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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

Importance
Level 1
  • Consumers of smokeless products 34.1mln, +4.7mln from 2024.

FY26 outlook:

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