British American Tobacco 2025 Half-Year Report Summary

SEC Filing 6-K (0001303523-25-000034)

British American Tobacco p.l.c. (BAT) reported its half-year results for the period ending 30 June 2025. The company experienced a 2.2% decline in reported revenue, primarily due to currency headwinds, but saw a 1.8% increase at constant exchange rates. The U.S. market showed a return to growth, driven by combustibles and the successful launch of Velo Plus, while the Americas and Europe (AME) segment continued to grow. However, the Asia-Pacific, Middle East, and Africa (APMEA) segment faced challenges, particularly in Australia and Bangladesh. New Categories revenue remained stable at £1,651 million, with smokeless products now accounting for 18.2% of Group revenue. Reported profit from operations increased by 19.1%, partly due to an update in the Canadian settlement provision. Adjusted profit from operations rose by 1.9% at constant exchange rates. The company also increased its 2025 share buy-back programme by £200 million to £1.1 billion.