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    Damian McNeela • Deutsche Numis

    Damian McNeela's questions to British American Tobacco plc (BTI) leadership

    Damian McNeela's questions to British American Tobacco plc (BTI) leadership • H1 2025

    Question

    Damian McNeela of Deutsche Numis asked for more detail on the vape business performance in the AME region, particularly in Canada and the UK, and inquired about the expected on-the-ground impact of the 40% reduction in illicit U.S. vape shipments.

    Answer

    CEO Tadeu Marroco explained that AME's vape performance was heavily impacted by Canada's flavor ban and lack of enforcement, which fueled the illicit market. He noted a positive trend in Europe of consumers shifting to closed systems, where BAT has a stronger share. Regarding the U.S., he stated it's difficult to predict the timing of on-the-ground impact from reduced illicit shipments due to long supply chains, but noted the new administration's focus on enforcement is an encouraging sign.

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    Damian McNeela's questions to Altria Group Inc (MO) leadership

    Damian McNeela's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Damian McNeela asked for details on Altria's second-half plans for the ON! nicotine pouch brand, including marketing activation and current U.S. distribution levels. He also requested an explanation for the strong performance of the Middleton cigar brand.

    Answer

    CEO Billy Gifford expressed confidence in sustaining ON!'s momentum through brand equity-building activations but did not detail future plans or distribution metrics. CFO Sal Mancuso explained that Middleton's volume increase reflects its dominant position in the large mass machine-made cigar category, though quarterly results can be affected by inventory movements.

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