British American Tobacco p.l.c. (BTI) This fall 2025 Earnings Name Transcript


Tadeu Marroco
CEO, Member of Administration Board & Govt Director

Good morning, everybody. I am delighted to welcome you to our Full 12 months 2025 Outcomes Presentation. With me this morning, Javed Iqbal, Interim CFO; and Victoria Buxton, Group Head of Investor Relations.

I’ll start with our transformation highlights. Javed will then take you thru our monetary leads to extra element. Lastly, I’ll return to speak extra about our efficiency outlook and why we’re assured within the pathway forward given the clear momentum we’re driving. We are going to then take your questions.

With that, I wish to draw your consideration to the disclaimers on Slides 2 and three. So let’s start by trying on the optimistic transformation momentum we’re driving. Beginning with some key highlights. We added 4.7 million smokeless customers, bringing our whole to 34.1 million, primarily pushed by our continued sturdy efficiency in Trendy Oral. This marks our strongest development acceleration to this point and place us nicely for 2026.

We delivered 2025 group outcomes on the high finish of steering, pushed by resilient supply in combustibles and a very good efficiency from Velo in all three areas.



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