British American Tobacco P.l.c. · LSE:BATS
British American Tobacco P.l.c — Investor Day (2026)
25 slides from British American Tobacco P.l.c's investor day presentation, Sep 29, 2026
Slide 1: Horizon 2030
Horizon 2030 Tadeu Marroco, Chief Executive
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: Welcome to BAT Capital Markets Day 2026
Welcome to BAT Capital Markets Day 2026 1. Our momentum is strong, driven by New Categories 2. The nicotine industry has a long runway ahead 3. Modern Oral is the main growth driver 4. We are delivering today and building for tomorrow 18+ only. This product contains nicotine and is addictive. 5. We
Slide 5: Where is BAT today?
Where is BAT today? BAT 2024 Capital Markets Day ‘BAT will deliver ‘A multi- profitable New ‘Return the U.S. ‘Credible ‘BAT will deliver category Category to sustainable science shapes its financial strategy will win growth’ growth’ regulation’ algorithm’ with consumers’ BAT 2026 Interim Results #1
Slide 6: Nicotine industry value is in long-term growth
Nicotine industry value is in long-term growth Nicotine industry revenue expected to Primarily driven by New Categories growth continue to grow £bn £bn 4% 13% CAGR CAGR CAGR CAGR 2025 – 2030E 2025 – 2030E 32 100 81 13% 23% 71 32 11 Modern Oral New Categories 17 17 11 7 10% 11 4 Vapour 60 63 68 1.5%
Slide 7: Adult smokers are switching to Smokeless products
Adult smokers are switching to Smokeless products Total Nicotine Consumers (m) New Categories Consumers* (m) +6% CAGR CAGR FLAT CAGR 2025 – 2030E 2025 – 2030E 147 446 445 CAGR 25-30 47 15% 110 Modern Oral 110 147 6% 24 New Categories 89 4% Vapour 74 380 346 -1.5% Combustibles 48 7% 35 Heated Product
Slide 8: BAT strategy is delivering results
BAT strategy is delivering results A Better Tomorrow We are accelerating towards a Building a Switch Smokeless to Better World Smokeless future Quality Sustainable Dynamic Growth Future Business Ambition to be a predominately Smokeless business by 2035 8
Slide 9: Today is all about BAT's Horizon 2030
Today is all about BAT’s Horizon 2030 Quality Growth: 1. U.S. as growth cornerstone 2. No.1 in Modern Oral 3. Combustibles as core 4. New Category inhalation platform Quality Sustainable Dynamic Growth Future Business 5. Beyond Nicotine optionality Sustainable Future: 6. Tobacco Harm Reduction accep
Slide 10: Seven strategic levers, one growth agenda to 2030
Seven strategic levers, one growth agenda to 2030 Consumer-led innovation NC inhalation Beyond Tobacco U.S. as growth No.1 in Combustibles platform Nicotine Harm World-class cornerstone Modern Oral as core Reduction capabilities optionality acceptance Vapour HP MO acceleration Premium product Focuse
Slide 11: Consumer-led innovation
Consumer-led innovation Consumer-centric insights Innovation pipeline Execution at scale • Demand moments and behaviour • Internal R&D and 100+ partners • Rapid test and scale • Connected device data • Open innovation ecosystem • Global commercialisation • AI foresights and digital listening • AI-en
Slide 12: U.S. as growth cornerstone
U.S. as growth cornerstone Accelerate Modern Oral growth c.£42bn • Volume +188%, revenue +220% in H1 26 • Volume share 30.5%* • Capturing c.80% of industry growth revenue pool • Velo Max launched incremental flavours and nicotine levels c.60m adult nicotine Build portfolio for success in Vapour Maxi
Slide 13: Global #1 in Modern Oral
Global #1 in Modern Oral The strongest performance in the category c.£4bn • Clear volume share leadership across the globe • Capturing c.75% of growth revenue pool • Global #1 on brand equity and consumer satisfaction c.24m 40% global volume share 69% value share in Europe Fastest growing nicotine b
Slide 14: Combustibles as core
Combustibles as core Winning in combustibles is critical • #1 revenue globally – c.140 market footprint c.£63bn • 25 of BAT’s top 40 markets hold #1 or #2 positions* • Iconic portfolio across all price tiers revenue pool #1 Consumer Share** +100mn daily users** >11m retail outlets*** >150m daily con
Slide 15: NC inhalation platform: Vapour
NC inhalation platform: Vapour Vuse is the biggest brand in the category • #1 value share* and consumer satisfaction c.£4bn • U.S. value share +5.1pp to 56.8% in world’s largest Vapour market • 12.8m Vuse consumers revenue pool^ 44.1% value share +1.1pp share YTD 26 U.S. portfolio expansion in H2 26
Slide 16: NC inhalation platform: Heated Products
NC inhalation platform: Heated Products Established foundation in key markets • >13% volume share in Top HP Markets, YTD Jul 26 c.£9bn • Scaling glo Hilo in premium • Driving a significant product performance improvement revenue pool • +10 – 15pp perception vs. prior offer* c.35m Defending core Winn
Slide 17: Beyond nicotine optionality
Beyond nicotine optionality Established a strong foundation for adjacent growth • Strong Ryde: traction in pilot markets • W&S portfolio expansion through targeted bolt-on M&A • Strategic cannabis partnerships to ensure optionality over time as legalisation evolves Cannabis £256m ARR* W&S £20m ARR 3
Slide 18: Tobacco Harm Reduction acceptance
Tobacco Harm Reduction acceptance Regulatory momentum is accelerating • 70 of 80 tracked markets permit at least one New Category • Modern Oral bespoke legislation from 4 to 32 markets since 2023 • FDA unlock: appropriate flavours and strengths in Vapour/MO Leveraging science and engagement Drive ev
Slide 19: World-class capabilities
World-class capabilities Distribution and scale Top talent • >11m retail outlets*; >150m daily consumer • Attract, upskill and retain top talent touchpoints - c.2x CPG average • 45 manufacturing sites*, including 15 multi- Lean and empowered category sites • £700m Fit2Win benefits expected by 2028 •
Slide 20: Seven strategic levers, one growth agenda to 2030
Seven strategic levers, one growth agenda to 2030 Consumer-led innovation NC inhalation Beyond Tobacco U.S. as growth No.1 in Combustibles platform Nicotine Harm World-class cornerstone Modern Oral as core Reduction capabilities optionality acceptance Vapour HP MO acceleration Premium product Focuse
Slide 21: BAT 2030 financial algorithm
BAT 2030 financial algorithm 1. Growing revenue sustainably 3 – 5% • • 1 – 2% combustibles growth* Mid-teens New Category growth* Revenue growth* 2. Improving profitability 4 – 6% • Driven by both Combustibles and New Categories • >30% New Category Contribution margin by 2030 • Step up in efficienci
Slide 22: Thank you
Capital Markets Day Thank you
Slide 23: Appendices
Appendices capitis Markets ag 2026)
Slide 24: 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 25: 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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