Research analysts who have asked questions during British American Tobacco earnings calls.
Andrei Andon-Ionita
Jefferies
1 question for BTI
DM
Damian McNeela
Deutsche Numis
1 question for BTI
Also covers: MO, PM
FB
Faham Baig
UBS Group
1 question for BTI
Also covers: MO, PM
Gaurav Jain
Barclays
1 question for BTI
Also covers: MO, PM, SW
RW
Rey Wium
Anchor Stockbrokers
1 question for BTI
Also covers: CFRUY
Simon Hales
Citigroup Inc.
1 question for BTI
Also covers: BUD, CCEP, DEO
Recent press releases and 8-K filings for BTI.
British American Tobacco Extends Share Buyback Programme
BTI
Share Buyback
- British American Tobacco p.l.c. announced the extension of its share buyback programme by up to £1.3 billion for 2026.
- The programme, originally announced on March 18, 2024, aims to reduce the company's share capital by cancelling repurchased shares.
- An irrevocable agreement has been made with UBS AG London Branch for the next tranche, which is expected to be completed between January 2, 2026, and February 11, 2026.
- The maximum number of shares permitted to be purchased under the authority granted at the 2025 AGM is 220,451,469 Shares (less any already purchased).
Dec 10, 2025, 12:33 PM
British American Tobacco p.l.c. Updates FY25 Guidance, Reaffirms 2026 Targets, and Announces Share Buy-back
BTI
Guidance Update
Share Buyback
Revenue Acceleration/Inflection
- British American Tobacco p.l.c. expects approximately 2% revenue and adjusted profit from operations growth for fiscal year 2025.
- The company reaffirmed its 2026 guidance, anticipating 3-5% revenue, 4-6% adjusted profit from operations, and 5-8% adjusted diluted EPS growth, with 2026 performance expected at the lower end of this range.
- A £1.3 billion share buy-back program has been announced for fiscal year 2026.
- New Category revenue growth is accelerating to double-digits in H2, contributing to mid-single digit growth for the full year, with Velo Plus driving triple-digit revenue growth in the U.S..
- The company is on track to reduce its leverage to within the 2.0-2.5x target range by the end of 2026, and expects operating cash flow conversion in excess of 95% for FY25.
Dec 9, 2025, 1:13 PM
BTI Provides 2025 Full Year Pre-Close Update and 2026 Outlook
BTI
Guidance Update
Share Buyback
Revenue Acceleration/Inflection
- BTI expects to deliver around 2% revenue and adjusted operating profit growth for the full year 2025.
- New category revenue growth is anticipated to accelerate to double-digits in the second half of 2025, leading to mid-single-digit growth for the full year, driven by modern oral products like Velo Plus and recent improvements in US vapor.
- The company is on track to achieve its 2-2.5 times net debt to EBITDA leverage target by year-end 2026 and announced a GBP 1.3 billion share buyback program for 2026.
- For 2026, BTI expects to be at the lower end of its mid-term algorithm of 3%-5% revenue growth and 4%-6% adjusted profit from operations growth, with a future target of 5%-8% Adjusted Diluted EPS growth.
Dec 9, 2025, 8:30 AM
British American Tobacco Provides 2025 Full Year Pre-Close Update and 2026 Outlook
BTI
Guidance Update
Revenue Acceleration/Inflection
Share Buyback
- British American Tobacco (BTI) expects to deliver around 2% revenue and adjusted operating profit growth for the full year 2025.
- New category revenue growth is anticipated to accelerate to double-digit in the second half of 2025, leading to mid-single-digit growth for the full year, driven by strong performance in modern oral products like Velo and early recovery in U.S. vapor.
- The company remains committed to achieving its 2x-2.5x net debt to EBITDA leverage target by the full year 2026 and announced a GBP 1.3 billion share buyback program for 2026.
- For 2026, BTI expects to be at the lower end of its mid-term algorithm of 3%-5% revenue growth and 4%-6% adjusted profit from operations growth, with an anticipated 5%-8% Adjusted Diluted EPS growth.
Dec 9, 2025, 8:30 AM
British American Tobacco (BTI) Provides 2025 Full Year Pre-Close Update and 2026 Outlook
BTI
Guidance Update
Share Buyback
Revenue Acceleration/Inflection
- British American Tobacco (BTI) expects to deliver around 2% revenue and adjusted operating profit growth for the full year 2025.
- The company anticipates mid-single-digit new category revenue growth for the full year 2025, accelerating to double-digits in the second half, driven by modern oral products and improved US vapor performance.
- For 2026, BTI expects to be at the lower end of its midterm algorithm of 3%-5% revenue growth and 4%-6% adjusted profit from operations growth, while targeting 5%-8% Adjusted Diluted EPS growth.
- BTI remains committed to achieving its 2-2.5 times net debt to EBITDA leverage target by year-end 2026 and announced a GBP 1.3 billion share buyback program for 2026.
Dec 9, 2025, 8:30 AM
British American Tobacco Plans ITC Hotels Stake Sale
BTI
M&A
Guidance Update
- British American Tobacco (BAT) plans to sell between 7% and its entire 15.3% stake in ITC Hotels via an accelerated bookbuild process.
- The primary goal of this sale is to optimize pricing and support BAT's financial objective of reaching a 2-2.5x adjusted net debt/adjusted EBITDA leverage ratio by the end of 2026.
- Proceeds from the sale will be used to delever BAT's balance sheet, following a previous $1.5 billion stake sale in ITC Ltd in May 2025.
- The floor price for the block deal of ITC Hotels shares is set at ₹205.65 per share, representing a discount of approximately 1% to the last closing price, and includes a 60-day lock-in period for the sellers.
Dec 4, 2025, 3:13 PM
British American Tobacco p.l.c. announces share buyback program
BTI
Share Buyback
- British American Tobacco p.l.c. has entered into an agreement with Goldman Sachs International (GS) to purchase its ordinary shares as part of a share buyback program.
- The share buyback program commenced on October 16, 2025, and is scheduled to conclude on December 23, 2025.
- The primary purpose of the program is to reduce the Company's share capital, with all repurchased shares slated for cancellation.
- The maximum number of shares authorized for purchase under this program, as approved by shareholders at the 2025 AGM, is 220,451,469 Shares.
Nov 3, 2025, 4:32 PM
British American Tobacco p.l.c. receives notification of change in major holdings
BTI
- Spring Mountain Investments Ltd, controlled by Kenneth Bryan Dart, notified British American Tobacco p.l.c. of a change in its major holdings.
- The notification, dated October 10, 2025, was triggered by an acquisition or disposal of voting rights, with the threshold crossed on October 8, 2025.
- As a result, Spring Mountain Investments Ltd's total voting rights in British American Tobacco p.l.c. decreased from 4.979750% to 3.950733%.
Oct 14, 2025, 12:03 PM
British American Tobacco Announces Share Buyback Programme
BTI
Share Buyback
- British American Tobacco p.l.c. (BTI) announced a Share Buyback Programme.
- The company has entered into an agreement with Goldman Sachs International (GS) to purchase ordinary shares between October 16, 2025, and December 23, 2025.
- The purpose of the Programme is to reduce the share capital of the Company, with repurchased shares to be cancelled.
- The maximum number of Shares permitted to be purchased under the Programme, based on the authority granted at the Company's 2025 AGM, is 220,451,469 Shares.
Oct 9, 2025, 11:32 AM
BAT Survey Highlights Misconceptions on Nicotine Risks Among Policy Experts
BTI
New Projects/Investments
Guidance Update
- A multi-market survey conducted in 2024 and 2025 revealed that 70% of policy experts incorrectly identify nicotine as the primary cause of smoking-related diseases, despite growing scientific consensus to the contrary.
- The survey also found that while 50% of healthcare professionals discuss smokeless alternatives weekly, only 21% feel adequately informed to recommend them.
- British American Tobacco (BAT) aims to reach 50 million adult consumers of smokeless products by 2030 and generate 50% of its revenue from these products by 2035.
- In 2024, BAT's new category revenue was £3.4 billion, with 30.5 million current consumers.
Oct 5, 2025, 10:42 PM
Quarterly earnings call transcripts for British American Tobacco.
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