British American Tobacco p.l.c. (BATS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi, everyone. I'm delighted to welcome you to our full year 2025 results presentation. With me this morning, Javed Iqbal, Interim CFO, and Victoria Buxton, Group Head of Investor Relations. I will begin with our transformation highlights. Javed will then take you through our financial results in more detail. Finally, I will return to talk more about our performance outlook and why we are confident in the pathway ahead given the clear momentum we are driving. We will then take your questions. With that, I would like to draw your attention to the disclaimers on slides two and three. So let's begin by looking at the positive transformation momentum we are driving. starting with some key highlights we added 4.7 million smokeless consumers bringing our total to 34.1 million mainly driven by our continued strong performance in modern oral this marks our strongest growth acceleration to date and position as well for 2026. we delivered 2025 group results at the top end of guidance driven by resilient delivery in combustibles and an excellent performance from Vilo in all three regions. Our discipline focus on quality growth continues to improve returns on more targeted investments, with new category contributing now up 77% at constant rates. Alongside this, we remain committed to investing behind our premium innovation launches, supporting long-term value creation. We continue to deliver strong cash returns for shareholders. In addition to our progressive dividend, in December we announced an increase to our share buyback to £1.3 billion in 2026. Looking ahead, we are confident in returning to our mid-term algorithm this year with the accelerated momentum through the second half of 2025, positioning us well for continued delivery. I am proud that we have delivered on all of o...