British American Tobacco p.l.c. (BTI) is a leading global consumer goods company specializing in tobacco and nicotine products. The company operates across multiple regions, offering a diverse portfolio of products that cater to adult consumers' preferences. BTI's offerings include traditional combustible tobacco products, innovative smokeless nicotine products, and oral tobacco products, supported by a globally integrated supply chain.
- Combustibles - Produces and sells a wide range of traditional tobacco products, including cigarettes and cigars, catering to various consumer preferences from value-for-money to premium segments.
- New Categories - Develops and markets innovative smokeless nicotine products, including:
- Vapour Products - Offers e-cigarettes and other vaporized nicotine delivery systems.
- Heated Products (HPs) - Provides devices that heat tobacco instead of burning it.
- Modern Oral Products - Includes nicotine pouches designed for oral use without combustion.
- Traditional Oral - Offers products like snus and snuff, catering to consumers who prefer traditional oral tobacco options.
- Other - Includes additional products and services that complement the company's core offerings.
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Despite the U.S. combustible industry volume declining by around 10% in 2022, your combustible volume declined by 15.5%, significantly underperforming the industry; what specific steps are you taking to address this gap and regain market share?
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With the planned exit from approximately 30 smaller markets and the reduction of regions from four to three in your new operating model, can you elaborate on the criteria for these market exits and how this strategic shift will enhance your profitability and growth potential?
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Given the intensified price competition and slowing growth in the THP category, particularly in key markets like Japan and Europe, how do you plan to sustain margins and drive growth in this segment amidst these challenges?
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Considering the macroeconomic pressures impacting U.S. consumers, such as declining disposable incomes and high inflation, how are you adjusting your strategies in pricing and product offerings to navigate these challenges in 2023, and what are your expectations for market recovery? , ,
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The phasing out of your businesses in Russia and Belarus resulted in significant non-cash impairments; how will this impact your financial targets, particularly regarding your leverage goals and investment in New Categories, and what measures are you implementing to mitigate any adverse effects? ,
Research analysts who have asked questions during British American Tobacco earnings calls.
Andrei Andon-Ionita
Jefferies
1 question for BTI
Damian McNeela
Deutsche Numis
1 question for BTI
Faham Baig
UBS Group
1 question for BTI
Gaurav Jain
Barclays
1 question for BTI
Rey Wium
Anchor Stockbrokers
1 question for BTI
Simon Hales
Citigroup Inc.
1 question for BTI
Recent press releases and 8-K filings for 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%.
- 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.
- 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.
- A multi-market survey commissioned by BAT in 2024 and 2025 found that 70% of policy experts continue to misidentify nicotine as the primary cause of smoking-related disease, and 65% support stricter regulation for smokeless products, which conflicts with Tobacco Harm Reduction (THR) goals.
- The survey also highlighted that while 50% of medical professionals discuss smokeless alternatives weekly, only 21% feel informed enough to recommend them, indicating a need for better scientific communication.
- BAT remains committed to Tobacco Harm Reduction, with a goal to achieve 50 million adult consumers of smokeless products by 2030 and generate 50% of its revenue from these products by 2035.
- In 2024, the company generated revenue of £25.9bn and adjusted profit from operations of £11.9bn, with new category revenues reaching £3.4bn.
- B.A.T Capital Corporation, a subsidiary of British American Tobacco p.l.c., is issuing $750,000,000 in 4.625% Notes due 2033.
- These notes are fully and unconditionally guaranteed on a senior unsecured basis by British American Tobacco p.l.c. and other entities.
- The notes have a maturity date of March 22, 2033, and an annual interest rate of 4.625%, with semi-annual interest payments commencing March 22, 2026.
- The notes were priced to the public at 99.487%, resulting in net proceeds to the issuer of $743,527,500 before expenses.
- The expected settlement date for the notes is September 22, 2025.
- British American Tobacco p.l.c. (BAT) announced that its wholly owned subsidiary, B.A.T Capital Corporation, has priced an offering of $750,000,000 aggregate principal amount of 4.625% Notes due 2033.
- The Notes will be fully and unconditionally guaranteed on a senior and unsecured basis by BAT and its subsidiaries, B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V., and Reynolds American Inc..
- The issuance of the Notes is expected to close on September 22, 2025.
- BAT intends to use the net proceeds from this offering for general corporate purposes, including the potential repayment of existing indebtedness.
- British American Tobacco p.l.c. filed a Form 6-K on March 13, 2025, outlining key details of a debt issuance, including the incorporation of supplemental indentures into its Base Indenture, which are referenced in related registration documents.
- The filing details a significant underwriting agreement for three series of debt securities: 5.350% Notes due 2032, 5.625% Notes due 2035, and 6.250% Notes due 2055, with specific principal amounts and corresponding underwriting arrangements.
- The document also covers legal opinions and disclosures from multiple counsels, confirming that the transactions are executed under established regulatory frameworks and with various guarantors, including Reynolds American Inc..
- BAT's 6-K filing includes materials published as of March 12, 2025, which feature a press release on the pricing of a $2,500,000,000 Notes Offering.
- The offering comprises three tranches: $1,000,000,000 5.350% Notes due 2032, $1,000,000,000 5.625% Notes due 2035, and $500,000,000 6.250% Notes due 2055.
- The report confirms that these details have been officially disseminated by British American Tobacco p.l.c. as part of its regular SEC filings.