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    Andrei Andon-Ionita

    Research Analyst at Jefferies

    Andrei Andon-Ionita is an Equity Research Vice President at Jefferies, specializing in coverage of the European Beverages sector, with a particular focus on listed companies such as Royal Unibrew and Philip Morris International. He has developed a performance track record supported by deep company-specific research, although published third-party performance metrics are not publicly available. Andon-Ionita began his equity research career at Credit Suisse Securities (Europe) Ltd., where he covered European Transports and SMID companies until 2020, before joining Jefferies in August 2022. He holds the CFA designation, reflecting his commitment to professional excellence, and is believed to maintain appropriate regulatory registrations for his analyst role in the UK.

    Andrei Andon-Ionita's questions to British American Tobacco (BTI) leadership

    Andrei Andon-Ionita's questions to British American Tobacco (BTI) leadership • H1 2025

    Question

    Andrei Andon-Ionita of Jefferies asked about the actions BTI is taking to maintain its Modern Oral leadership in Europe against assertive competitors and inquired if further U.S. distribution gains are expected for VeloPlus beyond the current 135,000 outlets.

    Answer

    CEO Tadeu Marroco stated that to maintain Modern Oral leadership in Europe, BAT is focused on continuous innovation, brand building, and strategic resource allocation. For VeloPlus in the U.S., he explained that while the current distribution is near-optimal, the focus is now shifting to improving brand awareness and driving consumer trial, given the product's high retention rate.

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