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BAT to Present at CAGNY; Reaffirming FY26 Guidance
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")
British American Tobacco p.l.c. (the "Company" or "BAT")
18 February 2026
BAT to Present at CAGNY; Reaffirming 2026 Full-Year Guidance
BAT's Chief Executive, Tadeu Marroco, and Reynolds American President, David Waterfield, will
present to investors today at the 2026 Consumer Analyst Group of New York (CAGNY) Conference.
A webcast of the live presentation is scheduled to begin at 11am EST (4pm GMT).
Access to the live webcast of the event (listen-only mode) and the presentation slides will be
available on the investor relations page on the Company's website www.bat.com.
For those unable to join the live webcast, a replay, slides and transcript will be available on
www.bat.com and the BAT IR App.
2026 Full-Year Guidance
BAT reaffirms FY26 guidance, first announced on 12 February 2026, indicating performance at the
lower end of the following constant-currency ranges: 3-5% revenue growth; 4-6% adjusted profit
from operations growth (adj. for Canada and H2 weighted); and 5-8% adjusted diluted EPS
growth (adj. for Canada).
ENDS
Enquiries
Media Centre
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | ir_team@bat.com
About BAT
BAT is a leading global consumer goods company committed to accelerating the transition to a
Smokeless World and reshaping its portfolio for long term sustainability. Its portfolio spans
cigarettes and a rapidly growing range of smokeless alternatives, including Vapour, Heated
Products and Modern Oral nicotine pouches.
The company aims to reach 50 million adult consumers with its Smokeless Products by 2030 and
for these products to deliver 50% of Group revenue by 2035. As of 31 December 2025, BAT's
smokeless brands – Vuse, glo and Velo – were used by over 31 million adult consumers worldwide,
many of whom have completely switched from – or have reduced their consumption of –
cigarettes. Smokeless Products accounted for 18.2% of Group revenue.
BAT employs more than 47,000 people and in 2025 generated £25.6bn in revenue. Backed by
Omni™, its evidence based manifesto for change, the company continues to strengthen its
scientific capabilities across systems toxicology, clinical and behavioural research, and post
market studies.
Alongside transforming its portfolio, BAT is advancing efforts to reduce its environmental
footprint and support positive social impact across its value chain. In 2025, the company received
a Triple A rating from CDP for its disclosures on Climate Change, Water Security and Forests.
References to "BAT", "the company", "Group", "we", "us" and "our" when denoting opinion refer to
British American Tobacco p.l.c. and when denoting business activities refer to British American
Tobacco p.l.c. and its subsidiaries, collectively or individually as the case may be. Collective
expressions used in connection with business activities are used for convenience only and do not
imply any other relationship between what are separate and distinct legal entities. For more
information, please visit www.bat.com and www.asmokelessworld.com.
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", "being confident" and similar expressions. These include statements
regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of
operations, financial condition, liquidity, prospects, growth, strategies and the economic and business
circumstances occurring from time to time in the countries and markets in which the Group operates. In
particular, these forward-looking statements include, among other statements, statements regarding our
expectation to meet our 2026 full-year guidance at the lower end of the relevant range, our customer target
ambitions by 2030, New Categories revenue targets by 2035, our continued commitment to Tobacco Harm
Reduction and our sustainability 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 "Forward looking statements" and "Key
Information—Risk Factors" in the 2025 Annual Report on Form 20-F of 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 2025 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.
Note on Non-GAAP Measures
This announcement contains several forward-looking non-GAAP measures used by management to
monitor the Group's performance. For definitions and reconciliations of non-GAAP measures, please see
the Non-GAAP Measures sections under "Non-GAAP Measures" on pages 41 - 47 and under "Non-GAAP
measures used with the Group's remuneration schemes" on pages 70 - 74 in our 2025 Annual Report on
Form 20-F.
18 February 2026
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Date: 18-02-2026 01:00:00
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