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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Dalton, Georgia considers new licensing rules and caps for vape shops
Dalton, Georgia considers new licensing rules and caps for vape shops
Dalton, Georgia is weighing a proposal to require city licenses for vape shops, limit how many can operate within city limits, and impose a 1,000-foot buffer for new shops from schools and other community facilities. City officials say the ordinance would not eliminate existing vape shops outright, though some may be impacted if ownership changes or licenses expire.
Feb.05 by 2FIRSTS.ai
JT to Launch New Ploom Stick Variant “EVO Sakura Regular” Nationwide in Japan on April 6
JT to Launch New Ploom Stick Variant “EVO Sakura Regular” Nationwide in Japan on April 6
JT said it will begin rolling out “EVO Sakura Regular,” a new product under the premium EVO brand for the heated tobacco brand Ploom, at convenience stores and tobacco retailers across Japan from April 6. The product has already been on sale since February 3 through the CLUB JT online shop and Ploom Shops nationwide.
Mar.13 by 2FIRSTS.ai
Belarus plans to tighten licensing for e-cigarette and e-liquid trade; Lukashenko expresses support
Belarus plans to tighten licensing for e-cigarette and e-liquid trade; Lukashenko expresses support
A report says Belarus plans to tighten, at the legislative level, the licensing of trade in electronic cigarettes and related mixtures (e-liquids). The draft law was discussed at a meeting chaired by President Alexander Lukashenko with the leadership of the Council of Ministers, according to a BelTA correspondent.
Feb.06 by 2FIRSTS.ai
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
IQOS Japan launches three ILUMA i custom bundle sets with leather wrap and premium ring accessories, on sale from Jan 29
IQOS Japan launches three ILUMA i custom bundle sets with leather wrap and premium ring accessories, on sale from Jan 29
According to IQOS Japan’s official website, the company has introduced three custom bundle sets for its IQOS ILUMA i lineup, combining devices with accessories as bundled offerings, and began rolling them out across multiple sales channels from Jan. 29.
Jan.29 by 2FIRSTS.ai
Azerbaijan moves to fine and confiscate e-cigarettes across supply chain; full ban expected April 1, 2026
Azerbaijan moves to fine and confiscate e-cigarettes across supply chain; full ban expected April 1, 2026
Azerbaijan is considering administrative penalties for the use, import, export, production, wholesale and retail sale, and storage for sale of e-cigarettes, including confiscation of products. The proposed amendments were discussed at a parliamentary committee meeting. The draft sets fine ranges for individuals, officials, and legal entities, and introduces a separate fine for vaping in prohibited places and public areas.
Feb.27 by 2FIRSTS.ai