British American Tobacco expects full-year revenue growth of around 2%, before currency impacts and in-line with previous guidance. There’s been mid-single digit revenue growth from New Categories, reflecting an acceleration in the second half.
Underlying operating profit is expected to grow at a similar pace to revenue.
The company is anticipating an improvement in 2026, with both sales and underlying operating profit growth to land at the bottom end of their respective 3-5% and 4-6% medium-term goals. Net debt is expected to fall back to within its target range.
A £1.3bn share buyback for 2026 was also announced.
The shares fell 3.9% in early trading.
Our view
HL view to follow.
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