Rey Wium's questions to British American Tobacco plc (BTI) leadership • H1 2025
Question
Rey Wium from Anchor Stockbrokers questioned the outlook for U.S. combustible volume declines, the status of the Velo 2.0 FDA application given VeloPlus's success, and requested a clarification on the adjusted EPS calculation.
Answer
CEO Tadeu Marroco stated that the U.S. industry volume decline is stable around 8% and not expected to change significantly, though BAT's own performance is strong. He explained that Velo 2.0 would be complementary to VeloPlus and its approval timeline depends on the FDA. CFO Soraya Benchikh clarified the EPS figures, advising to focus on the 162.1p constant currency number, as the 155.5p figure is on a current basis.