British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
12 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: Building our Brands
Building our Brands Luciano Comin, Chief Marketing Officer
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: What we committed in 2024 is now live & delivering
What we committed in 2024 is now live & delivering Innovating and pioneering Pivoting Focusing on Category creators premium to premium value growth BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). 4
Slide 5: First to define multi-category, now proving it at scale
First to define multi-category, now proving it at scale #1 #1 #2 #1 volume share* value share* volume share* combustibles revenue** *Based on YTD Jul 26 Volume Share in Velo in top MO markets. Based on BAT Vapour YTD Jul 26 estimated value share of Closed Systems (rechargeable closed systems consuma
Slide 6: Velo: a masterclass of breakthrough success
Velo: a masterclass of breakthrough success 2017 2021 2024 Winnington AB Portfolio consolidation Introducing Velo Plus in acquisition behind Velo brand the U.S. SWE U.S. BAT MO volume CAGR 2017 – 2025 +80% Expansion outside New Velo entry Global Nordics range launch leadership BAT MO revenue 2025 vs
Slide 7: Velo growth is accelerating our innovation rollout
Velo growth is accelerating our innovation rollout WE ARE MO #1 IN 16 STATES* c.7x LARGER THAN #2 U.S. COMPETITOR IN EUROPE** YTD 2026 volume share 62.3% Comp 1 63.6% 40.4% 57.9% 9.9% 30.5% c.7x 9.2% 4.4% 6.7% 6.6% Jan 24 Dec 24 Aug 26 BAT Comp 1 Comp 2 Comp 3 Share of industry Volume share Value sh
Slide 8: A strong multi-category portfolio driving lasting progress
A strong multi-category portfolio driving lasting progress BUILDING BRANDS FOCUS PARTNERSHIPS Unlocking faster, sustainable growth across every consumer moment 8
Slide 9: Priorities to accelerate growth
Priorities to accelerate growth SUSTAINABLE FOCUSED LEAD AND DEVELOP COMBUSTIBLES INHALATION PLAY ORAL NICOTINE GROWTH BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). 9
Slide 10: Appendices
Appendices capitis Markets ag 2026)
Slide 11: 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 12: 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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