British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
17 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: Beyond Nicotine – Roadmap to 2035
Beyond Nicotine – Roadmap to 2035 James Barrett, Director, Business Development
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: As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey
As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey in step with them 1 Fast-shifting consumer preferences are opening fresh avenues of growth for BAT - Stimulation and Mood Modulation benefits are in growing demand, via a variety of active ingredients and formats 2
Slide 5: Rapidly evolving consumer Stimulation & Mood Modulation needs are unlocking new growth opportunities
Rapidly evolving consumer Stimulation & Mood Modulation needs are unlocking new growth opportunities FROM: TO: Mega stimulant, mono ingredient Benefit-led across new ingredients and formats Ingredients / actives Formats Caffeine Performance / stimulation E.g. Caffeine, Guarana, Tyrosine, etc. Pouche
Slide 6: Key category opportunities for BAT
Key category opportunities for BAT FAST GROWING BENEFIT SPACES FUNDAMENTAL PRINCIPLES TO WIN Which wellness or performance goals are most important to you today?* True functional efficacy / Increase energy 44% science Reduce stress 38% Improve focus 35% Sleep better 29% Lifestyle brand categories Im
Slide 7: BAT is well-positioned to capitalise on these growth opportunities
BAT is well-positioned to capitalise on these growth opportunities STRONG FOUNDATIONAL CAPABILITIES INORGANIC OPTIONALITY Global reach Category growth levers - > 140 markets - Strong W&S consumer insights - Leverage distribution & - Social and digital marketing trade relationships - Global supply ch
Slide 8: Leveraging Wellbeing & Stimulation consumer insights to deliver on consumer moments with new actives
Leveraging Wellbeing & Stimulation consumer insights to deliver on consumer moments with new actives SAME CONSUMER DEMAND MOMENTS CONSUMER DEMAND MOMENTS WITH NEW ACTIVES Social context Social context SOCI SOCI STAIN AL IS STAIN AL IS U U S S E E FO FO D D BON BON CU CU S S Boost Boost Relax Relax A
Slide 9: Progress being made organically and inorganically
Progress being made organically and inorganically AUS CAN U.S. 90% Loyal consumer U.S.-centric business Ecommerce native base 3 markets & 15k+ Revenue CAGR Stores 2023 – 2025 57% >50% Since 2021 Revenue CAGR Repeat rate >50% 2022 – 2025 120k+ Regular Trial to repeat Brick & Mortar Consumers conversi
Slide 10: Building brand equity
Building brand equity Digitally & social led Reaching consumers Multi-channel presence where / when it matters E-commerce Brick & mortar 10
Slide 11: Continuing to develop growth optionality
Continuing to develop growth optionality CONTINUE TO BUILD & SCALE FUTURE OPTIONALITY Continue Ryde: expansion Scale moment Venture & bolt-on M&A Market optionality Gradual acceleration New channels Shots range Capabilities (flavours / benefits) Scale brand in U.S. New functional formats Brands & pr
Slide 12: Exploring functional pouches – nascent but rapidly growing
Exploring functional pouches – nascent but rapidly growing CLEAR BENEFITS & CATEGORY MOMENTUM TESTING NEW PRODUCT OCCASIONS Benefits Energy / nootropic pouches online search* Discreet Convenient Non- Free disruptive from (sugar, calories etc.) 2.1m Occasions 1yr searches (Initial Concept) (Nov 24 to
Slide 13: Cannabis: a long-term opportunity beyond nicotine
Cannabis: a long-term opportunity beyond nicotine EVOLVING REGULATORY INDUSTRY TRANSITIONING LEVERAGING PARTNERSHIPS LANDSCAPE TO NOVEL FORMATS FOR EXPLORATION Number of countries where Canadian regulated adult- cannabis is legalised for use cannabis market medical or adult-use* value share by forma
Slide 14: As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey
As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey in step with them 1 Fast-shifting consumer preferences are opening fresh avenues of growth for BAT 2 BAT is well-positioned to capitalise on these opportunities 3 Progress being made organically and inorganically 4
Slide 15: Appendices
Appendices capitis Markets ag 2026)
Slide 16: 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 17: 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
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