Company summary
British American Tobacco is one of the world's largest nicotine companies. Alongside traditional cigarettes, it is building reduced-risk and smokeless categories including vaping, heated tobacco and oral nicotine products.
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BATS
British American Tobacco
Tobacco
- Index
- FTSE 100
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Manufacture and sale of cigarettes and other combustible tobacco products, Vuse vapour products, Velo nicotine pouches, glo heated-tobacco products and associated distribution, marketing and product-development activities.
Key markets
A highly international business with major positions in the United States, Europe and emerging markets. The US is especially important for earnings, while New Categories are being developed across multiple global markets.
Key drivers
Pricing in combustibles, cigarette volumes, growth and profitability of New Categories, US market performance, regulation of vapour and nicotine products, cash generation, debt reduction and foreign exchange movements.
Key risks
Declining smoking volumes, regulation, taxation, litigation, illicit trade, restrictions on new nicotine products, health-related liabilities, currency movements, high debt and the risk that alternative products fail to offset combustible declines.
Recent Developments
2 June 2026: BAT's pre-close update highlighted mid-teens New Categories revenue growth and improving US performance. Management continued to target growth led by Vuse, Velo and other smokeless products while maintaining strong cash returns.
Dividend notes
Pays quarterly. The FY2025 dividend is 245.04p, split into four 61.26p instalments. LSE ex-dividend dates in 2026 are 26 March, 9 July, 1 October and 24 December; payments are 7 May, 14 August, 6 November and 3 February 2027.
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