British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Debt Investor Presentation (2026)
13 slides from British American Tobacco P.l.c's debt investor presentation, 2026
Slide 1: Building a Smokeless World
Building a Smokeless World Preliminary Results 2025 Javed Iqbal – Interim Chief Financial Officer | Daniel Wong – Group Head of Treasury
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: Driving a sustainable transformation in 2025
Driving a sustainable transformation in 2025 • Progress towards a Smokeless World • Consumers of Smokeless* products +4.7m to 34.1m • Smokeless represents 18.2% of Group revenue, +70bps** • FY25 results at top end of guidance A Better • Return to U.S. growth and robust AME delivery Tomorrow • Excell
Slide 5: Delivering on key 2025 deployment year priorities
Delivering on key 2025 deployment year priorities What we said What we delivered ▪ Continue to build track record of delivery ▪ FY results at top end of guidance ▪ Delivering Quality Growth in New Categories ▪ Return to double-digit NC revenue growth in H2* ▪ Increasing NC returns ▪ NC contribution
Slide 6: FY25 performance at top end of guidance
FY25 performance at top end of guidance Adjusted for Adjusted for Reported Canada Canada current currency current currency constant currency growth New Category Revenue £ 3,621m £ 3,621m +7.0% Total Revenue £ 25,610m £25,610m +2.1% Profit from Operations £ 9,997m £ 11,279m* +2.3%* Operating Margin 3
Slide 7: Strong cash flow enhancing financial flexibility and cash returns
Quality Growth Strong cash flow enhancing financial flexibility and cash returns Reducing leverage to within Highly cash generative Increased share buy-backs target range* by end FY26 >95% 2.0-2.5x 1.3 Target range* 1.1 Annual operating cash conversion 0.7 0 FY23 FY24 FY25 FY26 >£50bn (£bn) 2022 202
Slide 8: Strong cash flow generation driving enhanced financial flexibility
Strong cash flow generation driving enhanced financial flexibility Cash generation Generate >£50bn Free Cash Flow 2024-2030 Deliver business transformation Targeted investment in business transformation Optimise portfolio Continuously review our footprint and drive cash flows Progressive Dividend Ta
Slide 9: Confident in sustainably delivering our mid-term algorithm
Confident in sustainably delivering our mid-term algorithm 1. Growing revenue sustainably Revenue growth 3-5% • • 1-2% combustibles growth Double-digit New Category growth 2. Improving profitability • Driven by both combustibles and New Categories 4-6% • Targeted investment in premium New Categories
Slide 10: Q&A Preliminary Results 2025
Q&A Preliminary Results 2025 Javed Iqbal – Interim Chief Financial Officer | Daniel Wong – Group Head of Treasury
Slide 11: Appendix
Appendix Preliminary Results 2025
Slide 12: Appendix: Financial guidance for FY26
Appendix: Financial guidance for FY26 • Global cigarette industry volume expected to be down c.2% • Lower end of our medium-term guidance ranges: • 3-5% revenue growth, with low double-digit New Category revenue growth • 4-6% adjusted profit from operations growth* - H2 weighted • Expected c.1% tran
Slide 13: Appendix: Non-GAAP financial measures
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
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