British American Tobacco Industries, p.l.c. (BTI) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm Victoria Buxton, Group Head of Investor Relations, and with me this morning are Tadeo Morocco, our Chief Executive, and Soraya Bencik, our Chief Financial Officer. Welcome to our 2025 first half pre-closed conference call. I hope you're well, and I'd like to thank you for taking the time to join us this morning. Before we begin, I need to draw your attention to the cautionary statement regarding forward-looking statements, as well as the notes and disclaimer contained in the trading update. Unless stated otherwise, our comments will focus on constant currency adjusted measures, which include adjustments related to profit from our Canadian combustibles business. All share data is year-to-date average to March 2025 versus full year 2024 average. I will now hand over to Tadeo with a reminder that, as always, there'll be an opportunity to ask questions later on in the call. Thank you, Victoria. Good morning, everyone, and welcome. Our revenue performance year to date is slightly ahead of our previous guidance, and we now expect to deliver full year revenue growth of 1% to 2%, supporting 1.5% to 2.5% adjusted profit from operations growth in 2025. I'd like to begin with four key takeaways from today's update. First, I'm very pleased that we expect to return to revenue and profit growth in the US for the first half and the full year, driven by strengthening combustibles delivery and an excellent modern oil performance led by the successful VeloPlus launch. Second, I'm excited about the new categories innovations we are rolling out in a target way as part of our deployment here. and which we expect to accelerate our H2 revenue performance. Third, I'm encouraged by our quality growth progress, balancing top and bottom line delivery, and prioritizi...