BAT FY2025 Results Review Series by 2Firsts

Feb.12
BAT FY2025 Results Review Series by 2Firsts

On February 12, 2026, British American Tobacco (BAT) released its full-year 2025 results and held a results presentation and investor briefing. CEO Tadeu Marroco and members of the senior management team participated in the session, outlining the company’s financial performance, strategic priorities, and progress across New Categories.

 

As one of the world’s largest tobacco companies, BAT has in recent years positioned transformation as a core strategic direction. The company maintains long-term investments across reduced-risk product categories, including heated tobacco, vapour and modern oral nicotine. The development trajectory of these New Categories has become one of the most important variables influencing BAT’s global competitive positioning and capital market valuation.

 

Sustained coverage and in-depth analysis of BAT’s financial results help provide a clearer understanding of its strategic evolution. At the same time, BAT’s transition offers a reference point for assessing broader structural shifts across the global tobacco industry.

 

Below is 2Firsts’ ongoing collection of reports and analysis related to BAT’s FY2025 results. (Continuously updated)


2FIRSTS | BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
2FIRSTS | BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
British American Tobacco reported FY2025 revenue of £25.61 billion, down 1.0% on a reported basis but up 2.1% at constant currency. New Categories revenue rose 5.5%, with category contribution increasing 77%. Smokeless products accounted for 18.2% of group revenue.
www.2firsts.com

2FIRSTS | BAT CEO Says 2026 Return to Growth Hinges on U.S. Enforcement, Highlights Oral Leadership
2FIRSTS | BAT CEO Says 2026 Return to Growth Hinges on U.S. Enforcement, Highlights Oral Leadership
British American Tobacco said 2026 will mark a return to its mid-term growth algorithm, but CEO Tadeu Marroco stressed that deliverywill depend heavily on enforcement against illicit vapour products in the United States. Speaking at the FY2025 results call, he positioned Modern Oral as the company’s primary structural growth engine, reframed accelerating cigarette declines through “poly-usage,” and reinforced capital discipline with an expanded share buyback plan.
www.2firsts.com

2FIRSTS | BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
2FIRSTS | BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
Drawing on BAT’s FY2025 results and earnings call, 2Firsts finds the company shifting from category expansion to competitive entrenchment across Vapour, Modern Oral, Heated Products and Combustibles. The strategy centers on connected devices, geographic customization and portfolio tiering. While structurally coherent, financial returns depend on consistent regulatory enforcement against illicit competitors, making policy execution a key variable for 2026 performance.
www.2firsts.com

Poland Weighs Ban on Disposable Vapes, Tightens Rules on Nicotine Pouches
Poland Weighs Ban on Disposable Vapes, Tightens Rules on Nicotine Pouches
Poland plans to amend its tobacco control legislation, proposing a ban on disposable e-cigarettes (both nicotine-containing and nicotine-free) while simultaneously tightening regulations on nicotine pouches and other novel nicotine products. Nicotine pouches may be permitted only in "tobacco flavour" variants to reduce their appeal to young people.
Mar.10 by 2FIRSTS.ai
New York Nicotine Pouch Tax Moves Forward as Critics Question Public Health Impact
New York Nicotine Pouch Tax Moves Forward as Critics Question Public Health Impact
New York Governor Kathy Hochul included in her FY 2027 budget proposal a plan to impose the same 75% wholesale tax on nicotine pouches such as Zyn that applies to cigarettes. The measure is expected to raise USD 18 million in FY 2027 and USD 44 million in FY 2028 after full implementation.
Mar.30 by 2FIRSTS.ai
PMI U.S. Says Dothan Factory Closure Reflects Focus on Smoke-Free Business Strategy
PMI U.S. Says Dothan Factory Closure Reflects Focus on Smoke-Free Business Strategy
Philip Morris International U.S. (PMI U.S.) announced that it will close the Swedish Match cigar manufacturing facility on Columbia Highway in Dothan, Alabama. The company said the decision reflects its need to maintain focus on offering reduced-risk, FDA-authorized smoke-free products to legal-aged adult nicotine users in the United States to help them move away from combustible cigarettes.
Mar.30 by 2FIRSTS.ai
Nicotine Becomes Second-Largest Revenue Source for Couche-Tard in Fiscal 2025
Nicotine Becomes Second-Largest Revenue Source for Couche-Tard in Fiscal 2025
Alimentation Couche-Tard reported that nicotine products accounted for 9% of total revenue in fiscal 2025, making it the company’s second-largest revenue source after fuel, according to its latest Business Strategy Update.
Market
Feb.19
Thai Vape User Numbers Rose More Than 11-Fold in Three Years, Group Says Ban Should Be Reassessed
Thai Vape User Numbers Rose More Than 11-Fold in Three Years, Group Says Ban Should Be Reassessed
A network of e-cigarette users in Thailand has urged the new government to review the country’s vape ban, saying official data show that use has risen sharply despite more than a decade of prohibition.
Mar.27 by 2FIRSTS.ai
Research Summary | NHANES Study: Smoking or E-Cigarette Use Linked to Higher Prevalence of Elevated Blood Pressure and Hypertension
Research Summary | NHANES Study: Smoking or E-Cigarette Use Linked to Higher Prevalence of Elevated Blood Pressure and Hypertension
A cross-sectional analysis based on the US NHANES 2021–2023 cycle, including 6,262 participants aged over 12, found that compared with people who neither smoke nor vape, those who smoke and/or use e-cigarettes had a higher prevalence of elevated blood pressure and hypertension. After full adjustment, smoking/vaping was associated with elevated blood pressure (aOR 1.34) and hypertension (aOR 1.46), and with a 1.05 mmHg higher diastolic blood pressure.
Feb.09 by 2FIRSTS.ai