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    Faham Baig • UBS Group

    Faham Baig's questions to British American Tobacco plc (BTI) leadership

    Faham Baig's questions to British American Tobacco plc (BTI) leadership • H1 2025

    Question

    Faham Baig from UBS Group questioned why EBIT guidance was not raised despite two increases to the top-line outlook, asking where incremental investments are being spent. He also requested an update on the divestment process for the ITC hotels stake.

    Answer

    CFO Soraya Benchikh explained that EBIT guidance was maintained to preserve flexibility for increased investment in new product rollouts like VUSE Ultra, GloHilo, and VeloPlus, which will fuel growth into 2026. CEO Tadeu Marroco reiterated the strategic intent to divest the ITC hotels stake to aid deleveraging but noted the process is subject to bureaucratic steps and approvals in India.

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    Faham Baig's questions to Altria Group Inc (MO) leadership

    Faham Baig's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Faham Baig asked whether the crackdown on illicit vapes is having a net positive impact on cigarette volumes. He also inquired about a lower-than-normal Federal Excise Tax (FET) per pack, seeking an explanation for the "drawback" policy and its future implications.

    Answer

    CEO Billy Gifford stated it is too soon to call the enforcement momentum a trend but noted it is encouraging. He explained that the FET issue relates to a "drawback" policy that disadvantages domestic manufacturers. He asserted that Altria views this as bad policy but will seek partnerships to avoid being at a competitive disadvantage.

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