British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
27 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: AME: Multi-category in Action
AME: Multi-category in Action Frederico Monteiro, Regional Director AME
Slide 2: Important Information
Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity
Slide 3: Important Information
Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the
Slide 4: AME: Big, growing and diverse
AME: Big, growing and diverse c.40% of global nicotine consumers* c.40% of global total nicotine revenue** c.+7% 85 Markets AME nicotine revenue** CAGR 2022 – 2025 BAT #1 Velo #1 Vuse #1 glo Focused investment combustibles in 23 markets^ MO^ Vapour^ in HP Source: *Incidence study (Single Consumer Vi
Slide 5: AME: Big, growing and diverse
AME: Big, growing and diverse c.40% NC incidence H2 25 of global nicotine consumers* c.40% of global total nicotine revenue** 1.7% 5.7% 9.4% c.+7% Combustibles powerhouse Evolving stage NC Leading NC Early-stage NC development through transformation AME nicotine revenue** development Vapour & NRT***
Slide 6: Leading BAT's transformation
Leading BAT’s transformation DELIVERY TRANSFORMATION +8%* CAGR +9% CAGR CAGR +17% 2022 2023 2024 2025 2022 2023 2024 2025 APFO* NC Revenue CAGRs based on AME externally reported numbers for each year – including organic adjustments for FY 23 and FY 24. *On an adjusted for Canada basis. See Appendix
Slide 7: AME multi-category growth model
AME multi-category growth model: Turning combustibles scale into a multi-category growth engine DISTRIBUTION BUILD BRAND Physical availability AT SCALE DISTRIBUTION AT SCALE IN CULTURE BUILD BRAND IN CULTURE Mental availability PERFECT DIGITAL STORE PERFECT AMPLIFY DIGITAL STORE AMPLIFICATION CONSUM
Slide 8: AME multi-category growth model
AME multi-category growth model: Turning combustibles scale into a multi-category growth engine Extensive scale of retail footprint DISTRIBUTION BUILD BRAND AT SCALE DISTRIBUTION AT SCALE IN CULTURE BUILD BRAND IN CULTURE Mental availability 1.7m points of sale serviced PERFECT DIGITAL AMPLIFY c.1/3
Slide 9: AME multi-category growth model
AME multi-category growth model: Turning combustibles scale into a multi-category growth engine Extensive scale of retail Building brands in culture footprint DISTRIBUTION BUILD BRAND AT SCALE DISTRIBUTION IN CULTURE BUILD BRAND AT SCALE IN CULTURE 800+ local events & digital amplification 1.7m poin
Slide 10: AME multi-category growth model
AME multi-category growth model: Turning combustibles scale into a multi-category growth engine Extensive scale of retail Building brands in culture footprint DISTRIBUTION BUILD BRAND AT SCALE DISTRIBUTION IN CULTURE BUILD BRAND AT SCALE IN CULTURE 800+ local events & digital amplification 1.7m poin
Slide 11: AME multi-category growth model
AME multi-category growth model: Turning combustibles scale into a multi-category growth engine Extensive scale of retail Building brands in culture footprint DISTRIBUTION BUILD BRAND AT SCALE DISTRIBUTION IN CULTURE BUILD BRAND AT SCALE IN CULTURE 800+ local events & digital amplification 1.7m poin
Slide 12: 360 model in action
360 model in action MODERN ORAL LED LEADING NICOTINE LATIN AMERICA: NEXT MULTI-CATEGORY TRANSFORMATION REPLACEMENT AME TRANSFORMATION MODEL AT SCALE TO SMOKEFREE THERAPY FRONTIER POL SWE CAN 12
Slide 13: Integrated omni-channel multi-category model (Poland)
Integrated omni-channel multi-category model Driving acquisition & brand retention at scale POL END-TO-END ECOSYSTEM TO ACCELERATE BRAND THE MARKET BAT ADOPTION AND RETENTION^^ Higher no. of Polish No.1 MO brand consumers use NC products* Multi-category Multi-category >75% share*** guided trial data
Slide 14: Transformation journey towards smokefree led by Velo (Sweden)
Transformation journey towards smokefree SWE led by Velo THE MARKET HOW BAT HELPS SHAPE THE CATEGORY EXPERIENCE BAT RETAIL VELO 5.6% VISIBILITY EMBEDDED IN SCANDINAVIAN # 1 Oral brand^ Velo most RAISING loved brand^^ Combustibles incidence* STANDARDS CULTURE Experiential 1 Velo share activation at s
Slide 15: Unique go-to-market model creating category leadership (Canada)
Unique go-to-market model creating category leadership CAN Agile execution in Canada's evolving regulatory environment THE MARKET ZONNIC 360 MODEL BAT DRIVING NRT Pharma distribution Consumer reach Consumer Support CATEGORY GROWTH Digital & retail media programme x2.4 85% WTD #1 Growth driven by Zon
Slide 16: Latin America: next frontier to unlock AME transformation
Latin America: next frontier to unlock AME transformation CAPABILITIES POWERHOUSE STRONG COMMERCIAL ECOSYSTEM READY FOR NC E-COMMERCE FOR B2B REWARD CUSTOMERS** PROGRAMME** 78% BAT retail coverage 61% oforders total 88% customer satisfaction 75% of volume covered 53% BAT combustibles volume share *
Slide 17: Focusing on NC Quality Growth has significantly boosted AME delivery
Focusing on NC Quality Growth has significantly boosted AME delivery NC ALREADY REACHING A QUARTER A STEP CHANGE IN NC PROFITABILITY* OF OUR REVENUE % of NC revenue in markets, where present 25% 23% 21% 17% 2022 2023 2024 2025 2022 2023 2024 2025 22 markets with revenue transformation >25% 0.5 (key
Slide 18: Category overview
Category overview MODERN ORAL VAPOUR HP COMBUSTIBLES 18
Slide 19: Modern Oral leadership in a highly contested category
VELO NO1 BRAND IN MO Modern Oral leadership in a highly contested category WELL POSITIONED TO SUPPORT NUMBER 1 IN MODERN ORAL STRONG FINANCIAL DELIVERY CATEGORY GROWTH VELO HAS #1 BRAND EQUITY VOLUME SHARE OF MO* BAT MODERN ORAL & NRT REVENUE^ IN MODERN ORAL** DEN AUT POL CZ UK ITA While delivering
Slide 20: Modern Oral leadership in a highly contested category
VELO NO1 BRAND IN MO Modern Oral leadership in a highly contested category WELL POSITIONED TO SUPPORT NUMBER 1 IN MODERN ORAL* STRONG FINANCIAL DELIVERY CATEGORY GROWTH VELO HAS #1 BRAND EQUITY 92% 79% IN MODERN ORAL** BAT MODERN ORAL & NRT REVENUE^ DEN ITA While delivering c.70% gross profit in 202
Slide 21: Leading and profitable in Vapour
Leading and profitable in Vapour VUSE NO 1 BRAND IN VAPOUR VALUE LED & PROFITABLE INNOVATING & PREMIUMISING Closed Systems BAT Vapour CC evolution** Total value share* (%) 32.3 14.6 11.9 +£133m Vuse Ultra value share*** 7.3 2022 2025 GER FRA CAN SWI Vuse Comp 1 Comp 2 Comp 3 4.0% 2.5% 8.2% 1.6% Sour
Slide 22: Selective investment in Heated Products
Selective investment in Heated Products BUILDING THE FUNDAMENTALS EARLY SIGNS OF GROWTH HIGH OPPORTUNITY IN PREMIUM* BEHIND GLO HILO IN THE TARGETED SEGMENT c.20m consumers reached in launch Hilo share of Premium HP^^ markets** 81 No presence until Q4 25 51% 3.6% combustibles & premium HP source of
Slide 23: Combustibles power our transformation
Combustibles power our transformation COMBUSTIBLES RESILIENT WITH BAT PORTFOLIO FIT TO MEET BAT LEADING IN 23 MARKETS^^ BAT SUSTAINED DELIVERY THE LATEST CONSUMER DEMANDS And growing volume share in key markets: AME combustibles incidence* 21.2% 20.2% 70.5% +0.3pp 2022 2025 Combustibles volume share
Slide 24: In summary
In summary SUCCESSFULLY DEPLOYED IN KEY DRIVING QUALITY A WINNING MODEL MULTICATEGORY MARKETS GROWTH* #1 POL SWE CAN #1 DISTRIBUTION AT BUILD BRAND IN SCALE CULTURE DISTRIBUTION AT BUILD BRAND IN SCALE CULTURE DIGITAL AMPLIFY PERFECT STORE DIGITAL PERFECT STORE CONSUMER AMPLIFICATION DEMAND MOMENTS
Slide 25: Appendices
Appendices capitis Markets ag 2026)
Slide 26: Appendix
Appendix Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent cer
Slide 27: Glossary
Glossary ADC: Average Daily Consumption SKU: Stock Keeping Unit ANC: Adult Nicotine Consumer SPLY: Same Period Last Year APFO: Adjusted profit from operations THR: Tobacco Harm Reduction ARR: Annual Recurring Revenue VIV: Vapour Weighted Industry Volume AWAP: Above weighted average price VFM: Value
British American Tobacco p.l.c. — Investor Day (2026) on 6ix