British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
23 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: APMEA – Growth Opportunity
APMEA – Growth Opportunity Pascale Meulemeester, Regional Director, APMEA
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 – APMEA)
a) SAT (Video - APMEA)
Slide 5: Introducing Asia Pacific Middle East Africa
Introducing Asia Pacific Middle East Africa of global nicotine 49% consumers* of global nicotine 46% volume* of global nicotine 27% revenue* APMEA is structurally positioned for growth *Source: BAT internal estimates (excluding India and China) for industry volume & financials for 2025; One-Track (K
Slide 6: BAT: A stronger, more focused APMEA region
BAT: A stronger, more focused APMEA region 2020 2026 Employees 12.2k 9.0k #1 #1 in APMEA & leader in 28 markets* in APMEA in BAT operated markets** Markets 90 54 Factories 34 29 90% value from top 3 markets Source: BAT shipment data, Retail Audit (PK: Access Retail, BD: Luminaries, RSA: NIQ) and IMS
Slide 7: 2026: Rebuilding the foundation for growth
2026: Rebuilding the foundation for growth Growth vs. same period in the prior year H2 25 H1 26 H2 26 H2 expected accelerators Volume • Continued growth in Pakistan, Vietnam & Indonesia • Combustibles -9% -3% Combustibles • Recovery of share in Japan & KSA • Heated Products -15% -18% • Modern Oral +
Slide 8: We have a clear ambition and growth plan
We have a clear ambition and growth plan Ambition of becoming the fastest growing nicotine player in APMEA A Better Tomorrow Pivot to consumer centric volume-led growth Building a Switch Smokeless to Better World Determined transition to multi-category Quality Sustainable Dynamic Accelerating Modern
Slide 9: Significant growth opportunities across multi-categories
Significant growth opportunities across multi-categories New Category Total poly-use consumers* Total nicotine revenue (£bn) growth drivers CAGR 230 9 14 7 2025 – 2030 +3% +4% CAGR 220 0 c. 20% 31 210 c. 40% -50 25 8 c. 9% 200 23 3 5 c. 40% 190 219 -100 180 210 199 23 c. 3% 170 -150 20 20 160 Vapour
Slide 10: APMEA’s strategic pivot
APMEA’s strategic pivot Transforming how we win Strategic focus Fewer markets, deeper impact Growth Demand moments-led 2030 engine multi-category value creation AMBITION The fastest Local accountability Operating and execution at scale via growing total model growth flywheel nicotine company Foster
Slide 11: APMEA growth flywheel
APMEA growth flywheel Multi-category consumer insights & foresights TRANSFORMATION Showcasing multi- Emerging market category growth in blueprint for multi- developed market category growth Multi-category Multi-category portfolio growth at scale JPN PAK 11
Slide 12: Driving multi-category transformation at scale
Driving multi-category transformation at scale JPN in c. £6bn revenue pool Fast transition Multi-category led total nicotine share growth to Smokeless from Jan 2026 to Aug 2026 #1 Modern Oral brand in the market* Largest Heated Products revenue pool 57% Fastest growth in Built Premium and Leading in
Slide 13: Culturally relevant, demand moment led, always connected
JPN Culturally relevant, demand moment led, always connected DIGITALLY INTEGRATED
Slide 14: Winning in physical execution – perfect stores
Winning in physical execution – perfect stores JPN Unmissable presence of all three categories with major retailers 14
Slide 15: Blueprint for multi-category growth in emerging markets
Blueprint for multi-category growth in emerging PAK markets Sustained Superior execution capabilities New Category combustibles growth enabling accelerated growth acceleration Digital consumer Anti illicit trade No. 1 Volume share* 80% reach*** success Modern Oral brand** 50m c.4pp Velo consumer Dut
Slide 16: Driving reach and demand generation at scale
PAK Driving reach and demand generation at scale 16
Slide 17: Win in combustibles; #1 share of growth in priority markets
Win in combustibles; #1 share of growth in priority markets Investments prioritised for Addressing evolving consumer preferences fastest growing revenue pool and changes to market dynamics Build offers in Value for Illicit industry Expand flavour portfolio PAK BGD JPN IDN RSA Money segment claw back
Slide 18: Clear Modern Oral leadership
Clear Modern Oral leadership VELO #1 Growth Significant white space brand in Modern Oral category momentum opportunities Modern Oral industry revenue (£bn) Our lead markets +26% volume CAGR PAK JPN RSA 2022 – 2025 0.6 KEN UAE +40% revenue 76% 0.6 0.1 Competitor set 24% 2x 0.1 2025 2030E margin vs. W
Slide 19: Profitable heated products growth in key markets
Profitable heated products growth in key markets 1 # New Category value pool (£bn) glo Hilo supporting enhanced glo performance (Heated Products & Japan) +5.4% CAGR 5.5 JPN Total glo volume share stability (%) KAZ Volume share (%) 13.8 14.0 4.3 1.8 c.41% 0.9 Jan 26 Last 3 months glo volume share Jap
Slide 20: Confident in executing our strategy
Confident in executing our strategy APMEA Growth Successfully deployed across Multi-category led Confident in transforming developed & emerging Flywheel value creation* our business markets # 1 NC Revenue in Total BAT APMEA share of growth in priority markets 1 12% X2 # 2025 2030E Profitable Heated
Slide 21: Appendices
Appendices capitis Markets ag 2026)
Slide 22: 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 23: 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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