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: Winning in Combustibles
Winning in Combustibles Emma Dean, Global Head of Combustibles
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: Winning in combustibles: Driving sustainable value growth into the future
Winning in combustibles: Driving sustainable value growth into the future 01 02 03 04 Combustibles We have a clear We have the We are confident power our strategy to win in right capabilities in sustainably transformation combustibles to deliver delivering the algorithm 4
Slide 5: Combustibles is our powerhouse, driving value at scale
Combustibles is our powerhouse, driving value at scale #1 #1 140+ Revenue Consumer share** markets +100m >11m Daily consumers** Outlets served*** No BAT direct presence Rest of the world BAT presence c.80% of combustibles revenue Unparalleled consumer reach Strong geographic footprint from Global Dr
Slide 6: Sustained combustibles value delivery despite headwinds
Sustained combustibles value delivery despite headwinds COMBUSTIBLES PERFORMANCE COMBUSTIBLES MID-TERM OUTLOOK Gross profit Revenue growth Category Contribution Revenue growth growth* 3.1% 2.5% 2.1% +1-2% >2% 1.0% 0.3% 0.1% FY 24 FY 25 H1 26 FY 24 FY 25 H1 26 Combustibles performance gives confidenc
Slide 7: A resilient category with future value growth
A resilient category with future value growth SIZEABLE AND RESILIENT CATEGORY A STRONG VALUE POOL -2.9% -2.5% +2.1% +1.5% CAGR CAGR 2022 2025 2030E 2022 2025 2030E Duty paid industry volume* sticks (bn) Industry net turnover* (£bn) *Industry Glidepath Outlook, Top 50 markets; FX @ MO6 26. 7
Slide 8: Illicit remains a challenge, but also an opportunity
Illicit remains a challenge, but also an opportunity ILLICIT CONTINUES TO WE CONTINUE OUR EFFORTS TO AND MARKET INTERVENTIONS GROW SUSTAINABLY ADDRESS THE ISSUE SHOW EVIDENCE OF PROGRESS Illicit share of industry volume* Legal industry growing with • Sustainable excise regime Volume** illicit in dec
Slide 9: Combustibles continues to be a vital category in the industry
Combustibles continues to be a vital category in the industry COMBUSTIBLES INDUSTRY SMOKING IS A DELIBERATE CONSUMERS ARE LOOKING VALUE OF TOTAL NICOTINE IN CHOICE, PLAYING DOMINANT FOR OFFERS THAT MEET THEIR 2030E* ROLE IN KEY MOMENTS PREFERENCES Social context AIN SOC ST IAL ISE SU FO D BON CU S B
Slide 10: We have a clear strategy to win in combustibles
We have a clear strategy to win in combustibles Winning in Combustibles STRATEGIC PILLARS Sustainable value Leverage our iconic Seamless collaboration growth brands & digital agility PRIORITY ENABLERS Commercial focus & Resonant consumer Efficient & connected executional excellence experience ways o
Slide 11: Sharpened commercial focus on where & how to win
Sharpened commercial focus on where & how to win WHERE TO WIN: MARKET FOCUS HOW TO WIN: CONTESTABILITY FOCUS** Industry revenue* 5 ABOVE WEIGHTED AVERAGE PRICE c.80% 34 % Key markets 20 FRESHNESS & FLAVOUR SENSATIONS 18 % BELOW WEIGHTED AVERAGE PRICE Rest of World c.120 c.20% 48% Additional targeted
Slide 12: Unparalleled consumer reach and distribution
Unparalleled consumer reach and distribution GLOBAL DISTRIBUTION TRANSFORMED TRADE ENHANCING CAPABILITIES FOOTPRINT FUNDAMENTALS Responsible retailing & Digital Census & retail planning* underage access prevention 2x the retail reach of large-cap CPG avg. 8x faster c.10x cheaper Our products are on
Slide 13: (Video – Combustibles)
all y (Video — Combustibles)
Slide 14: A portfolio of powerful brands
A portfolio of powerful brands Iconic global brands powering sustainable value delivery BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). 14
Slide 15: Strong premium brands, activating laddered offers
Strong premium brands, activating laddered offers MOST ICONIC GLOBAL BRAND MOST PROGRESSIVE GLOBAL BRAND TRUE PREMIUM TOBACCO BRAND 1515
Slide 16: Robust and flexible value for money portfolio
Robust and flexible value for money portfolio BIGGEST BRAND IN BAT PORTFOLIO* BIGGEST BAT BRAND IN LATIN AMERICA* *Biggest brand in revenue terms. 1616
Slide 17: Iconic U.S. brands
Iconic U.S. brands FASTEST GROWING MARKET LEADER IN MOST ICONIC AN AMERICAN TRUSTED QUALITY IN PREMIUM* MENTHOL* BRAND ORIGINAL GREAT PRICE Strength in U.S. portfolio across segments and price tiers *On a volume share basis. BAT Group does not own all brands featured in all countries (e.g. BAT owns
Slide 18: Portfolio and brands built around the consumer
Portfolio and brands built around the consumer PREMIUM VFM* / LOW F&S** Maximising value and share across every segment and price tier *Value for Money. **Freshness and flavour sensations. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). 18
Slide 19: Globally developed, locally deployed
Globally developed, locally deployed Faithfully deployed across relevant touchpoints for maximum impact 19
Slide 20: Sustained high performance in key markets
Sustained high performance in key markets Brazil Mexico Pakistan INCREASED SHARE* YOY WITH A MAINTAINED SHARE* IN A RECORD SHARE* DELIVERED ROBUST PORTFOLIO COMPLEX POST EXCISE DYNAMIC JULY ‘26 80.4% (%) (%) (%) 70.1 (Excise January 2026) 80.3 69.8 80.1 80.2 38.7 38.9 68.7 37.6 FY 24 FY 25 YTD 26 FY
Slide 21: Reignited performance through incremental investment
Reignited performance through incremental investment Germany Romania Japan BUILDING THE FOUNDATION FOR RESILIENT SHARE* PERFORMANCE IN SIGNS OF SHARE* RECOVERY SHARE* RECOVERY A DOWNTRADING MARKET (%) (%) (%) 52.2 24.2 18.5 50.4 50.3 50.5 18.2 23.5 23.1 22.8 17.6 17.6 FY 24 H1 25 H2 25 H1 26 FY 24 H
Slide 22: Significant steps towards simplification
Significant steps towards simplification JOURNEY SO FAR FUTURE FOCUS Complexity target reductions Delighting consumers through achieved ahead of plan* differentiated product innovation -12 -76% -53% Freshness and flavour sensations Modern smoothness Authentic and artisan Market exits Leaf grades Ble
Slide 23: Faster, more impactful delivery through digital agility
Faster, more impactful delivery through digital agility REVENUE GROWTH COST EFFICIENCY AND SPEED DIGITISING BRAND MANAGEMENT THROUGH NEXT GEN TOOLS DEVELOPMENT & DEPLOYMENT Generative Research consumer insights modernisation Synthetic segment Express mix testing Price elasticity modelling and simula
Slide 24: Winning in combustibles: Clear strategy. Execution delivering. Funding transformation.
Winning in combustibles: Clear strategy. Execution delivering. Funding transformation. 01 02 03 04 Combustibles We have a clear We have the We are confident in power our strategy to win in right capabilities sustainably delivering transformation* combustibles to deliver the algorithm 68% Delivering
Slide 25: Appendices
Appendices capitis Markets ag 2026)
Slide 26: 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 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
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