BAT FY2025 Results Review Series by 2Firsts

Feb.12
BAT FY2025 Results Review Series by 2Firsts

On February 12, 2026, British American Tobacco (BAT) released its full-year 2025 results and held a results presentation and investor briefing. CEO Tadeu Marroco and members of the senior management team participated in the session, outlining the company’s financial performance, strategic priorities, and progress across New Categories.

 

As one of the world’s largest tobacco companies, BAT has in recent years positioned transformation as a core strategic direction. The company maintains long-term investments across reduced-risk product categories, including heated tobacco, vapour and modern oral nicotine. The development trajectory of these New Categories has become one of the most important variables influencing BAT’s global competitive positioning and capital market valuation.

 

Sustained coverage and in-depth analysis of BAT’s financial results help provide a clearer understanding of its strategic evolution. At the same time, BAT’s transition offers a reference point for assessing broader structural shifts across the global tobacco industry.

 

Below is 2Firsts’ ongoing collection of reports and analysis related to BAT’s FY2025 results. (Continuously updated)


2FIRSTS | BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
2FIRSTS | BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
British American Tobacco reported FY2025 revenue of £25.61 billion, down 1.0% on a reported basis but up 2.1% at constant currency. New Categories revenue rose 5.5%, with category contribution increasing 77%. Smokeless products accounted for 18.2% of group revenue.
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2FIRSTS | BAT CEO Says 2026 Return to Growth Hinges on U.S. Enforcement, Highlights Oral Leadership
2FIRSTS | BAT CEO Says 2026 Return to Growth Hinges on U.S. Enforcement, Highlights Oral Leadership
British American Tobacco said 2026 will mark a return to its mid-term growth algorithm, but CEO Tadeu Marroco stressed that deliverywill depend heavily on enforcement against illicit vapour products in the United States. Speaking at the FY2025 results call, he positioned Modern Oral as the company’s primary structural growth engine, reframed accelerating cigarette declines through “poly-usage,” and reinforced capital discipline with an expanded share buyback plan.
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2FIRSTS | BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
2FIRSTS | BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
Drawing on BAT’s FY2025 results and earnings call, 2Firsts finds the company shifting from category expansion to competitive entrenchment across Vapour, Modern Oral, Heated Products and Combustibles. The strategy centers on connected devices, geographic customization and portfolio tiering. While structurally coherent, financial returns depend on consistent regulatory enforcement against illicit competitors, making policy execution a key variable for 2026 performance.
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China’s HTP Exports Fell 14.3% in H1 2026 as Russia and Belarus Accounted for 76% Lead
China’s HTP Exports Fell 14.3% in H1 2026 as Russia and Belarus Accounted for 76% Lead
In H1 2026, China’s HS 24041100 exports stood at $1.32 million, down 14.3% YoY, with volume falling 17.2% to 55.33 tons. Market distribution shifted drastically amid overall export drops. Exports to Russia and Belarus totaled $1 million, taking 76.0% of all shipments versus 29.5% in H1 2025. Belarus became the top destination with export value jumping 177.5%, while the Philippines, Singapore and Indonesia’s combined share slumped from 49.3% to 11.2%.Domestically, Yunnan led exporter registrations; Jiangsu and Shanghai were key suppliers, yet Anhui and Sichuan had no exports. Heavy concentration means order or declaration changes for Russia/Belarus greatly affect national aggregate data. The data shows customs entry points (not end markets), covering tobacco consumables only, excluding heating equipment and the complete HTP supply chain.
Aug.11
 $20 Million, a Permanent Injunction and Distributor Controls: Posh Deal Tightens Illinois Vape Compliance
$20 Million, a Permanent Injunction and Distributor Controls: Posh Deal Tightens Illinois Vape Compliance
An Illinois court ordered three companies tied to Posh vapes to pay $20 million and permanently restricted the sale, marketing and distribution in Illinois of products lacking required FDA authorization. The consent order also imposes downstream distributor controls, age-verification measures and social-media marketing limits, creating a new state-level compliance benchmark for disposable vape businesses.
Regulations
Aug.05
FDA 2025 NYTS: Youth E-Cigarette Use Declines but Unauthorized Disposables Remain Prominent; Nicotine Pouch Use Stays Low
FDA 2025 NYTS: Youth E-Cigarette Use Declines but Unauthorized Disposables Remain Prominent; Nicotine Pouch Use Stays Low
The U.S. Food and Drug Administration (FDA) released its 2025 National Youth Tobacco Survey analysis, saying about 2.01 million U.S. middle and high school students currently used any tobacco product; among current youth e-cigarette users, unauthorized disposable brands including Geek Bar, Elf Bar, Lost Mary and Raz had high reported shares, potentially making them a focus for future enforcement.
Jun.24
French Vape Market Under Pressure as Europe’s First Listed Vape Company Kumulus Vape Reports 7.8% H1 Revenue Decline, Retail Sales Rise 41.5%
French Vape Market Under Pressure as Europe’s First Listed Vape Company Kumulus Vape Reports 7.8% H1 Revenue Decline, Retail Sales Rise 41.5%
Kumulus Vape, Europe’s first publicly listed vape company, reported a 7.8% year-on-year decline in first-half 2026 revenue. Amid changing conditions in France’s vape market, the company said channel diversification helped offset pressure, with physical store sales increasing 41.5% year on year. Listed on Euronext Access Paris in 2019 and later transferred to Euronext Growth Paris, Kumulus Vape is viewed as a representative company of Europe’s vape sector. Its performance highlights the industry’s shift from rapid expansion toward more operationally focused growth.
Jul.27
Vape Vending Machine Concerns Rise in German-Speaking Europe as Schools and Age Checks Come Into Focus
Vape Vending Machine Concerns Rise in German-Speaking Europe as Schools and Age Checks Come Into Focus
Recent reports from Germany and Switzerland show growing concern over vape and tobacco vending machines near schools or in public settings, with parents, teachers and residents questioning youth access, age-verification controls and the sale of vapes alongside snacks and drinks.
Jul.06
PMI Expands IQOS and VEEV Presence at Frankfurt Airport Through Travel Retail Pop-Ups
PMI Expands IQOS and VEEV Presence at Frankfurt Airport Through Travel Retail Pop-Ups
According to The Moodie Davitt Report, PMI Global Travel Retail and Frankfurt Airport Retail have launched new IQOS and VEEV retail spaces at Frankfurt Airport. The installations, located inside and outside duty-free areas, showcase IQOS heated tobacco products and VEEV e-vapor products through product education, consumer interaction and brand experiences. Frankfurt Airport Retail, operated by Fraport Group and Gebr. Heinemann, manages key retail activities at Frankfurt Airport. The initiative follows PMI’s broader strategy of expanding smoke-free products through global travel retail channels. PMI has previously introduced VEEV products across multiple European airports while continuing to expand IQOS and VEEV availability in international markets.
Jul.17