British American Tobacco PLC
BATS
ISIN GB0002875804 / Valor 909525
British American Tobacco PLC
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About company
British American Tobacco PLC is a major international company that manufactures and sells tobacco and nicotine-based products across multiple markets. While its core business has traditionally centered on the production and distribution of cigarettes, the company has also been expanding into alternative nicotine products in response to evolving regulatory and consumer trends. A recent example of its technological adoption is a pilot initiative, in collaboration with Channel Islands Coop, which introduced Yoti facial age estimation technology in Jersey stores to help verify customer age and prevent underage access to age-restricted products.
Summarized from source with an LLMView SourceSector: Consumer Non-CyclicalsLatest Results (17.12.2025):
British American Tobacco PLC — full-year results for the year ended 31 December 2024 (FY2024): reported revenue £25,867m (down 5.2% year-on-year), reported profit from operations £2,736m (2023: loss £15,751m) and adjusted organic profit from operations up 1.4% at constant rates; the results include a £6.2bn provision related to the proposed Canada settlement and show continued growth in New Categories and smokeless consumers.
Revenue and underlying growth
Reported revenue £25,867m (‑5.2%); on an organic, constant‑rate basis Group revenue was +1.3%. New Categories revenue £3,432m (+8.9% organic at constant rates) and smokeless now represents 17.5% of Group revenue.
Profit and EPS
Reported profit from operations £2,736m (2023: loss £15,751m) reflects the absence of large 2023 impairments but includes a £6.2bn Canada provision. Adjusted organic profit from operations +1.4% (constant rates). Reported diluted EPS 136.0p; adjusted organic diluted EPS up 3.6% at constant rates.
Cash, debt and capital returns
Free cash flow before dividends £7,901m; adjusted net debt/adjusted EBITDA 2.44x (down 0.13x). Dividend increased 2.0% to 240.24p and a £900m share buy‑back is planned for 2025.
New Categories and smokeless progress
Consumers of smokeless products 29.1m (+3.6m). New Categories contribution rose by £251m (adjusted organic, constant FX) and category contribution margin for New Categories reached 7.1% (up ~7.1 ppts vs 2023). Modern Oral delivered particularly strong growth.
Regional and category headwinds
The U.S. faced illicit single‑use vapour competition and weaker combustible volumes (U.S. cigarette volume down 10.1%), offset partially by Modern Oral growth (U.S. Modern Oral volume +234%). AME and APMEA delivered in line with mid‑term algorithm; 2025 expected headwinds in Bangladesh and Australia from regulation and tax changes.
Significant one‑off items
£6.203bn provision recognised for the proposed Canada (ITCAN) settlement (includes restricted cash/investments), treated as an adjusting item. 2023 included very large impairment charges in the U.S., which drove the prior year loss from operations.
2025 outlook and priorities
2025 guidance: industry volume down c.2%; Group revenue ~+1% at constant rates; adjusted profit from operations growth (adjusted for Canada) 1.5–2.5% at constant rates; net finance costs ~£1.8bn; gross capex ~£650m; continued focus on shifting from investment to deployment and returning to mid‑term algorithm by 2026.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
129021 M
Market cap (USD)
1,977,290
Daily traded volume (Shares)
28.94 / 28.69
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
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EPS (USD)
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Ratings & reviews
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