British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
21 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: Driving Consumer-Centric Growth – Transforming Insights & Foresights
Driving Consumer-Centric Growth – Transforming Insights & Foresights Julian Prynn, Group Head of Consumer Insights & Foresights This presentation contains references to comments made by adult consumers who, subject to the relevant BAT Group guidelines and/or criteria, took part in research and relat
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: Modernised consumer insights powering cross-category innovation & growth
Modernised consumer insights powering cross-category innovation & growth FOCUS OF THE LAST CMD FOCUS TODAY >10 YEARS MULTI-CATEGORY TRANSFORMED FURTHER ENHANCED & EXPERIENCE AND LEARNINGS INSIGHTS CAPABILITIES ACCELERATED AI & Insights → Technology decision DEEPLY EMBEDDED IN THE BUSINESS Consumer I
Slide 5: Well-established multi-category experience & learnings increasingly key
Well-established multi-category experience & learnings increasingly key NO ONE SIZE FITS ALL GROWING NC POLY-USAGE* MO FASTEST GROWING CATEGORY c.1 in 3 nicotine consumers Preferences vary by markets & segments MO complementary to other NCs c.1 in 2 NC consumers T12 markets (m users) CAGR 2030 CAGR
Slide 6: Transformed insights capabilities well embedded in the business
Transformed insights capabilities well embedded in the business RECAP FROM LAST CMD AI & DIGITAL INSIGHTS DEMAND MOMENTS INNOVATION FORESIGHTS Real-time trends Moments, occasions Forward looking, & performance and journeys actionable innovation \ NC Journey Labs* Search Social Reviews …enabling BAT
Slide 7: Insights modernisation accelerated, driven by AI
Insights modernisation accelerated, driven by AI AI & DIGITAL DIGITAL TRACK* AI APPLICATIONS* RESEARCH MODERNISATION* INSIGHTS AI enhanced capabilities AI Smart Assistant (AISA) Connectivity Synthetic AI segments Track automation AI pre-testing AI foresights AI qualitative Search Social Reviews Comm
Slide 8: Insights modernisation accelerated, driven by AI
Insights modernisation accelerated, driven by AI AI & DIGITAL INSIGHTS CONNECTIVITY Real consumer behaviour data Rich, actionable continuous consumer insights UK GER Behavioural segmentation Monitoring product usage occasions → targeted comms → enrich demand moments Connected devices Connected pod P
Slide 9: Demand moments: actioning NC poly-usage insights
Demand moments: actioning NC poly-usage insights DEMAND MOMENTS ACTIONABLE DEMAND MOMENTS INSIGHTS Social context SOCI STAIN AL IS SU For each moment Highly actionable E 16% 10% F D OC BON US 4% 15% • Relative size • Product development Boost Relax • Differing preferences • Brand activation ARE UNW
Slide 10: Demand moments: actioning NC poly-usage insights
Demand moments: actioning NC poly-usage insights DEMAND MOMENTS ACTIONABLE DEMAND MOMENTS INSIGHTS Social context Category choice differs across moments and occasions SOCI Socialising with Work break with Concert/watching a STAIN AL IS friends colleagues football match SU E 16% 10% F D OC Flavour Id
Slide 11: Demand moments: actioning NC poly-usage insights
Demand moments: actioning NC poly-usage insights DEMAND MOMENTS ACTIONABLE DEMAND MOMENTS INSIGHTS 1. Role of moments for brand journeys* 2. MO highly complementary to all NCs 3. Vapour strength in social moments* + Discovery Functional Emotional c.70% MO users use other nicotine products** + Social
Slide 12: Demand moments: actioning NC poly-usage insights
Demand moments: actioning NC poly-usage insights DEMAND MOMENTS NC JOURNEY LABS Multiple paths from combustibles to NC adoption Consumption and choice drivers evolve over time 1 – 2 yr > 2 yrs Acclimatising Flavour intensity / variety, COMBUSTIBLES* sensation / ritual nicotine levels Initial explora
Slide 13: Leveraging AI to turn insights into foresights
Leveraging AI to turn insights into foresights INNOVATION FORESIGHTS AI CAPABILITIES AND DIGITAL LISTENING AT SCALE FOR A FORWARD-LOOKING VIEW Business 1 2 3 Digital AI trends Quantifying applications listening* discovery opportunities** AI logistics Bubble size: Sub-trend size Growth 47 million soc
Slide 14: Insights feeding innovation: Velo
Insights feeding innovation Velo Expand Velo & MO Category to more users, markets and moments INSIGHTS TO GUIDE: Results: U.S. Velo Plus success OPTIMISATION OF: FOR: Volume share: 30% in 20 months* U.S. → Flavour ranges Brand equity: BSS from 22 (Q3 24) → 34 (Q2 26) New vs Established Users → Nicot
Slide 15: Insights feeding innovation: Vuse Ultra
Insights feeding innovation Vuse Ultra Premiumise Vuse and rechargeable Vapour Results: INSIGHTS TO GUIDE: Gaining share and establishing premium* → Optimised premium design Share of RCS CAN GER FRA → Quality, simplicity, elegance Jul 26: 8.2% 4.0% 2.4% → Intuitive technology Improved brand equity**
Slide 16: Insights feeding innovation: glo Hilo
Insights feeding innovation glo Hilo Close glo gap in premium & achieve superiority among smokers Results: INSIGHTS TO GUIDE: Continuous share of premium growth* POL JPN ITA Jul 26: → Optimum, premium design & ergonomics 8.3% 2.6% 1.9% → Faster, simpler usage Successfully capturing premium users → I
Slide 17: Insights feeding innovation: New Innovation
Insights feeding innovation New Innovation Convert smokers who so far rejected NCs INSIGHTS TO GUIDE: Consumer feedback* → Cigarette-like taste satisfaction without the “…Tastes very similar to cigarettes… negative stigma I like this” Female, Combustibles, ESP → Familiar rituals with simplicity and
Slide 18: Modernised consumer insights powering cross-category innovation & growth
Modernised consumer insights powering cross-category innovation & growth In the increasingly complex and dynamic consumer context: • Our consumer insights transformation is deeply embedded in the business • It is inherently and instinctively cross-category oriented • AI is now enabling further enhan
Slide 19: Appendices
Appendices capitis Markets ag 2026)
Slide 20: 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 21: 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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