitted to the state), and unit cost is driven principally by leaf, manufacturing labour, packaging, marketing and distribution. The company reports its accounts in pound sterling because it is UK-incorporated, although the majority of its operating cash flow is generated outside the United Kingdom and is translated back to GBP at consolidation.

The FY2025 income statement quantifies the model at the group level (all figures in £m unless stated):

• Revenue: £25,610m
• Cost of revenue: £4,226m → gross profit £21,384m → gross margin 83.5% (ratios.gross_margin = 0.835)
• Operating expenses: £9,725m → operating income £11,659m → operating margin 45.53% (ratios.operating_margin = 0.4553)
• Interest expense: £1,927m
• Pretax income: £9,859m; tax provision: £2,094m; net income: £7,764m → net margin 30.32% (ratios.net_margin = 0.3032)
• Diluted EPS: £3.491; basic EPS: £3.51; diluted shares: 2,199m
• Operating cash flow: £6,342m; capex: £704m → free cash flow £5,638m (FCF margin 22.0%)

The 83.5% gross margin and 45.53% operating margin are characteristic of a global tobacco major: cost of revenue is dominated by leaf, packaging and direct manufacturing labour, while the bulk of below-gross-profit cost is selling, marketing and general administration that scales sublinearly with volume, supporting very high incremental margins. The 30.32% net margin in FY2025 sits below the operating-margin level by virtue of £1,927m of interest expense — a deliberate balance-sheet feature reflecting the £35.07 billion total debt load — and the £2,094m tax provision (an effective rate of 21.2% on pretax income of £9,859m, indicative of a globally distributed earnings base).

Cash returns to shareholders are the most-watched element of the BAT story for income-orientated holders. In FY2025, dividends paid totalled £5,238m and share buybacks totalled £1,173m, for combined cash returns of £6,411m. The four-year cadence is:

• FY2022: dividends £4,915m + buybacks £2,092m = £7,007m total returns
• FY2023: dividends £5,055m + buybacks £110m = £5,165m total returns (the impairment year)
• FY2024: dividends £5,213m + buybacks £792m = £6,005m total returns
• FY2025: dividends £5,238m + buybacks £1,173m = £6,411m total returns

The trailing-twelve-month dividend yield is 5.75% on the 9 May 2026 share price of 4,267p. Insider-transactions data in the source dataset for the period 13–24 April 2026 records ten consecutive UK trading days of share repurchases by "British American Tobacco PLC" totalling 1,572,220 shares for an aggregate consideration of approximately £88.5m at an average of around £56 per share repurchased — i.e., the company is actively executing buyback alongside the dividend. Because the dataset does not annotate the transaction-type tag, the article relies on the consistent daily cadence, the identifier "British American Tobacco PLC" and the daily share counts to infer that these are programme-driven buybacks rather than discretionary insider activity; the underlying RNS daily TR-1 / share-buyback notifications on the company's investor-relations page should be consulted for the formal classification.

Because this report has no 10-K/20-F to draw from, the dollar-and-percent contribution of excise taxes, import duties, geography-specific pricing actions, FX translation effects and any restructuring or integration charges to the reported FY2025 EBITDA is not disclosed in this report's source data. The detailed MD&A narrative that would normally explain organic revenue growth, transactional and translational FX, volume-vs-price/mix split and the New-Categories profitability walk is similarly not available; readers should consult BAT's investor-relations page for those details.

5. Financial Health

Five-year annual trend (£m, group, fiscal years ending 31 December)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue (£m)	n/a	27,655	27,283	25,867	25,610
Gross profit (£m)	n/a	23,101	22,642	21,431	21,384
Operating income (£m)	n/a	14,279	(8,533)	10,633	11,659
Net income (£m)	n/a	6,666	(14,367)	3,068	7,764
Diluted EPS (£)	n/a	2.919	(6.466)	1.36	3.491
Operating cash flow (£m)	n/a	10,394	10,714	10,125	6,342
Capex (£m)	n/a	(656)	(601)	(608)	(704)
Free cash flow (£m)	n/a	9,738	10,113	9,517	5,638
Cash & equivalents (£m)	n/a	1,711	2,363	2,886	3,492
Total debt (£m)	n/a	43,139	39,730	36,950	35,070
Total equity (£m)	n/a	75,368	52,566	49,643	47,926
Total assets (£m)	n/a	153,546	118,716	118,899	109,290
Diluted shares (m)	n/a	2,267	2,229	2,225	2,199
Dividends paid (£m)	n/a	(4,915)	(5,055)	(5,213)	(5,238)
Buybacks (£m)	n/a	(2,092)	(110)	(792)	(1,173)

The data for FY2021 is not present in this report's source data (all metrics null). The four-year window FY2022–FY2025 shows a business that consistently produced £25–28 billion of revenue and operating cash flow in the range of £6.3–10.7 billion per year. The two visible inflection points are (a) the FY2023 impairment year, which produced an operating loss of £8,533m and a £14,367m net loss as the U.S. combustibles intangible-asset book-value was written down — visible in the equity line, which fell from £75,368m at end-2022 to £52,566m at end-2023, a £22.8bn reduction — and (b) the FY2025 step-down in operating cash flow from the £10–11 billion range to £6,342m, alongside a step-up in capex to £704m, which in combination cut free cash flow from £9,517m in FY2024 to £5,638m in FY2025. The total-debt trajectory has been a steady de-lever from £43,139m at end-2022 to £35,070m at end-2025 (−18.7% over three years), funded largely by retained operating cash flow.

The diluted-share-count line shows steady reduction from 2,267m at end-2022 to 2,199m at end-2025 (−3.0%), consistent with the active buyback programme described in Section 4.

Quarterly trend. The source dataset's financials_quarterly array is empty, so a quarter-by-quarter revenue and gross-margin table cannot be presented in this section. Because the data condition for the Section 5 Revenue + Gross Margin chart (≥3 quarters with both revenue and margin disclosed) is therefore not met, that visual is intentionally not emitted in this section. Quarterly performance is best read directly from BAT's interim-results announcements, which the company publishes on its investor-relations page; under UK reporting practice BAT discloses on a half-yearly cycle (interim results in late July / early August, full-year preliminary results in February) rather than the U.S.-style quarterly cadence.

6. Valuation & Market Data

Metric	Value	Source / note
Share price (intraday 9 May 2026)	4,267p	Trading currency GBp on LSE
Previous close	4,286p	Day change −0.44%
Day range (9 May 2026)	4,235p – 4,295p	Open 4,277p
Volume	2,086,235 shares	10-day average 4,622,606
52-week high	4,876.92p	Stock 12.5% off high
52-week low	3,013p	Stock +41.6% off low
Market cap	£92.32 billion	Source: yfinance
Enterprise value	£124.18 billion	Source: yfinance
Shares outstanding	2,163,545,270	Source: yfinance
Float	1,980,189,787 (91.5% of shares out)	Source: yfinance
Trailing P/E (GAAP)	12.23×	Use this — see note below
P/E (forward)	11.09×	Source: yfinance
P/B	1.93×	Market cap / FY2025 equity
P/S (TTM)	3.60×	Market cap / FY2025 revenue
EV / Revenue	4.85×	EV / FY2025 revenue
EV/EBITDA (TTM)	10.65×	EV / operating income (D&A unavailable; conservative proxy)
P/FCF	16.4×	FY2025 FCF / market cap
Gross margin	83.5%	FY2025
Operating margin	45.53%	FY2025
Net margin	30.32%	FY2025
Return on equity	16.2%	FY2025 net income / equity
Return on assets	7.1%	FY2025 net income / total assets
Debt-to-equity	0.7318×	FY2025 total debt / equity
Current ratio	0.87×	FY2025
Beta	0.117	Source: yfinance
Dividend yield (trailing)	5.75%	Source: yfinance
Next ex-dividend date	9 July 2026	From calendar; pay-date not disclosed in source data

Note on the trailing P/E calculation. The dataset's ratios.pe_trailing field carries a value of 1,222.29×, which is mechanically distorted because the calculation divides the GBp-denominated share price (4,267p) by the GBP-denominated diluted EPS (£3.491) without normalising the unit prefix — i.e., it divides pence by pounds rather than pence by pence (or pounds by pounds). The yfinance trailing P/E of 12.23× — which corresponds correctly to £42.67 share price / £3.491 EPS — is the value to use, and the forward yfinance P/E of 11.09× extrapolates the implied forward EPS at the same currency convention. This unit-mismatch artefact is a normal hazard when valuing a company that reports in pounds but trades in pence; BAT is a single-currency reporter, so the artefact is purely a decimal-place issue rather than a foreign-exchange issue. Short interest (shares short, % of float, days to cover) and put/call ratio are not disclosed in this report's source data.

7. What Are They Building / What's Coming?

Active product platforms (from the company description):

• Vuse — vapour products (e-cigarettes / pod systems)
• glo — heated tobacco devices and consumables
• Velo — modern oral nicotine pouches
• Combustibles portfolio — Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, State Express 555
• Traditional oral portfolio — Grizzly, Kodiak (US moist snuff), Camel Snus
• Fine-cut / roll-your-own tobacco

The "New Categories" platforms — Vuse, glo and Velo — are the company's stated growth vectors away from a structurally declining global combustibles unit-volume base. Specific FY2026 New-Category revenue targets, brand-level launch schedules, capex commitments by category, capacity-expansion projects (e.g. for Velo manufacturing) and patent-filing detail are not disclosed in this report's source data — without a 10-K/20-F or annual-report extract, those quantitative product-pipeline details cannot be quoted in this report. BAT publishes that material on its investor-relations website at bat.com.

The most recent industry-relevant news flow in this dataset is the U.S. regulatory signal noted above: "President Donald Trump is intensifying pressure on Food and Drug Administration Commissioner Marty Makary to reverse current agency policy and authorize flavored nicotine products" (per the recent_news entry, Investing.com via Yahoo Finance, 5 May 2026). The article cites the Wall Street Journal as the original source, and notes that "Financial markets responded immediately to the prospect of a regulatory thaw for the embattled ni[cotine sector]". The implication for BAT — if FDA policy were to shift towards authorising flavoured vapour products — would be most relevant to its U.S. Vuse line; the source article does not quote any direct BAT statement and BAT itself has made no announcement on the subject in this dataset.

8. Competitive Landscape

British American Tobacco competes globally with the other "Big Tobacco" majors — Philip Morris International, Altria, Japan Tobacco, Imperial Brands and (in select markets) China Tobacco — and increasingly, in the next-generation product categories, with smaller pure-play vapour and oral-nicotine specialists. The most directly comparable Western-listed peers are Philip Morris International (which owns the IQOS heated-tobacco platform and the Zyn modern-oral-nicotine brand) and Altria (which owns the on! oral-nicotine brand and the U.S. Marlboro combustibles franchise).

Two recent peer developments captured in the source dataset are directly relevant:

• "On April 22, Reuters reported that Philip Morris International Inc. (NYSE:PM) lowered its annual profit forecast amid regulatory uncertainty around its Zyn nicotine pouches and rising competition in tobacco products." (per the recent_news entry, Insider Monkey via Yahoo Finance, 24 April 2026.)
• "On April 13, Goldman Sachs analyst Bonnie Herzog reported a price hike of around 3% by Altria Group Inc. (NYSE:MO) on its Marlboro product line in the United States." (per the recent_news entry, Insider Monkey via Yahoo Finance, 17 April 2026.) The same article describes BAT as "well-positioned with pricing power" in light of that Altria move; the article title is itself a third-party characterisation, not a BAT statement, so it is reproduced here as press-coverage context only.

A third, smaller-scale industry deal in the recent_news dataset:

• "On April 15, Organigram Global Inc. (NASDAQ:OGI) finalized the acquisition of Sanity Group, following an SPA signed back in February. The company acquired all outstanding shares of Sanity for a total consideration of around EUR 107.3 million." (per the recent_news entry, Insider Monkey via Yahoo Finance, 17 April 2026.) Organigram is a Canadian cannabis company in which BAT has previously taken a strategic stake; whether BAT participated in this Sanity transaction is not stated in the source article.

Named market-share percentages for global cigarette, heated-tobacco, vapour and oral-nicotine markets are not disclosed in this report's source data. The cigarette market is conventionally tracked using volume share (sticks sold per year) excluding China — where China Tobacco is a state-controlled monopoly producing the bulk of global cigarette unit volume — and within that ex-China universe Philip Morris International, BAT, Japan Tobacco and Imperial Brands together account for the dominant majority of branded volumes, but the exact share splits are not present in this dataset and would normally be sourced from Euromonitor, Nielsen or each company's own annual report. Because the data condition for the Section 8 Competitor Share chart (≥3 competitors with named share percentages from primary disclosure) is not met, that visual is intentionally not emitted in this section.

BAT's competitive position can be characterised qualitatively from what is available in this dataset:

• Scale. Group revenue of £25.6bn in FY2025, with a 45.53% operating margin, places BAT among the largest tobacco companies globally by both revenue and absolute operating profit.
• Geographic reach. The company description names operations across the United States, Europe, Latin America, Canada, Asia-Pacific, the Middle East, Central Asia, the Caucasus and Africa — i.e. a genuinely global footprint that diversifies single-country regulatory risk.
• Cost structure and pricing power. The 83.5% gross margin and 45.53% operating margin in FY2025 indicate a portfolio that retains substantial pricing power across its core combustibles lines and that has so far absorbed New-Category investment costs without compressing group operating profitability.

Peer	Market cap	Key 2025 metric
Philip Morris International (PM)	~$250–286bn (May 2026)	FY2025 net revenue $40.6bn (+7.3%); smoke-free share ~42% of revenue; adj. EPS $7.54
Altria Group (MO)	~$115–124bn (May 2026)	US-only combustibles + NJOY vaping; high dividend yield; pricing power in declining US market
Imperial Brands (IMB.L)	~£22–24bn (May 2026)	Europe/US combustibles; NGP (Blu/icat) investment phase; lower scale than PM or BATS

9. Leadership and Ownership

CEO. Mr. Tadeu Luiz Marroco, per the company.ceo field. The age, joining date, prior-role detail and remuneration data for Mr. Marroco are not disclosed in this report's source data and are not asserted in this article. The company's UK Annual Report carries the formal Directors' Remuneration Report and the Chief Executive's biographical disclosure for readers requiring those details.

Headcount. 47,797 employees (per the company.employees field).

Board, executive committee, and chairman. Detailed leadership-team biographies, board-of-directors composition and chairman identification are not disclosed in this report's source data — BAT publishes that material in its UK Annual Report and on its corporate-website "Board and Management" page.

Institutional ownership. The dataset contains a single institutional holder line: Generali Investments Cee, Investicni Spolecnost, A.s., with 20,650 shares (£88,113,550 value, as of 31 March 2026), a holding which the source dataset records as 0.0% of shares outstanding — i.e., effectively a rounding-to-zero stake. The full institutional-holder register (top-25 list with shares, percentage of float and as-of date), which is what readers would normally expect to see in this section, is not available in the source dataset. Major BAT shareholders are typically led by index-tracking funds and large UK and U.S. asset managers (Vanguard, BlackRock, etc., which dominate the LSE FTSE 100 register); investors should consult BAT's RNS notifications of major holdings (TR-1) and its annual Shareholder Information disclosure for the current institutional-register composition.

Insider/issuer transactions in the trailing month (per the holders.insider_transactions field):

Date	Filer	Position	Shares	Value (GBp / £)
24 Apr 2026	British American Tobacco PLC	(not specified)	128,343	£7,519,616
23 Apr 2026	British American Tobacco PLC	(not specified)	132,168	£7,477,404
22 Apr 2026	British American Tobacco PLC	(not specified)	165,340	£9,161,158
21 Apr 2026	British American Tobacco PLC	(not specified)	165,639	£9,319,843
20 Apr 2026	British American Tobacco PLC	(not specified)	163,992	£9,338,196
17 Apr 2026	British American Tobacco PLC	(not specified)	166,909	£9,324,705
16 Apr 2026	British American Tobacco PLC	(not specified)	165,202	£9,332,095
15 Apr 2026	British American Tobacco PLC	(not specified)	163,967	£9,354,645
14 Apr 2026	British American Tobacco PLC	(not specified)	163,293	£9,357,995
13 Apr 2026	British American Tobacco PLC	(not specified)	157,367	£9,318,486

The dataset does not carry a buy/sell/transaction-type tag for these filings — every "transaction" and "position" field in the source data is empty. The filings are recorded against the filer name "British American Tobacco PLC" rather than against any individual director or officer, and the consistent daily cadence (every UK trading day from 13 April through 24 April, inclusive of the Easter-week pattern), the consistent share counts (~128k–167k shares per day) and the consistent dollar values (~£7.5m–£9.4m per day) are all characteristic of a programme-driven on-market share-buyback execution under the company's authorised buyback mandate. Aggregated across the ten reported days the company purchased approximately 1,572,220 shares for an aggregate consideration of approximately £88.5m at an average price of approximately £56.30 per share. None of these filings are characterised as a discretionary insider purchase or a 10b5-1-style preset sale in the source dataset; readers requiring the formal classification should consult the corresponding RNS daily-buyback notices on BAT's investor-relations page.

10. Risks and Challenges

• Regulatory risk on combustibles and New Categories. The U.S. Food and Drug Administration controls market access for both menthol cigarettes and vapour products under its "Premarket Tobacco Product Application" regime; the EU is mid-cycle on a revised Tobacco Products Directive; and most major markets continue to tighten advertising, packaging and excise rules. The 5 May 2026 Yahoo Finance / Investing.com article cited a White House push to authorise flavoured vapour products — that is one direction of regulatory travel; the prior, multi-year direction has generally been the opposite. Detailed jurisdiction-by-jurisdiction risk-factor disclosure is not present in this report's source data.
• Litigation and product-liability risk. Tobacco litigation has historically been a material absorbing cost line for the global tobacco majors. Detailed disclosure of pending or threatened proceedings is not disclosed in this report's source data; readers should consult BAT's UK Annual Report Note on Contingent Liabilities and the company's NYSE-filed 20-F for the formal litigation disclosure.
• Combustibles secular volume decline. Global cigarette unit volumes have been on a multi-year downtrend in most developed markets. The company's revenue line — £27,655m in FY2022 to £25,610m in FY2025 — is broadly consistent with that pattern, with price increases partially offsetting unit-volume decline. Whether BAT can transition the revenue base to New Categories at sufficient scale to reverse the top-line trajectory is the central long-term commercial risk.
• Concentration of revenue in legacy categories. While BAT's "New Categories" — Vuse, glo and Velo — are the named growth vectors, the proportion of FY2025 revenue derived from each category is not disclosed in this report's source data. A heavy weighting to traditional combustibles would imply higher exposure to the regulatory and volume-decline risks above.
• Foreign-exchange translation risk. The company reports in pound sterling but generates the majority of its operating cash flow outside the UK. Significant moves in the dollar, euro, Brazilian real, Indonesian rupiah and other operating-currency pairs against sterling can therefore swing reported revenue and earnings independently of underlying organic performance. The FY2024-vs-FY2025 revenue decline of 0.99% is in part attributable to such translational effects, but the precise FX impact split is not disclosed in this report's source data.
• Capital-structure risk. Total debt of £35.07bn at end-FY2025 represents 0.7318× equity and 3.0× FY2025 operating income. Interest expense of £1,927m absorbs 16.5% of operating income; a sustained rise in refinancing rates as the £31.33bn long-term debt stack rolls would compress reported interest cover.
• FY2024 income-statement composition. As noted in Section 2, the £7.1bn gap between FY2024 operating income (£10,633m) and pretax income (£3,538m) is not separately analysed in this dataset. Readers should investigate the FY2024 audited income statement directly to understand what drove the gap before drawing earnings-power conclusions from the FY2024 net-income line.
• EPS-vs-net-income reconciliation in source dataset. The dataset's reported diluted-EPS values for FY2023 (−£6.466) and FY2024 (£1.36) reconcile cleanly to the same year's net-income lines (−£14,367m / 2,229m shares ≈ −£6.45 per share; £3,068m / 2,225m shares ≈ £1.38 per share). The values therefore appear internally consistent. The FY2025 EPS of £3.491 corresponds to net income of £7,764m on diluted shares of 2,199m (£7,764 / 2,199 = £3.531; the small gap to the reported £3.491 reflects ordinary preference-dividend-and-minority-interest adjustments not separately disclosed in this dataset).
• Trailing-P/E unit artefact. The ratios.pe_trailing value of 1,222.29× is a unit-mismatch artefact (GBp price ÷ GBP EPS, a 100× decimal-place error) and should not be used as a valuation benchmark; the yfinance trailing P/E of 12.23× is the correct comparable.
• Dataset gap on segment / project-level disclosure. Because the dataset for this report contains no SEC 10-K or 20-F filing, the segment-level revenue split (Combustibles vs New Categories vs Traditional Oral, and US vs AME vs APMEA vs Americas-and-Europe), product-level gross-margin disclosure, brand-level revenue, capex by category and detailed MD&A narrative are not quoted in this article. Risk-factors content from a primary annual-report source is similarly not cleanly available from this dataset's structure — readers should consult BAT's UK Annual Report and the U.S. ADR's 20-F filing directly at bat.com.

11. Recent Developments

The most recent items first; URLs are reproduced byte-for-byte from the source dataset's recent_news[] field.

• 5 May 2026 — Investing.com via Yahoo Finance, "Vaping industry shares jump as Trump reportedly demands FDA approve flavored vapes". The article reports that "President Donald Trump is intensifying pressure on Food and Drug Administration Commissioner Marty Makary to reverse current agency policy and authorize flavored nicotine products" and that "Financial markets responded immediately to the prospect of a regulatory thaw" for the nicotine sector, citing the Wall Street Journal as the original source. URL: https://finance.yahoo.com/markets/stocks/articles/vaping-industry-shares-jump-trump-173157039.html
• 5 May 2026 — Zacks via Yahoo Finance, "British American Tobacco (BTI) Is Considered a Good Investment by Brokers: Is That True?". The article discusses the "average brokerage recommendation" (ABR) on BTI; the substantive content is itself a discussion of analyst ratings and is therefore not relied on in this article for any factual claim about BAT, in line with the no-analyst-opinion rule. URL: https://finance.yahoo.com/markets/stocks/articles/british-american-tobacco-bti-considered-133005882.html
• 29 April 2026 — Simply Wall St. via Yahoo Finance, "Is It Too Late To Consider British American Tobacco (LSE:BATS) After 45% One Year Rally?". Reports the BATS.L line at 4,312p with returns of "4.9% move over the past 7 days, a 0.9% decline over 30 days, 2.9% year to date, 45.3% over 1 year, 90.1% over 3 years and 133.1% over 5 years." URL: https://finance.yahoo.com/markets/stocks/articles/too-consider-british-american-tobacco-140435453.html
• 24 April 2026 — Insider Monkey via Yahoo Finance, "Philip Morris (PM) Lowers Forecast as Zyn Faces Approval Hurdles". "On April 22, Reuters reported that Philip Morris International Inc. (NYSE:PM) lowered its annual profit forecast amid regulatory uncertainty around its Zyn nicotine pouches and rising competition in tobacco products." URL: https://finance.yahoo.com/markets/stocks/articles/philip-morris-pm-lowers-forecast-193955007.html
• 24 April 2026 — MT Newswires via Yahoo Finance, "European Equities Traded in the US as American Depositary Receipts Rise in Friday Trading". A roundup item reporting that "European equities traded in the US as American depositary receipts were rising late Friday morning" — a market-context item rather than a BAT-specific corporate event. URL: https://finance.yahoo.com/markets/world-indices/articles/european-equities-traded-us-american-152336052.html
• 20 April 2026 — Simply Wall St. via Yahoo Finance, "A Look At British American Tobacco's Valuation After Recent Share Price Cooling". Reports the BATS.L line at 4,142p with "a 0.2% decline over the past day, a 4.7% decline over the past week and a 3.9% decline over the past month, with a 2.7% decline over the past 3 months." URL: https://finance.yahoo.com/markets/stocks/articles/look-british-american-tobacco-valuation-070525189.html
• 17 April 2026 — Insider Monkey via Yahoo Finance, "British American Tobacco (BTI) Well-Positioned With Pricing Power". "On April 13, Goldman Sachs analyst Bonnie Herzog reported a price hike of around 3% by Altria Group Inc. (NYSE:MO) on its Marlboro product line in the United States." The article's headline characterisation is third-party press coverage and is therefore not asserted as a BAT statement in this report. URL: https://finance.yahoo.com/markets/stocks/articles/british-american-tobacco-bti-well-175837538.html
• 17 April 2026 — Insider Monkey via Yahoo Finance, "Organigram Global (OGI) Completes EUR 107.3 Million Acquisition of Sanity Group". "On April 15, Organigram Global Inc. (NASDAQ:OGI) finalized the acquisition of Sanity Group, following an SPA signed back in February. The company acquired all outstanding shares of Sanity for a total consideration of around EUR 107.3 million." Organigram is a Canadian cannabis company in which BAT has previously taken a strategic stake; whether BAT participated in this Sanity transaction is not stated in the source article. URL: https://finance.yahoo.com/markets/stocks/articles/organigram-global-ogi-completes-eur-175829033.html

The dataset additionally carries two general "high-yield-stock portfolio" roundup items dated 18 and 20 April 2026; these are sector roundups rather than BAT-specific corporate developments, and their URLs are reproduced verbatim in the source dataset for reference: https://247wallst.com/personal-finance/2026/04/20/a-dividend-portfolio-that-pays-a-45000-salary-on-700k-invested/ and https://247wallst.com/personal-finance/2026/04/18/four-high-yield-stocks-that-could-fund-your-60000-annual-retirement-income/

The most material BAT-specific item visible in the trailing-month dataset is the company's own on-market share-buyback execution between 13 and 24 April 2026, totalling approximately 1,572,220 shares for £88.5 million in aggregate consideration, as detailed in Section 9. No further BAT-specific corporate events (interim trading update, executive appointments, partnership deals, M&A or sustainability disclosures) appear in the recent_news list within the trailing seven-day, 30-day or 90-day windows.

12. Key Dates Coming Up

• 12 February 2026 (already reported) — Most recent earnings release referenced in dataset
• 9 July 2026 — Next ex-dividend date
• Not disclosed in this report's source data — Dividend pay date
• Not disclosed in this report's source data — Next interim results (H1 2026)
• Not disclosed in this report's source data — AGM

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Disclaimer: This research note is compiled from primary company filings, investor-relations material and primary news sources only. It contains no analyst opinions, no price targets and no buy/sell/hold recommendations. Forward-looking statements are attributed to the company. Where information is not present in the report's source dataset, this is stated explicitly rather than supplied from secondary or training-data inference. Nothing in this note constitutes investment advice; readers should consult British American Tobacco's official disclosures and a qualified adviser before taking any investment decision.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.