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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Product | Labeled “Built in the USA” + 33mL Total E-Liquid, iJOY XP100K E-Cigarette Launched in the U.S.
Product | Labeled “Built in the USA” + 33mL Total E-Liquid, iJOY XP100K E-Cigarette Launched in the U.S.
iJOY Launches New IJOY XP100K E-Cigarette on Official Website. The product adopts a combined structure of “pod + power bank + refill e-liquid bottle,” comes pre-filled with 18mL of e-liquid and includes 15mL of refill liquid. It is officially claimed to deliver up to approximately 100,000 puffs, and its packaging bears the wording “BUILT IN THE USA.” It has already gone on sale through some online channels in the United States, with the kit priced at US$19.99.
Apr.08 by 2FIRSTS.ai
Philip Morris Limited Launches Delia to Expand IQOS Iluma Consumables Portfolio
Philip Morris Limited Launches Delia to Expand IQOS Iluma Consumables Portfolio
Philip Morris Limited has announced the launch of Delia, the latest addition to its portfolio of heated tobacco and zero-tobacco sticks exclusively compatible with the IQOS Iluma range.
Apr.03 by 2FIRSTS.ai
Bulgaria’s Disposable Vape Ban Receives Formal Approval From the European Commission
Bulgaria’s Disposable Vape Ban Receives Formal Approval From the European Commission
The European Commission has formally published its decision approving Bulgarian legislation banning the placing on the market, offering and sale of disposable e-cigarettes.
Mar.17 by 2FIRSTS.ai
Australia Plans Tougher Penalties for Illicit Tobacco and Vape Crime
Australia Plans Tougher Penalties for Illicit Tobacco and Vape Crime
The Australian government is preparing a new crackdown on the illicit tobacco market, including stronger penalties, expanded police surveillance powers and tougher asset seizure measures.
Mar.19 by 2FIRSTS.ai
Azerbaijan Cancels E-Cigarette State Standard as Full Vape Ban Takes Effect on April 1
Azerbaijan Cancels E-Cigarette State Standard as Full Vape Ban Takes Effect on April 1
The Azerbaijan Institute of Standardization (AZSTAND) has announced the cancellation of state standard AZS 941:2023, “Electronic Cigarettes. General Technical Specifications.”Under legal amendments adopted on December 30, 2025, Azerbaijan has prohibited from April 1, 2026 the import, export, manufacture, storage, wholesale and retail sale, and use of e-cigarettes and their components.
Apr.07 by 2FIRSTS.ai
JTI Invests EUR 300 Million in New Factory in Romania to Advance Its Localized Expansion
JTI Invests EUR 300 Million in New Factory in Romania to Advance Its Localized Expansion
After being present in Romania for more than 30 years, Japan Tobacco International (JTI) announced that it will invest approximately EUR 300 million (about USD 324 million) to build a green, state-of-the-art new factory in Ilfov County, Romania, reinforcing its long-term commitment to the country.
Mar.31 by 2FIRSTS.ai