British American Tobacco (BATS LN) FY25 (GBP): Revenue 25.6bln (exp. 25.6bln); Adj. Operating Profit 11.57mln, +0.4% Y/Y; Diluted EPS 0.352, +0.7% Y/Y

• Consumers of smokeless products 34.1mln, +4.7mln from 2024.

• Sees global cigarette industry volume expected to be down around 2%.
• 3-5% revenue growth, with low double-digit New Category revenue growth.

British American Tobacco's results for FY25 align with expectations in revenue but show only modest growth in adjusted operating profit and diluted EPS. The outlook for FY26 suggests challenges in the global cigarette market, projecting a decline in volume, while the company anticipates stronger growth from alternative products, which may impact investor sentiment regarding its long-term strategy.