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    Gaurav Jain • Barclays

    Gaurav Jain's questions to British American Tobacco plc (BTI) leadership

    Gaurav Jain's questions to British American Tobacco plc (BTI) leadership • H1 2025

    Question

    Gaurav Jain of Barclays asked about the drivers of U.S. cigarette pricing, including the impact of 'double drawback,' the strategy behind e-cigarette market exits in APMEA, and whether BTI has sufficient production capacity for VeloPlus's rapid growth.

    Answer

    CEO Tadeu Marroco attributed strong U.S. combustible growth primarily to market share gains and robust price mix, noting the duty drawback is a legal framework supporting U.S. manufacturing. CFO Soraya Benchikh and CEO Tadeu Marroco explained that e-cigarette market exits in APMEA were strategic resource allocation decisions to focus on larger, more enforceable markets. Mr. Marroco confirmed that BTI is well-equipped with production capacity to meet VeloPlus demand.

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    Gaurav Jain's questions to Altria Group Inc (MO) leadership

    Gaurav Jain's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Gaurav Jain asked about the profitability of the 'Basic' brand, suggesting it would be minimal without the "double duty drawback" on excise taxes. He also questioned if the decline in illicit disposables is benefiting cigarettes more than legal pod systems and inquired about Altria's potential for an NGP-only business in international markets.

    Answer

    CEO Billy Gifford stated that the 'Basic' strategy and the FET drawback are separate issues, with 'Basic' being a targeted RGM play. He agreed that both the cigarette and legal smoke-free categories benefit from illicit enforcement and reiterated the need for the FDA to authorize more products. He confirmed Altria believes it can build a successful international NGP business and is pleased with its progress in the Nordics and the U.K.

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    Gaurav Jain's questions to Altria Group Inc (MO) leadership • Q1 2025

    Question

    Gaurav Jain of Barclays asked about the strategy for repositioning the 'Basic' cigarette brand, the growth outlook for 'ON' nicotine pouches amid competition, and Altria's long-term strategy for the e-cigarette market.

    Answer

    CEO William Gifford explained that the 'Basic' brand's pricing is a tactical move to capture value-seeking consumers, not a broad strategy shift. Regarding 'ON', he expressed satisfaction with its performance in a competitive market and highlighted the product pipeline. For e-vapor, Gifford reiterated the long-term commitment to the category, emphasizing the need to develop a new product pipeline that learns from disposables while navigating the illicit market and NJOY's patent challenges.

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    Gaurav Jain's questions to Altria Group Inc (MO) leadership • Q4 2024

    Question

    Gaurav Jain from Barclays questioned if on! can maintain both price increases and volume growth, whether Altria should enter the synthetic nicotine market, and at what point cigarette market share losses become a primary concern.

    Answer

    CEO William Gifford explained that on!'s success is driven by its product resonance and sharper promotional spending, but the market is highly competitive. He confirmed that participating in the synthetic nicotine market has 'moved up on our radar' following the FDA's enforcement discretion. Regarding market share, Gifford noted that while they monitor down-trading, Marlboro's growing share of the premium segment shows their strategy is working.

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    Gaurav Jain's questions to Smurfit WestRock PLC (SW) leadership

    Gaurav Jain's questions to Smurfit WestRock PLC (SW) leadership • Q3 2024

    Question

    Gaurav Jain from Barclays questioned the higher-than-expected net debt and lower free cash flow, asking if a positive swing was expected in Q4. He also requested a near-term outlook for containerboard and consumer board markets, citing peer concerns.

    Answer

    CFO Ken Bowles attributed the cash flow to seasonal effects, working capital swings from input costs and box prices, and one-time costs for headcount reduction. He noted the back half of the year is typically more cash generative. On the market outlook, he stated North American pricing was broadly flat, and while European prices softened, it was linked to lower recovered fiber costs and not a major concern.

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