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

WHO’s First Global Report on Nicotine Pouches: Harm Reduction Questions Remain Amid Global Regulatory Warning
WHO’s First Global Report on Nicotine Pouches: Harm Reduction Questions Remain Amid Global Regulatory Warning
Ahead of World No Tobacco Day 2026, WHO released its first global report on nicotine pouches, warning that rapid market growth, youth-oriented marketing and weak regulation are converging. 2Firsts views the report as an important warning, but not a complete risk assessment, with harm-reduction questions still unresolved.
Special Report
May.17
Altria’s USSTC to Close Nashville Plant and Shift Operations to Kentucky by 2028
Altria’s USSTC to Close Nashville Plant and Shift Operations to Kentucky by 2028
U.S. Smokeless Tobacco Company (USSTC), a subsidiary of Altria Group, announced plans to close its Nashville manufacturing facility by 2028 and consolidate production operations at a new facility in Hopkinsville, Kentucky.
Market
Jun.02
One Nation Proposes 50% Tobacco Excise Cut as Australia’s Illicit Market Expands
One Nation Proposes 50% Tobacco Excise Cut as Australia’s Illicit Market Expands
Australian One Nation leader Pauline Hanson has proposed cutting tobacco excise by 50% and freezing indexation until June 30, 2028, in a bid to lower legal cigarette prices and reduce the price advantage of the illicit tobacco market.
Jun.18
AIR Romania Manufacturing Facility Expected to Begin Operations in Q1 2027
AIR Romania Manufacturing Facility Expected to Begin Operations in Q1 2027
AIR Limited announced on May 7, 2026, that it plans to open a new manufacturing facility of approximately 70,000 square feet in Stefanesti, Bucharest North, Romania. The facility is expected to begin operations by the first quarter of 2027. AIR said that once fully operational, the facility is expected to support more than 150 jobs and be capable of producing more than 4,000 tons of flavored shisha molasses each year.
May.08 by 2FIRSTS.ai
 Former DHS Spokesperson Analyzes CBP’s $175 Million Illegal Vape Seizure
Former DHS Spokesperson Analyzes CBP’s $175 Million Illegal Vape Seizure
The Washington Examiner published an opinion article by Tricia McLaughlin, former Assistant Secretary for Public Affairs and spokesperson at the U.S. Department of Homeland Security, arguing that the Trump administration is strengthening enforcement against illegal vape supply chains through the FDA, CBP, and DHS.
Regulations
May.25
PMI Highlights 43 Million Smoke-Free Users at Stockholm Summit
PMI Highlights 43 Million Smoke-Free Users at Stockholm Summit
Philip Morris International says about 43 million adults worldwide now use its smoke-free products, with nearly 70% having stopped using cigarettes and smoke-free products accounting for about 43% of its net revenues.
Jun.18