Wrap Text
Response to Recent Speculation
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
British American Tobacco p.l.c. (the "Company")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
27 May 2025
British American Tobacco p.l.c.
Response to Recent Speculation
British American Tobacco p.l.c. (BAT) notes the recent speculation relating to a potential disposal of part of its
shareholding in ITC Limited (ITC). BAT confirms that it is evaluating a possible disposal of a small part of BAT's
shareholding in ITC by means of an on-market trade. There can be no certainty that any such transaction will
proceed, nor can there be any certainty as to the terms of any potential transaction. A further announcement will
be made if and when appropriate.
This announcement is being made on behalf of British American Tobacco p.l.c. by Caroline Ferland, Company
Secretary.
ENQUIRIES
Press Office Investor Relations
+44 (0) 20 7845 2888 (24 hours) | @BATPress Victoria Buxton
IR_team@bat.com
NOTES TO EDITORS
Further information
This announcement contains inside information in relation to British American Tobacco p.l.c. for the purposes of
Article 7 of the Market Abuse Regulation.
The securities referred to herein will not be, and have not been, registered under the United States Securities Act
of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of the Securities Act.
About BAT
BAT is a leading global multi-category consumer goods business. Underpinned by world-leading science and R&D,
our purpose is to create A Better Tomorrow™ by Building a Smokeless World where, ultimately, cigarettes have
become a thing of the past. BAT's purpose is backed by Omni™, an evidence-based manifesto for change which
captures its commitment and progress.
BAT employs more than 48,000 people and, in 2024, generated revenue of £25.9bn, with an adjusted profit from
operations of £11.9bn.
BAT's aim is to have 50 million adult consumers of its Smokeless products by 2030 and generate 50% of its
revenue from Smokeless products by 2035. BAT's portfolio is made up of a growing range of nicotine and
smokeless tobacco products which include its Vapour brand Vuse; Heated Product brand glo; and Velo, its
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Modern Oral (nicotine pouch) brand. After only a decade of investment in these products, the Group has delivered
New Category revenue of £3.4bn in 2024, with strong progress in profitability. BAT's portfolio reflects our
commitment to meeting the evolving and varied preferences of today's adult consumers.
BAT is also reducing the use of natural resources, improving livelihoods, and delivering on its climate goals to be
Net Zero across its value chain by 2050. BAT received a Triple A rating from CDP in 2024 for its disclosures on
Climate Change, Water Security, and Forests, showcasing its commitment to environmental transparency and
action.
Forward-looking statements
This release contains certain forward-looking statements, including "forward-looking" statements made
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are
often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could,"
"may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project,"
"positioned," "strategy," "outlook", "target" and similar expressions. These include statements regarding
our customer target ambition, New Categories revenue targets and our ESG targets.
All such forward-looking statements involve estimates and assumptions that are subject to risks,
uncertainties and other factors. It is believed that the expectations reflected in this release are reasonable
but they may be affected by a wide range of variables that could cause actual results to differ materially
from those currently anticipated. A review of the reasons why actual results and developments may differ
materially from the expectations disclosed or implied within forward-looking statements can be found by
referring to the information contained under the headings "Cautionary Statement" and "Group Principal
Risks " in the 2024 Annual Report and Form 20-F of British American Tobacco p.l.c. (BAT).
Additional information concerning these and other factors can be found in BAT's filings with the U.S.
Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and Current
Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov and
BAT's Annual Reports, which may be obtained free of charge from the BAT website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an
independent financial adviser. The forward-looking statements reflect knowledge and information
available at the date of preparation of this release and BAT undertakes no obligation to update or revise
these forward-looking statements, whether as a result of new information, future events or otherwise.
Readers are cautioned not to place undue reliance on such forward-looking statements.
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
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Date: 27-05-2025 02:45:00
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