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.
www.2firsts.com

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.
www.2firsts.com

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.
www.2firsts.com

The Volume Illusion: Measuring the Future of Nicotine with the Tools of the Past
The Volume Illusion: Measuring the Future of Nicotine with the Tools of the Past
As next-generation nicotine products become economically central rather than marginal, traditional volume-based metrics are increasingly unable to explain consumption, risk, and value. Units designed for a cigarette-based economy struggle to describe systems defined by delivery speed, pharmacokinetics, and adaptive user behavior. Drawing on financial reporting, regulation, and nicotine science, a fundamental question: can the future of nicotine still be measured using the tools of its past?
Feb.09 by Alan Zhao | 2Firsts Perspectives
Special Report | 71 U.S. Lawmakers Seek to Elevate Illicit Vape Crackdown to U.S.–China Trade Negotiations
Special Report | 71 U.S. Lawmakers Seek to Elevate Illicit Vape Crackdown to U.S.–China Trade Negotiations
U.S. Rep.Mike Carey and 70 other Republican lawmakers have urged federal officials to elevate the crackdown on illicit vapes to the U.S.–China trade agenda. In a March 4 letter to the Treasury Secretary and the U.S. Trade Representative, they warned that unauthorized vape products pose risks related to national security, youth protection and organized crime. The signatories represent about one-third of House Republicans, highlighting growing congressional attention to illicit vape trade.
Mar.10
Canadians visiting Mexico warned of stricter penalties for bringing e-cigarettes or vaping devices
Canadians visiting Mexico warned of stricter penalties for bringing e-cigarettes or vaping devices
Canadians traveling to Mexico should avoid packing e-cigarettes or vaping devices, citing Canada’s travel advisory warning that tourists have been banned from bringing such items into Mexico since 2025. The advisory says customs officials could confiscate the items upon arrival and travelers could be fined or detained.
Feb.09 by 2FIRSTS.ai
Guam names retailers fined for selling tobacco to under-21 customers; penalties range from $2,000 to $4,000
Guam names retailers fined for selling tobacco to under-21 customers; penalties range from $2,000 to $4,000
Guam disclosed enforcement details for its 2025 tobacco retail compliance program, showing a 97.1% compliance rate among 277 inspected retailers. Nine violations were recorded, including eight underage sales cases and one signage violation, with fines ranging from $500 to $4,000.
Feb.10 by 2FIRSTS.ai
West Virginia Governor Signs Bill Directing USD 2.9 Million From Juul Settlement to Youth Tobacco Prevention
West Virginia Governor Signs Bill Directing USD 2.9 Million From Juul Settlement to Youth Tobacco Prevention
The American Cancer Society Cancer Action Network said West Virginia Governor Patrick Morrisey has signed House Bill 5691 into law, directing USD 2.9 million from the Juul settlement to youth tobacco prevention and programs that help people quit. The bill is a supplemental appropriation measure, and the Legislature’s bill history shows it passed the House on March 11, passed the Senate on March 13 and was sent to the governor on March 18.
Mar.20 by 2FIRSTS.ai
Vape sellers sue to block Texas law banning e-liquids from China and other “foreign adversaries”
Vape sellers sue to block Texas law banning e-liquids from China and other “foreign adversaries”
A group of vape distributors and retailers has sued to block enforcement of a Texas law that criminalizes selling or marketing vape products containing e-liquids made wholly or partly in China or in countries designated as “foreign adversaries” by the U.S. Commerce Secretary. The plaintiffs argue the law violates the U.S. Constitution because only Congress may regulate foreign commerce.
Feb.03 by 2FIRSTS.ai