British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Debt Investor Presentation (2025)
12 slides from British American Tobacco P.l.c's debt investor presentation, 2025
Slide 1: Building a smokeless world
Building a smokeless world Interim Results 2025 Soraya Benchikh – 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 HY25
Driving a sustainable transformation in HY25 • Results delivered slightly ahead of expectations • Return to U.S. growth and robust AME delivery • Excellent Velo performance globally A Better Tomorrow • Progress towards a smokeless world • Consumers of smokeless* products +1.4m to 30.5m Building a •
Slide 5: H1 performance slightly ahead of expectations
H1 performance slightly ahead of expectations Revenue Adjusted gross profit/margin* Adjusted profit from Adjusted diluted EPS* (£bn) (£bn) operations/margin (APFO)* (pence) (£bn) +1.8% +3.0% +1.9% +1.7% vs. HY24 vs. HY24 vs. HY24 vs. HY24 65.9% 43.2% 43.2% 65.2% 12.6 8.3 162.1 12.3 8.0 5.3 5.4 159.4
Slide 6: Delivering Quality Growth in New Categories
Delivering Quality Growth in New Categories Revenue Adjusted gross profit/margin Category contribution/margin Return on investment (£m) (£m) (£m) (%) +2.4% +6.8% +39% +5.7pp vs. HY24 vs. HY24 vs. HY24 vs. HY24 59.6% 10.6% 57.1% 7.8% 1,689 1,006 21.6% 179 1,651 942 129 15.9% HY24 HY25 HY24 HY25 HY24
Slide 7: U.S. back to revenue and profit growth
U.S. back to revenue and profit growth Key drivers Combustibles • Strengthened combustibles portfolio & sharper execution Revenue 3.8% • Return to revenue and profit growth for first time since 2022 • Value share +20bps • Volume share +10bps (+60bps excl. deep discount) New Category Revenue 3.9% • V
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 by end 2030 Deliver business transformation Targeted investment in business transformation Optimise portfolio Continuously review our footprint and drive cash flows Progressive Dividend
Slide 9: Building momentum in 2025
Building momentum in 2025 FY25 Guidance Key drivers Top end of • Continued U.S. momentum driven by strengthening 1-2% combustibles and Velo Plus • No meaningful impact assumed from enforcement Revenue Growth actions in U.S. illicit Vapour • Strong Velo revenue and contribution growth momentum • Prem
Slide 10: Confident in delivering our mid-term sustainable growth algorithm in 2026
Confident in delivering our mid-term sustainable growth algorithm in 2026 2025 Deployment Year 2026 Sustainable mid-term growth Top end of 1 - 2% 3 - 5% Revenue growth Revenue growth 1.5 - 2.5% 4 - 6% Adjusted Profit from Operations Growth* Adjusted Profit from Operations Growth* ▪ Sustained U.S. re
Slide 11: Q&A
Q&A Interim Results 2025 Soraya Benchikh – Chief Financial Officer | Daniel Wong – Group Head of Treasury
Slide 12: Appendix
Appendix Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting
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