British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
37 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: Belief Shaping & Behaviour Shifting through Tobacco Harm Reduction
Belief Shaping & Behaviour Shifting through Tobacco Harm Reduction Kingsley Wheaton, Chief Corporate Officer Danni Tower, Group Head of Scientific Affairs
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: Video – Omni
a) SAT (Video — Omni)
Slide 5: The external landscape that our brands and innovations land in
“The external landscape that our brands and innovations land in will be just as important as the brands and innovations themselves” Sustainable future Science CORA Sustainability Tobacco Harm Game-changing science and Leading the consumer goods Reduction Acceptance Shaping the external innovation th
Slide 6: Our Formula for Success
Our Formula for Success SF=ƒ [(S+E) x (E+C)] = RO Sustainable Future = [(Science + Evidence) x (Engagement + Communication)] = Regulatory Outcomes 6
Slide 7: Our Approach to a Sustainable Future
Our Approach to a Sustainable Future VISION Encouraged to Lead EXPANSION Belief Shaping Licence to Grow ACCESS Licence to Compete COMPLIANCE Licence to Operate Behaviour Shifting 7
Slide 8: 4 Big Building Blocks
4 Big Building Blocks 1 Building Advancing Science understanding to Evidenceof toTHR Advocacy and Nicotine 2 Accelerating Advancing THR understanding Acceptanceof&THR Nicotine and Nicotine Understanding 3 Securing Securing our our Preferred* preferredRegulatory Regulatory& future Fiscal Future 4 Pro
Slide 9: Organised to Deliver around 4 Big Domains
Organised to Deliver around 4 Big Domains HOW WE OPERATE 1. 2. 3. Transformation Portfolio Science HOW WE ARE ORGANISED 10. SUSTAINABILITY CORPORATE SCIENTIFIC REGULATORY 4. Sustainability AFFAIRS AFFAIRS AFFAIRS Evidence Jon Upward Scott Brodie Danni Tower Gary Tarrant USA AME APMEA 9. 5. Regulatio
Slide 10: Our Formula for Success: Science + Evidence
Our Formula for Success SF=ƒ [(S+E) x (E+C)] = RO (Science + Evidence) 10
Slide 11: (S+E) Our Scientific Expertise: Heritage and Footprint
(S+E) (Science + Evidence) 1 Our Scientific Expertise: Heritage and Footprint 2 World Class Product Stewardship & Published Science 3 Real World Evidence of THR in Action 4 Correcting Prevailing Misconceptions 11
Slide 12: World Class Expertise: Powered by 7 Decades of Science
World Class Expertise: Powered by 7 Decades of Science OUR SCIENCE & INNOVATION HERITAGE OUR SCIENCE & INNOVATION FOOTPRINT 1950’s 1980’s UK U.S. ITA CHN 1960’s 1990’s IDN BRA 1970’s 2000’s Celebrating 70 Years of Science & Innovation at BAT 12
Slide 13: Pre-Market and Post-Market Stewardship Underpins Our Innovation Pipeline
World Class Expertise: Pre-Market and Post-Market Stewardship Underpins Our Innovation Pipeline REGULATORY PRODUCT VIGILANCE / POST-MARKET TOXICOLOGY COMPLIANCE SURVEILLANCE Risk Identification Product & Packaging Product Assessments Regulatory Reporting Risk Assessments Regulatory Compliance Robust
Slide 14: World Class Expertise: Our 9-Step Scientific Assessment Framework
World Class Expertise: Our 9-Step Scientific Assessment Framework Product Individual Population Effect over time 280+ demonstrating reduced risk* status emissions exposure risk harm 1. Combustion 4. Use behaviour 7. Clinical: individual risk Epidemiological Weight of importance in † studies data 5.
Slide 15: For THR to Become a Reality, Smokers Should Switch Completely
For THR to Become a Reality, Smokers Who Don’t Want to Quit Should Switch Completely to Smokeless Products Reduced % prevalence of smoking 2020 – 2025 THE SWEDISH MODEL ▼8% 20 Achieved 16 cross-over 12 Vape incidence (%) 8 NZ 4 2020 – 2025 30 0 Combustible incidence (%) 11.8% - 10.9% 2020 2021 2022
Slide 16: For THR to Become a Reality, Smokers Should Switch Completely
For THR to Become a Reality, Smokers Who Don’t Want to Quit Should Switch Completely to Smokeless Products EARLY EPI-SIGNALS IN THE SWEDISH EXPERIENCE MAGNITUDE OF THE OPPORTUNITY OTHER MARKETS 2024 lung, trachea and bronchus cancer deaths* Changes in acute coronary Age-standardised rate (world) per
Slide 17: Foundational Facts Still Misunderstood
Foundational Facts Still Misunderstood Combustion, not nicotine, is the cause of Smokeless Products can deliver nicotine most smoking related diseases with lower risk profile Oral health risks associated with Provision of the nicotine that smokers Swedish snus are substantially are addicted to witho
Slide 18: Our Formula for Success
SF=ƒ [(S+E) x (E+C)] = RO [ Sustainable Future = (Science + Evidence) x (Engagement + Communication) (Engagement = Regulatory Outcomes] + Communication) 18
Slide 19: (E+C) Engagement + Communication
(E+C) (Engagement + Communication) VISION Encouraged to Lead EXPANSION Belief Shaping Licence to Grow ACCESS Licence to Compete COMPLIANCE Licence to Operate Behaviour Shifting 19
Slide 20: Omni: A Powerful Ecosystem Internally & Externally
Omni: A Powerful Ecosystem Internally & Externally • A unified platform • Integrated, multi channel engagement • Thought leadership and dialogue • Digital first model A Dynamic, Strategic Transformational Brand 20
Slide 21: Omni: Creating Global Impact & Awareness
Omni: Creating Global Impact & Awareness >20 countries 1k+ 80+ 9.2m 2.4m 16k Omni Event Stakeholder External Speakers Digital Website Views Online Stakeholder Activation Attendance Engagements Community 21
Slide 22: The Smokeless Word: Changing the Communication Game
The Smokeless Word: Changing the Communication Game 22
Slide 23: As has Our Approach to Single Issue Campaigning
As has Our Approach to Single Issue Campaigning… 23
Slide 24: And we are Stringent about Measuring Progress
And we are Stringent about Measuring Progress 21 Markets Nicotine Users’ THR Perceptions* Since 2024: % agreeing “potentially less harmful than smoking cigarettes” From 2026: 2024 2026 3 Years 40.7% 41.5% 38.8% 37.5% 37.1% 35.7% 4 Quantitative Surveys Modern Oral Vapour HP n ≈ 125k n ≈ 8.4k n ≈ 1.3k
Slide 25: Good Progress in MO, But Nicotine Remains Misunderstood
Good Progress in MO, But Nicotine Remains Misunderstood Majority of Policy Influencers Nicotine Misperception accept Modern Oral THR credentials remains a major challenge Modern Oral THR acceptance among 51% policy influencers* +8pp of healthcare professionals believe +6pp 53% 61% that nicotine is a
Slide 26: Advanced, Digital First, Corporate Affairs Capability
Advanced, Digital First, Corporate Affairs Capability OMNI SIGNAL OMNI CONTENT OMNI METRICS INSIGHT & AUDIENCE & MESSAGE & CONTENT & ASSET MEASURE FORESIGHT INFLUENCE NARRATOR MANAGEMENT 26
Slide 27: Our Formula for Success: Regulatory Outcomes
SF=ƒ [(S+E) x (E+C)] = RO Regulatory [ Sustainable Future = (Science + Evidence) x (Engagement + Communication) = Regulatory Outcomes] Outcomes 27
Slide 28: (RO) Regulatory Outcomes
(RO) (Regulatory Outcomes) Smart Regulation = 1 Starts with Listening. VISION 2 Evidence Based. Encouraged to Lead 3 Practical and Clear. EXPANSION 4 Instills Confidence. Licence to Belief Shaping Grow 5 Effective Not Excessive. ACCESS 6 Easily Enforceable. Licence to Compete 7 Builds Trust. COMPLIA
Slide 29: FDA & the U.S.
FDA & the U.S. • Pathway to market for vapour flavours and Modern Oral innovation • Scientific review stage represents a meaningful quality threshold • Expected public prioritisation list to enhance transparency and support enforcement 29
Slide 30: EU, TED & TPD
EU, TED & TPD Tobacco • Good progress made towards compromise agreement under Excise Directive Cypriot Presidency – Irish Presidency has now taken the helm (TED) Tobacco Products • TPD revision process underway with substantive discussion Directive expected in 2027 – we are clear on our priorities (
Slide 31: Regulation: Supporting Our Smokeless Transformation
Regulation: Supporting Our Smokeless Transformation 70 >30 9 MARKETS WHERE AT LEAST MARKETS* WITH MARKETS WITH EMBEDDED ONE NEW CATEGORY LEGAL RISK-PROPORTIONATE MODERN ORAL REGULATION (OF 80 TRACKED MARKETS) CATEGORY REGULATION EXPANDING ACCESS REGULATORY ACCEPTANCE SUSTAINABLE GROWTH • U.S. Levell
Slide 32: Multi-Year Progress in Modern Oral Regulation
Multi-Year Progress in Modern Oral Regulation Total Markets with Embedded Regulation: 4 8 15 24 >30 2022 2023 2024 2025 2026 YTD ICE CZH ITA SRB CH FIN COL BUL UAE GRE ARM LUX POR DEN EST SWE LAT PER ROM HUN PAK BAH ALB AUT MON LEB SVK POL KEN KOR 32
Slide 33: In Summary
In Summary SF=ƒ [ (S+E) x (E+C) ] = RO Scientific Depth & Breadth Driving Thought Leadership Advocating & Engaging Underpinning Our Evidence & Advocacy Pioneering Front-Footed Communication Smart Regulation Framework Nicotine Understanding & THR Acceptance Pivoting to Digital Regulatory Outcomes Cou
Slide 34: Video – Tobacco Harm Reduction
(Video – Tobacco Harm Reduction) 34
Slide 35: Appendices
Appendices capitis Markets ag 2026)
Slide 36: 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
Slide 37: 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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