Buybacks and executive share deals at BAT (NYSE: BTI) outlined
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
British American Tobacco p.l.c. reports a series of routine capital and governance updates, mainly focused on share buybacks and small executive share acquisitions. Under its existing buyback programme, the company repurchased 125,526 shares on 30 January 2026 at a volume‑weighted average price of 4,355.1405p, with further daily purchases including 108,725 shares on 2 February, 117,545 on 3 February, 136,167 on 4 February, 121,668 on 5 February and 131,297 on 6 February 2026. These shares are intended to be cancelled, leaving 2,176,273,303 ordinary shares in issue excluding treasury after the 6 February trades, while 132,976,327 shares are held in treasury. A separate voting rights notice states that, as at 30 January 2026, issued share capital with voting rights totalled 2,177,145,903 shares. Several senior executives and other managers acquired small numbers of shares, typically between 1 and 699 shares each, through the Share Incentive Plan, dividend reinvestment arrangements and deferred bonus schemes at prices around £45–£46 per share.
Positive
- None.
Negative
- None.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
March 2, 2026
Commission File Number: 001-38159
BRITISH AMERICAN TOBACCO P.L.C.
(Translation of registrant’s name into English)
Globe House
4 Temple Place
London WC2R 2PG
United Kingdom
(Address of principal executive office)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
This report includes materials as exhibits that have been published and made available by British American Tobacco p.l.c. as of the date indicated in the relevant exhibit
description.
EXHIBIT INDEX
|
Exhibit
|
|
Description
|
|
|
Exhibit 1
|
Press Release entitled “Transaction in own shares” dated February 2, 2026.
|
||
| Exhibit 2 |
Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Voting
Rights and Capital” dated February 2, 2026.
|
||
| Exhibit 3 |
Press Release entitled “Transaction in own shares” dated February 3, 2026.
|
||
| Exhibit 4 |
Press Release entitled “Transaction in own shares” dated February 4, 2026.
|
||
| Exhibit 5 |
Press Release entitled “Transaction in own shares” dated
February 5, 2026. |
||
| Exhibit 6 |
Press Release entitled “Transaction in own shares” dated
February 6, 2026. |
||
| Exhibit 7 |
Press Release entitled “British American Tobacco p.l.c. (“the Company”) –
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 6, 2026.
|
||
| Exhibit 8 |
Press Release entitled “British American Tobacco p.l.c. (“the Company”) –
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 6, 2026.
|
||
| Exhibit 9 |
Press Release entitled “British American Tobacco p.l.c. (“the Company”) –
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 6, 2026.
|
||
| Exhibit 10 |
Press Release entitled “British American Tobacco p.l.c. (“the Company”) –
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 6, 2026.
|
||
|
Exhibit 11
|
Press Release entitled “Transaction in own shares” dated February 9, 2026.
|
||
| Exhibit 12 | Press Release entitled “British American Tobacco p.l.c. (“the Company”) – Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 9, 2026. | ||
| Exhibit 13 |
Press Release entitled “British American Tobacco p.l.c. – TR-1: Notification of
major holdings” dated February 9, 2026.
|
||
| Exhibit 14 | Press Release entitled “Transaction in own shares” dated February 10, 2026. | ||
| Exhibit 15 |
Press Release entitled “British American Tobacco p.l.c. (the “Company” or “BAT”) –
Board Update – Chair Extension and Senior Independent Director Appointment” dated February 10, 2026.
|
||
| Exhibit 16 | Press Release entitled “Transaction in own shares” dated February 11, 2026. | ||
| Exhibit 17 |
Press Release entitled “British American Tobacco p.l.c. – Momentum Drives Further
Confidence in 2026 Delivery” dated February 12, 2026.
|
||
| Exhibit 18 | Press Release entitled “Transaction in own shares” dated February 12, 2026. | ||
| Exhibit 19 |
Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Share
Buyback Programme” dated February 12, 2026.
|
||
| Exhibit 20 |
Press Release entitled “Transaction in own shares” dated February 13, 2026.
|
||
| Exhibit 21 |
Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Annual
Report for the Year Ended 31 December 2025” dated February 13, 2026.
|
||
| Exhibit 22 |
Press Release entitled “Transaction in own shares” dated February 16, 2026.
|
||
| Exhibit 23 | Press Release entitled “British American Tobacco p.l.c.
(“the Company”) – Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 16, 2026. |
||
| Exhibit 24 | Press Release entitled “Transaction in own shares” dated
February 17, 2026. |
||
| Exhibit 25 | Press Release entitled “British American Tobacco p.l.c.
(“the Company”) – Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 17, 2026. |
||
| Exhibit 26 | Press Release entitled “British American Tobacco p.l.c.
(“the Company”) – Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated February 17, 2026. |
||
| Exhibit 27 | Press Release entitled “Transaction in own shares” dated
February 18, 2026. |
||
| Exhibit 28 | Press Release entitled “British American Tobacco p.l.c.
(the “Company” or “BAT”) – BAT to Present at CAGNY; Reaffirming 2026 Full-Year Guidance” dated February 18, 2026. |
||
| Exhibit 29 |
Press Release entitled “Transaction in own shares” dated February
19, 2026.
|
||
| Exhibit 30 | Press Release entitled “Transaction in own shares” dated February 20, 2026. | ||
| Exhibit 31 | Press Release entitled “Transaction in own shares” dated February 23, 2026. | ||
| Exhibit 32 | Press Release entitled “Transaction in own shares” dated February 25, 2026. | ||
| Exhibit 33 | Press Release entitled “Transaction in own shares” dated February 26, 2026. | ||
| Exhibit 34 |
Press Release entitled “Transaction in own shares” dated February 27, 2026. | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
British American Tobacco p.l.c.
|
||||
|
|
By:
|
/s/ Nancy Jiang
|
||
| Name: |
Nancy Jiang |
|||
| Title: |
Senior Assistant Company Secretary |
|||
Date: March 2, 2026
Exhibit 1
British American Tobacco p.l.c.
02 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
30 January 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
125,526
|
|
Highest price paid per share (pence):
|
4,387.00p
|
|
Lowest price paid per share (pence):
|
4,307.00p
|
|
Volume weighted average price paid per share (pence):
|
4,355.1405p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,888,705 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 30 January 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares) |
Daily weighted average
price of shares acquired |
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
30/01/2026
|
102,069
|
4,355.2293
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
30/01/2026
|
16,283
|
4,355.2683
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
30/01/2026
|
7,174
|
4,353.5868
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
657
|
4,333.00
|
LSE
|
08:00:39
|
|
393
|
4,331.00
|
LSE
|
08:02:04
|
|
189
|
4,331.00
|
LSE
|
08:02:04
|
|
588
|
4,330.00
|
CHIX
|
08:02:13
|
|
541
|
4,325.00
|
LSE
|
08:03:31
|
|
673
|
4,309.00
|
LSE
|
08:06:12
|
|
600
|
4,307.00
|
BATE
|
08:06:30
|
|
111
|
4,319.00
|
CHIX
|
08:09:13
|
|
392
|
4,319.00
|
CHIX
|
08:09:15
|
|
21
|
4,319.00
|
CHIX
|
08:09:15
|
|
581
|
4,317.00
|
LSE
|
08:10:03
|
|
618
|
4,317.00
|
LSE
|
08:10:03
|
|
561
|
4,316.00
|
LSE
|
08:10:04
|
|
596
|
4,316.00
|
LSE
|
08:10:04
|
|
519
|
4,328.00
|
LSE
|
08:14:02
|
|
455
|
4,328.00
|
LSE
|
08:14:02
|
|
398
|
4,328.00
|
LSE
|
08:14:02
|
|
607
|
4,328.00
|
LSE
|
08:14:02
|
|
670
|
4,327.00
|
LSE
|
08:19:24
|
|
622
|
4,326.00
|
LSE
|
08:25:30
|
|
544
|
4,325.00
|
CHIX
|
08:27:35
|
|
585
|
4,323.00
|
LSE
|
08:32:17
|
|
627
|
4,329.00
|
LSE
|
08:38:18
|
|
581
|
4,326.00
|
LSE
|
08:45:37
|
|
589
|
4,337.00
|
LSE
|
08:53:42
|
|
39
|
4,337.00
|
LSE
|
08:53:42
|
|
551
|
4,337.00
|
CHIX
|
08:53:42
|
|
621
|
4,342.00
|
BATE
|
08:58:26
|
|
52
|
4,337.00
|
LSE
|
09:00:37
|
|
222
|
4,337.00
|
LSE
|
09:00:37
|
|
387
|
4,337.00
|
LSE
|
09:00:38
|
|
646
|
4,346.00
|
LSE
|
09:03:46
|
|
615
|
4,349.00
|
LSE
|
09:07:46
|
|
520
|
4,347.00
|
CHIX
|
09:09:04
|
|
474
|
4,353.00
|
LSE
|
09:12:11
|
|
655
|
4,355.00
|
LSE
|
09:15:05
|
|
425
|
4,357.00
|
LSE
|
09:17:57
|
|
284
|
4,354.00
|
LSE
|
09:19:36
|
|
196
|
4,354.00
|
LSE
|
09:19:36
|
|
30
|
4,354.00
|
LSE
|
09:19:36
|
|
575
|
4,352.00
|
LSE
|
09:23:03
|
|
634
|
4,346.00
|
LSE
|
09:31:33
|
|
568
|
4,344.00
|
CHIX
|
09:35:54
|
|
650
|
4,347.00
|
LSE
|
09:45:30
|
|
63
|
4,348.00
|
LSE
|
09:49:04
|
|
117
|
4,348.00
|
LSE
|
09:49:04
|
|
114
|
4,348.00
|
LSE
|
09:49:04
|
|
305
|
4,348.00
|
LSE
|
09:49:04
|
|
625
|
4,354.00
|
LSE
|
09:57:48
|
|
561
|
4,357.00
|
BATE
|
10:02:57
|
|
526
|
4,357.00
|
CHIX
|
10:02:57
|
|
612
|
4,354.00
|
LSE
|
10:14:14
|
|
581
|
4,355.00
|
LSE
|
10:16:55
|
|
551
|
4,354.00
|
LSE
|
10:19:03
|
|
669
|
4,354.00
|
LSE
|
10:19:03
|
|
577
|
4,355.00
|
CHIX
|
10:21:35
|
|
407
|
4,352.00
|
LSE
|
10:26:21
|
|
449
|
4,352.00
|
LSE
|
10:26:21
|
|
576
|
4,353.00
|
LSE
|
10:34:01
|
|
413
|
4,353.00
|
LSE
|
10:40:27
|
|
600
|
4,349.00
|
LSE
|
10:42:36
|
|
520
|
4,350.00
|
LSE
|
10:49:32
|
|
644
|
4,349.00
|
LSE
|
10:49:38
|
|
68
|
4,343.00
|
CHIX
|
10:52:59
|
|
440
|
4,343.00
|
CHIX
|
10:52:59
|
|
675
|
4,343.00
|
LSE
|
10:59:10
|
|
245
|
4,346.00
|
BATE
|
11:05:18
|
|
625
|
4,349.00
|
LSE
|
11:09:18
|
|
84
|
4,347.00
|
LSE
|
11:16:46
|
|
10
|
4,347.00
|
CHIX
|
11:18:02
|
|
117
|
4,347.00
|
CHIX
|
11:18:06
|
|
18
|
4,347.00
|
CHIX
|
11:18:29
|
|
117
|
4,347.00
|
CHIX
|
11:20:00
|
|
542
|
4,348.00
|
LSE
|
11:20:00
|
|
46
|
4,347.00
|
CHIX
|
11:20:04
|
|
11
|
4,349.00
|
LSE
|
11:26:38
|
|
6
|
4,349.00
|
LSE
|
11:26:39
|
|
111
|
4,349.00
|
LSE
|
11:26:39
|
|
5
|
4,349.00
|
LSE
|
11:26:39
|
|
112
|
4,349.00
|
LSE
|
11:26:39
|
|
1
|
4,349.00
|
LSE
|
11:26:39
|
|
6
|
4,349.00
|
LSE
|
11:26:40
|
|
4
|
4,349.00
|
LSE
|
11:26:40
|
|
113
|
4,349.00
|
LSE
|
11:26:40
|
|
14
|
4,349.00
|
LSE
|
11:26:41
|
|
103
|
4,349.00
|
LSE
|
11:26:41
|
|
37
|
4,349.00
|
LSE
|
11:26:43
|
|
1
|
4,349.00
|
LSE
|
11:26:43
|
|
116
|
4,349.00
|
LSE
|
11:26:43
|
|
658
|
4,354.00
|
LSE
|
11:38:24
|
|
519
|
4,354.00
|
CHIX
|
11:38:24
|
|
567
|
4,354.00
|
BATE
|
11:38:24
|
|
674
|
4,345.00
|
LSE
|
11:46:31
|
|
469
|
4,345.00
|
LSE
|
11:46:31
|
|
601
|
4,348.00
|
LSE
|
11:48:31
|
|
589
|
4,352.00
|
LSE
|
11:57:04
|
|
595
|
4,350.00
|
CHIX
|
11:58:19
|
|
576
|
4,346.00
|
LSE
|
12:02:01
|
|
100
|
4,347.00
|
LSE
|
12:04:09
|
|
218
|
4,351.00
|
LSE
|
12:09:38
|
|
75
|
4,351.00
|
LSE
|
12:09:38
|
|
308
|
4,351.00
|
LSE
|
12:09:38
|
|
491
|
4,353.00
|
LSE
|
12:10:46
|
|
469
|
4,354.00
|
LSE
|
12:23:27
|
|
653
|
4,354.00
|
LSE
|
12:23:27
|
|
618
|
4,354.00
|
CHIX
|
12:23:27
|
|
547
|
4,353.00
|
LSE
|
12:25:17
|
|
548
|
4,354.00
|
LSE
|
12:37:54
|
|
441
|
4,357.00
|
BATE
|
12:40:44
|
|
559
|
4,357.00
|
LSE
|
12:40:56
|
|
163
|
4,357.00
|
BATE
|
12:40:56
|
|
572
|
4,354.00
|
LSE
|
12:46:43
|
|
566
|
4,352.00
|
LSE
|
12:53:05
|
|
177
|
4,352.00
|
CHIX
|
12:53:05
|
|
353
|
4,358.00
|
CHIX
|
13:00:17
|
|
268
|
4,358.00
|
CHIX
|
13:00:17
|
|
623
|
4,359.00
|
LSE
|
13:00:17
|
|
619
|
4,359.00
|
LSE
|
13:00:17
|
|
451
|
4,359.00
|
LSE
|
13:00:17
|
|
602
|
4,355.00
|
LSE
|
13:10:24
|
|
16
|
4,353.00
|
LSE
|
13:15:21
|
|
530
|
4,353.00
|
LSE
|
13:15:21
|
|
574
|
4,352.00
|
LSE
|
13:23:18
|
|
488
|
4,351.00
|
LSE
|
13:27:07
|
|
652
|
4,351.00
|
LSE
|
13:27:07
|
|
566
|
4,351.00
|
CHIX
|
13:27:07
|
|
624
|
4,353.00
|
LSE
|
13:32:40
|
|
586
|
4,353.00
|
BATE
|
13:32:40
|
|
544
|
4,353.00
|
LSE
|
13:38:42
|
|
404
|
4,352.00
|
LSE
|
13:40:02
|
|
557
|
4,358.00
|
LSE
|
13:45:26
|
|
538
|
4,358.00
|
CHIX
|
13:45:26
|
|
622
|
4,359.00
|
LSE
|
13:47:52
|
|
267
|
4,357.00
|
LSE
|
13:53:41
|
|
250
|
4,357.00
|
LSE
|
13:53:41
|
|
114
|
4,357.00
|
LSE
|
13:53:41
|
|
87
|
4,357.00
|
LSE
|
13:53:41
|
|
288
|
4,357.00
|
LSE
|
13:53:41
|
|
181
|
4,357.00
|
LSE
|
13:53:41
|
|
39
|
4,357.00
|
LSE
|
13:53:41
|
|
36
|
4,357.00
|
LSE
|
13:53:41
|
|
61
|
4,357.00
|
LSE
|
13:53:41
|
|
208
|
4,357.00
|
LSE
|
13:53:41
|
|
314
|
4,357.00
|
LSE
|
13:53:41
|
|
674
|
4,354.00
|
LSE
|
14:02:50
|
|
564
|
4,354.00
|
CHIX
|
14:02:50
|
|
643
|
4,355.00
|
LSE
|
14:07:53
|
|
311
|
4,355.00
|
LSE
|
14:11:04
|
|
300
|
4,355.00
|
LSE
|
14:11:04
|
|
56
|
4,355.00
|
LSE
|
14:11:04
|
|
603
|
4,355.00
|
BATE
|
14:14:26
|
|
145
|
4,359.00
|
LSE
|
14:15:42
|
|
664
|
4,359.00
|
LSE
|
14:15:42
|
|
26
|
4,359.00
|
LSE
|
14:15:42
|
|
258
|
4,359.00
|
LSE
|
14:15:42
|
|
30
|
4,359.00
|
LSE
|
14:15:42
|
|
98
|
4,359.00
|
LSE
|
14:15:42
|
|
591
|
4,359.00
|
CHIX
|
14:15:43
|
|
565
|
4,358.00
|
LSE
|
14:22:15
|
|
417
|
4,357.00
|
LSE
|
14:27:39
|
|
566
|
4,358.00
|
LSE
|
14:27:39
|
|
615
|
4,357.00
|
LSE
|
14:28:00
|
|
604
|
4,359.00
|
LSE
|
14:29:55
|
|
625
|
4,371.00
|
LSE
|
14:30:38
|
|
644
|
4,368.00
|
LSE
|
14:30:51
|
|
580
|
4,369.00
|
CHIX
|
14:30:51
|
|
589
|
4,378.00
|
CHIX
|
14:32:45
|
|
50
|
4,386.00
|
LSE
|
14:33:55
|
|
306
|
4,386.00
|
LSE
|
14:33:55
|
|
670
|
4,387.00
|
LSE
|
14:33:55
|
|
405
|
4,386.00
|
LSE
|
14:34:00
|
|
603
|
4,386.00
|
BATE
|
14:34:00
|
|
622
|
4,386.00
|
LSE
|
14:34:03
|
|
659
|
4,376.00
|
LSE
|
14:35:12
|
|
624
|
4,377.00
|
LSE
|
14:37:04
|
|
517
|
4,377.00
|
CHIX
|
14:37:04
|
|
483
|
4,375.00
|
LSE
|
14:37:17
|
|
589
|
4,375.00
|
LSE
|
14:38:45
|
|
456
|
4,376.00
|
LSE
|
14:41:23
|
|
655
|
4,376.00
|
LSE
|
14:41:23
|
|
575
|
4,376.00
|
CHIX
|
14:42:03
|
|
640
|
4,373.00
|
LSE
|
14:43:14
|
|
673
|
4,369.00
|
LSE
|
14:45:23
|
|
655
|
4,369.00
|
LSE
|
14:45:23
|
|
466
|
4,372.00
|
LSE
|
14:47:19
|
|
145
|
4,372.00
|
LSE
|
14:47:19
|
|
193
|
4,372.00
|
BATE
|
14:47:19
|
|
337
|
4,372.00
|
BATE
|
14:47:24
|
|
149
|
4,381.00
|
CHIX
|
14:49:49
|
|
457
|
4,381.00
|
CHIX
|
14:49:49
|
|
633
|
4,381.00
|
LSE
|
14:49:49
|
|
660
|
4,373.00
|
LSE
|
14:52:16
|
|
579
|
4,371.00
|
LSE
|
14:55:07
|
|
479
|
4,377.00
|
LSE
|
14:57:57
|
|
162
|
4,377.00
|
LSE
|
14:57:57
|
|
546
|
4,375.00
|
LSE
|
14:58:23
|
|
554
|
4,376.00
|
CHIX
|
14:58:23
|
|
18
|
4,373.00
|
LSE
|
14:59:28
|
|
500
|
4,373.00
|
LSE
|
14:59:28
|
|
100
|
4,373.00
|
LSE
|
14:59:28
|
|
660
|
4,368.00
|
LSE
|
15:01:17
|
|
565
|
4,365.00
|
CHIX
|
15:03:33
|
|
55
|
4,364.00
|
BATE
|
15:05:05
|
|
452
|
4,364.00
|
BATE
|
15:05:07
|
|
461
|
4,364.00
|
LSE
|
15:05:07
|
|
585
|
4,364.00
|
LSE
|
15:05:07
|
|
648
|
4,361.00
|
LSE
|
15:05:26
|
|
611
|
4,367.00
|
LSE
|
15:08:30
|
|
645
|
4,367.00
|
LSE
|
15:08:30
|
|
622
|
4,367.00
|
LSE
|
15:11:30
|
|
616
|
4,367.00
|
CHIX
|
15:11:30
|
|
571
|
4,369.00
|
LSE
|
15:14:39
|
|
654
|
4,365.00
|
LSE
|
15:15:24
|
|
612
|
4,362.00
|
LSE
|
15:17:38
|
|
189
|
4,360.00
|
LSE
|
15:17:39
|
|
343
|
4,360.00
|
LSE
|
15:17:40
|
|
449
|
4,360.00
|
LSE
|
15:17:40
|
|
501
|
4,360.00
|
LSE
|
15:17:40
|
|
552
|
4,359.00
|
CHIX
|
15:19:31
|
|
580
|
4,359.00
|
BATE
|
15:19:31
|
|
641
|
4,353.00
|
LSE
|
15:20:08
|
|
558
|
4,352.00
|
LSE
|
15:22:29
|
|
538
|
4,355.00
|
LSE
|
15:25:10
|
|
609
|
4,355.00
|
LSE
|
15:25:10
|
|
100
|
4,356.00
|
CHIX
|
15:27:11
|
|
452
|
4,356.00
|
CHIX
|
15:27:11
|
|
638
|
4,356.00
|
LSE
|
15:27:11
|
|
635
|
4,359.00
|
LSE
|
15:28:40
|
|
433
|
4,357.00
|
LSE
|
15:30:16
|
|
220
|
4,357.00
|
LSE
|
15:30:16
|
|
608
|
4,354.00
|
LSE
|
15:32:02
|
|
543
|
4,354.00
|
LSE
|
15:32:02
|
|
428
|
4,357.00
|
LSE
|
15:32:02
|
|
518
|
4,346.00
|
LSE
|
15:36:00
|
|
65
|
4,346.00
|
LSE
|
15:36:00
|
|
574
|
4,347.00
|
CHIX
|
15:36:40
|
|
660
|
4,344.00
|
LSE
|
15:37:25
|
|
567
|
4,344.00
|
BATE
|
15:39:23
|
|
556
|
4,357.00
|
LSE
|
15:44:28
|
|
546
|
4,357.00
|
LSE
|
15:44:28
|
|
660
|
4,357.00
|
LSE
|
15:44:28
|
|
578
|
4,357.00
|
LSE
|
15:44:28
|
|
646
|
4,353.00
|
LSE
|
15:48:34
|
|
551
|
4,357.00
|
LSE
|
15:49:34
|
|
625
|
4,356.00
|
LSE
|
15:51:28
|
|
644
|
4,354.00
|
LSE
|
15:51:57
|
|
662
|
4,352.00
|
LSE
|
15:53:20
|
|
593
|
4,353.00
|
LSE
|
15:53:20
|
|
655
|
4,357.00
|
LSE
|
15:57:11
|
|
624
|
4,356.00
|
LSE
|
15:58:37
|
|
663
|
4,355.00
|
LSE
|
15:59:12
|
|
596
|
4,355.00
|
LSE
|
15:59:12
|
|
593
|
4,355.00
|
LSE
|
16:01:40
|
|
566
|
4,354.00
|
LSE
|
16:01:41
|
|
596
|
4,359.00
|
LSE
|
16:03:36
|
|
625
|
4,356.00
|
LSE
|
16:04:28
|
|
648
|
4,359.00
|
LSE
|
16:06:38
|
|
583
|
4,359.00
|
LSE
|
16:06:38
|
|
398
|
4,360.00
|
LSE
|
16:09:26
|
|
202
|
4,360.00
|
LSE
|
16:09:26
|
|
666
|
4,359.00
|
LSE
|
16:11:09
|
|
231
|
4,359.00
|
LSE
|
16:11:09
|
|
328
|
4,359.00
|
LSE
|
16:11:09
|
|
583
|
4,358.00
|
LSE
|
16:11:48
|
|
605
|
4,359.00
|
LSE
|
16:11:48
|
|
582
|
4,359.00
|
LSE
|
16:11:48
|
|
592
|
4,358.00
|
LSE
|
16:17:06
|
|
563
|
4,358.00
|
LSE
|
16:17:06
|
|
584
|
4,358.00
|
LSE
|
16:17:06
|
|
650
|
4,357.00
|
LSE
|
16:18:29
|
|
667
|
4,358.00
|
LSE
|
16:18:29
|
|
552
|
4,359.00
|
LSE
|
16:20:48
|
|
601
|
4,359.00
|
LSE
|
16:20:48
|
|
558
|
4,364.00
|
LSE
|
16:24:51
|
|
615
|
4,364.00
|
LSE
|
16:24:51
|
|
557
|
4,364.00
|
LSE
|
16:24:51
|
|
641
|
4,374.00
|
LSE
|
16:27:15
|
|
609
|
4,374.00
|
LSE
|
16:27:15
|
|
673
|
4,375.00
|
LSE
|
16:27:49
|
|
759
|
4,375.00
|
LSE
|
16:27:49
|
Exhibit 2
British American Tobacco p.l.c. (the “Company”) – Voting Rights and Capital
In conformity with the Disclosure Guidance and Transparency Rules provision 5.6.1, we notify the market of the following:
That, as at 30 January 2026, being the last day of trading for that month, the Company’s issued share capital consisted of 2,177,145,903 ordinary shares of 25p each
(“Shares”) with voting rights (the “Voting Rights Figure”).
As at 30 January 2026, the Company held 132,976,327 Shares in Treasury.
The Voting Rights Figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their voting
rights interest, or a change to that interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Nancy Jiang
Senior Assistant Company Secretary
British American Tobacco p.l.c.
2 February 2026
Exhibit 3
British American Tobacco p.l.c.
03 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it
purchased the following number of its ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
2 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
108,725
|
|
Highest price paid per share (pence):
|
4,457.00p
|
|
Lowest price paid per share (pence):
|
4,390.00p
|
|
Volume weighted average price paid per share (pence):
|
4,429.4654p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,779,980 ordinary shares in issue (excluding treasury shares) which carry voting rights and will
hold 132,976,327 ordinary shares in treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 2 February 2026 is
set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares) |
Daily weighted average
price of shares acquired |
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
02/02/2026
|
82,428
|
4,428.5750
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
02/02/2026
|
18,205
|
4,431.9285
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
02/02/2026
|
8,092
|
4,432.9937
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
538
|
4,439.00
|
BATE
|
08:07:49
|
|
620
|
4,423.00
|
BATE
|
08:52:09
|
|
534
|
4,424.00
|
BATE
|
10:01:10
|
|
42
|
4,426.00
|
BATE
|
11:12:40
|
|
514
|
4,429.00
|
BATE
|
11:19:32
|
|
602
|
4,425.00
|
BATE
|
12:04:40
|
|
61
|
4,426.00
|
BATE
|
13:08:19
|
|
181
|
4,426.00
|
BATE
|
13:08:22
|
|
260
|
4,426.00
|
BATE
|
13:08:22
|
|
66
|
4,426.00
|
BATE
|
13:08:22
|
|
44
|
4,426.00
|
BATE
|
13:08:22
|
|
601
|
4,447.00
|
BATE
|
14:02:26
|
|
559
|
4,440.00
|
BATE
|
14:30:35
|
|
579
|
4,446.00
|
BATE
|
14:41:08
|
|
553
|
4,443.00
|
BATE
|
14:59:37
|
|
19
|
4,440.00
|
BATE
|
15:02:47
|
|
577
|
4,428.00
|
BATE
|
15:17:03
|
|
572
|
4,420.00
|
BATE
|
15:38:22
|
|
523
|
4,435.00
|
BATE
|
15:57:57
|
|
100
|
4,435.00
|
BATE
|
15:57:57
|
|
350
|
4,438.00
|
BATE
|
16:15:13
|
|
10
|
4,438.00
|
BATE
|
16:15:13
|
|
70
|
4,438.00
|
BATE
|
16:15:13
|
|
70
|
4,438.00
|
BATE
|
16:15:13
|
|
40
|
4,438.00
|
BATE
|
16:16:54
|
|
7
|
4,438.00
|
BATE
|
16:16:54
|
|
537
|
4,418.00
|
CHIX
|
08:02:39
|
|
539
|
4,426.00
|
CHIX
|
08:09:03
|
|
577
|
4,413.00
|
CHIX
|
08:28:44
|
|
547
|
4,425.00
|
CHIX
|
08:52:08
|
|
553
|
4,408.00
|
CHIX
|
09:18:16
|
|
550
|
4,416.00
|
CHIX
|
09:45:05
|
|
623
|
4,429.00
|
CHIX
|
10:11:29
|
|
570
|
4,431.00
|
CHIX
|
10:41:14
|
|
506
|
4,429.00
|
CHIX
|
11:19:32
|
|
598
|
4,427.00
|
CHIX
|
11:42:13
|
|
418
|
4,424.00
|
CHIX
|
12:07:07
|
|
115
|
4,424.00
|
CHIX
|
12:07:07
|
|
545
|
4,431.00
|
CHIX
|
12:34:19
|
|
229
|
4,428.00
|
CHIX
|
13:00:50
|
|
271
|
4,428.00
|
CHIX
|
13:00:53
|
|
577
|
4,428.00
|
CHIX
|
13:19:54
|
|
583
|
4,436.00
|
CHIX
|
13:40:39
|
|
507
|
4,447.00
|
CHIX
|
14:02:26
|
|
280
|
4,445.00
|
CHIX
|
14:15:16
|
|
302
|
4,445.00
|
CHIX
|
14:15:20
|
|
565
|
4,438.00
|
CHIX
|
14:28:09
|
|
48
|
4,438.00
|
CHIX
|
14:28:10
|
|
501
|
4,442.00
|
CHIX
|
14:32:17
|
|
527
|
4,451.00
|
CHIX
|
14:35:25
|
|
45
|
4,447.00
|
CHIX
|
14:42:22
|
|
464
|
4,447.00
|
CHIX
|
14:42:45
|
|
554
|
4,457.00
|
CHIX
|
14:48:25
|
|
538
|
4,446.00
|
CHIX
|
14:55:45
|
|
597
|
4,443.00
|
CHIX
|
15:02:47
|
|
617
|
4,436.00
|
CHIX
|
15:11:31
|
|
512
|
4,420.00
|
CHIX
|
15:20:21
|
|
63
|
4,419.00
|
CHIX
|
15:27:57
|
|
531
|
4,419.00
|
CHIX
|
15:27:57
|
|
576
|
4,420.00
|
CHIX
|
15:38:22
|
|
539
|
4,427.00
|
CHIX
|
15:46:19
|
|
567
|
4,438.00
|
CHIX
|
15:56:25
|
|
505
|
4,436.00
|
CHIX
|
16:02:43
|
|
507
|
4,438.00
|
CHIX
|
16:08:24
|
|
522
|
4,438.00
|
CHIX
|
16:13:30
|
|
592
|
4,390.00
|
LSE
|
08:00:09
|
|
57
|
4,390.00
|
LSE
|
08:00:13
|
|
152
|
4,411.00
|
LSE
|
08:01:39
|
|
551
|
4,418.00
|
LSE
|
08:02:39
|
|
345
|
4,417.00
|
LSE
|
08:02:53
|
|
220
|
4,417.00
|
LSE
|
08:02:53
|
|
5
|
4,419.00
|
LSE
|
08:03:40
|
|
612
|
4,419.00
|
LSE
|
08:03:40
|
|
585
|
4,419.00
|
LSE
|
08:03:40
|
|
581
|
4,419.00
|
LSE
|
08:05:22
|
|
651
|
4,419.00
|
LSE
|
08:05:22
|
|
573
|
4,439.00
|
LSE
|
08:07:49
|
|
676
|
4,426.00
|
LSE
|
08:09:03
|
|
609
|
4,422.00
|
LSE
|
08:12:21
|
|
555
|
4,433.00
|
LSE
|
08:15:35
|
|
348
|
4,433.00
|
LSE
|
08:17:45
|
|
235
|
4,433.00
|
LSE
|
08:17:45
|
|
566
|
4,407.00
|
LSE
|
08:21:34
|
|
501
|
4,400.00
|
LSE
|
08:25:34
|
|
546
|
4,407.00
|
LSE
|
08:26:36
|
|
441
|
4,407.00
|
LSE
|
08:26:36
|
|
131
|
4,407.00
|
LSE
|
08:26:36
|
|
668
|
4,415.00
|
LSE
|
08:32:23
|
|
673
|
4,416.00
|
LSE
|
08:35:50
|
|
645
|
4,419.00
|
LSE
|
08:43:13
|
|
549
|
4,419.00
|
LSE
|
08:43:52
|
|
609
|
4,421.00
|
LSE
|
08:46:27
|
|
609
|
4,421.00
|
LSE
|
08:47:33
|
|
651
|
4,426.00
|
LSE
|
08:51:11
|
|
635
|
4,418.00
|
LSE
|
08:58:31
|
|
452
|
4,417.00
|
LSE
|
09:00:35
|
|
150
|
4,417.00
|
LSE
|
09:00:35
|
|
37
|
4,417.00
|
LSE
|
09:00:35
|
|
569
|
4,414.00
|
LSE
|
09:03:53
|
|
565
|
4,407.00
|
LSE
|
09:07:39
|
|
648
|
4,405.00
|
LSE
|
09:14:27
|
|
612
|
4,409.00
|
LSE
|
09:25:20
|
|
531
|
4,414.00
|
LSE
|
09:37:11
|
|
525
|
4,414.00
|
LSE
|
09:38:51
|
|
109
|
4,414.00
|
LSE
|
09:38:51
|
|
211
|
4,411.00
|
LSE
|
09:39:51
|
|
150
|
4,411.00
|
LSE
|
09:39:51
|
|
271
|
4,411.00
|
LSE
|
09:39:51
|
|
633
|
4,417.00
|
LSE
|
09:48:53
|
|
574
|
4,418.00
|
LSE
|
09:54:45
|
|
641
|
4,425.00
|
LSE
|
10:01:09
|
|
614
|
4,426.00
|
LSE
|
10:02:31
|
|
563
|
4,424.00
|
LSE
|
10:09:02
|
|
2
|
4,424.00
|
LSE
|
10:09:05
|
|
553
|
4,436.00
|
LSE
|
10:14:22
|
|
1
|
4,428.00
|
LSE
|
10:19:43
|
|
178
|
4,428.00
|
LSE
|
10:19:43
|
|
598
|
4,435.00
|
LSE
|
10:22:43
|
|
580
|
4,431.00
|
LSE
|
10:33:21
|
|
49
|
4,431.00
|
LSE
|
10:41:13
|
|
80
|
4,430.00
|
LSE
|
10:41:14
|
|
51
|
4,430.00
|
LSE
|
10:41:14
|
|
608
|
4,431.00
|
LSE
|
10:41:14
|
|
670
|
4,430.00
|
LSE
|
10:44:52
|
|
548
|
4,427.00
|
LSE
|
10:54:29
|
|
579
|
4,425.00
|
LSE
|
11:03:22
|
|
647
|
4,425.00
|
LSE
|
11:03:22
|
|
574
|
4,426.00
|
LSE
|
11:12:40
|
|
650
|
4,429.00
|
LSE
|
11:19:32
|
|
615
|
4,428.00
|
LSE
|
11:22:31
|
|
605
|
4,429.00
|
LSE
|
11:30:28
|
|
348
|
4,428.00
|
LSE
|
11:41:14
|
|
213
|
4,428.00
|
LSE
|
11:41:14
|
|
572
|
4,427.00
|
LSE
|
11:42:13
|
|
509
|
4,427.00
|
LSE
|
11:45:26
|
|
92
|
4,427.00
|
LSE
|
11:45:26
|
|
583
|
4,426.00
|
LSE
|
11:54:13
|
|
482
|
4,424.00
|
LSE
|
11:56:27
|
|
71
|
4,424.00
|
LSE
|
11:56:27
|
|
646
|
4,425.00
|
LSE
|
12:04:40
|
|
575
|
4,420.00
|
LSE
|
12:07:19
|
|
611
|
4,419.00
|
LSE
|
12:07:46
|
|
567
|
4,422.00
|
LSE
|
12:13:58
|
|
649
|
4,428.00
|
LSE
|
12:20:40
|
|
126
|
4,427.00
|
LSE
|
12:34:19
|
|
446
|
4,427.00
|
LSE
|
12:34:19
|
|
631
|
4,430.00
|
LSE
|
12:34:19
|
|
554
|
4,433.00
|
LSE
|
12:39:33
|
|
597
|
4,430.00
|
LSE
|
12:47:07
|
|
555
|
4,429.00
|
LSE
|
12:48:55
|
|
25
|
4,429.00
|
LSE
|
12:51:01
|
|
587
|
4,429.00
|
LSE
|
12:51:01
|
|
419
|
4,428.00
|
LSE
|
13:02:29
|
|
218
|
4,428.00
|
LSE
|
13:02:29
|
|
563
|
4,429.00
|
LSE
|
13:03:31
|
|
105
|
4,426.00
|
LSE
|
13:08:23
|
|
453
|
4,426.00
|
LSE
|
13:08:24
|
|
669
|
4,428.00
|
LSE
|
13:19:54
|
|
556
|
4,428.00
|
LSE
|
13:23:44
|
|
626
|
4,428.00
|
LSE
|
13:30:20
|
|
672
|
4,429.00
|
LSE
|
13:34:40
|
|
637
|
4,429.00
|
LSE
|
13:34:40
|
|
565
|
4,429.00
|
LSE
|
13:39:09
|
|
563
|
4,436.00
|
LSE
|
13:40:39
|
|
599
|
4,442.00
|
LSE
|
13:45:12
|
|
667
|
4,452.00
|
LSE
|
13:51:11
|
|
35
|
4,444.00
|
LSE
|
13:54:45
|
|
306
|
4,444.00
|
LSE
|
13:54:45
|
|
306
|
4,444.00
|
LSE
|
13:54:45
|
|
606
|
4,447.00
|
LSE
|
14:02:26
|
|
621
|
4,448.00
|
LSE
|
14:04:51
|
|
560
|
4,449.00
|
LSE
|
14:07:29
|
|
601
|
4,451.00
|
LSE
|
14:08:42
|
|
662
|
4,446.00
|
LSE
|
14:12:44
|
|
561
|
4,440.00
|
LSE
|
14:15:35
|
|
611
|
4,449.00
|
LSE
|
14:19:56
|
|
542
|
4,445.00
|
LSE
|
14:24:03
|
|
55
|
4,443.00
|
LSE
|
14:26:51
|
|
563
|
4,443.00
|
LSE
|
14:26:51
|
|
612
|
4,441.00
|
LSE
|
14:29:46
|
|
546
|
4,441.00
|
LSE
|
14:30:26
|
|
626
|
4,442.00
|
LSE
|
14:32:17
|
|
347
|
4,448.00
|
LSE
|
14:34:23
|
|
162
|
4,448.00
|
LSE
|
14:35:31
|
|
156
|
4,448.00
|
LSE
|
14:35:33
|
|
674
|
4,451.00
|
LSE
|
14:39:08
|
|
593
|
4,447.00
|
LSE
|
14:41:08
|
|
212
|
4,446.00
|
LSE
|
14:44:13
|
|
452
|
4,446.00
|
LSE
|
14:44:58
|
|
615
|
4,455.00
|
LSE
|
14:47:37
|
|
594
|
4,452.00
|
LSE
|
14:51:36
|
|
663
|
4,447.00
|
LSE
|
14:55:45
|
|
242
|
4,444.00
|
LSE
|
14:59:00
|
|
100
|
4,444.00
|
LSE
|
14:59:00
|
|
330
|
4,444.00
|
LSE
|
14:59:00
|
|
322
|
4,444.00
|
LSE
|
15:02:25
|
|
126
|
4,444.00
|
LSE
|
15:02:25
|
|
147
|
4,444.00
|
LSE
|
15:02:25
|
|
561
|
4,440.00
|
LSE
|
15:02:47
|
|
577
|
4,436.00
|
LSE
|
15:02:50
|
|
637
|
4,442.00
|
LSE
|
15:06:20
|
|
617
|
4,442.00
|
LSE
|
15:09:11
|
|
633
|
4,436.00
|
LSE
|
15:13:04
|
|
624
|
4,435.00
|
LSE
|
15:14:56
|
|
631
|
4,427.00
|
LSE
|
15:17:04
|
|
581
|
4,421.00
|
LSE
|
15:19:55
|
|
552
|
4,422.00
|
LSE
|
15:19:55
|
|
603
|
4,420.00
|
LSE
|
15:20:21
|
|
535
|
4,420.00
|
LSE
|
15:20:21
|
|
502
|
4,420.00
|
LSE
|
15:20:21
|
|
615
|
4,420.00
|
LSE
|
15:20:21
|
|
618
|
4,425.00
|
LSE
|
15:21:31
|
|
300
|
4,420.00
|
LSE
|
15:24:09
|
|
667
|
4,420.00
|
LSE
|
15:25:13
|
|
263
|
4,420.00
|
LSE
|
15:25:13
|
|
479
|
4,419.00
|
LSE
|
15:27:57
|
|
147
|
4,419.00
|
LSE
|
15:27:57
|
|
546
|
4,413.00
|
LSE
|
15:30:24
|
|
554
|
4,410.00
|
LSE
|
15:32:44
|
|
592
|
4,421.00
|
LSE
|
15:35:53
|
|
633
|
4,417.00
|
LSE
|
15:39:31
|
|
516
|
4,420.00
|
LSE
|
15:43:02
|
|
643
|
4,420.00
|
LSE
|
15:43:02
|
|
148
|
4,420.00
|
LSE
|
15:43:02
|
|
624
|
4,425.00
|
LSE
|
15:45:32
|
|
601
|
4,431.00
|
LSE
|
15:50:14
|
|
567
|
4,429.00
|
LSE
|
15:52:12
|
|
13
|
4,435.00
|
LSE
|
15:55:15
|
|
557
|
4,438.00
|
LSE
|
15:55:57
|
|
574
|
4,437.00
|
LSE
|
15:57:23
|
|
635
|
4,435.00
|
LSE
|
16:00:19
|
|
549
|
4,434.00
|
LSE
|
16:02:56
|
|
638
|
4,438.00
|
LSE
|
16:06:57
|
|
642
|
4,438.00
|
LSE
|
16:08:24
|
|
549
|
4,438.00
|
LSE
|
16:08:24
|
|
104
|
4,437.00
|
LSE
|
16:11:57
|
|
482
|
4,437.00
|
LSE
|
16:12:23
|
|
649
|
4,438.00
|
LSE
|
16:13:30
|
|
566
|
4,439.00
|
LSE
|
16:14:29
|
|
591
|
4,440.00
|
LSE
|
16:16:42
|
Exhibit 4
British American Tobacco p.l.c.
04 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each (“shares”) from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
3 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
117,545
|
|
Highest price paid per share (pence):
|
4,512.00p
|
|
Lowest price paid per share (pence):
|
4,446.00p
|
|
Volume weighted average price paid per share (pence):
|
4,475.9562p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,662,435 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 3 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/02/2026
|
94,926
|
4,476.2932
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/02/2026
|
15,666
|
4,474.5454
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/02/2026
|
6,953
|
4,474.5344
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
258
|
4,460.00
|
BATE
|
08:09:06
|
|
245
|
4,460.00
|
BATE
|
08:09:06
|
|
530
|
4,484.00
|
BATE
|
08:57:40
|
|
582
|
4,479.00
|
BATE
|
09:56:03
|
|
599
|
4,488.00
|
BATE
|
11:03:06
|
|
527
|
4,482.00
|
BATE
|
12:18:55
|
|
94
|
4,482.00
|
BATE
|
12:18:55
|
|
500
|
4,450.00
|
BATE
|
13:24:51
|
|
591
|
4,458.00
|
BATE
|
14:04:21
|
|
539
|
4,457.00
|
BATE
|
14:33:14
|
|
529
|
4,452.00
|
BATE
|
14:44:59
|
|
589
|
4,483.00
|
BATE
|
15:03:07
|
|
619
|
4,483.00
|
BATE
|
15:22:26
|
|
200
|
4,497.00
|
BATE
|
15:44:21
|
|
551
|
4,503.00
|
BATE
|
15:52:20
|
|
592
|
4,460.00
|
CHIX
|
08:01:41
|
|
600
|
4,471.00
|
CHIX
|
08:14:06
|
|
580
|
4,483.00
|
CHIX
|
08:36:45
|
|
565
|
4,478.00
|
CHIX
|
09:02:50
|
|
556
|
4,476.00
|
CHIX
|
09:33:43
|
|
539
|
4,492.00
|
CHIX
|
10:04:36
|
|
224
|
4,491.00
|
CHIX
|
10:28:04
|
|
309
|
4,491.00
|
CHIX
|
10:28:04
|
|
591
|
4,490.00
|
CHIX
|
10:58:24
|
|
604
|
4,484.00
|
CHIX
|
11:33:34
|
|
518
|
4,482.00
|
CHIX
|
12:04:52
|
|
512
|
4,478.00
|
CHIX
|
12:33:40
|
|
41
|
4,474.00
|
CHIX
|
12:57:47
|
|
553
|
4,474.00
|
CHIX
|
12:57:50
|
|
541
|
4,450.00
|
CHIX
|
13:24:51
|
|
3
|
4,452.00
|
CHIX
|
13:44:26
|
|
272
|
4,452.00
|
CHIX
|
13:44:26
|
|
324
|
4,452.00
|
CHIX
|
13:44:26
|
|
612
|
4,458.00
|
CHIX
|
14:04:21
|
|
21
|
4,458.00
|
CHIX
|
14:24:19
|
|
415
|
4,458.00
|
CHIX
|
14:24:19
|
|
106
|
4,458.00
|
CHIX
|
14:24:20
|
|
53
|
4,458.00
|
CHIX
|
14:30:39
|
|
526
|
4,458.00
|
CHIX
|
14:30:39
|
|
532
|
4,459.00
|
CHIX
|
14:37:02
|
|
600
|
4,457.00
|
CHIX
|
14:40:05
|
|
588
|
4,453.00
|
CHIX
|
14:49:45
|
|
541
|
4,468.00
|
CHIX
|
14:57:10
|
|
611
|
4,476.00
|
CHIX
|
15:04:43
|
|
154
|
4,481.00
|
CHIX
|
15:14:32
|
|
357
|
4,481.00
|
CHIX
|
15:14:32
|
|
512
|
4,483.00
|
CHIX
|
15:22:26
|
|
80
|
4,488.00
|
CHIX
|
15:30:54
|
|
467
|
4,488.00
|
CHIX
|
15:30:54
|
|
514
|
4,502.00
|
CHIX
|
15:39:08
|
|
526
|
4,500.00
|
CHIX
|
15:48:08
|
|
527
|
4,497.00
|
CHIX
|
15:57:18
|
|
12
|
4,450.00
|
LSE
|
08:01:03
|
|
544
|
4,450.00
|
LSE
|
08:01:03
|
|
618
|
4,457.00
|
LSE
|
08:01:42
|
|
603
|
4,484.00
|
LSE
|
08:21:24
|
|
214
|
4,488.00
|
LSE
|
08:29:57
|
|
317
|
4,488.00
|
LSE
|
08:29:57
|
|
129
|
4,488.00
|
LSE
|
08:29:57
|
|
585
|
4,492.00
|
LSE
|
08:30:50
|
|
607
|
4,476.00
|
LSE
|
08:33:20
|
|
541
|
4,483.00
|
LSE
|
08:36:45
|
|
545
|
4,479.00
|
LSE
|
08:36:50
|
|
462
|
4,479.00
|
LSE
|
08:36:50
|
|
400
|
4,477.00
|
LSE
|
08:38:10
|
|
635
|
4,478.00
|
LSE
|
08:40:19
|
|
552
|
4,479.00
|
LSE
|
08:42:39
|
|
563
|
4,474.00
|
LSE
|
08:45:22
|
|
667
|
4,478.00
|
LSE
|
08:52:37
|
|
562
|
4,479.00
|
LSE
|
08:59:01
|
|
646
|
4,479.00
|
LSE
|
08:59:01
|
|
502
|
4,478.00
|
LSE
|
09:02:50
|
|
70
|
4,478.00
|
LSE
|
09:02:50
|
|
547
|
4,477.00
|
LSE
|
09:11:25
|
|
670
|
4,479.00
|
LSE
|
09:17:33
|
|
656
|
4,485.00
|
LSE
|
09:23:58
|
|
463
|
4,476.00
|
LSE
|
09:33:43
|
|
185
|
4,476.00
|
LSE
|
09:33:43
|
|
405
|
4,476.00
|
LSE
|
09:33:43
|
|
454
|
4,476.00
|
LSE
|
09:33:43
|
|
645
|
4,479.00
|
LSE
|
09:37:35
|
|
621
|
4,479.00
|
LSE
|
09:38:01
|
|
312
|
4,479.00
|
LSE
|
09:38:57
|
|
133
|
4,479.00
|
LSE
|
09:38:57
|
|
205
|
4,479.00
|
LSE
|
09:38:57
|
|
663
|
4,482.00
|
LSE
|
09:41:03
|
|
407
|
4,482.00
|
LSE
|
09:41:03
|
|
547
|
4,479.00
|
LSE
|
09:41:10
|
|
23
|
4,478.00
|
LSE
|
09:41:58
|
|
5
|
4,478.00
|
LSE
|
09:41:58
|
|
150
|
4,478.00
|
LSE
|
09:41:58
|
|
491
|
4,478.00
|
LSE
|
09:41:58
|
|
615
|
4,481.00
|
LSE
|
09:43:51
|
|
626
|
4,481.00
|
LSE
|
09:55:52
|
|
456
|
4,479.00
|
LSE
|
09:56:00
|
|
139
|
4,479.00
|
LSE
|
09:56:01
|
|
568
|
4,486.00
|
LSE
|
10:00:06
|
|
569
|
4,486.00
|
LSE
|
10:00:06
|
|
541
|
4,486.00
|
LSE
|
10:00:06
|
|
151
|
4,491.00
|
LSE
|
10:03:24
|
|
100
|
4,491.00
|
LSE
|
10:03:24
|
|
354
|
4,491.00
|
LSE
|
10:03:24
|
|
642
|
4,493.00
|
LSE
|
10:13:16
|
|
612
|
4,488.00
|
LSE
|
10:17:27
|
|
671
|
4,490.00
|
LSE
|
10:26:54
|
|
394
|
4,491.00
|
LSE
|
10:28:04
|
|
601
|
4,491.00
|
LSE
|
10:28:04
|
|
663
|
4,490.00
|
LSE
|
10:28:15
|
|
651
|
4,489.00
|
LSE
|
10:32:26
|
|
401
|
4,487.00
|
LSE
|
10:39:42
|
|
203
|
4,487.00
|
LSE
|
10:39:42
|
|
538
|
4,488.00
|
LSE
|
10:46:09
|
|
39
|
4,488.00
|
LSE
|
10:46:09
|
|
656
|
4,487.00
|
LSE
|
10:48:32
|
|
557
|
4,490.00
|
LSE
|
10:49:28
|
|
491
|
4,493.00
|
LSE
|
10:51:13
|
|
601
|
4,493.00
|
LSE
|
10:51:13
|
|
59
|
4,493.00
|
LSE
|
10:51:13
|
|
580
|
4,489.00
|
LSE
|
10:58:49
|
|
22
|
4,480.00
|
LSE
|
11:11:34
|
|
610
|
4,481.00
|
LSE
|
11:11:34
|
|
568
|
4,480.00
|
LSE
|
11:11:34
|
|
589
|
4,480.00
|
LSE
|
11:28:37
|
|
281
|
4,482.00
|
LSE
|
11:34:13
|
|
274
|
4,482.00
|
LSE
|
11:34:13
|
|
503
|
4,479.00
|
LSE
|
11:41:43
|
|
146
|
4,479.00
|
LSE
|
11:41:43
|
|
558
|
4,475.00
|
LSE
|
11:56:18
|
|
393
|
4,483.00
|
LSE
|
12:11:43
|
|
603
|
4,483.00
|
LSE
|
12:11:43
|
|
669
|
4,482.00
|
LSE
|
12:18:55
|
|
396
|
4,480.00
|
LSE
|
12:19:32
|
|
631
|
4,479.00
|
LSE
|
12:29:46
|
|
641
|
4,478.00
|
LSE
|
12:45:34
|
|
617
|
4,477.00
|
LSE
|
12:49:26
|
|
675
|
4,475.00
|
LSE
|
12:50:54
|
|
490
|
4,474.00
|
LSE
|
12:57:47
|
|
673
|
4,474.00
|
LSE
|
12:57:47
|
|
61
|
4,469.00
|
LSE
|
13:04:01
|
|
530
|
4,469.00
|
LSE
|
13:04:01
|
|
474
|
4,460.00
|
LSE
|
13:08:24
|
|
409
|
4,460.00
|
LSE
|
13:08:24
|
|
449
|
4,460.00
|
LSE
|
13:08:24
|
|
398
|
4,460.00
|
LSE
|
13:08:24
|
|
467
|
4,460.00
|
LSE
|
13:08:24
|
|
548
|
4,461.00
|
LSE
|
13:08:24
|
|
565
|
4,464.00
|
LSE
|
13:11:26
|
|
283
|
4,449.00
|
LSE
|
13:18:52
|
|
276
|
4,449.00
|
LSE
|
13:18:52
|
|
423
|
4,451.00
|
LSE
|
13:21:02
|
|
193
|
4,449.00
|
LSE
|
13:25:35
|
|
469
|
4,449.00
|
LSE
|
13:25:35
|
|
561
|
4,446.00
|
LSE
|
13:32:57
|
|
629
|
4,450.00
|
LSE
|
13:41:28
|
|
101
|
4,449.00
|
LSE
|
13:41:36
|
|
507
|
4,449.00
|
LSE
|
13:41:36
|
|
360
|
4,449.00
|
LSE
|
13:41:36
|
|
636
|
4,452.00
|
LSE
|
13:47:24
|
|
627
|
4,451.00
|
LSE
|
13:51:23
|
|
675
|
4,456.00
|
LSE
|
13:56:51
|
|
448
|
4,456.00
|
LSE
|
13:56:51
|
|
625
|
4,458.00
|
LSE
|
14:01:51
|
|
428
|
4,459.00
|
LSE
|
14:03:03
|
|
635
|
4,457.00
|
LSE
|
14:08:22
|
|
637
|
4,461.00
|
LSE
|
14:13:13
|
|
665
|
4,460.00
|
LSE
|
14:19:05
|
|
484
|
4,460.00
|
LSE
|
14:19:59
|
|
587
|
4,461.00
|
LSE
|
14:21:10
|
|
667
|
4,461.00
|
LSE
|
14:24:19
|
|
669
|
4,455.00
|
LSE
|
14:27:58
|
|
290
|
4,458.00
|
LSE
|
14:30:24
|
|
422
|
4,458.00
|
LSE
|
14:30:35
|
|
282
|
4,458.00
|
LSE
|
14:30:35
|
|
74
|
4,457.00
|
LSE
|
14:30:53
|
|
159
|
4,457.00
|
LSE
|
14:30:53
|
|
493
|
4,457.00
|
LSE
|
14:30:53
|
|
442
|
4,457.00
|
LSE
|
14:30:53
|
|
646
|
4,457.00
|
LSE
|
14:33:14
|
|
446
|
4,460.00
|
LSE
|
14:35:00
|
|
208
|
4,460.00
|
LSE
|
14:35:00
|
|
50
|
4,460.00
|
LSE
|
14:35:37
|
|
209
|
4,460.00
|
LSE
|
14:35:37
|
|
294
|
4,460.00
|
LSE
|
14:35:37
|
|
576
|
4,459.00
|
LSE
|
14:35:48
|
|
599
|
4,459.00
|
LSE
|
14:35:48
|
|
408
|
4,459.00
|
LSE
|
14:35:48
|
|
577
|
4,459.00
|
LSE
|
14:37:02
|
|
649
|
4,455.00
|
LSE
|
14:38:10
|
|
420
|
4,457.00
|
LSE
|
14:41:42
|
|
648
|
4,457.00
|
LSE
|
14:41:42
|
|
641
|
4,453.00
|
LSE
|
14:43:09
|
|
590
|
4,450.00
|
LSE
|
14:45:00
|
|
654
|
4,456.00
|
LSE
|
14:47:30
|
|
601
|
4,454.00
|
LSE
|
14:47:52
|
|
530
|
4,453.00
|
LSE
|
14:48:38
|
|
556
|
4,453.00
|
LSE
|
14:51:19
|
|
621
|
4,459.00
|
LSE
|
14:54:11
|
|
412
|
4,459.00
|
LSE
|
14:54:11
|
|
658
|
4,468.00
|
LSE
|
14:57:10
|
|
276
|
4,467.00
|
LSE
|
14:57:13
|
|
266
|
4,467.00
|
LSE
|
14:57:13
|
|
614
|
4,478.00
|
LSE
|
14:59:50
|
|
597
|
4,484.00
|
LSE
|
15:02:45
|
|
609
|
4,482.00
|
LSE
|
15:03:23
|
|
652
|
4,476.00
|
LSE
|
15:04:16
|
|
156
|
4,476.00
|
LSE
|
15:04:43
|
|
257
|
4,476.00
|
LSE
|
15:04:43
|
|
217
|
4,479.00
|
LSE
|
15:05:52
|
|
417
|
4,479.00
|
LSE
|
15:05:52
|
|
423
|
4,480.00
|
LSE
|
15:08:19
|
|
213
|
4,480.00
|
LSE
|
15:08:19
|
|
534
|
4,480.00
|
LSE
|
15:11:02
|
|
544
|
4,480.00
|
LSE
|
15:11:02
|
|
6
|
4,480.00
|
LSE
|
15:11:02
|
|
648
|
4,480.00
|
LSE
|
15:11:28
|
|
600
|
4,482.00
|
LSE
|
15:14:32
|
|
584
|
4,479.00
|
LSE
|
15:15:08
|
|
662
|
4,485.00
|
LSE
|
15:17:49
|
|
99
|
4,485.00
|
LSE
|
15:18:19
|
|
613
|
4,491.00
|
LSE
|
15:20:09
|
|
294
|
4,485.00
|
LSE
|
15:20:10
|
|
585
|
4,489.00
|
LSE
|
15:20:10
|
|
564
|
4,483.00
|
LSE
|
15:22:26
|
|
606
|
4,491.00
|
LSE
|
15:24:43
|
|
577
|
4,489.00
|
LSE
|
15:27:25
|
|
676
|
4,488.00
|
LSE
|
15:29:40
|
|
654
|
4,488.00
|
LSE
|
15:30:54
|
|
537
|
4,495.00
|
LSE
|
15:35:30
|
|
537
|
4,499.00
|
LSE
|
15:36:05
|
|
629
|
4,499.00
|
LSE
|
15:36:05
|
|
567
|
4,512.00
|
LSE
|
15:38:23
|
|
150
|
4,503.00
|
LSE
|
15:39:01
|
|
467
|
4,503.00
|
LSE
|
15:39:01
|
|
31
|
4,503.00
|
LSE
|
15:39:03
|
|
606
|
4,496.00
|
LSE
|
15:43:48
|
|
675
|
4,500.00
|
LSE
|
15:46:01
|
|
345
|
4,500.00
|
LSE
|
15:48:08
|
|
548
|
4,500.00
|
LSE
|
15:48:08
|
|
124
|
4,499.00
|
LSE
|
15:50:02
|
|
483
|
4,499.00
|
LSE
|
15:50:02
|
|
608
|
4,503.00
|
LSE
|
15:52:20
|
|
664
|
4,502.00
|
LSE
|
15:54:14
|
|
563
|
4,498.00
|
LSE
|
15:55:30
|
|
635
|
4,498.00
|
LSE
|
15:58:01
|
|
391
|
4,493.00
|
LSE
|
15:59:55
|
|
100
|
4,493.00
|
LSE
|
15:59:55
|
|
165
|
4,493.00
|
LSE
|
15:59:55
|
|
582
|
4,489.00
|
LSE
|
16:00:46
|
|
640
|
4,489.00
|
LSE
|
16:06:25
|
|
577
|
4,490.00
|
LSE
|
16:11:41
|
|
627
|
4,487.00
|
LSE
|
16:16:08
|
|
582
|
4,487.00
|
LSE
|
16:17:49
|
|
606
|
4,487.00
|
LSE
|
16:19:24
|
|
609
|
4,486.00
|
LSE
|
16:23:36
|
|
2
|
4,495.00
|
LSE
|
16:26:12
|
|
305
|
4,495.00
|
LSE
|
16:26:17
|
|
184
|
4,495.00
|
LSE
|
16:26:17
|
|
137
|
4,495.00
|
LSE
|
16:26:17
|
|
19
|
4,496.00
|
LSE
|
16:28:33
|
|
474
|
4,496.00
|
LSE
|
16:28:33
|
Exhibit 5
British American Tobacco p.l.c.
05 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it
purchased the following number of its ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
4 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
136,167
|
|
Highest price paid per share (pence):
|
4,572.00p
|
|
Lowest price paid per share (pence):
|
4,485.00p
|
|
Volume weighted average price paid per share (pence):
|
4,541.4024p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,526,268 ordinary shares in issue (excluding treasury shares) which carry voting rights and will
hold 132,976,327 ordinary shares in treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 4 February 2026 is
set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
04/02/2026
|
114,564
|
4,540.2117
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
04/02/2026
|
15,244
|
4,546.6924
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
04/02/2026
|
6,359
|
4,550.1730
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
569
|
4,545.00
|
BATE
|
08:08:20
|
|
588
|
4,557.00
|
BATE
|
09:08:19
|
|
535
|
4,560.00
|
BATE
|
10:18:57
|
|
617
|
4,560.00
|
BATE
|
11:34:41
|
|
619
|
4,565.00
|
BATE
|
12:54:05
|
|
516
|
4,555.00
|
BATE
|
13:57:14
|
|
576
|
4,560.00
|
BATE
|
14:30:45
|
|
592
|
4,550.00
|
BATE
|
14:42:35
|
|
574
|
4,547.00
|
BATE
|
15:03:37
|
|
379
|
4,517.00
|
BATE
|
15:24:07
|
|
209
|
4,517.00
|
BATE
|
15:24:07
|
|
253
|
4,536.00
|
BATE
|
15:49:23
|
|
332
|
4,536.00
|
BATE
|
15:49:23
|
|
616
|
4,533.00
|
CHIX
|
08:01:46
|
|
605
|
4,559.00
|
CHIX
|
08:16:35
|
|
512
|
4,538.00
|
CHIX
|
08:43:00
|
|
527
|
4,560.00
|
CHIX
|
09:08:19
|
|
74
|
4,560.00
|
CHIX
|
09:08:19
|
|
511
|
4,552.00
|
CHIX
|
09:45:21
|
|
568
|
4,557.00
|
CHIX
|
10:13:09
|
|
570
|
4,561.00
|
CHIX
|
10:47:15
|
|
614
|
4,560.00
|
CHIX
|
11:19:08
|
|
516
|
4,571.00
|
CHIX
|
11:56:58
|
|
565
|
4,572.00
|
CHIX
|
12:24:45
|
|
500
|
4,567.00
|
CHIX
|
12:56:45
|
|
554
|
4,561.00
|
CHIX
|
13:22:03
|
|
535
|
4,560.00
|
CHIX
|
13:43:06
|
|
77
|
4,561.00
|
CHIX
|
14:03:29
|
|
423
|
4,561.00
|
CHIX
|
14:03:29
|
|
44
|
4,552.00
|
CHIX
|
14:20:04
|
|
527
|
4,555.00
|
CHIX
|
14:22:57
|
|
201
|
4,554.00
|
CHIX
|
14:29:58
|
|
24
|
4,559.00
|
CHIX
|
14:31:20
|
|
100
|
4,559.00
|
CHIX
|
14:31:20
|
|
433
|
4,559.00
|
CHIX
|
14:31:20
|
|
1
|
4,561.00
|
CHIX
|
14:35:53
|
|
621
|
4,561.00
|
CHIX
|
14:35:53
|
|
566
|
4,546.00
|
CHIX
|
14:45:54
|
|
525
|
4,544.00
|
CHIX
|
14:54:31
|
|
555
|
4,549.00
|
CHIX
|
15:01:58
|
|
515
|
4,517.00
|
CHIX
|
15:10:17
|
|
380
|
4,523.00
|
CHIX
|
15:19:34
|
|
242
|
4,523.00
|
CHIX
|
15:19:34
|
|
617
|
4,521.00
|
CHIX
|
15:30:26
|
|
47
|
4,527.00
|
CHIX
|
15:40:45
|
|
3
|
4,527.00
|
CHIX
|
15:40:45
|
|
100
|
4,527.00
|
CHIX
|
15:40:45
|
|
100
|
4,527.00
|
CHIX
|
15:40:45
|
|
100
|
4,527.00
|
CHIX
|
15:40:45
|
|
50
|
4,527.00
|
CHIX
|
15:40:45
|
|
50
|
4,527.00
|
CHIX
|
15:40:45
|
|
145
|
4,527.00
|
CHIX
|
15:40:46
|
|
100
|
4,536.00
|
CHIX
|
15:51:40
|
|
100
|
4,536.00
|
CHIX
|
15:51:40
|
|
204
|
4,536.00
|
CHIX
|
15:51:40
|
|
70
|
4,536.00
|
CHIX
|
15:51:40
|
|
50
|
4,536.00
|
CHIX
|
15:51:40
|
|
7
|
4,536.00
|
CHIX
|
15:51:40
|
|
237
|
4,522.00
|
CHIX
|
16:03:19
|
|
243
|
4,506.00
|
CHIX
|
16:12:24
|
|
204
|
4,494.00
|
CHIX
|
16:19:09
|
|
130
|
4,485.00
|
CHIX
|
16:24:54
|
|
186
|
4,492.00
|
CHIX
|
16:27:18
|
|
617
|
4,538.00
|
LSE
|
08:01:03
|
|
570
|
4,532.00
|
LSE
|
08:01:46
|
|
48
|
4,532.00
|
LSE
|
08:01:46
|
|
660
|
4,527.00
|
LSE
|
08:02:16
|
|
660
|
4,535.00
|
LSE
|
08:04:20
|
|
615
|
4,549.00
|
LSE
|
08:06:28
|
|
603
|
4,541.00
|
LSE
|
08:09:35
|
|
382
|
4,556.00
|
LSE
|
08:15:24
|
|
48
|
4,556.00
|
LSE
|
08:15:24
|
|
581
|
4,556.00
|
LSE
|
08:15:24
|
|
400
|
4,559.00
|
LSE
|
08:16:35
|
|
543
|
4,559.00
|
LSE
|
08:16:35
|
|
551
|
4,558.00
|
LSE
|
08:19:57
|
|
375
|
4,565.00
|
LSE
|
08:24:58
|
|
213
|
4,565.00
|
LSE
|
08:24:58
|
|
544
|
4,565.00
|
LSE
|
08:27:11
|
|
588
|
4,562.00
|
LSE
|
08:30:35
|
|
569
|
4,549.00
|
LSE
|
08:35:06
|
|
460
|
4,542.00
|
LSE
|
08:38:36
|
|
127
|
4,542.00
|
LSE
|
08:38:36
|
|
439
|
4,540.00
|
LSE
|
08:41:00
|
|
556
|
4,548.00
|
LSE
|
08:48:55
|
|
119
|
4,548.00
|
LSE
|
08:48:55
|
|
608
|
4,553.00
|
LSE
|
08:54:00
|
|
620
|
4,553.00
|
LSE
|
08:54:00
|
|
667
|
4,556.00
|
LSE
|
08:55:04
|
|
441
|
4,556.00
|
LSE
|
09:01:58
|
|
667
|
4,551.00
|
LSE
|
09:03:49
|
|
455
|
4,560.00
|
LSE
|
09:08:19
|
|
660
|
4,561.00
|
LSE
|
09:08:19
|
|
622
|
4,556.00
|
LSE
|
09:12:57
|
|
491
|
4,554.00
|
LSE
|
09:19:09
|
|
50
|
4,554.00
|
LSE
|
09:19:09
|
|
593
|
4,557.00
|
LSE
|
09:20:10
|
|
17
|
4,550.00
|
LSE
|
09:23:42
|
|
651
|
4,550.00
|
LSE
|
09:23:42
|
|
638
|
4,561.00
|
LSE
|
09:30:57
|
|
563
|
4,551.00
|
LSE
|
09:39:27
|
|
606
|
4,553.00
|
LSE
|
09:48:38
|
|
658
|
4,552.00
|
LSE
|
09:54:20
|
|
609
|
4,554.00
|
LSE
|
09:58:07
|
|
75
|
4,557.00
|
LSE
|
10:03:40
|
|
48
|
4,557.00
|
LSE
|
10:03:40
|
|
238
|
4,557.00
|
LSE
|
10:03:40
|
|
186
|
4,557.00
|
LSE
|
10:03:40
|
|
631
|
4,560.00
|
LSE
|
10:03:40
|
|
419
|
4,557.00
|
LSE
|
10:05:25
|
|
577
|
4,566.00
|
LSE
|
10:10:16
|
|
433
|
4,560.00
|
LSE
|
10:12:41
|
|
619
|
4,556.00
|
LSE
|
10:13:09
|
|
584
|
4,560.00
|
LSE
|
10:18:57
|
|
562
|
4,560.00
|
LSE
|
10:20:05
|
|
574
|
4,562.00
|
LSE
|
10:27:37
|
|
581
|
4,560.00
|
LSE
|
10:33:07
|
|
655
|
4,559.00
|
LSE
|
10:41:02
|
|
663
|
4,560.00
|
LSE
|
10:49:33
|
|
665
|
4,556.00
|
LSE
|
10:50:39
|
|
415
|
4,561.00
|
LSE
|
10:54:17
|
|
156
|
4,561.00
|
LSE
|
10:54:17
|
|
566
|
4,562.00
|
LSE
|
11:06:32
|
|
464
|
4,561.00
|
LSE
|
11:06:44
|
|
806
|
4,561.00
|
LSE
|
11:06:44
|
|
591
|
4,562.00
|
LSE
|
11:13:12
|
|
397
|
4,561.00
|
LSE
|
11:13:30
|
|
213
|
4,561.00
|
LSE
|
11:13:30
|
|
463
|
4,560.00
|
LSE
|
11:13:48
|
|
654
|
4,560.00
|
LSE
|
11:19:08
|
|
639
|
4,558.00
|
LSE
|
11:20:44
|
|
628
|
4,561.00
|
LSE
|
11:34:10
|
|
628
|
4,560.00
|
LSE
|
11:34:41
|
|
612
|
4,562.00
|
LSE
|
11:43:31
|
|
573
|
4,563.00
|
LSE
|
11:46:33
|
|
13
|
4,568.00
|
LSE
|
11:51:23
|
|
79
|
4,568.00
|
LSE
|
11:51:30
|
|
256
|
4,568.00
|
LSE
|
11:51:31
|
|
234
|
4,568.00
|
LSE
|
11:52:13
|
|
411
|
4,568.00
|
LSE
|
11:52:22
|
|
155
|
4,571.00
|
LSE
|
11:56:10
|
|
430
|
4,571.00
|
LSE
|
11:56:39
|
|
180
|
4,568.00
|
LSE
|
11:56:58
|
|
549
|
4,572.00
|
LSE
|
12:09:05
|
|
593
|
4,567.00
|
LSE
|
12:14:28
|
|
397
|
4,568.00
|
LSE
|
12:18:28
|
|
651
|
4,564.00
|
LSE
|
12:19:49
|
|
659
|
4,572.00
|
LSE
|
12:24:45
|
|
610
|
4,570.00
|
LSE
|
12:25:12
|
|
575
|
4,568.00
|
LSE
|
12:29:43
|
|
591
|
4,567.00
|
LSE
|
12:39:09
|
|
604
|
4,567.00
|
LSE
|
12:49:23
|
|
562
|
4,568.00
|
LSE
|
12:58:07
|
|
656
|
4,564.00
|
LSE
|
13:02:46
|
|
665
|
4,566.00
|
LSE
|
13:15:27
|
|
161
|
4,564.00
|
LSE
|
13:16:52
|
|
100
|
4,564.00
|
LSE
|
13:16:52
|
|
343
|
4,564.00
|
LSE
|
13:17:55
|
|
440
|
4,560.00
|
LSE
|
13:19:21
|
|
662
|
4,553.00
|
LSE
|
13:24:31
|
|
641
|
4,557.00
|
LSE
|
13:32:22
|
|
398
|
4,557.00
|
LSE
|
13:32:22
|
|
79
|
4,557.00
|
LSE
|
13:32:22
|
|
617
|
4,557.00
|
LSE
|
13:35:58
|
|
629
|
4,560.00
|
LSE
|
13:43:06
|
|
427
|
4,556.00
|
LSE
|
13:43:48
|
|
662
|
4,555.00
|
LSE
|
13:47:29
|
|
658
|
4,555.00
|
LSE
|
13:47:29
|
|
657
|
4,555.00
|
LSE
|
13:52:48
|
|
25
|
4,558.00
|
LSE
|
14:00:09
|
|
25
|
4,558.00
|
LSE
|
14:00:09
|
|
580
|
4,559.00
|
LSE
|
14:00:37
|
|
577
|
4,558.00
|
LSE
|
14:00:37
|
|
184
|
4,554.00
|
LSE
|
14:10:52
|
|
393
|
4,554.00
|
LSE
|
14:10:52
|
|
287
|
4,554.00
|
LSE
|
14:15:35
|
|
318
|
4,554.00
|
LSE
|
14:15:35
|
|
662
|
4,554.00
|
LSE
|
14:18:01
|
|
641
|
4,553.00
|
LSE
|
14:18:54
|
|
614
|
4,555.00
|
LSE
|
14:22:57
|
|
404
|
4,556.00
|
LSE
|
14:25:00
|
|
545
|
4,556.00
|
LSE
|
14:25:00
|
|
634
|
4,556.00
|
LSE
|
14:27:29
|
|
161
|
4,554.00
|
LSE
|
14:28:02
|
|
252
|
4,554.00
|
LSE
|
14:28:02
|
|
84
|
4,554.00
|
LSE
|
14:29:58
|
|
57
|
4,554.00
|
LSE
|
14:29:58
|
|
666
|
4,562.00
|
LSE
|
14:30:45
|
|
572
|
4,562.00
|
LSE
|
14:30:45
|
|
9
|
4,559.00
|
LSE
|
14:30:46
|
|
543
|
4,559.00
|
LSE
|
14:30:46
|
|
574
|
4,559.00
|
LSE
|
14:31:52
|
|
587
|
4,561.00
|
LSE
|
14:33:06
|
|
9
|
4,561.00
|
LSE
|
14:34:14
|
|
300
|
4,561.00
|
LSE
|
14:34:14
|
|
244
|
4,561.00
|
LSE
|
14:34:14
|
|
389
|
4,561.00
|
LSE
|
14:34:51
|
|
270
|
4,561.00
|
LSE
|
14:34:51
|
|
669
|
4,558.00
|
LSE
|
14:38:13
|
|
625
|
4,558.00
|
LSE
|
14:38:59
|
|
598
|
4,558.00
|
LSE
|
14:39:38
|
|
666
|
4,556.00
|
LSE
|
14:41:24
|
|
455
|
4,556.00
|
LSE
|
14:41:24
|
|
567
|
4,547.00
|
LSE
|
14:43:54
|
|
600
|
4,545.00
|
LSE
|
14:45:54
|
|
424
|
4,544.00
|
LSE
|
14:48:05
|
|
464
|
4,542.00
|
LSE
|
14:48:10
|
|
58
|
4,542.00
|
LSE
|
14:48:14
|
|
116
|
4,542.00
|
LSE
|
14:48:14
|
|
105
|
4,538.00
|
LSE
|
14:48:28
|
|
426
|
4,540.00
|
LSE
|
14:48:28
|
|
463
|
4,540.00
|
LSE
|
14:48:28
|
|
444
|
4,540.00
|
LSE
|
14:48:28
|
|
472
|
4,540.00
|
LSE
|
14:48:28
|
|
42
|
4,540.00
|
LSE
|
14:48:28
|
|
50
|
4,540.00
|
LSE
|
14:48:28
|
|
100
|
4,540.00
|
LSE
|
14:48:28
|
|
397
|
4,540.00
|
LSE
|
14:48:28
|
|
232
|
4,540.00
|
LSE
|
14:48:28
|
|
144
|
4,540.00
|
LSE
|
14:50:15
|
|
8
|
4,540.00
|
LSE
|
14:50:15
|
|
558
|
4,542.00
|
LSE
|
14:51:00
|
|
653
|
4,544.00
|
LSE
|
14:52:22
|
|
8
|
4,545.00
|
LSE
|
14:53:51
|
|
583
|
4,545.00
|
LSE
|
14:53:51
|
|
272
|
4,540.00
|
LSE
|
14:55:22
|
|
546
|
4,540.00
|
LSE
|
14:56:29
|
|
659
|
4,547.00
|
LSE
|
14:59:05
|
|
382
|
4,550.00
|
LSE
|
14:59:43
|
|
285
|
4,550.00
|
LSE
|
14:59:45
|
|
50
|
4,545.00
|
LSE
|
15:00:37
|
|
191
|
4,550.00
|
LSE
|
15:01:54
|
|
433
|
4,550.00
|
LSE
|
15:01:54
|
|
171
|
4,549.00
|
LSE
|
15:01:58
|
|
200
|
4,548.00
|
LSE
|
15:01:58
|
|
100
|
4,548.00
|
LSE
|
15:01:58
|
|
50
|
4,548.00
|
LSE
|
15:01:58
|
|
77
|
4,548.00
|
LSE
|
15:01:58
|
|
576
|
4,549.00
|
LSE
|
15:03:13
|
|
583
|
4,544.00
|
LSE
|
15:03:37
|
|
396
|
4,543.00
|
LSE
|
15:03:43
|
|
569
|
4,537.00
|
LSE
|
15:05:43
|
|
623
|
4,527.00
|
LSE
|
15:07:36
|
|
413
|
4,526.00
|
LSE
|
15:07:38
|
|
415
|
4,520.00
|
LSE
|
15:08:50
|
|
32
|
4,520.00
|
LSE
|
15:09:03
|
|
100
|
4,520.00
|
LSE
|
15:09:03
|
|
309
|
4,520.00
|
LSE
|
15:09:03
|
|
100
|
4,520.00
|
LSE
|
15:09:27
|
|
861
|
4,520.00
|
LSE
|
15:09:48
|
|
622
|
4,520.00
|
LSE
|
15:09:48
|
|
527
|
4,520.00
|
LSE
|
15:09:48
|
|
724
|
4,520.00
|
LSE
|
15:10:10
|
|
366
|
4,519.00
|
LSE
|
15:10:14
|
|
176
|
4,519.00
|
LSE
|
15:10:14
|
|
432
|
4,519.00
|
LSE
|
15:10:14
|
|
475
|
4,518.00
|
LSE
|
15:10:15
|
|
571
|
4,514.00
|
LSE
|
15:12:53
|
|
652
|
4,510.00
|
LSE
|
15:13:17
|
|
652
|
4,503.00
|
LSE
|
15:15:30
|
|
444
|
4,500.00
|
LSE
|
15:15:43
|
|
597
|
4,522.00
|
LSE
|
15:19:41
|
|
653
|
4,520.00
|
LSE
|
15:24:54
|
|
646
|
4,518.00
|
LSE
|
15:28:30
|
|
586
|
4,519.00
|
LSE
|
15:31:42
|
|
180
|
4,526.00
|
LSE
|
15:34:16
|
|
64
|
4,526.00
|
LSE
|
15:35:02
|
|
249
|
4,526.00
|
LSE
|
15:35:02
|
|
552
|
4,526.00
|
LSE
|
15:35:02
|
|
579
|
4,526.00
|
LSE
|
15:35:02
|
|
247
|
4,533.00
|
LSE
|
15:38:08
|
|
300
|
4,533.00
|
LSE
|
15:38:08
|
|
22
|
4,533.00
|
LSE
|
15:38:08
|
|
600
|
4,528.00
|
LSE
|
15:40:45
|
|
421
|
4,532.00
|
LSE
|
15:43:53
|
|
487
|
4,532.00
|
LSE
|
15:44:13
|
|
30
|
4,532.00
|
LSE
|
15:44:13
|
|
150
|
4,532.00
|
LSE
|
15:44:13
|
|
501
|
4,536.00
|
LSE
|
15:47:19
|
|
159
|
4,536.00
|
LSE
|
15:47:19
|
|
147
|
4,537.00
|
LSE
|
15:47:19
|
|
285
|
4,537.00
|
LSE
|
15:47:19
|
|
661
|
4,536.00
|
LSE
|
15:51:40
|
|
667
|
4,535.00
|
LSE
|
15:53:03
|
|
671
|
4,532.00
|
LSE
|
15:57:30
|
|
609
|
4,526.00
|
LSE
|
16:01:38
|
|
626
|
4,526.00
|
LSE
|
16:01:38
|
|
590
|
4,520.00
|
LSE
|
16:05:45
|
|
605
|
4,510.00
|
LSE
|
16:09:33
|
|
591
|
4,510.00
|
LSE
|
16:09:33
|
|
558
|
4,510.00
|
LSE
|
16:09:33
|
|
146
|
4,500.00
|
LSE
|
16:13:58
|
|
7
|
4,500.00
|
LSE
|
16:13:58
|
|
647
|
4,499.00
|
LSE
|
16:14:40
|
|
557
|
4,499.00
|
LSE
|
16:14:40
|
|
567
|
4,497.00
|
LSE
|
16:14:58
|
|
641
|
4,497.00
|
LSE
|
16:14:58
|
|
621
|
4,498.00
|
LSE
|
16:14:58
|
|
495
|
4,493.00
|
LSE
|
16:17:48
|
|
60
|
4,493.00
|
LSE
|
16:17:48
|
|
50
|
4,494.00
|
LSE
|
16:19:09
|
|
100
|
4,494.00
|
LSE
|
16:19:09
|
|
406
|
4,494.00
|
LSE
|
16:19:09
|
|
597
|
4,494.00
|
LSE
|
16:19:09
|
|
550
|
4,494.00
|
LSE
|
16:19:09
|
|
95
|
4,494.00
|
LSE
|
16:19:09
|
|
25
|
4,494.00
|
LSE
|
16:19:09
|
|
51
|
4,494.00
|
LSE
|
16:19:09
|
|
579
|
4,498.00
|
LSE
|
16:20:18
|
|
41
|
4,491.00
|
LSE
|
16:22:16
|
|
61
|
4,491.00
|
LSE
|
16:22:16
|
|
91
|
4,491.00
|
LSE
|
16:22:16
|
|
100
|
4,491.00
|
LSE
|
16:22:16
|
|
606
|
4,495.00
|
LSE
|
16:22:16
|
|
585
|
4,495.00
|
LSE
|
16:22:16
|
|
308
|
4,491.00
|
LSE
|
16:22:46
|
|
354
|
4,490.00
|
LSE
|
16:23:13
|
|
317
|
4,490.00
|
LSE
|
16:23:13
|
|
626
|
4,487.00
|
LSE
|
16:24:22
|
|
597
|
4,486.00
|
LSE
|
16:24:32
|
|
583
|
4,485.00
|
LSE
|
16:24:54
|
|
569
|
4,485.00
|
LSE
|
16:25:32
|
|
650
|
4,492.00
|
LSE
|
16:27:18
|
|
650
|
4,492.00
|
LSE
|
16:27:18
|
|
649
|
4,492.00
|
LSE
|
16:27:18
|
|
564
|
4,491.00
|
LSE
|
16:27:19
|
|
98
|
4,494.00
|
LSE
|
16:28:33
|
|
511
|
4,494.00
|
LSE
|
16:28:33
|
|
132
|
4,494.00
|
LSE
|
16:28:33
|
|
21
|
4,494.00
|
LSE
|
16:28:33
|
|
93
|
4,494.00
|
LSE
|
16:28:33
|
|
2
|
4,494.00
|
LSE
|
16:28:33
|
|
20
|
4,494.00
|
LSE
|
16:28:33
|
|
10
|
4,494.00
|
LSE
|
16:28:33
|
|
30
|
4,494.00
|
LSE
|
16:28:33
|
|
150
|
4,494.00
|
LSE
|
16:28:33
|
|
22
|
4,494.00
|
LSE
|
16:28:33
|
|
406
|
4,494.00
|
LSE
|
16:28:33
|
|
464
|
4,494.00
|
LSE
|
16:28:33
|
|
205
|
4,494.00
|
LSE
|
16:28:33
|
|
469
|
4,494.00
|
LSE
|
16:28:33
|
|
8
|
4,494.00
|
LSE
|
16:28:33
|
|
235
|
4,494.00
|
LSE
|
16:28:33
|
Exhibit 6
British American Tobacco p.l.c.
06 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each (“shares”) from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
5 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
121,668
|
|
Highest price paid per share (pence):
|
4,577.00p
|
|
Lowest price paid per share (pence):
|
4,458.00p
|
|
Volume weighted average price paid per share (pence):
|
4,535.6560p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,404,600 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 5 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
05/02/2026
|
101,588
|
4,535.8480
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
05/02/2026
|
13,979
|
4,535.9044
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
05/02/2026
|
6,101
|
4,531.8907
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
602
|
4,458.00
|
BATE
|
08:09:28
|
|
597
|
4,531.00
|
BATE
|
09:15:22
|
|
515
|
4,526.00
|
BATE
|
10:39:32
|
|
506
|
4,534.00
|
BATE
|
11:55:25
|
|
173
|
4,542.00
|
BATE
|
13:05:53
|
|
436
|
4,542.00
|
BATE
|
13:05:53
|
|
584
|
4,523.00
|
BATE
|
14:03:02
|
|
533
|
4,529.00
|
BATE
|
14:34:03
|
|
22
|
4,538.00
|
BATE
|
14:48:17
|
|
521
|
4,538.00
|
BATE
|
14:48:23
|
|
508
|
4,552.00
|
BATE
|
15:08:57
|
|
265
|
4,568.00
|
BATE
|
15:30:08
|
|
308
|
4,568.00
|
BATE
|
15:30:10
|
|
180
|
4,557.00
|
BATE
|
15:55:00
|
|
351
|
4,557.00
|
BATE
|
15:55:00
|
|
544
|
4,486.00
|
CHIX
|
08:01:48
|
|
536
|
4,465.00
|
CHIX
|
08:14:51
|
|
516
|
4,531.00
|
CHIX
|
08:38:56
|
|
614
|
4,533.00
|
CHIX
|
09:08:21
|
|
550
|
4,517.00
|
CHIX
|
09:42:52
|
|
534
|
4,524.00
|
CHIX
|
10:17:25
|
|
611
|
4,528.00
|
CHIX
|
10:55:45
|
|
615
|
4,533.00
|
CHIX
|
11:27:46
|
|
573
|
4,546.00
|
CHIX
|
12:03:03
|
|
364
|
4,537.00
|
CHIX
|
12:37:25
|
|
156
|
4,537.00
|
CHIX
|
12:37:25
|
|
572
|
4,542.00
|
CHIX
|
13:05:53
|
|
533
|
4,534.00
|
CHIX
|
13:38:54
|
|
110
|
4,523.00
|
CHIX
|
13:55:16
|
|
423
|
4,523.00
|
CHIX
|
13:56:48
|
|
582
|
4,514.00
|
CHIX
|
14:15:36
|
|
118
|
4,529.00
|
CHIX
|
14:29:53
|
|
444
|
4,529.00
|
CHIX
|
14:29:53
|
|
618
|
4,529.00
|
CHIX
|
14:34:03
|
|
511
|
4,544.00
|
CHIX
|
14:42:27
|
|
172
|
4,538.00
|
CHIX
|
14:49:56
|
|
321
|
4,538.00
|
CHIX
|
14:49:56
|
|
101
|
4,538.00
|
CHIX
|
14:49:56
|
|
429
|
4,557.00
|
CHIX
|
15:02:47
|
|
71
|
4,557.00
|
CHIX
|
15:02:47
|
|
521
|
4,551.00
|
CHIX
|
15:07:02
|
|
435
|
4,562.00
|
CHIX
|
15:16:34
|
|
12
|
4,562.00
|
CHIX
|
15:16:34
|
|
90
|
4,562.00
|
CHIX
|
15:16:34
|
|
30
|
4,577.00
|
CHIX
|
15:27:09
|
|
306
|
4,577.00
|
CHIX
|
15:27:09
|
|
237
|
4,577.00
|
CHIX
|
15:27:09
|
|
524
|
4,568.00
|
CHIX
|
15:36:42
|
|
586
|
4,572.00
|
CHIX
|
15:46:46
|
|
620
|
4,556.00
|
CHIX
|
15:58:06
|
|
622
|
4,490.00
|
LSE
|
08:00:05
|
|
585
|
4,487.00
|
LSE
|
08:01:48
|
|
471
|
4,488.00
|
LSE
|
08:01:48
|
|
137
|
4,488.00
|
LSE
|
08:01:48
|
|
608
|
4,484.00
|
LSE
|
08:03:55
|
|
495
|
4,475.00
|
LSE
|
08:06:54
|
|
116
|
4,475.00
|
LSE
|
08:06:54
|
|
602
|
4,472.00
|
LSE
|
08:10:58
|
|
417
|
4,500.00
|
LSE
|
08:18:43
|
|
418
|
4,500.00
|
LSE
|
08:18:43
|
|
599
|
4,500.00
|
LSE
|
08:18:43
|
|
393
|
4,500.00
|
LSE
|
08:18:43
|
|
561
|
4,500.00
|
LSE
|
08:18:43
|
|
351
|
4,499.00
|
LSE
|
08:18:46
|
|
522
|
4,504.00
|
LSE
|
08:19:33
|
|
31
|
4,504.00
|
LSE
|
08:19:33
|
|
44
|
4,504.00
|
LSE
|
08:19:33
|
|
11
|
4,504.00
|
LSE
|
08:19:33
|
|
35
|
4,504.00
|
LSE
|
08:19:33
|
|
304
|
4,514.00
|
LSE
|
08:21:18
|
|
648
|
4,525.00
|
LSE
|
08:24:41
|
|
378
|
4,523.00
|
LSE
|
08:30:34
|
|
187
|
4,523.00
|
LSE
|
08:30:34
|
|
610
|
4,531.00
|
LSE
|
08:38:56
|
|
600
|
4,531.00
|
LSE
|
08:39:58
|
|
555
|
4,524.00
|
LSE
|
08:46:39
|
|
600
|
4,534.00
|
LSE
|
08:59:10
|
|
66
|
4,534.00
|
LSE
|
08:59:10
|
|
544
|
4,532.00
|
LSE
|
09:05:09
|
|
653
|
4,535.00
|
LSE
|
09:12:41
|
|
637
|
4,529.00
|
LSE
|
09:15:38
|
|
649
|
4,532.00
|
LSE
|
09:24:11
|
|
584
|
4,525.00
|
LSE
|
09:31:45
|
|
47
|
4,521.00
|
LSE
|
09:31:47
|
|
200
|
4,521.00
|
LSE
|
09:31:55
|
|
364
|
4,521.00
|
LSE
|
09:31:55
|
|
344
|
4,521.00
|
LSE
|
09:31:56
|
|
27
|
4,521.00
|
LSE
|
09:31:56
|
|
2
|
4,520.00
|
LSE
|
09:35:20
|
|
147
|
4,520.00
|
LSE
|
09:35:20
|
|
662
|
4,521.00
|
LSE
|
09:35:20
|
|
653
|
4,521.00
|
LSE
|
09:35:20
|
|
220
|
4,520.00
|
LSE
|
09:35:20
|
|
656
|
4,519.00
|
LSE
|
09:37:23
|
|
355
|
4,517.00
|
LSE
|
09:42:52
|
|
339
|
4,519.00
|
LSE
|
09:46:41
|
|
602
|
4,519.00
|
LSE
|
09:48:19
|
|
661
|
4,515.00
|
LSE
|
09:56:02
|
|
638
|
4,518.00
|
LSE
|
10:00:11
|
|
615
|
4,518.00
|
LSE
|
10:10:29
|
|
640
|
4,524.00
|
LSE
|
10:15:18
|
|
549
|
4,523.00
|
LSE
|
10:17:45
|
|
48
|
4,523.00
|
LSE
|
10:17:45
|
|
6
|
4,523.00
|
LSE
|
10:17:45
|
|
656
|
4,525.00
|
LSE
|
10:27:37
|
|
563
|
4,527.00
|
LSE
|
10:33:50
|
|
460
|
4,527.00
|
LSE
|
10:34:08
|
|
443
|
4,527.00
|
LSE
|
10:34:08
|
|
643
|
4,527.00
|
LSE
|
10:34:08
|
|
216
|
4,527.00
|
LSE
|
10:34:08
|
|
624
|
4,531.00
|
LSE
|
10:36:46
|
|
9
|
4,526.00
|
LSE
|
10:39:28
|
|
552
|
4,526.00
|
LSE
|
10:39:32
|
|
235
|
4,528.00
|
LSE
|
10:55:45
|
|
426
|
4,528.00
|
LSE
|
10:55:45
|
|
370
|
4,528.00
|
LSE
|
10:55:45
|
|
611
|
4,531.00
|
LSE
|
11:01:56
|
|
671
|
4,532.00
|
LSE
|
11:06:04
|
|
563
|
4,533.00
|
LSE
|
11:09:51
|
|
203
|
4,530.00
|
LSE
|
11:18:00
|
|
48
|
4,530.00
|
LSE
|
11:18:00
|
|
62
|
4,530.00
|
LSE
|
11:18:00
|
|
49
|
4,530.00
|
LSE
|
11:18:00
|
|
245
|
4,530.00
|
LSE
|
11:18:00
|
|
601
|
4,533.00
|
LSE
|
11:27:46
|
|
337
|
4,533.00
|
LSE
|
11:27:46
|
|
572
|
4,534.00
|
LSE
|
11:34:02
|
|
564
|
4,531.00
|
LSE
|
11:41:31
|
|
642
|
4,531.00
|
LSE
|
11:41:31
|
|
650
|
4,530.00
|
LSE
|
11:41:49
|
|
469
|
4,534.00
|
LSE
|
11:49:07
|
|
649
|
4,534.00
|
LSE
|
11:54:29
|
|
610
|
4,534.00
|
LSE
|
11:59:30
|
|
137
|
4,540.00
|
LSE
|
12:00:41
|
|
367
|
4,543.00
|
LSE
|
12:01:33
|
|
574
|
4,546.00
|
LSE
|
12:03:03
|
|
550
|
4,546.00
|
LSE
|
12:03:03
|
|
386
|
4,537.00
|
LSE
|
12:08:45
|
|
611
|
4,536.00
|
LSE
|
12:10:15
|
|
584
|
4,539.00
|
LSE
|
12:19:25
|
|
628
|
4,536.00
|
LSE
|
12:27:52
|
|
587
|
4,539.00
|
LSE
|
12:35:21
|
|
574
|
4,537.00
|
LSE
|
12:37:25
|
|
576
|
4,544.00
|
LSE
|
12:45:42
|
|
611
|
4,541.00
|
LSE
|
12:55:29
|
|
323
|
4,542.00
|
LSE
|
13:05:53
|
|
662
|
4,542.00
|
LSE
|
13:05:53
|
|
480
|
4,541.00
|
LSE
|
13:12:58
|
|
63
|
4,541.00
|
LSE
|
13:12:59
|
|
608
|
4,542.00
|
LSE
|
13:16:09
|
|
486
|
4,536.00
|
LSE
|
13:21:46
|
|
365
|
4,531.00
|
LSE
|
13:26:31
|
|
192
|
4,531.00
|
LSE
|
13:26:31
|
|
433
|
4,533.00
|
LSE
|
13:38:54
|
|
246
|
4,534.00
|
LSE
|
13:38:54
|
|
565
|
4,534.00
|
LSE
|
13:38:54
|
|
435
|
4,534.00
|
LSE
|
13:38:54
|
|
157
|
4,533.00
|
LSE
|
13:39:18
|
|
633
|
4,529.00
|
LSE
|
13:41:16
|
|
386
|
4,526.00
|
LSE
|
13:45:36
|
|
659
|
4,526.00
|
LSE
|
13:45:36
|
|
256
|
4,524.00
|
LSE
|
13:50:13
|
|
295
|
4,524.00
|
LSE
|
13:50:13
|
|
609
|
4,523.00
|
LSE
|
13:55:16
|
|
610
|
4,523.00
|
LSE
|
13:56:48
|
|
408
|
4,520.00
|
LSE
|
13:57:27
|
|
401
|
4,520.00
|
LSE
|
13:57:27
|
|
43
|
4,519.00
|
LSE
|
13:57:58
|
|
354
|
4,519.00
|
LSE
|
13:57:58
|
|
595
|
4,521.00
|
LSE
|
14:00:02
|
|
130
|
4,521.00
|
LSE
|
14:03:26
|
|
413
|
4,521.00
|
LSE
|
14:03:26
|
|
646
|
4,519.00
|
LSE
|
14:09:09
|
|
669
|
4,516.00
|
LSE
|
14:13:48
|
|
635
|
4,511.00
|
LSE
|
14:17:15
|
|
584
|
4,510.00
|
LSE
|
14:19:20
|
|
323
|
4,510.00
|
LSE
|
14:19:20
|
|
148
|
4,509.00
|
LSE
|
14:21:42
|
|
272
|
4,509.00
|
LSE
|
14:21:42
|
|
658
|
4,518.00
|
LSE
|
14:25:39
|
|
612
|
4,525.00
|
LSE
|
14:27:53
|
|
396
|
4,530.00
|
LSE
|
14:29:52
|
|
158
|
4,530.00
|
LSE
|
14:29:52
|
|
552
|
4,529.00
|
LSE
|
14:29:53
|
|
43
|
4,522.00
|
LSE
|
14:30:28
|
|
398
|
4,522.00
|
LSE
|
14:30:28
|
|
147
|
4,522.00
|
LSE
|
14:30:28
|
|
353
|
4,519.00
|
LSE
|
14:31:05
|
|
173
|
4,517.00
|
LSE
|
14:32:06
|
|
600
|
4,530.00
|
LSE
|
14:34:03
|
|
674
|
4,530.00
|
LSE
|
14:34:03
|
|
177
|
4,528.00
|
LSE
|
14:34:06
|
|
31
|
4,529.00
|
LSE
|
14:34:35
|
|
642
|
4,529.00
|
LSE
|
14:34:35
|
|
446
|
4,530.00
|
LSE
|
14:34:58
|
|
152
|
4,530.00
|
LSE
|
14:34:58
|
|
542
|
4,531.00
|
LSE
|
14:36:25
|
|
582
|
4,530.00
|
LSE
|
14:36:36
|
|
207
|
4,535.00
|
LSE
|
14:38:02
|
|
430
|
4,535.00
|
LSE
|
14:38:02
|
|
397
|
4,535.00
|
LSE
|
14:38:02
|
|
199
|
4,539.00
|
LSE
|
14:40:07
|
|
446
|
4,539.00
|
LSE
|
14:40:07
|
|
647
|
4,540.00
|
LSE
|
14:40:48
|
|
13
|
4,540.00
|
LSE
|
14:40:48
|
|
550
|
4,544.00
|
LSE
|
14:42:27
|
|
313
|
4,544.00
|
LSE
|
14:42:57
|
|
577
|
4,544.00
|
LSE
|
14:42:57
|
|
605
|
4,536.00
|
LSE
|
14:45:09
|
|
655
|
4,537.00
|
LSE
|
14:47:41
|
|
671
|
4,537.00
|
LSE
|
14:47:41
|
|
406
|
4,537.00
|
LSE
|
14:47:41
|
|
607
|
4,538.00
|
LSE
|
14:48:23
|
|
558
|
4,538.00
|
LSE
|
14:49:56
|
|
555
|
4,538.00
|
LSE
|
14:51:01
|
|
619
|
4,539.00
|
LSE
|
14:52:57
|
|
605
|
4,542.00
|
LSE
|
14:55:42
|
|
642
|
4,541.00
|
LSE
|
14:55:56
|
|
649
|
4,546.00
|
LSE
|
14:58:25
|
|
444
|
4,546.00
|
LSE
|
14:58:25
|
|
617
|
4,557.00
|
LSE
|
15:02:47
|
|
660
|
4,556.00
|
LSE
|
15:02:52
|
|
573
|
4,549.00
|
LSE
|
15:05:10
|
|
626
|
4,551.00
|
LSE
|
15:06:25
|
|
60
|
4,550.00
|
LSE
|
15:07:11
|
|
488
|
4,550.00
|
LSE
|
15:07:11
|
|
338
|
4,552.00
|
LSE
|
15:08:57
|
|
659
|
4,552.00
|
LSE
|
15:10:01
|
|
659
|
4,559.00
|
LSE
|
15:14:03
|
|
602
|
4,559.00
|
LSE
|
15:15:32
|
|
126
|
4,569.00
|
LSE
|
15:19:14
|
|
554
|
4,569.00
|
LSE
|
15:19:14
|
|
482
|
4,569.00
|
LSE
|
15:19:14
|
|
675
|
4,569.00
|
LSE
|
15:19:37
|
|
664
|
4,569.00
|
LSE
|
15:22:34
|
|
109
|
4,575.00
|
LSE
|
15:24:31
|
|
525
|
4,575.00
|
LSE
|
15:24:31
|
|
405
|
4,577.00
|
LSE
|
15:27:09
|
|
221
|
4,577.00
|
LSE
|
15:27:09
|
|
9
|
4,577.00
|
LSE
|
15:27:09
|
|
150
|
4,577.00
|
LSE
|
15:27:09
|
|
150
|
4,577.00
|
LSE
|
15:27:09
|
|
289
|
4,577.00
|
LSE
|
15:27:09
|
|
564
|
4,568.00
|
LSE
|
15:29:45
|
|
565
|
4,568.00
|
LSE
|
15:32:23
|
|
539
|
4,566.00
|
LSE
|
15:35:12
|
|
128
|
4,566.00
|
LSE
|
15:35:16
|
|
654
|
4,568.00
|
LSE
|
15:37:12
|
|
622
|
4,575.00
|
LSE
|
15:39:05
|
|
665
|
4,575.00
|
LSE
|
15:41:52
|
|
506
|
4,572.00
|
LSE
|
15:44:06
|
|
59
|
4,572.00
|
LSE
|
15:44:06
|
|
289
|
4,572.00
|
LSE
|
15:46:05
|
|
637
|
4,571.00
|
LSE
|
15:46:47
|
|
495
|
4,566.00
|
LSE
|
15:49:37
|
|
84
|
4,566.00
|
LSE
|
15:49:37
|
|
613
|
4,566.00
|
LSE
|
15:49:37
|
|
171
|
4,561.00
|
LSE
|
15:52:05
|
|
419
|
4,561.00
|
LSE
|
15:52:05
|
|
450
|
4,560.00
|
LSE
|
15:52:07
|
|
335
|
4,558.00
|
LSE
|
15:54:00
|
|
95
|
4,558.00
|
LSE
|
15:54:00
|
|
53
|
4,559.00
|
LSE
|
15:54:00
|
|
430
|
4,559.00
|
LSE
|
15:54:00
|
|
103
|
4,558.00
|
LSE
|
15:54:01
|
|
109
|
4,558.00
|
LSE
|
15:54:01
|
|
628
|
4,556.00
|
LSE
|
15:58:06
|
|
564
|
4,553.00
|
LSE
|
15:59:46
|
|
622
|
4,553.00
|
LSE
|
15:59:46
|
|
597
|
4,553.00
|
LSE
|
16:01:44
|
|
586
|
4,556.00
|
LSE
|
16:08:41
|
|
565
|
4,556.00
|
LSE
|
16:08:41
|
|
587
|
4,555.00
|
LSE
|
16:11:02
|
|
564
|
4,554.00
|
LSE
|
16:11:03
|
|
55
|
4,550.00
|
LSE
|
16:15:17
|
|
584
|
4,550.00
|
LSE
|
16:15:17
|
|
36
|
4,550.00
|
LSE
|
16:15:17
|
|
590
|
4,550.00
|
LSE
|
16:15:17
|
|
642
|
4,555.00
|
LSE
|
16:21:36
|
|
570
|
4,555.00
|
LSE
|
16:21:36
|
|
541
|
4,551.00
|
LSE
|
16:24:30
|
|
579
|
4,551.00
|
LSE
|
16:24:30
|
|
597
|
4,549.00
|
LSE
|
16:26:26
|
|
188
|
4,549.00
|
LSE
|
16:27:30
|
|
105
|
4,549.00
|
LSE
|
16:27:39
|
|
68
|
4,549.00
|
LSE
|
16:27:39
|
|
26
|
4,551.00
|
LSE
|
16:28:18
|
|
300
|
4,551.00
|
LSE
|
16:28:18
|
|
188
|
4,551.00
|
LSE
|
16:28:18
|
|
379
|
4,551.00
|
LSE
|
16:28:18
|
|
206
|
4,549.00
|
LSE
|
16:28:41
|
|
44
|
4,549.00
|
LSE
|
16:28:41
|
Exhibit 7
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The Company has been notified by the trustee of the British American Tobacco Share Incentive Plan that on 4 February 2026 the following Executive Director and other persons
discharging managerial responsibilities purchased ordinary shares of 25p each in British American Tobacco p.l.c. by way of the Partnership Share Scheme.
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Tadeu Marroco
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Luciano Comin
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Marketing Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
James Murphy
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Research and Science
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
James Barrett
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Business Development
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Paul McCrory
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Legal and General Counsel
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Javed Iqbal
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Interim Chief Financial Officer and Director, Digital and Information
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Johan Vandermeulen
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Operating Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
||||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6186
|
3
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
3
£136.86
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 6 February 2026
|
Exhibit 8
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Tadeu Marroco
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of quarterly dividend equivalent shares under the British American Tobacco Deferred Share Bonus Scheme
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£44.94
|
364
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
364
£16,358.16
|
|||
|
e)
|
Date of the transaction
|
2026-02-05
|
|||
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 06 February 2026
|
Exhibit 9
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The Company has been notified by Computershare Investor Services PLC that on 4 February 2026 the following persons discharging managerial responsibilities acquired the following ordinary shares of 25p each in British
American Tobacco p.l.c. as a result of the reinvestment of dividend income on shares held in a Computershare Nominee Account (“Share Plan Account”).
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Javed Iqbal
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Interim Chief Financial Officer and Director, Digital and Information
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income on shareholdings in Computershare’s Share Plan Account.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
205
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
205
£9,352.69
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Fred Monteiro
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Regional Director, Americas & Europe
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income on shareholdings in Computershare’s Share Plan Account.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
699
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
699
£31,890.41
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
David Waterfield
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
President and CEO, Reynolds American Inc.
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income on shareholdings in Computershare’s Share Plan Account.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
437
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
437
£19,937.21
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
James Murphy
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Research and Science
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income on shareholdings in Computershare’s Share Plan Account.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
2
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
2
£91.25
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 06 February 2026
|
Exhibit 10
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The Company has been notified by the trustee of the British American Tobacco Share Incentive Plan that on 4
February 2026 the following Executive Director and other persons discharging managerial responsibilities acquired the following ordinary shares of 25p each in British American Tobacco p.l.c. as a result of the reinvestment of dividend income.
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Tadeu Marroco
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
33
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
33
£1,505.56
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
James Barrett
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Business Development
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
54
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
54
£2,463.64
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Cora Koppe-Stahrenberg
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief People Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
1
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
1
£45.62
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
David Waterfield
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
President and CEO, Reynolds American Inc.
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
21
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
21
£958.08
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Fred Monteiro
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Regional Director, Americas & Europe
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
22
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
22
£1,003.70
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
James Murphy
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Research and Science
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
17
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
17
£775.59
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Johan Vandermeulen
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Operating Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
30
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
30
£1,368.69
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Kingsley Wheaton
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Corporate Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
14
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
14
£638.72
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Luciano Comin
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Marketing Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
17
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
17
£775.59
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Paul McCrory
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Legal and General Counsel
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
15
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
15
£684.34
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Javed Iqbal
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Interim Chief Financial Officer and Director, Digital and Information
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
7
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
7
£319.36
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Zafar Khan
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Director, Operations
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£45.6229
|
8
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
8
£364.98
|
|||
|
e)
|
Date of the transaction
|
2026-02-04
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 06 February 2026
|
Exhibit 11
British American Tobacco p.l.c.
09 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each (“shares”) from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
6 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
131,297
|
|
Highest price paid per share (pence):
|
4,613.00p
|
|
Lowest price paid per share (pence):
|
4,548.00p
|
|
Volume weighted average price paid per share (pence):
|
4,587.5114p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,273,303 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 6 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
06/02/2026
|
110,427
|
4,587.6888
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
06/02/2026
|
14,680
|
4,585.8358
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
06/02/2026
|
6,190
|
4,588.3207
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
500
|
4,563.00
|
BATE
|
08:10:10
|
|
539
|
4,576.00
|
BATE
|
09:04:04
|
|
588
|
4,584.00
|
BATE
|
10:15:57
|
|
574
|
4,590.00
|
BATE
|
11:44:11
|
|
251
|
4,566.00
|
BATE
|
13:02:17
|
|
304
|
4,566.00
|
BATE
|
13:06:14
|
|
586
|
4,575.00
|
BATE
|
13:58:15
|
|
579
|
4,596.00
|
BATE
|
14:31:59
|
|
598
|
4,598.00
|
BATE
|
14:48:52
|
|
24
|
4,598.00
|
BATE
|
14:48:52
|
|
483
|
4,604.00
|
BATE
|
15:11:22
|
|
58
|
4,604.00
|
BATE
|
15:11:22
|
|
581
|
4,605.00
|
BATE
|
15:34:47
|
|
525
|
4,612.00
|
BATE
|
16:00:00
|
|
564
|
4,548.00
|
CHIX
|
08:03:49
|
|
617
|
4,562.00
|
CHIX
|
08:16:04
|
|
565
|
4,574.00
|
CHIX
|
08:46:12
|
|
554
|
4,579.00
|
CHIX
|
09:17:05
|
|
55
|
4,577.00
|
CHIX
|
09:51:21
|
|
516
|
4,577.00
|
CHIX
|
09:51:21
|
|
581
|
4,586.00
|
CHIX
|
10:19:28
|
|
502
|
4,607.00
|
CHIX
|
11:00:00
|
|
104
|
4,598.00
|
CHIX
|
11:34:10
|
|
68
|
4,598.00
|
CHIX
|
11:34:10
|
|
382
|
4,598.00
|
CHIX
|
11:34:10
|
|
529
|
4,557.00
|
CHIX
|
12:06:06
|
|
533
|
4,568.00
|
CHIX
|
12:38:19
|
|
54
|
4,565.00
|
CHIX
|
13:06:15
|
|
61
|
4,565.00
|
CHIX
|
13:06:15
|
|
337
|
4,565.00
|
CHIX
|
13:06:42
|
|
20
|
4,565.00
|
CHIX
|
13:06:42
|
|
50
|
4,565.00
|
CHIX
|
13:06:42
|
|
20
|
4,565.00
|
CHIX
|
13:06:42
|
|
608
|
4,572.00
|
CHIX
|
13:33:47
|
|
605
|
4,575.00
|
CHIX
|
13:58:15
|
|
42
|
4,579.00
|
CHIX
|
14:21:42
|
|
520
|
4,579.00
|
CHIX
|
14:21:42
|
|
524
|
4,587.00
|
CHIX
|
14:30:55
|
|
30
|
4,578.00
|
CHIX
|
14:33:51
|
|
100
|
4,578.00
|
CHIX
|
14:33:51
|
|
16
|
4,578.00
|
CHIX
|
14:33:51
|
|
450
|
4,578.00
|
CHIX
|
14:33:51
|
|
49
|
4,597.00
|
CHIX
|
14:42:46
|
|
146
|
4,600.00
|
CHIX
|
14:44:10
|
|
439
|
4,600.00
|
CHIX
|
14:44:10
|
|
596
|
4,594.00
|
CHIX
|
14:53:22
|
|
277
|
4,602.00
|
CHIX
|
15:02:28
|
|
229
|
4,602.00
|
CHIX
|
15:02:28
|
|
571
|
4,604.00
|
CHIX
|
15:11:22
|
|
347
|
4,595.00
|
CHIX
|
15:21:27
|
|
228
|
4,595.00
|
CHIX
|
15:21:27
|
|
535
|
4,607.00
|
CHIX
|
15:31:29
|
|
555
|
4,604.00
|
CHIX
|
15:43:04
|
|
593
|
4,606.00
|
CHIX
|
15:53:23
|
|
506
|
4,608.00
|
CHIX
|
16:03:43
|
|
602
|
4,604.00
|
CHIX
|
16:10:17
|
|
616
|
4,556.00
|
LSE
|
08:00:35
|
|
633
|
4,551.00
|
LSE
|
08:01:03
|
|
641
|
4,553.00
|
LSE
|
08:01:03
|
|
577
|
4,548.00
|
LSE
|
08:03:49
|
|
599
|
4,559.00
|
LSE
|
08:08:04
|
|
649
|
4,566.00
|
LSE
|
08:12:56
|
|
545
|
4,562.00
|
LSE
|
08:16:04
|
|
114
|
4,560.00
|
LSE
|
08:17:59
|
|
525
|
4,560.00
|
LSE
|
08:17:59
|
|
645
|
4,574.00
|
LSE
|
08:22:43
|
|
420
|
4,573.00
|
LSE
|
08:22:58
|
|
270
|
4,567.00
|
LSE
|
08:26:11
|
|
331
|
4,568.00
|
LSE
|
08:26:11
|
|
174
|
4,575.00
|
LSE
|
08:27:27
|
|
378
|
4,575.00
|
LSE
|
08:27:27
|
|
254
|
4,574.00
|
LSE
|
08:31:10
|
|
662
|
4,575.00
|
LSE
|
08:31:10
|
|
547
|
4,572.00
|
LSE
|
08:32:05
|
|
61
|
4,567.00
|
LSE
|
08:32:54
|
|
245
|
4,560.00
|
LSE
|
08:34:08
|
|
4
|
4,560.00
|
LSE
|
08:34:08
|
|
96
|
4,560.00
|
LSE
|
08:34:08
|
|
536
|
4,565.00
|
LSE
|
08:36:30
|
|
64
|
4,565.00
|
LSE
|
08:36:30
|
|
564
|
4,577.00
|
LSE
|
08:42:26
|
|
673
|
4,569.00
|
LSE
|
08:50:22
|
|
614
|
4,570.00
|
LSE
|
08:56:39
|
|
651
|
4,573.00
|
LSE
|
08:59:42
|
|
626
|
4,576.00
|
LSE
|
09:04:04
|
|
25
|
4,575.00
|
LSE
|
09:06:17
|
|
29
|
4,575.00
|
LSE
|
09:06:17
|
|
316
|
4,575.00
|
LSE
|
09:06:17
|
|
58
|
4,575.00
|
LSE
|
09:06:17
|
|
89
|
4,575.00
|
LSE
|
09:06:17
|
|
24
|
4,575.00
|
LSE
|
09:06:17
|
|
636
|
4,579.00
|
LSE
|
09:12:51
|
|
554
|
4,580.00
|
LSE
|
09:15:04
|
|
621
|
4,577.00
|
LSE
|
09:22:26
|
|
552
|
4,579.00
|
LSE
|
09:33:02
|
|
596
|
4,577.00
|
LSE
|
09:40:46
|
|
664
|
4,575.00
|
LSE
|
09:44:02
|
|
163
|
4,574.00
|
LSE
|
09:45:33
|
|
477
|
4,574.00
|
LSE
|
09:45:33
|
|
332
|
4,578.00
|
LSE
|
09:49:10
|
|
89
|
4,578.00
|
LSE
|
09:49:11
|
|
604
|
4,577.00
|
LSE
|
09:54:08
|
|
302
|
4,580.00
|
LSE
|
10:00:44
|
|
289
|
4,581.00
|
LSE
|
10:00:44
|
|
648
|
4,580.00
|
LSE
|
10:02:43
|
|
605
|
4,582.00
|
LSE
|
10:13:52
|
|
42
|
4,582.00
|
LSE
|
10:13:53
|
|
580
|
4,584.00
|
LSE
|
10:15:57
|
|
602
|
4,584.00
|
LSE
|
10:15:57
|
|
673
|
4,586.00
|
LSE
|
10:19:28
|
|
237
|
4,586.00
|
LSE
|
10:19:28
|
|
544
|
4,585.00
|
LSE
|
10:20:22
|
|
630
|
4,589.00
|
LSE
|
10:21:26
|
|
658
|
4,589.00
|
LSE
|
10:21:26
|
|
336
|
4,586.00
|
LSE
|
10:29:18
|
|
666
|
4,594.00
|
LSE
|
10:35:10
|
|
657
|
4,595.00
|
LSE
|
10:44:44
|
|
594
|
4,598.00
|
LSE
|
10:48:35
|
|
674
|
4,598.00
|
LSE
|
10:48:35
|
|
649
|
4,609.00
|
LSE
|
10:58:59
|
|
625
|
4,611.00
|
LSE
|
11:03:51
|
|
351
|
4,608.00
|
LSE
|
11:07:17
|
|
98
|
4,604.00
|
LSE
|
11:09:39
|
|
63
|
4,604.00
|
LSE
|
11:09:39
|
|
456
|
4,604.00
|
LSE
|
11:09:52
|
|
162
|
4,604.00
|
LSE
|
11:09:52
|
|
555
|
4,605.00
|
LSE
|
11:09:52
|
|
625
|
4,602.00
|
LSE
|
11:17:05
|
|
315
|
4,600.00
|
LSE
|
11:17:59
|
|
93
|
4,598.00
|
LSE
|
11:25:22
|
|
147
|
4,598.00
|
LSE
|
11:25:22
|
|
400
|
4,598.00
|
LSE
|
11:25:22
|
|
625
|
4,598.00
|
LSE
|
11:34:10
|
|
625
|
4,597.00
|
LSE
|
11:40:38
|
|
70
|
4,591.00
|
LSE
|
11:47:34
|
|
388
|
4,593.00
|
LSE
|
11:50:54
|
|
247
|
4,593.00
|
LSE
|
11:50:56
|
|
565
|
4,592.00
|
LSE
|
11:59:09
|
|
293
|
4,580.00
|
LSE
|
11:59:11
|
|
263
|
4,577.00
|
LSE
|
12:00:03
|
|
600
|
4,572.00
|
LSE
|
12:01:09
|
|
295
|
4,560.00
|
LSE
|
12:05:11
|
|
319
|
4,560.00
|
LSE
|
12:05:11
|
|
645
|
4,566.00
|
LSE
|
12:10:03
|
|
608
|
4,566.00
|
LSE
|
12:10:03
|
|
592
|
4,566.00
|
LSE
|
12:12:39
|
|
584
|
4,566.00
|
LSE
|
12:20:49
|
|
674
|
4,563.00
|
LSE
|
12:25:18
|
|
158
|
4,565.00
|
LSE
|
12:32:05
|
|
256
|
4,565.00
|
LSE
|
12:32:05
|
|
648
|
4,564.00
|
LSE
|
12:35:00
|
|
604
|
4,568.00
|
LSE
|
12:38:19
|
|
588
|
4,568.00
|
LSE
|
12:41:18
|
|
303
|
4,560.00
|
LSE
|
12:47:16
|
|
521
|
4,565.00
|
LSE
|
12:51:18
|
|
295
|
4,565.00
|
LSE
|
12:51:18
|
|
12
|
4,565.00
|
LSE
|
12:51:18
|
|
48
|
4,565.00
|
LSE
|
12:51:18
|
|
579
|
4,563.00
|
LSE
|
12:59:25
|
|
226
|
4,567.00
|
LSE
|
13:02:14
|
|
200
|
4,567.00
|
LSE
|
13:02:14
|
|
124
|
4,567.00
|
LSE
|
13:02:14
|
|
50
|
4,567.00
|
LSE
|
13:02:14
|
|
629
|
4,566.00
|
LSE
|
13:02:17
|
|
318
|
4,560.00
|
LSE
|
13:10:59
|
|
675
|
4,563.00
|
LSE
|
13:10:59
|
|
655
|
4,557.00
|
LSE
|
13:20:32
|
|
26
|
4,564.00
|
LSE
|
13:28:00
|
|
100
|
4,564.00
|
LSE
|
13:28:01
|
|
100
|
4,564.00
|
LSE
|
13:28:01
|
|
100
|
4,564.00
|
LSE
|
13:28:03
|
|
100
|
4,564.00
|
LSE
|
13:28:03
|
|
100
|
4,564.00
|
LSE
|
13:28:04
|
|
94
|
4,564.00
|
LSE
|
13:28:25
|
|
575
|
4,564.00
|
LSE
|
13:28:25
|
|
29
|
4,564.00
|
LSE
|
13:28:25
|
|
576
|
4,572.00
|
LSE
|
13:33:47
|
|
547
|
4,574.00
|
LSE
|
13:36:16
|
|
580
|
4,576.00
|
LSE
|
13:42:32
|
|
675
|
4,573.00
|
LSE
|
13:51:05
|
|
558
|
4,573.00
|
LSE
|
13:51:05
|
|
259
|
4,574.00
|
LSE
|
13:52:41
|
|
610
|
4,575.00
|
LSE
|
13:58:15
|
|
415
|
4,576.00
|
LSE
|
14:01:27
|
|
664
|
4,574.00
|
LSE
|
14:02:23
|
|
628
|
4,577.00
|
LSE
|
14:08:15
|
|
615
|
4,577.00
|
LSE
|
14:08:15
|
|
312
|
4,574.00
|
LSE
|
14:10:42
|
|
346
|
4,574.00
|
LSE
|
14:10:42
|
|
658
|
4,577.00
|
LSE
|
14:14:32
|
|
574
|
4,579.00
|
LSE
|
14:21:42
|
|
578
|
4,575.00
|
LSE
|
14:25:19
|
|
607
|
4,574.00
|
LSE
|
14:25:52
|
|
657
|
4,576.00
|
LSE
|
14:28:37
|
|
630
|
4,587.00
|
LSE
|
14:30:37
|
|
589
|
4,588.00
|
LSE
|
14:30:55
|
|
603
|
4,586.00
|
LSE
|
14:31:00
|
|
646
|
4,597.00
|
LSE
|
14:31:59
|
|
56
|
4,596.00
|
LSE
|
14:32:36
|
|
133
|
4,596.00
|
LSE
|
14:32:36
|
|
133
|
4,596.00
|
LSE
|
14:32:36
|
|
229
|
4,596.00
|
LSE
|
14:32:36
|
|
397
|
4,591.00
|
LSE
|
14:32:57
|
|
264
|
4,591.00
|
LSE
|
14:32:57
|
|
252
|
4,578.00
|
LSE
|
14:33:51
|
|
655
|
4,578.00
|
LSE
|
14:33:51
|
|
368
|
4,578.00
|
LSE
|
14:33:51
|
|
100
|
4,591.00
|
LSE
|
14:36:39
|
|
254
|
4,591.00
|
LSE
|
14:36:39
|
|
610
|
4,593.00
|
LSE
|
14:36:39
|
|
551
|
4,597.00
|
LSE
|
14:37:36
|
|
623
|
4,594.00
|
LSE
|
14:38:56
|
|
634
|
4,599.00
|
LSE
|
14:40:33
|
|
1405
|
4,599.50
|
LSE
|
14:41:10
|
|
424
|
4,600.00
|
LSE
|
14:41:12
|
|
51
|
4,600.00
|
LSE
|
14:41:12
|
|
57
|
4,600.00
|
LSE
|
14:41:12
|
|
109
|
4,600.00
|
LSE
|
14:41:12
|
|
184
|
4,599.00
|
LSE
|
14:41:18
|
|
637
|
4,598.00
|
LSE
|
14:41:27
|
|
303
|
4,599.00
|
LSE
|
14:41:27
|
|
72
|
4,599.00
|
LSE
|
14:41:27
|
|
673
|
4,598.00
|
LSE
|
14:42:46
|
|
572
|
4,602.00
|
LSE
|
14:44:01
|
|
71
|
4,600.00
|
LSE
|
14:46:51
|
|
582
|
4,600.00
|
LSE
|
14:46:51
|
|
586
|
4,598.00
|
LSE
|
14:48:14
|
|
672
|
4,597.00
|
LSE
|
14:50:05
|
|
652
|
4,597.00
|
LSE
|
14:51:55
|
|
668
|
4,596.00
|
LSE
|
14:54:24
|
|
379
|
4,598.00
|
LSE
|
14:55:48
|
|
646
|
4,599.00
|
LSE
|
14:57:21
|
|
640
|
4,600.00
|
LSE
|
14:59:58
|
|
621
|
4,604.00
|
LSE
|
15:02:10
|
|
615
|
4,604.00
|
LSE
|
15:02:10
|
|
579
|
4,601.00
|
LSE
|
15:04:26
|
|
350
|
4,600.00
|
LSE
|
15:05:12
|
|
620
|
4,603.00
|
LSE
|
15:06:47
|
|
615
|
4,605.00
|
LSE
|
15:08:30
|
|
545
|
4,604.00
|
LSE
|
15:10:08
|
|
581
|
4,604.00
|
LSE
|
15:11:22
|
|
238
|
4,597.00
|
LSE
|
15:13:51
|
|
323
|
4,597.00
|
LSE
|
15:13:51
|
|
339
|
4,597.00
|
LSE
|
15:13:51
|
|
620
|
4,600.00
|
LSE
|
15:16:20
|
|
349
|
4,596.00
|
LSE
|
15:18:29
|
|
628
|
4,596.00
|
LSE
|
15:18:29
|
|
197
|
4,596.00
|
LSE
|
15:18:29
|
|
16
|
4,596.00
|
LSE
|
15:18:29
|
|
545
|
4,596.00
|
LSE
|
15:20:21
|
|
634
|
4,598.00
|
LSE
|
15:22:49
|
|
623
|
4,598.00
|
LSE
|
15:24:50
|
|
400
|
4,598.00
|
LSE
|
15:24:50
|
|
617
|
4,608.00
|
LSE
|
15:28:06
|
|
667
|
4,608.00
|
LSE
|
15:28:06
|
|
616
|
4,605.00
|
LSE
|
15:30:23
|
|
563
|
4,603.00
|
LSE
|
15:32:31
|
|
662
|
4,606.00
|
LSE
|
15:34:18
|
|
486
|
4,604.00
|
LSE
|
15:35:03
|
|
90
|
4,604.00
|
LSE
|
15:35:03
|
|
29
|
4,604.00
|
LSE
|
15:35:04
|
|
633
|
4,602.00
|
LSE
|
15:36:39
|
|
664
|
4,606.00
|
LSE
|
15:40:32
|
|
556
|
4,605.00
|
LSE
|
15:42:36
|
|
611
|
4,602.00
|
LSE
|
15:44:10
|
|
671
|
4,603.00
|
LSE
|
15:45:22
|
|
320
|
4,600.00
|
LSE
|
15:46:30
|
|
375
|
4,601.00
|
LSE
|
15:47:54
|
|
261
|
4,601.00
|
LSE
|
15:47:54
|
|
609
|
4,605.00
|
LSE
|
15:53:23
|
|
253
|
4,606.00
|
LSE
|
15:53:23
|
|
597
|
4,606.00
|
LSE
|
15:53:23
|
|
580
|
4,606.00
|
LSE
|
15:56:05
|
|
364
|
4,606.00
|
LSE
|
15:56:05
|
|
359
|
4,606.00
|
LSE
|
15:56:05
|
|
276
|
4,606.00
|
LSE
|
15:56:05
|
|
645
|
4,607.00
|
LSE
|
15:57:43
|
|
636
|
4,613.00
|
LSE
|
15:59:44
|
|
649
|
4,609.00
|
LSE
|
16:02:01
|
|
456
|
4,608.00
|
LSE
|
16:02:07
|
|
147
|
4,609.00
|
LSE
|
16:03:40
|
|
467
|
4,609.00
|
LSE
|
16:03:40
|
|
87
|
4,608.00
|
LSE
|
16:03:43
|
|
630
|
4,607.00
|
LSE
|
16:05:00
|
|
609
|
4,608.00
|
LSE
|
16:06:32
|
|
575
|
4,604.00
|
LSE
|
16:07:50
|
|
651
|
4,604.00
|
LSE
|
16:07:50
|
|
290
|
4,604.00
|
LSE
|
16:10:31
|
|
319
|
4,604.00
|
LSE
|
16:10:31
|
|
166
|
4,603.00
|
LSE
|
16:11:50
|
|
490
|
4,603.00
|
LSE
|
16:11:50
|
|
622
|
4,600.00
|
LSE
|
16:13:31
|
|
666
|
4,600.00
|
LSE
|
16:13:31
|
|
184
|
4,600.00
|
LSE
|
16:13:31
|
|
547
|
4,601.00
|
LSE
|
16:14:39
|
|
608
|
4,596.00
|
LSE
|
16:16:44
|
|
612
|
4,596.00
|
LSE
|
16:16:44
|
|
607
|
4,599.00
|
LSE
|
16:19:54
|
|
606
|
4,599.00
|
LSE
|
16:20:59
|
|
595
|
4,598.00
|
LSE
|
16:23:54
|
|
589
|
4,599.00
|
LSE
|
16:25:29
|
|
568
|
4,599.00
|
LSE
|
16:25:29
|
|
180
|
4,599.00
|
LSE
|
16:27:05
|
|
428
|
4,599.00
|
LSE
|
16:27:05
|
|
584
|
4,599.00
|
LSE
|
16:27:05
|
|
672
|
4,599.00
|
LSE
|
16:28:04
|
|
333
|
4,597.00
|
LSE
|
16:28:16
|
|
49
|
4,597.00
|
LSE
|
16:28:16
|
|
224
|
4,597.00
|
LSE
|
16:28:16
|
|
345
|
4,599.00
|
LSE
|
16:29:07
|
Exhibit 12
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Holly Keller Koeppel
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Non-Executive Director
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Deferred Stock Units (“DSUs”) tracking the value of British American Tobacco p.l.c. American Depositary Shares (“ADSs”) in accordance with the terms of the Reynolds American Inc. Amended and Restated Deferred Compensation Plan.
N/A because the transaction relates to financial instruments linked to the issuer's ADSs.
|
|||
|
b)
|
Nature of the transaction
|
Credit of additional DSUs by reference to the value of dividends declared on the ADSs underlying the DSUs.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
$Nil
|
472.19
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
472.19
$Nil
|
|||
|
e)
|
Date of the transaction
|
2026-02-09
|
|||
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 09 February 2026
|
Exhibit 13
British American Tobacco p.l.c.
TR-1: Notification of major holdings
|
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:
|
British American Tobacco p.l.c.
|
|
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
|
|
|
Non-UK issuer
|
|
|
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
|
|
|
An acquisition or disposal of voting rights
|
X
|
|
An acquisition or disposal of financial instruments
|
|
|
An event changing the breakdown of voting rights
|
|
|
Other (please specify)iii:
|
|
|
3. Details of person subject to the notification obligationiv
|
|
|
Name
|
The Capital Group Companies, Inc.
|
|
City and country of registered office (if applicable)
|
Los Angeles, USA
|
|
4. Full name of shareholder(s) (if different from 3)v
|
|
|
Name
|
|
|
City and country of registered office (if applicable)
|
|
|
Name
|
|
|
City and country of registered office (if applicable)
|
|
|
Name
|
|
|
City and country of registered office (if applicable)
|
|
|
Name
|
|
|
City and country of registered office (if applicable)
|
|
|
Name
|
|
|
City and country of registered office (if applicable)
|
|
|
5. Date on which the threshold was crossed or reachedvi:
|
05/02/2026
|
|
6. Date on which issuer notified (DD/MM/YYYY):
|
06/02/2026
|
|
7. Total positions of person(s) subject to the notification obligation
|
||||
|
% of voting rights
attached to shares
(total of 8. A)
|
% of voting rights
through financial instruments
(total of 8.B 1 + 8.B 2) |
Total of both in %
(8.A + 8.B)
|
Total number of
voting rights of issuervii
|
|
|
Resulting situation on the date on which threshold was crossed or reached
|
17.934796
|
0.000000
|
17.934796
|
390,355,549
|
|
Position of previous notification
(if applicable)
|
18.869293
|
0.000000
|
18.869293
|
|
|
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
|
||||
|
A: Voting rights attached to shares
|
||||
|
Class/type of
shares ISIN code (if possible)
|
Number of voting rightsix
|
% of voting rights
|
||
|
Direct
(Art 9 of Directive
2004/109/EC)
(DTR5.1)
|
Indirect
(Art 10 of Directive
2004/109/EC)
(DTR5.2.1)
|
Direct
(Art 9 of Directive
2004/109/EC)
(DTR5.1)
|
Indirect
(Art 10 of Directive
2004/109/EC)
(DTR5.2.1)
|
|
|
GB0002875804
Common Stock
|
303,126,202
|
13.927064
|
||
|
US1104481072
Depository Receipt |
87,229,347
|
4.007732
|
||
|
SUBTOTAL 8. A
|
390,355,549
|
17.934796%
|
||
|
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
|
||||
|
Type of financial instrument
|
Expiration datex
|
Exercise/Conversion
Periodxi
|
Number of voting rights that may be
acquired if the instrument is
exercised/converted.
|
% of voting rights
|
|
N/A
|
||||
|
SUBTOTAL 8. B 1
|
||||
|
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
|
|||||
|
Type of financial instrument
|
Expiration datex
|
Exercise/Conversion
Period xi
|
Physical or cash
settlementxii
|
Number of voting rights
|
% of voting rights
|
|
SUBTOTAL 8.B.2
|
|||||
|
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
|
|
|
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii
|
|
|
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
|
X
|
|
Namexv
|
Name of controlled undertaking
|
% of voting rights
if it equals or is
higher than the
notifiable threshold
|
% of voting rights
through financial
instruments if it equals
or is higher than the
notifiable threshold
|
Total of both if
it equals or is
higher than the
notifiable threshold
|
|
The Capital Group Companies, Inc.
|
Capital Research and Management Company
|
17.840804
|
17.840804%
|
|
|
The Capital Group Companies, Inc.
|
Capital International, Inc.
|
|||
|
The Capital Group Companies, Inc.
|
Capital Group Private Client Services, Inc.
|
|||
|
The Capital Group Companies, Inc.
|
Capital International Sarl
|
|
10. In case of proxy voting, please identify:
|
|
|
Name of the proxy holder
|
|
|
The number and % of voting rights held
|
|
|
The date until which the voting rights will be held
|
|
|
11. Additional informationxvi
|
|
The Capital Group Companies, Inc. (”CGC”) is the parent company of Capital Research and Management Company (”CRMC”) and Capital Bank & Trust Company (”CB&T”). CRMC is a U.S.-based investment management company that serves as
investment manager to the American Funds family of mutual funds, other pooled investment vehicles, as well as individual and institutional clients. CRMC and its investment manager affiliates manage equity assets for various investment
companies through three divisions, Capital Research Global Investors, Capital International Investors and Capital World Investors. CRMC is the parent company of Capital Group International, Inc. (”CGII”), which in turn is the parent company
of six investment management companies (”CGII management companies”): Capital International, Inc., Capital International Limited, Capital International Sàrl, Capital International K.K., Capital Group Private Client Services Inc, and Capital
Group Investment Management Private Limited. CGII management companies primarily serve as investment managers to institutional and high net worth clients. CB&T is a U.S.-based registered investment adviser and an affiliated federally
chartered bank.
Neither CGC nor any of its affiliates own shares of the Issuer for its own account. Rather, the shares reported on this Notification are owned by accounts under the discretionary investment management of one or more of the investment
management companies described above.
|
|
Place of completion
|
Los Angeles
|
|
Date of completion
|
07/02/2026
|
Name of duly authorised officer of issuer responsible for making notification:
Nancy Jiang
Senior Assistant Company Secretary
British American Tobacco p.l.c.
9 February 2026
Enquiries:
British American Tobacco Media Centre
+44 (0) 20 7845 2888 (24 hours) | @BATplc
+44 (0) 20 7845 2888 (24 hours) | @BATplc
Investor Relations
Victoria Buxton | IR_team@bat.com
Exhibit 14
British American Tobacco p.l.c.
10 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it
purchased the following number of its ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
9 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
149,812
|
|
Highest price paid per share (pence):
|
4,597.00p
|
|
Lowest price paid per share (pence):
|
4,466.00p
|
|
Volume weighted average price paid per share (pence):
|
4,517.1620p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,176,123,491 ordinary shares in issue (excluding treasury shares) which carry voting rights and will
hold 132,976,327 ordinary shares in treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 9 February 2026 is
set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
09/02/2026
|
121,252
|
4,516.7172
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
09/02/2026
|
20,478
|
4,518.6409
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
09/02/2026
|
8,082
|
4,520.0881
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
606
|
4,588.00
|
BATE
|
08:09:00
|
|
30
|
4,573.00
|
BATE
|
09:02:27
|
|
17
|
4,573.00
|
BATE
|
09:02:36
|
|
362
|
4,573.00
|
BATE
|
09:02:41
|
|
148
|
4,573.00
|
BATE
|
09:02:41
|
|
550
|
4,561.00
|
BATE
|
10:11:21
|
|
12
|
4,548.00
|
BATE
|
11:15:20
|
|
97
|
4,548.00
|
BATE
|
11:15:58
|
|
12
|
4,548.00
|
BATE
|
11:16:22
|
|
434
|
4,548.00
|
BATE
|
11:16:34
|
|
285
|
4,537.00
|
BATE
|
12:22:29
|
|
247
|
4,537.00
|
BATE
|
12:22:29
|
|
32
|
4,537.00
|
BATE
|
13:23:48
|
|
485
|
4,537.00
|
BATE
|
13:25:17
|
|
558
|
4,509.00
|
BATE
|
14:05:16
|
|
62
|
4,518.00
|
BATE
|
14:31:57
|
|
533
|
4,518.00
|
BATE
|
14:31:57
|
|
99
|
4,503.00
|
BATE
|
14:44:46
|
|
139
|
4,503.00
|
BATE
|
14:44:53
|
|
331
|
4,503.00
|
BATE
|
14:44:57
|
|
1
|
4,496.00
|
BATE
|
15:03:39
|
|
506
|
4,496.00
|
BATE
|
15:03:41
|
|
577
|
4,492.00
|
BATE
|
15:19:52
|
|
512
|
4,486.00
|
BATE
|
15:42:41
|
|
593
|
4,481.00
|
BATE
|
16:00:09
|
|
353
|
4,478.00
|
BATE
|
16:16:16
|
|
150
|
4,478.00
|
BATE
|
16:16:16
|
|
351
|
4,466.00
|
BATE
|
16:25:55
|
|
556
|
4,595.00
|
CHIX
|
08:02:32
|
|
568
|
4,585.00
|
CHIX
|
08:11:20
|
|
512
|
4,596.00
|
CHIX
|
08:33:20
|
|
615
|
4,581.00
|
CHIX
|
08:58:50
|
|
52
|
4,558.00
|
CHIX
|
09:25:42
|
|
336
|
4,558.00
|
CHIX
|
09:25:42
|
|
190
|
4,558.00
|
CHIX
|
09:25:42
|
|
516
|
4,559.00
|
CHIX
|
09:58:38
|
|
204
|
4,559.00
|
CHIX
|
10:18:38
|
|
367
|
4,559.00
|
CHIX
|
10:18:38
|
|
404
|
4,552.00
|
CHIX
|
10:55:27
|
|
156
|
4,552.00
|
CHIX
|
10:55:27
|
|
264
|
4,540.00
|
CHIX
|
11:24:12
|
|
591
|
4,545.00
|
CHIX
|
11:33:21
|
|
602
|
4,541.00
|
CHIX
|
11:59:11
|
|
26
|
4,540.00
|
CHIX
|
12:00:23
|
|
12
|
4,540.00
|
CHIX
|
12:00:27
|
|
90
|
4,540.00
|
CHIX
|
12:00:29
|
|
91
|
4,540.00
|
CHIX
|
12:00:31
|
|
65
|
4,540.00
|
CHIX
|
12:00:42
|
|
355
|
4,537.00
|
CHIX
|
12:28:24
|
|
260
|
4,537.00
|
CHIX
|
12:28:24
|
|
253
|
4,531.00
|
CHIX
|
12:53:35
|
|
536
|
4,531.00
|
CHIX
|
13:00:27
|
|
584
|
4,537.00
|
CHIX
|
13:25:17
|
|
37
|
4,512.00
|
CHIX
|
13:43:47
|
|
151
|
4,512.00
|
CHIX
|
13:43:49
|
|
170
|
4,512.00
|
CHIX
|
13:43:52
|
|
184
|
4,512.00
|
CHIX
|
13:43:52
|
|
2
|
4,507.00
|
CHIX
|
14:02:01
|
|
550
|
4,507.00
|
CHIX
|
14:02:01
|
|
266
|
4,514.00
|
CHIX
|
14:21:01
|
|
335
|
4,514.00
|
CHIX
|
14:21:01
|
|
93
|
4,513.00
|
CHIX
|
14:21:23
|
|
90
|
4,513.00
|
CHIX
|
14:23:04
|
|
35
|
4,513.00
|
CHIX
|
14:23:07
|
|
80
|
4,513.00
|
CHIX
|
14:23:07
|
|
550
|
4,521.00
|
CHIX
|
14:31:05
|
|
450
|
4,511.00
|
CHIX
|
14:33:18
|
|
31
|
4,511.00
|
CHIX
|
14:33:19
|
|
115
|
4,511.00
|
CHIX
|
14:33:20
|
|
324
|
4,500.00
|
CHIX
|
14:39:50
|
|
243
|
4,500.00
|
CHIX
|
14:39:50
|
|
534
|
4,495.00
|
CHIX
|
14:47:12
|
|
29
|
4,488.00
|
CHIX
|
14:54:07
|
|
568
|
4,490.00
|
CHIX
|
14:55:35
|
|
217
|
4,488.00
|
CHIX
|
14:55:37
|
|
508
|
4,497.00
|
CHIX
|
15:03:22
|
|
566
|
4,485.00
|
CHIX
|
15:11:17
|
|
562
|
4,496.00
|
CHIX
|
15:19:26
|
|
283
|
4,498.00
|
CHIX
|
15:28:38
|
|
544
|
4,498.00
|
CHIX
|
15:28:38
|
|
540
|
4,483.00
|
CHIX
|
15:38:29
|
|
583
|
4,485.00
|
CHIX
|
15:46:31
|
|
539
|
4,478.00
|
CHIX
|
15:57:12
|
|
540
|
4,481.00
|
CHIX
|
16:03:04
|
|
151
|
4,484.00
|
CHIX
|
16:08:00
|
|
183
|
4,484.00
|
CHIX
|
16:09:10
|
|
424
|
4,484.00
|
CHIX
|
16:09:21
|
|
564
|
4,477.00
|
CHIX
|
16:16:16
|
|
221
|
4,470.00
|
CHIX
|
16:20:18
|
|
575
|
4,469.00
|
CHIX
|
16:23:21
|
|
205
|
4,470.00
|
CHIX
|
16:27:29
|
|
18
|
4,470.00
|
CHIX
|
16:27:29
|
|
213
|
4,470.00
|
CHIX
|
16:27:31
|
|
622
|
4,595.00
|
LSE
|
08:00:49
|
|
563
|
4,597.00
|
LSE
|
08:02:32
|
|
601
|
4,592.00
|
LSE
|
08:03:47
|
|
663
|
4,587.00
|
LSE
|
08:08:00
|
|
628
|
4,589.00
|
LSE
|
08:17:03
|
|
628
|
4,592.00
|
LSE
|
08:25:08
|
|
538
|
4,594.00
|
LSE
|
08:27:37
|
|
556
|
4,596.00
|
LSE
|
08:33:20
|
|
279
|
4,587.00
|
LSE
|
08:39:42
|
|
282
|
4,587.00
|
LSE
|
08:39:51
|
|
360
|
4,584.00
|
LSE
|
08:45:53
|
|
270
|
4,584.00
|
LSE
|
08:45:53
|
|
333
|
4,584.00
|
LSE
|
08:45:53
|
|
340
|
4,584.00
|
LSE
|
08:45:53
|
|
251
|
4,580.00
|
LSE
|
08:46:02
|
|
662
|
4,583.00
|
LSE
|
08:48:16
|
|
223
|
4,582.00
|
LSE
|
08:49:36
|
|
230
|
4,582.00
|
LSE
|
08:49:36
|
|
231
|
4,582.00
|
LSE
|
08:49:36
|
|
87
|
4,576.00
|
LSE
|
08:51:21
|
|
485
|
4,576.00
|
LSE
|
08:51:22
|
|
47
|
4,576.00
|
LSE
|
08:52:08
|
|
24
|
4,576.00
|
LSE
|
08:59:10
|
|
360
|
4,576.00
|
LSE
|
08:59:11
|
|
201
|
4,576.00
|
LSE
|
08:59:15
|
|
565
|
4,573.00
|
LSE
|
09:02:41
|
|
632
|
4,574.00
|
LSE
|
09:06:28
|
|
210
|
4,575.00
|
LSE
|
09:09:36
|
|
290
|
4,572.00
|
LSE
|
09:10:39
|
|
386
|
4,572.00
|
LSE
|
09:10:39
|
|
428
|
4,575.00
|
LSE
|
09:10:39
|
|
599
|
4,565.00
|
LSE
|
09:11:27
|
|
536
|
4,563.00
|
LSE
|
09:13:20
|
|
632
|
4,568.00
|
LSE
|
09:18:45
|
|
669
|
4,565.00
|
LSE
|
09:21:27
|
|
258
|
4,560.00
|
LSE
|
09:24:47
|
|
587
|
4,560.00
|
LSE
|
09:28:06
|
|
562
|
4,563.00
|
LSE
|
09:35:05
|
|
577
|
4,565.00
|
LSE
|
09:39:07
|
|
13
|
4,565.00
|
LSE
|
09:39:07
|
|
636
|
4,564.00
|
LSE
|
09:42:15
|
|
118
|
4,556.00
|
LSE
|
09:48:47
|
|
657
|
4,560.00
|
LSE
|
09:51:55
|
|
59
|
4,557.00
|
LSE
|
09:53:45
|
|
106
|
4,557.00
|
LSE
|
09:53:49
|
|
105
|
4,557.00
|
LSE
|
09:53:53
|
|
106
|
4,557.00
|
LSE
|
09:53:57
|
|
131
|
4,558.00
|
LSE
|
09:54:45
|
|
35
|
4,558.00
|
LSE
|
09:54:50
|
|
130
|
4,558.00
|
LSE
|
09:54:50
|
|
227
|
4,557.00
|
LSE
|
09:54:51
|
|
226
|
4,557.00
|
LSE
|
09:54:51
|
|
22
|
4,557.00
|
LSE
|
09:54:55
|
|
57
|
4,557.00
|
LSE
|
09:55:05
|
|
556
|
4,559.00
|
LSE
|
09:58:38
|
|
215
|
4,559.00
|
LSE
|
10:01:25
|
|
648
|
4,559.00
|
LSE
|
10:02:52
|
|
129
|
4,558.00
|
LSE
|
10:02:53
|
|
113
|
4,558.00
|
LSE
|
10:03:01
|
|
246
|
4,560.00
|
LSE
|
10:05:57
|
|
546
|
4,562.00
|
LSE
|
10:11:21
|
|
260
|
4,559.00
|
LSE
|
10:18:38
|
|
632
|
4,559.00
|
LSE
|
10:18:38
|
|
249
|
4,559.00
|
LSE
|
10:18:38
|
|
557
|
4,559.00
|
LSE
|
10:18:38
|
|
627
|
4,557.00
|
LSE
|
10:21:34
|
|
2
|
4,552.00
|
LSE
|
10:30:49
|
|
548
|
4,552.00
|
LSE
|
10:30:49
|
|
82
|
4,552.00
|
LSE
|
10:30:49
|
|
598
|
4,552.00
|
LSE
|
10:42:17
|
|
589
|
4,549.00
|
LSE
|
10:48:07
|
|
667
|
4,552.00
|
LSE
|
10:53:56
|
|
574
|
4,551.00
|
LSE
|
10:59:24
|
|
615
|
4,548.00
|
LSE
|
11:09:19
|
|
666
|
4,546.00
|
LSE
|
11:20:20
|
|
559
|
4,545.00
|
LSE
|
11:33:21
|
|
631
|
4,545.00
|
LSE
|
11:35:04
|
|
347
|
4,547.00
|
LSE
|
11:43:05
|
|
285
|
4,547.00
|
LSE
|
11:43:05
|
|
326
|
4,547.00
|
LSE
|
11:44:48
|
|
96
|
4,545.00
|
LSE
|
11:49:41
|
|
6
|
4,545.00
|
LSE
|
11:49:42
|
|
151
|
4,545.00
|
LSE
|
11:49:45
|
|
38
|
4,545.00
|
LSE
|
11:49:50
|
|
151
|
4,545.00
|
LSE
|
11:49:50
|
|
175
|
4,545.00
|
LSE
|
11:49:55
|
|
75
|
4,545.00
|
LSE
|
11:50:01
|
|
23
|
4,545.00
|
LSE
|
11:50:03
|
|
24
|
4,545.00
|
LSE
|
11:50:05
|
|
55
|
4,545.00
|
LSE
|
11:50:27
|
|
55
|
4,545.00
|
LSE
|
11:50:37
|
|
26
|
4,545.00
|
LSE
|
11:50:51
|
|
590
|
4,545.00
|
LSE
|
11:50:51
|
|
227
|
4,542.00
|
LSE
|
11:56:51
|
|
154
|
4,542.00
|
LSE
|
11:56:54
|
|
192
|
4,542.00
|
LSE
|
11:56:57
|
|
262
|
4,540.00
|
LSE
|
11:59:55
|
|
354
|
4,545.00
|
LSE
|
12:01:48
|
|
209
|
4,545.00
|
LSE
|
12:01:48
|
|
595
|
4,543.00
|
LSE
|
12:03:52
|
|
592
|
4,542.00
|
LSE
|
12:09:06
|
|
8
|
4,541.00
|
LSE
|
12:09:10
|
|
196
|
4,541.00
|
LSE
|
12:09:10
|
|
33
|
4,541.00
|
LSE
|
12:09:10
|
|
240
|
4,542.00
|
LSE
|
12:11:27
|
|
19
|
4,540.00
|
LSE
|
12:12:28
|
|
587
|
4,541.00
|
LSE
|
12:14:22
|
|
33
|
4,541.00
|
LSE
|
12:14:34
|
|
47
|
4,541.00
|
LSE
|
12:15:16
|
|
121
|
4,534.00
|
LSE
|
12:18:31
|
|
100
|
4,534.00
|
LSE
|
12:18:31
|
|
90
|
4,534.00
|
LSE
|
12:18:31
|
|
363
|
4,534.00
|
LSE
|
12:18:31
|
|
224
|
4,537.00
|
LSE
|
12:22:29
|
|
614
|
4,535.00
|
LSE
|
12:25:49
|
|
7
|
4,541.00
|
LSE
|
12:31:08
|
|
43
|
4,541.00
|
LSE
|
12:31:08
|
|
221
|
4,541.00
|
LSE
|
12:31:08
|
|
245
|
4,541.00
|
LSE
|
12:31:08
|
|
148
|
4,541.00
|
LSE
|
12:31:08
|
|
215
|
4,541.00
|
LSE
|
12:31:08
|
|
78
|
4,539.00
|
LSE
|
12:38:46
|
|
550
|
4,539.00
|
LSE
|
12:38:46
|
|
605
|
4,536.00
|
LSE
|
12:47:03
|
|
577
|
4,535.00
|
LSE
|
12:50:12
|
|
600
|
4,531.00
|
LSE
|
12:55:23
|
|
566
|
4,531.00
|
LSE
|
12:55:23
|
|
482
|
4,531.00
|
LSE
|
13:00:27
|
|
72
|
4,531.00
|
LSE
|
13:00:27
|
|
614
|
4,533.00
|
LSE
|
13:04:16
|
|
328
|
4,532.00
|
LSE
|
13:04:41
|
|
660
|
4,531.00
|
LSE
|
13:06:05
|
|
581
|
4,535.00
|
LSE
|
13:10:05
|
|
329
|
4,536.00
|
LSE
|
13:15:19
|
|
588
|
4,538.00
|
LSE
|
13:16:46
|
|
157
|
4,537.00
|
LSE
|
13:25:07
|
|
491
|
4,537.00
|
LSE
|
13:25:17
|
|
632
|
4,526.00
|
LSE
|
13:32:35
|
|
564
|
4,526.00
|
LSE
|
13:35:05
|
|
316
|
4,520.00
|
LSE
|
13:36:07
|
|
589
|
4,524.00
|
LSE
|
13:37:41
|
|
221
|
4,523.00
|
LSE
|
13:38:45
|
|
477
|
4,520.00
|
LSE
|
13:39:47
|
|
312
|
4,520.00
|
LSE
|
13:39:47
|
|
26
|
4,520.00
|
LSE
|
13:39:47
|
|
219
|
4,517.00
|
LSE
|
13:43:10
|
|
398
|
4,517.00
|
LSE
|
13:43:10
|
|
239
|
4,517.00
|
LSE
|
13:43:10
|
|
267
|
4,509.00
|
LSE
|
13:44:44
|
|
599
|
4,507.00
|
LSE
|
13:45:08
|
|
53
|
4,505.00
|
LSE
|
13:46:45
|
|
134
|
4,505.00
|
LSE
|
13:46:47
|
|
80
|
4,505.00
|
LSE
|
13:46:49
|
|
580
|
4,502.00
|
LSE
|
13:48:03
|
|
237
|
4,504.00
|
LSE
|
13:49:19
|
|
299
|
4,502.00
|
LSE
|
13:50:03
|
|
497
|
4,506.00
|
LSE
|
13:52:53
|
|
585
|
4,506.00
|
LSE
|
13:52:53
|
|
27
|
4,506.00
|
LSE
|
13:52:53
|
|
583
|
4,512.00
|
LSE
|
13:59:19
|
|
640
|
4,511.00
|
LSE
|
14:00:28
|
|
14
|
4,511.00
|
LSE
|
14:00:28
|
|
557
|
4,507.00
|
LSE
|
14:04:15
|
|
661
|
4,510.00
|
LSE
|
14:07:16
|
|
36
|
4,509.00
|
LSE
|
14:10:32
|
|
267
|
4,509.00
|
LSE
|
14:10:46
|
|
181
|
4,509.00
|
LSE
|
14:10:49
|
|
58
|
4,509.00
|
LSE
|
14:11:04
|
|
31
|
4,518.00
|
LSE
|
14:16:02
|
|
33
|
4,518.00
|
LSE
|
14:16:05
|
|
317
|
4,518.00
|
LSE
|
14:16:05
|
|
503
|
4,518.00
|
LSE
|
14:16:05
|
|
81
|
4,517.00
|
LSE
|
14:16:54
|
|
82
|
4,517.00
|
LSE
|
14:16:55
|
|
190
|
4,517.00
|
LSE
|
14:16:57
|
|
47
|
4,517.00
|
LSE
|
14:16:57
|
|
85
|
4,517.00
|
LSE
|
14:16:57
|
|
84
|
4,517.00
|
LSE
|
14:16:58
|
|
8
|
4,517.00
|
LSE
|
14:16:59
|
|
664
|
4,515.00
|
LSE
|
14:21:01
|
|
317
|
4,515.00
|
LSE
|
14:23:01
|
|
569
|
4,511.00
|
LSE
|
14:24:28
|
|
600
|
4,511.00
|
LSE
|
14:26:44
|
|
577
|
4,511.00
|
LSE
|
14:29:14
|
|
582
|
4,511.00
|
LSE
|
14:29:14
|
|
665
|
4,511.00
|
LSE
|
14:30:00
|
|
610
|
4,521.00
|
LSE
|
14:31:05
|
|
295
|
4,518.00
|
LSE
|
14:31:57
|
|
121
|
4,518.00
|
LSE
|
14:31:57
|
|
519
|
4,518.00
|
LSE
|
14:31:57
|
|
251
|
4,518.00
|
LSE
|
14:31:57
|
|
240
|
4,518.00
|
LSE
|
14:31:57
|
|
90
|
4,516.00
|
LSE
|
14:32:27
|
|
226
|
4,516.00
|
LSE
|
14:32:28
|
|
242
|
4,516.00
|
LSE
|
14:32:29
|
|
24
|
4,516.00
|
LSE
|
14:32:30
|
|
147
|
4,511.00
|
LSE
|
14:33:18
|
|
197
|
4,511.00
|
LSE
|
14:33:22
|
|
206
|
4,511.00
|
LSE
|
14:33:22
|
|
225
|
4,508.00
|
LSE
|
14:33:52
|
|
32
|
4,508.00
|
LSE
|
14:33:53
|
|
226
|
4,508.00
|
LSE
|
14:33:54
|
|
71
|
4,508.00
|
LSE
|
14:33:55
|
|
264
|
4,507.00
|
LSE
|
14:34:08
|
|
620
|
4,505.00
|
LSE
|
14:35:42
|
|
236
|
4,502.00
|
LSE
|
14:35:52
|
|
155
|
4,500.00
|
LSE
|
14:36:18
|
|
136
|
4,500.00
|
LSE
|
14:36:18
|
|
77
|
4,500.00
|
LSE
|
14:36:19
|
|
89
|
4,500.00
|
LSE
|
14:36:20
|
|
40
|
4,500.00
|
LSE
|
14:36:21
|
|
167
|
4,500.00
|
LSE
|
14:36:21
|
|
190
|
4,500.00
|
LSE
|
14:36:22
|
|
138
|
4,500.00
|
LSE
|
14:36:23
|
|
140
|
4,500.00
|
LSE
|
14:36:23
|
|
104
|
4,500.00
|
LSE
|
14:36:24
|
|
24
|
4,500.00
|
LSE
|
14:36:25
|
|
262
|
4,499.00
|
LSE
|
14:39:02
|
|
646
|
4,499.00
|
LSE
|
14:39:02
|
|
116
|
4,500.00
|
LSE
|
14:39:50
|
|
49
|
4,500.00
|
LSE
|
14:39:50
|
|
488
|
4,500.00
|
LSE
|
14:39:50
|
|
245
|
4,489.00
|
LSE
|
14:41:06
|
|
240
|
4,489.00
|
LSE
|
14:41:06
|
|
83
|
4,489.00
|
LSE
|
14:41:06
|
|
34
|
4,489.00
|
LSE
|
14:41:07
|
|
571
|
4,499.00
|
LSE
|
14:43:07
|
|
311
|
4,499.00
|
LSE
|
14:43:07
|
|
549
|
4,504.00
|
LSE
|
14:44:25
|
|
499
|
4,504.00
|
LSE
|
14:44:25
|
|
608
|
4,497.00
|
LSE
|
14:46:37
|
|
325
|
4,497.00
|
LSE
|
14:46:37
|
|
658
|
4,492.00
|
LSE
|
14:48:11
|
|
586
|
4,490.00
|
LSE
|
14:50:04
|
|
636
|
4,496.00
|
LSE
|
14:51:50
|
|
660
|
4,490.00
|
LSE
|
14:53:23
|
|
613
|
4,488.00
|
LSE
|
14:55:37
|
|
318
|
4,485.00
|
LSE
|
14:56:09
|
|
547
|
4,490.00
|
LSE
|
14:58:18
|
|
14
|
4,489.00
|
LSE
|
14:59:59
|
|
174
|
4,489.00
|
LSE
|
14:59:59
|
|
147
|
4,489.00
|
LSE
|
14:59:59
|
|
108
|
4,489.00
|
LSE
|
14:59:59
|
|
113
|
4,489.00
|
LSE
|
14:59:59
|
|
238
|
4,489.00
|
LSE
|
15:00:03
|
|
59
|
4,494.00
|
LSE
|
15:01:16
|
|
612
|
4,494.00
|
LSE
|
15:01:16
|
|
229
|
4,497.00
|
LSE
|
15:03:22
|
|
208
|
4,497.00
|
LSE
|
15:03:22
|
|
463
|
4,497.00
|
LSE
|
15:03:22
|
|
569
|
4,493.00
|
LSE
|
15:04:35
|
|
44
|
4,490.00
|
LSE
|
15:04:57
|
|
98
|
4,490.00
|
LSE
|
15:04:57
|
|
115
|
4,490.00
|
LSE
|
15:04:57
|
|
299
|
4,490.00
|
LSE
|
15:04:57
|
|
98
|
4,490.00
|
LSE
|
15:04:57
|
|
569
|
4,483.00
|
LSE
|
15:07:07
|
|
137
|
4,485.00
|
LSE
|
15:09:19
|
|
86
|
4,485.00
|
LSE
|
15:09:19
|
|
653
|
4,485.00
|
LSE
|
15:09:19
|
|
219
|
4,485.00
|
LSE
|
15:11:17
|
|
603
|
4,484.00
|
LSE
|
15:11:25
|
|
289
|
4,490.00
|
LSE
|
15:14:12
|
|
264
|
4,490.00
|
LSE
|
15:14:12
|
|
464
|
4,490.00
|
LSE
|
15:14:12
|
|
120
|
4,490.00
|
LSE
|
15:14:12
|
|
674
|
4,490.00
|
LSE
|
15:15:12
|
|
331
|
4,495.00
|
LSE
|
15:17:31
|
|
281
|
4,495.00
|
LSE
|
15:17:31
|
|
197
|
4,494.00
|
LSE
|
15:17:32
|
|
119
|
4,494.00
|
LSE
|
15:18:08
|
|
616
|
4,496.00
|
LSE
|
15:19:26
|
|
158
|
4,496.00
|
LSE
|
15:19:26
|
|
655
|
4,491.00
|
LSE
|
15:21:08
|
|
569
|
4,496.00
|
LSE
|
15:23:08
|
|
573
|
4,494.00
|
LSE
|
15:23:57
|
|
348
|
4,493.00
|
LSE
|
15:26:30
|
|
578
|
4,493.00
|
LSE
|
15:26:30
|
|
592
|
4,498.00
|
LSE
|
15:28:06
|
|
593
|
4,498.00
|
LSE
|
15:28:38
|
|
614
|
4,495.00
|
LSE
|
15:30:05
|
|
60
|
4,487.00
|
LSE
|
15:31:42
|
|
485
|
4,487.00
|
LSE
|
15:32:03
|
|
597
|
4,487.00
|
LSE
|
15:33:51
|
|
29
|
4,487.00
|
LSE
|
15:33:51
|
|
218
|
4,488.00
|
LSE
|
15:35:10
|
|
620
|
4,483.00
|
LSE
|
15:36:15
|
|
112
|
4,483.00
|
LSE
|
15:38:29
|
|
31
|
4,483.00
|
LSE
|
15:38:29
|
|
245
|
4,483.00
|
LSE
|
15:38:29
|
|
263
|
4,483.00
|
LSE
|
15:38:29
|
|
200
|
4,483.00
|
LSE
|
15:38:29
|
|
579
|
4,484.00
|
LSE
|
15:40:49
|
|
149
|
4,485.00
|
LSE
|
15:42:41
|
|
109
|
4,485.00
|
LSE
|
15:42:41
|
|
610
|
4,486.00
|
LSE
|
15:42:41
|
|
296
|
4,486.00
|
LSE
|
15:42:41
|
|
240
|
4,485.00
|
LSE
|
15:44:03
|
|
577
|
4,485.00
|
LSE
|
15:46:31
|
|
633
|
4,484.00
|
LSE
|
15:46:52
|
|
597
|
4,480.00
|
LSE
|
15:48:45
|
|
136
|
4,478.00
|
LSE
|
15:50:35
|
|
471
|
4,478.00
|
LSE
|
15:50:35
|
|
284
|
4,478.00
|
LSE
|
15:50:35
|
|
564
|
4,479.00
|
LSE
|
15:52:22
|
|
86
|
4,478.00
|
LSE
|
15:53:34
|
|
149
|
4,478.00
|
LSE
|
15:54:25
|
|
593
|
4,478.00
|
LSE
|
15:54:25
|
|
19
|
4,478.00
|
LSE
|
15:54:25
|
|
94
|
4,478.00
|
LSE
|
15:55:08
|
|
294
|
4,478.00
|
LSE
|
15:55:08
|
|
188
|
4,478.00
|
LSE
|
15:55:08
|
|
583
|
4,479.00
|
LSE
|
15:55:50
|
|
644
|
4,478.00
|
LSE
|
15:57:12
|
|
162
|
4,475.00
|
LSE
|
15:58:02
|
|
673
|
4,482.00
|
LSE
|
15:59:47
|
|
309
|
4,481.00
|
LSE
|
16:00:09
|
|
584
|
4,481.00
|
LSE
|
16:00:09
|
|
589
|
4,481.00
|
LSE
|
16:02:58
|
|
636
|
4,484.00
|
LSE
|
16:05:23
|
|
468
|
4,485.00
|
LSE
|
16:07:39
|
|
163
|
4,485.00
|
LSE
|
16:07:39
|
|
135
|
4,483.00
|
LSE
|
16:08:00
|
|
136
|
4,483.00
|
LSE
|
16:08:00
|
|
97
|
4,484.00
|
LSE
|
16:08:00
|
|
126
|
4,484.00
|
LSE
|
16:08:00
|
|
637
|
4,484.00
|
LSE
|
16:08:00
|
|
317
|
4,484.00
|
LSE
|
16:08:00
|
|
142
|
4,484.00
|
LSE
|
16:08:00
|
|
336
|
4,486.00
|
LSE
|
16:09:05
|
|
208
|
4,486.00
|
LSE
|
16:09:05
|
|
674
|
4,482.00
|
LSE
|
16:10:50
|
|
177
|
4,482.00
|
LSE
|
16:12:50
|
|
642
|
4,482.00
|
LSE
|
16:12:50
|
|
633
|
4,482.00
|
LSE
|
16:13:24
|
|
135
|
4,481.00
|
LSE
|
16:14:54
|
|
507
|
4,480.00
|
LSE
|
16:15:06
|
|
137
|
4,480.00
|
LSE
|
16:15:06
|
|
591
|
4,480.00
|
LSE
|
16:15:06
|
|
632
|
4,478.00
|
LSE
|
16:16:16
|
|
644
|
4,479.00
|
LSE
|
16:16:16
|
|
536
|
4,470.00
|
LSE
|
16:18:40
|
|
97
|
4,470.00
|
LSE
|
16:18:40
|
|
226
|
4,470.00
|
LSE
|
16:20:18
|
|
229
|
4,470.00
|
LSE
|
16:20:18
|
|
567
|
4,470.00
|
LSE
|
16:20:18
|
|
121
|
4,470.00
|
LSE
|
16:20:18
|
|
300
|
4,470.00
|
LSE
|
16:22:43
|
|
276
|
4,470.00
|
LSE
|
16:22:43
|
|
172
|
4,470.00
|
LSE
|
16:22:43
|
|
202
|
4,470.00
|
LSE
|
16:22:43
|
|
452
|
4,470.00
|
LSE
|
16:22:43
|
|
162
|
4,469.00
|
LSE
|
16:23:21
|
|
630
|
4,469.00
|
LSE
|
16:23:21
|
|
646
|
4,468.00
|
LSE
|
16:23:25
|
|
205
|
4,466.00
|
LSE
|
16:24:13
|
|
555
|
4,466.00
|
LSE
|
16:25:03
|
|
105
|
4,466.00
|
LSE
|
16:25:55
|
|
393
|
4,466.00
|
LSE
|
16:25:55
|
|
589
|
4,466.00
|
LSE
|
16:25:55
|
|
608
|
4,468.00
|
LSE
|
16:27:09
|
|
73
|
4,468.00
|
LSE
|
16:27:09
|
|
89
|
4,468.00
|
LSE
|
16:27:09
|
|
468
|
4,468.00
|
LSE
|
16:27:09
|
|
651
|
4,467.00
|
LSE
|
16:27:19
|
|
542
|
4,467.00
|
LSE
|
16:27:19
|
|
78
|
4,471.00
|
LSE
|
16:28:38
|
|
33
|
4,471.00
|
LSE
|
16:28:38
|
|
100
|
4,471.00
|
LSE
|
16:28:38
|
|
226
|
4,471.00
|
LSE
|
16:28:38
|
|
585
|
4,471.00
|
LSE
|
16:28:38
|
|
100
|
4,471.00
|
LSE
|
16:28:38
|
Exhibit 15
British American Tobacco p.l.c. (the “Company” or “BAT”)
10 February 2026
Board Update – Chair Extension and Senior Independent Director Appointment
The Company announces that, following a comprehensive Chair succession process, the Board has decided to extend Luc Jobin's tenure as Chair. This extension is for a period of up
to two years until the Company’s Annual General Meeting (AGM) in April 2028, during which the search process will continue with the aim of appointing a new Chair within that time. Luc will continue to stand for annual re‑election at the Company’s
AGM.
Luc was appointed to the Board in July 2017, and as Chair in April 2021. In July 2026, he will have served nine years on the Board, including five years as Chair. A comprehensive
Chair succession process led by Holly Keller Koeppel, the Senior Independent Director, together with the Nominations Committee was supported by external advisers.
Holly Keller Koeppel, Senior Independent Director, said:
“Luc is a proven and respected Chair who continues to lead the Board effectively whilst providing thoughtful challenge and support to management through the delivery of the Group's
transformation agenda. Luc’s prior service on the Board means that an extension beyond July 2026 would represent a departure from the UK Corporate Governance Code nine-year tenure recommendation. The Board continues to be committed to maintaining
high standards of corporate governance and recognises the importance of Board refreshment. Having run a thorough succession process, evaluating a number of credible candidates against the Board’s criteria including effective global leadership at
scale and the skills we are seeking to lead BAT through its continued transformation, the Board concluded that extending Luc’s tenure is in the best interests of BAT at this time. An extension period of up to two years removes uncertainty during
this important phase of the Group’s transformation, while providing the Nominations Committee with sufficient flexibility to appoint the right candidate for BAT.”
Having served on the Board since July 2017, Holly Keller Koeppel will step down from the Board at the conclusion of the 2026 AGM and Karen Guerra will be appointed to the role of
Senior Independent Director, subject to re-election. Karen has been closely involved in the Chair succession process to date and is well placed to lead the refreshed search process and support an orderly transition.
Luc Jobin, Chair, commented:
“I would like to thank Holly for her extensive contribution to the Board, including as Senior Independent Director and Chair of the Audit Committee before that. We wish her well in
her future board endeavours. I look forward to welcoming Karen as Senior Independent Director. Her experience and insight will be invaluable as the search for my successor continues.”
Enquiries
Media Centre
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | IR_team@bat.com
Exhibit 16
British American Tobacco p.l.c.
11 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it
purchased the following number of its ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
10 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
149,546
|
|
Highest price paid per share (pence):
|
4,443.00p
|
|
Lowest price paid per share (pence):
|
4,336.00p
|
|
Volume weighted average price paid per share (pence):
|
4,373.0271p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,973,945 ordinary shares in issue (excluding treasury shares) which carry voting rights and will
hold 132,976,327 ordinary shares in treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 10 February 2026 is
set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
10/02/2026
|
121,273
|
4,372.1000
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
10/02/2026
|
19,772
|
4,376.9183
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
10/02/2026
|
8,501
|
4,377.2030
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
555
|
4,422.00
|
BATE
|
08:06:13
|
|
561
|
4,395.00
|
BATE
|
08:57:44
|
|
586
|
4,383.00
|
BATE
|
09:55:31
|
|
29
|
4,401.00
|
BATE
|
11:00:47
|
|
10
|
4,401.00
|
BATE
|
11:03:37
|
|
200
|
4,401.00
|
BATE
|
11:05:07
|
|
379
|
4,401.00
|
BATE
|
11:08:18
|
|
619
|
4,400.00
|
BATE
|
12:14:15
|
|
524
|
4,382.00
|
BATE
|
13:19:44
|
|
532
|
4,385.00
|
BATE
|
14:00:00
|
|
541
|
4,377.00
|
BATE
|
14:30:25
|
|
551
|
4,373.00
|
BATE
|
14:39:29
|
|
194
|
4,370.00
|
BATE
|
14:55:44
|
|
351
|
4,370.00
|
BATE
|
14:56:59
|
|
552
|
4,369.00
|
BATE
|
15:18:36
|
|
327
|
4,359.00
|
BATE
|
15:31:19
|
|
131
|
4,359.00
|
BATE
|
15:31:20
|
|
93
|
4,359.00
|
BATE
|
15:31:39
|
|
612
|
4,347.00
|
BATE
|
15:52:59
|
|
581
|
4,341.00
|
BATE
|
16:11:15
|
|
573
|
4,354.00
|
BATE
|
16:23:55
|
|
502
|
4,433.00
|
CHIX
|
08:02:47
|
|
558
|
4,423.00
|
CHIX
|
08:10:10
|
|
599
|
4,398.00
|
CHIX
|
08:28:16
|
|
614
|
4,400.00
|
CHIX
|
08:52:12
|
|
535
|
4,392.00
|
CHIX
|
09:17:33
|
|
532
|
4,379.00
|
CHIX
|
09:47:05
|
|
585
|
4,400.00
|
CHIX
|
10:12:51
|
|
608
|
4,397.00
|
CHIX
|
10:39:10
|
|
546
|
4,400.00
|
CHIX
|
11:14:41
|
|
609
|
4,400.00
|
CHIX
|
11:38:47
|
|
537
|
4,400.00
|
CHIX
|
12:14:15
|
|
593
|
4,391.00
|
CHIX
|
12:34:10
|
|
580
|
4,383.00
|
CHIX
|
13:07:10
|
|
554
|
4,381.00
|
CHIX
|
13:26:47
|
|
560
|
4,385.00
|
CHIX
|
13:44:45
|
|
521
|
4,381.00
|
CHIX
|
14:01:49
|
|
544
|
4,379.00
|
CHIX
|
14:18:41
|
|
596
|
4,377.00
|
CHIX
|
14:30:25
|
|
530
|
4,367.00
|
CHIX
|
14:33:13
|
|
517
|
4,370.00
|
CHIX
|
14:37:38
|
|
431
|
4,371.00
|
CHIX
|
14:42:34
|
|
108
|
4,371.00
|
CHIX
|
14:43:15
|
|
64
|
4,373.00
|
CHIX
|
14:50:09
|
|
524
|
4,373.00
|
CHIX
|
14:50:17
|
|
564
|
4,368.00
|
CHIX
|
14:57:57
|
|
584
|
4,363.00
|
CHIX
|
15:05:14
|
|
476
|
4,367.00
|
CHIX
|
15:15:32
|
|
28
|
4,367.00
|
CHIX
|
15:15:32
|
|
525
|
4,366.00
|
CHIX
|
15:21:25
|
|
43
|
4,366.00
|
CHIX
|
15:21:25
|
|
561
|
4,363.00
|
CHIX
|
15:30:09
|
|
329
|
4,356.00
|
CHIX
|
15:38:06
|
|
131
|
4,356.00
|
CHIX
|
15:38:06
|
|
88
|
4,356.00
|
CHIX
|
15:38:06
|
|
545
|
4,349.00
|
CHIX
|
15:46:24
|
|
516
|
4,346.00
|
CHIX
|
15:55:08
|
|
543
|
4,343.00
|
CHIX
|
16:01:25
|
|
76
|
4,343.00
|
CHIX
|
16:01:25
|
|
552
|
4,341.00
|
CHIX
|
16:08:51
|
|
551
|
4,347.00
|
CHIX
|
16:17:08
|
|
100
|
4,345.00
|
CHIX
|
16:19:58
|
|
478
|
4,345.00
|
CHIX
|
16:20:00
|
|
43
|
4,361.00
|
CHIX
|
16:27:39
|
|
8
|
4,361.00
|
CHIX
|
16:27:39
|
|
92
|
4,361.00
|
CHIX
|
16:27:39
|
|
79
|
4,361.00
|
CHIX
|
16:27:39
|
|
79
|
4,361.00
|
CHIX
|
16:27:39
|
|
79
|
4,361.00
|
CHIX
|
16:27:39
|
|
92
|
4,361.00
|
CHIX
|
16:27:39
|
|
92
|
4,361.00
|
CHIX
|
16:27:39
|
|
92
|
4,361.00
|
CHIX
|
16:27:39
|
|
79
|
4,361.00
|
CHIX
|
16:27:39
|
|
877
|
4,443.00
|
LSE
|
08:00:33
|
|
854
|
4,422.00
|
LSE
|
08:07:25
|
|
737
|
4,412.00
|
LSE
|
08:13:16
|
|
483
|
4,397.00
|
LSE
|
08:14:18
|
|
145
|
4,397.00
|
LSE
|
08:14:18
|
|
123
|
4,397.00
|
LSE
|
08:14:18
|
|
100
|
4,397.00
|
LSE
|
08:14:18
|
|
790
|
4,390.00
|
LSE
|
08:19:14
|
|
686
|
4,393.00
|
LSE
|
08:21:40
|
|
744
|
4,395.00
|
LSE
|
08:22:22
|
|
823
|
4,399.00
|
LSE
|
08:25:45
|
|
747
|
4,393.00
|
LSE
|
08:34:45
|
|
880
|
4,399.00
|
LSE
|
08:39:01
|
|
265
|
4,399.00
|
LSE
|
08:39:01
|
|
795
|
4,401.00
|
LSE
|
08:48:32
|
|
866
|
4,396.00
|
LSE
|
08:57:44
|
|
5
|
4,400.00
|
LSE
|
09:01:27
|
|
182
|
4,400.00
|
LSE
|
09:01:27
|
|
164
|
4,400.00
|
LSE
|
09:01:27
|
|
183
|
4,400.00
|
LSE
|
09:01:27
|
|
185
|
4,400.00
|
LSE
|
09:01:27
|
|
167
|
4,400.00
|
LSE
|
09:01:27
|
|
49
|
4,400.00
|
LSE
|
09:01:27
|
|
181
|
4,400.00
|
LSE
|
09:01:27
|
|
110
|
4,400.00
|
LSE
|
09:01:27
|
|
657
|
4,400.00
|
LSE
|
09:05:00
|
|
155
|
4,400.00
|
LSE
|
09:05:00
|
|
207
|
4,394.00
|
LSE
|
09:16:10
|
|
574
|
4,394.00
|
LSE
|
09:16:10
|
|
734
|
4,395.00
|
LSE
|
09:24:50
|
|
753
|
4,386.00
|
LSE
|
09:39:12
|
|
248
|
4,380.00
|
LSE
|
09:39:51
|
|
682
|
4,379.00
|
LSE
|
09:47:05
|
|
50
|
4,379.00
|
LSE
|
09:47:05
|
|
660
|
4,379.00
|
LSE
|
09:48:59
|
|
714
|
4,383.00
|
LSE
|
09:55:31
|
|
824
|
4,391.00
|
LSE
|
10:00:26
|
|
26
|
4,391.00
|
LSE
|
10:00:26
|
|
768
|
4,399.00
|
LSE
|
10:10:27
|
|
793
|
4,400.00
|
LSE
|
10:24:50
|
|
764
|
4,395.00
|
LSE
|
10:33:58
|
|
66
|
4,395.00
|
LSE
|
10:33:58
|
|
831
|
4,403.00
|
LSE
|
10:42:42
|
|
743
|
4,401.00
|
LSE
|
10:58:16
|
|
964
|
4,402.00
|
LSE
|
11:06:53
|
|
716
|
4,401.00
|
LSE
|
11:08:18
|
|
272
|
4,401.00
|
LSE
|
11:08:18
|
|
830
|
4,400.00
|
LSE
|
11:14:41
|
|
721
|
4,399.00
|
LSE
|
11:16:06
|
|
849
|
4,400.00
|
LSE
|
11:22:05
|
|
746
|
4,402.00
|
LSE
|
11:33:36
|
|
875
|
4,401.00
|
LSE
|
11:36:22
|
|
775
|
4,399.00
|
LSE
|
11:48:27
|
|
778
|
4,398.00
|
LSE
|
12:00:01
|
|
171
|
4,398.00
|
LSE
|
12:05:21
|
|
166
|
4,398.00
|
LSE
|
12:05:21
|
|
73
|
4,398.00
|
LSE
|
12:05:21
|
|
170
|
4,398.00
|
LSE
|
12:05:21
|
|
764
|
4,398.00
|
LSE
|
12:05:21
|
|
82
|
4,398.00
|
LSE
|
12:07:46
|
|
792
|
4,400.00
|
LSE
|
12:14:15
|
|
167
|
4,400.00
|
LSE
|
12:14:15
|
|
157
|
4,400.00
|
LSE
|
12:14:15
|
|
3
|
4,398.00
|
LSE
|
12:14:17
|
|
154
|
4,398.00
|
LSE
|
12:14:17
|
|
813
|
4,398.00
|
LSE
|
12:14:17
|
|
153
|
4,398.00
|
LSE
|
12:18:30
|
|
129
|
4,395.00
|
LSE
|
12:25:52
|
|
730
|
4,395.00
|
LSE
|
12:25:52
|
|
842
|
4,392.00
|
LSE
|
12:34:07
|
|
59
|
4,387.00
|
LSE
|
12:38:56
|
|
790
|
4,387.00
|
LSE
|
12:38:56
|
|
388
|
4,386.00
|
LSE
|
12:39:25
|
|
333
|
4,386.00
|
LSE
|
12:39:25
|
|
792
|
4,390.00
|
LSE
|
12:45:31
|
|
817
|
4,383.00
|
LSE
|
12:56:54
|
|
34
|
4,380.00
|
LSE
|
12:58:50
|
|
234
|
4,380.00
|
LSE
|
13:00:01
|
|
720
|
4,381.00
|
LSE
|
13:04:20
|
|
716
|
4,383.00
|
LSE
|
13:15:08
|
|
37
|
4,383.00
|
LSE
|
13:15:08
|
|
252
|
4,380.00
|
LSE
|
13:20:06
|
|
256
|
4,382.00
|
LSE
|
13:25:20
|
|
833
|
4,382.00
|
LSE
|
13:25:20
|
|
56
|
4,382.00
|
LSE
|
13:33:04
|
|
802
|
4,382.00
|
LSE
|
13:33:04
|
|
772
|
4,383.00
|
LSE
|
13:40:17
|
|
739
|
4,384.00
|
LSE
|
13:41:56
|
|
842
|
4,386.00
|
LSE
|
13:48:17
|
|
634
|
4,388.00
|
LSE
|
13:52:37
|
|
97
|
4,388.00
|
LSE
|
13:52:37
|
|
742
|
4,385.00
|
LSE
|
14:00:00
|
|
723
|
4,382.00
|
LSE
|
14:00:36
|
|
313
|
4,376.00
|
LSE
|
14:03:44
|
|
419
|
4,376.00
|
LSE
|
14:03:44
|
|
716
|
4,376.00
|
LSE
|
14:09:40
|
|
745
|
4,379.00
|
LSE
|
14:14:57
|
|
871
|
4,379.00
|
LSE
|
14:20:38
|
|
120
|
4,377.00
|
LSE
|
14:23:03
|
|
181
|
4,377.00
|
LSE
|
14:23:03
|
|
35
|
4,377.00
|
LSE
|
14:23:03
|
|
102
|
4,376.00
|
LSE
|
14:23:04
|
|
59
|
4,376.00
|
LSE
|
14:23:04
|
|
150
|
4,371.00
|
LSE
|
14:24:43
|
|
173
|
4,371.00
|
LSE
|
14:24:43
|
|
186
|
4,370.00
|
LSE
|
14:25:09
|
|
744
|
4,371.00
|
LSE
|
14:25:09
|
|
805
|
4,373.00
|
LSE
|
14:26:52
|
|
855
|
4,372.00
|
LSE
|
14:29:02
|
|
176
|
4,372.00
|
LSE
|
14:29:02
|
|
805
|
4,377.00
|
LSE
|
14:30:25
|
|
292
|
4,377.00
|
LSE
|
14:30:25
|
|
768
|
4,377.00
|
LSE
|
14:31:27
|
|
252
|
4,377.00
|
LSE
|
14:31:27
|
|
381
|
4,373.00
|
LSE
|
14:31:41
|
|
231
|
4,373.00
|
LSE
|
14:31:41
|
|
147
|
4,373.00
|
LSE
|
14:31:41
|
|
65
|
4,368.00
|
LSE
|
14:32:55
|
|
676
|
4,368.00
|
LSE
|
14:32:55
|
|
777
|
4,368.00
|
LSE
|
14:32:55
|
|
789
|
4,366.00
|
LSE
|
14:33:39
|
|
868
|
4,367.00
|
LSE
|
14:35:05
|
|
874
|
4,359.00
|
LSE
|
14:35:56
|
|
856
|
4,370.00
|
LSE
|
14:37:38
|
|
359
|
4,372.00
|
LSE
|
14:39:58
|
|
384
|
4,372.00
|
LSE
|
14:39:58
|
|
46
|
4,369.00
|
LSE
|
14:41:45
|
|
10
|
4,369.00
|
LSE
|
14:41:45
|
|
553
|
4,369.00
|
LSE
|
14:41:47
|
|
255
|
4,374.00
|
LSE
|
14:43:57
|
|
515
|
4,374.00
|
LSE
|
14:43:57
|
|
744
|
4,373.00
|
LSE
|
14:45:58
|
|
799
|
4,372.00
|
LSE
|
14:47:29
|
|
267
|
4,374.00
|
LSE
|
14:49:44
|
|
452
|
4,374.00
|
LSE
|
14:49:44
|
|
741
|
4,368.00
|
LSE
|
14:51:12
|
|
108
|
4,368.00
|
LSE
|
14:51:12
|
|
542
|
4,368.00
|
LSE
|
14:51:12
|
|
864
|
4,368.00
|
LSE
|
14:53:51
|
|
163
|
4,371.00
|
LSE
|
14:56:59
|
|
721
|
4,371.00
|
LSE
|
14:56:59
|
|
175
|
4,371.00
|
LSE
|
14:56:59
|
|
95
|
4,371.00
|
LSE
|
14:56:59
|
|
61
|
4,367.00
|
LSE
|
14:57:57
|
|
53
|
4,367.00
|
LSE
|
14:57:57
|
|
42
|
4,367.00
|
LSE
|
14:58:35
|
|
717
|
4,368.00
|
LSE
|
14:59:29
|
|
35
|
4,368.00
|
LSE
|
14:59:29
|
|
23
|
4,367.00
|
LSE
|
14:59:31
|
|
101
|
4,367.00
|
LSE
|
14:59:31
|
|
164
|
4,367.00
|
LSE
|
14:59:31
|
|
808
|
4,367.00
|
LSE
|
15:01:02
|
|
155
|
4,365.00
|
LSE
|
15:01:42
|
|
109
|
4,365.00
|
LSE
|
15:01:42
|
|
155
|
4,364.00
|
LSE
|
15:02:19
|
|
183
|
4,367.00
|
LSE
|
15:03:00
|
|
829
|
4,367.00
|
LSE
|
15:03:00
|
|
82
|
4,365.00
|
LSE
|
15:04:22
|
|
750
|
4,365.00
|
LSE
|
15:04:46
|
|
163
|
4,364.00
|
LSE
|
15:04:55
|
|
182
|
4,362.00
|
LSE
|
15:05:58
|
|
453
|
4,360.00
|
LSE
|
15:06:47
|
|
39
|
4,360.00
|
LSE
|
15:06:48
|
|
70
|
4,360.00
|
LSE
|
15:06:48
|
|
240
|
4,360.00
|
LSE
|
15:06:48
|
|
150
|
4,360.00
|
LSE
|
15:10:22
|
|
651
|
4,360.00
|
LSE
|
15:10:22
|
|
159
|
4,366.00
|
LSE
|
15:12:45
|
|
712
|
4,366.00
|
LSE
|
15:12:45
|
|
745
|
4,367.00
|
LSE
|
15:15:32
|
|
613
|
4,367.00
|
LSE
|
15:15:32
|
|
814
|
4,368.00
|
LSE
|
15:18:36
|
|
821
|
4,369.00
|
LSE
|
15:18:36
|
|
817
|
4,366.00
|
LSE
|
15:21:25
|
|
164
|
4,365.00
|
LSE
|
15:23:16
|
|
12
|
4,365.00
|
LSE
|
15:23:16
|
|
510
|
4,365.00
|
LSE
|
15:23:16
|
|
21
|
4,365.00
|
LSE
|
15:23:16
|
|
94
|
4,365.00
|
LSE
|
15:23:35
|
|
196
|
4,367.00
|
LSE
|
15:25:35
|
|
24
|
4,367.00
|
LSE
|
15:25:35
|
|
196
|
4,367.00
|
LSE
|
15:25:41
|
|
196
|
4,367.00
|
LSE
|
15:25:42
|
|
109
|
4,367.00
|
LSE
|
15:25:43
|
|
38
|
4,367.00
|
LSE
|
15:25:43
|
|
195
|
4,363.00
|
LSE
|
15:28:31
|
|
59
|
4,363.00
|
LSE
|
15:28:31
|
|
482
|
4,363.00
|
LSE
|
15:28:31
|
|
788
|
4,363.00
|
LSE
|
15:30:09
|
|
61
|
4,354.00
|
LSE
|
15:32:49
|
|
99
|
4,354.00
|
LSE
|
15:32:49
|
|
31
|
4,354.00
|
LSE
|
15:33:03
|
|
122
|
4,354.00
|
LSE
|
15:33:03
|
|
520
|
4,354.00
|
LSE
|
15:33:03
|
|
865
|
4,354.00
|
LSE
|
15:35:02
|
|
77
|
4,355.00
|
LSE
|
15:36:21
|
|
529
|
4,355.00
|
LSE
|
15:36:24
|
|
825
|
4,356.00
|
LSE
|
15:38:06
|
|
249
|
4,355.00
|
LSE
|
15:38:41
|
|
180
|
4,355.00
|
LSE
|
15:40:56
|
|
161
|
4,356.00
|
LSE
|
15:40:56
|
|
78
|
4,356.00
|
LSE
|
15:40:56
|
|
755
|
4,356.00
|
LSE
|
15:40:56
|
|
51
|
4,354.00
|
LSE
|
15:41:58
|
|
138
|
4,359.00
|
LSE
|
15:42:51
|
|
580
|
4,359.00
|
LSE
|
15:42:51
|
|
120
|
4,354.00
|
LSE
|
15:43:24
|
|
169
|
4,350.00
|
LSE
|
15:44:14
|
|
826
|
4,350.00
|
LSE
|
15:44:14
|
|
792
|
4,350.00
|
LSE
|
15:45:09
|
|
10
|
4,350.00
|
LSE
|
15:45:09
|
|
149
|
4,350.00
|
LSE
|
15:45:09
|
|
11
|
4,350.00
|
LSE
|
15:45:09
|
|
709
|
4,345.00
|
LSE
|
15:48:49
|
|
874
|
4,347.00
|
LSE
|
15:49:25
|
|
153
|
4,347.00
|
LSE
|
15:49:52
|
|
817
|
4,347.00
|
LSE
|
15:51:00
|
|
155
|
4,348.00
|
LSE
|
15:52:28
|
|
718
|
4,347.00
|
LSE
|
15:52:59
|
|
627
|
4,345.00
|
LSE
|
15:54:40
|
|
156
|
4,345.00
|
LSE
|
15:54:40
|
|
801
|
4,345.00
|
LSE
|
15:54:40
|
|
763
|
4,345.00
|
LSE
|
15:56:17
|
|
847
|
4,344.00
|
LSE
|
15:58:00
|
|
864
|
4,341.00
|
LSE
|
15:58:48
|
|
781
|
4,343.00
|
LSE
|
16:00:36
|
|
61
|
4,343.00
|
LSE
|
16:00:36
|
|
884
|
4,342.00
|
LSE
|
16:01:58
|
|
781
|
4,342.00
|
LSE
|
16:02:24
|
|
36
|
4,340.00
|
LSE
|
16:03:41
|
|
174
|
4,340.00
|
LSE
|
16:03:41
|
|
8
|
4,340.00
|
LSE
|
16:03:41
|
|
754
|
4,340.00
|
LSE
|
16:03:41
|
|
104
|
4,340.00
|
LSE
|
16:03:41
|
|
151
|
4,344.00
|
LSE
|
16:05:34
|
|
796
|
4,344.00
|
LSE
|
16:05:34
|
|
150
|
4,344.00
|
LSE
|
16:05:34
|
|
763
|
4,341.00
|
LSE
|
16:07:06
|
|
674
|
4,341.00
|
LSE
|
16:08:18
|
|
675
|
4,341.00
|
LSE
|
16:08:29
|
|
139
|
4,341.00
|
LSE
|
16:08:29
|
|
873
|
4,341.00
|
LSE
|
16:08:51
|
|
770
|
4,341.00
|
LSE
|
16:10:41
|
|
667
|
4,341.00
|
LSE
|
16:10:41
|
|
492
|
4,340.00
|
LSE
|
16:11:15
|
|
10
|
4,340.00
|
LSE
|
16:11:15
|
|
100
|
4,340.00
|
LSE
|
16:11:15
|
|
125
|
4,340.00
|
LSE
|
16:11:15
|
|
158
|
4,341.00
|
LSE
|
16:11:15
|
|
228
|
4,340.00
|
LSE
|
16:11:16
|
|
854
|
4,338.00
|
LSE
|
16:12:30
|
|
177
|
4,336.00
|
LSE
|
16:13:49
|
|
53
|
4,337.00
|
LSE
|
16:14:27
|
|
168
|
4,337.00
|
LSE
|
16:14:27
|
|
832
|
4,337.00
|
LSE
|
16:14:27
|
|
121
|
4,337.00
|
LSE
|
16:14:27
|
|
169
|
4,337.00
|
LSE
|
16:14:27
|
|
35
|
4,345.00
|
LSE
|
16:17:08
|
|
101
|
4,345.00
|
LSE
|
16:17:08
|
|
277
|
4,347.00
|
LSE
|
16:17:08
|
|
819
|
4,347.00
|
LSE
|
16:17:08
|
|
163
|
4,347.00
|
LSE
|
16:17:08
|
|
114
|
4,347.00
|
LSE
|
16:17:08
|
|
147
|
4,347.00
|
LSE
|
16:17:08
|
|
159
|
4,347.00
|
LSE
|
16:17:08
|
|
960
|
4,347.00
|
LSE
|
16:17:08
|
|
613
|
4,349.00
|
LSE
|
16:19:02
|
|
197
|
4,349.00
|
LSE
|
16:19:02
|
|
820
|
4,349.00
|
LSE
|
16:19:37
|
|
282
|
4,353.00
|
LSE
|
16:22:34
|
|
310
|
4,353.00
|
LSE
|
16:22:34
|
|
81
|
4,353.00
|
LSE
|
16:22:34
|
|
172
|
4,353.00
|
LSE
|
16:22:34
|
|
858
|
4,354.00
|
LSE
|
16:23:55
|
|
642
|
4,354.00
|
LSE
|
16:23:55
|
|
744
|
4,354.00
|
LSE
|
16:23:55
|
|
807
|
4,358.00
|
LSE
|
16:25:16
|
|
100
|
4,360.00
|
LSE
|
16:26:18
|
|
71
|
4,360.00
|
LSE
|
16:26:18
|
|
62
|
4,360.00
|
LSE
|
16:26:18
|
|
85
|
4,360.00
|
LSE
|
16:26:18
|
|
180
|
4,360.00
|
LSE
|
16:26:18
|
|
78
|
4,360.00
|
LSE
|
16:26:18
|
|
152
|
4,361.00
|
LSE
|
16:27:21
|
|
177
|
4,361.00
|
LSE
|
16:27:21
|
|
48
|
4,361.00
|
LSE
|
16:27:21
|
|
419
|
4,361.00
|
LSE
|
16:27:21
|
|
434
|
4,361.00
|
LSE
|
16:27:23
|
|
177
|
4,361.00
|
LSE
|
16:27:23
|
|
152
|
4,361.00
|
LSE
|
16:27:23
|
|
62
|
4,361.00
|
LSE
|
16:27:23
|
|
141
|
4,363.00
|
LSE
|
16:27:48
|
|
56
|
4,363.00
|
LSE
|
16:27:48
|
|
451
|
4,363.00
|
LSE
|
16:27:48
|
|
85
|
4,365.00
|
LSE
|
16:28:22
|
|
100
|
4,365.00
|
LSE
|
16:28:22
|
|
1
|
4,365.00
|
LSE
|
16:28:22
|
|
177
|
4,365.00
|
LSE
|
16:28:22
|
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 17
|
12 February 2026 – Press Release/Preliminary Results
|
 |
|
British American Tobacco p.l.c.
|
|
|
Preliminary results for the year ended 31 December 2025
|
|
|
Momentum Drives Further Confidence in 2026 Delivery
|
Summary
| – |
Added 4.7 million consumers (to 34.1 million) of our Smokeless brands
|
| – |
Smokeless products now 18.2% of Group revenue, up 70 bps vs FY24
|
| – |
Reported revenue down 1.0% (due to currency headwinds), up 2.1% at constant FX, driven
by combustibles and Velo Plus in the U.S. and continued multi-category growth in AME, partly offset by APMEA
|
| – |
New Categories revenue growth accelerated to double-digits in H2, with FY growth of 7.0%2
|
| – |
New Categories contribution2 increased by 77.1% to £442 million, driven by our Quality Growth approach
|
| – |
Improved combustibles revenue and category contribution2,3 driven by the U.S. and AME
|
| – |
Reported profit from operations up 265% (with reported operating margin up 28.4 ppts to 39.0%), largely
due to the movement in the Canadian settlement provision
|
| – |
Adjusted profit from operations1,2,3 up 2.3%, adjusted operating margin1,2,3 at 44.0% (flat vs FY24)
|
| – |
Reported diluted EPS up 157% to 349.1p, with adjusted diluted EPS1, 2,3 up 3.4%
|
| – |
Confident in sustainably delivering mid-term growth algorithm, 2026 performance expected at the lower end of the range
|
| – |
On track to reduce leverage3 to within 2.0-2.5x by end 2026, supported by continued strong cash conversion
|
| – |
Dividend growth of 2.0% to 245.04p and a £1.3 billion share buy-back in 2026
|
Tadeu Marroco, Chief Executive
“I am pleased with our accelerating momentum through 2025, enabling full-year delivery at the top end of our guidance. This reinforces our confidence in
sustainably delivering our mid-term algorithm from 2026.
Our U.S. business has delivered strong growth, mainly driven by sustained momentum in combustibles, resulting from our commercial actions and enhanced
execution. Velo Plus has delivered excellent results with triple-digit revenue growth, with Velo reaching the number 2 position in volume and value share and achieving category contribution profitability within one year of launch. The recent
improvement in Vuse performance is encouraging, although the Vapour category continues to be impacted by illicit proliferation. Over time, we believe Vuse is well positioned to benefit from stronger enforcement at the Federal and State level.
In AME, our multi-category portfolio continued to perform strongly, while our performance in APMEA was impacted by fiscal and regulatory challenges in
Bangladesh and Australia.
Our New Categories revenue is accelerating, returning to double-digit growth in H2, driven by strong Velo growth in all regions. We continue to prioritise
accelerating growth in category contribution through investment in our most profitable markets.
Our enhanced R&D capabilities have enabled three premium innovation launches – Vuse Ultra, glo Hilo and Velo Shift, with encouraging early results and
further targeted roll-outs planned in 2026. With this momentum, together with resilient combustibles delivery and further productivity initiatives, we are confident in sustainably delivering on our financial algorithm of +3-5% revenue2,
+4-6% APFO1,2,3 and +5-8% adjusted diluted EPS1,2,3, with 2026 expected to be at the lower end of the range, as we continue to invest in our transformation.
Our strong cash flow is driving increased financial flexibility and we expect to be within our 2.0-2.5x target leverage range by end 2026.
I remain committed to delivering sustainable shareholder value through robust cash returns, with progressive dividends and sustainable share buy-backs,
including £1.3 billion programme for 2026.”
1
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Information
|
Performance highlights
|
Reported
|
Adjusted3
|
Adjusted3 for Canada4
|
|||||
|
For year ended 31 December 2025
|
Current
|
vs 2024
|
Current
|
vs 2024
|
Current
|
vs 2024
|
||
|
rates
|
(current)
|
rates
|
(constant)
|
rates
|
(constant)
|
|||
|
Cigarette and HP volume share1
|
-40 bps
|
|||||||
|
Cigarette and HP value share1
|
-10 bps
|
|||||||
|
Consumers of Smokeless products2
|
34.1m
|
+4.7m
|
||||||
|
Revenue (£m)
|
£25,610m
|
-1.0%
|
£25,610m
|
+2.1%
|
£25,610m
|
+2.1%
|
||
|
Revenue from New Categories (£m)
|
£3,621m
|
+5.5%
|
£3,621m
|
+7.0%
|
£3,621m
|
+7.0%
|
||
|
Smokeless revenue as a % of total revenue (%)
|
18.2%
|
+70 bps
|
||||||
|
Profit from operations (£m)
|
£9,997m
|
+265%
|
£11,572m
|
+0.4%
|
£11,279m
|
+2.3%
|
||
|
Adjusted gross profit growth (%)
|
+2.1%
|
+3.4%
|
||||||
|
Category contribution - New Categories (£m)
|
£427m
|
+77.1%
|
£427m
|
+77.1%
|
||||
|
Category contribution margin - New Categories (%)
|
11.8%
|
4.7 ppts
|
11.8%
|
4.7 ppts
|
||||
|
Operating margin (%)
|
39.0%
|
+28.4 ppts
|
45.2%
|
-80 bps
|
44.0%
|
flat
|
||
|
Diluted earnings per share (pence)
|
349.1p
|
+157%
|
352.1p
|
+0.7%
|
340.5p
|
+3.4%
|
||
|
Net cash generated from operating activities (£m)
|
£6,342m
|
-37.4%
|
||||||
|
Free cash (before payment of dividend) (£m)
|
£4,048m
|
-48.8%
|
||||||
|
Adjusted cash generated from operations (£m)5
|
£6,882m
|
-5.5%
|
||||||
|
Cash conversion (%)
|
+63%
|
-307 ppts
|
+100%
|
-50 bps
|
||||
|
Borrowings including lease liabilities (£m)
|
£35,070m
|
-5.1%
|
||||||
|
Adjusted net debt to adjusted EBITDA ratio
|
2.48x
|
+0.05x
|
2.55x
|
-0.20x
|
||||
|
Dividend per share (pence)
|
245.04
|
+2.0%
|
||||||
The use of non-GAAP measures, including adjusting
items and constant currencies, are further discussed from page 49, with
reconciliations from the most comparable IFRS measure provided.
Notes:
| 1. |
To better reflect the evolving performance of each category, from 1 January 2026 the
Group will decouple the value share and volume share metrics from a combined Cigarettes and HP view to disclose Cigarettes and HP performance separately. 2. Internal estimate. See page 43. 3. See page 26 for a discussion on adjusting items. 4. As adjusted for Canada excludes the performance of the Canadian business (excluding New Categories) given the requirement to
use the profits earned to settle the litigation liability - see page 17. There is no adjustment to revenue. 5. 2025 was negatively impacted by deferral of tax in the U.S. from 2024 of £678 million, the benefit of which was excluded in
the 2024 comparator. Excluding the deferral from 2025, adjusted cash generated from operations would have been £7,560 million, or £7,840 million at constant rates of exchange in 2025 compared to £7,554 million in 2024.
|
2
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 Outlook
| – |
Global cigarette industry volume expected to be down c.2%.
|
| – |
Lower end of our medium-term guidance ranges:
|
| – |
3-5% revenue1 growth, with low double-digit New Category revenue growth1.
|
| – |
4-6% adjusted profit from operations growth1,2 - H2 weighted.
|
| – |
Expected c.1% transactional FX headwind.
|
| – |
5-8% adjusted diluted EPS growth1,2 growth.
|
| – |
We expect a translational FX headwind of c.3% on adjusted diluted EPS growth2.
|
| – |
Net finance costs1,2 expected to be c.£1.8 billion, subject to interest rate volatility.
|
| – |
Gross capital expenditure in 2026 of approximately £750 million.
|
| – |
Operating cash flow conversion that exceeds 95%.
|
| – |
Leverage within our 2.0-2.5x adjusted net debt/adjusted EBITDA2 corridor by year end.
|
| – |
Commitment to dividend growth in sterling terms and £1.3 billion share buy-back.
|
1. At constant rates of exchange. 2. As adjusted for Canada.
Enquiries
|
For more information, please contact
Investor Relations:
Victoria Buxton +44 (0)20 7845 2012
Amy Chamberlain +44 (0)20 7845 1124
John Harney+44 (0)20 7845 1263
BAT IR TeamIR_Team@bat.com
|
Press Office:
+44 (0)20 7845 2888 | @BATplc
media_centre@bat.com
|
Webcast and Q&A session:
BAT will hold a live webcast for investors and analysts at 9.30am (GMT) on 12 February 2026, hosted by Tadeu Marroco, Chief Executive, and Javed Iqbal,
Interim Chief Financial Officer. The presentation will be followed by a Q&A session.
The webcast and presentation slides will be available to view on our website at www.bat.com/latestresults.
If you prefer to listen via conference call, please use the following dial-in details (participant passcode: BAT - FY25).
|
Standard International: +44 (0) 33 0551 0200
|
SA (toll free): 0 800 980 512
|
|
UK (toll free): 0808 109 0700
|
U.S. (toll free): 866 580 3963
|
Video: Chief Executive's take on Full-Year 2025 Results: To watch highlights of this year's
results, please visit: www.bat.com/highlights-video-fy25
Group Operating Review
Analysis of revenue, profit from operations (by segment) and diluted earnings per share
Prior year data is provided in the table on page 61.
|
For year ended 31 December 2025
|
Reported
|
vs
2024
|
Adj Items1
|
Adjusted
|
vs
2024
|
Exch.
|
Adjusted at CC2
|
vs
2024
|
Adj for Canada3 at CC2
|
vs
2024
|
|
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
%
|
||
|
Revenue
|
|||||||||||
|
U.S.
|
11,534
|
+2.3%
|
369
|
11,903
|
+5.5%
|
11,903
|
+5.5%
|
||||
|
AME
|
9,309
|
+0.7%
|
239
|
9,548
|
+3.3%
|
9,548
|
+3.3%
|
||||
|
APMEA
|
4,767
|
-10.9%
|
196
|
4,963
|
-7.2%
|
4,963
|
-7.2%
|
||||
|
Total Group
|
25,610
|
-1.0%
|
804
|
26,414
|
+2.1%
|
26,414
|
+2.1%
|
||||
|
Profit from Operations
|
|||||||||||
|
U.S.
|
4,942
|
+21%
|
1,601
|
6,543
|
+2.4%
|
223
|
6,766
|
+5.9%
|
6,766
|
+5.9%
|
|
|
AME
|
3,433
|
-199%
|
(128)
|
3,305
|
-0.5%
|
72
|
3,377
|
+1.7%
|
3,069
|
+9.6%
|
|
|
APMEA
|
1,622
|
-23.3%
|
102
|
1,724
|
-21.1%
|
69
|
1,793
|
-17.9%
|
1,793
|
-17.9%
|
|
|
Total Group
|
9,997
|
+265%
|
1,575
|
11,572
|
-2.7%
|
364
|
11,936
|
+0.4%
|
11,628
|
+2.3%
|
|
|
Net finance costs
|
(1,819)
|
+65.7%
|
170
|
(1,649)
|
+3.8%
|
(27)
|
(1,676)
|
+5.5%
|
(1,733)
|
+1.0%
|
|
|
Associates and joint ventures
|
1,681
|
-11.5%
|
(1,239)
|
442
|
-15.0%
|
33
|
475
|
-8.6%
|
475
|
-8.6%
|
|
|
Profit before tax
|
9,859
|
+179%
|
506
|
10,365
|
-4.2%
|
370
|
10,735
|
-0.8%
|
10,370
|
+1.9%
|
|
|
Taxation
|
(2,094)
|
+487%
|
(344)
|
(2,438)
|
-4.9%
|
(84)
|
(2,522)
|
-1.6%
|
(2,425)
|
+1.3%
|
|
|
Non-controlling interests
|
(1)
|
-98.7%
|
(125)
|
(126)
|
-16.3%
|
(3)
|
(129)
|
-14.1%
|
(129)
|
-14.1%
|
|
|
Coupons relating to hybrid bonds net of tax
|
(87)
|
+105.4%
|
29
|
(58)
|
+36.9%
|
—
|
(58)
|
+36.9%
|
(58)
|
+36.9%
|
|
|
Profit attributable to shareholders
|
7,677
|
+154%
|
37
|
7,743
|
-4.0%
|
283
|
8,026
|
-0.5%
|
7,758
|
+2.2%
|
|
|
Diluted number of shares (m)
|
2,199
|
-1.2%
|
2,199
|
-1.2%
|
2,199
|
-1.2%
|
2,199
|
-1.2%
|
|||
|
Diluted earnings per share (pence)
|
349.1
|
+157%
|
352.1
|
-2.9%
|
365.0
|
+0.7%
|
352.8
|
+3.4%
|
|||
| 1. |
Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence - see pages 26 to 33.
|
| 2. |
CC: constant currency – measures are calculated based upon a re-translation, at the prior year’s exchange
rates, of the current year’s results of the Group and, where applicable, its segments.
|
| 3. |
As adjusted for Canada excludes the performance of the Canadian business (excluding New Categories).
|
3
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Group revenue
Movement in Revenue
Reported revenue decreased 1.0% to £25,610 million, negatively impacted by a translational foreign exchange headwind of 3.1%.
On a constant currency basis, revenue grew by 2.1%, with:
| – |
The U.S. up 5.5% driven by combustibles, which benefitted from both strong price/mix (including excise duty drawback) contributing +12.3% and the success of the Velo
Plus launch (with Modern Oral up 310% to £327 million). These more than offset lower combustibles volume (down 7.7%) and lower revenue in Vapour (down 3.4%);
|
| – |
AME up 3.3% led by combustibles price/mix (+7.2%) and the growth of Modern Oral (up 17.3%), which drove New Categories up 4.3% despite a decline in Vapour of 11.4%;
and
|
| – |
APMEA down 7.2% due to regulatory and fiscal challenges in Australia and Bangladesh, partially offset by higher revenue in Pakistan, Nigeria and Indonesia.
|
New Categories continued to grow, with revenue up 7.0% at constant rates of exchange driven by Modern Oral (up 48.0%) and HP (up 1.0%). However, Vapour
declined 8.6% due to the continued impact of illicit products mainly in the U.S. and Canada and regulatory and excise changes in the UK, Poland and France and market exits.
Group cigarette volume share declined 10 bps, with value share flat. Volume share in the U.S. was down 10 bps and value share up 30 bps.
Refer to pages 7 to 9 for a discussion on regional performance and pages 10 to 12 for a further discussion on performance by category.
Group Operating Review
Continued
Profit from operations, operating margin and category contribution
Profit from operations on a reported basis was up 265%, with reported operating margin up 28.4 ppts to 39.0%.
This was driven by lower adjusting items of £1,575 million (compared to £9,154 million in 2024), largely due to:
| – |
movements in respect of the Canadian litigation settlement. While 2024 included a charge of £6.2
billion, 2025 benefited from a net credit of £524 million following a change to the forecasted Canadian combustibles industry performance. This reduced the provision by £708 million (credit) but was partly offset by a goodwill impairment
charge of £184 million, described on page 17;
|
| – |
the classification in 2025 of the Group's business in Cuba as held-for-sale, recognising a charge of
£235 million (2024: £74 million) as discussed on page 18; and
|
| – |
the partial release of the provision recognised in respect of an excise assessment in Romania (2025: £15 million credit; 2024: £449 million charge).
|
Translational foreign exchange was a headwind of 3.1% or £364 million.
Expenditure on research and development was £358 million in 2025 (2024: £380 million), with a focus on products that could potentially reduce the risk
associated with smoking conventional cigarettes.
On an adjusted, constant currency basis and also as adjusted for Canada, profit from operations was up 2.3% to £11,628 million, despite inflation on our
product costs estimated to be 5.8% (or £315 million). This increase was largely due to:
| – |
the U.S., which was up 5.9%, due to the revenue growth discussed earlier; and
|
| – |
AME, up 9.6%, due to an improved financial performance in Brazil (due to combustibles with higher volume and pricing), Romania (driven by pricing in combustibles) and
Türkiye (led by the revenue performance in combustibles).
|
However, APMEA was down 17.9%, with the regional delivery largely driven by the respective revenue performance discussed above.
The regional performance includes a total increase in New Categories contribution of £193 million to £442 million at constant rates.
Adjusted operating margin declined 80 bps to 45.2% at constant rates of exchange, but was
flat at 44.0% when adjusted for Canada. For a full discussion on the performance by region, please see pages 7 to 9.
3
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
Basic earnings per share (EPS) were up 157% to 351.0p (31 December 2024: 136.7p), with diluted EPS up 157% to 349.1p (31 December 2024: 136.0p). The
increases in both basic and diluted EPS were largely driven by:
| – |
Higher profit from operations due to the lower adjusting items described on page 6; and
|
| – |
A gain of £333 million in respect of the demerger of the hotels division of the Group's Indian
associate ITC (see page 32).
|
These were partly offset by:
| – |
A lower gain arising on the partial sale of the Group's investment in ITC in 2025 (£898 million)
compared to £1,361 million in 2024 mainly due to a lower number of shares disposed of (2025: 313.0 million shares; 2024: 436.9 million shares), discussed on page 32; and
|
| – |
A credit in 2024, which did not repeat in 2025, of £590 million related to the debt liability
management exercise (see page 32).
|
Basic and diluted EPS were also positively impacted by the reduction in the number of shares due to the cumulative effect of the 2024 and 2025 share
buy-back programmes, with 30,460,763 ordinary shares repurchased and cancelled in the year ended 31 December 2025.
Before adjusting items and the impact of translational foreign exchange and also including the dilutive effect of employee share schemes, adjusted diluted
earnings per share, at constant rates, increased 0.7% to 365.0p (31 December 2024: 362.5p).
Adjusting for the profit1 performance of Canada, adjusted diluted earnings per share was 340.5p, a decline of 0.2% (31 December 2024: 341.1p),
being an increase of 3.4% to 352.8p at constant rates of exchange.
For a full reconciliation of diluted earnings per share to adjusted diluted earnings per share
and adjusted diluted earnings per share as adjusted for Canada, both at constant rates, see page 57. Please also refer to page 61 for further
reconciliations of profit from operations and diluted EPS to adjusted profit from operations1 and adjusted diluted EPS1 at both current (actual) and constant rates of exchange.
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
Regional Review
The performances of the regions are discussed below. The following discussion is based upon the Group’s internal reporting structure.
All references to volume share or value share movement in the following discussion are compared to FY 2024. See page
42 for a discussion on the use of these measures.
Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims will be made as to
these products without agency clearance.
United States (U.S.):
| – |
Reported revenue up 2.3%, being an increase of 5.5% at constant rates.
|
| – |
Modern Oral revenue up 297% (or 310% at constant rates) with category volume share up 11.6 ppts to 18.0%, driven by Velo Plus.
|
| – |
Vuse maintained value share leadership* despite a 6.4% decline in revenue (down 3.4% at constant rates of exchange), mainly driven by lower volume due to the
continued impact of illicit single-use vapour products.
|
| – |
Combustibles revenue up 1.4% (up 4.6% at constant rates) as price/mix (including excise duty drawback) more than offset a 7.7% decline in volume. Volume share down 10
bps with value share up 30 bps.
|
| – |
Smokeless now represents 19.6% of total revenue.
|
4
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume/Revenue
Please see page 51 for a full reconciliation to constant currency metrics, including prior year data.
|
For year ended 31 December 2025
|
Volume
|
Revenue
|
||||||
|
Reported
|
Reported
|
|||||||
|
Current
|
Exchange
|
Constant
|
||||||
|
Unit
|
vs 2024
|
£m
|
vs 2024
|
£m
|
£m
|
vs 2024
|
||
|
New Categories
|
1,251
|
+16.1%
|
39
|
1,290
|
+19.8%
|
|||
|
Vapour (units mn)
|
262
|
-8.8%
|
934
|
-6.4%
|
29
|
963
|
-3.4%
|
|
|
HP (sticks bn)
|
—
|
—%
|
—
|
—%
|
—
|
—
|
—%
|
|
|
Modern Oral (pouches bn)
|
3.5
|
+249%
|
317
|
+297%
|
10
|
327
|
+310%
|
|
|
Traditional Oral (stick eq bn)
|
4.8
|
-8.9%
|
1,006
|
-5.0%
|
31
|
1,037
|
-2.0%
|
|
|
Total Smokeless
|
2,257
|
+5.6%
|
70
|
2,327
|
+9.0%
|
|||
|
Total Combustibles (bn sticks)
|
44
|
-7.7%
|
9,218
|
+1.4%
|
295
|
9,513
|
+4.6%
|
|
|
Other
|
59
|
+23.2%
|
4
|
63
|
+27.5%
|
|||
|
Total
|
11,534
|
+2.3%
|
369
|
11,903
|
+5.5%
|
|||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
See page 48 for a discussion on the preparation of the U.S. financial information, initially based on U.S. GAAP as the primary financial record and converted
to IFRS for the purpose of consolidation within the results of the Group.
Reported revenue increased 2.3%, despite a translational foreign exchange headwind, negatively impacting revenue by 3.2%.
On a constant currency basis, which we believe reflects the operational performance, revenue increased 5.5%. This was driven by the performance in:
| – |
Combustibles, where revenue increased 4.6%, as the positive impact of price/mix (including
excise duty drawback) of +12.3% more than offset a 7.7% reduction in volume, compared to the industry volume decline of 7.4%. Our volume share was down 10 bps while value share was up 30 bps following the commercial actions taken in 2024 to
deliver sustainable value; and
|
| – |
Modern Oral, where revenue increased by 310%, driven by higher volume (up 249%), following the
successful national roll-out of Velo Plus. Accordingly, our category volume share1 was up 11.6 ppts to 18.0% with value share growth of 9.1 ppts to 13.1%.
|
These were partly offset by:
| – |
Vapour, where the
U.S. is the world's largest market. Revenue was down 3.4%, as price/mix (+5.4%) was offset by an 8.8% decline in consumables volume driven by an industry decline of c.9% mainly due to the continued impact of illicit
single-use vapour products. There are encouraging signs for Vuse with the brand back to revenue growth in the second half of 2025 driven by increased enforcement at a Federal and State level. We remain optimistic that Vuse will benefit as
the authorities continue with enforcement initiatives in 2026. We maintained leadership in value share with an increase in value share of 2.0 ppts to 51.7%*; and
|
| – |
Traditional Oral, where revenue declined 2.0%, as price/mix (+6.9%) was more than offset by
lower volume (down 8.9%) due to the continued Poly-use of Modern Oral by Traditional Oral consumers.
|
| * |
Based on estimated value share for Vapour in tracked channels (i.e., value share of rechargeable closed systems consumables and disposables sales in retail) in
the Top Vapour markets.
|
Profit from operations and operating margin
Please see page 61 for a full reconciliation to constant currency, including prior year data.
|
For year ended 31 December 2025
|
Reported
|
Adj.
|
Exchange
|
Adjusted
|
|||
|
Current
|
Constant
|
||||||
|
£m
|
vs 2024
|
£m
|
£m
|
£m
|
vs 2024
|
||
|
Profit from Operations
|
4,942
|
+20.9%
|
1,601
|
223
|
6,766
|
+5.9%
|
|
|
Operating Margin
|
42.8%
|
+7 ppts
|
56.8%
|
+20 bps
|
|||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
Reported profit from operations increased by 20.9%, as both an impairment charge of £646
million in respect of Camel Snus (see page 28) and income (£132 million)
related to Fox River recognised in 2024 did not repeat. Accordingly, reported operating margin was up 6.6 ppts to 42.8%.
Excluding adjusting items (largely in respect of amortisation, impairment charges and income related to Fox River recognised in 2024) and a translational
foreign exchange headwind of £223 million, our performance was positively impacted by the growth in revenue (described above).
At constant rates of exchange, adjusted profit from operations was up 5.9% to £6,766 million, with adjusted operating margin up 20 bps.
5
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Review
Continued
Americas and Europe (AME):
| – |
Reported revenue up 0.7%, an increase of 3.3% at constant rates of exchange.
|
| – |
New Category revenue up 4.8%, up 4.3% at constant rates of exchange.
|
| – |
Resilient combustibles revenue performance - down 0.9%, an increase of 2.3% at constant rates of exchange driven by price/mix.
|
| – |
Combustibles volume share up 10 bps and value share down 70 bps.
|
| – |
Multi-category region with Smokeless now representing 19.9% of revenue.
|
Volume/Revenue
Please see page 51 for a full reconciliation to constant currency, including prior year data.
|
For year ended 31 December 2025
|
Volume
|
Revenue
|
||||||
|
Reported
|
Reported
|
|||||||
|
Current
|
Exchange
|
Constant
|
||||||
|
Unit
|
vs 2024
|
£m
|
vs 2024
|
£m
|
£m
|
vs 2024
|
||
|
New Categories
|
1,813
|
+4.8%
|
(6)
|
1,807
|
+4.3%
|
|||
|
Vapour (units mn)
|
244
|
-11.6%
|
543
|
-11.2%
|
(1)
|
542
|
-11.4%
|
|
|
HP (sticks bn)
|
8
|
-3.4%
|
470
|
+6.2%
|
1
|
471
|
+6.2%
|
|
|
Modern Oral (pouches bn)
|
7.5
|
+19.0%
|
800
|
+18.3%
|
(6)
|
794
|
+17.3%
|
|
|
Traditional Oral (stick eq bn)
|
0.7
|
-10.3%
|
37
|
+9.9%
|
(1)
|
36
|
+5.1%
|
|
|
Total Smokeless
|
1,850
|
+4.9%
|
(7)
|
1,843
|
+4.4%
|
|||
|
Total Combustibles
|
237
|
-4.9%
|
6,974
|
-0.9%
|
226
|
7,200
|
+2.3%
|
|
|
Other1
|
485
|
+10.8%
|
20
|
505
|
+15.7%
|
|||
|
Total
|
9,309
|
+0.7%
|
239
|
9,548
|
+3.3%
|
|||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
| 1. |
Other revenue in AME largely relates to sales of leaf to external parties and revenue from warehousing and distribution of other fast moving consumer goods.
|
Reported revenue was up 0.7%, negatively impacted by a translational foreign exchange headwind of 2.6%.
On a constant currency basis, which we believe reflects the operational performance, revenue increased by 3.3% to £9,548 million, driven by:
| – |
Combustibles, with revenue 2.3% higher, largely driven by higher volume and pricing in Türkiye,
Brazil and Mexico. These factors combined with robust pricing in Romania to more than offset a reduction in revenue in Canada (due to lower price/mix and volume) and Germany (driven by lower volume). Cigarette value share was down 70 bps with volume share up 10 bps;
|
| – |
Modern Oral, where we are category leaders, with volume up 19.0%. Revenue grew 17.3%, while
volume share of the Modern Oral category was down 20 bps. The volume and revenue growth reflects the strength of our portfolio in both established oral markets across Scandinavia, and markets that are more recent adopters of Modern Oral
such as the UK, Switzerland and Austria; and
|
| – |
HP (revenue up 6.2%) as higher revenue in Italy and Germany was partly offset by lower revenue
in Romania largely due to the prioritisation of resource allocation ahead of the wider roll-out of glo Hilo in the region.
|
These more than offset:
| – |
Lower revenue from Vapour (down 11.4%), largely driven by a decline in revenue in Canada (due to the continued lack of enforcement against illegal flavoured vapour products) and regulatory and excise changes in the UK, Poland and France. Our value share
leadership was down 60 bps with gains in Germany more than offset by a value share decline in Canada.
|
Profit from operations and operating margin
Please see page 61 for a full reconciliation to constant currency and as adjusted for Canada metrics, including prior year data.
|
For year ended 31 December 2025
|
Reported
|
Adj.
|
Exchange
|
Adjusted
|
Adjusted for Canada
|
|||||
|
Current
|
Constant
|
Constant
|
||||||||
|
£m
|
vs 20242
|
£m
|
£m
|
£m
|
vs 2024
|
£m
|
vs 2024
|
|||
|
Profit from Operations
|
3,433
|
n/m
|
(128)
|
72
|
3,377
|
+1.7%
|
3,069
|
+9.6%
|
||
|
Operating Margin
|
36.9%
|
n/m
|
35.4%
|
-50 bps
|
32.1%
|
+1.8 ppts
|
||||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
| 1. |
Adjusted for Canada excludes the performance of the Canadian business (excluding New Categories). 2. n/m - not meaningful as 2024 was a loss of £3,464 million /
operating margin -37%.
|
Reported profit from operations increased to a profit of £3,433 million (from a loss of
£3,464 million in 2024), largely due to movements in respect of the Canadian litigation settlement. While 2024 included a charge of £6.2 billion, 2025 benefited from a net credit of £524 million following a change to the forecasted Canadian
combustibles industry performance. This reduced the provision by £708 million (credit) but was partly offset by a goodwill impairment charge of £184 million, described on page 17. 2025 was also negatively impacted by the classification of the Group's business in Cuba as held-for-sale, recognising a charge of £235
million (2024: £74 million) as discussed on page 18, and a charge of £39
million which related to the loss of a distribution facility in Ukraine following a missile attack in the second half of 2025. A goodwill impairment charge in Peru (£72 million) was also recognised due to the ongoing difficult trading conditions.
These were partially offset by a credit of £15 million in respect of an excise audit in Romania (2024: £449 million charge). Other fixed asset charges of £75 million in 2024 did not repeat.
Our performance was also negatively impacted by a translational foreign exchange headwind of £72 million or 2.2%.
Excluding the impact of foreign exchange, adjusting items (described above and on page 29) and also adjusting for the performance of Canada, adjusted profit from operations was
up 9.6% to £3,069 million, due to an improved financial performance in Brazil (due to combustibles with higher volume and pricing), Romania (driven by pricing in combustibles), and Türkiye (led by the revenue performance in combustibles). The
increase was also due an improved financial performance across our New Categories; notably in Modern Oral (driven by Sweden, Switzerland and Italy), Vapour (which became profitable on a category contribution basis) and a reduction in losses in HP
driven by resource allocation.
6
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Review
Continued
Asia-Pacific, Middle East and Africa (APMEA):
| – |
Reported revenue declined 10.9%, a decrease of 7.2% at constant rates.
|
| – |
Headwinds to volume and financial performance due to regulatory and fiscal challenges in Australia and Bangladesh.
|
| – |
Combustibles value share down 40 bps with volume share down 40 bps.
|
| – |
New Category revenue down 10.6%, or 7.6% at constant rates of exchange, driven by HP in Japan and South Korea.
|
| – |
Smokeless now represents 11.7% of total revenue.
|
Volume/Revenue
Please see page 51 for a full reconciliation to constant currency, including prior year data.
|
For year ended 31 December 2025
|
Volume
|
Revenue
|
||||||
|
Reported
|
Reported
|
|||||||
|
Current
|
Exchange
|
Constant
|
||||||
|
Unit
|
vs 2024
|
£m
|
vs 2024
|
£m
|
£m
|
vs 2024
|
||
|
New Categories
|
557
|
-10.6%
|
19
|
576
|
-7.6%
|
|||
|
Vapour (units mn)
|
32
|
-38.2%
|
65
|
-41.2%
|
3
|
68
|
-39.4%
|
|
|
HP (sticks bn)
|
12
|
-3.9%
|
444
|
-7.0%
|
15
|
459
|
-3.8%
|
|
|
Modern Oral (pouches bn)
|
1.2
|
+24.7%
|
48
|
+39.8%
|
1
|
49
|
+44.2%
|
|
|
Traditional Oral (stick eq bn)
|
—
|
—%
|
—
|
—%
|
—
|
—
|
—%
|
|
|
Total Smokeless
|
557
|
-10.6%
|
19
|
576
|
-7.6%
|
|||
|
Total Combustibles
|
196
|
-11.7%
|
4,009
|
-11.9%
|
165
|
4,174
|
-8.3%
|
|
|
Other
|
201
|
+16.3%
|
12
|
213
|
+23.7%
|
|||
|
Total
|
4,767
|
-10.9%
|
196
|
4,963
|
-7.2%
|
|||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
Reported revenue declined 10.9%, largely due to the regulatory and fiscal challenges impacting combustibles in Australia and Bangladesh, partly offset by
higher combustibles revenue in Nigeria, Indonesia and Pakistan. Translational foreign exchange was a headwind of 3.7%.
On a constant currency basis, which we believe reflects the operational performance, revenue was down 7.2%.
Combustibles revenue, was down 8.3% due to the factors described above. Our
combustibles value share declined 40 bps with volume share down 40 bps as volume share gains in Pakistan were more than offset by reductions in Japan.
In total, New Categories revenue was down 7.6%.
Revenue grew in Modern Oral (up 44.2%) with strong revenue growth in Global Travel
Retail (GTR), Pakistan, Japan and South Africa.
However, this was more than offset by a reduction in:
| – |
HP, with revenue down 3.8%, largely driven by Japan (which remains highly competitive alongside
the continued phase-out of our legacy super-slims platform) and South Korea, partially offset by a strong performance in Kazakhstan; and
|
| – |
Vapour, as volume was down 38.2%, leading to a 39.4% reduction in revenue largely driven by
lower volume in South Africa and New Zealand and by the Group exiting the category in a number of markets (including Malaysia and Saudi Arabia).
|
Profit from operations and operating margin
Please see page 61 for a full reconciliation to constant currency metrics, including prior year data
|
For year ended 31 December 2025
|
Reported
|
Adj.
|
Exchange
|
Adjusted
|
|||
|
Current
|
Constant
|
||||||
|
£m
|
vs 2024
|
£m
|
£m
|
£m
|
vs 2024
|
||
|
Profit from Operations
|
1,622
|
-23.3%
|
102
|
69
|
1,793
|
-17.9%
|
|
|
Operating Margin
|
34.0%
|
-5.5 ppts
|
36.1%
|
-4.7 ppts
|
|||
Constant currency measures are calculated based upon a re-translation, at the prior year's exchange rates, of the
current year's results of the Group and, where applicable, its segments.
Profit from operations was down 23.3%, including a translational foreign exchange headwind of £69 million or 3.2%. The lower profit from operations was
mainly driven by the revenue movements above.
In 2025, the Group recognised a further impairment charge of £21 million (2024: £39 million) in respect of Malaysia in response to the ongoing difficult
trading conditions.
Excluding adjusting items and translational foreign exchange, adjusted profit from operations at constant rates was down 17.9% to £1,793 million driven by:
| – |
Australia, due to continued increases in the illicit segment which we estimate now accounts for more than 65% of the combustibles industry volume, with the duty paid
combustibles industry volume down more than 40% in 2025; and
|
| – |
Bangladesh, driven by the increase in excise and minimum price in January 2025, necessitating an increase in consumer prices by 20-30%, which resulted in a reduction
in the duty paid combustibles industry volume by more than 20%.
|
However, these were partly offset by an increase in Pakistan (led by the growth of Modern Oral and pricing in combustibles), Nigeria (driven by higher
combustibles volume and improved combustibles pricing) and Indonesia (driven by higher combustibles volume and pricing).
7
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category Performance Review
Vapour - Vuse
| – |
Vapour revenue down 10.4% or 8.6% (at constant rates), with volume down 12.6%, impacted by
illicit products mainly in the U.S. and Canada and regulatory and excise changes (in the UK, Poland and France).
|
| – |
Continued value share* leadership with a 60 bps increase driven by the U.S.
|
| – |
In Europe, Vapour value share down 10 bps* with industry rechargeable closed systems back in growth.
|
| – |
Positive early performance of our premium innovation, Vuse Ultra, in Canada, Germany and France.
|
Group Vapour performance was negatively impacted by:
| – |
The U.S., the world's largest Vapour market, where Group volume was down 8.8% mainly due to the continued proliferation of illicit single-use vapour products.
Accordingly, revenue was down 6.4% (or 3.4% on a constant currency basis). However, we are encouraged by recent signs of Vuse returning to revenue growth in the second half of 2025 in the U.S. supported by increased enforcement against
illicit single-use vapour products. We maintained leadership in value share with an increase in value share of 2.0 ppts to 51.7%*;
|
| – |
AME, where revenue was 11.2% lower (a decline of 11.4% on a constant currency basis), largely driven by a decline in revenue in Canada (due to the continued lack of
enforcement against illegal flavoured vapour products) and regulatory and excise changes in the UK, Poland and France. Our value share* leadership was down 60 bps with gains in Germany more than offset by a value share decline in Canada; and
|
| – |
APMEA, where volume declined 38.2%, leading to a 41.2% reduction in revenue (being down 39.4% at constant rates), largely driven by lower volume in South Africa and
New Zealand and by the Group exiting the category in a number of markets (including Malaysia and Saudi Arabia).
|
Our new premium innovation, Vuse Ultra, offers consumers a highly differentiated, connected and customisable experience. We are encouraged by the early
performance in Canada, Germany and France.
*Based on estimated value share for Vapour in tracked
channels (i.e., value share of rechargeable closed systems consumables and disposables sales in retail) in the Top Vapour markets. Top Vapour markets are defined as the Top markets by industry revenue, being the U.S., Canada, the UK,
France, Germany, Poland and Spain. These Top markets account for c.80% of total industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2024.
Heated Products (HP) - glo
| – |
Revenue down 0.7%, up 1.0% at constant rates, impacted by competitive pressure and resource allocation ahead of glo Hilo launches.
|
| – |
Volume share* down 1.5 ppts, mostly impacted by competitive pressure and the phase-out of legacy super-slims in Japan.
|
| – |
AME volume share down 80 bps with growth in Spain, Portugal and the Czech Republic more than
offset by Romania, Germany, Italy and Poland.
|
| – |
Momentum building with roll-out of glo Hilo in largest profit pools.
|
In AME, volume was down 3.4%, with revenue up 6.2% (being an increase of 6.2% at constant rates), as higher revenue in Italy and Germany was partly offset
by lower revenue in Romania largely due to the prioritisation of resource allocation ahead of the wider roll-out of glo Hilo in the region.
In APMEA, volume was down 3.9%, with revenue down 7.0%, or 3.8% at constant rates, largely driven by Japan (which remains highly competitive alongside the
continued phase-out of our legacy super-slims platform) and South Korea, partially offset by a strong performance in Kazakhstan.
Our new premium connected device, glo Hilo, offers faster heating technology and an integrated display combined with a new consumables range, Virto and
tobacco-free Rivo. We have continued the roll-out through H2 2025, focused on the largest profit pools with launches in Japan, Poland and Italy.
*Volume share is based upon the Top HP markets, which are defined as the Top markets by industry revenue. Top
markets are Japan, South Korea, Italy, Germany, Greece, Poland, Romania, the Czech Republic, Spain and Portugal. These Top markets account for c.80% of total industry HP revenue in 2024.
Modern Oral - Velo
| – |
Revenue up 47.4%, up 48.0% at constant rates, with volume growth of 47.1%.
|
| – |
Growth in volume share* up 5.8 ppts in Total Oral and up 7.5 ppts in Modern Oral.
|
| – |
AME volume share leadership maintained, with strong revenue growth in Scandinavia, the UK and
Switzerland.
|
| – |
Triple-digit volume and revenue growth in the U.S., following the national roll-out of Velo Plus.
|
In AME, where we are category leaders, our volume was up 19.0%, with revenue up 18.3% (up 17.3% at constant rates) while volume share of the Modern Oral
category was down 20 bps.
The volume and revenue growth reflects the strength of our portfolio in both established oral markets across Scandinavia, and markets that are more recent
adopters of Modern Oral such as the UK, Switzerland and Austria.
In the U.S., revenue increased by 297% (or 310% at constant rates), driven by higher volume (up 249%), following the successful national roll-out of Velo
Plus. Accordingly, our category volume share was up 11.6 ppts to 18.0% with value share growth of 9.1 ppts to 13.1%. This performance has positioned Velo as the fastest growing brand in the category, reaching the number 2 position in both volume and
value share.
While we await the outcome of our PMTA submission for new Velo variants, we have invested in higher capacity to support our sustainable growth agenda. In
addition, in August 2025, we expanded distribution of Grizzly nicotine pouches, reaching 1.8% national share by December 2025 - successfully capturing Grizzly Traditional Oral consumers interacting with the Modern Oral category.
In APMEA, our volume grew 24.7% and our revenue grew 39.8% (up 44.2% at constant rates), with strong revenue growth in Global Travel Retail (GTR), Pakistan,
Japan and South Africa.
*Volume share is based upon the Top Modern Oral markets which are defined as the Top markets by industry revenue,
being the U.S., Sweden, Denmark, Norway, Switzerland, the UK and Poland, accounting for c.90% of total industry Modern Oral revenue in 2024.
8
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category Performance Review
Continued
Combustibles
| – |
Revenue down 2.3%, up 1.0% at constant rates with momentum accelerating through the year.
|
| – |
Value share* flat; volume share* down 10 bps, as growth in AME was more than offset by the U.S. and APMEA.
|
| – |
Return to growth in the U.S., with revenue up 1.4% (or 4.6% at constant rates) as price/mix (including excise duty drawback) more than offset volume decline.
|
| – |
Resilient AME performance with revenue down 0.9%, or up 2.3% at constant rates, driven by Türkiye,
Brazil and Mexico.
|
| – |
APMEA revenue declined 11.9%, or 8.3% at constant rates, impacted by Australia and Bangladesh
with total volume down 11.7%.
|
Group cigarette volume was down 7.9% to 465 billion sticks as volume growth in Türkiye, Nigeria, Indonesia and Brazil was more than offset by lower volume
in a number of markets, mainly driven by Bangladesh, the U.S. and Poland and market exits (including Mali).
Revenue from combustibles declined 2.3% to £20,201 million, up 1.0% at constant rates of exchange as the Group benefitted from a robust price/mix (including
U.S. excise duty drawback) of +9.1%. This was partly offset by the lower volume (down 8.1%).
Excluding the impact of translational foreign exchange:
| – |
In the U.S., revenue increased 4.6%, as the positive impact of price/mix (including excise duty drawback) of +12.3% more than offset a 7.7% reduction in volume,
compared to the industry volume decline of 7.4%. Our volume share was down 10 bps while value share was up 30 bps following the commercial actions taken in 2024 to deliver sustainable value;
|
| – |
In AME, revenue was 2.3% higher, largely driven by higher volume and pricing in Türkiye, Brazil and Mexico. These factors combined with robust pricing in Romania to
more than offset a reduction in revenue in Canada (due to lower price/mix and volume) and Germany (driven by lower volume); and
|
| – |
In APMEA, revenue declined 8.3% due to regulatory and fiscal challenges impacting combustibles in Australia and Bangladesh, partly offset by higher combustibles
revenue in Nigeria, Indonesia and Pakistan.
|
*Volume and value share are based upon the Top cigarette markets which are defined as the Top markets by industry
revenue, being the U.S., Japan, Brazil, Germany, Pakistan, Mexico and Romania, accounting for c.60% of total industry cigarettes revenue in 2024.
Traditional Oral
Group volume declined 9.1% to 5.5 billion stick equivalents. Total revenue was £1,043 million (2024: £1,092 million), down 4.5% or 1.7% at constant rates.
In the U.S. (which accounts for 96% of Group revenue from the category), revenue declined 5.0% or 2.0% at constant rates of exchange, as price/mix was
insufficient to offset the volume decline of 8.9%, due to the continued Poly-use with Modern Oral.
Value share in the U.S. decreased 40 bps, with volume share down 40 bps, negatively impacted by consumer migration predominantly in the aspirational premium segment, where Grizzly is positioned.
Outside the U.S., revenue grew 9.9% or 5.1% at constant rates of exchange as pricing more than offset a 10.3% decline in volume in 2025.
Beyond Nicotine
Btomorrow Ventures (BTV), the corporate venture capital arm of BAT, has completed 30+ investments since its launch in 2020.
BTV provides strategic value to the next generation of innovative companies, to support the Group’s purpose of creating A Better Tomorrow™.
In 2025, BTV’s Fund II, an additional £200 million second fund commitment from BAT announced in 2024, was repositioned.
Fund II now has a broader mandate, focusing on investments in:
| – |
Smokeless nicotine products,
|
| – |
business transformation and capability enablers,
|
| – |
sustainability, and
|
| – |
a continued focus on Wellbeing and Stimulation.
|
In 2025, BTV made five new investments, including Bloom Biorenewables and China Materialia Evergreen Fund.
In November 2023, the Group announced the signing of an agreement for a further proposed investment in Organigram of CAD$125 million (£74 million), payable
across three tranches, with approvals received from the shareholders of Organigram on 18 January 2024.
In February 2025, we paid the last of the three tranches of the Group’s follow-on investment.
The Group’s equity position at 31 December 2025 was 36.8% (restricted to 30% voting rights).
Please see page 18 for more information on our investment in Organigram.
Following a series of pilot launches of our own functional wellness shot brand, Ryde, we are continuing commercial expansion. Our scientifically formulated
range of Energy, Focus and Relax are available in three markets – Australia, Canada and the U.S. Our recent innovations of Sleep and Exercise shots are in selected distribution across the U.S. and Australia.
While immaterial to the Group's results, Ryde is not sold in Canada by ITCAN but by another
Group subsidiary. Accordingly, the performance does not form part of the future settlement payments due as part of the Approved Plans and have also been excluded from the adjustment referred to on page 17.
9
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
Cash flow
We continue to make progress on de-leveraging our balance sheet and we expect to be within our leverage target range of 2.0-2.5x adjusted net debt/adjusted
EBITDA as adjusted for Canada by the end of 2026, driven by continued strong cash generation.
We continue to expect the Group to generate c.£50 billion of free cash flow before dividends between 2024 and 2030 (inclusive). To date we have generated
£11.9 billion.
Our active capital allocation framework considers the continued investment in our transformation, the macro-environment, and potential future litigation and
regulatory outcomes.
We understand the importance of cash returns to shareholders, and remain committed to our progressive dividend based upon 65% of long-term sustainable
earnings.
|
For years ended 31 December
|
|||
|
2025
|
2024
|
Change
|
|
|
£m
|
£m
|
%
|
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
-37.4%
|
|
Operating cash flow conversion
|
100%
|
101%
|
|
|
Free cash flow – before payment of dividends
|
4,048
|
7,901
|
-48.8%
|
|
Free cash flow – after payment of dividends
|
(1,190)
|
2,688
|
-144%
|
|
Note:
|
|||
|
2025 was negatively impacted by the payment made in respect of the Approved Plans in
Canada of £2,560 million. Excluding this, net cash generated from operations would have been £8,902 million, free cash flow before dividends would have been £6,608 million and free cash flow after dividends would have been an inflow of
£1,370 million.
|
|||
|
As at 31 December
|
|||
|
2025
|
2024
|
Change
|
|
|
£m
|
£m
|
%
|
|
|
Borrowings (including lease liabilities)
|
35,070
|
36,950
|
-5.1%
|
|
Adjusted net debt
|
30,416
|
30,583
|
-0.5%
|
In the Group’s cash flow, prepared in accordance with IFRS and presented on page 26, net cash generated from operating activities declined by 37.4% to £6,342 million
(2024: £10,125 million). This was driven by:
| – |
payment of cash, cash equivalents and investments held at fair value totalling £2,560 million, in the
second half of 2025, as part of the Approved Plans (as discussed on page 17) in Canada;
|
| – |
deferral of US$895 million of tax payments in the U.S. from 2024 to 2025, negatively impacting 2025 by £678 million; and
|
| – |
payment related to the Franked Investment Income Group Litigation Order (FII GLO) of £479 million
(2024: £50 million). The Group will make further payments of £222 million in 2026 and £41 million in 2027 (see page 40).
|
These were partly offset by payments in 2024 in respect of the DOJ and OFAC (£267 million) and an excise assessment in Romania (£390 million), both of which
did not repeat.
Operating cash conversion and free cash flow (before and after dividends paid to shareholders)
The Group’s operating cash conversion rate (based upon adjusted profit from operations and
defined on page 57) was largely in line with the prior period, at 100%
(2024: 101%).
Free cash flow (before the payment of dividends), as defined on page 58, was £4,048 million for 2025 (2024: £7,901 million), a decrease of 48.8%. This was
driven by the reduction in net cash generated from operating activities (driven by the initial payment of £2.6 billion as part of the Approved Plans in Canada, the deferral from 2024 of U.S. tax of £678 million and payments in respect of FII GLO
(£479 million)) and higher net capital expenditure (2025: £612 million; 2024: £434 million), partly offset by lower net interest paid (2025: £1,582 million; 2024: £1,669 million).
The Group expects its gross capital expenditure in 2026 to be approximately £750 million mainly related to the ongoing investment in the Group’s operational
infrastructure, including the expansion of our New Categories portfolio and enhancements to our Modern Oral capacity.
After paying dividends of £5,238 million (2024: £5,213 million), free cash flow (after
dividends paid to shareholders), as defined on page 58, was an outflow of
£1,190 million for 2025 (2024: £2,688 million inflow).
For a full reconciliation of net cash generated from operating activities to free cash flow
before and after dividends, see page 58.
10
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
Continued
Borrowings and net debt
Borrowings (which includes lease liabilities) were £35,070 million at 31 December 2025, a decrease of 5.1% compared to £36,950 million at 31 December 2024
mainly due to foreign exchange movements related to the US dollar and sterling, which were a tailwind in 2025.
The Group remains confident of its ability to access the debt capital markets successfully and reviews its options on a continuing basis.
The Group’s average centrally managed debt maturity was 9.5 years at 31 December 2025 (31 December 2024: 9.5 years), and the highest proportion of centrally
managed debt maturing in a single rolling 12-month period was 15.1% (31 December 2024: 14.8%).
The Group defines net debt as borrowings (including related derivatives and lease liabilities), less cash and cash equivalents (including restricted cash)
and current investments held at fair value. Closing net debt was £31,215 million at 31 December 2025 (31 December 2024: £31,253 million).
A reconciliation of borrowings to net debt is provided below.
|
As at 31 December
|
|||
|
2025
|
2024
|
Change
|
|
|
£m
|
£m
|
%
|
|
|
Borrowings (including lease liabilities)
|
(35,070)
|
(36,950)
|
-5.1%
|
|
Derivatives in respect of net debt
|
12
|
(113)
|
-111%
|
|
Cash and cash equivalents
|
3,827
|
5,297
|
-27.8%
|
|
Current investments held at fair value
|
16
|
513
|
-96.9%
|
|
Net debt
|
(31,215)
|
(31,253)
|
-0.1%
|
|
Maturity profile of net debt:
|
|||
|
Net debt due within one year
|
492
|
1,545
|
-68.2%
|
|
Net debt due beyond one year
|
(31,707)
|
(32,798)
|
-3.3%
|
|
Net debt
|
(31,215)
|
(31,253)
|
-0.1%
|
The movement in net debt includes the free cash outflow, after payment of dividends to
shareholders, of £1,190 million
(2024: £2,688 million inflow), as described on page 58. Also impacting the carrying value of net debt at the balance sheet date are:
(2024: £2,688 million inflow), as described on page 58. Also impacting the carrying value of net debt at the balance sheet date are:
| – |
Cash inflow related to share schemes and investing activities of £167 million (2024: £74 million outflow), which, in 2025, included net proceeds of £318 million from
the sale of around 59% of the Group’s investment in ITC Hotels;
|
| – |
the liquidation of investments (£437 million) that were then included in the upfront payment in respect of Canada as part of the Approved Plans;
|
| – |
Net proceeds from the partial monetisation of our investment in ITC of £1,052 million (2024: £1,577 million);
|
| – |
The purchase of £1.1 billion of own shares under the Group’s 2025 share buy-back programme (2024: £0.7 billion);
|
| – |
Other non-cash movements of £41 million inflow (2024: £568 million outflow) including the net inflow from the redemption and issuance of perpetual hybrid bonds in
2025. 2024 was negatively impacted by the repurchase of a series of bonds in May 2024 as part of the Group's debt liability management exercise; and
|
| – |
Foreign exchange impacts related to the revaluation of foreign currency denominated net debt balances being a net tailwind of £1,121 million (2024: £674 million
headwind).
|
Investments held at fair value through profit and loss included restricted amounts at 31
December 2024 of £437 million were subsequently paid as part of the settlement of historical litigation in Canada as described on page 17. At 31 December 2025 nil (31 December 2024: £60 million) was restricted due to potential exchange control restrictions.
Cash and cash equivalents include restricted amounts of £268 million (31 December 2024: £2,072 million) in Canada which will be paid as part of the ongoing
settlement payments and £67 million (31 December 2024: £339 million) principally due to exchange control restrictions.
11
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
Continued
Borrowings and net debt (continued)
Adjusted net debt and adjusted net debt to adjusted EBITDA, including as adjusted for Canada
For the purposes of assessing the Group’s ability to service and repay borrowings, the Group
uses the ratio of adjusted net debt to adjusted EBITDA, including as adjusted for Canada. Adjusted EBITDA is defined as profit for the year (earnings) before net finance costs, taxation on ordinary activities, share of post-tax results of
associates and joint ventures, depreciation, amortisation, impairment costs and adjusting items. Adjusted EBITDA as adjusted for Canada is further adjusted to exclude the impact of the Canadian business (other than New Categories) as described on
page 17. Please refer to page 60 for a reconciliation of profit for year to adjusted EBITDA, including as adjusted for Canada.
The Group also adjusts net debt for the purchase price allocation adjustment to the debt, included within borrowings, acquired as part of the acquisition of
Reynolds American Inc. This is an accounting adjustment and does not reflect the enduring repayment of the instrument. The Group Management Board believes that this additional measure, which is used internally to assess the Group’s financial
capacity, is useful to the users of the financial statements in helping them to see how the Group’s financial capacity has changed over the year. The adjusted net debt position is provided below:
|
As at 31 December
|
|||
|
2025
|
2024
|
Change
|
|
|
£m
|
£m
|
%
|
|
|
Net debt
|
(31,215)
|
(31,253)
|
-0.1%
|
|
Net debt items included within assets held-for-sale
|
208
|
—
|
0%
|
|
Purchase price allocation (PPA) adjustment to acquired debt
|
591
|
670
|
-11.7%
|
|
Adjusted net debt
|
(30,416)
|
(30,583)
|
-0.5%
|
|
Exchange
|
(1,018)
|
||
|
Adjusted net debt translated at 2024 exchange rates
|
(31,434)
|
(30,583)
|
+2.8%
|
|
Provision recognised in respect of cash and cash equivalents and investments held at fair value in Canada, paid in August 2025.
|
—
|
(2,456)
|
|
|
Adjusted net debt excluding the Canada provision, translated at 2024 exchange rates
|
(31,434)
|
(33,039)
|
-4.9%
|
The Group’s ratio of adjusted net debt to adjusted EBITDA as at 31 December 2025 was 2.48x (2024: 2.44x).
Adjusting for Canada's adjusted EBITDA in both 2025 and 2024, and the cash held at 31 December 2024 which reduced adjusted net debt in the comparator period
and was paid as part of the settlement obligation discussed on page 17, our leverage ratio at
31 December 2025 was 2.55x, a reduction of 0.20x (2024: 2.75x).
31 December 2025 was 2.55x, a reduction of 0.20x (2024: 2.75x).
The calculation of adjusted net debt to adjusted EBITDA (including adjustments in respect of
Canada) is provided on page 60.
Foreign currencies
The principal exchange rates used to convert the results of the Group’s foreign operations to pounds sterling for the purposes of inclusion and
consolidation within the Group’s financial statements are indicated in the table below. Where the Group has provided results “at constant rates of exchange” this refers to the translation of the results from the foreign operations at rates of
exchange prevailing in the prior period – thereby eliminating the potentially distorting impact of the movement in foreign exchange on the reported results.
The principal exchange rates used were as follows:
|
Average for the period ended
|
As at
|
|||
|
31 December
|
31 December
|
|||
|
2025
|
2024
|
2025
|
2024
|
|
|
Australian dollar
|
2.045
|
1.937
|
2.017
|
2.023
|
|
Bangladeshi taka
|
160.886
|
147.803
|
164.432
|
149.662
|
|
Brazilian real
|
7.363
|
6.893
|
7.371
|
7.737
|
|
Canadian dollar
|
1.842
|
1.751
|
1.844
|
1.801
|
|
Chilean peso
|
1,253.837
|
1,206.394
|
1,212.663
|
1,245.543
|
|
Euro
|
1.167
|
1.181
|
1.145
|
1.209
|
|
Indian rupee
|
114.989
|
106.952
|
120.892
|
107.223
|
|
Japanese yen
|
197.243
|
193.583
|
210.830
|
196.827
|
|
Romanian leu
|
5.885
|
5.877
|
5.834
|
6.018
|
|
South African rand
|
23.562
|
23.423
|
22.287
|
23.633
|
|
Swiss franc
|
1.094
|
1.125
|
1.066
|
1.135
|
|
US dollar
|
1.319
|
1.278
|
1.345
|
1.252
|
12
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sustainability Performance Update
We continue to embed sustainability across our business as a strategic lever, driving performance, enhancing resilience, and enabling long-term growth. Our
sustainability strategy is anchored in four interconnected impact areas beyond Tobacco Harm Reduction: Climate, Nature, Circularity, and Communities. By focusing on these areas, we aim to mitigate risks, strengthen resilience, and amplify positive
contributions throughout our value chain.
Over the past few years, we have made significant progress. For the second year in a row, BAT has received a Triple-A rating* from CDP for our
2025 disclosures on Climate Change, Water Security and Forest, one of 23 companies globally, reflecting our commitment to environmental transparency and action. Highlights include a 21% reduction in annual emissions between 2020 and 2024 (equivalent
to 1,323 ktCO₂e), achieving 100% Alliance for Water Stewardship certification across all manufacturing sites in 2025, and a 50.8% reduction in water withdrawn. We also achieved a 30.4% reduction in absolute waste generated in our operations (vs 2017
baseline), and 93.5% of farmers in our Thrive Supply Chain1 have diversified crops. For our non-tobacco supply chain, we have achieved our 2025 target to complete an independent labour audit assessment across all product materials and
higher-risk indirect suppliers.
As our 2025 targets reach maturity, we recognise both our achievements and the work still ahead. Guided by our Double Materiality Assessment^, we
are setting new 2030 targets under each strategic pillar, reinforcing our commitment to responsible growth and long-term value creation. These targets will enable us to proactively manage broad impacts, regulatory shifts, and evolving stakeholder
expectations.
In September 2025, we outlined our sustainability strategy and new 2030 targets to investors, receiving positive feedback on our digital data-driven
approach, robust governance, value chain collaboration and alignment of commercial success with sustainable practices. Details of our new 2030 targets will be available in our Combined Annual and Sustainability Report 2025 which will be published on
13 February 2026.
Notes:
Our ambitions and targets cover all tobacco we purchase for our products (‘tobacco supply chain’), which is used in our combustibles, Traditional Oral and
Heated Products. Our metrics, however, derive data from our annual Thrive assessment, which includes our directly contracted farmers and those of our third-party suppliers, which represented over 94% of the tobacco we purchased by volume in 2025
(‘Thrive Supply Chain’).
| * |
A to F (A as the best possible score). A rating is not a recommendation to buy, sell or hold securities. A rating may be subject to withdrawal or revision at any time.
Each rating should be evaluated separately from any other rating. In addition, the criteria used in ratings may differ among ESG rating organisations. Companies may also supply different information to such organisations (or none at all) and
this lack of consistency may impact ratings.
|
| ^ |
Although financial materiality has been considered in the development of our Double Materiality Assessment (DMA), our DMA and any conclusions in this document as to
the materiality or significance of sustainability matters do not imply that all topics discussed therein are financially material to our business taken as a whole, and such topics may not significantly alter the total mix of information
available about our securities.
|
Other Information
Risks and uncertainties
The Board carried out a robust assessment of the Principal Risks and uncertainties facing the Group for the period, including those that would threaten its
business model, future performance, solvency, liquidity and viability. The Board also maintained close oversight of the Group’s response to critical external uncertainties, recognising current macro-economic and geopolitical challenges.
All Group risks are reviewed biannually by the Audit Committee and annually by the Board. During the period, the risk related to "Litigation" was renamed
"Litigation and external investigations", the risk related to "Circular economy" was renamed "Circularity" and the risk related to “Cybersecurity” was renamed “Digital & Cyber”, reflecting the nature of the risk. There were no changes to the
underlying risks.
Leading in Sustainability is a core component and key building block of our corporate strategy and sustainability risk factors are embedded across the
Group's risks in accordance with the management of these risks within the Group.
The Principal Risks facing the Group are summarised under the headings of:
| – |
Competition from illicit trade;
|
| – |
Geopolitical tensions;
|
| – |
Tobacco, New Categories and other regulation interrupts the growth strategy;
|
| – |
Supply chain disruption;
|
| – |
Litigation and external investigations;
|
| – |
Significant increases or structural changes in tobacco, nicotine and New Categories related taxes;
|
| – |
Inability to develop, commercialise and deliver the New Categories strategy;
|
| – |
Disputed taxes, interest and penalties;
|
| – |
Injury, illness or death in the workplace;
|
| – |
Solvency and liquidity;
|
| – |
Foreign exchange rate exposures;
|
| – |
Climate change;
|
| – |
Circularity; and
|
| – |
Digital & Cyber.
|
A summary of the Principal Risks which are monitored by the Board through the Group’s risk register will be included in the Group's Annual Report for the
year ended 31 December 2025.
13
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information
Continued
Update on Quebec class action, CCAA and the Approved Plans in Canada
As previously announced, on 29 August 2025, we implemented a court-sanctioned plan of compromise and arrangement to resolve all Canadian tobacco litigation
and provide a full and comprehensive release to Imperial Tobacco Canada Limited and Imperial Tobacco Company Limited (together ITCAN), BAT p.l.c. and all related companies for all past, present and future tobacco claims in Canada. Substantially
similar plans were also implemented by Rothmans, Benson & Hedges Inc. (RBH, a subsidiary of Philip Morris International Inc.) and JTI-Macdonald Corp. (JTIM, a subsidiary of Japan Tobacco International) (collectively, the Approved Plans).
Under the Approved Plans, ITCAN, RBH and JTIM (collectively, the Companies) are required to pay an aggregate settlement amount of CAD$32.5 billion
(approximately £17.6 billion). This amount is to be funded by:
| – |
an upfront payment equal to all the Companies’ cash and cash equivalents that was on hand as of 31 July 2025 (including investments held at fair value) plus certain
court deposits (subject to an aggregate industry holdback of CAD$750 million (£407 million) allocated in March 2025 to RBH) plus 85% of any cash tax refunds that may be received by the Companies on account of the upfront payments; and
|
| – |
annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies’ net income after taxes, based on amounts generated from all
sources, excluding New Categories, until the aggregate settlement amount is paid.
|
By the end of 2025, ITCAN had paid CAD$5.5 billion (£3.0 billion) in respect of its upfront payment obligation, which included an escrow payment made
between December 2015 and June 2017 of CAD$758 million (£411 million) and payments during the second half of 2025 of CAD$4.8 billion (£2.6 billion). In addition, ITCAN’s payment obligation based on the period from 1 August 2025 to 31 December 2025 is
currently estimated to amount to CAD$156 million (approximately £85 million) and will be due on 30 July 2026.
In line with IFRS 10 Consolidated Financial Statements, ITCAN is consolidated in the Group’s results.
Update on provision
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, when there is an expected future economic outflow, arising from a past event, the
value of which can be reasonably estimated, a provision should be recognised. A provision of £6.2 billion was recognised in 2024.
For the 2025 financial year, the Group's estimated share of the undiscounted future liability
has not materially changed. However, the Group has recognised a net credit of £708 million as the provision recognised in relation to the Canadian litigation settlement was updated in line with the latest forecast of the Canadian combustibles
industry performance, impacting the present value of the future liability described on page 31.
The update was, in particular, in respect of pricing and volume decline assumptions. However, it was partly offset by the allocation of the industry
holdback to RBH referred to above.
The net credit has been treated as an adjusting item.
Update on goodwill
Further to the latest financial forecasts in respect of Canada, and as discussed on page 30, the Group has reassessed the carrying value of goodwill. An adjusting charge of £184
million has been recognised in 2025. Goodwill recognised on the balance sheet in respect of Canada is £1,994 million at 31 December 2025.
Update on restricted cash
At 31 December 2025, restricted cash in respect of ITCAN was £268 million.
For a summary of the case, please see the Contingent Liabilities section on page 39. Full details of the case and the assessment of goodwill will be included in the
Group's Annual Report for the year ended 31 December 2025 (note 12 Intangible Assets and note 31 Contingent Liabilities and Financial Commitments).
Adjusted performance
As discussed in note 2 on page 27, Group's management (from 1 January 2025) assesses the performance of the Group by reviewing adjusted profit from operations as adjusted for Canada using the prior year's translational exchange rates (constant rate) to evaluate segment performance and allocate resources on a regional basis.
Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for the purposes of 2025 versus 2024
this charge is 100% of the profit after interest and tax from all sources in Canada, excluding New Categories.
From 2026, this charge will (following the underlying terms of the Approved Plans) be 85% of the profit after interest and tax from all sources in Canada,
excluding New Categories, reducing in future periods in line with the Approved Plans.
Also from 1 January 2025, as part of the adjustment for Canada, the Group has adjusted out the interest earned (in both the current year and comparator
year's performance) on restricted cash held in Canada that was subsequently paid in line with the Approved Plans. The interest income earned on such balances is not representative of the ongoing business.
14
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information
Continued
Update on investigations into misconduct allegations
The Group investigates, and becomes aware of governmental authorities’ investigations into, allegations of misconduct, including alleged breaches of
sanctions and allegations of corruption, at Group companies. Some of these allegations are currently being investigated. The Group cooperates with the authorities, where appropriate.
In addition, the Group is, and may in the future be, subject to investigations or legal proceedings in relation to, among other things, its marketing,
promotion or distribution activities in respect of its products. As such, the Group or Group companies, could be subject to liability and costs associated with any damages, fines, or penalties brought in connection with these allegations.
There are instances where the Group investigates or where Group companies are cooperating with relevant national competition authorities in relation to
competition law investigations and/or engaged in legal proceedings at the appellate level.
Operational and process review
To further support our transformation and underpin investment initiatives to drive long-term sustainable profit and cash flow growth, we have started a
structured time-bound programme (referred to as Fit2Win) to review processes and ways of working which will generate efficiencies and facilitate faster, more agile and effective decision-making.
This programme includes a comprehensive review of our overhead optimisation opportunities, route to market and digitalisation, in order to deliver more
effective, data-driven digital ways of working.
It is expected to generate annualised cost efficiencies and cash flow of c.£600 million by the end of 2028 which will be re-invested to support further
sustainable growth initiatives. These expected savings are in addition to the £2 billion of targeted savings between 2026 and 2030 announced at our Capital Markets Day in 2024.
We expect associated one-off costs of around £600 million (including non-cash items of £100 million). As a one-off time bound programme and to aid
comparison of performance, c.£500 million will be treated as adjusting items within adjusted profit from operations. Having commenced in 2025, the programme is expected to complete in 2027.
Changes in the Group
Cuba
On 19 December 2025, the Group entered into an agreement to sell its 50% shareholding in Brascuba Cigarrillos S.A. (Brascuba), its operating entity in the
Republic of Cuba (Cuba), to Tabagest S.A. (Tabagest), a company incorporated in Cuba and an existing investor in Brascuba.
Completion of the business disposal and assignment of trading balances is conditional on receipt of formal government approval and there being no
regulatory, compliance or other impediments to completion.
Upon completion, the Group will no longer have a presence in Cuba. Consequently, management have classified the entirety of the assets and liabilities of
the Cuban business, excluding intercompany balances, as a disposal group as at 31 December 2025 in accordance with IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations.
Impairment charges of £231 million and associated costs of £4 million have been recognised in the Income Statement as adjusting items.
ITC Ltd (ITC)
On 1 January 2025, ITC completed the demerger of its hotels business through a scheme of arrangement. Under this scheme, 60% of the equity in the newly
incorporated entity, ITC Hotels Limited (ITC Hotels), was directly allocated to ITC’s shareholders in proportion to their existing shareholding in ITC as of that date.
As part of the demerger accounting, ITC recognised the excess of the fair value over the carrying value of the hotels business as an adjusting item. The
Group’s share of this adjusted gain amounted to £333 million (net of tax).
The Group’s initial direct stake was approximately 15% and recognised as a non-current investment on the balance sheet held at fair value through Other
Comprehensive Income. However, in December 2025, the Group sold 9% of ITC Hotels in a block trade, retaining a direct stake of 6.3%. Net proceeds from the sale were £318 million.
On 28 May 2025, the Group disposed of 313.0 million shares in ITC resulting in a gain of £898 million in 2025. The sale represented 2.5% of ITC's ordinary
shares. This compares to 2024 when the Group sold 436.9 million ordinary shares held in ITC, representing 3.5% of ITC's ordinary shares, and recognised a gain of £1,361 million in that year.
The gain in both years has been treated as an adjusting item.
Following the sale in 2025, the Group's shareholding in ITC decreased from 25.45% (31 December 2024) to 22.91% at 31 December 2025.
Net proceeds from the sale of ITC shares was £1,052 million in 2025 and £1,577 million in 2024.
Organigram Global Inc. (Organigram)
As previously announced, the Group signed an agreement for a further investment in Organigram, with a value of CAD$125 million (£74 million) in three
tranches.
On 28 February 2025, the Group made the third and final tranche investment in Organigram for CAD$42 million (£23 million), subscribing for 7,562,447 common
shares and 5,330,728 preferred shares at a price of CAD$3.22 per share.
At 31 December 2025, the Group's ownership in Organigram was 36.77% (2024: 35.09%). Under the terms of the agreement, the Group's voting rights are
restricted to 30%.
15
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information
Continued
Changes to the Main Board and Management Board
Main Board
As previously announced:
| – |
Soraya Benchikh stepped down from her role as Chief Financial Officer and from the Board of Directors of the Company with effect from 26 August 2025. A recruitment
process to identify a permanent successor to the role of Chief Financial Officer is underway. Javed Iqbal, Director, Digital and Information, was appointed to the role of Interim Chief Financial Officer;
|
| – |
Matthew Wright joined the Board as an independent Non-Executive Director and a member of the Remuneration and Nominations Committees, with effect from 1 November
2025;
|
| – |
Holly Keller Koeppel, stepped down from the Audit Committee, with effect from 31 December 2025;
|
| – |
Holly Keller Koeppel will step down from the Board at the conclusion of the 2026 Annual General Meeting (AGM); and
|
| – |
Karen Guerra will be appointed as Senior Independent Director with effect from the conclusion of the 2026 AGM (subject to re-election), when Holly Keller Koeppel
steps down from the Board.
|
Management Board
As previously announced:
| – |
Jerome Abelman stepped down from his role as Director, Legal and General Counsel and left BAT on 31 December 2025. He has been succeeded by Paul McCrory, previously
Director, Corporate and Regulatory Affairs, with effect from 1 January 2026.
|
| – |
Michael Dijanosic stepped down from his role as Regional Director, Asia-Pacific, Middle East and Africa on 31 December 2025. He has been succeeded by Pascale
Meulemeester, with effect from 1 January 2026.
|
The responsibilities of the role of Director, Corporate and Regulatory Affairs transferred (with effect from 1 October 2025) to Kingsley Wheaton, Chief
Corporate Officer.
Going concern
A description of the Group’s business activities, its financial position, cash flows, liquidity position, facilities and borrowings position, together with
the factors likely to affect its future development, performance and position, are set out in this announcement. Further information will be provided in the Strategic Report and in the Notes on the Accounts, all of which will be included in the
Group's 2025 Annual Report.
The Group has sufficient existing financing available for its estimated requirements for at least 12 months from the date of approval of this preliminary
announcement. This, together with the ability to generate cash from trading activities, the performance of the Group’s Strategic Portfolio, its leading market positions in a number of countries and its broad geographical spread, as well as numerous
contracts with established customers and suppliers across different geographical areas and industries, provides the Directors with the confidence that the Group is well placed to manage its business risks successfully through the ongoing uncertainty,
the current macro-economic financial conditions and the general outlook in the global economy.
After reviewing the Group’s forecast financial performance and financing arrangements, the Directors consider that the Group has adequate resources to
continue operating for at least 12 months from the date of approval of this preliminary announcement and that it is therefore appropriate to continue to adopt the going concern basis in preparing the Group's 2025 Annual Report.
Additional information
In addition to this preliminary announcement, the Group wishes to inform the reader that additional information will be available in documents filed with or
furnished to the LSE and U.S. Securities and Exchange Commission (SEC) on 13 February 2026 and which should be referred to in addition to this preliminary announcement. Additional information includes:
| – |
The Group’s audited Financial Statements;
|
| – |
Reconciliations of all non-GAAP measures from the most relevant IFRS equivalent;
|
| – |
Information regarding contingent liabilities and financial commitments;
|
| – |
Information for shareholders on dividends;
|
| – |
Information with regard to the Group’s Principal Risks; and
|
| – |
Glossary and definition of key terms.
|
This information will be included in the Group's:
| – |
2025 Annual Report; and
|
| – |
Annual Report on Form 20-F for the 12 months ended 31 December 2025.
|
These are expected to be published on 13 February 2026.
16
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Contents
|
Page
|
|
|
Financial Statements:
|
|
|
Group Income Statement
|
21
|
|
Group Statement of Comprehensive Income
|
22
|
|
Group Statement of Changes in Equity
|
23
|
|
Group Balance Sheet
|
25
|
|
Group Cash Flow Statement
|
26
|
|
Notes to the Financial Statements
|
27
|
|
Other Information
|
42
|
|
Data Lake and Reconciliations
|
49
|
Financial Statements
Group Income Statement
|
For years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Revenue1
|
25,610
|
25,867
|
|
Raw materials and consumables used
|
(4,465)
|
(4,565)
|
|
Changes in inventories of finished goods and work in progress
|
239
|
129
|
|
Employee benefit costs
|
(3,125)
|
(2,831)
|
|
Depreciation, amortisation and impairment costs
|
(2,547)
|
(3,101)
|
|
Other operating income
|
192
|
340
|
|
Loss on reclassification from amortised cost to fair value
|
(12)
|
(10)
|
|
Other operating expenses
|
(5,895)
|
(13,093)
|
|
Profit from operations
|
9,997
|
2,736
|
|
Net finance costs
|
(1,819)
|
(1,098)
|
|
Share of post-tax results of associates and joint ventures
|
1,681
|
1,900
|
|
Profit before taxation
|
9,859
|
3,538
|
|
Taxation on ordinary activities
|
(2,094)
|
(357)
|
|
Profit for the year
|
7,765
|
3,181
|
|
Attributable to:
|
||
|
Owners of the parent
|
7,764
|
3,068
|
|
Non-controlling interests
|
1
|
113
|
|
7,765
|
3,181
|
|
|
Earnings per share
|
||
|
Basic
|
351.0p
|
136.7p
|
|
Diluted
|
349.1p
|
136.0p
|
All of the activities during both years are in respect of continuing operations.
The accompanying notes on pages 27 to 41 form an integral part of this condensed consolidated financial information.
| 1. |
Revenue is net of duty, excise and other taxes of £32,160 million and £33,818 million for the years ended 31 December 2025 and 31 December 2024, respectively.
|
17
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Continued
Group Statement of Comprehensive Income
|
For years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Profit for the year (page 21)
|
7,765
|
3,181
|
|
Other comprehensive (expense)/income
|
||
|
Items that may be reclassified subsequently to profit or loss:
|
(3,278)
|
(50)
|
|
Foreign currency translation and hedges of net investments in foreign operations
|
||
|
– differences on exchange from translation of foreign operations
|
(3,330)
|
(195)
|
|
– reclassified and reported in profit for the year
|
2
|
—
|
|
– net investment hedges - net fair value gains on derivatives
|
151
|
20
|
|
– net investment hedges - differences on exchange on borrowings
|
(20)
|
17
|
|
Cash flow hedges
|
||
|
– net fair value gains
|
2
|
65
|
|
– reclassified and reported in profit for the year
|
16
|
36
|
|
– tax on net fair value gains in respect of cash flow hedges
|
(13)
|
(23)
|
|
Associates
|
||
|
– share of other comprehensive income, net of tax
|
(133)
|
(13)
|
|
– differences on exchange reclassified to profit or loss
|
47
|
43
|
|
Items that will not be reclassified subsequently to profit or loss:
|
(83)
|
(7)
|
|
Retirement benefit schemes
|
||
|
– net actuarial losses
|
(10)
|
(19)
|
|
– movements in surplus recognition
|
(67)
|
(14)
|
|
– tax on actuarial losses in respect of subsidiaries
|
—
|
(1)
|
|
Investments held at fair value
|
||
|
– net fair value losses
|
(2)
|
(6)
|
|
Associates – share of other comprehensive (loss)/income, net of tax
|
(4)
|
33
|
|
Total other comprehensive expense for the year, net of tax
|
(3,361)
|
(57)
|
|
Total comprehensive income for the year, net of tax
|
4,404
|
3,124
|
|
Attributable to:
|
||
|
Owners of the parent
|
4,425
|
3,013
|
|
Non-controlling interests
|
(21)
|
111
|
|
4,404
|
3,124
|
|
The accompanying notes on pages 27 to 41 form an integral part of this condensed consolidated financial information.
18
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Continued
Group Statement of Changes in Equity
|
Attributable to owners of the parent
|
||||||||
|
Share
capital
|
Share premium,
capital redemption
and merger reserves
|
Other
reserves
|
Retained
earnings
|
Total
attributable
to owners
of parent
|
Perpetual
hybrid
bonds
|
Non-
controlling
interests
|
Total
equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
Balance at 1 January 2025
|
585
|
26,665
|
(902)
|
21,610
|
47,958
|
1,685
|
352
|
49,995
|
|
Total comprehensive (expense)/income for the year comprising: (page 22)
|
—
|
—
|
(3,267)
|
7,692
|
4,425
|
—
|
(21)
|
4,404
|
|
Profit for the year (page 21)
|
—
|
—
|
—
|
7,764
|
7,764
|
—
|
1
|
7,765
|
|
Other comprehensive expense for the year (page 22)
|
—
|
—
|
(3,267)
|
(72)
|
(3,339)
|
—
|
(22)
|
(3,361)
|
|
Other changes in equity
|
||||||||
|
Cash flow hedges reclassified and reported in total assets
|
—
|
—
|
21
|
—
|
21
|
—
|
—
|
21
|
|
Employee share options
|
||||||||
|
– value of employee services
|
—
|
—
|
—
|
83
|
83
|
—
|
—
|
83
|
|
– proceeds from new shares issued
|
—
|
2
|
—
|
—
|
2
|
—
|
—
|
2
|
|
Dividends and other appropriations
|
||||||||
|
– ordinary shares
|
—
|
—
|
—
|
(5,240)
|
(5,240)
|
—
|
—
|
(5,240)
|
|
– to non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
—
|
(108)
|
(108)
|
|
Purchase of own shares
|
||||||||
|
– held in employee share ownership trusts
|
—
|
—
|
—
|
(61)
|
(61)
|
—
|
—
|
(61)
|
|
– share buy-back programme, shares bought back and cancelled
|
(8)
|
8
|
—
|
(1,114)
|
(1,114)
|
—
|
—
|
(1,114)
|
|
Perpetual hybrid bonds
|
||||||||
|
– proceeds, net of issuance fees
|
—
|
—
|
—
|
—
|
—
|
1,050
|
—
|
1,050
|
|
– redemption of perpetual hybrid bonds, net of costs
|
—
|
—
|
—
|
(39)
|
(39)
|
(844)
|
—
|
(883)
|
|
– tax on issuance fees
|
—
|
—
|
—
|
—
|
—
|
2
|
—
|
2
|
|
– coupons paid
|
—
|
—
|
—
|
(55)
|
(55)
|
—
|
—
|
(55)
|
|
– tax on coupons paid
|
—
|
—
|
—
|
14
|
14
|
—
|
—
|
14
|
|
Non-controlling interests - acquisitions
|
—
|
—
|
—
|
(15)
|
(15)
|
—
|
(4)
|
(19)
|
|
Other movements
|
—
|
—
|
—
|
54
|
54
|
—
|
—
|
54
|
|
Balance at 31 December 2025
|
577
|
26,675
|
(4,148)
|
22,929
|
46,033
|
1,893
|
219
|
48,145
|
19
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Continued
Group Statement of Changes in Equity (continued)
|
Attributable to owners of the parent
|
||||||||
|
Share
capital
|
Share premium,
capital redemption
and merger reserves
|
Other
reserves
|
Retained
earnings
|
Total
attributable
to owners
of parent
|
Perpetual
hybrid
bonds
|
Non-
controlling
interests
|
Total
equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
Balance at 1 January 2024
|
614
|
26,630
|
(894)
|
24,531
|
50,881
|
1,685
|
368
|
52,934
|
|
Total comprehensive (expense)/income for the year comprising: (page 22)
|
—
|
—
|
(21)
|
3,034
|
3,013
|
—
|
111
|
3,124
|
|
Profit for the year (page 21)
|
—
|
—
|
—
|
3,068
|
3,068
|
—
|
113
|
3,181
|
|
Other comprehensive expense for the year (page 22)
|
—
|
—
|
(21)
|
(34)
|
(55)
|
—
|
(2)
|
(57)
|
|
Other changes in equity
|
||||||||
|
Cash flow hedges reclassified and reported in total assets
|
—
|
—
|
13
|
—
|
13
|
—
|
—
|
13
|
|
Employee share options
|
||||||||
|
– value of employee services
|
—
|
—
|
—
|
70
|
70
|
—
|
—
|
70
|
|
– proceeds from new shares issued
|
—
|
6
|
—
|
—
|
6
|
—
|
—
|
6
|
|
Dividends and other appropriations
|
||||||||
|
– ordinary shares
|
—
|
—
|
—
|
(5,209)
|
(5,209)
|
—
|
—
|
(5,209)
|
|
– to non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
—
|
(127)
|
(127)
|
|
Purchase of own shares
|
||||||||
|
– held in employee share ownership trusts
|
—
|
—
|
—
|
(94)
|
(94)
|
—
|
—
|
(94)
|
|
– share buy-back programme
|
—
|
—
|
—
|
(698)
|
(698)
|
—
|
—
|
(698)
|
|
– shares bought back and cancelled
|
(7)
|
7
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Treasury shares cancelled
|
(22)
|
22
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Perpetual hybrid bonds
|
||||||||
|
– proceeds, net of issuance fees
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
– tax on issuance fees
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
– coupons paid
|
—
|
—
|
—
|
(56)
|
(56)
|
—
|
—
|
(56)
|
|
– tax on coupons paid
|
—
|
—
|
—
|
14
|
14
|
—
|
—
|
14
|
|
Other movements
|
—
|
—
|
—
|
18
|
18
|
—
|
—
|
18
|
|
Balance at 31 December 2024
|
585
|
26,665
|
(902)
|
21,610
|
47,958
|
1,685
|
352
|
49,995
|
The accompanying notes on pages 27 to 41 form an integral part of this condensed consolidated financial information.
20
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Continued
Group Balance Sheet
|
As at 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Assets
|
||
|
Intangible assets
|
86,934
|
94,276
|
|
Property, plant and equipment
|
4,483
|
4,379
|
|
Investments in associates and joint ventures
|
1,521
|
1,902
|
|
Retirement benefit assets
|
880
|
937
|
|
Deferred tax assets
|
2,032
|
2,573
|
|
Trade and other receivables
|
288
|
282
|
|
Investments held at fair value
|
333
|
146
|
|
Derivative financial instruments
|
135
|
110
|
|
Total non-current assets
|
96,606
|
104,605
|
|
Inventories
|
4,382
|
4,616
|
|
Income tax receivable
|
470
|
67
|
|
Trade and other receivables
|
3,802
|
3,604
|
|
Investments held at fair value
|
16
|
513
|
|
Derivative financial instruments
|
162
|
186
|
|
Cash and cash equivalents
|
3,827
|
5,297
|
|
12,659
|
14,283
|
|
|
Assets classified as held-for-sale
|
25
|
11
|
|
Total current assets
|
12,684
|
14,294
|
|
Total assets
|
109,290
|
118,899
|
|
Equity – capital and reserves
|
||
|
Share capital
|
577
|
585
|
|
Share premium, capital redemption and merger reserves
|
26,675
|
26,665
|
|
Other reserves
|
(4,148)
|
(902)
|
|
Retained earnings
|
22,929
|
21,610
|
|
Owners of the parent
|
46,033
|
47,958
|
|
Perpetual hybrid bonds
|
1,893
|
1,685
|
|
Non-controlling interests
|
219
|
352
|
|
Total equity
|
48,145
|
49,995
|
|
Liabilities
|
||
|
Borrowings
|
31,708
|
32,638
|
|
Retirement benefit liabilities
|
801
|
820
|
|
Deferred tax liabilities
|
10,343
|
11,679
|
|
Other provisions for liabilities
|
3,161
|
4,071
|
|
Trade and other payables
|
484
|
685
|
|
Derivative financial instruments
|
124
|
268
|
|
Total non-current liabilities
|
46,621
|
50,161
|
|
Borrowings
|
3,362
|
4,312
|
|
Income tax payable
|
1,129
|
1,681
|
|
Other provisions for liabilities
|
608
|
3,044
|
|
Trade and other payables
|
9,328
|
9,550
|
|
Derivative financial instruments
|
91
|
156
|
|
Liabilities associated with assets classified as held-for-sale
|
6
|
—
|
|
Total current liabilities
|
14,524
|
18,743
|
|
Total equity and liabilities
|
109,290
|
118,899
|
The accompanying notes on pages 27 to 41 form an integral part of this condensed consolidated financial information.
21
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
Continued
Group Cash Flow Statement
|
For years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Cash flows from operating activities
|
||
|
Cash generated from operating activities (page 36)
|
8,899
|
11,573
|
|
Dividends received from associates
|
369
|
406
|
|
Tax paid
|
(2,926)
|
(1,854)
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
|
Cash flows from investing activities
|
||
|
Interest received
|
201
|
187
|
|
Dividends received
|
1
|
—
|
|
Purchases of property, plant and equipment
|
(551)
|
(486)
|
|
Proceeds on disposal of property, plant and equipment
|
37
|
145
|
|
Purchases of intangibles
|
(153)
|
(122)
|
|
Proceeds on disposal of intangibles
|
31
|
39
|
|
Purchases of investments
|
(54)
|
(216)
|
|
Proceeds on disposals of investments
|
848
|
299
|
|
Investment in associates and acquisitions of other subsidiaries net of cash acquired
|
(29)
|
(48)
|
|
Proceeds from disposal of shares in associate, net of tax
|
1,052
|
1,577
|
|
Disposal of subsidiary, net of cash disposed of
|
4
|
—
|
|
Net cash generated from investing activities
|
1,387
|
1,375
|
|
Cash flows from financing activities
|
||
|
Interest paid on borrowings and financing related activities
|
(1,631)
|
(1,703)
|
|
Interest element of lease liabilities
|
(40)
|
(37)
|
|
Capital element on lease liabilities
|
(177)
|
(165)
|
|
Proceeds from increases in and new borrowings
|
3,814
|
2,404
|
|
Reductions in and repayments of borrowings
|
(3,932)
|
(4,826)
|
|
Outflows relating to derivative financial instruments
|
(380)
|
(128)
|
|
Purchases of own shares - share buy-back programme
|
(1,112)
|
(698)
|
|
Purchases of own shares held in employee share ownership trusts
|
(61)
|
(94)
|
|
Proceeds from the issue of perpetual hybrid bonds, net of issuance costs
|
1,050
|
—
|
|
Redemption of perpetual hybrid bonds, net of costs
|
(883)
|
—
|
|
Coupon paid on perpetual hybrid bonds
|
(54)
|
(56)
|
|
Dividends paid to owners of the parent
|
(5,238)
|
(5,213)
|
|
Investments in relation to non-controlling interests
|
(19)
|
—
|
|
Dividends paid to non-controlling interests
|
(100)
|
(121)
|
|
Other
|
1
|
5
|
|
Net cash used in financing activities
|
(8,762)
|
(10,632)
|
|
Net cash flows (used in)/generated from operating, investing and financing activities
|
(1,033)
|
868
|
|
Transferred to held-for-sale
|
(208)
|
—
|
|
Differences on exchange
|
(76)
|
(281)
|
|
(Decrease)/Increase in net cash and cash equivalents in the year
|
(1,317)
|
587
|
|
Net cash and cash equivalents at 1 January
|
5,104
|
4,517
|
|
Net cash and cash equivalents at 31 December
|
3,787
|
5,104
|
|
Cash and cash equivalents per balance sheet
|
3,827
|
5,297
|
|
Overdrafts and accrued interest
|
(40)
|
(193)
|
|
Net cash and cash equivalents at 31 December
|
3,787
|
5,104
|
The accompanying notes on pages 27 to 41 form an integral part of this condensed consolidated financial information.
The net cash flows relating to the adjusting items within profit from operations on pages 28 to
31, included in the above, are an outflow of £3,267 million (31 December 2024:
£824 million outflow).
22
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
1. Accounting policies and basis of preparation
The condensed consolidated financial information has been extracted from the Group's 2025 Annual Report, including the financial statements for the year
ended 31 December 2025, which is expected to be published on 13 February 2026. This condensed consolidated financial information does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The Group prepares its annual consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and UK-adopted international accounting standards, and in accordance with the provisions of the UK Companies Act 2006 applicable to companies under IFRS. UK-adopted international accounting standards
differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group’s consolidated financial statements for the periods presented.
These condensed consolidated financial statements have been prepared under the historical cost convention, except in respect of certain financial
instruments. They are prepared on a basis consistent with the IFRS accounting policies as set out in the Group’s Annual Report and the Group's Annual Report on Form 20-F for the year ended 31 December 2024.
The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of these condensed consolidated financial statements. Such estimates and assumptions are based on historical experience and various other factors
that are believed to be reasonable in the circumstances and constitute management’s best judgment at the date of the condensed consolidated financial statements. Other than in respect of certain assumptions related to the assessment of the carrying
value of goodwill and intangible assets, the key estimates and assumptions were the same as those that applied to the consolidated financial information for the year ended 31 December 2024, apart from updating the assumptions used to determine the
carrying value of liabilities for retirement benefit schemes.
As described on page 29, the Group has assessed whether there are any impairment triggers related to the carrying value of the significant investments of goodwill and
intangibles. Other than as described on page 29 in relation to Camel Snus,
page 30 in relation to Canada, and page 31 in relation to Peru and Malaysia, no other impairment of goodwill and intangibles is required. In the
future, actual experience may deviate from these estimates and assumptions, which could affect these condensed consolidated financial statements as the original estimates and assumptions are modified, as appropriate, in the period in which the
circumstances change.
As discussed on page 19, after reviewing the Group’s forecast financial performance and financing arrangements, the Directors consider that the Group has adequate
resources to continue operating for at least 12 months from the date of approval of this condensed consolidated financial information and that it is therefore appropriate to continue to adopt the going concern basis in preparing the Group's 2025
Annual Report.
2. Segmental analyses
New measure in 2025
As the Chief Operating Decision Maker, the Management Board (from 1 January 2025) assesses the performance of the Group by reviewing adjusted profit from
operations as adjusted for Canada using the prior year's translational exchange rate (constant rate) to evaluate segment performance and allocate resources to the overall business on a regional basis.
This new measure, being adjusted profit from operations as adjusted for Canada, at constant rates, recognises a charge calculated in line with the Approved
Plans – based on a percentage of Imperial Tobacco Canada Limited's and Imperial Tobacco Company Limited's (together ITCAN) adjusted profit from operations from all sources in Canada, excluding New Categories. This charge will continue until the
aggregate settlement amount is paid. This is reflected in the adjusted performance of the Group and is referred to as “as adjusted for Canada”. This approach presents the economic delivery from the AME region in a manner comparable to that of the
other regions in the Group.
Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for the purposes of 2025 versus 2024
this charge is 100% of the profit after interest and tax from all sources in Canada, excluding New Categories.
From 2026, this charge will (following the underlying terms of the Approved Plans) be 85% of the profit after interest and tax from all sources in Canada,
excluding New Categories, reducing in future periods in line with the Approved Plans.
Please refer to page 39 for a definition of Approved Plans and an update on the Canadian Litigation.
Revenue by segment
The following table shows 2025 revenue at 2025 rates of exchange, and 2025 revenue translated using 2024 rates of exchange. The 2024 figures are stated at
the 2024 rates of exchange.
|
Years ended 31 December
|
2025
|
2024
|
|||||||
|
Reported
|
Exchange
|
Reported at CC1
|
Reported
|
||||||
|
Revenue
|
£m
|
£m
|
£m
|
£m
|
|||||
|
U.S.
|
11,534
|
369
|
11,903
|
11,278
|
|||||
|
AME
|
9,309
|
239
|
9,548
|
9,241
|
|||||
|
APMEA
|
4,767
|
196
|
4,963
|
5,348
|
|||||
|
Total Region
|
25,610
|
804
|
26,414
|
25,867
|
|||||
Notes to the analysis of revenue above:
| 1. |
CC: constant currency – measures are calculated based upon a re-translation, at the prior year’s exchange rates, of the current year’s results of the Group and, where
applicable, its segments.
|
23
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
Profit from operations by segment
The following table shows 2025 profit from operations at 2025 rates of exchange, adjusted profit from operations at 2025 rates of exchange and also
translated using 2024 rates of exchange, and 2025 adjusted profit from operations as adjusted for Canada3 translated using 2024 rates of exchange.
The 2024 figures are stated at 2024 rates of exchange.
|
Year ended 31 December
|
2025
|
||||||
|
Reported
|
Adj Items1
|
Adjusted
|
Exchange
|
Adjusted at
CC2
|
Canada at
CC2
|
As adj. for
Canada3 at
CC2
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
Profit from Operations
|
|||||||
|
U.S.
|
4,942
|
1,601
|
6,543
|
223
|
6,766
|
—
|
6,766
|
|
AME
|
3,433
|
(128)
|
3,305
|
72
|
3,377
|
(308)
|
3,069
|
|
APMEA
|
1,622
|
102
|
1,724
|
69
|
1,793
|
—
|
1,793
|
|
Total Region
|
9,997
|
1,575
|
11,572
|
364
|
11,936
|
(308)
|
11,628
|
|
Net finance costs
|
(1,819)
|
||||||
|
Associates and joint ventures
|
1,681
|
||||||
|
Profit before tax
|
9,859
|
||||||
|
Taxation
|
(2,094)
|
||||||
|
Profit for the year
|
7,765
|
||||||
|
Year ended 31 December
|
2024
|
||||||
|
Reported
|
Adj Items1
|
Adjusted
|
Adj for
Canada3
|
As adjusted
for Canada3
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Profit/(loss) from Operations
|
|||||||
|
U.S.
|
4,087
|
2,299
|
6,386
|
—
|
6,386
|
||
|
AME
|
(3,464)
|
6,784
|
3,320
|
(520)
|
2,800
|
||
|
APMEA
|
2,113
|
71
|
2,184
|
—
|
2,184
|
||
|
Total Region
|
2,736
|
9,154
|
11,890
|
(520)
|
11,370
|
||
|
Net finance costs
|
(1,098)
|
||||||
|
Associates and joint ventures
|
1,900
|
||||||
|
Profit before tax
|
3,538
|
||||||
|
Taxation
|
(357)
|
||||||
|
Profit for the year
|
3,181
|
||||||
Notes to the analysis of profit from operations above:
| 1. |
Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.
|
| 2. |
CC: constant currency – measures are calculated based upon a re-translation, at the prior year’s exchange rates, of the current year’s results of the Group and, where
applicable, its segments.
|
| 3. |
As adjusted for Canada excludes the performance of the Canadian business (excluding New Categories).
|
3. Adjusting Items
Adjusting items are significant items of income or expense in profit from operations, net finance costs, taxation, the Group’s share of the post-tax results
of associates and joint ventures, diluted earnings per share, net cash generated from operating activities and net debt which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group’s underlying financial
performance because of their size, nature or incidence. In identifying and quantifying adjusting items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as adjusting. These items
are separately disclosed in the segmental analyses or in the notes to the accounts as appropriate.
The Group believes that these items are useful to users of the Group financial statements in helping them to understand the underlying business performance
and are used to derive the Group’s non-GAAP measures of adjusted profit from operations, adjusted operating margin, adjusted gross profit, adjusted gross margin, adjusted EBITDA, New Categories contribution, New Categories contribution margin,
adjusted net finance costs, adjusted taxation, adjusted diluted earnings per share, operating cash flow conversion ratio, adjusted cash generated from operations, free cash flow (before dividends paid to shareholders), free cash flow (after dividends
paid to shareholders) and adjusted net debt, all of which are before the impact of adjusting items and which are reconciled from profit from operations, diluted earnings per share, net finance costs, taxation, net cash generated from operating
activities and net debt.
In addition, the non-GAAP measures of adjusted gross profit, adjusted gross margin, adjusted profit from operations, adjusted operating margin, New
Categories contribution, New Categories contribution margin, adjusted net finance costs, adjusted taxation and adjusted diluted earnings per share, are presented with the additional adjustment to reflect the settlement of the Canadian litigation, and
are referred to as "as adjusted for Canada" (as discussed above). Such measures are also reconciled from profit from operations, diluted earnings per share, net finance costs and taxation. Along with New Categories revenue, Smokeless revenue as a
proportion of total revenue, operating cash flow conversion ratio, adjusted cash generated from operations, free cash flow (before dividends paid to shareholders) and free cash flow (after dividends paid to shareholders) referred to above these
are collectively the Group's principal non-GAAP measures.
24
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
Adjusting items included in profit from operations
Adjusting items are significant items in the profit from operations that individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group’s underlying financial performance.
In summary, in 2025, the Group incurred £1,575 million (2024: £9,154 million) of adjusting items within profit from operations:
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
(a) Restructuring and integration costs
|
66
|
—
|
|
(b) Amortisation and impairment of trademarks and similar intangibles
|
1,584
|
2,279
|
|
(b) Impairment of goodwill
|
277
|
39
|
|
(c) Impairment on held-for-sale assets and associated costs
|
235
|
—
|
|
(c) (Credit)/charges in respect of an excise assessment in Romania
|
(15)
|
449
|
|
(c) Credit in respect of settlement of historical litigation in relation to the Fox River
|
—
|
(132)
|
|
(c) Charges in respect of DOJ and OFAC investigations
|
—
|
4
|
|
(c) Impairment charges in respect of the Group's operations in Cuba
|
—
|
74
|
|
(c) Impairment of other fixed assets
|
—
|
75
|
|
(c) Loss of a distribution facility in Ukraine
|
39
|
—
|
|
(c) Pension liability management (buy-out)
|
28
|
—
|
|
(c) Other adjusting items (including Engle)
|
66
|
157
|
|
(d) (Credit)/charges in relation to Canada Approved Plans
|
(708)
|
6,203
|
|
Charges in connection with disposal of an associate
|
3
|
6
|
|
Total adjusting items included in profit from operations
|
1,575
|
9,154
|
(a) Restructuring and integration costs
To further support our transformation and underpin investment initiatives to drive long-term sustainable profit and cash flow growth, we have started a
structured time-bound programme (referred to as Fit2Win) to review processes and ways of working which will generate efficiencies and facilitate faster, more agile and effective decision-making.
This programme includes a comprehensive review of our overhead optimisation opportunities, route to market and digitalisation, in order to deliver more
effective, data-driven digital ways of working.
We expect associated one-off costs of around £600 million (including non-cash items of £100 million). As a one-off time bound programme and to aid
comparison of performance, c.£500 million will be treated as adjusting items within adjusted profit from operations. Having commenced in 2025, the programme is expected to complete in 2027.
(b) Amortisation and impairment of trademarks and similar intangibles and impairment of goodwill
(b)(i) Amortisation and impairment of trademarks and similar intangibles
Acquisitions in previous years have resulted in the capitalisation of trademarks and similar intangibles including those which are amortised over their
expected useful lives, which do not exceed 30 years. The amortisation and impairment charge of £1,584 million (2024: £2,279 million) is included in depreciation, amortisation and impairment costs in the income statement.
The reduction in charge in 2025, compared to 2024, reflects an impairment charge in respect of Camel Snus (£646 million) that was recognised in the prior
period and did not repeat.
(b)(ii) Ongoing impairment review of trademarks and similar assets including goodwill
The Group’s impairment testing for goodwill uses the value-in-use method, with calculations prepared on a ten-year cash flow forecast (five-year cash flow
forecast for Reynolds American, Canada, Malaysia, Australia and Peru) which assumes long-term volume decline of cigarettes, generally offset by pricing.
After this forecast, a growth rate into perpetuity has been applied. The Reynolds American trademarks and similar intangibles with indefinite lives (brands)
have been tested for impairment on the basis of fair value less cost of disposal whereby, after calculating the value-in-use, a tax amortisation benefit factor is applied to incorporate the additional value a market participant would derive in an
asset acquisition scenario.
A post-tax discount rate is applied in the impairment testing, determined using an appropriate
valuation methodology that incorporates both internal data and externally sourced market information. This applies to all cash-generating units (CGUs) with the exception of Reynolds American, for which the discount rate is independently determined
based on a weighted average cost of capital in respect of the U.S. and U.S. market-related premiums. A similar approach in respect of the discount rate has been applied for the impairment testing of the trademarks and similar intangibles.
Valuations derived from applying post-tax discount rates to post-tax cash flows are aligned to those that would arise from applying pre-tax discount rates to pre-tax cash flows.
25
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
Adjusting items included in profit from operations (continued)
(b)(ii) Ongoing impairment review of trademarks and similar assets including goodwill (continued)
Reynolds American
Subsequent to the FDA announcement on 28 April 2022 of a proposed product standard to prohibit menthol as a characterising flavour in cigarettes, the FDA
formally submitted the final product standard to the Office of Management and Budget on 18 October 2023 for review. Following delays, in January 2025, the Trump Administration withdrew the rule from the Office of Management and Budget. The Spring
2025 Unified Agenda was released on 4 September 2025 wherein the menthol ban was no longer listed on the Long-Term Actions list and was instead designated as “withdrawn”.
On 21 June 2022, the FDA announced plans to develop a proposed product standard that would establish a maximum nicotine level in cigarettes and certain
other combustible tobacco products to reduce addictiveness. On 15 January 2025, in the final days of the outgoing Biden Administration, the FDA issued a proposed product standard whereby the agency would limit nicotine levels in cigarettes following
a two-year effective date from publication of any final rule. The proposed rule was subject to public comment. However, on 20 January 2025, President Trump issued a memorandum entitled ‘Regulatory Freeze Pending Review’ which froze all rules and
proposed rules pending review by the current Administration. The Spring 2025 Unified Agenda was released on 4 September 2025. The rule was no longer listed on the Long-Term Actions list and was instead designated as “withdrawn”.
No further changes have occurred in the legislative environment, nor in the macro-economic environment, during the year to 31 December 2025 that present an
indicator of a potential impairment for either Reynolds American goodwill or for the definite- or indefinite-lived brands.
The below table illustrates the carrying values, the key assumptions used in the assessment and the variance in that assumption required before an
impairment is required for Reynolds American goodwill and specific indefinite- and definite-lived brand intangibles.
|
Carrying Value
|
Pre-tax discount rate
|
Terminal value growth rate
|
|||||
|
At 31 December
2025 (£)
|
Applied
|
Required
increase to
reach nil
headroom
|
Applied
|
Required
reduction to
reach nil
headroom
|
|||
|
Reynolds American Goodwill
|
29,322
|
8.5%
|
4.1%
|
1.0%
|
(4.3)%
|
||
|
Newport
|
18,359
|
8.6%
|
1.4%
|
||||
|
Camel
|
6,919
|
8.3%
|
5.9%
|
||||
|
Pall Mall
|
2,225
|
8.4%
|
16.6%
|
||||
|
Natural American Spirit
|
9,234
|
7.8%
|
0.7%
|
||||
|
Grizzly
|
8,728
|
7.3%
|
0.5%
|
1.0%
|
(0.6)%
|
||
Canada
As discussed on page 17, on 29 August 2025, we implemented a court-sanctioned plan of compromise and arrangement to resolve all Canadian tobacco litigation; together
with similar plans implemented by RBH and JTIM, referred to as the Approved Plans.
The value-in-use calculation for the Canada CGU has been prepared based on a five-year cash flow forecast, after which a terminal value rate of decline of
3.65% (2024: decline of 3.65%) on the underlying business is assumed. In line with the requirements of IAS 36, the value-in-use derived from the forecast cash flows has been adjusted to include the book value of the provision recognised in respect of
the Approved Plans and the liability is included within the carrying value of the Canada CGU for the purposes of the impairment test.
A pre-tax discount rate of 11.4% (2024: 9.8%) has been assumed.
As a result of a rebasing of forecasts reflecting the current difficult trading environment, an impairment charge of £184 million has been recognised in
respect of goodwill associated with the Canada CGU. The remaining carrying value is £1,994 million at 31 December 2025 and reflects the recoverable amount, being the value-in-use of the Canada CGU.
The table below indicates the additional amount of impairment that would be required if the following individual changes were made to key assumptions within
the value-in-use model.
|
Additional
impairment
£m
|
|
|
Assumptions
|
|
|
Decrease in volume by 3% year-on-year*
|
(355)
|
|
Decrease in five-year pricing CAGR by additional 1%
|
(110)
|
|
Increase in pre-tax discount rate by 100 bps
|
(116)
|
| * |
Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to other operating costs which remain flat. This
demonstrates a year-on-year decrease in operating cash flow for the forecast years.
|
26
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
Adjusting items included in profit from operations (continued)
(b)(ii) Ongoing impairment review of trademarks and similar assets including goodwill (continued)
Peru
For the Peru CGU, as a result of ongoing difficult trading conditions, an impairment trigger was identified at the half year and a full impairment review
was undertaken. The value-in-use calculation reflects the short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -4% has been assumed. As a result of the review, the goodwill associated with the CGU
was impaired in full with a charge of £72 million (2024: nil) being recognised.
Malaysia
For the Malaysia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -1.4% has been assumed. The Malaysian government announced new regulations under the Control of Smoking Products for Public Health Act 2024, which came into effect in 2025 and has impacted the sale of tobacco and vapour products. As a result of the impact of the new regulations, the Group exited the vapour market in Malaysia and, as a result, goodwill associated with the Malaysia CGU has been impaired by £21 million (2024: £39 million).
(c) Other
In 2025, the Group incurred a net charge of £353 million (2024: £627 million) of other adjusting items. These included:
| – |
a credit of £15 million (2024: charge of £449 million) in respect of an excise assessment in Romania that was concluded in 2024;
|
| – |
a charge of £235 million (2024: £74 million) in respect of the Group's planned exit from Cuba and the
classification of the Group's business in Cuba as held-for-sale, as discussed on page 18;
|
| – |
a charge of £39 million which related to the loss of a distribution facility in Ukraine following a missile attack in the second half of 2025;
|
| – |
a charge of £28 million in respect of the buy-out of the UK pension fund; and
|
| – |
other litigation costs of £66 million (2024: £157 million), mainly related to litigation costs including Engle progeny and other health-related claims.
|
In 2024, the Group also recognised a credit related to the settlement of historical litigation in respect of the Fox River (£132 million) and charges
related to the impairment of fixed assets of £75 million, including in respect of the Group's head office in London.
Also, in 2024, a charge of £4 million was recognised in respect of interest accruing on the settlement due to the DOJ and OFAC regarding investigations into
alleged historical breaches of sanctions.
(d) Changes in provision in relation to Canada Approved Plans
A net credit of £708 million (2024: charge of £6,203 million) was recognised in relation to the Approved Plans in Canada. The Group's estimated share of the
undiscounted future liability has not materially changed, however the Group has recognised a credit to the income statement as the provision recognised in respect of the Canadian litigation settlement was updated in line with the latest forecast of
the Canadian combustibles industry performance, impacting the present value of the future liability. The update was, in particular, in respect of pricing and volume decline assumptions. Based on our current estimate, it is expected that payments in
respect of our estimated share of the future liability will continue for at least 40 years. The pre-tax discount rate increased from 3.27% at 31 December 2024 to 3.86% at 31 December 2025. This credit was partially offset by the change in the
industry holdback associated with the upfront payment, which was allocated to RBH. At 31 December 2025, net of translational FX movements, unwinding of discount and the above factors, the current provision for the upfront payment is nil (31 December
2024: £2,456 million) and the non-current provision for the future payments is £2,794 million (31 December 2024: £3,747 million).
Refer to note 4 (page 32) for the unwinding of the discount in the years to 31 December 2025 and refer to note 12 (commencing on page 38) for further information on the Approved Plans.
Management uses judgement to determine the key assumptions used to calculate the present value of the provision. Changes to key assumptions can
significantly impact the amount expected to be paid and the years over which payments are expected to be made. The key assumptions used to calculate the provision are the rate at which volumes will decline, future pricing plans and the discount rate.
The impact of reasonably possible changes to these key assumptions are assessed on an individual basis and have therefore been considered in isolation. If the rate at which volumes will decline is lower by 3% (less volume decline than expected)
compared to the base assumptions, the provision would increase by £282 million.
The delivery of ITCAN's future pricing plans is subject to competitive actions and the relative pricing position of brands and may therefore vary depending
on the competitive market conditions. If ITCAN's pricing delivery is 120% of the base assumptions, the provision would increase by £94 million.
Assuming that there is no change to ITCAN's estimated share of the liability, if the
performance of the combustibles industry declines, as was the case during 2025, whilst the undiscounted liability does not change, the present value of the provision will decrease as the payment period extends further. A combination of changes in
several assumptions, including the future financial performance (excluding New Categories) of ITCAN and each of the other Companies, as defined in note 12 (commencing on page 38), and the performance of the combustibles industry as a whole, may materially impact the provision.
27
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
4. Net Finance Costs
Net finance costs were £1,819 million, compared to £1,098 million in 2024, an increase of 65.7%.
The increase in net finance costs was largely due to:
| – |
a net credit in 2024 of £590 million related to the capped cash debt tender offers, which targeted series of low-priced, long-dated GBP-, EUR- and USD-denominated
bonds, under which the Group repurchased bonds prior to their maturity in an aggregate principal amount of £1.8 billion, including £15 million of accrued interest, completed in May 2024 and, including other costs of £3 million;
|
| – |
a charge, in 2025, of £112 million related to the unwinding of the discount on the provision associated with the Approved Plans in Canada;
|
| – |
interest of £66 million (2024: £8 million) in respect of a tax provision in the Netherlands; partly offset by
|
| – |
a net monetary gain of £63 million related to Venezuela, due to the continued application of hyperinflation accounting under IAS 29; and
|
| – |
lower finance costs related to FII GLO of £30 million (2024: £61 million).
|
Before adjusting items described above, adjusted net finance costs were 3.8% higher at £1,649 million (2024: £1,589 million), an increase of 5.5% at
constant rates of exchange, as 2025 was also impacted by a translational foreign exchange tailwind due to the relative movement of sterling of 1.7%.
This was largely due to lower interest income mainly related to balances held in Canada, as
£2.6 billion was paid in line with the Approved Plans (discussed on page 17)
with interest income (net of fair value gains on derivatives) in Canada reducing from £126 million in 2024 to £57 million in 2025.
The Group's average cost of debt has increased to 5.0% (compared to 4.9% at 31 December 2024).
Also in 2025, in line with IAS 33 Earnings Per Share, £87 million
(2024: £42 million), net of tax, has been recognised as a deduction to EPS related to the perpetual hybrid bonds issued in 2021, as the coupons paid on such instruments are recognised in equity rather than as a charge to the income statement in net
finance costs.
For a full reconciliation of net finance costs to adjusted net finance costs at constant
rates, see page 54.
All of the adjustments noted above have been included in the adjusted earnings per share
calculation on page 34.
The Group has debt maturities of around £2.4 billion in 2026 and around £2.9 billion in 2027. Due to higher interest rates, net finance costs are expected
to increase as debts are refinanced.
5. Results of associates and joint ventures
The Group’s share of post-tax results of associates and joint ventures decreased to £1,681 million (2024: £1,900 million), mainly related to the Group's
investment in its associate ITC Ltd (ITC) in India.
The Group’s share of post-tax results in respect of ITC was 12.3% lower at £1,672 million (2024: £1,906 million).
Both years included an adjusting credit in respect of the sale of ordinary shares held in its associate ITC in India.
| – |
On 28 May 2025, the Group disposed of 313 million shares resulting in a gain of £898 million in 2025. The sale represented 2.5% of ITC's ordinary shares. As permitted
by IAS 28 Investments in associates and joint ventures, results up to 30 September 2025 have been used in applying the equity method.
|
|
On 13 March 2024, the Group announced the completion of the disposal of 436.9 million ordinary shares representing c.3.5% of ITC's total issued ordinary share
capital and roughly 12% of BAT's investment, resulting in a gain of £1,361 million.
|
| – |
Additionally, on 1 January 2025, ITC completed the demerger of its hotels business through a scheme of arrangement. Under this scheme, 60% of the equity in the newly
incorporated entity, ITC Hotels Limited (ITC Hotels), was directly allocated to ITC’s shareholders in proportion to their existing shareholding in ITC as of that date.
|
|
As part of the demerger accounting, ITC recognised the excess of the fair value over the carrying value of the hotels business
as an adjusting item. The Group’s share of this adjusted gain amounted to £333 million (net of tax).
|
|
The Group’s initial direct stake was approximately 15% and recognised as a non-current investment on the balance sheet held at
fair value through Other Comprehensive Income. However, in December 2025, the Group sold 9% of ITC Hotels in a block trade, retaining a direct stake of 6.3%. Net proceeds from the sale were £318 million.
|
Consistent with prior years, an adjusting gain of £6 million (2024: £18 million) has been recognised, being a deemed gain as a result of ITC issuing ordinary shares under the
company’s Employees Share Option Scheme.
As a result of the above, the Group's shareholding in ITC has decreased from 25.45% (31 December 2024) to 22.91% at 31 December 2025.
One of our associates, VST Industries Limited, recognised an adjusting gain in relation to a sale of land and buildings. The Group's share of this gain was
£3 million.
Excluding these adjusting items and the impact of translational foreign exchange, on an adjusted constant currency basis, the Group’s share of post-tax
results from associates and joint ventures was lower than in 2024, down 8.6% to £475 million.
The share of post-tax results of associates and joint ventures is after the adjusting items
noted above, which are excluded from the calculation of adjusted earnings per share as set out on page 34.
For a full reconciliation of the Group's share of post-tax results of associates and joint
ventures to adjusted share of post-tax results of associates and joint ventures, at constant rates of exchange, see page 54.
28
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
Continued
6. Taxation
The tax rate in the income statement was 21.2% for 2025 (2024: 10.1%). The Group’s tax rate
is affected by the impact of the adjusting items referred to on pages 28 to
32 and by the inclusion of the share of associates' and joint ventures'
post-tax profit in the Group’s pre-tax results.
In 2025, adjusting items in taxation included a net credit of £104 million mainly relating to an additional tax charge pertaining to the Dutch litigation
following the Court of Appeal judgment received in September 2025 offset by the revaluation of deferred tax liabilities arising on trademarks recognised in the Reynolds American acquisition due to changes in U.S. state effective tax rates and the
partial release of a provision for tax exposure in Indonesia.
In 2024, adjusting items in taxation included a net credit of £157 million mainly relating to
Brazilian Federal Tax Authority challenges regarding the treatment of Rio de Janeiro VAT incentives (described further on page 38) and a provision for potential tax exposures in Indonesia, offset by the revaluation of deferred tax liabilities arising on trademarks recognised in the Reynolds American acquisition in 2017
due to changes in U.S. state tax rates and the reversal of a tax provision in Canada following a settlement agreement with local authorities.
The adjusting tax item also includes £240 million (2024: £2,049 million) in respect of the taxation on other adjusting items, which are described on pages
28 to 32.
Refer to page 40 for the FII GLO update.
As the above items are not reflective of the ongoing business, they have been recognised as adjusting items within taxation.
All of the adjustments noted above have been included in the adjusted diluted earnings per share calculation on page 34.
Excluding these, the Group’s underlying tax rate for subsidiaries reflected in the adjusted
diluted earnings per share on page 34 was 24.6% for 2025 (2024: 24.9%). The
marginal decrease in the underlying tax rate in 2025 largely reflects the mix of profits and changes in legislation (including the new Pillar Two rules).
In September 2025, the Court of Appeal issued its judgment in respect of the ongoing tax disputes in the Netherlands. While further avenues of appeal are
being pursued, the Group has increased the provision by £171 million, with a total provision of £326 million at 31 December 2025.
A full reconciliation from taxation on ordinary activities to the underlying tax rate is
provided on page 55.
7. Earnings per share
Basic earnings per share (EPS) were up 157% to 351.0p (31 December 2024: 136.7p),
with diluted EPS up 157% to 349.1p (31 December 2024: 136.0p). The increases in both basic and diluted EPS were largely driven by:
| – |
Higher profit from operations due to the lower adjusting items described on page 6; and
|
| – |
A gain of £333 million in respect of the demerger of the hotels division of the Group's Indian
associate ITC (see page 32).
|
These were partly offset by:
| – |
A lower gain arising on the partial sale of the Group's investment in ITC in 2025 (£898 million)
compared to £1,361 million in 2024 mainly due to a lower number of shares disposed of (2025: 313.0 million shares; 2024: 436.9 million shares), discussed on page 32; and
|
| – |
A credit in 2024, which did not repeat in 2025, of £590 million related to the debt liability
management exercise (see page 32).
|
Basic and diluted EPS were also positively impacted by the reduction in the number of shares due to the cumulative effect of the 2024 and 2025 share
buy-back programmes, with 30,460,763 ordinary shares repurchased and cancelled in the year ended 31 December 2025.
Before adjusting items and the impact of translational foreign exchange and also including the dilutive effect of employee share schemes, adjusted diluted
earnings per share, at constant rates, increased 0.7% to 365.0p (31 December 2024: 362.5p).
For a full reconciliation of diluted earnings per share to adjusted diluted earnings per
share at constant rates, see page 34.
Earnings used in the basic, diluted and headline earnings per share calculation represent the profit attributable to the ordinary equity shareholders after
deducting amounts representing the coupon on perpetual hybrid bonds on a pro-rata basis regardless of whether or not coupons have been declared and paid in the period. In 2025, this amounted to £87 million (2024: £42 million), net of tax.
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Earnings attributable to owners of the parent
|
7,764
|
3,068
|
|
Coupon on perpetual hybrid bonds
|
(64)
|
(56)
|
|
Tax on coupon on perpetual hybrid bonds
|
16
|
14
|
|
Loss on redemption of perpetual hybrid bonds
|
(39)
|
—
|
|
Earnings
|
7,677
|
3,026
|
Basic earnings per share are based on the profit for the year attributable to ordinary shareholders and the weighted average number of ordinary shares in
issue during the period (excluding treasury shares). For the calculation of the diluted earnings per share, the weighted average number of shares reflects the potential dilutive effect of employee share schemes.
29
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
Continued
7. Earnings per share (continued)
Earnings per share calculations are based upon the following:
|
Reported
|
Adjusted
|
Headline
|
|||||||
|
Basic
|
Diluted
|
Basic
|
Diluted
|
Basic
|
Diluted
|
||||
|
Year ended 31 December 2025
|
|||||||||
|
– Earnings
|
£m
|
7,677
|
7,677
|
7,743
|
7,743
|
7,169
|
7,169
|
||
|
– Shares
|
m
|
2,187
|
2,199
|
2,187
|
2,199
|
2,187
|
2,199
|
||
|
– Per share
|
p
|
351.0
|
349.1
|
354.0
|
352.1
|
327.8
|
326.0
|
||
|
Year ended 31 December 2024
|
|||||||||
|
– Earnings
|
£m
|
3,026
|
3,026
|
8,066
|
8,066
|
2,276
|
2,276
|
||
|
– Shares
|
m
|
2,214
|
2,225
|
2,214
|
2,225
|
2,214
|
2,225
|
||
|
– Per share
|
p
|
136.7
|
136.0
|
364.3
|
362.5
|
102.8
|
102.3
|
||
Adjusted diluted earnings per share are calculated by taking the following adjustments into
account (see pages 28 to 33):
Items presented below are net of tax and non-controlling interests when applicable.
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
pence
|
pence
|
|
|
Diluted earnings per share
|
349.1
|
136.0
|
|
Effect of amortisation and impairment of goodwill, trademarks and similar intangibles
|
68.2
|
80.7
|
|
Effect of impairment charges in respect of the Group's head office
|
—
|
2.9
|
|
Effect of impairment charges in respect of the Group's operations in Cuba
|
—
|
1.6
|
|
Effect of settlement of historical litigation in relation to the Fox River
|
—
|
(4.9)
|
|
Effect of the changes in provision in relation to the Approved Plans in Canada and associated costs
|
(23.7)
|
205.0
|
|
Effect of charges in respect of DOJ and OFAC investigations
|
—
|
0.2
|
|
Effect of impairment of held-for-sale assets and associated costs
|
5.5
|
—
|
|
Effect of Romania other taxes
|
(0.7)
|
20.1
|
|
Effect of restructuring costs
|
1.8
|
—
|
|
Effect of other adjusting items in operating profit
|
5.1
|
5.3
|
|
Effect of adjusting items in net finance costs
|
4.9
|
(17.0)
|
|
Effect of gains related to the partial divestment of shares held in ITC
|
(40.8)
|
(61.1)
|
|
Tax associated with the partial divestment of shares held in ITC and hotels business demerger
|
1.6
|
1.6
|
|
Effect of associates’ adjusting items
|
(15.5)
|
(0.8)
|
|
Effect of adjusting items in respect of deferred taxation
|
(9.2)
|
(12.0)
|
|
Adjusting items in tax
|
4.5
|
4.9
|
|
Redemption of perpetual hybrid bond - difference in spot rates
|
1.3
|
—
|
|
Adjusted diluted earnings per share
|
352.1
|
362.5
|
|
Impact of translational foreign exchange
|
12.9
|
|
|
Adjusted diluted earnings per share translated at 2024 exchange rates
|
365.0
|
362.5
|
The presentation of headline earnings per share, as an alternative measure of earnings per share, is mandated under the JSE Listing Requirements. It is
calculated in accordance with Circular 1/2023 ‘Headline Earnings’ as issued by the South African Institute of Chartered Accountants.
30
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
7. Earnings per share (continued)
Diluted headline earnings per share are calculated by taking the following adjustments into account:
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
pence
|
pence
|
|
|
Diluted earnings per share
|
349.1
|
136.0
|
|
Effect of impairment of intangibles, property, plant and equipment, associates and held-for-sale assets (net of tax)
|
13.5
|
30.2
|
|
Effect of gains on disposal of property, plant and equipment, trademarks, held-for-sale assets, partial/full termination of IFRS 16 leases, and sale
and leaseback (net of tax)
|
(3.9)
|
(4.4)
|
|
Effect of losses on disposal of businesses, non-current investments and brands (net of tax)
|
0.1
|
—
|
|
Effect of impairment of subsidiaries transferred to held-for-sale and associated costs (net of NCI)
|
5.4
|
—
|
|
Issue of shares and change in shareholding of an associate
|
(0.2)
|
(0.8)
|
|
Gain on partial disposal of an associate and associated capital gains tax, including foreign exchange reclassified
|
(38.0)
|
(58.7)
|
|
Diluted headline earnings per share
|
326.0
|
102.3
|
The following is a reconciliation of earnings to headline earnings, in accordance with the JSE Listing Requirements:
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Diluted earnings per share
|
7,677
|
3,026
|
|
Effect of impairment of intangibles, property, plant and equipment, associates and held-for-sale assets (net of tax)
|
298
|
672
|
|
Effect of gains on disposal of property, plant and equipment, trademarks, held-for-sale assets, partial/full termination of IFRS 16 leases, and sale
and leaseback (net of tax)
|
(87)
|
(97)
|
|
Effect of losses on disposal of businesses, non-current investments and brands (net of tax)
|
2
|
—
|
|
Effect of impairment of subsidiaries transferred to held-for-sale and associated costs (net of NCI)
|
120
|
—
|
|
Effect of foreign exchange reclassification from reserves to the income statement
|
(1)
|
—
|
|
Issue of shares and change in shareholding of an associate
|
(5)
|
(18)
|
|
Gain on partial disposal of an associate and associated capital gains tax, including foreign exchange reclassified
|
(835)
|
(1,307)
|
|
Headline earnings
|
7,169
|
2,276
|
Notes to the Financial Statements
Continued
8. Cash Flow
Net cash generated from operating activities
Net cash generated from operating activities in the IFRS cash flows on page 26 includes the following items:
|
Years ended 31 December
|
||
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Profit for the year
|
7,765
|
3,181
|
|
Taxation on ordinary activities
|
2,094
|
357
|
|
Share of post-tax results of associates and joint ventures
|
(1,681)
|
(1,900)
|
|
Net finance costs
|
1,819
|
1,098
|
|
Profit from operations
|
9,997
|
2,736
|
|
Adjustments for:
|
||
|
– depreciation, amortisation and impairment costs
|
2,547
|
3,101
|
|
– decrease in inventories
|
112
|
35
|
|
– increase in trade and other receivables
|
(295)
|
(269)
|
|
– decrease in Master Settlement Agreement payable
|
(79)
|
(294)
|
|
– (decrease)/increase in trade and other payables
|
(207)
|
58
|
|
– decrease in net retirement benefit liabilities
|
(31)
|
(76)
|
|
– (decrease)/increase in other provisions for liabilities
|
(3,409)
|
6,322
|
|
– other non-cash items
|
264
|
(40)
|
|
Cash generated from operating activities
|
8,899
|
11,573
|
|
Dividends received from associates
|
369
|
406
|
|
Tax paid
|
(2,926)
|
(1,854)
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
Net cash generated from operating activities declined by 37.4% to £6,342 million (2024: £10,125 million). This was driven by:
| – |
payment of cash, cash equivalents and investments held at fair value totalling £2.6 billion, in the
second half of 2025, as part of the Approved Plans (as discussed on page 17) in Canada;
|
| – |
deferral of US$895 million of tax payments in the U.S. from 2024 to 2025, negatively impacting 2025 by £678 million; and
|
| – |
payment related to the FII GLO of £479 million (2024: £50 million). The Group will make further
payments of £222 million in 2026 and £41 million in 2027 (see page 40).
|
These were partly offset by payments in 2024 in respect of the DOJ and OFAC (£267 million) and an excise assessment in Romania (£390 million), both of which
did not repeat.
Expenditure on research and development was approximately £358 million in 2025 (2024: £380 million) with a focus on products that could potentially reduce
the risk associated with smoking conventional cigarettes.
Net cash from investing activities
Net cash from investing activities was an inflow of £1,387 million, a marginal increase of £12 million from the same period last year when it was an inflow
of £1,375 million.
This was driven by the net movement from short-term investment products, including treasury bills, which were an inflow of £794 million in 2025, compared to
an inflow of £83 million in 2024 due to:
| – |
the net proceeds of £318 million from the sale, in December 2025, of around 59% of the Group’s investment in ITC Hotels; and
|
| – |
the liquidation of investments (£437 million) that were then included in the upfront payment in respect of Canada as part of the Approved Plans.
|
However, this was largely offset by lower net proceeds from the partial monetisation of our investment in ITC of £1,052 million compared to £1,577 million in
2024.
Purchases of property, plant and equipment were higher than 2024, at £551 million (2024: £486 million).
In 2025, the Group invested £648 million in gross capital expenditure, an increase of 11.7% on the prior year (2024: £581 million). This included purchases
of property, plant and equipment related to the ongoing investment in the Group’s operational infrastructure, including the expansion of our New Categories portfolio and enhancements to our Modern Oral capacity.
The Group expects its gross capital expenditure in 2026 to be approximately £750 million.
Net cash used in financing activities
Net cash used in financing activities was an outflow of £8,762 million in 2025 (2024: £10,632 million outflow). The total outflow includes:
| – |
The payment of the dividend of £5,238 million (2024: £5,213 million);
|
| – |
Lower interest paid in the year of £1,631 million (2024: £1,703 million) as higher interest charges in line with the increase in the Group's average cost of debt were
more than offset by foreign exchange tailwinds;
|
| – |
The net repayment of borrowings in 2025 of £118 million compared £2,422 million in 2024;
|
| – |
An outflow of £380 million related to derivatives (2024: £128 million);
|
| – |
A net inflow from the redemption and subsequent issuance of perpetual hybrid bonds of £167 million;
and
|
| – |
An outflow of £1,112 million (2024: £698 million) in respect of the share buy-back programme.
|
31
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
9. Liquidity
The Treasury function is responsible for raising finance for the Group, managing the Group’s cash resources and the financial risks arising from underlying
operations. All these activities are carried out under defined policies, procedures and limits, reviewed and approved by the Board, delegating oversight to the Chief Financial Officer and Treasury function. The Group has targeted an average centrally
managed bond maturity of at least five years with no more than 20% of centrally managed debt maturing in a single rolling 12-month period.
As at 31 December 2025, the average centrally managed debt maturity of bonds was 9.5 years (31 December 2024: 9.5 years) and the highest proportion of
centrally managed debt maturing in a single rolling 12-month period was 15.1% (31 December 2024: 14.8%).
The Group continues to maintain investment-grade credit ratings, with ratings from Moody’s, S&P and Fitch of Baa1 (stable outlook), BBB+ (stable
outlook), BBB+ (stable outlook), respectively, and continues to target a solid investment-grade credit rating of Baa1, BBB+ and BBB+. The strength of the ratings has underpinned debt issuance and the Group is confident of its ability to continue to
successfully access the debt capital markets. A credit rating is not a recommendation to buy, sell or hold securities. A credit rating may be subject to withdrawal or revision at any time. Each rating should be evaluated separately of any other
rating.
In order to manage its interest rate risk, the Group maintains both floating rate and fixed rate debt. The Group sets targets (within overall guidelines)
for the desired ratio of floating to fixed rate debt on a net basis (at least 50% fixed on a net basis in the short- to medium-term). At 31 December 2025, the relevant ratio of floating to fixed rate borrowings after the impact of derivatives was
24:76 (31 December 2024: 22:78). On a net debt basis, after offsetting liquid assets and excluding cash and other liquid assets (including investments held at fair value) in Canada, which were subject to certain restrictions under CCAA protection in
2024 (and were subsequently paid into the Global Settlement Trust Account as part of the Upfront Cash Contribution in the second half of 2025), the ratio of floating to fixed rate borrowings was 14:86 (31 December 2024: 13:87).
Available facilities
It is Group policy that short-term sources of funds (including drawings under both the Group US$4 billion U.S. commercial paper (U.S. CP) programme and the
Group £3 billion euro commercial paper (ECP) programme) are backed by undrawn committed lines of credit and cash. Commercial paper is issued by B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and B.A.T Capital Corporation and
guaranteed by British American Tobacco p.l.c. At 31 December 2025, commercial paper of nil was outstanding (2024: nil). Cash flows relating to commercial paper that have maturity periods of three months or less are presented on a net basis in the
Group’s cash flow statement.
At 31 December 2025, the Group had access to a £5.0 billion revolving credit facility. This facility was undrawn at 31 December 2025. In November 2025, the
Group refinanced its existing £5.2 billion facility at the reduced amount of £5.0 billion comprising (i) a £2.5 billion 364-day tranche with two one-year extension options and a one-year term out option and (ii) a £2.5 billion five-year tranche with
two one-year extension options.
During 2025, the Group refinanced or extended short-term bilateral facilities totalling £2.7 billion. As at 31 December 2025, nil was drawn on a short-term
basis with £2.7 billion undrawn and still available under such bilateral facilities. Cash flows relating to bilateral facilities that have maturity periods of three months or less are presented on a net basis in the Group’s cash flow statement.
In January 2025, the Group entered into a medium-term facility of £468 million (equivalent), which was fully drawn as at 31 December 2025.
Issuance, drawdowns and repayments in the period
| – |
In March 2025, the Group repaid a €650 million bond at maturity and accessed the US dollar market under the SEC Shelf Programme, raising a total of US$2.5 billion
across three tranches;
|
| – |
In June 2025, the Group repaid two bonds totalling an aggregate amount of US$3.0 billion at maturity;
|
| – |
In August 2025, the Group repaid a £300 million bond at maturity;
|
| – |
In September 2025, the Group accessed the US dollar market under the SEC Shelf Programme, raising US$750 million; and
|
| – |
In October 2025, the Group issued two series of perpetual hybrid bonds, each in an aggregate principal amount of €600 million and concurrently launched a tender offer
for its outstanding €1.0 billion 3% perpetual hybrid bond (first callable in 2026). As a result, approximately 80.7% of the existing 3% perpetual hybrid notes were repurchased at a slight premium, with the remaining 19.3% redeemed at their
principal value in November 2025.
|
The Group has debt maturities of around £2.4 billion in 2026 and around £2.9 billion in 2027. Due to higher interest rates, net finance costs are expected
to increase as debts are refinanced.
32
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Financial Statements
Continued
10. Related party disclosures
The Group’s related party transactions and relationships for 2024 were disclosed on pages 341 and 342 of the Group's Annual Report and Form 20-F for the
year ended 31 December 2024.
In the year ended 31 December 2025, apart from the partial sale of the Group's investment in
ITC and demerger of ITC Hotels (refer to page 18), there were no material
changes in related parties or related party transactions to be reported.
Full details of the Group’s related party transactions as at 31 December 2025 will be included in the Group's 2025 Annual Report.
11. Return on Capital Employed (ROCE)
The Group’s ROCE, calculated in accordance with our reported numbers, was 10.3% (2024: 2.7%),
with the relative movement in 2025 largely due to the increase in profit from operations. with the prior period negatively impacted by the recognition of the £6.2 billion charge in respect of the settlement of historical litigation in Canada as
discussed on page 17.
On an adjusted basis, as defined on page 59, including dividends from associates and joint ventures (as a proxy to a return
in the period, given the inclusion of the investment in associates and joint ventures in the Group’s calculation
of capital employed) and adjusting for the performance of Canada1, adjusted ROCE grew from 11.6% in 2024, to 12.0% in 2025.
in the period, given the inclusion of the investment in associates and joint ventures in the Group’s calculation
of capital employed) and adjusting for the performance of Canada1, adjusted ROCE grew from 11.6% in 2024, to 12.0% in 2025.
The movement in 2025 was mainly driven by the impairment of goodwill and trademarks and increases in amortisation charges incurred in the current and prior
periods, the impact of which has been adjusted out of EBITDA but reduces the value of average capital employed.
| 1. |
As adjusted for Canada excludes the performance of the Canadian business (excluding New Categories).
|
12. Contingent liabilities and financial commitments
The Group has contingent liabilities in respect of litigation, taxes and guarantees in various countries. These are described below, are further described
in Note 31 to the Group's 2024 Annual Report and the Group's 2024 Annual Report on Form 20-F and will be included in the Group's 2025 Annual Report and the Group's 2025 Annual Report on Form 20-F. The Group is subject to contingencies pursuant to
requirements that it complies with relevant laws, regulations and standards. Failure to comply could result in restrictions in operations, damages, fines, increased tax, increased cost of compliance, interest charges, reputational damage or other
sanctions. These matters are inherently difficult to quantify.
In cases where the Group has an obligation as a result of a past event existing at the balance sheet date, it is probable that an outflow of economic
resources will be required to settle the obligation and the amount of the obligation can be reliably estimated, a provision will be recognised based on best estimates and management judgement. There are, however, contingent liabilities in respect of
litigation, taxes in some countries and guarantees for which no provisions have been made. While the amounts that may be payable or receivable could be material to the results or cash flows of the Group in the period in which they are recognised, the
Board does not expect these amounts to have a material effect on the Group’s financial condition.
Taxes
The Group has exposures in respect of the payment or recovery of a number of taxes. The Group is and has been subject to a number of tax audits covering,
among others, excise tax, value-added taxes, sales taxes, corporate taxes, overseas withholding taxes and payroll taxes. The estimated costs of known tax obligations have been provided in these accounts in accordance with the Group’s accounting
policies. In some countries, tax law requires that full or part payment of disputed tax assessments be made pending resolution of the dispute. To the extent that such payments exceed the estimated obligation, they would not be recognised as an
expense.
There are disputes that are in or may proceed to litigation in a number of countries, including Brazil and the Netherlands.
In Brazil, Souza Cruz, the Group’s Brazilian subsidiary, successfully filed a bank guarantee in respect of the disputed amount in the 2007-2008 tax case
where the Brazilian Federal Tax Authority is seeking to subject the profits of overseas subsidiaries to corporate income tax and social contribution tax.
The Dutch tax authority has issued a number of assessments on various issues across the years 2003-2016 in relation to various intra-group transactions. The
assessments amount to an aggregate net potential liability across these periods of £1,082 million covering tax, interest and penalties. The Group appealed against the assessments in full. On 11 September 2025, the Court of Appeal issued its judgment,
rescinding the £92 million fine and reducing the adjustments relating to the termination of licence rights. The Court of Appeal largely upheld the District Court’s findings on the other intra-group transactions. Both the Group and the Dutch Tax
Authorities have issued pro-forma appeals to the Supreme Court.
Having considered the judgment and the Dutch judicial and international proceedings available to it, the Group recognised a further adjusting charge of
£171 million in 2025, with a total provision of £326 million recognised at 31 December 2025.
Group litigation
Group companies, as well as other leading cigarette manufacturers, are defendants in a number of product liability cases. In a number of the cases, the
amounts of compensatory and punitive damages sought are significant. While it is impossible to be certain of the outcome of any particular case or of the amount of any possible adverse verdict, the Group believes that the defences of the Group’s
companies to all these various claims are meritorious on both the law and the facts, and a vigorous defence is being made everywhere. If an adverse judgment is entered against any of the Group’s companies in any case, avenues of appeal will be
pursued as necessary. Such appeals could require the appellants to post appeal bonds or substitute security in amounts that could in some cases equal or exceed the amount of the judgment. At least in the aggregate, and despite the quality of defences
available to the Group, it is not impossible that the Group’s results of operations or cash flows in a particular period could be materially affected by this and by the final outcome of any particular litigation, or governmental investigations.
33
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BAT Preliminary Announcement 2025
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Summary
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Performance Review
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Financial Statements
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Other Information
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Data Lake and Reconciliations
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Notes to the Financial Statements
Continued
12. Contingent liabilities and financial commitments (continued)
Canada
All outstanding tobacco litigation in Canada has been resolved and all relevant Group companies have been provided releases in full for all historical
tobacco-related claims in Canada.
Following a judgment by the Québec Court of Appeal in March 2019 in the Québec class actions, JTI-MacDonald Corp ((JTIM) a subsidiary of Japan Tobacco
International and a co-defendant in the cases), Imperial Tobacco Canada Limited (Imperial), Imperial Tobacco Company Limited (together with Imperial, ITCAN) and Rothmans, Benson & Hedges Inc. ((RBH) a subsidiary of Philip Morris International
Inc. and a co-defendant in the cases) each filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), and court ordered stays (the Stays) of all tobacco litigation in Canada against all defendants (including all Group
companies that were defendants in the Canadian tobacco litigation, including (i) ITCAN, British American Tobacco p.l.c., British American Tobacco (Investments) Limited, B.A.T Industries p.l.c. and Carreras Rothmans Limited) and (ii) R. J. Reynolds
Tobacco Company (RJRT) and R.J. Reynolds Tobacco International Inc. (collectively, the RJR Companies).
Following the filing of proposed plans of compromise (collectively, the Proposed Plans) by the court-appointed mediators and monitors for each of ITCAN, RBH
and JTIM in the Ontario Superior Court of Justice (the Court) in October 2024, subsequent amendment, creditor approval in December 2024 and a sanction hearing in January 2025, the Court issued an order finding each of the Proposed Plans fair,
reasonable, and in the public interest, and sanctioned the Proposed Plans (hereinafter referred to as the Approved Plans). The Approved Plans were implemented on 29 August 2025, as a result of which all outstanding tobacco litigation in Canada
against the defendants has been resolved and all relevant Group companies have been provided release in full for all historical tobacco-related claims in Canada.
On implementation, each of ITCAN, RBH and JTIM was required to pay into the settlement fund cash and cash equivalents on hand (including investments held at
fair value) (other than, in the case of RBH, a holdback amount) plus certain court deposits. If any cash tax refunds are later received on account of these upfront payments, 85% of such refund amounts will also be payable towards the settlement.
Going forward, each of ITCAN, RBH and JTIM will also be required to make annual payments based on a percentage (initially 85%, reducing over time to 70%) of
net income after tax based on amounts generated from all sources, excluding New Categories, until they settle the liability (CAD$32.5 billion) in full. The performance of ITCAN’s New Categories (including Vapour products and nicotine pouches) is not
included in the basis for calculating the annual payments (which New Categories products are also excluded from the releases granted under the Approved Plans).
The Group has recognised a provision to reflect management’s best estimate of ITCAN’s total payment obligations under the Approved Plans (see note 3).
U.S. - Engle
As at 31 December 2025, the Group’s subsidiaries, R. J. Reynolds Tobacco Company (RJRT), Lorillard Tobacco Company (Lorillard Tobacco) and Brown &
Williamson Holdings, Inc., had collectively been served in 33 pending Engle progeny cases filed on behalf of approximately 50 individual plaintiffs. Many of these are in active discovery or nearing trial. In 2025, RJRT or Lorillard Tobacco paid
judgments in three Engle progeny cases. Those payments totalled approximately US$16.0 million (approximately £11.9 million) in compensatory or punitive damages. Additional costs
were paid in respect of attorneys' fees and statutory interest.
In addition, from 1 January 2023 to 31 December 2025, outstanding jury verdicts in favour of the Engle progeny plaintiffs had been entered against RJRT or
Lorillard Tobacco for US$32.5 million (approximately £24.1 million) in compensatory damages (as adjusted) and US$25.7 million (approximately £19.1 million) in punitive damages. A majority of these verdicts are in various stages in the appellate
process and have been bonded as required by Florida law under the US$200 million (approximately £148.7 million) bond cap passed by the Florida legislature in 2009. Although the Group cannot currently predict when or how much it may be required to
bond and pay, the Group’s subsidiaries will likely be required to bond and pay additional judgments as the litigation proceeds.
Kalamazoo
Georgia-Pacific, a designated Potentially Responsible Party (PRP) in respect of the Kalamazoo River in Michigan, pursued NCR in relation to remediation
costs caused by PCBs released into that river. On 26 September 2013, the United States District Court, Michigan held that NCR was liable as a PRP on the basis that it had arranged for the disposal of hazardous material for the purposes of the
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
Following further litigation, on 11 December 2019, NCR announced that it had entered into a Consent Decree with the U.S. Government and the State of
Michigan (subsequently approved by the Michigan Court on 2 December 2020), pursuant to which it assumed liability for certain remediation work at the Kalamazoo River. The payments to be made on the face of the Consent Decree in respect of such work
total approximately US$245 million (approximately £182.1 million). The Consent Decree also provides for the payment by NCR of an outstanding judgment against it of approximately US$20 million (approximately £14.9 million) to Georgia-Pacific.
The quantum of the clean-up costs for the Kalamazoo River is presently unclear. It seems likely to exceed the amounts payable on the face of the Consent
Decree.
On 10 February 2023, NCR filed a complaint in the United States District Court for the Southern District of New York against B.A.T Industries p.l.c.
(Industries), seeking a declaration that Industries must compensate NCR for 60% of costs NCR incurred and incurs relating to the Kalamazoo River site on the asserted basis that the
Kalamazoo River constitutes a ‘Future Site’ for the purposes of a 1998 Settlement Agreement between it, Appvion and Industries. On 23 June 2023, Industries filed its defence and counterclaims in the proceedings. On 14 September 2024, the court issued
a judgment in respect of the motion striking out one of Industries’ eight affirmative defences and dismissing
three of Industries’ five counterclaims. The proceedings are ongoing.
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BAT Preliminary Announcement 2025
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Performance Review
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Financial Statements
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Other Information
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Data Lake and Reconciliations
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Notes to the Financial Statements
Continued
12. Contingent liabilities and financial commitments (continued)
Investigations
The Group investigates, and becomes aware of governmental authorities’ investigations into, allegations of misconduct, including alleged breaches of
sanctions and allegations of corruption, at Group companies. Some of these allegations are currently being investigated. The Group cooperates with the authorities, where appropriate.
There are instances where the Group investigates or where Group companies are cooperating with relevant national competition authorities in relation to
competition law investigations and/or engaged in legal proceedings at the appellate level, including (amongst others) in Belgium and Brazil.
In addition, the Group is, and may in the future be, subject to investigations or legal proceedings in relation to, among other things, its marketing,
promotion or distribution activities in respect of its products. This includes, but is not limited to, allegations that such activities, whether undertaken through traditional channels, digital platforms, third parties, or distribution applications,
do not comply with applicable laws or regulations. As such, the Group or Group companies, could be subject to liability and costs associated with any damages, fines, or penalties brought in connection with these allegations.
Group litigation summary
Having regard to all these matters, with the exception of Fox River and Canada (Quebec), the Group does not consider it appropriate to make any provision or
accrual in respect of any pending litigation. The Group does not believe that the ultimate outcome of this litigation will significantly impair the Group’s financial condition. If the facts and circumstances change, then there could be a material
impact on the financial statements of the Group. In addition, the Group accrues for damages, attorneys' fees and/or statutory interest, including in respect of certain Engle progeny cases, and certain U.S. individual smoking and health cases.
Full details of the litigation against Group companies and tax disputes as at 31 December 2025 will be included in the Group's 2025 Annual Report. Whilst
there has been some movement on new and existing cases against Group companies, there have been, except as otherwise stated, no material developments in 2025 or to date in 2026 that would impact the financial position of the Group.
13. Franked Investments Income Group Litigation Order
The Group is the principal test claimant in an action in the United Kingdom against HM Revenue and Customs (HMRC) in the FII GLO. There were 15 corporate
groups in the FII GLO as at 31 December 2025. The case concerns the treatment for UK corporate tax purposes of profits earned overseas and distributed to the UK. The Supreme Court heard appeals in two separate trials during 2020. The judgment in the
first hearing was handed down in November 2020 and concerned the time limit for bringing claims. The Supreme Court remitted that matter to the High Court to determine whether the claim is within time on the facts. The judgment from the second hearing
was handed down in July 2021 and concerned issues relating to the type of claims BAT is entitled to bring. Applying that judgment reduces the value of the FII GLO claim to approximately £0.3 billion, mainly as the result of the application of simple
interest and the limitation to claims for advance corporation tax offset against lawful corporation tax charges, which is subject to the determination of the timing issue by the High Court and any subsequent appeal.
The High Court hearing on time limits was heard in late November 2023 with judgment handed down in February 2024. The High Court determined that claims
should have been filed within 6 years of June 2000 meaning that BAT’s claims are in time. HMRC appealed the judgment, and the appeal was heard in the Court of Appeal in May 2025. There is no confirmed date when the judgement will be handed down. The
final resolution of all issues in the litigation is likely to take several more years.
During 2015, HMRC paid to the Group a gross amount of £1.2 billion in two separate payments, less a deduction (withheld by HMRC) of £0.3 billion. The
payments made by HMRC have been made without any admission of liability and are subject to refund were HMRC to succeed on appeal. Due to the uncertainty of the amounts and eventual outcome the Group has not recognised any impact in the income
statement in the current or prior period in respect of the receipt (being £0.9 billion net of tax) which is held within trade and other payables. Any future recognition as income will be treated as an adjusting item, due to the size of the order,
with interest of £30 million in respect for 2025 (2024: £61 million) accruing on the balance, which was also treated as an adjusting item.
In 2025, the Group paid £479 million, following the agreement with HMRC to repay £0.8 billion (being the difference between the amounts received plus
accrued interest and the amount determined in the July 2021 judgment (£0.3 billion)). The Group had previously made annual payment of £50 million in each of 2024, 2023 and 2022. The schedule for the remaining repayments is
| – |
£222 million in 2026; and
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£41 million in 2027.
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Full details of the case will be included in the Group's 2025 Annual Report (note 10 Taxation on ordinary activities).
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Financial Statements
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Notes to the Financial Statements
Continued
14. Post Balance Sheet Event
Settlement with ITG Brands, LLC
In January 2026, two Group subsidiaries (Reynolds American Inc. and R.J. Reynolds Tobacco Company (RJRT)) entered into a settlement agreement related to
historical litigation with ITG Brands, LLC (ITG). The dispute was with respect to the liability arising under the Florida State Settlement Agreement, specifically regarding the four brands (Winston, Salem, Kool and Maverick) that were sold to ITG in
2015.
In settlement of the dispute, ITG paid RJRT a lump sum of US$200 million (£148.7 million) on 30 January 2026. Additionally, ITG will also reimburse RJRT the
following amounts by the following dates:
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15 October 2026: US$75.0 million (£55.8 million);
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15 October 2027: US$77.9 million (£57.9 million); and
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15 October 2028: US$80.8 million (£60.1 million).
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Each payment is fully contingent upon RJRT accruing an overall MSA/Previously Settled States Settlement Agreements (PSSSA) liability in excess of the
specified amount in the relevant calendar year.
The initial payment of US$200 million (£148.7 million) will be treated as an adjusting item in 2026, with the subsequent payments treated as a contingent
asset until RJRT accrues an overall MSA/PSSSA liability requiring the relevant amounts to be paid. ITG is also required to reimburse RJRT for future payments RJRT makes to Florida based on sales of the Acquired Brands.
Nahadi Litigation
On 29 January 2026, a claim was filed in the U.S. District Court for the Eastern District of Virginia against British American Tobacco p.l.c. (the Company)
and British-American Tobacco Marketing (Singapore) Private Limited (BATMS). The claimants are 196 U.S. nationals and family members who claim unquantified civil damages under the U.S. Anti-Terrorism Act. The substance of the allegations relate to
matters previously disclosed in relation to historical business activities in the Democratic People’s Republic of Korea which resulted in the Company’s April 2023 entry into a three-year deferred prosecution agreement with the DOJ, with BATMS
pleading guilty to the same charges, and a civil settlement agreement with OFAC.
The Company and BATMS intend to vigorously defend the claim.
Other Information
Non-financial Key Performance Indicators (KPIs)
Volume
The Group reports volumes as additional information. This is done, where appropriate, with cigarette sticks as the basis, with usage levels applied to other
products to calculate the equivalent number of cigarette units. Volume is defined as the number of units sold. Units may vary between categories.
The conversion rates that are applied:
|
Equivalent to one cigarette
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|
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Factory-made cigarettes (FMC)
|
1 stick
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|
Heated sticks
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1 heat stick
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Cigars
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1 cigar (regardless of size)
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Oral
|
|
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– Pouch
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1 pouch
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– Moist Snuff
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2.8 grams
|
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– Dry Snuff
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2.0 grams
|
|
– Loose leaf, plug, twist
|
7.1 grams
|
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Pipe tobacco
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0.8 grams
|
|
Roll-your-own
|
0.8 grams
|
|
Make-your-own
|
|
|
– Expanded tobacco
|
0.5 grams
|
|
– Optimised tobacco
|
0.7 grams
|
|
Vapour
|
No conversion to a stick equivalent
|
Roll-your-own (RYO)
Loose tobacco designed for hand rolling, normally a finer cut with higher moisture, compared to cigarette tobacco.
Make-your-own (MYO)
MYO expanded tobacco; also known as volume tobacco.
Loose cigarette tobacco with enhanced filling properties – to allow higher yields of cigarettes/kg - designed for use with cigarette tubes and filled via a
tobacco tubing machine.
MYO non-expanded tobacco; also known as optimised tobacco
Loose cigarette tobacco designed for use with cigarette tubes and filled via a tobacco tubing machine.
Vapour
Vapour is shown in units being pods, bottles and disposable units. There is no conversion to a stick equivalent.
Volume Share
Volume share is the estimated number of units bought by adult consumers of a specific brand or combination of brands, as a proportion of the total estimated
units bought by adult consumers in the industry, category or other sub-category. Sub-categories include, but are not limited to, Heated Products, Modern Oral, Traditional Oral, Total Oral or Cigarettes. Except when referencing particular markets,
volume share is based on our Top markets. Top markets are those markets that management determines are strategic in each category, with reliable share data from third parties. Management notes that the markets that form the definition of Top markets
may change between periods as this will reflect the development of the category within markets including their relative revenue sizes.
Where possible, the Group utilises data provided by third-party organisations, including NielsenIQ, based upon retail audit of sales to adult consumers. In
certain markets, where such data is not available, other measures are employed which assess volume share based upon other movements within the supply chain, such as sales to retailers. This may depend on the provision of data by customers including
distributors/wholesalers.
Volume share is used by management to assess (and management believes that it is useful to users of the financial statements to understand) the relative
performance of the Group and its brands against the performance of its main competitors in the categories and geographies in which the Group operates. This measure is also useful to understand the Group’s performance when seeking to grow scale within
a market or category from which future financial returns can be realised. Volume share provides an indicator of the Group’s relative performance in unit terms versus competitors.
Volume share in each period compares the average volume share in the period with the average volume share in the prior year (using the current year Top
markets). This is a more robust measure of performance, removing short-term volatility that may arise at a point in time. Due to the timing of available information, volume share for 2025 is for the year ended 31 December 2025 unless otherwise
stated.
However, in certain circumstances, related to periods of introduction to a market, in order to illustrate the latest performance, data may be provided as at
the end of the period rather than the average in that period. In these instances, the Group states these at a specific date (for instance, December 2025).
Please refer to the Glossary and Definitions on page 48 for a list of the Top markets by product category.
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Other Information
Continued
Non-financial Key Performance Indicators (KPIs) (continued)
Value Share
Value share is the estimated retail value of units bought by adult consumers of a particular brand or combination of brands, as a proportion of the total
estimated retail value of units bought by adult consumers in the industry, category or other sub-category in discussion. Except when referencing particular markets, value share is based on our Top markets. Top markets are those markets that
management determines are strategic in each category, with reliable share data from third parties. Management notes that the markets that form the definition of Top markets may change between periods as this will reflect the development of the
category within markets including their relative revenue sizes.
Where possible, the Group utilises data provided by third-party organisations, including NielsenIQ, based upon retail audit of sales to adult consumers. In
certain markets, where such data is not available, other measures are employed which assess value share based upon other movements within the supply chain, such as sales to retailers. This may depend on the provision of data by customers (including
distributors and wholesalers).
Value share is used by management to assess (and management believes that it is useful to users of the financial statements to understand) the relative
performance of the Group and its brands against the performance of its competitors in the categories and geographies in which the Group operates, specifically indicating the Group’s ability to realise value relative to the market. The measure is
particularly useful when the Group’s products and/or the relevant category in the market in which they are sold has developed or achieved scale from which value can be realised.
Value share in each period compares the average value share in the period with the average value share in the prior year (using the current year Top
markets). This is a more robust measure of performance, removing short-term volatility that may arise at a point of time. Due to the timing of available information, value share for 2025 is for the year ended 31 December 2025 unless otherwise stated.
However, in certain circumstances, related to periods of introduction to a market, in order to illustrate the latest performance, data may be provided as at
the end of the period rather than the average in that period. In these instances the Group states these at a specific date (for instance, December 2025).
Please refer to the Glossary and Definitions on page 48 for a list of the Top markets by product category.
Price Mix
Price mix is a term used by management and users of the financial statements to explain the movement in revenue between periods. Revenue is affected by:
| – |
volume (how many units are sold);
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price (how much is each unit sold for, less excise or other sales taxes and the impact of excise duty drawback); and
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mix (being the relative proportions of higher value volume sold compared to lower value volume sold).
|
In combination, the term price/mix is used to explain the Group’s relative performance between periods only. It is calculated as the difference between the
movement in revenue (between periods at constant rates of exchange) and volume (between periods). For instance, the increase in combustibles revenue (excluding translational foreign exchange movements) of 1.0% in 2025, combined with a decline in
combustibles volume of 8.1% in 2025, leads to a price mix (including excise duty drawback) of +9.1% in 2025. No assumptions underlie this metric as it utilises the Group’s own data.
We also show (see page 5) the impact on revenue from the movement in combustibles volume (being the movement in volume between periods multiplied by the average
combustibles revenue per thousand from the prior period) and the impact from the combustibles price/mix effect (see page 5), which is revenue from combustibles (at constant rates) less the volume effect from the movement in combustibles.
Consumers of Smokeless Products
The number of consumers of Smokeless products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group’s Smokeless products
– which does not necessarily mean these users are solus consumers of these products. In markets where regular consumer tracking is in place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar).
In markets where regular consumer tracking is not in place, the number of consumers of Smokeless products is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with
adult consumer tracking (utilising studies conducted by third parties, including Kantar). The number of consumers is adjusted for those identified (as part of the consumer tracking studies undertaken) as using more than one BAT Brand – referred to as
‘poly users’.
The number of Smokeless products consumers is used by management to assess the number of consumers using the Group’s New Categories products as the increase
in Smokeless products is a key pillar of the Group’s sustainability ambition and is integral to the sustainability of our business.
The Group’s Management Board believes that this measure is useful to investors given the Group’s sustainability ambition and alignment to the sustainability
of the business with respect to the Smokeless portfolio.
Periodically, in line with standard practice, enhancements to the adult consumer tracking studies may be required to more accurately capture market trends
across categories and as markets perform with respect to the development of the categories. When a change is applied, to ensure that the data is comparable between periods, historical data is back-trended to ensure there is no trend break.
During 2025, Kantar made enhancements to their adult consumer tracking studies in Germany. Accordingly, Kantar has back-trended the data with the revised
historical data provided below:
|
2024
|
2023
|
|
|
As previously reported
|
29.1
|
25.5
|
|
Back-trended to reflect enhanced adult consumer tracking
|
29.4
|
25.8
|
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Data Lake and Reconciliations
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Other Information
Continued
Additional information
British American Tobacco is one of the world's leading consumer products businesses, with brands sold across the world. We have strategic combustibles and
HP brands – including Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, glo, veo, Newport (in the U.S.), Camel (in the U.S.) and Natural American Spirit (in the U.S.) – and a growing portfolio of reduced-risk products*†. We hold robust market
positions in each of our regions and have leadership positions in more than 50 markets.
References in this document to information on websites, including the web address of BAT, have been included as inactive textual references only. These
websites and the information contained therein or connected thereto are not intended to be incorporated into or to form part of this report.
*Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk
free and are addictive.
†Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and
no reduced-risk claims will be made as to these products without agency clearance.
Annual Report and Accounts
Statutory accounts
The financial information set out above does not constitute the Company’s statutory accounts for the years ended 31 December 2025 or 2024. Statutory
accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company’s Annual General Meeting. The auditors’ reports on the 2024 and 2025 accounts were unqualified, did not draw attention to
any matters by way of emphasis and did not contain statements under s498(2) or (3) of the Companies Act 2006 or equivalent preceding legislation.
Publication
The Group's 2025 Annual Report will be published on www.bat.com on or around 13 February 2026. A printed copy will later be mailed to shareholders on the UK main
register who have elected to receive it. At the same time, shareholders will be notified of the availability of the Group's 2025 Annual Report on the website and of the Combined Performance and Sustainability Summary together with other ancillary
documents in accordance with their elections. Specific local mailing and/or notification requirements will apply to shareholders on the South Africa branch register. In addition, the Company files its Annual Report on Form 20-F and other documents
with the United States Securities and Exchange Commission (SEC). BAT’s filings are available to the public, together with the public filings of other issuers, at the SEC’s website, www.sec.gov. The Company expects to file its Annual Report on Form 20-F with the SEC on 13 February 2025.
Distribution of Preliminary Statement
This preliminary announcement is released or otherwise made available or notified to the
London Stock Exchange, the JSE Limited and the New York Stock Exchange and filed in accordance with applicable regulations. It may be viewed and downloaded from our website www.bat.com.
Copies of the preliminary announcement may also be obtained during normal business hours from: (1) the Company’s registered office; (2) the Company’s
representative office in South Africa; (3) British American Tobacco Publications; and (4) Citibank Shareholder Services. Contact details are set out below.
This preliminary announcement was approved by the Board of Directors on 11 February 2026.
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Performance Review
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Financial Statements
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Other Information
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Data Lake and Reconciliations
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Other Information
Continued
Forward-looking statements and other matters
This announcement contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995.
In particular, these forward-looking statements include, among other statements, statements
regarding the Group's future financial performance, planned product launches and future regulatory developments and business objectives (including with respect to sustainability and other environmental, social and governance matters), as well as:
(i) in the heading Momentum Drives Further Confidence in 2026 Delivery, the Summary and the Tadeu Marroco, Chief Executive section (all on page 1); (ii) certain statements in the 2026 Outlook (on page 3); (iii) certain statements in the Regional Review section (pages 7 to 9) including our
belief that Vuse will benefit as the authorities continue with enforcement initiatives in 2026 in the U.S. and our expectation of a wider roll-out of glo Hilo in the AME region; (iv) certain statements in the Category Performance Review (pages 10 to 12), including our encouragement by the early performance of Vuse Ultra in certain markets; (v) certain statements in the Other Financial Information
section (pages 13 to 16), including Cash flow; (vi) certain statements in the Sustainability Performance Update section (page 16); (vii) certain statements in the Other Information section (pages 16 to 19), including Operational and process review, the Group's expectation to close the sale of its Cuban subsidiary and the Group's expectation to continue
as a going concern; (viii) certain statements in the Notes to the Financial Statements section (pages 27 to 41), including Accounting policies and
basis of preparation, the Group's forecast and assumptions with respect to impairment testing under amortisation and impairment of trademarks and similar intangibles and impairment of goodwill, the Group's expected capital expenditure, the Group's
targeted credit ratings and Contingent liabilities and financial commitments sections; (ix) certain statements in the Other Information section (pages 42 to 44); and (x) certain statements related to dividends (page 47).
These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should,"
"intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook," "target," "being confident" and similar expressions. These include statements regarding our intentions, beliefs or current
expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the
British American Tobacco Group (the “Group”) operates.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the
expectations reflected in this announcement are reasonable, but they may be affected by a wide range of variables that could cause actual results and performance to differ materially from those currently anticipated. Among the key factors that could
cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of increased competition from illicit trade and illegal products; changes or differences in
domestic or international economic or political conditions; the impact of adverse domestic or international legislation and regulation of tobacco, New Categories and other regulation; the impact of supply chain disruptions; adverse litigation and
external investigations and dispute outcomes and the effect of such outcomes on the Group’s financial condition; the impact of significant increases or structural changes in tobacco, nicotine and New Categories related taxes; the inability to
develop, commercialise and deliver the Group’s New Categories strategy; adverse decisions by domestic or international regulatory bodies, including disputed taxes, interest and penalties; the impact of serious injury, illness or death in the
workplace and those who work with the business; the ability to maintain credit ratings and to fund the business under the current capital structure; translational and transactional foreign exchange rate exposure; direct and indirect adverse impacts
associated with climate change (both physical and transition); the ability to deliver a viable circular business model in response to global demand, combined with increasing regulatory, stakeholder and consumer pressure; and the Group’s ability to
defend against Cyber & Digital actions that result in loss of confidentiality, availability or integrity of systems and data.
A review of the reasons why actual results and developments may differ materially from the
expectations disclosed or implied within forward-looking statements can be found by referring to the information contained under the headings “Cautionary statement”, "Group Principal Risks" and "Group Risk Factors" in the Group's 2024 Annual Report
and the Group's Annual Report on Form 20-F of British American Tobacco p.l.c. (BAT). Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission (SEC), including the
Group's Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, www.sec.gov and BAT’s Annual Reports.
No statement in this announcement is intended to be a profit forecast and no statement in this communication should be interpreted to mean that earnings per
share of BAT for the current or future financial years would necessarily match or exceed the historical published earnings per share of BAT. Past performance is no guide to future performance and persons needing advice should consult an independent
financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.
All financial statements and financial information provided by or with respect to the U.S. or Reynolds American are initially prepared on the basis of U.S.
GAAP and constitute the primary financial statements or financial records of the U.S./Reynolds American. This financial information is then converted to International Financial Reporting Standards as issued by the IASB and as adopted for use in the
UK (IFRS) for the purpose of consolidation within the results of the Group. To the extent any such financial information provided in this announcement relates to the U.S. or Reynolds American it is provided as an explanation of, or supplement to,
Reynolds American’s primary U.S. GAAP based financial statements and information.
Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims will be made as
to these products without agency clearance.
Caroline Ferland
Company Secretary
11 February 2026
39
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Corporate Information
Corporate information
British American Tobacco p.l.c. is a public limited company incorporated in England and Wales (No. 3407696) and domiciled in the UK.
Registered office
Globe House, 4 Temple Place, London, WC2R 2PG, UK
tel: +44 20 7845 1000
tel: +44 20 7845 1000
Stock Exchange Listings
The Company’s ordinary shares are listed on the London Stock Exchange (the primary listing (share code: BATS; ISIN GB0002875804)), the JSE Limited (secondary
listing (abbreviated name: BATS; trading code: BTI)) and are traded on the New York Stock Exchange (NYSE) in the form of ADSs and are evidenced by American Depositary Receipts (ADRs) (symbol: BTI; CUSIP number 110448107). Each BAT ADS represents one
ordinary share. BAT ADRs have been listed on the NYSE since 25 July 2017 as a Sponsored Level III ADS programme for which Citibank, N.A. is the depositary (the Depositary) and transfer agent.
Sponsor for the purpose of the secondary listing
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Representative office in South Africa
Waterway House South
No 3 Dock Road, V&A Waterfront, Cape Town 8000, South Africa
PO Box 631, Cape Town 8000, South Africa
tel: +27 21 003 6500
Manage your shareholding
Ordinary shareholder enquiries
United Kingdom Registrar
Computershare Investor Services PLC (Computershare)
The Pavilions, Bridgwater Road, Bristol BS99 6ZZ
tel: 0800 408 0094 (UK only) or +44 370 889 3159 (Overseas)
online: www.investorcentre.co.uk/contactus
The Pavilions, Bridgwater Road, Bristol BS99 6ZZ
tel: 0800 408 0094 (UK only) or +44 370 889 3159 (Overseas)
online: www.investorcentre.co.uk/contactus
South African Registrar
Computershare Investor Services Proprietary Limited
Private Bag X9000, Saxonwold, 2132, South Africa
tel: 0861 100 634; +27 11 870 8216
email: web.queries@computershare.co.za
Private Bag X9000, Saxonwold, 2132, South Africa
tel: 0861 100 634; +27 11 870 8216
email: web.queries@computershare.co.za
American Depositary Shares (ADS) enquiries
All enquiries regarding ADS holder accounts and payment of dividends should be addressed to: Citibank Shareholder Services
PO Box 43077, Providence, Rhode Island 02940-3077, USA
tel: +1 888 985 2055 (toll-free) or +1 781 575 4555
email: citibank@shareholders-online.com
website: www.citi.com/dr
PO Box 43077, Providence, Rhode Island 02940-3077, USA
tel: +1 888 985 2055 (toll-free) or +1 781 575 4555
email: citibank@shareholders-online.com
website: www.citi.com/dr
Publications
British American Tobacco Publications
Unit 80, London Industrial Park, Roding Road, London E6 6LS
tel: +44 20 7511 7797 email: bat@team365.co.uk
Holders of shares held on the South Africa register can contact the Company’s Representative office in South Africa using the contact details shown above.
40
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Corporate Information
Continued
Quarterly dividends for the Year Ended 31 December 2025
The Board has declared an interim dividend of 245.04p per ordinary share of 25p for the year ended 31 December 2025, payable in four equal quarterly
instalments of 61.26p per ordinary share in May 2026, August 2026, November 2026 and February 2027. This represents an increase of 2.0% on 2024 (2024: 240.24p per share), and a pay-out ratio, on 2025 adjusted diluted earnings per share, of 69.6%. On
an adjusted for Canada basis, this is a pay-out ratio of 72.0% in 2025 (2024: 70.4%).
Please refer to page 57 for a reconciliation of diluted earnings per share to adjusted earnings per share, including as adjusted for Canada.
South Africa Branch register
In accordance with the JSE Limited (JSE) Listing Requirements, the finalisation information relating to shareholders registered on the South Africa branch
register (comprising the amount of the dividend in South African rand, the exchange rate and the associated conversion date) will be published on the dates stated below, together with South Africa dividends tax information.
The quarterly dividends are regarded as ‘foreign dividends’ for the purposes of the South Africa Dividends Tax. For the purposes of South Africa Dividends
Tax reporting, the source of income for the payment of the quarterly dividends is the United Kingdom.
Key dividend dates
In compliance with the requirements of the London Stock Exchange (LSE), Strate (the electronic settlement and custody system used by the JSE) and the NYSE,
the following are the salient dates for the quarterly dividends payments. All dates are 2026 unless otherwise stated.
|
Event
|
Payment No. 1
|
Payment No. 2
|
Payment No. 3
|
Payment No. 4
|
|
Preliminary announcement (includes declaration data required for JSE purposes)
|
12 February
|
|||
|
Publication of finalisation information (JSE)
|
17 March
|
30 June
|
21 September
|
14 December
|
|
No removal requests permitted (in either direction) between the UK main register and the South Africa branch register
|
17 March–
27 March
|
30 June–
10 July
|
21 September–
2 October
|
14 December– 29 December
|
|
Last Day to Trade (LDT) cum-dividend (JSE)
|
24 March
|
07 July
|
29 September
|
23 December
|
|
Shares commence trading ex-dividend (JSE)
|
25 March
|
08 July
|
30 September
|
24 December
|
|
No transfers permitted between the UK main register and the South Africa branch register
|
25 March–
27 March
|
8 July–
10 July
|
30 September–
2 October
|
24 December– 30 December
|
|
No shares may be dematerialised or rematerialised on the South Africa branch register
|
25 March–
27 March
|
8 July–
10 July
|
30 September–
2 October
|
24 December– 30 December
|
|
Shares commence trading ex-dividend (LSE)
|
26 March
|
9 July
|
1 October
|
24 December
|
|
Shares commence trading ex-dividend (NYSE)
|
27 March
|
10 July
|
2 October
|
29 December
|
|
Record date
(JSE, LSE and NYSE)
|
27 March
|
10 July
|
2 October
|
29 December
|
|
Last date for receipt of Dividend Reinvestment Plan (DRIP) elections (LSE)
|
15 April
|
24 July
|
16 October
|
13 January 2027
|
|
Payment date (LSE and JSE)
|
7 May
|
14 August
|
6 November
|
3 February 2027
|
|
ADS payment date (NYSE)
|
12 May
|
19 August
|
12 November
|
8 February 2027
|
Notes:
| 1. |
All dates are 2026, unless otherwise stated.
|
| 2. |
The dates set out above may be subject to any changes to public holidays arising and changes or revisions to the LSE, JSE and NYSE timetables. Any confirmed changes to
the dates will be announced.
|
Shareholder Information
Calendar 2026
|
Event
|
Date1
|
|
Annual General Meeting2
|
Wednesday 15 April 2026
at 11.30am
|
|
Half-Year Report
|
Thursday 30 July 2026
|
1. Indicated dates are subject to change.
2. Details of the venue and business to be proposed at the meeting will be set out in the Notice of Annual General
Meeting, which will be made available to all shareholders and published on www.bat.com.
41
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glossary and Definitions
The following is a summary of the key terms used within this report:
|
Term
|
Definition
|
|
AME
|
Americas (excluding U.S.) and Europe.
|
|
APMEA
|
Asia Pacific, Middle East and Africa.
|
|
British American Tobacco, BAT, Group, we, us and our
|
When the reference denotes an opinion, this refers to British American Tobacco p.l.c. and when the reference denotes business activity, this refers
to British American Tobacco Group operating companies, either collectively or individually, as the case may be.
|
|
Carbon Dioxide equivalent emissions
|
Carbon Dioxide equivalent (CO2e) emissions include CO2, CH4 and N2O and are reported where we have operational control. We do not include data on
other GHG emissions (HFCs, PFCs, SF6 and NF3) as they are estimated to be insignificant.
|
|
Cigarette
|
Factory-made cigarettes (FMC) and products that have similar characteristics and are manufactured in the same manner, but due to specific features
may not be recognised as cigarettes for regulatory, duty or similar reasons.
|
|
Circular Economy
|
The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling
existing materials and products as long as possible.
|
|
Combustibles
|
Cigarettes and OTP.
|
|
Constant Currency/Constant rates
|
Presentation of results in the prior year’s exchange rate, removing the potentially distorting effect of translational foreign exchange on the
Group’s results. The Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements.
|
|
Double Materiality Assessment/Material topic
|
Although financial materiality has been considered in the development of our Double Materiality Assessment (“DMA”), our DMA/Material topic and any
related conclusions as to the materiality of sustainability matters do not imply that all topics discussed therein are financially material to our business taken as a whole, and such topics may not significantly alter the total mix of
information available about our securities.
|
|
HP
|
Heated Products, including the devices, which include glo and our hybrid products, which are used to heat our consumables being the Tobacco Heated
Products or Herbal Products for Heating.
|
|
Modern Oral
|
Includes Velo, Grizzly and Lundgrens and products that are characterised as nicotine replacement therapy (including oral pouches, gums, lozenges and
sprays).
|
|
New Categories (NC)
|
Includes Vapour, HP and Modern Oral.
|
|
OTP
|
Other Tobacco Products, including make-your-own, roll-your-own, Pipe and Cigarillos.
|
|
Poly-usage/Poly-use
|
Refers to consumers consuming two or more tobacco and/or nicotine products.
|
|
Reduced risk†
|
Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive.
|
|
Smokeless
|
New Categories plus Traditional Oral.
|
|
Solus usage
|
Adult consumers using only one category of combustible or nicotine products.
|
|
THP
|
Tobacco Heated Products (i.e., the consumables that contain tobacco used by Heated Product devices).
|
|
Top Cigarette markets
|
Being the Top cigarette markets which are defined as the Top markets by industry revenue, being the U.S., Japan, Brazil, Germany, Pakistan, Mexico
and Romania, accounting for c.60% of total industry cigarettes revenue in 2024.
|
|
Top HP markets
|
Being the Top HP markets which are defined as the Top markets by industry revenue. Top markets are Japan, South Korea, Italy, Germany, Greece,
Poland, Romania, the Czech Republic, Spain and Portugal. These Top markets account for c.80% of total industry HP revenue in 2024.
|
|
Top Modern Oral markets
|
Being the Top Modern Oral markets which are defined as the Top markets by industry revenue, being the U.S., Sweden, Denmark, Norway, Switzerland, the
UK and Poland, accounting for c.90% of total industry Modern Oral revenue in 2024.
|
|
Top Vapour markets
|
Being the Top Vapour markets which are defined as the Top markets by industry revenue, being the U.S., Canada, the UK, France, Germany, Poland and
Spain. These Top markets account for c.80% of total industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2024.
|
|
Traditional Oral
|
Including Moist Snuff (Granit, Mocca, Grizzly, Kodiak) and other traditional snus products (including Camel Snus and Lundgrens).
|
|
U.S.
|
United States of America.
|
|
Value share
|
Value share is the estimated retail value of units bought by adult consumers of a particular brand or combination of brands, as a proportion of the
total estimated retail value of units bought by adult consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, value share is based on our Top markets.
|
|
Vapour
|
Battery-powered devices (rechargeable or single-use) that heat liquid formulations – e-liquids – to create a vapour which is inhaled. Vapour products
include Vuse.
|
|
Volume share
|
Offtake volume share, as independently measured by retail audit agencies and scanner sales to adult consumers, where possible or based on movements
within the supply chain (such as sales to retailers) to generate an estimate of shipment share, based upon latest available data. Except when referencing particular markets, volume share is based on our Top markets.
|
† Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation
and no reduced-risk claims will be made as to these products without agency clearance.
All financial statements and financial information provided by or with respect to the U.S. or Reynolds American are initially prepared on the basis of U.S.
GAAP and constitute the primary financial statements or financial records of the U.S./Reynolds American. This financial information is then converted to International Financial Reporting Standards as issued by the IASB and as adopted for use in the
UK (IFRS) for the purpose of consolidation within the results of the Group. To the extent any such financial information provided in this announcement relates to the U.S. or Reynolds American it is provided as an explanation of, or supplement to,
Reynolds American’s primary U.S. GAAP based financial statements and information.
42
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Volume
|
Group Volume
|
|||
|
Years ended 31 December
|
2025
|
2024
|
|
|
Reported
|
Change %
|
Reported
|
|
|
New Categories:
|
|||
|
Vapour (units mn)
|
538
|
-12.6%
|
616
|
|
HP (bn sticks)
|
20
|
-3.7%
|
21
|
|
Modern Oral (bn pouches)
|
12.2
|
+47.1%
|
8.3
|
|
Traditional Oral (bn sticks eq)
|
5.5
|
-9.1%
|
6.1
|
|
Cigarettes (bn sticks)
|
465
|
-7.9%
|
505
|
|
OTP (bn sticks)
|
12
|
-14.0%
|
13
|
|
Total Combustibles (bn sticks)
|
477
|
-8.1%
|
518
|
Non-GAAP measures
To supplement the presentation of the Group’s results of operations and financial condition in accordance with IFRS, the Group also presents several non-GAAP
measures used by management to monitor the Group’s performance. The Group’s management regularly reviews the measures used to assess and present the financial performance of the Group and, as relevant, its geographic segments.
The following table demonstrates the principal non-GAAP measures which the Group uses and indicates the IFRS measure from which each principal Non-GAAP
measure is reconciled:
|
Non-GAAP Measure title
|
Presented in
|
Reconciled from:
|
|||
|
Current rates
|
Constant rates
|
Adjusted for Canada2
|
IFRS measure
|
||
|
Revenue
|
£m
|
n/a1
|
Yes
|
Revenue
|
|
|
New Categories revenue
|
£m
|
Yes
|
Yes
|
Revenue
|
|
|
Smokeless revenue as a % of total revenue
|
%
|
Yes
|
Revenue
|
||
|
Adjusted gross profit
|
£m
|
Yes
|
Yes
|
Profit from Operations
|
|
|
Adjusted gross margin
|
%
|
Yes
|
Yes
|
Revenue/Profit from Operations
|
|
|
Category contribution
|
£m
|
Yes
|
Yes
|
Profit from Operations
|
|
|
Category contribution margin
|
%
|
Yes
|
Yes
|
Revenue/Profit from Operations
|
|
|
Adjusted profit from operations
|
£m
|
Yes
|
Yes
|
Yes
|
Profit from Operations
|
|
Adjusted operating margin
|
%
|
Yes
|
Yes
|
Yes
|
Revenue/Profit from Operations
|
|
Adjusted diluted earnings per share
|
p
|
Yes
|
Yes
|
Yes
|
Diluted Earnings per Share
|
|
Adjusted EBITDA
|
£m
|
Yes
|
Yes
|
Yes
|
Profit for the Year
|
|
Adjusted net debt
|
£m
|
Yes
|
Yes
|
Borrowings
|
|
|
Operating cash conversion
|
%
|
Yes
|
Yes
|
Net cash generated from operating activities
|
|
|
Adjusted cash generated from operations
|
£m
|
Yes
|
Yes
|
Yes
|
Net cash generated from operating activities
|
|
Free cash flow before and after dividends paid to shareholders
|
£m
|
Yes
|
Net cash generated from operating activities
|
||
|
Adjusted return on capital employed
|
%
|
Yes
|
Yes
|
Profit from Operations / Average Total Assets less Current Liabilities
|
|
| 1. |
Revenue at current rates is the IFRS measure.
|
| 2. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
The Group also uses adjusted share of post-tax results of associates and joint ventures, adjusted net finance costs, adjusted taxation and underlying tax
rate.
The Management Board, as the chief operating decision-maker, reviews a number of our IFRS and non-GAAP measures for the Group and its product categories and
geographic segments at constant rates of exchange. This allows comparison of the Group’s results, had they been translated at the previous year’s average rates of exchange. The Group does not adjust for the normal transactional gains and losses in
profit from operations that are generated by exchange movements.
Non-GAAP measures also include measures excluding the impact of adjusting items. Although the
Group does not believe that these measures are a substitute for IFRS measures, the Group does believe such results excluding the impact of adjusting items and currency fluctuations that may significantly affect the users' understanding of the
Group's performance when compared across period, as applicable, provide additional useful information to users of the financial statements regarding the underlying performance of operating performance on a local currency basis (see page 15) and the business on a comparable basis.
Adjusting items, used to calculate certain of the above measures, are identified in accordance with the Group’s accounting policies. They represent certain
items of income and expense which the Group considers distinctive based on their size, nature or incidence and which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group’s underlying financial
performance.
As discussed on page 17, for certain measures, the Group also adjusts for the performance of Canada reflecting how Management assesses the performance of
Canada on an ongoing basis.
43
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Additionally, the Group uses the non-GAAP measures of non-controlling interest, coupons relating to hybrid bonds net of tax and profit attributable to shareholders.
Breakdowns of revenues by product category (including revenue generated from Vapour, Heated Products, Modern Oral, New Categories as a whole, Traditional
Oral, Smokeless products as a whole and combustibles) and by geographic segment (including revenue generated in the United States, Americas and Europe and Asia-Pacific, Middle East and Africa), contributions to profit from operations by product
category, adjusted gross profit, adjusted gross margin, category contribution, category contribution margin, adjusted profit from operations, adjusted operating margin, adjusted net finance costs, adjusted group share of post-tax results of
associates and joint ventures, adjusted taxation, underlying taxation, adjusted diluted earnings per share, free cash flow (before dividends paid to shareholders), free cash flow (after dividends paid to shareholders), adjusted cash generated from
operations, operating cash conversion ratio, net debt, adjusted net debt, adjusted net debt / adjusted EBITDA, and adjusted return on capital employed (including, where appropriate, presented as adjusted for Canada) have limitations as analytical
tools. They are not presentations made in accordance with IFRS and none of these non-GAAP measures should be considered as an alternative measure of revenue, profit from operations, cash flows or any financial measure based thereon, as applicable,
determined in accordance with IFRS.
These measures demonstrate, among other things, the Group's profitability (before adjusting items and translational foreign exchange) from the principal
product categories, illustrating the category profitability development as the Group realises the transition from combustibles to Smokeless products in line with the Group's strategy to Build a Smokeless World.
The Group’s Management Board believes these measures, which are used internally, are useful to the users of the financial statements in helping them
understand the underlying business performance and can provide insights into the cash flow available to, among other things, reduce debt and pay dividends.
None of these non-GAAP measures are necessarily comparable to similarly titled measures used by other companies. As a result, readers should not consider
these non-GAAP measures in isolation from, or as a substitute analysis for, the Group’s revenue, profit from operations, cash flows or any financial measure based thereon, as applicable, as determined in accordance with IFRS.
Due to the secondary listing of the ordinary shares of British American Tobacco p.l.c. on the main board of the JSE in South Africa, the Group is required to
present headline earnings per share and diluted headline earnings per share, as alternative measures of earnings per share, calculated in accordance with Circular 1/2023 ‘Headline Earnings’ issued by the South African Institute of Chartered
Accountants. These are shown on page 35.
Revenue, at Constant Rates of Exchange
Definition – Revenue before the impact of foreign exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Revenue
|
25,610
|
25,867
|
|
Impact of translational foreign exchange
|
804
|
|
|
2025 revenue re-translated at 2024 exchange rates
|
26,414
|
25,867
|
|
Change in revenue at prior year’s exchange rates (constant rates)
|
2.1%
|
Revenue by Product Category or Geographic Segment – Including Revenue from New Categories, at Constant Rates of Exchange
Definition – Revenue by product category, and at the prior year’s prevailing exchange rate, derived from the principal product categories of Combustibles,
New Categories (being comprised of revenue from Vapour, HP and Modern Oral), and Traditional Oral, including by the geographic segments of the United States, Americas and Europe, and Asia-Pacific, Middle East and Africa.
Reconciliation of revenue by product category to revenue by product category at constant rates of exchange (2025 - 2024)
|
For the year ended 31 December
|
2025
|
2024
|
||||
|
Group
|
Reported
£m
|
vs 2024
%
|
Impact of exchange
£m
|
Reported at cc
£m
|
Reported at cc vs 2024
%
|
Reported
£m
|
|
New Categories:
|
||||||
|
Vapour
|
1,542
|
-10.4%
|
31
|
1,573
|
-8.6%
|
1,721
|
|
HP
|
914
|
-0.7%
|
16
|
930
|
+1.0%
|
921
|
|
Modern Oral
|
1,165
|
+47.4%
|
5
|
1,170
|
+48.0%
|
790
|
|
Total New Categories
|
3,621
|
+5.5%
|
52
|
3,673
|
+7.0%
|
3,432
|
|
Traditional Oral
|
1,043
|
-4.5%
|
30
|
1,073
|
-1.7%
|
1,092
|
|
Combustibles
|
20,201
|
-2.3%
|
686
|
20,887
|
+1.0%
|
20,685
|
|
Other
|
745
|
+13.2%
|
36
|
781
|
+18.7%
|
658
|
|
Revenue
|
25,610
|
-1.0%
|
804
|
26,414
|
+2.1%
|
25,867
|
Note:
cc: constant currency – measures are calculated based on a re-translation of the current year’s results of the Group
at the prior year’s exchange rates and, where applicable, its geographical segments or product categories.
44
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Revenue by Product Category or Geographic Segment – Including Revenue from New Categories, at Constant Rates of Exchange (continued)
|
For the year ended 31 December
|
2025
|
2024
|
|||||
|
U.S.
|
Reported
£m
|
vs 2024
%
|
Impact of exchange
£m
|
Reported at cc
£m
|
Reported at cc vs 2024
%
|
Reported
£m
|
|
|
New Categories:
|
|||||||
|
Vapour
|
934
|
-6.4%
|
29
|
963
|
-3.4%
|
998
|
|
|
HP
|
—
|
—
|
—
|
—
|
—
|
—
|
|
|
Modern Oral
|
317
|
+296.9%
|
10
|
327
|
+309.6%
|
80
|
|
|
Total New Categories
|
1,251
|
+16.1%
|
39
|
1,290
|
+19.8%
|
1,078
|
|
|
Traditional Oral
|
1,006
|
-5.0%
|
31
|
1,037
|
-2.0%
|
1,058
|
|
|
Combustibles
|
9,218
|
+1.4%
|
295
|
9,513
|
+4.6%
|
9,094
|
|
|
Other
|
59
|
+23.2%
|
4
|
63
|
+27.5%
|
48
|
|
|
Revenue
|
11,534
|
+2.3%
|
369
|
11,903
|
+5.5%
|
11,278
|
|
|
For the year ended 31 December
|
2025
|
2024
|
|||||
|
AME
|
Reported
£m
|
vs 2024
%
|
Impact of exchange
£m
|
Reported at cc
£m
|
Reported at cc vs 2024
%
|
Reported
£m
|
|
|
New Categories:
|
|||||||
|
Vapour
|
543
|
-11.2%
|
(1)
|
542
|
-11.4%
|
611
|
|
|
HP
|
470
|
+6.2%
|
1
|
471
|
+6.2%
|
443
|
|
|
Modern Oral
|
800
|
+18.3%
|
(6)
|
794
|
+17.3%
|
676
|
|
|
Total New Categories
|
1,813
|
+4.8%
|
(6)
|
1,807
|
+4.3%
|
1,730
|
|
|
Traditional Oral
|
37
|
+9.9%
|
(1)
|
36
|
+5.1%
|
34
|
|
|
Combustibles
|
6,974
|
-0.9%
|
226
|
7,200
|
+2.3%
|
7,039
|
|
|
Other
|
485
|
+10.8%
|
20
|
505
|
+15.7%
|
438
|
|
|
Revenue
|
9,309
|
+0.7%
|
239
|
9,548
|
+3.3%
|
9,241
|
|
|
For the year ended 31 December
|
2025
|
2024
|
|||||
|
APMEA
|
Reported
£m
|
vs 2024
%
|
Impact of exchange
£m
|
Reported at cc
£m
|
Reported at cc vs 2024
%
|
Reported
£m
|
|
|
New Categories:
|
|||||||
|
Vapour
|
65
|
-41.2%
|
3
|
68
|
-39.4%
|
112
|
|
|
HP
|
444
|
-7.0%
|
15
|
459
|
-3.8%
|
478
|
|
|
Modern Oral
|
48
|
+39.8%
|
1
|
49
|
+44.2%
|
34
|
|
|
Total New Categories
|
557
|
-10.6%
|
19
|
576
|
-7.6%
|
624
|
|
|
Traditional Oral
|
—
|
—
|
—
|
—
|
—
|
—
|
|
|
Combustibles
|
4,009
|
-11.9%
|
165
|
4,174
|
-8.3%
|
4,552
|
|
|
Other
|
201
|
+16.3%
|
12
|
213
|
+23.7%
|
172
|
|
|
Revenue
|
4,767
|
-10.9%
|
196
|
4,963
|
-7.2%
|
5,348
|
|
Note:
cc: constant currency – measures are calculated based on a re-translation of the current year’s results of the Group
at the prior year’s exchange rates and, where applicable, its geographical segments or product categories.
45
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Profit from Operations, Adjusted Profit from Operations at Constant Rates of Exchange, Adjusted Profit from Operations at
Constant Rates of Exchange as adjusted for Canada1; Adjusted Operating Margin and Adjusted Operating Margin as adjusted for Canada
Definition – Profit from operations before the impact of adjusting items (including, as applicable, adjustments in respect of Canada) and translational
foreign exchange; and adjusted profit from operations (including, as applicable, adjustments in respect of Canada), as a percentage of revenue.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Profit from operations
|
9,997
|
2,736
|
|
Add:
|
||
|
Restructuring
|
66
|
—
|
|
Amortisation and impairment of trademarks and similar intangibles
|
1,584
|
2,279
|
|
(Credit)/charges in respect of Romania's other taxes
|
(15)
|
449
|
|
(Credit)/charges in respect of the Canada Approved Plans
|
(708)
|
6,203
|
|
Impairment charges in respect of Cuba's fixed assets
|
—
|
74
|
|
Impairment charges relating to the Group's head office in London
|
—
|
75
|
|
Impairment of goodwill
|
277
|
39
|
|
Charges in connection with disposal of associate
|
3
|
6
|
|
Pension liability management (buy-out)
|
28
|
—
|
|
Impairment on held-for-sale assets and associated costs
|
235
|
—
|
|
Charges in respect of DOJ investigation and OFAC investigation
|
—
|
4
|
|
Credit in respect of settlement of historical litigation in relation to the Fox River
|
—
|
(132)
|
|
Loss of a distribution facility in Ukraine
|
39
|
—
|
|
Other adjusting items (including Engle)
|
66
|
157
|
|
Adjusted profit from operations
|
11,572
|
11,890
|
|
Impact of translational foreign exchange
|
364
|
|
|
Adjusted profit from operations, translated at 2024 exchange rates
|
11,936
|
11,890
|
|
Change in adjusted profit from operations, translated at 2024 exchange rates
|
+0.4%
|
|
|
Adjustments in respect of Canada1, translated at 2024 rates
|
(308)
|
(520)
|
|
Adjusted profit from operations as adjusted for Canada, translated at 2024 exchange rates
|
11,628
|
11,370
|
|
Change in adjusted profit from operations as adjusted for Canada, translated at 2024 exchange rates
|
+2.3%
|
|
|
Operating Margin (Profit from operations as a % of revenue)
|
39.0%
|
10.6%
|
|
Adjusted Operating Margin (Adjusted profit from operations as a % of revenue)
|
45.2%
|
46.0%
|
|
Adjusted Operating Margin as adjusted for Canada (Adjusted PFO as adjusted for Canada as a % of revenue), translated at 2024
exchange rates
|
44.0%
|
44.0%
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
Adjusted Gross Profit and Adjusted Gross Margin both as adjusted for Canada and at Constant Rates of Exchange
Definition – Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable
distribution costs and presented adjusting for the performance of Canada (excluding New Categories), in £ and as a proportion of revenue (at constant rates).
These
measures reflect the focus of the Group's strategic ambition and investment activity. New Category adjusted gross margin (being a sub-set of Group adjusted gross margin as adjusted for Canada) is included within the Group's incentive schemes.
Costs are incurred by the products either directly as incurred by the product or category or, when incurred by products via an allocation of shared
distribution mechanism in a market, such costs are allocated based upon each category’s revenue as a proportion of total revenue from that market.
Please refer to page 53 for the reconciliation of Group profit from operations to adjusted gross profit and adjusted gross margin, included as part of a wider
reconciliation of non-GAAP measures.
Category Contribution and Category Contribution Margin both as adjusted for Canada and at Constant Rates of Exchange
Definition – Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are attributable to
a product category and presented adjusting for the performance of Canada (excluding New Categories), in £ and as a proportion of revenue (at constant rates).
New Category
contribution and New Category contribution margin (being a sub-set of Group category contribution and Group category contribution margin) are included within the Group's incentive schemes.
These measures reflect the marginal contribution of the Group’s principal product categories to the Group’s financial performance. These measures include all
attributable revenue and costs. These measures are provided in aggregate as certain costs are incurred across all New Categories and are not product specific. However, certain overhead costs that are not category specific are excluded from category
contribution. Where costs are incurred by products via a shared distribution mechanism in a market, such costs are allocated based upon each category’s revenue as a proportion of total revenue from that market.
Please refer to page 53 for the reconciliation of Group profit from operations to category contribution and category contribution margin, included as part of
a wider reconciliation of non-GAAP measures.
46
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Reconciliations of Revenue to Revenue by Product Category, at Constant Rates of Exchange and Profit from Operations to Adjusted Profit
from Operations, Adjusted Operating Margin, Category Contribution, Category Contribution Margin, Adjusted Gross Profit and Adjusted Gross Margin, at Constant Rates of Exchange and including adjustments in respect of Canada (excluding New Categories).
The following reconciliations are provided to support the definitions of the above measures as
explained on pages 51 to 52.
|
For the year ended 31 December
|
2025
|
|||||
|
Group reported
£m
|
New Categories
£m
|
Traditional Oral
£m
|
Combustibles
£m
|
Other
£m
|
||
|
Revenue
|
25,610
|
3,621
|
1,043
|
20,201
|
745
|
|
|
Impact of translational FX
|
804
|
52
|
30
|
686
|
36
|
|
|
Revenue at 2024 exchange rates (see page 51)
|
26,414
|
3,673
|
1,073
|
20,887
|
781
|
|
|
Profit from operations
|
9,997
|
|||||
|
Operating margin
|
39.0%
|
|||||
|
Adjusting items (see page 52)
|
1,575
|
|||||
|
Impact of translational FX
|
364
|
|||||
|
Adjustments in respect of Canada1
|
(308)
|
|||||
|
Adjusted profit from operations as adjusted for Canada
|
11,628
|
|||||
|
vs 2024
|
2.3%
|
|||||
|
Adjusted operating margin as adjusted for Canada
|
44.0%
|
|||||
|
Other costs that are not attributable to categories
|
2,053
|
|||||
|
Category contribution as adjusted for Canada
|
13,681
|
442
|
798
|
12,235
|
206
|
|
|
Category contribution margin as adjusted for Canada
|
51.8%
|
12.0%
|
74.3%
|
58.6%
|
26.4%
|
|
|
Category spend (Marketing Investment and R&D)
|
3,860
|
1,703
|
91
|
1,992
|
74
|
|
|
Adjusted gross profit as adjusted for Canada
|
17,541
|
2,145
|
889
|
14,227
|
280
|
|
|
vs 2024
|
3.4%
|
11.0%
|
-0.9%
|
2.5%
|
8.9%
|
|
|
Adjusted Gross margin as adjusted for Canada
|
66.4%
|
58.4%
|
82.8%
|
68.1%
|
35.8%
|
|
|
Impact of translational FX
|
483
|
29
|
26
|
414
|
14
|
|
|
Adjusted gross profit at current rates as adjusted for Canada
|
17,058
|
2,116
|
863
|
13,813
|
266
|
|
|
For the year ended 31 December
|
2024
|
|||||
|
Group reported
£m
|
New Categories
£m
|
Traditional Oral
£m
|
Combustibles
£m
|
Other
£m
|
||
|
Revenue
|
25,867
|
3,432
|
1,092
|
20,685
|
658
|
|
|
Profit from operations
|
2,736
|
|||||
|
Operating margin
|
10.6%
|
|||||
|
Adjusting items (see page 52)
|
9,154
|
|||||
|
Adjustments in respect of Canada1
|
(520)
|
|||||
|
Adjusted profit from operations as adjusted for Canada
|
11,370
|
|||||
|
Adjusted operating margin as adjusted for Canada
|
44.0%
|
|||||
|
Other costs that are not attributable to categories
|
1,848
|
|||||
|
Category contribution as adjusted for Canada
|
13,218
|
249
|
840
|
11,931
|
198
|
|
|
Category contribution margin as adjusted for Canada
|
51.1%
|
7.3%
|
76.9%
|
57.7%
|
30.1%
|
|
|
Category spend (Marketing Investment and R&D)
|
3,747
|
1,683
|
58
|
1,947
|
59
|
|
|
Adjusted gross profit as adjusted for Canada
|
16,965
|
1,932
|
898
|
13,878
|
257
|
|
|
Adjusted gross margin as adjusted for Canada
|
65.6%
|
56.3%
|
82.2%
|
67.1%
|
39.1%
|
|
|
at Constant FX
|
||
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
47
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Net Finance Costs at Current and Constant Rates of Exchange and Adjusted Net Finance Costs as adjusted for Canada1 at
Constant Rates of Exchange
Definition – Net finance costs before the impact of adjusting items, adjustments in respect of Canada (where appropriate,
and excluding New Categories) and translational foreign exchange.
and excluding New Categories) and translational foreign exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Finance costs
|
(2,033)
|
(1,349)
|
|
Finance income
|
214
|
251
|
|
Net finance costs
|
(1,819)
|
(1,098)
|
|
Less: Adjusting items in net finance costs
|
170
|
(491)
|
|
Adjusted net finance costs
|
(1,649)
|
(1,589)
|
|
Comprising:
|
||
|
Interest payable
|
(1,715)
|
(1,759)
|
|
Interest and dividend income
|
214
|
251
|
|
Fair value changes – derivatives
|
(521)
|
(90)
|
|
Exchange differences
|
373
|
9
|
|
Adjusted net finance costs
|
(1,649)
|
(1,589)
|
|
Impact of translational foreign exchange
|
(27)
|
|
|
Adjusted net finance costs, translated at 2024 exchange rates
|
(1,676)
|
(1,589)
|
|
Adjustments in respect of Canada1, translated at 2024 exchange rates
|
(57)
|
(126)
|
|
Adjusted net finance costs as adjusted for Canada, translated at 2024 exchange rates
|
(1,733)
|
(1,715)
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the interest earned in Canada on cash and cash equivalent balances held as of July 2025 that were paid as part of the settlement agreement, provided as it is
included directly or indirectly in measures used by management for remuneration.
|
Adjusted Share of Post-Tax Results of Associates and Joint Ventures, at Constant Rates of Exchange
Definition – Share of post-tax results of associates and joint ventures before the impact of adjusting items and translational foreign exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Group’s share of post-tax results of associates and joint ventures
|
1,681
|
1,900
|
|
Issue of shares and changes in shareholding
|
(5)
|
(18)
|
|
Other exceptional items in ITC
|
(333)
|
—
|
|
Gain on partial divestment of shares held in ITC
|
(898)
|
(1,361)
|
|
Gain on sale of land and property by VST industries Limited
|
(3)
|
—
|
|
Adjusted Group’s share of post-tax results of associates and joint ventures
|
442
|
521
|
|
Impact of translational foreign exchange
|
33
|
|
|
Adjusted Group’s share of post-tax results of associates and joint ventures, translated at 2024 exchange rates
|
475
|
521
|
48
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Taxation at Current and Constant Rates of Exchange and Adjusted Taxation as adjusted for Canada, at Constant Rates of Exchange
Definition – Taxation before the impact of adjusting items, adjustments in respect of Canada (where appropriate, and excluding New Categories) and
translational foreign exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
UK corporation tax
|
||
|
– current year tax expense
|
15
|
15
|
|
– adjustments in respect of prior periods
|
2
|
9
|
|
Overseas tax
|
||
|
– current year tax expense
|
2,355
|
2,571
|
|
– adjustments in respect of prior periods
|
(296)
|
108
|
|
Current tax
|
2,076
|
2,703
|
|
Pillar Two income tax
|
82
|
79
|
|
Total current tax
|
2,158
|
2,782
|
|
Deferred tax
|
(64)
|
(2,425)
|
|
Taxation on ordinary activities
|
2,094
|
357
|
|
Adjusting items in taxation
|
104
|
157
|
|
Taxation on adjusting items
|
240
|
2,049
|
|
Adjusted taxation
|
(2,438)
|
(2,563)
|
|
Impact of translational foreign exchange
|
(84)
|
|
|
Adjusted taxation, translated at 2024 exchange rates
|
(2,522)
|
(2,563)
|
|
Adjustments in respect of Canada1, translated at 2024 exchange rates
|
97
|
169
|
|
Adjusted taxation as adjusted for Canada, translated at 2024 exchange rates
|
(2,425)
|
(2,394)
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
Underlying Tax Rate and Underlying Tax Rate at Constant Rates of Exchange and Underlying Tax Rate as adjusted for Canada1, at
Constant Rates of Exchange
Definition – Tax rate incurred before the impact of adjusting items, adjustments in respect of Canada (where appropriate, and excluding New Categories) and
translational foreign exchange and to adjust for the inclusion of the Group’s share of post-tax results of associates and joint ventures within the Group’s pre-tax results.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Profit before taxation (PBT)
|
9,859
|
3,538
|
|
Less:
|
||
|
Share of post-tax results of associates and joint ventures
|
(1,681)
|
(1,900)
|
|
Adjusting items within profit from operations
|
1,575
|
9,154
|
|
Adjusting items within finance costs
|
170
|
(491)
|
|
Adjusted profit before taxation, excluding associates and joint ventures
|
9,923
|
10,301
|
|
Impact of translational foreign exchange
|
337
|
|
|
Adjusted PBT, excluding associates and joint ventures, translated at 2024 exchange rates
|
10,260
|
10,301
|
|
Adjustments in respect of Canada1, translated at 2024 exchange rates
|
(365)
|
(646)
|
|
Adjusted PBT, excluding associates and joint ventures and as adjusted for Canada, translated at 2024 exchange rates
|
9,895
|
9,655
|
|
Taxation on ordinary activities
|
(2,094)
|
(357)
|
|
Adjusting items within taxation and taxation on adjusting items
|
(344)
|
(2,206)
|
|
Adjusted taxation
|
(2,438)
|
(2,563)
|
|
Impact of translational foreign exchange on adjusted taxation
|
(84)
|
|
|
Adjusted taxation, translated at 2024 exchange rates
|
(2,522)
|
(2,563)
|
|
Adjustments in respect of Canada1, translated at 2024 exchange rates
|
97
|
169
|
|
Adjusted taxation as adjusted for Canada, translated at 2024 exchange rates
|
(2,425)
|
(2,394)
|
|
Effective tax rate
|
21.2%
|
10.1%
|
|
Underlying tax rate
|
24.6%
|
24.9%
|
|
Underlying tax rate (at 2024 exchange rates)
|
24.6%
|
24.7%
|
|
Underlying tax rate (2024 exchange rates) as adjusted for Canada1
|
24.5%
|
24.8%
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
49
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Diluted Earnings per Share, at Current and Constant Rates of Exchange and Adjusted Diluted Earnings per Share, at Constant Rates
of Exchange as adjusted for Canada1
Definition – Diluted earnings per share before the impact of adjusting items and the performance of Canada (where appropriate, and excluding New Categories),
after adjustments to the number of shares outstanding for the impact of share option schemes whether they would be dilutive or not under statutory measures, presented at the current and the prior years’ rates of exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
pence
|
pence
|
|
|
Diluted earnings per share
|
349.1
|
136.0
|
|
Effect of amortisation and impairment of goodwill, trademarks and similar intangibles
|
68.2
|
80.7
|
|
Effect of impairment charges in respect of the Group's head office
|
—
|
2.9
|
|
Effect of impairment charges in respect of the Group's operations in Cuba
|
—
|
1.6
|
|
Effect of settlement of historical litigation in relation to the Fox River
|
—
|
(4.9)
|
|
Effect of the changes in provision in relation to the Approved Plans in Canada and associated costs
|
(23.7)
|
205.0
|
|
Effect of charges in respect of DOJ and OFAC investigations
|
—
|
0.2
|
|
Effect of impairment of held-for-sale assets and associated costs
|
5.5
|
—
|
|
Effect of Romania other taxes
|
(0.7)
|
20.1
|
|
Effect of restructuring costs
|
1.8
|
—
|
|
Effect of other adjusting items in operating profit
|
5.1
|
5.3
|
|
Effect of adjusting items in net finance costs
|
4.9
|
(17.0)
|
|
Effect of gains related to the partial divestment of shares held in ITC
|
(40.8)
|
(61.1)
|
|
Tax associated with the partial divestment of shares held in ITC and hotels business demerger
|
1.6
|
1.6
|
|
Effect of associates’ adjusting items
|
(15.5)
|
(0.8)
|
|
Effect of adjusting items in respect of deferred taxation
|
(9.2)
|
(12.0)
|
|
Adjusting items in tax
|
4.5
|
4.9
|
|
Redemption of perpetual hybrid bond - difference in spot rates
|
1.3
|
—
|
|
Adjusted diluted earnings per share
|
352.1
|
362.5
|
|
Impact of translational foreign exchange
|
12.9
|
|
|
Adjusted diluted earnings per share, translated at 2024 exchange rates
|
365.0
|
362.5
|
|
Adjustments in respect of Canada1, translated at 2024 exchange rates
|
(12.2)
|
(21.4)
|
|
Adjusted diluted earnings per share as adjusted for Canada, translated at 2024 exchange rates
|
352.8
|
341.1
|
|
Adjusted diluted earnings per share (see above)
|
352.1
|
362.5
|
|
Adjustments in respect of Canada1
|
(11.6)
|
(21.4)
|
|
Adjusted diluted earnings per share as adjusted for Canada2
|
340.5
|
341.1
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New Categories, in Canada.
|
| 2. |
The Group’s dividend pay-out ratio is with reference to adjusted diluted earnings per share, at current
rates. Based upon a dividend of 245.04p in 2025 (2024: 240.24p), discussed on page 47, this was a dividend pay-out ratio of 69.6% in 2025 (2024: 66.3%). On an adjusted for Canada basis, this is a pay-out ratio of 72.0% in 2025 (2024: 70.4%).
|
Operating Cash Flow Conversion Ratio
Definition – Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding taxes paid and net
capital expenditure, as a proportion of adjusted profit from operations.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
|
Cash related to adjusting items
|
3,267
|
824
|
|
Dividends from associates
|
(369)
|
(406)
|
|
Tax paid
|
2,926
|
1,854
|
|
Net capital expenditure
|
(612)
|
(434)
|
|
Other
|
—
|
1
|
|
Operating cash flow
|
11,554
|
11,964
|
|
Adjusted profit from operations*
|
11,572
|
11,890
|
|
Cash conversion ratio**
|
63%
|
370%
|
|
Operating cash flow conversion ratio
|
100%
|
101%
|
| * |
See page 52 for a reconciliation of profit from operations to adjusted profit from operations.
|
| ** |
Net cash generated from operating activities as a percentage of profit from operations.
|
50
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Cash Generated from Operations (at Current and Constant Rates of Exchange)
Definition – Net cash generated from operating activities before the impact of adjusting items, excluding dividends received from associates, and after
dividends paid to non-controlling interests, net interest paid and net capital expenditure, and translational foreign exchange.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
|
Dividends paid to non-controlling interests
|
(100)
|
(121)
|
|
Net interest paid
|
(1,582)
|
(1,669)
|
|
Net capital expenditure
|
(612)
|
(434)
|
|
Effect of deferral of U.S. tax, in line with the federal disaster declaration in central and western North Carolina
|
—
|
(700)
|
|
Cash related to adjusting items within adjusted cash generated from operations
|
3,176
|
360
|
|
Other costs excluding litigation and restructuring costs
|
27
|
399
|
|
Dividends from associates
|
(369)
|
(406)
|
|
Adjusted cash generated from operations
|
6,882
|
7,554
|
|
Impact of translational foreign exchange
|
258
|
|
|
Adjusted cash generated from operations, translated at 2024 exchange rates
|
7,140
|
7,554
|
In 2024, the Group deferred tax payments in the U.S. from 2024 to 2025 totalling US$895 million. At 2024 rates of exchange this was £700 million, but £678
million at 2025 rates of exchange. For the purposes of management incentives in 2024, as this was not included in the target, the positive effect of the deferral was removed. However, the payment was included in the target for management incentives
in 2025 and no adjustment has been made in the calculation of adjusted cash generated from operations. On a normalised basis, adjusting both years for the respective impact of the deferral, adjusted cash generated from operations would have been
£7,560 million, or £7,840 million at constant rates of exchange in 2025 compared to £7,554 million in 2024.
Free Cash Flow – Before and After Dividends Paid to Shareholders
Definition – Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure.
This measure is presented before and after dividends paid to shareholders.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Net cash generated from operating activities
|
6,342
|
10,125
|
|
Dividends paid to non-controlling interests
|
(100)
|
(121)
|
|
Net interest paid
|
(1,582)
|
(1,669)
|
|
Net capital expenditure
|
(612)
|
(434)
|
|
Free cash flow (before dividends paid to shareholders)
|
4,048
|
7,901
|
|
Dividends paid to shareholders
|
(5,238)
|
(5,213)
|
|
Free cash flow (after dividends paid to shareholders)
|
(1,190)
|
2,688
|
The Group has an expectation to deliver in excess of £50 billion of free cash flow (FCF) before dividends between 2024 and 2030 (inclusive). The table below
provides a reconciliation of the progress to date.
|
FCF before dividends (as above)
|
|
|
£m
|
|
|
Year ended 31 December 2024
|
7,901
|
|
Year ended 31 December 2025
|
4,048
|
|
Total
|
11,949
|
51
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Return on Capital Employed (ROCE) and Adjusted Return on Capital Employed as adjusted for Canada
Definition – Profit from operations, excluding adjusting items and including dividends from associates and joint ventures and other adjusting items
(including in respect of Canada (excluding New Categories)), as a proportion of average total assets less current liabilities in the period.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Profit from operations
|
9,997
|
2,736
|
|
Adjusting items
|
1,575
|
9,154
|
|
Dividends received from associates and joint ventures
|
369
|
406
|
|
Adjusted profit from operations, inclusive of dividends from associates and joint ventures
|
11,941
|
12,296
|
|
Adjustments in respect of Canada1
|
(293)
|
(520)
|
|
Adjusted profit from operations, inclusive of dividends from associates and joint ventures and as adjusted for Canada1
|
11,648
|
11,776
|
|
Total Assets
|
109,290
|
118,899
|
|
Current Liabilities
|
14,524
|
18,743
|
|
Capital employed at balance sheet date
|
94,766
|
100,156
|
|
Average capital2
|
97,461
|
101,600
|
|
Adjusted ROCE
|
+12.3%
|
+12.1%
|
|
Adjusted ROCE as adjusted for Canada1
|
+12.0%
|
+11.6%
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New Categories, in Canada.
|
| 2. |
Average capital is the average capital employed (being the net of total assets less current liabilities) at the prior year and current year balance sheet dates.
|
Net Debt
Definition – Total borrowings, including related derivatives, less cash and cash equivalents and current investments held at fair value.
|
2025
|
2024
|
|
|
£m
|
£m
|
|
|
Borrowings (including lease liabilities)
|
(35,070)
|
(36,950)
|
|
Derivatives in respect of net debt
|
12
|
(113)
|
|
Cash and cash equivalents
|
3,827
|
5,297
|
|
Current investments held at fair value
|
16
|
513
|
|
Net debt
|
(31,215)
|
(31,253)
|
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Opening net debt
|
(31,253)
|
(34,640)
|
|
Free cash flow (after dividends paid to shareholders)
|
(1,190)
|
2,688
|
|
Other cash payments
|
167
|
(74)
|
|
Net proceeds from the partial divestment of shares in ITC
|
1,052
|
1,577
|
|
Purchase of own shares
|
(1,112)
|
(698)
|
|
Net impact from the issue and redemption of perpetual hybrid bonds
|
167
|
—
|
|
Transferred to held-for-sale
|
(208)
|
—
|
|
Other non-cash movements
|
41
|
568
|
|
Impact of foreign exchange
|
1,121
|
(674)
|
|
Closing net debt
|
(31,215)
|
(31,253)
|
52
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Non-GAAP measures (continued)
Adjusted Net Debt to Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation
(Adjusted EBITDA), at both Current and Constant rates of exchange, including as adjusted for Canada1
Definition – Net debt excluding the impact of the revaluation of Reynolds American Inc.
acquired debt arising as part of the purchase price allocation process and translational foreign exchange, as a proportion of profit for the year (earnings) before net finance costs/income, taxation on ordinary activities, depreciation,
amortisation, impairment costs, the Group’s share of post-tax results of associates and joint ventures, translational foreign exchange and other adjusting items (including in respect of Canada (excluding New Categories)) as discussed on page 17.
|
For the year ended 31 December
|
2025
|
2024
|
|
£m
|
£m
|
|
|
Borrowings (excluding lease liabilities)
|
34,541
|
36,365
|
|
Lease liabilities
|
529
|
585
|
|
Derivatives in respect of net debt
|
(12)
|
113
|
|
Cash and cash equivalents
|
(3,827)
|
(5,297)
|
|
Current investments held at fair value
|
(16)
|
(513)
|
|
Net debt items included within assets held-for-sale
|
(208)
|
—
|
|
Purchase price allocation adjustment to Reynolds American Inc. debt
|
(591)
|
(670)
|
|
Adjusted net debt
|
30,416
|
30,583
|
|
Translational foreign exchange impact to adjusted net debt
|
1,018
|
|
|
Adjusted net debt, translated at 2024 exchange rates
|
31,434
|
30,583
|
|
Adjusted net debt
|
30,416
|
30,583
|
|
Provision recognised in respect of cash and cash equivalents and investments held at fair value in Canada
|
—
|
2,456
|
|
Adjusted net debt excluding the Canada provision
|
30,416
|
33,039
|
|
Profit for the year
|
7,765
|
3,181
|
|
Taxation on ordinary activities
|
2,094
|
357
|
|
Net finance costs
|
1,819
|
1,098
|
|
Depreciation, amortisation and impairment costs
|
2,547
|
3,101
|
|
Share of post-tax results of associates and joint ventures
|
(1,681)
|
(1,900)
|
|
Other adjusting items (not related to Canada, depreciation, amortisation and impairment costs)
|
(304)
|
6,687
|
|
Adjusted EBITDA
|
12,240
|
12,524
|
|
Translational foreign exchange impact to adjusted EBITDA
|
382
|
|
|
Adjusted EBITDA, translated at 2024 exchange rates
|
12,622
|
12,524
|
|
Adjusted EBITDA
|
12,240
|
12,524
|
|
Adjustments in respect of Canada1
|
(295)
|
(525)
|
|
Adjusted EBITDA as adjusted for Canada
|
11,945
|
11,999
|
|
Adjusted net debt to adjusted EBITDA
|
2.48x
|
2.44x
|
|
Adjusted net debt to adjusted EBITDA as adjusted for Canada
|
2.55x
|
2.75x
|
|
Adjusted net debt to adjusted EBITDA, translated at 2024 exchange rates
|
2.49x
|
| 1. |
The adjustment in respect of Canada is discussed on page 17, with the adjustment based upon the profit after interest and tax from all sources, excluding New
Categories, in Canada.
|
As discussed on page 36, during the second half of 2025 cash, cash equivalents and investments held at fair value totalling £2.6 billion were paid as part of the Approved Plans in Canada (as discussed on page 17). This balance has been held on the balance sheet in prior periods, reducing the level
of net debt in those periods.
53
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Summary reconciliation of Profit from Operations and Diluted EPS to adjusted Profit from Operations and Adjusted Diluted EPS (as adjusted
for Canada)
2025 at actual (2025) rates
|
For year ended 31 December 2025
|
Reported
|
Adj Items1
|
Adjusted
|
Ad. for Canada
|
Adjusted for Canada3
|
vs
2024
|
||
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|||
|
Profit from Operations
|
||||||||
|
U.S.
|
4,942
|
1,601
|
6,543
|
—
|
6,543
|
+2.4%
|
||
|
AME
|
3,433
|
(128)
|
3,305
|
(293)
|
3,012
|
+7.6%
|
||
|
APMEA
|
1,622
|
102
|
1,724
|
—
|
1,724
|
-21.1%
|
||
|
Total Region
|
9,997
|
1,575
|
11,572
|
(293)
|
11,279
|
-0.8%
|
||
|
Net finance costs
|
(1,819)
|
170
|
(1,649)
|
(54)
|
(1,703)
|
-0.7%
|
||
|
Associates and joint ventures
|
1,681
|
(1,239)
|
442
|
—
|
442
|
-15.0%
|
||
|
Profit before tax
|
9,859
|
506
|
10,365
|
(347)
|
10,018
|
-1.6%
|
||
|
Taxation
|
(2,094)
|
(344)
|
(2,438)
|
92
|
(2,346)
|
-2.0%
|
||
|
Non-controlling interests
|
(1)
|
(125)
|
(126)
|
—
|
(126)
|
-16.3%
|
||
|
Coupons relating to hybrid bonds net of tax
|
(87)
|
29
|
(58)
|
—
|
(58)
|
+36.9%
|
||
|
Profit attributable to shareholders
|
7,677
|
37
|
7,743
|
(255)
|
7,488
|
-1.3%
|
||
|
Diluted number of shares (m)
|
2,199
|
2,199
|
2,199
|
-1.2%
|
||||
|
Diluted earnings per share (pence)
|
349.1
|
352.1
|
340.5
|
-0.2%
|
||||
2025 at constant rates
|
For year ended 31 December 2025
|
Reported
|
Adj Items1
|
Adjusted
|
Exch.
|
Adjusted at CC2
|
Ad. for Canada
|
Adjusted for Canada3 at CC2
|
vs
2024
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|
|
Profit from Operations
|
||||||||
|
U.S.
|
4,942
|
1,601
|
6,543
|
223
|
6,766
|
—
|
6,766
|
+5.9%
|
|
AME
|
3,433
|
(128)
|
3,305
|
72
|
3,377
|
(308)
|
3,069
|
+9.6%
|
|
APMEA
|
1,622
|
102
|
1,724
|
69
|
1,793
|
—
|
1,793
|
-17.9%
|
|
Total Region
|
9,997
|
1,575
|
11,572
|
364
|
11,936
|
(308)
|
11,628
|
+2.3%
|
|
Net finance costs
|
(1,819)
|
170
|
(1,649)
|
(27)
|
(1,676)
|
(57)
|
(1,733)
|
+1.0%
|
|
Associates and joint ventures
|
1,681
|
(1,239)
|
442
|
33
|
475
|
—
|
475
|
-8.6%
|
|
Profit before tax
|
9,859
|
506
|
10,365
|
370
|
10,735
|
(365)
|
10,370
|
+1.9%
|
|
Taxation
|
(2,094)
|
(344)
|
(2,438)
|
(84)
|
(2,522)
|
97
|
(2,425)
|
+1.3%
|
|
Non-controlling interests
|
(1)
|
(125)
|
(126)
|
(3)
|
(129)
|
—
|
(129)
|
-14.1%
|
|
Coupons relating to hybrid bonds net of tax
|
(87)
|
29
|
(58)
|
—
|
(58)
|
—
|
(58)
|
+36.9%
|
|
Profit attributable to shareholders
|
7,677
|
37
|
7,743
|
283
|
8,026
|
(268)
|
7,758
|
+2.2%
|
|
Diluted number of shares (m)
|
2,199
|
2,199
|
2,199
|
2,199
|
-1.2%
|
|||
|
Diluted earnings per share (pence)
|
349.1
|
352.1
|
365.0
|
(12.2)
|
352.8
|
+3.4%
|
||
2024 at actual (2024) rates
|
For year ended 31 December 2024
|
Reported
|
Adj Items1
|
Adjusted
|
Ad. for Canada
|
Adjusted for Canada3
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
||||
|
Profit from Operations
|
||||||||
|
U.S.
|
4,087
|
2,299
|
6,386
|
—
|
6,386
|
|||
|
AME
|
(3,464)
|
6,784
|
3,320
|
(520)
|
2,800
|
|||
|
APMEA
|
2,113
|
71
|
2,184
|
—
|
2,184
|
|||
|
Total Region
|
2,736
|
9,154
|
11,890
|
(520)
|
11,370
|
|||
|
Net finance costs
|
(1,098)
|
(491)
|
(1,589)
|
(126)
|
(1,715)
|
|||
|
Associates and joint ventures
|
1,900
|
(1,379)
|
521
|
—
|
521
|
|||
|
Profit before tax
|
3,538
|
7,284
|
10,822
|
(646)
|
10,176
|
|||
|
Taxation
|
(357)
|
(2,206)
|
(2,563)
|
169
|
(2,394)
|
|||
|
Non-controlling interests
|
(113)
|
(38)
|
(151)
|
—
|
(151)
|
|||
|
Coupons relating to hybrid bonds net of tax
|
(42)
|
—
|
(42)
|
—
|
(42)
|
|||
|
Profit attributable to shareholders
|
3,026
|
5,040
|
8,066
|
(477)
|
7,589
|
|||
|
Diluted number of shares (m)
|
2,225
|
2,225
|
2,225
|
|||||
|
Diluted earnings per share (pence)
|
136.0
|
362.5
|
(21.4)
|
341.1
|
||||
| 1. |
Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence - see pages 28 to 33.
|
| 2. |
CC: constant currency – measures are calculated based upon a re-translation, at the prior year’s exchange
rates, of the current year’s results of the Group and, where applicable, its segments.
|
| 3. |
As adjusted for Canada excludes the performance of the Canadian business (excluding New Categories).
|
54
|
BAT Preliminary Announcement 2025
|
Summary
|
Performance Review
|
Financial Statements
|
Other Information
|
Data Lake and Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Lake and Reconciliations
Continued
Summary of volume and revenue by category by region
|
Volume
|
|||||||||||
|
Year ended 31 December
|
U.S.
|
AME
|
APMEA
|
Group
|
|||||||
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
||||
|
New Categories
|
|||||||||||
|
Vapour (units mn)
|
262
|
-8.8%
|
244
|
-11.6%
|
32
|
-38.2%
|
538
|
-12.6%
|
|||
|
HP (sticks bn)
|
—
|
—%
|
8
|
-3.4%
|
12
|
-3.9%
|
20
|
-3.7%
|
|||
|
Modern Oral (pouches bn)
|
3.5
|
+249%
|
7.5
|
+19.0%
|
1.2
|
+24.7%
|
12.2
|
+47.1%
|
|||
|
Traditional Oral (stick eq bn)
|
4.8
|
-8.9%
|
0.7
|
-10.3%
|
—
|
—%
|
5.5
|
-9.1%
|
|||
|
Cigarettes (sticks bn)
|
43
|
-7.7%
|
227
|
-4.5%
|
195
|
-11.6%
|
465
|
-7.9%
|
|||
|
OTP (stick eq bn)
|
1
|
-0.1%
|
10
|
-12.4%
|
1
|
-26.9%
|
12
|
-14.0%
|
|||
|
Total Combustibles
|
44
|
-7.7%
|
237
|
-4.9%
|
196
|
-11.7%
|
477
|
-8.1%
|
|||
|
Revenue - reported at current rates (£m)
|
|||||||||||
|
Year ended 31 December
|
U.S.
|
AME
|
APMEA
|
Group
|
|||||||
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
||||
|
New Categories
|
1,251
|
+16.1%
|
1,813
|
+4.8%
|
557
|
-10.6%
|
3,621
|
+5.5%
|
|||
|
Vapour
|
934
|
-6.4%
|
543
|
-11.2%
|
65
|
-41.2%
|
1,542
|
-10.4%
|
|||
|
HP
|
—
|
—%
|
470
|
+6.2%
|
444
|
-7.0%
|
914
|
-0.7%
|
|||
|
Modern Oral
|
317
|
+297%
|
800
|
+18.3%
|
48
|
+39.8%
|
1,165
|
+47.4%
|
|||
|
Traditional Oral
|
1,006
|
-5.0%
|
37
|
+9.9%
|
—
|
—%
|
1,043
|
-4.5%
|
|||
|
Total Smokeless
|
2,257
|
+5.6%
|
1,850
|
+4.9%
|
557
|
-10.6%
|
4,664
|
+3.1%
|
|||
|
Total Combustibles
|
9,218
|
+1.4%
|
6,974
|
-0.9%
|
4,009
|
-11.9%
|
20,201
|
-2.3%
|
|||
|
Other
|
59
|
+23.2%
|
485
|
+10.8%
|
201
|
+16.3%
|
745
|
+13.2%
|
|||
|
Total
|
11,534
|
+2.3%
|
9,309
|
+0.7%
|
4,767
|
-10.9%
|
25,610
|
-1.0%
|
|||
|
Revenue - at constant rates (£m)
|
|||||||||||
|
Year ended 31 December
|
U.S.
|
AME
|
APMEA
|
Group
|
|||||||
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
2025
|
% change
|
||||
|
New Categories
|
1,290
|
+19.8%
|
1,807
|
+4.3%
|
576
|
-7.6%
|
3,673
|
+7.0%
|
|||
|
Vapour
|
963
|
-3.4%
|
542
|
-11.4%
|
68
|
-39.4%
|
1,573
|
-8.6%
|
|||
|
HP
|
—
|
—%
|
471
|
+6.2%
|
459
|
-3.8%
|
930
|
+1.0%
|
|||
|
Modern Oral
|
327
|
+310%
|
794
|
+17.3%
|
49
|
+44.2%
|
1,170
|
+48.0%
|
|||
|
Traditional Oral
|
1,037
|
-2.0%
|
36
|
+5.1%
|
—
|
—%
|
1,073
|
-1.7%
|
|||
|
Total Smokeless
|
2,327
|
+9.0%
|
1,843
|
+4.4%
|
576
|
-7.6%
|
4,746
|
+4.9%
|
|||
|
Total Combustibles
|
9,513
|
+4.6%
|
7,200
|
+2.3%
|
4,174
|
-8.3%
|
20,887
|
+1.0%
|
|||
|
Other
|
63
|
+27.5%
|
505
|
+15.7%
|
213
|
+23.7%
|
781
|
+18.7%
|
|||
|
Total
|
11,903
|
+5.5%
|
9,548
|
+3.3%
|
4,963
|
-7.2%
|
26,414
|
+2.1%
|
|||
55
Exhibit 18
British American Tobacco p.l.c.
12 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from UBS AG London Branch (“UBS”) as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
11 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
129,826
|
|
Highest price paid per share (pence):
|
4,450.00p
|
|
Lowest price paid per share (pence):
|
4,390.00p
|
|
Volume weighted average price paid per share (pence):
|
4,414.7794p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,844,631 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS on 11 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
11/02/2026
|
129,826
|
4,414.7794
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
11/02/2026
|
0
|
0.0000
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
11/02/2026
|
0
|
0.0000
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
802
|
4,402.00
|
LSE
|
08:02:22
|
|
715
|
4,404.00
|
LSE
|
08:02:22
|
|
62
|
4,404.00
|
LSE
|
08:02:22
|
|
841
|
4,405.00
|
LSE
|
08:02:22
|
|
741
|
4,412.00
|
LSE
|
08:03:34
|
|
713
|
4,410.00
|
LSE
|
08:04:47
|
|
21
|
4,410.00
|
LSE
|
08:04:47
|
|
833
|
4,418.00
|
LSE
|
08:07:20
|
|
793
|
4,390.00
|
LSE
|
08:11:57
|
|
832
|
4,394.00
|
LSE
|
08:15:04
|
|
712
|
4,405.00
|
LSE
|
08:19:57
|
|
765
|
4,393.00
|
LSE
|
08:28:38
|
|
89
|
4,394.00
|
LSE
|
08:33:45
|
|
689
|
4,394.00
|
LSE
|
08:33:45
|
|
868
|
4,398.00
|
LSE
|
08:39:50
|
|
808
|
4,395.00
|
LSE
|
08:47:23
|
|
882
|
4,401.00
|
LSE
|
08:52:38
|
|
778
|
4,402.00
|
LSE
|
09:00:18
|
|
858
|
4,398.00
|
LSE
|
09:02:22
|
|
847
|
4,399.00
|
LSE
|
09:10:31
|
|
693
|
4,400.00
|
LSE
|
09:10:31
|
|
324
|
4,400.00
|
LSE
|
09:10:31
|
|
806
|
4,400.00
|
LSE
|
09:13:40
|
|
735
|
4,401.00
|
LSE
|
09:16:10
|
|
846
|
4,402.00
|
LSE
|
09:20:44
|
|
884
|
4,402.00
|
LSE
|
09:23:55
|
|
250
|
4,414.00
|
LSE
|
09:32:35
|
|
220
|
4,414.00
|
LSE
|
09:32:35
|
|
1032
|
4,414.00
|
LSE
|
09:32:35
|
|
393
|
4,417.00
|
LSE
|
09:33:23
|
|
369
|
4,417.00
|
LSE
|
09:33:23
|
|
710
|
4,418.00
|
LSE
|
09:33:23
|
|
832
|
4,414.00
|
LSE
|
09:39:55
|
|
809
|
4,414.00
|
LSE
|
09:46:00
|
|
766
|
4,414.00
|
LSE
|
09:49:07
|
|
847
|
4,409.00
|
LSE
|
09:58:46
|
|
883
|
4,412.00
|
LSE
|
10:05:08
|
|
851
|
4,411.00
|
LSE
|
10:12:00
|
|
439
|
4,416.00
|
LSE
|
10:17:57
|
|
199
|
4,416.00
|
LSE
|
10:17:57
|
|
206
|
4,416.00
|
LSE
|
10:17:57
|
|
739
|
4,414.00
|
LSE
|
10:21:22
|
|
781
|
4,415.00
|
LSE
|
10:24:22
|
|
776
|
4,415.00
|
LSE
|
10:30:55
|
|
96
|
4,415.00
|
LSE
|
10:33:14
|
|
868
|
4,416.00
|
LSE
|
10:41:51
|
|
59
|
4,416.00
|
LSE
|
10:43:21
|
|
678
|
4,416.00
|
LSE
|
10:43:21
|
|
282
|
4,415.00
|
LSE
|
10:48:30
|
|
480
|
4,415.00
|
LSE
|
10:48:30
|
|
25
|
4,415.00
|
LSE
|
10:48:30
|
|
722
|
4,413.00
|
LSE
|
10:53:57
|
|
886
|
4,412.00
|
LSE
|
10:55:18
|
|
828
|
4,415.00
|
LSE
|
11:02:13
|
|
876
|
4,417.00
|
LSE
|
11:13:25
|
|
772
|
4,418.00
|
LSE
|
11:16:07
|
|
756
|
4,418.00
|
LSE
|
11:24:06
|
|
826
|
4,418.00
|
LSE
|
11:29:14
|
|
886
|
4,418.00
|
LSE
|
11:32:13
|
|
763
|
4,421.00
|
LSE
|
11:41:05
|
|
878
|
4,419.00
|
LSE
|
11:43:22
|
|
864
|
4,417.00
|
LSE
|
11:49:01
|
|
860
|
4,419.00
|
LSE
|
11:57:18
|
|
756
|
4,418.00
|
LSE
|
11:57:19
|
|
739
|
4,415.00
|
LSE
|
12:04:03
|
|
290
|
4,415.00
|
LSE
|
12:06:54
|
|
438
|
4,415.00
|
LSE
|
12:06:54
|
|
860
|
4,411.00
|
LSE
|
12:07:47
|
|
818
|
4,415.00
|
LSE
|
12:16:23
|
|
860
|
4,418.00
|
LSE
|
12:19:49
|
|
850
|
4,417.00
|
LSE
|
12:27:52
|
|
527
|
4,419.00
|
LSE
|
12:30:14
|
|
812
|
4,426.00
|
LSE
|
12:35:19
|
|
848
|
4,426.00
|
LSE
|
12:38:31
|
|
749
|
4,425.00
|
LSE
|
12:41:46
|
|
26
|
4,425.00
|
LSE
|
12:41:46
|
|
808
|
4,426.00
|
LSE
|
12:46:04
|
|
730
|
4,424.00
|
LSE
|
12:46:05
|
|
852
|
4,426.00
|
LSE
|
12:47:27
|
|
807
|
4,428.00
|
LSE
|
12:53:59
|
|
1121
|
4,429.00
|
LSE
|
12:58:29
|
|
803
|
4,428.00
|
LSE
|
12:58:46
|
|
209
|
4,431.00
|
LSE
|
13:02:12
|
|
270
|
4,431.00
|
LSE
|
13:02:12
|
|
92
|
4,431.00
|
LSE
|
13:02:12
|
|
158
|
4,431.00
|
LSE
|
13:02:12
|
|
506
|
4,430.00
|
LSE
|
13:04:42
|
|
286
|
4,430.00
|
LSE
|
13:04:42
|
|
813
|
4,433.00
|
LSE
|
13:09:40
|
|
729
|
4,428.00
|
LSE
|
13:12:21
|
|
172
|
4,423.00
|
LSE
|
13:13:55
|
|
552
|
4,423.00
|
LSE
|
13:14:49
|
|
876
|
4,422.00
|
LSE
|
13:17:15
|
|
780
|
4,421.00
|
LSE
|
13:18:05
|
|
460
|
4,417.00
|
LSE
|
13:24:58
|
|
51
|
4,417.00
|
LSE
|
13:24:58
|
|
710
|
4,420.00
|
LSE
|
13:24:58
|
|
831
|
4,420.00
|
LSE
|
13:24:58
|
|
290
|
4,417.00
|
LSE
|
13:27:43
|
|
781
|
4,417.00
|
LSE
|
13:27:45
|
|
791
|
4,415.00
|
LSE
|
13:29:47
|
|
342
|
4,415.00
|
LSE
|
13:30:08
|
|
433
|
4,415.00
|
LSE
|
13:30:15
|
|
205
|
4,412.00
|
LSE
|
13:32:09
|
|
42
|
4,412.00
|
LSE
|
13:32:16
|
|
480
|
4,412.00
|
LSE
|
13:32:16
|
|
800
|
4,411.00
|
LSE
|
13:35:25
|
|
776
|
4,412.00
|
LSE
|
13:38:44
|
|
765
|
4,403.00
|
LSE
|
13:41:50
|
|
770
|
4,407.00
|
LSE
|
13:47:31
|
|
864
|
4,407.00
|
LSE
|
13:50:21
|
|
802
|
4,408.00
|
LSE
|
13:53:05
|
|
774
|
4,406.00
|
LSE
|
13:56:19
|
|
709
|
4,406.00
|
LSE
|
13:59:24
|
|
843
|
4,401.00
|
LSE
|
14:01:33
|
|
647
|
4,397.00
|
LSE
|
14:05:37
|
|
237
|
4,397.00
|
LSE
|
14:05:37
|
|
725
|
4,396.00
|
LSE
|
14:09:50
|
|
819
|
4,394.00
|
LSE
|
14:13:17
|
|
277
|
4,395.00
|
LSE
|
14:14:51
|
|
537
|
4,395.00
|
LSE
|
14:14:51
|
|
749
|
4,396.00
|
LSE
|
14:18:10
|
|
760
|
4,397.00
|
LSE
|
14:22:22
|
|
873
|
4,405.00
|
LSE
|
14:24:53
|
|
242
|
4,402.00
|
LSE
|
14:25:13
|
|
535
|
4,402.00
|
LSE
|
14:25:13
|
|
799
|
4,402.00
|
LSE
|
14:27:58
|
|
871
|
4,401.00
|
LSE
|
14:28:36
|
|
168
|
4,406.00
|
LSE
|
14:30:23
|
|
601
|
4,406.00
|
LSE
|
14:30:23
|
|
726
|
4,406.00
|
LSE
|
14:30:24
|
|
52
|
4,406.00
|
LSE
|
14:30:24
|
|
725
|
4,405.00
|
LSE
|
14:30:26
|
|
717
|
4,403.00
|
LSE
|
14:31:20
|
|
1
|
4,403.00
|
LSE
|
14:31:20
|
|
784
|
4,401.00
|
LSE
|
14:31:48
|
|
723
|
4,400.00
|
LSE
|
14:31:49
|
|
786
|
4,399.00
|
LSE
|
14:32:43
|
|
785
|
4,399.00
|
LSE
|
14:33:18
|
|
813
|
4,398.00
|
LSE
|
14:33:33
|
|
735
|
4,395.00
|
LSE
|
14:34:00
|
|
709
|
4,399.00
|
LSE
|
14:34:52
|
|
723
|
4,404.00
|
LSE
|
14:35:42
|
|
865
|
4,405.00
|
LSE
|
14:36:07
|
|
844
|
4,409.00
|
LSE
|
14:37:12
|
|
665
|
4,408.00
|
LSE
|
14:37:19
|
|
192
|
4,408.00
|
LSE
|
14:37:19
|
|
956
|
4,415.00
|
LSE
|
14:40:12
|
|
827
|
4,414.00
|
LSE
|
14:40:18
|
|
802
|
4,413.00
|
LSE
|
14:40:23
|
|
598
|
4,415.00
|
LSE
|
14:43:03
|
|
172
|
4,415.00
|
LSE
|
14:43:03
|
|
104
|
4,414.00
|
LSE
|
14:43:28
|
|
672
|
4,414.00
|
LSE
|
14:43:28
|
|
744
|
4,412.00
|
LSE
|
14:44:35
|
|
92
|
4,412.00
|
LSE
|
14:44:35
|
|
724
|
4,406.00
|
LSE
|
14:45:57
|
|
270
|
4,407.00
|
LSE
|
14:46:57
|
|
560
|
4,407.00
|
LSE
|
14:47:39
|
|
782
|
4,407.00
|
LSE
|
14:48:54
|
|
548
|
4,406.00
|
LSE
|
14:49:43
|
|
210
|
4,406.00
|
LSE
|
14:49:43
|
|
736
|
4,412.50
|
LSE
|
14:51:28
|
|
346
|
4,412.00
|
LSE
|
14:51:39
|
|
404
|
4,412.00
|
LSE
|
14:51:39
|
|
50
|
4,412.00
|
LSE
|
14:51:39
|
|
14
|
4,412.00
|
LSE
|
14:51:39
|
|
796
|
4,409.00
|
LSE
|
14:54:26
|
|
11
|
4,411.00
|
LSE
|
14:56:04
|
|
678
|
4,413.00
|
LSE
|
14:56:24
|
|
185
|
4,413.00
|
LSE
|
14:56:24
|
|
151
|
4,413.00
|
LSE
|
14:56:24
|
|
1005
|
4,413.00
|
LSE
|
14:56:24
|
|
71
|
4,413.00
|
LSE
|
14:56:24
|
|
95
|
4,416.00
|
LSE
|
14:57:32
|
|
500
|
4,416.00
|
LSE
|
14:57:38
|
|
168
|
4,416.00
|
LSE
|
14:57:46
|
|
42
|
4,416.00
|
LSE
|
14:59:26
|
|
335
|
4,416.00
|
LSE
|
14:59:26
|
|
487
|
4,416.00
|
LSE
|
14:59:26
|
|
343
|
4,416.00
|
LSE
|
14:59:29
|
|
129
|
4,416.00
|
LSE
|
14:59:29
|
|
338
|
4,416.00
|
LSE
|
14:59:29
|
|
140
|
4,420.00
|
LSE
|
15:00:36
|
|
172
|
4,420.00
|
LSE
|
15:00:36
|
|
393
|
4,420.00
|
LSE
|
15:00:36
|
|
104
|
4,420.00
|
LSE
|
15:00:36
|
|
34
|
4,420.00
|
LSE
|
15:00:36
|
|
718
|
4,419.00
|
LSE
|
15:01:54
|
|
929
|
4,424.00
|
LSE
|
15:04:13
|
|
877
|
4,423.00
|
LSE
|
15:04:15
|
|
727
|
4,426.00
|
LSE
|
15:05:41
|
|
850
|
4,432.00
|
LSE
|
15:07:08
|
|
793
|
4,431.00
|
LSE
|
15:07:18
|
|
235
|
4,431.00
|
LSE
|
15:09:07
|
|
511
|
4,431.00
|
LSE
|
15:09:47
|
|
621
|
4,431.00
|
LSE
|
15:09:54
|
|
58
|
4,431.00
|
LSE
|
15:09:54
|
|
191
|
4,431.00
|
LSE
|
15:09:54
|
|
1056
|
4,437.00
|
LSE
|
15:11:58
|
|
845
|
4,440.00
|
LSE
|
15:13:02
|
|
868
|
4,441.00
|
LSE
|
15:13:56
|
|
185
|
4,437.00
|
LSE
|
15:14:51
|
|
170
|
4,437.00
|
LSE
|
15:14:51
|
|
359
|
4,437.00
|
LSE
|
15:15:14
|
|
537
|
4,436.00
|
LSE
|
15:15:35
|
|
275
|
4,436.00
|
LSE
|
15:15:45
|
|
745
|
4,438.00
|
LSE
|
15:17:13
|
|
958
|
4,443.00
|
LSE
|
15:19:30
|
|
886
|
4,444.00
|
LSE
|
15:19:46
|
|
864
|
4,441.00
|
LSE
|
15:20:56
|
|
726
|
4,439.00
|
LSE
|
15:21:54
|
|
828
|
4,438.00
|
LSE
|
15:24:22
|
|
877
|
4,439.00
|
LSE
|
15:24:22
|
|
437
|
4,433.00
|
LSE
|
15:25:46
|
|
348
|
4,433.00
|
LSE
|
15:25:46
|
|
1066
|
4,429.50
|
LSE
|
15:27:26
|
|
749
|
4,431.00
|
LSE
|
15:27:38
|
|
672
|
4,429.50
|
LSE
|
15:28:04
|
|
291
|
4,443.00
|
LSE
|
15:38:34
|
|
259
|
4,450.00
|
LSE
|
15:40:51
|
|
268
|
4,449.00
|
LSE
|
15:42:43
|
|
271
|
4,441.00
|
LSE
|
15:46:17
|
|
181
|
4,441.00
|
LSE
|
15:48:52
|
|
20
|
4,449.00
|
LSE
|
16:01:56
|
|
2
|
4,441.00
|
LSE
|
16:05:25
|
Exhibit 19
British American Tobacco p.l.c. (the “Company”)
12 February 2026
Share Buyback Programme
Further to the share buyback programme announcement on 18 March 2024 (“the Programme”) and the subsequent extension of the Programme announced on 10 December 2025, the Company announces that it has entered into an
agreement with Banco, Santander SA (“Santander”) to purchase ordinary shares of the Company (“Shares”) during the period commencing on 12 February 2026 and ending at the close of business on 22 April 2026.
Santander will make its trading decisions in relation to the Company’s Shares independently of, and uninfluenced by, the Company.
The purpose of the Programme is to reduce the share capital of the Company. The Shares repurchased will be cancelled.
Any purchases of Shares by the Company in relation to this announcement will be undertaken within certain pre-set parameters, and in accordance with the Company’s general authority to repurchase shares granted by its
shareholders from time to time (at the Company's 2025 AGM, shareholders granted the Company authority to purchase a maximum of 220,451,469 Shares (the “Authority”)), the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation
(2016/1052), in each case as such legislation forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended), and Chapter 9.6 of the Financial Conduct Authority's UK Listing Rules.
Pursuant to the Authority, the maximum price which may be paid for a Share is an amount (exclusive of taxes and expenses) equal to the higher of:
- 105 per cent of the average market value of a Share as derived from the LSE's Daily Official List for the five business days immediately preceding the day on which the
Share is purchased, in accordance with Listing Rule 9.6.1 of the Listing Rules published pursuant to Part 6 of the Financial Services and Markets Act 2000 ("FSMA") (the "Listing Rules"); and
- the higher of (i) the price of the last independent trade and (ii) the highest current independent purchase bid on the trading venue where the purchase is carried
out, including when the shares are traded on different trading venues, in accordance with Article 3(2) of the UK Safe Harbour Regulation.
Enquiries:
Investor Relations
Victoria Buxton: | IR_team@bat.com
1
Exhibit 20
British American Tobacco p.l.c.
13 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
12 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
100,428
|
|
Highest price paid per share (pence):
|
4,481.00p
|
|
Lowest price paid per share (pence):
|
4,282.00p
|
|
Volume weighted average price paid per share (pence):
|
4,361.3088p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,744,203 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 12 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
12/02/2026
|
100,428
|
4,361.3088p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
12/02/2026
|
0
|
0.0000
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
12/02/2026
|
0
|
0.0000
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
507
|
4,425.00
|
LSE
|
08:00:12
|
|
1,318
|
4,420.00
|
LSE
|
08:00:15
|
|
112
|
4,410.00
|
LSE
|
08:00:29
|
|
168
|
4,401.00
|
LSE
|
08:00:39
|
|
188
|
4,380.00
|
LSE
|
08:01:02
|
|
111
|
4,376.00
|
LSE
|
08:01:31
|
|
64
|
4,368.00
|
LSE
|
08:01:43
|
|
73
|
4,351.00
|
LSE
|
08:02:00
|
|
77
|
4,351.00
|
LSE
|
08:02:18
|
|
129
|
4,358.00
|
LSE
|
08:02:47
|
|
77
|
4,352.00
|
LSE
|
08:03:08
|
|
103
|
4,348.00
|
LSE
|
08:03:30
|
|
158
|
4,348.00
|
LSE
|
08:04:06
|
|
81
|
4,362.00
|
LSE
|
08:04:33
|
|
80
|
4,405.00
|
LSE
|
08:06:20
|
|
127
|
4,475.00
|
LSE
|
08:07:36
|
|
62
|
4,452.00
|
LSE
|
08:08:03
|
|
82
|
4,467.00
|
LSE
|
08:08:26
|
|
136
|
4,460.00
|
LSE
|
08:09:16
|
|
70
|
4,454.00
|
LSE
|
08:09:40
|
|
83
|
4,453.00
|
LSE
|
08:10:34
|
|
106
|
4,450.00
|
LSE
|
08:10:39
|
|
65
|
4,446.00
|
LSE
|
08:11:04
|
|
72
|
4,436.00
|
LSE
|
08:12:01
|
|
111
|
4,431.00
|
LSE
|
08:12:02
|
|
122
|
4,423.00
|
LSE
|
08:12:38
|
|
96
|
4,421.00
|
LSE
|
08:12:39
|
|
186
|
4,449.00
|
LSE
|
08:14:18
|
|
6
|
4,465.00
|
LSE
|
08:15:08
|
|
135
|
4,465.00
|
LSE
|
08:15:08
|
|
69
|
4,466.00
|
LSE
|
08:15:31
|
|
100
|
4,469.00
|
LSE
|
08:16:00
|
|
80
|
4,448.00
|
LSE
|
08:16:37
|
|
112
|
4,455.00
|
LSE
|
08:17:36
|
|
76
|
4,450.00
|
LSE
|
08:18:03
|
|
66
|
4,440.00
|
LSE
|
08:18:52
|
|
132
|
4,439.00
|
LSE
|
08:19:38
|
|
79
|
4,437.00
|
LSE
|
08:20:13
|
|
84
|
4,437.00
|
LSE
|
08:20:59
|
|
116
|
4,439.00
|
LSE
|
08:21:44
|
|
11
|
4,439.00
|
LSE
|
08:21:44
|
|
220
|
4,425.00
|
LSE
|
08:21:55
|
|
147
|
4,423.00
|
LSE
|
08:22:44
|
|
417
|
4,412.00
|
LSE
|
08:23:48
|
|
65
|
4,411.00
|
LSE
|
08:24:13
|
|
129
|
4,408.00
|
LSE
|
08:24:43
|
|
122
|
4,404.00
|
LSE
|
08:24:44
|
|
83
|
4,402.00
|
LSE
|
08:25:27
|
|
113
|
4,400.00
|
LSE
|
08:25:38
|
|
100
|
4,397.00
|
LSE
|
08:25:54
|
|
271
|
4,395.00
|
LSE
|
08:27:22
|
|
96
|
4,396.00
|
LSE
|
08:28:05
|
|
65
|
4,393.00
|
LSE
|
08:28:26
|
|
104
|
4,397.00
|
LSE
|
08:30:19
|
|
188
|
4,387.00
|
LSE
|
08:31:00
|
|
121
|
4,386.00
|
LSE
|
08:31:24
|
|
60
|
4,384.00
|
LSE
|
08:31:41
|
|
63
|
4,386.00
|
LSE
|
08:32:01
|
|
225
|
4,410.00
|
LSE
|
08:37:20
|
|
113
|
4,409.00
|
LSE
|
08:37:20
|
|
222
|
4,406.00
|
LSE
|
08:38:52
|
|
69
|
4,404.00
|
LSE
|
08:39:07
|
|
287
|
4,410.00
|
LSE
|
08:43:03
|
|
181
|
4,412.00
|
LSE
|
08:45:28
|
|
311
|
4,410.00
|
LSE
|
08:47:36
|
|
158
|
4,408.00
|
LSE
|
08:48:01
|
|
67
|
4,411.00
|
LSE
|
08:49:25
|
|
62
|
4,408.00
|
LSE
|
08:51:42
|
|
389
|
4,410.00
|
LSE
|
08:53:02
|
|
232
|
4,407.00
|
LSE
|
08:54:11
|
|
130
|
4,399.00
|
LSE
|
08:55:35
|
|
98
|
4,397.00
|
LSE
|
08:55:52
|
|
165
|
4,392.00
|
LSE
|
08:55:53
|
|
474
|
4,384.00
|
LSE
|
08:56:35
|
|
106
|
4,385.00
|
LSE
|
08:57:20
|
|
71
|
4,381.00
|
LSE
|
08:57:38
|
|
125
|
4,392.00
|
LSE
|
08:58:44
|
|
78
|
4,396.00
|
LSE
|
08:59:13
|
|
111
|
4,397.00
|
LSE
|
08:59:44
|
|
378
|
4,393.00
|
LSE
|
08:59:44
|
|
132
|
4,393.00
|
LSE
|
08:59:44
|
|
276
|
4,402.00
|
LSE
|
09:01:49
|
|
213
|
4,392.00
|
LSE
|
09:03:07
|
|
97
|
4,380.00
|
LSE
|
09:03:20
|
|
95
|
4,380.00
|
LSE
|
09:04:11
|
|
153
|
4,408.00
|
LSE
|
09:06:40
|
|
154
|
4,411.00
|
LSE
|
09:08:07
|
|
328
|
4,433.00
|
LSE
|
09:11:08
|
|
97
|
4,437.00
|
LSE
|
09:12:02
|
|
77
|
4,424.00
|
LSE
|
09:12:43
|
|
246
|
4,427.00
|
LSE
|
09:14:58
|
|
116
|
4,441.00
|
LSE
|
09:17:37
|
|
114
|
4,441.00
|
LSE
|
09:17:37
|
|
65
|
4,441.00
|
LSE
|
09:18:08
|
|
76
|
4,449.00
|
LSE
|
09:18:45
|
|
41
|
4,466.00
|
LSE
|
09:19:35
|
|
71
|
4,475.00
|
LSE
|
09:19:58
|
|
123
|
4,481.00
|
LSE
|
09:21:19
|
|
76
|
4,477.00
|
LSE
|
09:22:02
|
|
83
|
4,445.00
|
LSE
|
09:23:00
|
|
63
|
4,445.00
|
LSE
|
09:24:06
|
|
86
|
4,442.00
|
LSE
|
09:24:10
|
|
224
|
4,429.00
|
LSE
|
09:24:40
|
|
72
|
4,425.00
|
LSE
|
09:24:46
|
|
129
|
4,422.00
|
LSE
|
09:25:58
|
|
141
|
4,416.00
|
LSE
|
09:27:18
|
|
288
|
4,399.00
|
LSE
|
09:27:22
|
|
176
|
4,408.00
|
LSE
|
09:30:02
|
|
125
|
4,405.00
|
LSE
|
09:30:39
|
|
62
|
4,408.00
|
LSE
|
09:31:42
|
|
111
|
4,402.00
|
LSE
|
09:31:54
|
|
148
|
4,396.00
|
LSE
|
09:33:30
|
|
143
|
4,402.00
|
LSE
|
09:34:44
|
|
123
|
4,391.00
|
LSE
|
09:35:33
|
|
69
|
4,380.00
|
LSE
|
09:36:12
|
|
145
|
4,366.00
|
LSE
|
09:37:29
|
|
76
|
4,361.00
|
LSE
|
09:38:15
|
|
65
|
4,355.00
|
LSE
|
09:38:51
|
|
81
|
4,354.00
|
LSE
|
09:39:34
|
|
62
|
4,350.00
|
LSE
|
09:40:26
|
|
104
|
4,335.00
|
LSE
|
09:41:26
|
|
86
|
4,348.00
|
LSE
|
09:42:03
|
|
61
|
4,335.00
|
LSE
|
09:42:46
|
|
70
|
4,353.00
|
LSE
|
09:43:09
|
|
39
|
4,351.00
|
LSE
|
09:44:04
|
|
31
|
4,351.00
|
LSE
|
09:44:04
|
|
30
|
4,351.00
|
LSE
|
09:44:05
|
|
245
|
4,364.00
|
LSE
|
09:46:36
|
|
64
|
4,369.00
|
LSE
|
09:47:03
|
|
97
|
4,367.00
|
LSE
|
09:48:03
|
|
113
|
4,377.00
|
LSE
|
09:48:53
|
|
214
|
4,406.00
|
LSE
|
09:55:18
|
|
69
|
4,404.00
|
LSE
|
09:55:34
|
|
144
|
4,400.00
|
LSE
|
09:55:58
|
|
131
|
4,400.00
|
LSE
|
09:59:55
|
|
258
|
4,405.00
|
LSE
|
10:00:01
|
|
144
|
4,397.00
|
LSE
|
10:02:12
|
|
80
|
4,398.00
|
LSE
|
10:03:48
|
|
140
|
4,397.00
|
LSE
|
10:04:05
|
|
75
|
4,398.00
|
LSE
|
10:05:05
|
|
63
|
4,396.00
|
LSE
|
10:05:13
|
|
67
|
4,395.00
|
LSE
|
10:05:37
|
|
65
|
4,403.00
|
LSE
|
10:08:19
|
|
147
|
4,400.00
|
LSE
|
10:08:50
|
|
98
|
4,399.00
|
LSE
|
10:09:46
|
|
62
|
4,398.00
|
LSE
|
10:09:47
|
|
125
|
4,396.00
|
LSE
|
10:10:25
|
|
63
|
4,396.00
|
LSE
|
10:10:59
|
|
73
|
4,394.00
|
LSE
|
10:11:17
|
|
313
|
4,398.00
|
LSE
|
10:12:05
|
|
310
|
4,396.00
|
LSE
|
10:14:06
|
|
223
|
4,394.00
|
LSE
|
10:15:06
|
|
66
|
4,387.00
|
LSE
|
10:16:40
|
|
98
|
4,385.00
|
LSE
|
10:16:56
|
|
73
|
4,383.00
|
LSE
|
10:17:26
|
|
84
|
4,386.00
|
LSE
|
10:18:02
|
|
362
|
4,378.00
|
LSE
|
10:18:07
|
|
237
|
4,357.00
|
LSE
|
10:20:48
|
|
74
|
4,354.00
|
LSE
|
10:21:34
|
|
63
|
4,354.00
|
LSE
|
10:22:22
|
|
117
|
4,356.00
|
LSE
|
10:23:42
|
|
104
|
4,350.00
|
LSE
|
10:24:53
|
|
219
|
4,346.00
|
LSE
|
10:27:10
|
|
247
|
4,350.00
|
LSE
|
10:29:34
|
|
64
|
4,352.00
|
LSE
|
10:30:09
|
|
74
|
4,361.00
|
LSE
|
10:30:52
|
|
154
|
4,372.00
|
LSE
|
10:32:36
|
|
120
|
4,361.00
|
LSE
|
10:33:35
|
|
90
|
4,354.00
|
LSE
|
10:34:38
|
|
79
|
4,347.00
|
LSE
|
10:35:12
|
|
93
|
4,340.00
|
LSE
|
10:36:12
|
|
166
|
4,350.00
|
LSE
|
10:37:53
|
|
145
|
4,347.00
|
LSE
|
10:39:36
|
|
139
|
4,346.00
|
LSE
|
10:41:10
|
|
170
|
4,361.00
|
LSE
|
10:42:41
|
|
229
|
4,357.00
|
LSE
|
10:44:50
|
|
73
|
4,346.00
|
LSE
|
10:45:42
|
|
162
|
4,360.00
|
LSE
|
10:47:10
|
|
249
|
4,357.00
|
LSE
|
10:49:19
|
|
216
|
4,385.00
|
LSE
|
10:58:16
|
|
289
|
4,380.00
|
LSE
|
10:59:05
|
|
100
|
4,373.00
|
LSE
|
11:00:02
|
|
15
|
4,373.00
|
LSE
|
11:00:28
|
|
232
|
4,370.00
|
LSE
|
11:00:33
|
|
41
|
4,371.00
|
LSE
|
11:02:45
|
|
94
|
4,371.00
|
LSE
|
11:02:45
|
|
89
|
4,368.00
|
LSE
|
11:02:46
|
|
168
|
4,373.00
|
LSE
|
11:03:39
|
|
51
|
4,366.00
|
LSE
|
11:05:21
|
|
30
|
4,366.00
|
LSE
|
11:05:21
|
|
65
|
4,365.00
|
LSE
|
11:06:01
|
|
60
|
4,353.00
|
LSE
|
11:06:24
|
|
322
|
4,354.00
|
LSE
|
11:06:42
|
|
78
|
4,340.00
|
LSE
|
11:07:28
|
|
73
|
4,339.00
|
LSE
|
11:08:38
|
|
130
|
4,328.00
|
LSE
|
11:09:32
|
|
40
|
4,316.00
|
LSE
|
11:10:26
|
|
40
|
4,316.00
|
LSE
|
11:10:26
|
|
4
|
4,321.00
|
LSE
|
11:11:36
|
|
67
|
4,321.00
|
LSE
|
11:11:36
|
|
9
|
4,317.00
|
LSE
|
11:11:54
|
|
61
|
4,317.00
|
LSE
|
11:11:54
|
|
82
|
4,311.00
|
LSE
|
11:12:56
|
|
178
|
4,319.00
|
LSE
|
11:14:33
|
|
68
|
4,319.00
|
LSE
|
11:15:32
|
|
243
|
4,324.00
|
LSE
|
11:17:50
|
|
116
|
4,328.00
|
LSE
|
11:18:55
|
|
114
|
4,329.00
|
LSE
|
11:19:57
|
|
85
|
4,332.00
|
LSE
|
11:20:40
|
|
141
|
4,341.00
|
LSE
|
11:22:10
|
|
180
|
4,337.00
|
LSE
|
11:23:53
|
|
118
|
4,329.00
|
LSE
|
11:24:58
|
|
80
|
4,319.00
|
LSE
|
11:28:59
|
|
38
|
4,315.00
|
LSE
|
11:29:43
|
|
49
|
4,315.00
|
LSE
|
11:29:43
|
|
381
|
4,310.00
|
LSE
|
11:29:50
|
|
163
|
4,310.00
|
LSE
|
11:31:17
|
|
75
|
4,309.00
|
LSE
|
11:32:18
|
|
63
|
4,315.00
|
LSE
|
11:33:01
|
|
162
|
4,322.00
|
LSE
|
11:34:44
|
|
276
|
4,318.00
|
LSE
|
11:37:05
|
|
153
|
4,315.00
|
LSE
|
11:38:43
|
|
64
|
4,323.00
|
LSE
|
11:42:51
|
|
203
|
4,330.00
|
LSE
|
11:44:36
|
|
331
|
4,326.00
|
LSE
|
11:45:50
|
|
131
|
4,326.00
|
LSE
|
11:46:35
|
|
169
|
4,320.00
|
LSE
|
11:48:35
|
|
60
|
4,320.00
|
LSE
|
11:52:10
|
|
134
|
4,320.00
|
LSE
|
11:53:44
|
|
65
|
4,320.00
|
LSE
|
11:54:43
|
|
95
|
4,333.00
|
LSE
|
11:56:01
|
|
63
|
4,333.00
|
LSE
|
11:56:01
|
|
155
|
4,344.00
|
LSE
|
11:56:34
|
|
231
|
4,344.00
|
LSE
|
11:56:34
|
|
259
|
4,341.00
|
LSE
|
11:59:02
|
|
169
|
4,341.00
|
LSE
|
12:00:00
|
|
61
|
4,340.00
|
LSE
|
12:02:58
|
|
135
|
4,346.00
|
LSE
|
12:04:18
|
|
36
|
4,344.00
|
LSE
|
12:06:03
|
|
85
|
4,344.00
|
LSE
|
12:06:03
|
|
93
|
4,334.00
|
LSE
|
12:06:08
|
|
74
|
4,333.00
|
LSE
|
12:07:00
|
|
86
|
4,340.00
|
LSE
|
12:07:48
|
|
82
|
4,330.00
|
LSE
|
12:08:52
|
|
64
|
4,329.00
|
LSE
|
12:09:57
|
|
72
|
4,326.00
|
LSE
|
12:10:23
|
|
63
|
4,320.00
|
LSE
|
12:11:37
|
|
106
|
4,320.00
|
LSE
|
12:11:37
|
|
61
|
4,320.00
|
LSE
|
12:12:10
|
|
364
|
4,318.00
|
LSE
|
12:13:12
|
|
82
|
4,320.00
|
LSE
|
12:16:08
|
|
67
|
4,317.00
|
LSE
|
12:17:14
|
|
175
|
4,318.00
|
LSE
|
12:18:49
|
|
99
|
4,318.00
|
LSE
|
12:19:29
|
|
73
|
4,316.00
|
LSE
|
12:20:24
|
|
202
|
4,325.00
|
LSE
|
12:21:23
|
|
97
|
4,328.00
|
LSE
|
12:22:18
|
|
63
|
4,325.00
|
LSE
|
12:23:08
|
|
184
|
4,333.00
|
LSE
|
12:24:43
|
|
90
|
4,323.00
|
LSE
|
12:25:51
|
|
64
|
4,321.00
|
LSE
|
12:26:21
|
|
217
|
4,328.00
|
LSE
|
12:27:55
|
|
75
|
4,327.00
|
LSE
|
12:29:04
|
|
88
|
4,327.00
|
LSE
|
12:29:30
|
|
108
|
4,332.00
|
LSE
|
12:31:01
|
|
93
|
4,327.00
|
LSE
|
12:31:24
|
|
2
|
4,327.00
|
LSE
|
12:31:24
|
|
123
|
4,328.00
|
LSE
|
12:32:29
|
|
70
|
4,328.00
|
LSE
|
12:33:04
|
|
81
|
4,326.00
|
LSE
|
12:34:43
|
|
438
|
4,318.00
|
LSE
|
12:35:16
|
|
72
|
4,318.00
|
LSE
|
12:38:23
|
|
241
|
4,323.00
|
LSE
|
12:40:58
|
|
142
|
4,323.00
|
LSE
|
12:42:05
|
|
87
|
4,323.00
|
LSE
|
12:43:00
|
|
68
|
4,321.00
|
LSE
|
12:43:37
|
|
182
|
4,322.00
|
LSE
|
12:45:08
|
|
64
|
4,321.00
|
LSE
|
12:46:22
|
|
88
|
4,330.00
|
LSE
|
12:46:25
|
|
78
|
4,332.00
|
LSE
|
12:47:08
|
|
152
|
4,325.00
|
LSE
|
12:49:45
|
|
111
|
4,325.00
|
LSE
|
12:49:45
|
|
108
|
4,324.00
|
LSE
|
12:51:05
|
|
140
|
4,326.00
|
LSE
|
12:52:14
|
|
94
|
4,324.00
|
LSE
|
12:52:45
|
|
77
|
4,322.00
|
LSE
|
12:53:43
|
|
106
|
4,322.00
|
LSE
|
12:54:23
|
|
64
|
4,321.00
|
LSE
|
12:54:57
|
|
91
|
4,328.00
|
LSE
|
12:55:45
|
|
71
|
4,328.00
|
LSE
|
12:56:18
|
|
78
|
4,338.00
|
LSE
|
12:56:58
|
|
85
|
4,342.00
|
LSE
|
12:58:01
|
|
143
|
4,344.00
|
LSE
|
12:59:20
|
|
71
|
4,341.00
|
LSE
|
12:59:45
|
|
67
|
4,340.00
|
LSE
|
13:00:00
|
|
79
|
4,345.00
|
LSE
|
13:01:04
|
|
81
|
4,343.00
|
LSE
|
13:01:26
|
|
60
|
4,341.00
|
LSE
|
13:02:17
|
|
141
|
4,338.00
|
LSE
|
13:03:03
|
|
377
|
4,338.00
|
LSE
|
13:06:01
|
|
81
|
4,329.00
|
LSE
|
13:07:02
|
|
63
|
4,328.00
|
LSE
|
13:07:16
|
|
59
|
4,327.00
|
LSE
|
13:08:12
|
|
381
|
4,324.00
|
LSE
|
13:08:40
|
|
64
|
4,308.00
|
LSE
|
13:12:00
|
|
62
|
4,307.00
|
LSE
|
13:12:46
|
|
128
|
4,314.00
|
LSE
|
13:13:37
|
|
65
|
4,313.00
|
LSE
|
13:14:26
|
|
114
|
4,317.00
|
LSE
|
13:15:21
|
|
359
|
4,314.00
|
LSE
|
13:15:48
|
|
73
|
4,299.00
|
LSE
|
13:19:05
|
|
63
|
4,298.00
|
LSE
|
13:20:32
|
|
52
|
4,297.00
|
LSE
|
13:20:56
|
|
2
|
4,297.00
|
LSE
|
13:20:56
|
|
90
|
4,303.00
|
LSE
|
13:21:27
|
|
224
|
4,310.00
|
LSE
|
13:22:36
|
|
195
|
4,314.00
|
LSE
|
13:24:38
|
|
61
|
4,310.00
|
LSE
|
13:25:10
|
|
94
|
4,308.00
|
LSE
|
13:26:40
|
|
82
|
4,307.00
|
LSE
|
13:26:55
|
|
75
|
4,311.00
|
LSE
|
13:27:43
|
|
66
|
4,306.00
|
LSE
|
13:28:44
|
|
439
|
4,299.00
|
LSE
|
13:28:54
|
|
66
|
4,287.00
|
LSE
|
13:29:27
|
|
337
|
4,292.00
|
LSE
|
13:31:47
|
|
135
|
4,293.00
|
LSE
|
13:32:50
|
|
9
|
4,290.00
|
LSE
|
13:33:52
|
|
136
|
4,290.00
|
LSE
|
13:33:52
|
|
106
|
4,309.00
|
LSE
|
13:37:03
|
|
319
|
4,309.00
|
LSE
|
13:37:03
|
|
147
|
4,303.00
|
LSE
|
13:37:54
|
|
142
|
4,300.00
|
LSE
|
13:40:10
|
|
188
|
4,301.00
|
LSE
|
13:40:46
|
|
383
|
4,302.00
|
LSE
|
13:43:25
|
|
98
|
4,310.00
|
LSE
|
13:47:23
|
|
171
|
4,312.00
|
LSE
|
13:48:22
|
|
64
|
4,312.00
|
LSE
|
13:49:00
|
|
60
|
4,305.00
|
LSE
|
13:49:15
|
|
159
|
4,321.00
|
LSE
|
13:50:14
|
|
75
|
4,309.00
|
LSE
|
13:51:00
|
|
80
|
4,308.00
|
LSE
|
13:51:43
|
|
322
|
4,314.00
|
LSE
|
13:53:15
|
|
93
|
4,311.00
|
LSE
|
13:54:03
|
|
113
|
4,310.00
|
LSE
|
13:54:51
|
|
375
|
4,302.00
|
LSE
|
13:55:03
|
|
76
|
4,303.00
|
LSE
|
13:58:40
|
|
74
|
4,302.00
|
LSE
|
13:59:15
|
|
84
|
4,302.00
|
LSE
|
13:59:55
|
|
163
|
4,305.00
|
LSE
|
14:00:47
|
|
2
|
4,305.00
|
LSE
|
14:00:47
|
|
2
|
4,305.00
|
LSE
|
14:00:47
|
|
124
|
4,307.00
|
LSE
|
14:02:10
|
|
187
|
4,306.00
|
LSE
|
14:02:51
|
|
65
|
4,303.00
|
LSE
|
14:03:11
|
|
137
|
4,302.00
|
LSE
|
14:05:07
|
|
161
|
4,302.00
|
LSE
|
14:05:07
|
|
102
|
4,307.00
|
LSE
|
14:06:00
|
|
386
|
4,317.00
|
LSE
|
14:07:59
|
|
400
|
4,323.00
|
LSE
|
14:10:16
|
|
105
|
4,323.00
|
LSE
|
14:11:03
|
|
46
|
4,323.00
|
LSE
|
14:11:04
|
|
59
|
4,318.00
|
LSE
|
14:12:04
|
|
136
|
4,316.00
|
LSE
|
14:12:07
|
|
228
|
4,316.00
|
LSE
|
14:13:20
|
|
61
|
4,313.00
|
LSE
|
14:13:52
|
|
87
|
4,301.00
|
LSE
|
14:14:15
|
|
94
|
4,304.00
|
LSE
|
14:14:42
|
|
64
|
4,297.00
|
LSE
|
14:15:13
|
|
190
|
4,297.00
|
LSE
|
14:16:04
|
|
73
|
4,293.00
|
LSE
|
14:16:27
|
|
70
|
4,290.00
|
LSE
|
14:17:08
|
|
131
|
4,290.00
|
LSE
|
14:18:28
|
|
92
|
4,290.00
|
LSE
|
14:18:28
|
|
101
|
4,289.00
|
LSE
|
14:18:42
|
|
64
|
4,282.00
|
LSE
|
14:19:00
|
|
90
|
4,287.00
|
LSE
|
14:19:26
|
|
8
|
4,284.00
|
LSE
|
14:19:55
|
|
97
|
4,284.00
|
LSE
|
14:19:55
|
|
140
|
4,304.00
|
LSE
|
14:20:33
|
|
210
|
4,305.00
|
LSE
|
14:22:01
|
|
109
|
4,303.00
|
LSE
|
14:22:03
|
|
73
|
4,300.00
|
LSE
|
14:22:24
|
|
147
|
4,308.00
|
LSE
|
14:23:25
|
|
87
|
4,307.00
|
LSE
|
14:23:48
|
|
29
|
4,307.00
|
LSE
|
14:23:48
|
|
80
|
4,302.00
|
LSE
|
14:24:14
|
|
460
|
4,308.00
|
LSE
|
14:25:13
|
|
68
|
4,306.00
|
LSE
|
14:25:53
|
|
250
|
4,304.00
|
LSE
|
14:26:12
|
|
142
|
4,303.00
|
LSE
|
14:26:24
|
|
474
|
4,309.00
|
LSE
|
14:27:47
|
|
236
|
4,310.00
|
LSE
|
14:28:23
|
|
148
|
4,307.00
|
LSE
|
14:28:23
|
|
464
|
4,315.00
|
LSE
|
14:29:12
|
|
383
|
4,319.00
|
LSE
|
14:29:50
|
|
4,478
|
4,319.00
|
LSE
|
14:29:50
|
|
308
|
4,322.00
|
LSE
|
14:30:04
|
|
182
|
4,353.00
|
LSE
|
14:32:14
|
|
225
|
4,349.00
|
LSE
|
14:32:15
|
|
145
|
4,349.00
|
LSE
|
14:32:15
|
|
329
|
4,348.00
|
LSE
|
14:32:48
|
|
456
|
4,352.00
|
LSE
|
14:34:06
|
|
70
|
4,349.00
|
LSE
|
14:36:41
|
|
98
|
4,356.00
|
LSE
|
14:37:44
|
|
114
|
4,356.00
|
LSE
|
14:37:55
|
|
65
|
4,355.00
|
LSE
|
14:38:13
|
|
8
|
4,360.00
|
LSE
|
14:39:10
|
|
184
|
4,360.00
|
LSE
|
14:39:11
|
|
116
|
4,360.00
|
LSE
|
14:39:17
|
|
201
|
4,358.00
|
LSE
|
14:39:18
|
|
93
|
4,356.00
|
LSE
|
14:39:20
|
|
84
|
4,356.00
|
LSE
|
14:39:30
|
|
108
|
4,355.00
|
LSE
|
14:39:44
|
|
677
|
4,348.00
|
LSE
|
14:39:45
|
|
143
|
4,347.00
|
LSE
|
14:39:56
|
|
25
|
4,345.00
|
LSE
|
14:40:00
|
|
97
|
4,345.00
|
LSE
|
14:40:00
|
|
178
|
4,345.00
|
LSE
|
14:40:00
|
|
107
|
4,344.00
|
LSE
|
14:40:01
|
|
241
|
4,392.00
|
LSE
|
14:45:43
|
|
244
|
4,394.00
|
LSE
|
14:46:12
|
|
79
|
4,392.00
|
LSE
|
14:46:26
|
|
96
|
4,380.00
|
LSE
|
14:46:34
|
|
61
|
4,375.00
|
LSE
|
14:46:37
|
|
174
|
4,377.00
|
LSE
|
14:47:01
|
|
61
|
4,376.00
|
LSE
|
14:47:09
|
|
25
|
4,374.00
|
LSE
|
14:47:17
|
|
45
|
4,374.00
|
LSE
|
14:47:17
|
|
209
|
4,375.00
|
LSE
|
14:47:39
|
|
300
|
4,368.00
|
LSE
|
14:47:43
|
|
155
|
4,368.00
|
LSE
|
14:47:43
|
|
294
|
4,366.00
|
LSE
|
14:47:45
|
|
86
|
4,365.00
|
LSE
|
14:48:01
|
|
58
|
4,365.00
|
LSE
|
14:48:01
|
|
232
|
4,364.00
|
LSE
|
14:48:12
|
|
80
|
4,364.00
|
LSE
|
14:48:20
|
|
192
|
4,362.00
|
LSE
|
14:48:24
|
|
218
|
4,360.00
|
LSE
|
14:48:30
|
|
126
|
4,359.00
|
LSE
|
14:48:46
|
|
149
|
4,357.00
|
LSE
|
14:48:50
|
|
1
|
4,357.00
|
LSE
|
14:48:50
|
|
145
|
4,357.00
|
LSE
|
14:48:50
|
|
2
|
4,357.00
|
LSE
|
14:49:29
|
|
12
|
4,357.00
|
LSE
|
14:49:29
|
|
504
|
4,379.00
|
LSE
|
14:50:13
|
|
259
|
4,384.00
|
LSE
|
14:50:47
|
|
78
|
4,364.00
|
LSE
|
14:52:00
|
|
42
|
4,364.00
|
LSE
|
14:52:00
|
|
120
|
4,366.00
|
LSE
|
14:52:27
|
|
1,085
|
4,366.00
|
LSE
|
14:52:27
|
|
81
|
4,362.00
|
LSE
|
14:54:44
|
|
45
|
4,365.00
|
LSE
|
14:55:19
|
|
96
|
4,365.00
|
LSE
|
14:55:35
|
|
153
|
4,363.00
|
LSE
|
14:55:38
|
|
1
|
4,363.00
|
LSE
|
14:55:38
|
|
168
|
4,363.00
|
LSE
|
14:55:45
|
|
134
|
4,365.00
|
LSE
|
14:56:24
|
|
162
|
4,364.00
|
LSE
|
14:56:33
|
|
461
|
4,356.00
|
LSE
|
14:56:35
|
|
261
|
4,356.00
|
LSE
|
14:56:35
|
|
244
|
4,367.00
|
LSE
|
14:59:04
|
|
633
|
4,363.00
|
LSE
|
14:59:08
|
|
1
|
4,363.00
|
LSE
|
14:59:08
|
|
601
|
4,363.00
|
LSE
|
14:59:08
|
|
490
|
4,363.00
|
LSE
|
14:59:14
|
|
332
|
4,363.00
|
LSE
|
15:00:23
|
|
262
|
4,363.00
|
LSE
|
15:00:23
|
|
80
|
4,357.00
|
LSE
|
15:02:12
|
|
91
|
4,357.00
|
LSE
|
15:02:33
|
|
72
|
4,357.00
|
LSE
|
15:02:45
|
|
247
|
4,357.00
|
LSE
|
15:03:16
|
|
163
|
4,370.00
|
LSE
|
15:05:52
|
|
305
|
4,368.00
|
LSE
|
15:06:08
|
|
67
|
4,372.00
|
LSE
|
15:07:07
|
|
212
|
4,373.00
|
LSE
|
15:07:34
|
|
127
|
4,383.00
|
LSE
|
15:08:23
|
|
456
|
4,389.00
|
LSE
|
15:09:25
|
|
269
|
4,393.00
|
LSE
|
15:10:05
|
|
69
|
4,393.00
|
LSE
|
15:10:17
|
|
159
|
4,390.00
|
LSE
|
15:10:43
|
|
83
|
4,391.00
|
LSE
|
15:10:51
|
|
69
|
4,389.00
|
LSE
|
15:11:07
|
|
146
|
4,389.00
|
LSE
|
15:11:20
|
|
89
|
4,389.00
|
LSE
|
15:11:35
|
|
63
|
4,387.00
|
LSE
|
15:11:51
|
|
173
|
4,388.00
|
LSE
|
15:12:09
|
|
96
|
4,384.00
|
LSE
|
15:12:32
|
|
90
|
4,381.00
|
LSE
|
15:13:01
|
|
222
|
4,383.00
|
LSE
|
15:13:10
|
|
76
|
4,383.00
|
LSE
|
15:13:30
|
|
104
|
4,382.00
|
LSE
|
15:13:41
|
|
76
|
4,379.00
|
LSE
|
15:13:48
|
|
125
|
4,382.00
|
LSE
|
15:14:13
|
|
240
|
4,382.00
|
LSE
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15:14:50
|
|
91
|
4,382.00
|
LSE
|
15:14:53
|
|
71
|
4,382.00
|
LSE
|
15:15:11
|
|
65
|
4,381.00
|
LSE
|
15:15:18
|
|
106
|
4,377.00
|
LSE
|
15:15:19
|
|
86
|
4,374.00
|
LSE
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15:15:34
|
|
68
|
4,374.00
|
LSE
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15:15:34
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|
148
|
4,374.00
|
LSE
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15:15:37
|
|
100
|
4,373.00
|
LSE
|
15:15:48
|
|
61
|
4,374.00
|
LSE
|
15:16:29
|
|
333
|
4,371.00
|
LSE
|
15:16:30
|
|
140
|
4,369.00
|
LSE
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15:16:44
|
|
157
|
4,367.00
|
LSE
|
15:16:45
|
|
140
|
4,365.00
|
LSE
|
15:16:46
|
|
139
|
4,364.00
|
LSE
|
15:16:48
|
|
146
|
4,363.00
|
LSE
|
15:16:50
|
|
74
|
4,363.00
|
LSE
|
15:17:22
|
|
208
|
4,361.00
|
LSE
|
15:17:23
|
|
84
|
4,370.00
|
LSE
|
15:19:18
|
|
83
|
4,374.00
|
LSE
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15:20:11
|
|
149
|
4,374.00
|
LSE
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15:20:51
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|
204
|
4,375.00
|
LSE
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15:21:10
|
|
109
|
4,373.00
|
LSE
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15:21:17
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|
63
|
4,374.00
|
LSE
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15:21:33
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|
159
|
4,373.00
|
LSE
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15:21:35
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|
74
|
4,374.00
|
LSE
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15:22:16
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|
199
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4,372.00
|
LSE
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15:22:17
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248
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4,371.00
|
LSE
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15:22:47
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327
|
4,370.00
|
LSE
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15:23:35
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176
|
4,371.00
|
LSE
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15:23:58
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|
20
|
4,369.00
|
LSE
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15:24:09
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|
78
|
4,369.00
|
LSE
|
15:24:16
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|
372
|
4,369.00
|
LSE
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15:25:03
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|
214
|
4,368.00
|
LSE
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15:25:13
|
|
365
|
4,363.00
|
LSE
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15:25:24
|
|
111
|
4,363.00
|
LSE
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15:25:57
|
|
361
|
4,367.00
|
LSE
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15:27:47
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|
238
|
4,366.00
|
LSE
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15:28:23
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337
|
4,364.00
|
LSE
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15:28:26
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134
|
4,362.00
|
LSE
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15:28:33
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|
158
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4,361.00
|
LSE
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15:28:35
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|
55
|
4,365.00
|
LSE
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15:30:09
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|
250
|
4,365.00
|
LSE
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15:30:09
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|
66
|
4,364.00
|
LSE
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15:30:14
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197
|
4,363.00
|
LSE
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15:30:47
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180
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4,362.00
|
LSE
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15:30:52
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247
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4,356.00
|
LSE
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15:30:54
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153
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4,356.00
|
LSE
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15:31:22
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60
|
4,356.00
|
LSE
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15:31:22
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97
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4,355.00
|
LSE
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15:31:47
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183
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4,354.00
|
LSE
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15:31:49
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116
|
4,353.00
|
LSE
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15:31:51
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164
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4,352.00
|
LSE
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15:32:09
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|
118
|
4,353.00
|
LSE
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15:32:40
|
|
68
|
4,356.00
|
LSE
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15:33:37
|
|
233
|
4,357.00
|
LSE
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15:34:18
|
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229
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4,357.00
|
LSE
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15:35:17
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147
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4,358.00
|
LSE
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15:35:42
|
|
193
|
4,357.00
|
LSE
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15:35:55
|
|
166
|
4,354.00
|
LSE
|
15:36:08
|
|
221
|
4,369.00
|
LSE
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15:38:44
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|
222
|
4,370.00
|
LSE
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15:39:30
|
|
141
|
4,368.00
|
LSE
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15:39:37
|
|
156
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4,365.00
|
LSE
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15:39:52
|
|
154
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4,364.00
|
LSE
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15:40:19
|
|
208
|
4,361.00
|
LSE
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15:40:24
|
|
183
|
4,359.00
|
LSE
|
15:40:45
|
|
105
|
4,359.00
|
LSE
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15:40:57
|
|
135
|
4,357.00
|
LSE
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15:41:02
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|
74
|
4,357.00
|
LSE
|
15:41:14
|
|
70
|
4,357.00
|
LSE
|
15:41:29
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|
67
|
4,356.00
|
LSE
|
15:41:58
|
|
216
|
4,362.00
|
LSE
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15:43:11
|
|
176
|
4,364.00
|
LSE
|
15:44:08
|
|
100
|
4,364.00
|
LSE
|
15:45:10
|
|
486
|
4,374.00
|
LSE
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15:46:49
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|
682
|
4,377.00
|
LSE
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15:48:43
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|
617
|
4,383.00
|
LSE
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15:49:59
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|
74
|
4,380.00
|
LSE
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15:50:18
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|
66
|
4,378.00
|
LSE
|
15:50:20
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|
87
|
4,378.00
|
LSE
|
15:50:38
|
|
90
|
4,377.00
|
LSE
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15:50:57
|
|
225
|
4,374.00
|
LSE
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15:51:00
|
|
525
|
4,375.00
|
LSE
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15:52:31
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|
302
|
4,376.00
|
LSE
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15:53:09
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|
220
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4,375.00
|
LSE
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15:54:10
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|
150
|
4,373.00
|
LSE
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15:54:26
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|
165
|
4,373.00
|
LSE
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15:54:26
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|
196
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4,373.00
|
LSE
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15:54:49
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|
168
|
4,372.00
|
LSE
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15:55:59
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|
508
|
4,372.00
|
LSE
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15:55:59
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|
121
|
4,370.00
|
LSE
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15:56:03
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|
105
|
4,368.00
|
LSE
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15:56:06
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|
410
|
4,369.00
|
LSE
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15:57:02
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311
|
4,375.00
|
LSE
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15:58:36
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349
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4,375.00
|
LSE
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15:58:36
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|
70
|
4,373.00
|
LSE
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15:58:40
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189
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4,377.00
|
LSE
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15:59:16
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|
104
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4,375.00
|
LSE
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15:59:23
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|
256
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4,376.00
|
LSE
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16:00:02
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181
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4,374.00
|
LSE
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16:00:05
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143
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4,375.00
|
LSE
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16:00:40
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|
199
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4,374.00
|
LSE
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16:00:47
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|
398
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4,376.00
|
LSE
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16:01:59
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454
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4,381.00
|
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16:02:40
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89
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4,381.00
|
LSE
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16:02:41
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|
71
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4,382.00
|
LSE
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16:02:53
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183
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4,378.00
|
LSE
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16:03:31
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74
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4,382.00
|
LSE
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16:04:13
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459
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4,382.00
|
LSE
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16:04:13
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162
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4,382.00
|
LSE
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16:05:00
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231
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4,381.00
|
LSE
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16:05:07
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42
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4,381.00
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LSE
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16:05:07
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69
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4,379.00
|
LSE
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16:05:19
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187
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4,379.00
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16:05:33
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623
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4,387.00
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16:06:48
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86
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4,387.00
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77
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4,382.00
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496
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4,387.00
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265
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4,386.00
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103
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72
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65
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276
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107
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95
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12
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232
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536
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89
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152
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116
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161
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116
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4,395.00
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134
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4,394.00
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89
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72
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4,387.00
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16:13:32
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492
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1
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428
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Exhibit 21
BRITISH AMERICAN TOBACCO p.l.c. (the “Company”)
Annual Report for the Year Ended 31 December 2025
In compliance with UK Listing Rule 6.4.1 and Disclosure Guidance and Transparency Rule (“DTR”) 4.1.3, the Company announces that the following documents have been published on its website: www.bat.com/annualreport:
| ● |
Combined Annual and Sustainability Report 2025 (the Annual Report);
|
| ● |
Annual Report on Form 20-F 2025 (the Form 20-F); and
|
| ● |
Combined Performance and Sustainability Summary 2025.
|
These documents have been submitted to the National Storage Mechanism and will shortly be available for inspection via the following link:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
In addition, in accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, the Company announces that it filed its Form 20-F with the U.S. Securities and Exchange Commission on 13 February
2026. The Form 20-F included audited financial statements for the year ended 31 December 2025. The Form 20-F will shortly be available on the Company’s website at www.bat.com/annualreport and also online
at www.sec.gov.
The Annual Report and other ancillary shareholder documents will be mailed and made available to shareholders on 10 March 2026. Investors have the option to receive a hard copy of the Company’s complete audited
financial statements, free of charge, upon request, by contacting the below:
|
United Kingdom
|
|
|
British American Tobacco Publications
|
Telephone: +44 20 7511 7797
Email: bat@team365.co.uk
|
|
South Africa
|
|
|
The Company’s Representative Office
|
Telephone: +27 21 003 6712
|
|
United States
|
|
|
Citibank Shareholder Services
|
Telephone: +1 888 985 2055 (toll-free)
Email: citibank@shareholders-online.com
|
This announcement should be read in conjunction with the Company’s Final Results announcement which was released to the market on 12 February 2026. Together these constitute the material required by DTR 6.3.5R to be
communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report. Page numbers and cross-references in the extracted information below refer to page numbers
in the Annual Report. The following disclosures are set out in the appendices to this announcement:
| ● |
Appendix A: Group Principal Risks (pages 168 to 175 of the Annual Report);
|
| ● |
Appendix B: Related Party Disclosures (pages 332 and 333 of the Annual Report); and
|
| ● |
Appendix C: Directors’ Responsibility Statement (page 238 of the Annual Report).
|
C Worlock
Assistant Secretary
13 February 2026
Enquiries:
Media Centre
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | IR_team@bat.com
APPENDIX A
“GROUP PRINCIPAL RISKS
Overview
The Principal Risks that may affect the Group are set out on the following pages.
Principal Risks are those that have the potential to most impact the achievement of the Group’s strategic objectives. These are significant risks that could affect the Group’s long-term financial performance,
reputation, or delivery of sustainability targets.
The Group has identified risks and is actively monitoring and mitigating these risks. This section focuses on those risks that the Directors believe to be the Principal Risks to the Group. Not all of these risks are
within the control of the Group and other risks besides those listed may affect the Group’s performance. Some risks may be unknown at present. Other risks, currently regarded as less material, could become more material in the future. Clear
accountability is attached to each risk through the risk owner.
Each Principal Risk is assessed against the Group’s defined risk appetite, which is set by strategic objectives. The Board monitors appetite through regular reporting from the Audit Committee and Group Risk Management
Committee.
The risks listed in this section and the activities being undertaken to manage them should be considered in the context of the Group’s internal control framework. This process is described in the section on risk
management and internal control in the Audit Committee Report from page 206 and is further supported by the principles and processes set out in the Group Risk Management Manual.
Each risk is considered in the context of the Group’s strategy and business model, as set out in this Strategic Report beginning on page 2 and page 12 respectively. On the following pages is a summary of each
Principal Risk, its potential impact and management by the Group.
In addition to Principal Risks, the Group actively monitors emerging risks through structured horizon scanning and biannual reviews by the Group Risk Management Committee. Emerging risks, such as those arising from
regulatory changes, geopolitical volatility, or technological disruption, are escalated to the Audit Committee and Main Board where appropriate, and considered in the context of the Group’s long-term viability and resilience.
A summary of all the risk factors (including the Principal Risks) which are monitored by the Board through the Group’s risk register, with an expanded description of each risk factor, including additional context,
detailed drivers and potential impacts, is set out from page 4 of BAT’s Form 20-F for the year ended 31 December 2025, which can be accessed via the SEC’s EDGAR database and on BAT’s website at www.bat.com/investors-and-reporting/.
Assessment of Group Principal Risks
During the year, the Directors carried out a robust assessment of the Principal Risks, uncertainties and emerging risks facing the Group, including those that could impact its reputation or delivery of its strategic
objectives, business model, future performance, solvency or liquidity.
Leading in Sustainability is a core component and key building block of our corporate strategy and sustainability risk factors are embedded across the Group’s risks in accordance with the management of these risks
within the Group.
All Group risks are reviewed biannually by the Audit Committee and annually by the Board. During the period, the risk related to “Litigation” was renamed “Litigation and external investigations”, the risk related to
“Circular economy” was renamed “Circularity” and the risk related to “Cybersecurity” was renamed “Digital & Cyber”, reflecting the nature of the risk. There were no changes to the underlying risks.
The viability statement on page 176 provides a broader assessment of long-term solvency and liquidity. The Directors considered a number of factors that may affect the resilience of the Group. Except for the risk
“Injury, illness or death in the workplace” which is not considered to be sufficiently material to impact the Group’s overall viability assessment, the Directors also assessed the potential impact of the Principal Risks that may impact the Group’s
viability.
Group Principal Risks
Competition from illicit trade
Increased competition from illicit trade and illegal products – either local duty evaded, smuggled, counterfeits, or non-regulatory compliant, including products diverted from one country to another.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Consumers, Customers, Investors, & Society
Considered in viability statement
Yes
Risk Trend
Increasing
Impact
Illicit trade often leads to more restrictions and regulations imposed on the legitimate industry, including sales restrictions, overly burdensome track and trace systems and display packaging bans. This is often based
on the erroneous assertion that the legitimate industry makes up the bulk of illicit trade in tobacco products.
Erosion of goodwill, with lower volumes and/or increased operational costs (e.g. track and trace costs) and reduced profits.
Reduced ability to take price increases.
Investment in trade marketing and distribution is undermined and the product is commoditised.
Illicit products (including New Categories) could harm consumers, damaging goodwill, and/or the category (with lower volumes and reduced profits), potentially leading to misplaced claims against BAT, further regulation
and a failure to deliver the corporate harm reduction objective.
Breach of legislation, criminal offences, contract breaches, and allegations of facilitating smuggling may result in fines, penalties, seizure payments, and reputational damage, including negative perceptions of our
governance.
Existence of illicit trade reduces our ability to reduce the health impact of our business, it undermines policies of governments with respect to underage tobacco users and creates bases for inappropriate regulation.
Mitigation activities across all categories
Dedicated Anti-Illicit Trade (AIT) teams operating at regional and country levels and internal cross-functional levels; compliance procedures, toolkit and best practice shared.
Active engagement with key external stakeholders, including international governmental and non-governmental organisations to highlight illicit trade challenges and build alignment around policy solutions.
Cross-industry and multi-sector cooperation on a range of AIT issues.
Regional AIT strategy supported by a research programme to further the understanding of the size and scope of the matter.
As illicit e-commerce becomes a larger threat to the business, the Group determines the scale of illicit online sales to highlight the threat to authorities and to enable them to take direct action against websites
selling illicit products.
AIT engagement teams (including a dedicated analytical laboratory and a forensic and compliance team) work with enforcement agencies as appropriate. Enhanced intelligence databases and targeted enforcement actions in
priority markets are in place.
Geopolitical tensions
Geopolitical tensions, civil unrest, economic policy changes, as well as shifts in the structure and policies of major trading blocs, global health crises, terrorism and organised crime have the potential to disrupt
the Group’s business in multiple markets.
Time frame
Short-/medium-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Customers, Our people, Investors, Society, & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
Potential injury or loss of life, loss of assets and disruption to supply chains and normal business processes. This applies to both internal and outsourced activities.
Increased costs due to more complex supply chain and security arrangements and/or the cost of building new facilities or maintaining inefficient facilities.
Lower volumes as a result of not being able to trade in a country.
Higher taxes or other costs of doing business as a foreign company or the loss of assets as a result of nationalisation.
Disruptions or changes in trading bloc membership, trade agreements, or the imposition of new trade barriers may restrict market access, increase tariffs, or require costly supply chain reconfiguration, impacting
profitability and long-term strategic plans.
Reputational damage, including negative perceptions of our governance and protection of our people and our sustainability credentials. Disruption to the supply chain impacts our ability to reduce the health impact of
our business.
Mitigation activities across all categories
Physical and procedural security controls are in place, and regularly reviewed in accordance with our security risk management process, for all field force and supply chain operations, with an emphasis on the
protection of Group employees.
Globally integrated sourcing strategy and contingency sourcing arrangements are in place.
Security risk modelling, including external risk assessments, monitoring of geopolitical and economic policy developments worldwide, including ongoing monitoring of trading blocs developments and trade policy changes.
Insurance coverage and business continuity planning, including scenario planning and testing, and risk awareness training.
Geopolitical assessment and monitoring by the Group Security Centre of Excellence and regions inform the business continuity management organisation plans and responses to geopolitical risks, including readiness of
crisis management teams at all levels.
Tobacco, New Categories and other regulation interrupts growth strategy
The enactment of, proposals for, or rumours of, regulation that significantly impairs the Group’s ability to communicate, differentiate, innovate, market or launch its products, and/or the lack of appropriate
regulation for New Categories.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Consumers, Customers, Investors & Society
Considered in viability statement
Yes
Risk Trend
No change
Impact
A lack of acceptance or rejection of Tobacco Harm Reduction as a tobacco control policy could prevent a balanced regulatory framework for New Categories. Restricted ability to sell and communicate New Categories could
lead to failure of the harm reduction objective and loss of confidence in the Group’s sustainability performance.
Lack of appropriate regulation and its enforcement or disproportionate regulations for New Categories, such as questionable regulatory classifications or total bans, that may not be science-based and/or
risk-proportionate, may impact our opportunity for quality growth and affect our ability to develop and market a pipeline of new products. Reduced ability to make scientific claims, compete in future product categories and make new market entries.
Inappropriate regulation may also increase the volume of illicit trade activity.
Erosion of brand value through commoditisation and the inability to launch innovations may negatively affect our ability to generate value growth.
Regulation with respect to bans or severe restrictions on menthol flavours, product design and features and nicotine levels may adversely impact individual brand portfolios.
Reduced consumer acceptability of new product specifications, leading to consumers seeking alternatives in illegal markets or irresponsible operators exploiting regulatory loopholes.
Shocks to share price on rumours of, or the announcement or enactment of, restrictive regulation (e.g. sales ban to future generations).
Failure to deliver appropriate and proportionately costed Extended Producer Responsibility (EPR) schemes.
Mitigation activities across all categories
Establishment of governance forums, the objectives of which are to review the execution of the Group’s regulatory, corporate, and science strategies, monitor the regulatory and science landscape, prioritise key
regulatory and science initiatives and resource allocation.
Cross-functional alignment between Corporate & Regulatory Affairs, Legal, Marketing, Finance, Sustainability, Investor Relations, Operations, and Research & Science to support regulatory objectives and Ready
for Regulation (R4R). Actionable insights and foresights are developed through horizon planning to anticipate regulatory changes.
Engagement and alignment across the Group to drive a balanced global policy framework for combustible and Smokeless products.
Stakeholder mapping and prioritisation, developing robust compelling advocacy materials (with supporting evidence and data) and regulatory engagement programmes.
Regulatory risk assessment of marketing plans to ensure decisions are informed by an understanding of the potential regulatory environments.
Advocating the application of integrated regulatory proposals to governments and public health regulators and practitioners based on the harm reduction potential of New Categories.
Encourage dialogue with stakeholders across the wider scientific and regulatory ecosystem in relation to tobacco and nicotine products through Omni™.
Development of an integrated regulatory strategy that spans conventional combustibles and New Categories.
Training and capability programmes for end markets to upskill Corporate and Regulatory Affairs managers on combustible and New Categories regulatory engagement, including product knowledge.
Direct access to online portal providing latest position and advocacy material for end market engagement on combustibles and New Categories.
Working to define a sustainable EPR model and markets negotiating to implement effective EPR schemes.
Please refer to the to the description of the tobacco and nicotine regulatory regimes under which the Group’s businesses operate set out on page 24 and page 25
Supply Chain disruption
Disruption to the global supply chain that may impact our ability to manufacture products or supply our consumers.
Time frame
Short-
Strategic impact
Quality Growth/Sustainable Future/Dynamic Business
Key Stakeholders
Consumers, Customers, Our People, & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
Disruption to the global supply chain may impact all aspects of our business and impede our ability to manufacture products and supply our consumers.
Disruption to supply chain can lead to manufacturing delays, volume shortfalls and inability to supply markets, increased replacement or/and rebuild costs consequently leading to reduced profit and reputational damage.
This may affect our ability to reinvest in New Categories and deliver our Tobacco Harm Reduction commitment.
Loss of one or more key facilities or suppliers may cause loss of life and injuries. It may also lead to societal dislocation resulting in population migration and loss of key skills.
Our supply chain could be negatively impacted by events arising from, but not limited to, natural disasters, man-made accidents, cyber incidents.
Mitigation activities across all categories
Group-wide business continuity plans (BCP) and contingency sourcing plans (CSP) in compliance with the new business continuity management standard, are in place.
All factory CSPs are regularly updated, reviewed and desktop simulations conducted to ensure compliance with the Group’s policy. Coverage targets and waivers for contingency sourcing plans are monitored and updated
regularly.
BCPs and disaster recovery plans for logistics providers are in place.
Unrest and evacuation plans are in place.
Existence of insurance cover for Property Damage and Business Interruption.
Appropriate technical and organisational cyber security measures are in place.
Litigation and external investigations
Product liability, regulatory or other significant cases (including investigations or class action litigations) may be lost or settled resulting in a material loss or other consequence.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable future
Key Stakeholders
Investors & Society
Considered in viability statement
Yes
Risk Trend
No change
Impact
Damages and fines, negative impact on reputation (including sustainability credentials), disruption and loss of focus on the business.
Consolidated results of operations, cash flows and financial position could be materially affected by an unfavourable outcome or settlement of pending or future litigation, criminal prosecution or other contentious
action, or by the costs associated with bringing proceedings or defending claims.
Inability to sell products as a result of an injunction arising out of a patent infringement action against the Group may restrict growth plans and competitiveness.
Potential share price impact, reduction in financing opportunities and investor base.
Sustainability-related litigation could also result in a reduction in the investor base due to sustainability-related concerns.
Mitigation activities across all categories
Consistent litigation and patent management strategy across the Group.
Expertise and legal talent maintained both within the Group and external partners, including for New Categories and sustainability-related matters.
Ongoing monitoring of key legislative and case law developments related to our business.
Delivery with Integrity compliance programme.
Litigation strategy developed in relation to key regulatory issues.
Central management of strategic litigation impacting key regulatory processes.
Developing expert analysis on efficacy of various regulatory proposals.
Please refer to note 31 on page 334 in the Notes on the Accounts for details of contingent liabilities applicable to the Group.
Significant increases or structural changes in tobacco, nicotine and New Categories related taxes
The Group is exposed to unexpected and/or significant increases or structural changes in tobacco, nicotine and New Categories related taxes in key markets.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Consumers, Customers, Investors & Society
Considered in viability statement
Yes
Risk Trend
No change
Impact
Excise-driven price increases can stretch affordability, drive downtrading or purchases of products from illicit sources, reduce legitimate industry volumes, alter sales mix, erode portfolio, and impact profit/share.
Reduced sales volume and/or portfolio erosion leading to inability to invest in, develop, commercialise and deliver New Category products.
Excise creditor days significantly reduced, creating large negative cash impacts and increasing ongoing net financing costs.
Excise increases are generally passed to consumers, but significant increases may be partially absorbed, leading to lower profitability.
A disproportionate tax, which would be passed on to the consumer, could discourage consumer switching from FMC to reduced-risk products.
Mitigation activities across all categories
Formal pricing and excise strategies, including revenue growth management using a data science-led approach, with annual risk assessments and contingency plans across all products.
Pricing, excise and trade margin committees in markets, with global support.
Engagement with relevant local and international authorities where appropriate, in particular in relation to the increased risk to excise revenues from higher illicit trade.
Portfolio reviews to ensure appropriate balance and coverage across price segments.
Monitoring of economic indicators, government revenues and the political situation.
Inability to develop, commercialise and deliver the New Categories strategy
Failure to build scientific credibility, maintain regulatory compliance, and execute profitable and responsible marketing practices for New Categories, resulting in inability to scale, achieve harm reduction
objectives, and deliver sustainable growth.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future/Dynamic Business
Key Stakeholders
Consumers, Society, Shareholders & Investors
Considered in viability statement
Yes
Risk Trend
No change
Impact
Inability to continue to deliver Group financial results in line with shareholder and analyst expectations resulting in an adverse external perception of the Group’s strategy and reputation.
Potentially missed opportunities, unrecoverable costs and/or erosion of brand, with lower volumes and reduced profits.
Rapidly evolving regulatory environments, inconsistent market practices, and insufficient legal oversight of marketing activities may lead to litigation, regulatory investigations, reputational damage, and loss of
consumer trust, undermining Group’s harm reduction objectives and sustainability credibility.
Reputational damage and recall costs may arise in the event of defective product design or manufacture.
Loss of market share due to non-compliance of product portfolio with regulatory requirements or inability to engage on our science, leading to a negative shift in sentiment and confidence in Group products.
Inability to convince regulators and policymakers regarding the weight of scientific evidence assessment underpinning the harm reduction potential of New Categories products which could result in failure to deliver our
corporate purpose of Building a Smokeless World.
Mitigation activities across all categories
Focus on product stewardship to ensure high-quality standards across the portfolio.
Brand Expression, which sets out how our brand expresses itself (including through its logo, name, product, packaging, etc.) deployed to lead End Markets via activation workshops and best practices shared.
Marketing compliance is ensured through legal review of initiatives, cross-functional oversight, deployment of the responsible marketing framework, and global training for employees and partners to uphold responsible
marketing standards.
Implementation of commercial models and pricing strategies across New Categories products, with profitability as a core objective. To support strategic prioritisation and efficient resource deployment, structured
frameworks and guiding principles are defined to optimise investment decisions and spending.
Accelerating digital and consumer analytics along with data management platforms for enhanced methodologies, insight generation and line of sight across the Group.
Scientific research adherence to internationally recognised standards ISO 9001 and laboratories accredited to ISO 17025 for key methods.
Internal and external communications about BAT’s science through publications and engagement, such as the Omni™. Quality assurance reviews undertaken with key science suppliers to ensure appropriate
standards in place.
Disputed taxes, interest and penalties
The Group may face significant financial penalties, including the payment of interest, in the event of an unfavourable ruling by a tax authority in a disputed area.
Time frame
Short-/medium term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Investors & Society
Considered in viability statement
Yes
Risk Trend
Increasing
Impact
Significant fines and potential legal penalties.
Disruption and loss of focus on the business due to diversion of management time.
Impact on liquidity, cash flow, profit and dividend.
Disruption in production or distribution may occur due to license withdrawal or litigation.
Damage to reputation from non-compliance or high-profile disputes, including civil or criminal prosecution. High costs associated with prolonged litigation and regulatory penalties.
Mitigation activities across all categories
End Market tax committees, excise duty controls and self-assessment conducted.
Internal tax function provides dedicated advice and guidance, and external advice sought where needed.
Engagement with tax authorities at Group, regional and individual market level.
Processes in place for managing tax audits incorporated under Global Operating Model (GOM).
Injury, illness or death in the workplace
The risk of injury, death or ill health to employees and those who work with the business is a fundamental concern of the Group and can have a significant effect on our operations.
Time frame
Short-term
Strategic impact
Quality Growth/Sustainable Future/Dynamic Business
Key Stakeholders
Our people & Suppliers
Considered in viability statement
No
Risk Trend
No change
Impact
Serious injuries, ill health, disability or loss of life suffered by employees and the people who work with the Group.
Exposure to civil and criminal liability and the risk of prosecution from enforcement bodies and the cost of associated legal costs, fines and/or penalties.
Interruption of Group operations if issues are not remedied promptly.
High staff turnover or difficulty recruiting employees and sustainability ratings affected if perceived to have a poor Environment, Health and Safety (EHS) record.
Reputational damage to the Group and negative impact on our sustainability credentials.
Mitigation activities across all categories
Risk control systems in place to help ensure equipment and infrastructure are provided and maintained.
EHS strategy aims to ensure that employees at all levels receive appropriate EHS training and information.
Exploration and deployment of leading technology solutions and a behavioural-based safety programme to drive operational safety performance, and promotion of a Group culture that brings us closer to zero accidents.
Analysis of incidents undertaken regionally and globally by a dedicated team to identify increasing incident trends or high potential risks that require coordinated action.
Global monthly Health & Safety (H&S) Committee established, formed by senior members from the H&S and Operations Sustainability leadership team.
Solvency and liquidity
Liquidity (access to cash and sources of finance) is essential to maintaining the Group as a going concern in the short-term(liquidity) and medium-term (solvency).
Time frame
Short-/medium-term
Strategic impact
Quality Growth/Sustainable Future/Dynamic Business
Key Stakeholders
Investors & Suppliers
Considered in viability statement
Yes
Risk Trend
Decreasing
Impact
Inability to access the Group’s cash resources and to fund the business under the current capital structure resulting in missed strategic opportunities or inability to respond to threats.
Decline in our creditworthiness and increased funding costs for the Group.
Requirement to issue equity or seek new sources of capital.
Reputational risk of failure to manage the financial risk profile of the business, resulting in an erosion of shareholder value reflected in an underperforming share price.
Inability to mitigate accounting and economic exposures.
Economic loss as a result of devaluation/revaluation of assets (including cash) valued or held in local currency, and additional costs as a result of paying premiums to obtain hard currency.
Failure to appropriately engage with investors’ and lenders’ sustainability criteria and concerns may impact BAT’s counterparty availability, credit ratings and access to funding, or may result in an increase in the
cost of funding.
Exposure to the cannabis sector may lead to regulatory and legal risk, reputation and compliance issues restricting bank and/or investor access.
Mitigation activities across all categories
Group policies include a set of financing principles and key performance indicators, including the monitoring of credit ratings, interest cover, solvency and liquidity with regular reporting to the Corporate Finance
Committee and the Board.
Controls in place to ensure full compliance with sanctions regimes.
Plans implemented to manage the risk in key geographies.
The Group targets an average centrally managed debt maturity of at least five years with no more than 20% of centrally managed debt maturing in a single rolling year.
At 31 December 2025, the Group had access to a £5 billion revolving credit facility which remained undrawn. In November 2025, the Group refinanced its existing £5.2 billion facility at the reduced amount of £5.0
billion, comprising (i) a £2.5 billion 364-day tranche with two one-year extension options and one-year term out option and (ii) a £2.5 billion five-year tranche with two one-year extension options.
Liquidity pooling structures are in place to ensure that there is maximum mobilisation of cash liquidity within the Group.
Going concern and viability support papers are presented to the Board on a regular basis.
Continued review of UK money laundering legislation and cannabis policy with financial partners.
Foreign exchange rates exposures
The Group faces translational and transactional foreign exchange (FX) rate exposure for earnings/cash flows from its global businesses.
Time frame
Short-/medium-term
Strategic impact
Quality Growth/ /Dynamic Business
Key Stakeholders
Investors & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
Fluctuations in FX rates of key currencies against sterling introduce volatility in reported earnings per share (EPS), cash flow and the balance sheet driven by translation into sterling of our financial results and
these exposures are not normally hedged.
The dividend may be impacted if the payout ratio is not adjusted.
Differences in translation between earnings and net debt may affect key ratios used by credit rating agencies.
Volatility and/or increased costs in our business, due to transactional FX, may adversely impact financial performance.
Mitigation activities across all categories
While translational FX exposure is not hedged, its impact is identified in results presentations and financial disclosures; earnings are restated at constant rates for comparability.
Debt and interest are matched to assets and cash flows to mitigate volatility where possible and economic to do so.
Hedging strategy for transactional FX is defined in the treasury policy, a global policy approved by the Board.
Illiquid currencies of many markets where hedging is either not possible or uneconomic are reviewed on a regular basis.
Climate Change
Direct and indirect adverse impacts associated with climate change (both physical and transition).
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Consumers, Customers, Our People, Investors, Society & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
Physical risks to agricultural, manufacturing, operational and logistic processes may lead to reduced production, delays, volume shortfalls, disruption of energy supply (and other utilities), costs of reinstatement and
business interruption.
Extreme temperatures and weather events could be harmful for employees, creating health and safety risks, and affect factories’ productivity.
Volatility in supply volume associated with climate change (including crop yield, loss of biodiversity or disruption to manufacturing or freight routes) may result in reduced revenue, increased cost of “last minute”
sourcing of services necessary for the operation of the Group’s business across its value chain.
Evolving climate regulation could result in increased costs of compliance and in punitive actions or loss of market access for failure to comply.
Poor agency ratings associated with climate change risk, performance, mitigation, or adaptation could lead to reduced access to capital, increased cost of capital or impact the share price.
Mitigation activities across all categories
The Group has clear internal ownership and accountability for sustainability issues.
Regular updates to the Board and Management Board facilitate effective management of material sustainability issues.
Monitoring of climate change-related governmental policy and regulations enables action plans to be implemented.
The Group has established an enhanced climate diagnosis tool to enable assessment of physical risks, including additional climate hazard analysis, leaf growing areas, site resiliency data and formulation of necessary
actions.
Business continuity management plans are in place to mitigate supply chain disruptions resulting from weather events.
Measures taken in tobacco supply chain to mitigate climate change-related risks such as Carbon Smart Farming and Farmer Sustainability Management System.
Circularity
Unsustainable global demand for finite resources, combined with increasing regulatory, stakeholder and consumer pressure to reduce product and packaging waste, may impact the delivery of a viable circular business
model, leading to increased costs, regulatory non-compliance, reduced market access, reputational harm, and lower consumer demand.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future
Key Stakeholders
Consumers, Customers, Our People, Investors, Society & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
Evolving regulations and stricter requirements (on product design, product composition, transparency, unsustainable materials or extended producer responsibility) could result in increased costs of compliance, punitive
actions against the Group, loss of revenue or inability to sell products in the key markets.
Reduction of market share and revenue, due to consumers having a reduced or negative perception of BAT and its products in comparison to its competitors, or of specific products/product categories overall.
Inadequate product generated waste management (e.g., lack of collection, recovery or recycling) may cause damage to Group’s reputation and brand value and increase waste management costs.
Inability to source, design and manufacture products that require sustainable materials (including critical minerals) or materials that are affected by availability, increased costs, duties or tariffs.
Mitigation activities across all categories
Life Cycle Assessment is used in the development and approval processes for new products to assess and improve their circularity.
Corporate strategy drives innovations and initiatives in circularity across all product categories.
Programs launched to enhance sourcing of sustainable materials, and circularity of products and packaging.
Optimise circular economy alignment across the value chain by designing for the reuse and recycling of end-of-life products and increasing the use of recycled and environmentally preferable materials.
Periodic review of current and evolving sustainability policies and regulations to inform the Group’s circular economy strategy.
Cross-functional and cross-industry engagement on sustainability topics.
Digital & Cyber
Inability of the organisation to defend against an intentional or unintentional action that results in loss of confidentiality, availability or integrity of systems and data.
Time frame
Short-/medium-/long-term
Strategic impact
Quality Growth/Sustainable Future/Dynamic Business
Key Stakeholders
Consumers, Customers, Our People, Investors, Society & Suppliers
Considered in viability statement
Yes
Risk Trend
No change
Impact
A significant cyber event, whether caused by targeted attack (e.g., ransomware, data breach), unintentional action (e.g., misconfiguration, human error), or third-party failure, could result in loss of:
|
–
|
Confidential information: Compromise of strategic plans, product designs, intellectual property, or market expansion initiatives, enabling illicit trade, undermining competitive advantage, and resulting in lost commercial opportunities,
future revenue, profitability, and investor confidence.
|
|
–
|
Business continuity: Widespread operational disruption, including downtime, inefficiencies, or paralysis across markets and operations. Critical processes may halt, supply chain, manufacturing, and customer services may be impacted, and
decision-making delayed.
|
|
|
–
|
Personal data: Unauthorised disclosure of personal data, exposing BAT to regulatory penalties, legal action, compensation claims, reputational damage, loss of customer trust, and increased scrutiny from regulators.
|
|
|
–
|
Digital trust: Damage to the integrity of BAT’s systems or data (unauthorised changes, manipulation, misinformation) can undermine stakeholder confidence, erode customer and partner trust, and reduce market credibility.
|
|
|
–
|
Technology-related non-compliance: Failure to comply with digital, data protection, and cybersecurity regulations or contractual obligations could result in regulatory investigations, fines, legal action and operational restrictions.
|
|
|
–
|
Third-party technology disruption: Disruption affecting a critical third-party provider could lead to significant operational, security, or data integrity issues, amplifying broader cyber risks, including business disruption, data loss, or
regulatory non-compliance.
|
Mitigation activities across all categories
The Group implements physical, technical and administrative safeguards to mitigate risks of a cyber security incident, including security measures, such as defensive technologies, access controls, encryption,
authentication, backup and recovery systems, to protect the confidentiality, integrity and availability of systems and networks.
Regular training and awareness programmes are provided to Group employees and contractors on cyber security best practices, procedures, and adherence to our SoBC, promote a strong security culture across all levels of
the Group.
Vendor management processes are in place, including due diligence and contractual obligations, to ensure that third-party service providers adhere to BAT’s cyber security requirements and standards.
The Group has business continuity plans to support resilience and a prompt response to any potential or actual cyber security incident and minimise their impact on the business.
The Group engages with external assessors, consultants, auditors and other third parties to provide independent assurance, review and recommendations on cyber security matters. Cyber security processes are reviewed and
updated on a regular basis to ensure these remain effective and aligned with our business objectives, regulatory obligations and industry standards.
The Group’s Security Operations Centre provides continuous monitoring and response to emerging threats, supported by regular penetration testing and incident simulations. Specialised programmes address emerging risks
areas, such as operational technology security and AI governance.
Strategic investments in cyber security capabilities are guided by annual planning cycles and informed by external benchmarking.
Viability Statement
The preparation of the long-term viability statement includes an assessment of the Group’s ability to meet future commitments and liabilities as they fall due.
Assessment of Long-Term Viability
Strong liquidity and access to facilities
The Directors noted that the Group has a strong track record of cash flow delivery and expects to generate in excess of £50 billion of free cash flow before dividends between 2024 and 2030 (inclusive).
The Group has net cash and cash equivalents at 31 December 2025 of £3.8 billion (of which £0.3 billion is restricted), and access to a number of facilities (as described in note 26), including:
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–
|
a syndicated £5.0 billion committed revolving credit facility, that is currently undrawn;
|
|
|
–
|
a US$4 billion U.S. commercial paper programme, a £3 billion euro commercial paper programme and short term bilateral facilities (£2.7 billion), all of which were undrawn.
|
The Group continues to maintain investment‑grade credit ratings*, with ratings from Moody’s, S&P and Fitch of Baa1 (stable outlook), BBB+ (stable outlook), BBB+ (stable outlook), respectively, and continues to
target a solid investment-grade credit rating of Baa1, BBB+ and BBB+.
The strength of the ratings has underpinned debt issuance and the Group is confident in its ability to access the debt capital markets.
Assessment and scenario planning
In making the assessment, the Directors undertook a robust review of the Group’s operational and financial processes (which cover both short-term financial forecasts and capacity plans) and how the Principal Risks (as
indicated on pages 166 to 175) may impact the Group’s viability under various scenarios. Notes 23 and 26 in the Notes on the Accounts provide further detail on the Group’s borrowings and management of financial risks.
The Directors recognised that multi-year cash flow forecasts are prepared to:
|
–
|
assess impairment (as described in note 12 in the Notes on the Accounts) for a number of the Group’s reporting entities (or cash generating units); and
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|
|
–
|
input into the active capital allocation model, including debt maturity planning.
|
The Group does not have any financial covenants related to its current debt issued or available facilities. In order to assess viability, a base scenario was developed, which assessed the Group’s notional headroom
against a theoretical interest cover** of 5.0x, used on a conservative basis that such a financial covenant may be applied in the future. Each scenario then assessed how the earnings of the Group may be affected by the realisation of the risks and
then, if necessary, determined how many times more severe that risk must be before the theoretical interest cover was breached.
Reverse stress testing
A reverse stress test of the impact of the individual Principal Risks was also undertaken as part of the assessment. This did not identify any individual risk, based upon a prudent annual forecast that would, if
arising in isolation and without mitigation, impact the Group’s viability within the three-year confirmation period.
Further, in order for the theoretical interest cover to be breached, profit from operations, excluding the adjusting items, would have to decline by 14.05% per year for the interest cover to fall below 5x after three
years.
Other considerations – litigation
Due to the nature of the Group’s operations, it is subject to inherent uncertainties with regards to litigation, the outcome of which is uncertain in terms of timing or scale and may have a bearing on the Group’s
viability. The Group intends to defend all pending cases vigorously, as referred to in note 31 in the Notes on the Accounts ‘Contingent Liabilities and Financial Commitments’.
Whilst it is impossible to be certain of the outcome of any particular case, the Group believes that the defences of the Group’s companies to all these various claims are meritorious on both the law and the facts.
However, if an adverse judgment is entered against any of the Group’s companies in any case, an appeal will be pursued, the duration of which can be reasonably expected to last for a number of years.
Mitigating actions
Under the Group’s active capital allocation mechanism (see page 40), the Group intends to pay dividends of 65% of long-term sustainable earnings (2025: £5.2 billion) with other capital expenditure estimated at £750
million. Both may be revised to redirect funds to the settlement of other liabilities, including debt repayment.
Conclusion
The Board has assessed the prospects and viability of the Group taking into account the current position and Principal Risks, in accordance with provision 31 of the UK Corporate Governance Code 2024.
Owing to the inherent uncertainty arising due to ongoing litigation, the period over which the Board considers it possible to form a reasonable expectation as to the Group’s longer-term viability is three years, in
line with the Group’s cash flow forecasting to support debt refinancing plans. Based on this assessment, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over
the three-year period to 31 December 2028.
Notes:
* A credit rating is not a recommendation to buy, sell or hold securities. A credit rating may be subject to withdrawal or revision at any time. Each rating should be evaluated separately of any other rating.
** Interest cover is based on adjusted EBITDA to interest expense.
APPENDIX B
RELATED PARTY DISCLOSURES
The Group has a number of transactions and relationships with related parties, as defined in IAS 24 Related Party Disclosures, all of which are undertaken in the normal course of business. Transactions with CTBAT
International Limited (a joint operation) are not included in these disclosures as the results are immaterial to the Group.
Intercompany transactions and balances are eliminated on consolidation and therefore are not disclosed.
Transactions and balances with associates relate mainly to the sale and purchase of cigarettes and tobacco leaf and the provision of IT services. Included in the purchase of goods and services below is £144 million
(2024: £116 million; 2023: £145 million) relating to the purchase of leaf. Investments in associates, in the form of convertible loan notes, are not included in the table below. The Group’s share of dividends from associates, primarily received from
ITC and included in other income in the table below, were dividends received in cash of £386 million (2024: £447 million; 2023: £559 million) as well as £533 million from ITC received in the form of shares in ITC Hotels as explained below.
|
2025
£m
|
2024
£m
|
|
|
Transactions
|
||
|
– gross revenue*
|
500
|
492
|
|
– purchase of goods and services
|
(221)
|
(192)
|
|
– other income
|
945
|
448
|
|
Amounts receivable at 31 December
|
92
|
39
|
|
Amounts payable at 31 December
|
(2)
|
(12)
|
Note:
* Gross revenue is based on the invoice issued to the related party.
In addition, the following related party transactions occurred in 2025, 2024 and 2023.
Transactions with associates
ITC
Hotel demerger:
On 24 July 2023, ITC announced a proposed demerger of its ‘Hotels Business’ under a scheme of arrangement by which 60% of the newly incorporated entity would be held directly by ITC’s shareholders proportionate to
their shareholding in ITC. In January 2025, ITC Hotels was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). The Group’s direct stake in ITC Hotels was initially 15% and has been recognised as
an investment held at fair value (refer to note 18).
Partial sale of shares:
On 28 May 2025, the Group completed the divestment of 10% of its equity stake in ITC (the equivalent of 2.5% of ITC’s ordinary shares) to institutional investors by way of an accelerated bookbuild process which
generated net proceeds after transaction costs and taxes of INR121.0 billion (£1.0 billion). Following completion of the transaction, the Group has continued to account for ITC as an associated undertaking using the equity method of accounting.
On 13 March 2024, the Group announced the divestment of 12% of its equity stake in ITC (the equivalent of 3.5% of ITC’s ordinary shares) to institutional investors by way of an accelerated bookbuild process which
generated net proceeds after transaction costs and taxes of INR166.9 billion (£1.6 billion).
Sale of brands and investment:
During 2025, the Group sold its 2% investment in Surya Nepal Pvt. Limited and brand rights in certain jurisdictions to ITC for £24 million.
Organigram
In 2023, the Group announced the signing of an agreement for a further investment of CAD$125 million (£74 million) in Organigram, subject to customary conditions, including necessary approvals by the shareholders of
Organigram, which was given on 18 January 2024. On 24 January 2024, the Group made the first tranche investment of CAD$42 million (£24 million) acquiring a further 12,893,175 common shares of Organigram at a price of CAD$3.22 per share. On 30 August
2024, the Group made the second tranche investment of CAD$42 million (£24 million) acquiring a further 4,429,740 common shares and 8,463,435 preferred shares of Organigram at a price of CAD$3.22 per share. On 28 February 2025, the Group made the
third and final tranche investment in Organigram for CAD$42 million (£23 million) subscribing for 7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches. Under the terms of the agreement, the Group’s
voting rights are restricted to 30%.
The Group and Organigram also have a Product Development Collaboration Agreement following which a Centre of Excellence was established to focus on developing the next generation of cannabis products with an initial
focus on cannabidiol (CBD).
Other associates
The following transactions occurred during 2025:
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–
|
On 18 December 2025, the Group sold its 45.40% investment in FE “Samfruit” JSC for less than £1 million.
|
The following transaction occurred during 2024:
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–
|
On 11 September 2024, VST Industries Ltd (VST) allotted 154,419,200 equity shares of INR10 each as fully paid-up bonus equity shares.The bonus equity shares were allotted in the proportion of 10 new fully paid-up equity shares for every
one existing fully paid up equity share. The Group’s interest in VST remains unchanged at 32.16%.
|
The following transactions occurred during 2023, when the Group:
|
–
|
acquired 19.9% of DeFloria, Inc for £8 million; and
|
|
|
–
|
increased its ownership in Steady State LLC (trading as Open Book Extracts) from 5.76% to 10.8% for £4 million along with a further investment of £8 million by way of a convertible loan note.
|
Non-controlling interests
During 2025, the Group acquired 2.60% of JSC JV “UZBAT A.O.” for £16 million, increasing the ownership to 99.99%. In addition, the Group acquired 5% of British American Tobacco Mozambique Limitada for
£3 million, increasing the ownership to 100%.
During 2023, the Group acquired 1.31% in Hrvatski Duhani d.d., at a cost of less than £1 million.
Other related party transactions
In 2022, the Group provided a temporary liquidity facility to the main UK pension fund. The facility was undrawn as at 31 December 2023 and on 28 March 2024 the facility was cancelled.
As a result of the implementation of the EU Single-Use Plastic Directive in certain EU countries, the Group, along with other tobacco manufacturers, established Producer Responsibility Organisations for
the management of the Extended Producer Responsibility obligations relating to tobacco product butt filter waste collection. The costs incurred by the Group in relation to this waste disposal is included in note 33.
The key management personnel of British American Tobacco consist of the members of the Board of Directors of British American Tobacco p.l.c. and the members of the Management Board. No such person had
any material interest during the year in a contract of significance (other than a service contract) with the Company or any subsidiary company. The term key management personnel in this
context includes their close family members.
|
2025
£m
|
2024
£m
|
2023
£m
|
|
|
The total compensation for key management personnel, including Directors, was:
– salaries and other short-term employee benefits
|
26
|
21
|
17
|
|
– post-employment benefits
|
1
|
1
|
1
|
|
– share-based payments
|
18
|
12
|
14
|
|
45
|
34
|
31
|
|
The following table, which is not part of IAS 24 disclosures, shows the aggregate emoluments of the Directors of the Company.
|
Executive Directors
|
Chair
|
Non-Executive Directors
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
|
2025
|
2024
|
2023
|
2025
|
2024
|
2023
|
2025
|
2024
|
2023
|
2025
|
2024
|
2023
|
|||||||||||||||||||||||||||||||||||||
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
£
|
’000
|
|||||||||||||||||||||||||
|
Salary; fees; benefits; incentives
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
– salary
|
1,935
|
1,907
|
1,644
|
1,935
|
1,907
|
1,644
|
||||||||||||||||||||||||||||||||||||||||||
|
– fees
|
736
|
711
|
688
|
1,083
|
1,112
|
1,059
|
1,819
|
1,823
|
1,747
|
|||||||||||||||||||||||||||||||||||||||
|
– taxable benefits
|
606
|
617
|
395
|
19
|
17
|
17
|
394
|
79
|
31
|
1,019
|
713
|
443
|
||||||||||||||||||||||||||||||||||||
|
– short-term incentives
|
3,560
|
3,496
|
1,650
|
3,560
|
3,496
|
1,650
|
||||||||||||||||||||||||||||||||||||||||||
|
– long-term incentives
|
1,954
|
1,474
|
1,371
|
1,954
|
1,474
|
1,371
|
||||||||||||||||||||||||||||||||||||||||||
|
– buy-out
|
–
|
2,969
|
–
|
2969
|
–
|
|||||||||||||||||||||||||||||||||||||||||||
|
Sub-total
|
8,055
|
10,463
|
5,060
|
755
|
728
|
705
|
1,477
|
1,191
|
1,090
|
10,287
|
12,382
|
6,855
|
||||||||||||||||||||||||||||||||||||
|
Pension; other emoluments
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
– pension
|
281
|
276
|
248
|
281
|
276
|
248
|
||||||||||||||||||||||||||||||||||||||||||
|
– other emoluments
|
8
|
6
|
2
|
8
|
6
|
2
|
||||||||||||||||||||||||||||||||||||||||||
|
Sub-total
|
289
|
282
|
250
|
289
|
250
|
250
|
||||||||||||||||||||||||||||||||||||||||||
|
Total emoluments
|
8,344
|
10,745
|
5,310
|
755
|
728
|
705
|
1,477
|
1,191
|
1,090
|
10,576
|
12,664
|
7,105
|
||||||||||||||||||||||||||||||||||||
APPENDIX C
RESPONSIBILITY OF DIRECTORS
Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the Group and Parent Company financial statements in accordance with applicable law and regulations. Under company law, directors must not approve the
Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Parent Company and the Group for that period.
Under applicable law, directors are required to prepare the financial statements in accordance with UK-adopted international accounting standards and applicable law. The Directors have elected to prepare the Parent
Company financial statements in accordance with UK Accounting Standards and applicable law, including FRS 101 ‘Reduced Disclosure Framework’. In preparing these Group financial statements, the Directors have also elected to comply with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
In preparing each of the Group and Parent Company financial statements, the Directors are required to:
|
–
|
select suitable accounting policies and then apply them consistently;
|
|
|
–
|
make judgements and estimates that are reasonable, relevant, reliable and prudent;
|
|
|
–
|
state whether Group financial statements have been prepared in accordance with UK-adopted international accounting standards;
|
|
|
–
|
state whether, for the Parent Company financial statements, applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in those statements;
|
|
|
–
|
assess the Group and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
|
|
|
–
|
use the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
|
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company’s transactions and disclose with reasonable accuracy at any time the financial position
of the Parent Company and enable them to ensure that its financial statements comply with the UK Companies Act. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that comply with
applicable law and regulations.
The Directors are responsible for the maintenance and integrity of the Annual Report included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
In accordance with Disclosure Guidance and Transparency Rule (DTR) 4.1.16R, the financial statements will form part of the annual financial report prepared using the single electronic reporting format under DTRs
4.1.17R and 4.1.18R. The auditor’s report on these financial statements provides no assurance over whether the annual financial report has been prepared in accordance with those requirements.
Directors’ Declaration in Relation to Relevant Audit Information
Having made appropriate enquiries, each of the Directors who held office at the date of approval of this Annual Report confirms that:
|
–
|
so far as he or she is aware, there is no relevant audit information of which the Company’s auditors are unaware; and
|
|
|
–
|
he or she has taken all steps that a Director ought to have taken in order to make himself or herself aware of relevant audit information and to establish that the Company’s auditors are aware of that information.
|
Responsibility Statement of the Directors in Respect of the Annual Financial Report
We confirm that to the best of our knowledge:
|
–
|
the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in
the consolidation taken as a whole; and
|
|
|
–
|
the Strategic Report and the Directors’ Report include a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.
|
Cautionary Statement
This document contains certain forward-looking statements, including “forward-looking” statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often, but
not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook,” “target,”
“being confident” and similar expressions. These include statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies
and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates.
In particular, these forward-looking statements include, among other statements, statements regarding the Group’s future financial performance, planned product launches and future regulatory developments and business
objectives, as well as certain statements in (i) the Strategic Report Overview section (pages 2 to 7), including Our Business at a Glance - Our purpose, vision and mission, the Chair’s Introduction and the Chief Executive’s Review; (ii) the Strategic
Report - Our Strategy section (pages 10 to 25), including the Our Strategic Navigator section, the Our Business Model section, the Interim Chief Financial Officer’s Overview and the Our Markets and Megatrends section; (iii) the Strategic Report - Our
Strategic Pillars - Strategic Pillar Overview - Quality Growth sections (pages 26 to 37), including Managed Combustible Transition, Wellbeing and Stimulation and Regulation and PMTA under Our Vapour Products; (iv) the Strategic Report - Our Strategic
Pillars - the Strategic Pillar Overview - Dynamic Business section (pages 38 to 59), including Operational Excellence, Cash Generation, Maximising our Investments, Reducing Debt, Generate Sustainable Returns, the Update on regulations in the U.S.
section and the Financial Performance Summary, including Dividends, Treasury, Liquidity and Capital Structure, the Group’s expected capital expenditure in 2026, the Group’s confidence in being able to successfully access the debt capital markets and
Assessment as a Going Concern; (v) the Strategic Pillar Overview - Sustainable Future sections (pages 60 to 164), including the Sustainable Future section, the Message from our Chief Sustainability Officer, Our new 2030 sustainability targets
section, the Double Materiality Assessment section, the THR section, the Climate section, the Nature section, the Circularity section, the Communities section, and the TCFD reporting and TNFD Disclosures section; (vi) the Viability Statement (page
176); and (vii) certain statements in the Notes on Accounts (pages 257 to 354), including the Group’s ability to navigate regulatory change on page 288.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this document are reasonable but they
may be affected by a wide range of variables that could cause actual results and performance to differ materially from those currently anticipated.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of increased competition from
illicit trade and illegal products; changes or differences in domestic or international economic or political conditions; the impact of adverse domestic or international legislation and regulation of tobacco, New Categories and other regulation; the
impact of supply chain disruptions; adverse litigation and external investigations and dispute outcomes and the effect of such outcomes on the Group’s financial condition; the impact of significant increases or structural changes in tobacco, nicotine
and New Categories related taxes; the inability to develop, commercialise and deliver the Group’s New Categories strategy; adverse decisions by domestic or international regulatory bodies, including disputed taxes, interest and penalties; the impact
of serious injury, illness or death in the workplace and those who work with the business; the ability to maintain credit ratings and to fund the business under the current capital structure; translational and transactional foreign exchange rate
exposure; direct and indirect adverse impacts associated with climate change (both physical and transition); the ability to deliver a viable circular business model in response to global demand, combined with increasing regulatory, stakeholder and
consumer pressure; and the Group’s ability to defend against Cyber & Digital actions that result in loss of confidentiality, availability or integrity of systems and data. Further details on the principal risks that may affect the Group can be
found in the Group Principal Risks section of the Strategic Report on pages 166 to 175 of this document.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of
preparation of this document and the Group undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such
forward-looking statements.
No statement in this document is intended to be a profit forecast and no statement in this document should be interpreted to mean that earnings per share of BAT for the current or future financial years would
necessarily match or exceed the historical published earnings per share of BAT.
All financial statements and financial information provided by or with respect to the U.S. or Reynolds American are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or
financial records of the U.S./Reynolds American. This financial information is then converted to International Financial Reporting Standards as issued by the IASB and as adopted for use in the UK (IFRS) for the purpose of consolidation within the
results of the Group. To the extent any such financial information provided in this announcement relates to the U.S. or Reynolds American it is provided as an explanation of, or supplement to, Reynolds American’s primary U.S. GAAP based financial
statements and information.
Although financial materiality has been considered in the development of our Double Materiality Assessment (DMA), our DMA and any conclusions in this document as to the materiality or significance of sustainability
matters do not imply that all topics discussed therein are financially material to our business taken as a whole, and such topics may not significantly alter the total mix of information available about our securities.
Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance.
Exhibit 22
British American Tobacco p.l.c.
16 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each (“shares”) from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
13 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
120,184
|
|
Highest price paid per share (pence):
|
4,457.00p
|
|
Lowest price paid per share (pence):
|
4,323.00p
|
|
Volume weighted average price paid per share (pence):
|
4,368.2661p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,624,019 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 13 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
13/02/2026
|
120,184
|
4,368.2661
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
13/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
13/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
2,477
|
4,454.00
|
LSE
|
08:00:24
|
|
94
|
4,441.00
|
LSE
|
08:00:34
|
|
226
|
4,445.00
|
LSE
|
08:01:01
|
|
125
|
4,457.00
|
LSE
|
08:01:17
|
|
74
|
4,443.00
|
LSE
|
08:01:35
|
|
185
|
4,457.00
|
LSE
|
08:02:07
|
|
174
|
4,453.00
|
LSE
|
08:02:50
|
|
5
|
4,453.00
|
LSE
|
08:02:51
|
|
63
|
4,449.00
|
LSE
|
08:02:52
|
|
79
|
4,451.00
|
LSE
|
08:03:19
|
|
64
|
4,450.00
|
LSE
|
08:03:22
|
|
89
|
4,444.00
|
LSE
|
08:04:04
|
|
148
|
4,442.00
|
LSE
|
08:04:05
|
|
85
|
4,437.00
|
LSE
|
08:04:23
|
|
79
|
4,439.00
|
LSE
|
08:04:55
|
|
79
|
4,439.00
|
LSE
|
08:05:01
|
|
95
|
4,439.00
|
LSE
|
08:05:12
|
|
302
|
4,441.00
|
LSE
|
08:06:08
|
|
255
|
4,427.00
|
LSE
|
08:07:14
|
|
274
|
4,437.00
|
LSE
|
08:08:17
|
|
130
|
4,436.00
|
LSE
|
08:09:12
|
|
120
|
4,434.00
|
LSE
|
08:09:17
|
|
159
|
4,428.00
|
LSE
|
08:10:03
|
|
75
|
4,425.00
|
LSE
|
08:10:37
|
|
112
|
4,417.00
|
LSE
|
08:10:39
|
|
225
|
4,413.00
|
LSE
|
08:11:32
|
|
138
|
4,408.00
|
LSE
|
08:12:07
|
|
581
|
4,396.00
|
LSE
|
08:14:24
|
|
142
|
4,402.00
|
LSE
|
08:14:58
|
|
247
|
4,410.00
|
LSE
|
08:15:56
|
|
90
|
4,402.00
|
LSE
|
08:16:25
|
|
89
|
4,400.00
|
LSE
|
08:17:00
|
|
67
|
4,408.00
|
LSE
|
08:17:41
|
|
142
|
4,398.00
|
LSE
|
08:18:11
|
|
365
|
4,394.00
|
LSE
|
08:20:02
|
|
440
|
4,400.00
|
LSE
|
08:22:32
|
|
143
|
4,404.00
|
LSE
|
08:23:20
|
|
455
|
4,415.00
|
LSE
|
08:26:03
|
|
259
|
4,409.00
|
LSE
|
08:27:12
|
|
112
|
4,408.00
|
LSE
|
08:28:02
|
|
121
|
4,407.00
|
LSE
|
08:28:59
|
|
240
|
4,407.00
|
LSE
|
08:30:00
|
|
28
|
4,409.00
|
LSE
|
08:34:26
|
|
122
|
4,409.00
|
LSE
|
08:34:55
|
|
178
|
4,409.00
|
LSE
|
08:34:55
|
|
91
|
4,416.00
|
LSE
|
08:35:33
|
|
50
|
4,416.00
|
LSE
|
08:36:10
|
|
119
|
4,414.00
|
LSE
|
08:36:13
|
|
66
|
4,412.00
|
LSE
|
08:37:22
|
|
142
|
4,406.00
|
LSE
|
08:37:30
|
|
248
|
4,412.00
|
LSE
|
08:40:00
|
|
160
|
4,412.00
|
LSE
|
08:40:00
|
|
77
|
4,406.00
|
LSE
|
08:40:38
|
|
63
|
4,403.00
|
LSE
|
08:41:28
|
|
18
|
4,402.00
|
LSE
|
08:42:05
|
|
108
|
4,402.00
|
LSE
|
08:42:05
|
|
41
|
4,407.00
|
LSE
|
08:43:33
|
|
279
|
4,407.00
|
LSE
|
08:43:33
|
|
135
|
4,406.00
|
LSE
|
08:44:53
|
|
63
|
4,406.00
|
LSE
|
08:44:53
|
|
63
|
4,403.00
|
LSE
|
08:46:07
|
|
251
|
4,404.00
|
LSE
|
08:46:54
|
|
503
|
4,401.00
|
LSE
|
08:47:14
|
|
120
|
4,385.00
|
LSE
|
08:51:03
|
|
490
|
4,383.00
|
LSE
|
08:51:17
|
|
349
|
4,392.00
|
LSE
|
08:54:07
|
|
69
|
4,387.00
|
LSE
|
08:57:04
|
|
608
|
4,377.00
|
LSE
|
08:57:27
|
|
356
|
4,380.00
|
LSE
|
08:59:09
|
|
75
|
4,375.00
|
LSE
|
09:00:00
|
|
237
|
4,369.00
|
LSE
|
09:00:35
|
|
65
|
4,367.00
|
LSE
|
09:01:03
|
|
116
|
4,362.00
|
LSE
|
09:01:35
|
|
113
|
4,358.00
|
LSE
|
09:02:30
|
|
149
|
4,362.00
|
LSE
|
09:03:05
|
|
69
|
4,359.00
|
LSE
|
09:03:38
|
|
101
|
4,351.00
|
LSE
|
09:04:18
|
|
74
|
4,366.00
|
LSE
|
09:08:05
|
|
93
|
4,366.00
|
LSE
|
09:08:05
|
|
141
|
4,369.00
|
LSE
|
09:08:45
|
|
134
|
4,373.00
|
LSE
|
09:10:48
|
|
155
|
4,373.00
|
LSE
|
09:10:48
|
|
126
|
4,371.00
|
LSE
|
09:11:37
|
|
65
|
4,369.00
|
LSE
|
09:11:59
|
|
523
|
4,369.00
|
LSE
|
09:12:42
|
|
124
|
4,369.00
|
LSE
|
09:13:37
|
|
47
|
4,367.00
|
LSE
|
09:14:17
|
|
91
|
4,367.00
|
LSE
|
09:14:17
|
|
142
|
4,367.00
|
LSE
|
09:15:26
|
|
12
|
4,367.00
|
LSE
|
09:15:26
|
|
277
|
4,368.00
|
LSE
|
09:17:37
|
|
88
|
4,368.00
|
LSE
|
09:17:37
|
|
242
|
4,370.00
|
LSE
|
09:19:56
|
|
14
|
4,364.00
|
LSE
|
09:23:05
|
|
53
|
4,364.00
|
LSE
|
09:23:17
|
|
30
|
4,366.00
|
LSE
|
09:24:45
|
|
112
|
4,366.00
|
LSE
|
09:24:45
|
|
156
|
4,368.00
|
LSE
|
09:25:44
|
|
65
|
4,364.00
|
LSE
|
09:26:01
|
|
153
|
4,365.00
|
LSE
|
09:27:05
|
|
60
|
4,363.00
|
LSE
|
09:27:25
|
|
396
|
4,360.00
|
LSE
|
09:27:46
|
|
237
|
4,357.00
|
LSE
|
09:29:37
|
|
136
|
4,349.00
|
LSE
|
09:30:35
|
|
138
|
4,359.00
|
LSE
|
09:32:08
|
|
75
|
4,358.00
|
LSE
|
09:35:47
|
|
211
|
4,361.00
|
LSE
|
09:36:46
|
|
75
|
4,359.00
|
LSE
|
09:38:15
|
|
140
|
4,359.00
|
LSE
|
09:38:15
|
|
418
|
4,351.00
|
LSE
|
09:38:21
|
|
87
|
4,351.00
|
LSE
|
09:42:17
|
|
36
|
4,351.00
|
LSE
|
09:43:04
|
|
38
|
4,351.00
|
LSE
|
09:43:05
|
|
66
|
4,352.00
|
LSE
|
09:43:53
|
|
60
|
4,352.00
|
LSE
|
09:43:54
|
|
446
|
4,350.00
|
LSE
|
09:44:37
|
|
191
|
4,348.00
|
LSE
|
09:46:36
|
|
21
|
4,351.00
|
LSE
|
09:49:04
|
|
46
|
4,351.00
|
LSE
|
09:49:04
|
|
96
|
4,351.00
|
LSE
|
09:49:54
|
|
70
|
4,351.00
|
LSE
|
09:50:37
|
|
66
|
4,347.00
|
LSE
|
09:50:58
|
|
109
|
4,350.00
|
LSE
|
09:53:04
|
|
129
|
4,350.00
|
LSE
|
09:53:04
|
|
50
|
4,348.00
|
LSE
|
09:53:37
|
|
9
|
4,348.00
|
LSE
|
09:53:37
|
|
17
|
4,350.00
|
LSE
|
09:53:45
|
|
74
|
4,350.00
|
LSE
|
09:53:45
|
|
152
|
4,358.00
|
LSE
|
09:54:54
|
|
437
|
4,357.00
|
LSE
|
09:55:40
|
|
258
|
4,358.00
|
LSE
|
09:58:11
|
|
158
|
4,356.00
|
LSE
|
10:00:03
|
|
102
|
4,356.00
|
LSE
|
10:00:03
|
|
122
|
4,356.00
|
LSE
|
10:00:03
|
|
410
|
4,356.00
|
LSE
|
10:02:09
|
|
64
|
4,361.00
|
LSE
|
10:05:47
|
|
157
|
4,363.00
|
LSE
|
10:07:17
|
|
49
|
4,363.00
|
LSE
|
10:07:17
|
|
70
|
4,361.00
|
LSE
|
10:08:03
|
|
99
|
4,362.00
|
LSE
|
10:09:47
|
|
135
|
4,362.00
|
LSE
|
10:09:47
|
|
93
|
4,360.00
|
LSE
|
10:10:39
|
|
42
|
4,360.00
|
LSE
|
10:10:39
|
|
67
|
4,360.00
|
LSE
|
10:11:04
|
|
170
|
4,369.00
|
LSE
|
10:12:17
|
|
96
|
4,369.00
|
LSE
|
10:13:00
|
|
67
|
4,367.00
|
LSE
|
10:13:53
|
|
96
|
4,360.00
|
LSE
|
10:14:16
|
|
49
|
4,363.00
|
LSE
|
10:14:56
|
|
72
|
4,363.00
|
LSE
|
10:14:56
|
|
61
|
4,362.00
|
LSE
|
10:15:17
|
|
139
|
4,361.00
|
LSE
|
10:15:48
|
|
291
|
4,360.00
|
LSE
|
10:17:23
|
|
67
|
4,359.00
|
LSE
|
10:17:50
|
|
224
|
4,362.00
|
LSE
|
10:19:07
|
|
167
|
4,360.00
|
LSE
|
10:20:57
|
|
67
|
4,360.00
|
LSE
|
10:21:03
|
|
76
|
4,359.00
|
LSE
|
10:22:10
|
|
31
|
4,359.00
|
LSE
|
10:23:07
|
|
77
|
4,359.00
|
LSE
|
10:23:07
|
|
32
|
4,359.00
|
LSE
|
10:23:07
|
|
67
|
4,358.00
|
LSE
|
10:23:40
|
|
63
|
4,353.00
|
LSE
|
10:24:57
|
|
100
|
4,355.00
|
LSE
|
10:25:16
|
|
67
|
4,353.00
|
LSE
|
10:26:08
|
|
68
|
4,352.00
|
LSE
|
10:26:37
|
|
103
|
4,354.00
|
LSE
|
10:28:14
|
|
1
|
4,353.00
|
LSE
|
10:28:57
|
|
87
|
4,353.00
|
LSE
|
10:28:57
|
|
117
|
4,354.00
|
LSE
|
10:29:21
|
|
61
|
4,351.00
|
LSE
|
10:30:13
|
|
189
|
4,351.00
|
LSE
|
10:32:12
|
|
99
|
4,351.00
|
LSE
|
10:32:31
|
|
66
|
4,350.00
|
LSE
|
10:33:41
|
|
310
|
4,351.00
|
LSE
|
10:35:19
|
|
70
|
4,348.00
|
LSE
|
10:36:17
|
|
7
|
4,348.00
|
LSE
|
10:37:10
|
|
123
|
4,348.00
|
LSE
|
10:37:10
|
|
279
|
4,351.00
|
LSE
|
10:39:23
|
|
46
|
4,350.00
|
LSE
|
10:40:17
|
|
16
|
4,350.00
|
LSE
|
10:40:17
|
|
69
|
4,354.00
|
LSE
|
10:40:53
|
|
67
|
4,350.00
|
LSE
|
10:41:05
|
|
209
|
4,352.00
|
LSE
|
10:43:03
|
|
58
|
4,352.00
|
LSE
|
10:43:27
|
|
36
|
4,352.00
|
LSE
|
10:44:04
|
|
30
|
4,352.00
|
LSE
|
10:44:08
|
|
4
|
4,351.00
|
LSE
|
10:45:10
|
|
63
|
4,351.00
|
LSE
|
10:45:11
|
|
82
|
4,350.00
|
LSE
|
10:45:47
|
|
83
|
4,351.00
|
LSE
|
10:46:15
|
|
15
|
4,351.00
|
LSE
|
10:47:25
|
|
176
|
4,351.00
|
LSE
|
10:47:25
|
|
94
|
4,352.00
|
LSE
|
10:48:37
|
|
101
|
4,355.00
|
LSE
|
10:49:07
|
|
61
|
4,356.00
|
LSE
|
10:50:00
|
|
150
|
4,358.00
|
LSE
|
10:50:56
|
|
86
|
4,358.00
|
LSE
|
10:52:22
|
|
160
|
4,363.00
|
LSE
|
10:53:08
|
|
90
|
4,362.00
|
LSE
|
10:53:45
|
|
82
|
4,363.00
|
LSE
|
10:54:20
|
|
38
|
4,362.00
|
LSE
|
10:54:23
|
|
37
|
4,362.00
|
LSE
|
10:54:28
|
|
91
|
4,372.00
|
LSE
|
10:55:07
|
|
70
|
4,368.00
|
LSE
|
10:55:42
|
|
199
|
4,371.00
|
LSE
|
10:57:47
|
|
32
|
4,371.00
|
LSE
|
10:57:47
|
|
192
|
4,375.00
|
LSE
|
10:59:07
|
|
94
|
4,374.00
|
LSE
|
10:59:46
|
|
100
|
4,387.00
|
LSE
|
11:00:48
|
|
100
|
4,393.00
|
LSE
|
11:01:47
|
|
124
|
4,394.00
|
LSE
|
11:02:26
|
|
70
|
4,392.00
|
LSE
|
11:03:08
|
|
9
|
4,391.00
|
LSE
|
11:03:57
|
|
92
|
4,391.00
|
LSE
|
11:03:57
|
|
71
|
4,388.00
|
LSE
|
11:04:40
|
|
69
|
4,393.00
|
LSE
|
11:05:05
|
|
154
|
4,400.00
|
LSE
|
11:06:13
|
|
74
|
4,399.00
|
LSE
|
11:07:07
|
|
194
|
4,399.00
|
LSE
|
11:08:20
|
|
79
|
4,395.00
|
LSE
|
11:09:20
|
|
237
|
4,397.00
|
LSE
|
11:11:29
|
|
71
|
4,396.00
|
LSE
|
11:12:02
|
|
379
|
4,394.00
|
LSE
|
11:13:02
|
|
393
|
4,392.00
|
LSE
|
11:16:30
|
|
168
|
4,390.00
|
LSE
|
11:17:22
|
|
71
|
4,387.00
|
LSE
|
11:20:53
|
|
59
|
4,383.00
|
LSE
|
11:21:13
|
|
10
|
4,383.00
|
LSE
|
11:21:13
|
|
76
|
4,384.00
|
LSE
|
11:22:05
|
|
144
|
4,385.00
|
LSE
|
11:23:37
|
|
104
|
4,386.00
|
LSE
|
11:25:02
|
|
124
|
4,386.00
|
LSE
|
11:25:02
|
|
105
|
4,387.00
|
LSE
|
11:25:52
|
|
66
|
4,387.00
|
LSE
|
11:26:16
|
|
170
|
4,388.00
|
LSE
|
11:27:26
|
|
45
|
4,388.00
|
LSE
|
11:28:22
|
|
26
|
4,388.00
|
LSE
|
11:28:22
|
|
113
|
4,392.00
|
LSE
|
11:29:16
|
|
7
|
4,392.00
|
LSE
|
11:29:16
|
|
77
|
4,396.00
|
LSE
|
11:29:33
|
|
65
|
4,398.00
|
LSE
|
11:30:05
|
|
71
|
4,393.00
|
LSE
|
11:30:42
|
|
449
|
4,398.00
|
LSE
|
11:34:11
|
|
189
|
4,399.00
|
LSE
|
11:35:22
|
|
64
|
4,402.00
|
LSE
|
11:36:22
|
|
70
|
4,398.00
|
LSE
|
11:36:46
|
|
70
|
4,399.00
|
LSE
|
11:37:13
|
|
63
|
4,397.00
|
LSE
|
11:37:50
|
|
114
|
4,397.00
|
LSE
|
11:40:56
|
|
247
|
4,397.00
|
LSE
|
11:40:56
|
|
176
|
4,399.00
|
LSE
|
11:42:32
|
|
63
|
4,395.00
|
LSE
|
11:43:31
|
|
70
|
4,394.00
|
LSE
|
11:44:45
|
|
110
|
4,394.00
|
LSE
|
11:44:45
|
|
61
|
4,389.00
|
LSE
|
11:45:21
|
|
106
|
4,388.00
|
LSE
|
11:47:45
|
|
109
|
4,388.00
|
LSE
|
11:47:45
|
|
299
|
4,394.00
|
LSE
|
11:49:45
|
|
92
|
4,394.00
|
LSE
|
11:50:57
|
|
61
|
4,393.00
|
LSE
|
11:51:19
|
|
62
|
4,390.00
|
LSE
|
11:52:06
|
|
86
|
4,389.00
|
LSE
|
11:53:05
|
|
67
|
4,388.00
|
LSE
|
11:53:21
|
|
2
|
4,389.00
|
LSE
|
11:53:55
|
|
66
|
4,389.00
|
LSE
|
11:53:55
|
|
162
|
4,391.00
|
LSE
|
11:54:47
|
|
120
|
4,392.00
|
LSE
|
11:56:13
|
|
69
|
4,389.00
|
LSE
|
11:57:41
|
|
30
|
4,387.00
|
LSE
|
11:58:06
|
|
121
|
4,387.00
|
LSE
|
11:58:06
|
|
307
|
4,385.00
|
LSE
|
12:00:06
|
|
85
|
4,385.00
|
LSE
|
12:01:09
|
|
103
|
4,384.00
|
LSE
|
12:01:42
|
|
145
|
4,384.00
|
LSE
|
12:02:14
|
|
152
|
4,384.00
|
LSE
|
12:02:55
|
|
100
|
4,382.00
|
LSE
|
12:03:29
|
|
62
|
4,381.00
|
LSE
|
12:04:23
|
|
105
|
4,381.00
|
LSE
|
12:04:48
|
|
65
|
4,382.00
|
LSE
|
12:05:17
|
|
75
|
4,383.00
|
LSE
|
12:06:02
|
|
75
|
4,385.00
|
LSE
|
12:08:30
|
|
115
|
4,385.00
|
LSE
|
12:08:30
|
|
138
|
4,385.00
|
LSE
|
12:08:58
|
|
67
|
4,379.00
|
LSE
|
12:09:21
|
|
62
|
4,377.00
|
LSE
|
12:09:49
|
|
99
|
4,379.00
|
LSE
|
12:10:38
|
|
39
|
4,378.00
|
LSE
|
12:11:21
|
|
26
|
4,378.00
|
LSE
|
12:11:21
|
|
74
|
4,377.00
|
LSE
|
12:11:55
|
|
99
|
4,380.00
|
LSE
|
12:12:58
|
|
141
|
4,381.00
|
LSE
|
12:14:07
|
|
64
|
4,380.00
|
LSE
|
12:14:52
|
|
49
|
4,383.00
|
LSE
|
12:15:31
|
|
144
|
4,383.00
|
LSE
|
12:15:31
|
|
66
|
4,383.00
|
LSE
|
12:16:47
|
|
127
|
4,383.00
|
LSE
|
12:16:52
|
|
66
|
4,383.00
|
LSE
|
12:17:22
|
|
80
|
4,383.00
|
LSE
|
12:18:06
|
|
98
|
4,387.00
|
LSE
|
12:18:36
|
|
66
|
4,387.00
|
LSE
|
12:19:02
|
|
69
|
4,388.00
|
LSE
|
12:19:30
|
|
65
|
4,385.00
|
LSE
|
12:20:02
|
|
67
|
4,380.00
|
LSE
|
12:21:16
|
|
109
|
4,378.00
|
LSE
|
12:21:18
|
|
102
|
4,378.00
|
LSE
|
12:22:35
|
|
67
|
4,377.00
|
LSE
|
12:22:35
|
|
176
|
4,378.00
|
LSE
|
12:23:57
|
|
236
|
4,380.00
|
LSE
|
12:26:21
|
|
81
|
4,380.00
|
LSE
|
12:26:21
|
|
65
|
4,379.00
|
LSE
|
12:27:22
|
|
83
|
4,377.00
|
LSE
|
12:29:07
|
|
135
|
4,377.00
|
LSE
|
12:29:07
|
|
167
|
4,378.00
|
LSE
|
12:30:03
|
|
70
|
4,377.00
|
LSE
|
12:30:32
|
|
70
|
4,376.00
|
LSE
|
12:31:03
|
|
67
|
4,375.00
|
LSE
|
12:31:16
|
|
50
|
4,369.00
|
LSE
|
12:32:15
|
|
26
|
4,369.00
|
LSE
|
12:32:15
|
|
443
|
4,372.00
|
LSE
|
12:35:14
|
|
215
|
4,372.00
|
LSE
|
12:37:12
|
|
39
|
4,374.00
|
LSE
|
12:37:52
|
|
25
|
4,374.00
|
LSE
|
12:38:09
|
|
384
|
4,374.00
|
LSE
|
12:40:30
|
|
194
|
4,376.00
|
LSE
|
12:41:41
|
|
104
|
4,385.00
|
LSE
|
12:42:31
|
|
216
|
4,391.00
|
LSE
|
12:44:22
|
|
66
|
4,392.00
|
LSE
|
12:45:31
|
|
250
|
4,388.00
|
LSE
|
12:46:49
|
|
84
|
4,387.00
|
LSE
|
12:47:22
|
|
189
|
4,387.00
|
LSE
|
12:49:25
|
|
244
|
4,386.00
|
LSE
|
12:50:50
|
|
72
|
4,384.00
|
LSE
|
12:51:08
|
|
200
|
4,385.00
|
LSE
|
12:52:32
|
|
62
|
4,385.00
|
LSE
|
12:52:59
|
|
173
|
4,386.00
|
LSE
|
12:55:04
|
|
286
|
4,390.00
|
LSE
|
12:56:31
|
|
109
|
4,388.00
|
LSE
|
12:57:10
|
|
62
|
4,386.00
|
LSE
|
12:58:12
|
|
24
|
4,386.00
|
LSE
|
12:58:12
|
|
96
|
4,388.00
|
LSE
|
12:58:25
|
|
325
|
4,388.00
|
LSE
|
13:01:02
|
|
83
|
4,386.00
|
LSE
|
13:02:39
|
|
161
|
4,386.00
|
LSE
|
13:02:39
|
|
109
|
4,390.00
|
LSE
|
13:03:31
|
|
125
|
4,388.00
|
LSE
|
13:04:41
|
|
134
|
4,388.00
|
LSE
|
13:04:41
|
|
63
|
4,387.00
|
LSE
|
13:05:08
|
|
72
|
4,387.00
|
LSE
|
13:05:31
|
|
67
|
4,387.00
|
LSE
|
13:06:01
|
|
67
|
4,382.00
|
LSE
|
13:06:33
|
|
66
|
4,379.00
|
LSE
|
13:07:33
|
|
142
|
4,380.00
|
LSE
|
13:08:12
|
|
187
|
4,381.00
|
LSE
|
13:09:29
|
|
209
|
4,384.00
|
LSE
|
13:12:13
|
|
126
|
4,384.00
|
LSE
|
13:12:13
|
|
19
|
4,384.00
|
LSE
|
13:12:46
|
|
52
|
4,384.00
|
LSE
|
13:12:46
|
|
59
|
4,383.00
|
LSE
|
13:13:31
|
|
66
|
4,381.00
|
LSE
|
13:14:27
|
|
27
|
4,380.00
|
LSE
|
13:15:22
|
|
91
|
4,380.00
|
LSE
|
13:15:22
|
|
277
|
4,383.00
|
LSE
|
13:21:12
|
|
258
|
4,383.00
|
LSE
|
13:21:12
|
|
288
|
4,383.00
|
LSE
|
13:21:12
|
|
160
|
4,383.00
|
LSE
|
13:22:00
|
|
77
|
4,381.00
|
LSE
|
13:22:30
|
|
73
|
4,375.00
|
LSE
|
13:22:32
|
|
99
|
4,377.00
|
LSE
|
13:23:20
|
|
71
|
4,376.00
|
LSE
|
13:23:51
|
|
121
|
4,379.00
|
LSE
|
13:25:50
|
|
86
|
4,379.00
|
LSE
|
13:25:55
|
|
69
|
4,378.00
|
LSE
|
13:26:28
|
|
79
|
4,379.00
|
LSE
|
13:28:31
|
|
111
|
4,379.00
|
LSE
|
13:28:37
|
|
91
|
4,378.00
|
LSE
|
13:29:30
|
|
50
|
4,378.00
|
LSE
|
13:30:02
|
|
150
|
4,378.00
|
LSE
|
13:30:02
|
|
7
|
4,378.00
|
LSE
|
13:30:02
|
|
69
|
4,377.00
|
LSE
|
13:30:33
|
|
63
|
4,376.00
|
LSE
|
13:31:08
|
|
66
|
4,374.00
|
LSE
|
13:31:22
|
|
69
|
4,375.00
|
LSE
|
13:32:00
|
|
239
|
4,371.00
|
LSE
|
13:33:13
|
|
250
|
4,371.00
|
LSE
|
13:35:01
|
|
82
|
4,369.00
|
LSE
|
13:35:31
|
|
87
|
4,368.00
|
LSE
|
13:36:28
|
|
169
|
4,367.00
|
LSE
|
13:36:41
|
|
48
|
4,367.00
|
LSE
|
13:38:02
|
|
22
|
4,367.00
|
LSE
|
13:38:28
|
|
178
|
4,367.00
|
LSE
|
13:38:28
|
|
50
|
4,366.00
|
LSE
|
13:39:50
|
|
46
|
4,366.00
|
LSE
|
13:39:50
|
|
166
|
4,366.00
|
LSE
|
13:39:50
|
|
65
|
4,364.00
|
LSE
|
13:39:56
|
|
66
|
4,364.00
|
LSE
|
13:41:32
|
|
150
|
4,364.00
|
LSE
|
13:41:32
|
|
122
|
4,364.00
|
LSE
|
13:42:17
|
|
73
|
4,363.00
|
LSE
|
13:42:51
|
|
85
|
4,364.00
|
LSE
|
13:44:02
|
|
131
|
4,366.00
|
LSE
|
13:44:48
|
|
121
|
4,360.00
|
LSE
|
13:44:50
|
|
70
|
4,362.00
|
LSE
|
13:45:21
|
|
209
|
4,366.00
|
LSE
|
13:46:30
|
|
72
|
4,366.00
|
LSE
|
13:47:01
|
|
343
|
4,362.00
|
LSE
|
13:50:01
|
|
189
|
4,362.00
|
LSE
|
13:50:01
|
|
70
|
4,360.00
|
LSE
|
13:50:52
|
|
351
|
4,356.00
|
LSE
|
13:53:00
|
|
267
|
4,352.00
|
LSE
|
13:54:01
|
|
485
|
4,363.00
|
LSE
|
13:56:51
|
|
69
|
4,362.00
|
LSE
|
13:57:31
|
|
95
|
4,362.00
|
LSE
|
13:58:15
|
|
32
|
4,362.00
|
LSE
|
13:58:43
|
|
186
|
4,365.00
|
LSE
|
13:59:31
|
|
74
|
4,364.00
|
LSE
|
14:00:00
|
|
48
|
4,364.00
|
LSE
|
14:00:19
|
|
23
|
4,364.00
|
LSE
|
14:00:19
|
|
77
|
4,363.00
|
LSE
|
14:00:44
|
|
171
|
4,364.00
|
LSE
|
14:01:34
|
|
73
|
4,362.00
|
LSE
|
14:01:54
|
|
65
|
4,359.00
|
LSE
|
14:02:17
|
|
74
|
4,357.00
|
LSE
|
14:03:00
|
|
90
|
4,355.00
|
LSE
|
14:03:10
|
|
90
|
4,357.00
|
LSE
|
14:03:45
|
|
67
|
4,357.00
|
LSE
|
14:04:06
|
|
61
|
4,355.00
|
LSE
|
14:04:31
|
|
221
|
4,359.00
|
LSE
|
14:05:31
|
|
164
|
4,360.00
|
LSE
|
14:06:14
|
|
157
|
4,364.00
|
LSE
|
14:07:01
|
|
67
|
4,365.00
|
LSE
|
14:07:25
|
|
197
|
4,362.00
|
LSE
|
14:09:00
|
|
154
|
4,365.00
|
LSE
|
14:10:02
|
|
200
|
4,364.00
|
LSE
|
14:11:31
|
|
220
|
4,364.00
|
LSE
|
14:11:31
|
|
333
|
4,369.00
|
LSE
|
14:13:23
|
|
183
|
4,366.00
|
LSE
|
14:14:10
|
|
172
|
4,364.00
|
LSE
|
14:14:12
|
|
58
|
4,359.00
|
LSE
|
14:14:31
|
|
6
|
4,359.00
|
LSE
|
14:14:32
|
|
11
|
4,358.00
|
LSE
|
14:15:02
|
|
107
|
4,358.00
|
LSE
|
14:15:02
|
|
64
|
4,351.00
|
LSE
|
14:15:30
|
|
152
|
4,353.00
|
LSE
|
14:16:02
|
|
74
|
4,349.00
|
LSE
|
14:16:42
|
|
93
|
4,347.00
|
LSE
|
14:16:44
|
|
304
|
4,345.00
|
LSE
|
14:18:12
|
|
63
|
4,344.00
|
LSE
|
14:19:01
|
|
154
|
4,339.00
|
LSE
|
14:19:18
|
|
70
|
4,336.00
|
LSE
|
14:19:25
|
|
783
|
4,336.00
|
LSE
|
14:19:31
|
|
166
|
4,333.00
|
LSE
|
14:20:16
|
|
780
|
4,349.00
|
LSE
|
14:22:11
|
|
426
|
4,343.00
|
LSE
|
14:23:01
|
|
1,022
|
4,341.00
|
LSE
|
14:25:34
|
|
90
|
4,358.00
|
LSE
|
14:28:18
|
|
122
|
4,361.00
|
LSE
|
14:28:31
|
|
74
|
4,361.00
|
LSE
|
14:28:54
|
|
123
|
4,358.00
|
LSE
|
14:28:57
|
|
106
|
4,357.00
|
LSE
|
14:29:14
|
|
372
|
4,356.00
|
LSE
|
14:29:22
|
|
13
|
4,352.00
|
LSE
|
14:29:29
|
|
147
|
4,352.00
|
LSE
|
14:29:29
|
|
198
|
4,350.00
|
LSE
|
14:29:32
|
|
15
|
4,350.00
|
LSE
|
14:29:32
|
|
744
|
4,358.00
|
LSE
|
14:30:00
|
|
50
|
4,353.00
|
LSE
|
14:30:01
|
|
30
|
4,353.00
|
LSE
|
14:30:01
|
|
10
|
4,359.00
|
LSE
|
14:30:25
|
|
49
|
4,359.00
|
LSE
|
14:30:25
|
|
579
|
4,359.00
|
LSE
|
14:30:25
|
|
79
|
4,356.00
|
LSE
|
14:30:31
|
|
319
|
4,357.00
|
LSE
|
14:30:47
|
|
185
|
4,351.00
|
LSE
|
14:30:48
|
|
80
|
4,348.00
|
LSE
|
14:30:59
|
|
292
|
4,348.00
|
LSE
|
14:31:02
|
|
106
|
4,348.00
|
LSE
|
14:31:07
|
|
110
|
4,349.00
|
LSE
|
14:31:18
|
|
26
|
4,349.00
|
LSE
|
14:31:18
|
|
156
|
4,349.00
|
LSE
|
14:31:18
|
|
105
|
4,347.00
|
LSE
|
14:31:24
|
|
107
|
4,345.00
|
LSE
|
14:31:25
|
|
317
|
4,343.00
|
LSE
|
14:31:40
|
|
133
|
4,341.00
|
LSE
|
14:31:49
|
|
212
|
4,337.00
|
LSE
|
14:31:53
|
|
106
|
4,336.00
|
LSE
|
14:31:53
|
|
79
|
4,335.00
|
LSE
|
14:32:00
|
|
159
|
4,339.00
|
LSE
|
14:32:02
|
|
106
|
4,338.00
|
LSE
|
14:32:16
|
|
355
|
4,335.00
|
LSE
|
14:32:30
|
|
242
|
4,335.00
|
LSE
|
14:32:30
|
|
1,081
|
4,335.00
|
LSE
|
14:32:30
|
|
2,205
|
4,335.00
|
LSE
|
14:32:30
|
|
90
|
4,350.00
|
LSE
|
14:35:34
|
|
90
|
4,347.00
|
LSE
|
14:35:36
|
|
79
|
4,345.00
|
LSE
|
14:35:47
|
|
68
|
4,343.00
|
LSE
|
14:35:53
|
|
79
|
4,340.00
|
LSE
|
14:36:00
|
|
91
|
4,339.00
|
LSE
|
14:36:06
|
|
3
|
4,342.00
|
LSE
|
14:36:32
|
|
189
|
4,342.00
|
LSE
|
14:36:32
|
|
2,104
|
4,340.00
|
LSE
|
14:36:38
|
|
273
|
4,350.00
|
LSE
|
14:40:04
|
|
426
|
4,354.00
|
LSE
|
14:40:50
|
|
90
|
4,351.00
|
LSE
|
14:41:10
|
|
118
|
4,349.00
|
LSE
|
14:41:32
|
|
16
|
4,358.00
|
LSE
|
14:42:03
|
|
438
|
4,358.00
|
LSE
|
14:42:03
|
|
11
|
4,355.00
|
LSE
|
14:42:19
|
|
70
|
4,355.00
|
LSE
|
14:42:19
|
|
127
|
4,353.00
|
LSE
|
14:42:26
|
|
226
|
4,357.00
|
LSE
|
14:43:20
|
|
281
|
4,355.00
|
LSE
|
14:43:26
|
|
81
|
4,350.00
|
LSE
|
14:43:43
|
|
127
|
4,347.00
|
LSE
|
14:43:45
|
|
82
|
4,346.00
|
LSE
|
14:43:56
|
|
84
|
4,346.00
|
LSE
|
14:44:04
|
|
154
|
4,340.00
|
LSE
|
14:44:29
|
|
30
|
4,339.00
|
LSE
|
14:44:38
|
|
102
|
4,339.00
|
LSE
|
14:44:38
|
|
358
|
4,343.00
|
LSE
|
14:45:16
|
|
113
|
4,343.00
|
LSE
|
14:45:18
|
|
71
|
4,339.00
|
LSE
|
14:45:30
|
|
72
|
4,336.00
|
LSE
|
14:45:31
|
|
82
|
4,331.00
|
LSE
|
14:45:52
|
|
143
|
4,327.00
|
LSE
|
14:45:53
|
|
71
|
4,323.00
|
LSE
|
14:46:03
|
|
102
|
4,325.00
|
LSE
|
14:46:12
|
|
123
|
4,331.00
|
LSE
|
14:46:22
|
|
265
|
4,335.00
|
LSE
|
14:46:49
|
|
133
|
4,337.00
|
LSE
|
14:47:02
|
|
92
|
4,339.00
|
LSE
|
14:47:25
|
|
163
|
4,336.00
|
LSE
|
14:47:27
|
|
83
|
4,333.00
|
LSE
|
14:47:41
|
|
50
|
4,333.00
|
LSE
|
14:47:41
|
|
173
|
4,333.00
|
LSE
|
14:48:00
|
|
285
|
4,334.00
|
LSE
|
14:48:26
|
|
255
|
4,334.00
|
LSE
|
14:48:51
|
|
182
|
4,337.00
|
LSE
|
14:49:16
|
|
163
|
4,337.00
|
LSE
|
14:49:30
|
|
86
|
4,335.00
|
LSE
|
14:49:37
|
|
4
|
4,338.00
|
LSE
|
14:50:07
|
|
246
|
4,338.00
|
LSE
|
14:50:07
|
|
146
|
4,346.00
|
LSE
|
14:50:24
|
|
125
|
4,346.00
|
LSE
|
14:50:52
|
|
73
|
4,346.00
|
LSE
|
14:50:52
|
|
129
|
4,348.00
|
LSE
|
14:51:01
|
|
137
|
4,349.00
|
LSE
|
14:51:19
|
|
155
|
4,348.00
|
LSE
|
14:51:35
|
|
86
|
4,346.00
|
LSE
|
14:51:46
|
|
146
|
4,346.00
|
LSE
|
14:52:04
|
|
87
|
4,349.00
|
LSE
|
14:53:00
|
|
300
|
4,349.00
|
LSE
|
14:53:00
|
|
317
|
4,352.00
|
LSE
|
14:53:31
|
|
189
|
4,352.00
|
LSE
|
14:53:53
|
|
29
|
4,352.00
|
LSE
|
14:54:43
|
|
224
|
4,352.00
|
LSE
|
14:54:43
|
|
147
|
4,351.00
|
LSE
|
14:54:57
|
|
147
|
4,351.00
|
LSE
|
14:54:57
|
|
152
|
4,350.00
|
LSE
|
14:55:11
|
|
104
|
4,349.00
|
LSE
|
14:55:15
|
|
170
|
4,348.00
|
LSE
|
14:55:38
|
|
14
|
4,347.00
|
LSE
|
14:55:54
|
|
81
|
4,347.00
|
LSE
|
14:55:54
|
|
256
|
4,347.00
|
LSE
|
14:56:22
|
|
152
|
4,346.00
|
LSE
|
14:56:41
|
|
391
|
4,349.00
|
LSE
|
14:57:14
|
|
54
|
4,349.00
|
LSE
|
14:57:14
|
|
85
|
4,348.00
|
LSE
|
14:57:20
|
|
66
|
4,346.00
|
LSE
|
14:57:25
|
|
265
|
4,347.00
|
LSE
|
14:57:56
|
|
74
|
4,345.00
|
LSE
|
14:58:05
|
|
2
|
4,345.00
|
LSE
|
14:58:05
|
|
76
|
4,343.00
|
LSE
|
14:58:17
|
|
85
|
4,342.00
|
LSE
|
14:58:55
|
|
1,052
|
4,358.00
|
LSE
|
15:00:21
|
|
113
|
4,357.00
|
LSE
|
15:00:38
|
|
150
|
4,356.00
|
LSE
|
15:00:41
|
|
65
|
4,353.00
|
LSE
|
15:00:48
|
|
66
|
4,349.00
|
LSE
|
15:00:55
|
|
93
|
4,348.00
|
LSE
|
15:01:04
|
|
103
|
4,348.00
|
LSE
|
15:01:22
|
|
94
|
4,342.00
|
LSE
|
15:01:25
|
|
69
|
4,340.00
|
LSE
|
15:01:49
|
|
15
|
4,340.00
|
LSE
|
15:01:49
|
|
271
|
4,342.00
|
LSE
|
15:02:02
|
|
187
|
4,341.00
|
LSE
|
15:02:22
|
|
187
|
4,343.00
|
LSE
|
15:02:57
|
|
196
|
4,344.00
|
LSE
|
15:03:10
|
|
4
|
4,348.00
|
LSE
|
15:03:55
|
|
430
|
4,348.00
|
LSE
|
15:03:55
|
|
52
|
4,348.00
|
LSE
|
15:03:55
|
|
87
|
4,351.00
|
LSE
|
15:04:17
|
|
110
|
4,347.00
|
LSE
|
15:04:27
|
|
79
|
4,344.00
|
LSE
|
15:04:29
|
|
285
|
4,352.00
|
LSE
|
15:05:09
|
|
410
|
4,358.00
|
LSE
|
15:06:22
|
|
237
|
4,358.00
|
LSE
|
15:07:11
|
|
395
|
4,357.00
|
LSE
|
15:07:52
|
|
191
|
4,355.00
|
LSE
|
15:08:09
|
|
101
|
4,355.00
|
LSE
|
15:08:09
|
|
118
|
4,354.00
|
LSE
|
15:08:11
|
|
158
|
4,357.00
|
LSE
|
15:08:56
|
|
325
|
4,359.00
|
LSE
|
15:09:12
|
|
178
|
4,360.00
|
LSE
|
15:09:37
|
|
316
|
4,363.00
|
LSE
|
15:10:16
|
|
202
|
4,363.00
|
LSE
|
15:10:43
|
|
73
|
4,361.00
|
LSE
|
15:10:47
|
|
36
|
4,357.00
|
LSE
|
15:11:06
|
|
45
|
4,357.00
|
LSE
|
15:11:06
|
|
33
|
4,355.00
|
LSE
|
15:11:54
|
|
64
|
4,355.00
|
LSE
|
15:11:54
|
|
167
|
4,363.00
|
LSE
|
15:12:55
|
|
675
|
4,363.00
|
LSE
|
15:13:04
|
|
113
|
4,359.00
|
LSE
|
15:13:06
|
|
81
|
4,359.00
|
LSE
|
15:13:22
|
|
131
|
4,358.00
|
LSE
|
15:14:04
|
|
54
|
4,358.00
|
LSE
|
15:14:04
|
|
302
|
4,359.00
|
LSE
|
15:14:19
|
|
342
|
4,362.00
|
LSE
|
15:15:44
|
|
72
|
4,360.00
|
LSE
|
15:15:53
|
|
226
|
4,360.00
|
LSE
|
15:16:12
|
|
5
|
4,367.00
|
LSE
|
15:17:02
|
|
131
|
4,367.00
|
LSE
|
15:17:02
|
|
278
|
4,367.00
|
LSE
|
15:17:02
|
|
181
|
4,372.00
|
LSE
|
15:17:20
|
|
53
|
4,370.00
|
LSE
|
15:17:21
|
|
49
|
4,370.00
|
LSE
|
15:17:22
|
|
87
|
4,372.00
|
LSE
|
15:17:41
|
|
80
|
4,371.00
|
LSE
|
15:17:45
|
|
246
|
4,374.00
|
LSE
|
15:18:29
|
|
87
|
4,373.00
|
LSE
|
15:18:30
|
|
314
|
4,373.00
|
LSE
|
15:19:25
|
|
104
|
4,371.00
|
LSE
|
15:19:32
|
|
266
|
4,369.00
|
LSE
|
15:20:08
|
|
614
|
4,367.00
|
LSE
|
15:20:53
|
|
777
|
4,367.00
|
LSE
|
15:20:53
|
|
125
|
4,358.00
|
LSE
|
15:23:43
|
|
126
|
4,355.00
|
LSE
|
15:23:47
|
|
81
|
4,351.00
|
LSE
|
15:24:07
|
|
67
|
4,353.00
|
LSE
|
15:24:35
|
|
83
|
4,353.00
|
LSE
|
15:24:35
|
|
135
|
4,352.00
|
LSE
|
15:25:04
|
|
71
|
4,349.00
|
LSE
|
15:25:09
|
|
141
|
4,349.00
|
LSE
|
15:25:09
|
|
191
|
4,348.00
|
LSE
|
15:25:32
|
|
64
|
4,348.00
|
LSE
|
15:25:44
|
|
99
|
4,348.00
|
LSE
|
15:26:22
|
|
169
|
4,349.00
|
LSE
|
15:28:14
|
|
434
|
4,350.00
|
LSE
|
15:28:42
|
|
311
|
4,350.00
|
LSE
|
15:28:42
|
|
5
|
4,350.00
|
LSE
|
15:28:42
|
|
435
|
4,352.00
|
LSE
|
15:29:22
|
|
3
|
4,358.00
|
LSE
|
15:30:08
|
|
396
|
4,358.00
|
LSE
|
15:30:08
|
|
271
|
4,360.00
|
LSE
|
15:31:00
|
|
412
|
4,364.00
|
LSE
|
15:32:08
|
|
22
|
4,363.00
|
LSE
|
15:32:20
|
|
120
|
4,363.00
|
LSE
|
15:32:20
|
|
81
|
4,361.00
|
LSE
|
15:32:36
|
|
182
|
4,360.00
|
LSE
|
15:32:51
|
|
68
|
4,358.00
|
LSE
|
15:33:07
|
|
468
|
4,368.00
|
LSE
|
15:35:20
|
|
110
|
4,368.00
|
LSE
|
15:35:20
|
|
322
|
4,368.00
|
LSE
|
15:35:20
|
|
84
|
4,365.00
|
LSE
|
15:35:24
|
|
90
|
4,363.00
|
LSE
|
15:35:42
|
|
77
|
4,361.00
|
LSE
|
15:35:46
|
|
63
|
4,359.00
|
LSE
|
15:36:02
|
|
195
|
4,365.00
|
LSE
|
15:36:44
|
|
272
|
4,366.00
|
LSE
|
15:37:11
|
|
84
|
4,365.00
|
LSE
|
15:37:29
|
|
118
|
4,364.00
|
LSE
|
15:37:31
|
|
77
|
4,363.00
|
LSE
|
15:38:09
|
|
536
|
4,368.00
|
LSE
|
15:39:04
|
|
96
|
4,367.00
|
LSE
|
15:39:15
|
|
82
|
4,365.00
|
LSE
|
15:39:30
|
|
69
|
4,363.00
|
LSE
|
15:39:47
|
|
64
|
4,362.00
|
LSE
|
15:40:03
|
|
941
|
4,368.00
|
LSE
|
15:42:36
|
|
88
|
4,368.00
|
LSE
|
15:43:00
|
|
81
|
4,366.00
|
LSE
|
15:43:16
|
|
93
|
4,364.00
|
LSE
|
15:43:19
|
|
87
|
4,366.00
|
LSE
|
15:44:04
|
|
224
|
4,365.00
|
LSE
|
15:44:24
|
|
130
|
4,363.00
|
LSE
|
15:44:27
|
|
229
|
4,361.00
|
LSE
|
15:45:36
|
|
328
|
4,361.00
|
LSE
|
15:46:00
|
|
328
|
4,363.00
|
LSE
|
15:46:26
|
|
266
|
4,362.00
|
LSE
|
15:47:13
|
|
137
|
4,360.00
|
LSE
|
15:47:40
|
|
206
|
4,359.00
|
LSE
|
15:48:02
|
|
556
|
4,360.00
|
LSE
|
15:48:55
|
|
442
|
4,367.00
|
LSE
|
15:50:20
|
|
131
|
4,365.00
|
LSE
|
15:51:42
|
|
150
|
4,365.00
|
LSE
|
15:51:42
|
|
59
|
4,365.00
|
LSE
|
15:51:43
|
|
255
|
4,365.00
|
LSE
|
15:51:54
|
|
758
|
4,366.00
|
LSE
|
15:53:10
|
|
77
|
4,364.00
|
LSE
|
15:53:50
|
|
1,201
|
4,365.00
|
LSE
|
15:55:45
|
|
864
|
4,368.00
|
LSE
|
15:57:26
|
|
109
|
4,365.00
|
LSE
|
15:57:52
|
|
236
|
4,364.00
|
LSE
|
15:58:17
|
|
409
|
4,366.00
|
LSE
|
15:58:52
|
|
136
|
4,365.00
|
LSE
|
15:59:42
|
|
469
|
4,366.00
|
LSE
|
15:59:55
|
|
120
|
4,364.00
|
LSE
|
15:59:59
|
|
64
|
4,361.00
|
LSE
|
16:00:16
|
|
1,803
|
4,365.00
|
LSE
|
16:03:22
|
|
83
|
4,365.00
|
LSE
|
16:03:48
|
|
184
|
4,364.00
|
LSE
|
16:04:01
|
|
398
|
4,365.00
|
LSE
|
16:04:42
|
|
90
|
4,363.00
|
LSE
|
16:04:55
|
|
117
|
4,361.00
|
LSE
|
16:04:59
|
|
76
|
4,361.00
|
LSE
|
16:06:00
|
|
420
|
4,361.00
|
LSE
|
16:06:00
|
|
324
|
4,360.00
|
LSE
|
16:06:42
|
|
144
|
4,359.00
|
LSE
|
16:07:05
|
|
283
|
4,361.00
|
LSE
|
16:08:01
|
|
346
|
4,361.00
|
LSE
|
16:08:01
|
|
749
|
4,366.00
|
LSE
|
16:09:21
|
|
137
|
4,366.00
|
LSE
|
16:09:55
|
|
105
|
4,364.00
|
LSE
|
16:10:01
|
|
132
|
4,364.00
|
LSE
|
16:10:01
|
|
53
|
4,366.00
|
LSE
|
16:10:24
|
|
586
|
4,368.00
|
LSE
|
16:11:18
|
|
119
|
4,367.00
|
LSE
|
16:11:20
|
|
63
|
4,363.00
|
LSE
|
16:11:45
|
|
529
|
4,365.00
|
LSE
|
16:13:02
|
|
31
|
4,372.00
|
LSE
|
16:14:10
|
|
523
|
4,371.00
|
LSE
|
16:14:16
|
|
311
|
4,370.00
|
LSE
|
16:14:20
|
|
188
|
4,369.00
|
LSE
|
16:17:41
|
Exhibit 23
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Tadeu Marroco
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Chief Executive
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares in the joint names of Tadeu Marroco and Luciana Franco Do Amaral as a result of the reinvestment of dividend income.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£46.42130177
|
157
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
157
£7,288.14
|
|||
|
e)
|
Date of the transaction
|
2026-02-11
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Luciana Franco Do Amaral
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Person Closely Associated with a person discharging managerial responsibilities; Tadeu Marroco, Chief Executive.
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares in the joint names of Tadeu Marroco and Luciana Franco Do Amaral as a result of the reinvestment of dividend income.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£46.42130177
|
157
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
157
£7,288.14
|
|||
|
e)
|
Date of the transaction
|
2026-02-11
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
| Date of notification: 16 February 2026 |
Exhibit 24
British American Tobacco p.l.c.
17 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
16 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
112,212
|
|
Highest price paid per share (pence):
|
4,352.00p
|
|
Lowest price paid per share (pence):
|
4,263.00p
|
|
Volume weighted average price paid per share (pence):
|
4,290.9617p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,511,807 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 16 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
16/02/2026
|
112,212
|
4,290.9617p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
16/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
16/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
2,173
|
4,352.00
|
LSE
|
08:00:34
|
|
111
|
4,347.00
|
LSE
|
08:01:45
|
|
85
|
4,346.00
|
LSE
|
08:02:50
|
|
484
|
4,346.00
|
LSE
|
08:02:50
|
|
163
|
4,343.00
|
LSE
|
08:02:51
|
|
80
|
4,341.00
|
LSE
|
08:03:07
|
|
73
|
4,338.00
|
LSE
|
08:03:27
|
|
530
|
4,339.00
|
LSE
|
08:05:24
|
|
176
|
4,337.00
|
LSE
|
08:06:24
|
|
137
|
4,330.00
|
LSE
|
08:06:55
|
|
173
|
4,330.00
|
LSE
|
08:06:55
|
|
154
|
4,327.00
|
LSE
|
08:07:03
|
|
89
|
4,323.00
|
LSE
|
08:07:24
|
|
70
|
4,319.00
|
LSE
|
08:08:00
|
|
163
|
4,324.00
|
LSE
|
08:09:09
|
|
216
|
4,324.00
|
LSE
|
08:09:09
|
|
583
|
4,309.00
|
LSE
|
08:11:47
|
|
131
|
4,308.00
|
LSE
|
08:12:06
|
|
107
|
4,303.00
|
LSE
|
08:12:33
|
|
566
|
4,304.00
|
LSE
|
08:18:07
|
|
84
|
4,304.00
|
LSE
|
08:18:37
|
|
99
|
4,302.00
|
LSE
|
08:19:16
|
|
124
|
4,297.00
|
LSE
|
08:19:17
|
|
75
|
4,295.00
|
LSE
|
08:20:16
|
|
259
|
4,295.00
|
LSE
|
08:21:24
|
|
139
|
4,291.00
|
LSE
|
08:22:22
|
|
83
|
4,290.00
|
LSE
|
08:22:53
|
|
78
|
4,288.00
|
LSE
|
08:23:03
|
|
66
|
4,285.00
|
LSE
|
08:23:37
|
|
64
|
4,280.00
|
LSE
|
08:24:03
|
|
77
|
4,278.00
|
LSE
|
08:24:46
|
|
114
|
4,276.00
|
LSE
|
08:25:15
|
|
266
|
4,277.00
|
LSE
|
08:26:24
|
|
179
|
4,276.00
|
LSE
|
08:27:29
|
|
46
|
4,268.00
|
LSE
|
08:28:02
|
|
31
|
4,268.00
|
LSE
|
08:28:02
|
|
136
|
4,273.00
|
LSE
|
08:28:42
|
|
95
|
4,272.00
|
LSE
|
08:29:19
|
|
92
|
4,279.00
|
LSE
|
08:30:01
|
|
83
|
4,279.00
|
LSE
|
08:30:22
|
|
311
|
4,272.00
|
LSE
|
08:30:23
|
|
199
|
4,272.00
|
LSE
|
08:30:23
|
|
114
|
4,290.00
|
LSE
|
08:34:04
|
|
119
|
4,292.00
|
LSE
|
08:34:53
|
|
75
|
4,288.00
|
LSE
|
08:35:23
|
|
560
|
4,279.00
|
LSE
|
08:35:47
|
|
71
|
4,289.00
|
LSE
|
08:39:09
|
|
507
|
4,285.00
|
LSE
|
08:39:27
|
|
77
|
4,284.00
|
LSE
|
08:43:00
|
|
322
|
4,293.00
|
LSE
|
08:46:46
|
|
145
|
4,291.00
|
LSE
|
08:47:26
|
|
25
|
4,291.00
|
LSE
|
08:47:26
|
|
102
|
4,290.00
|
LSE
|
08:47:30
|
|
70
|
4,291.00
|
LSE
|
08:48:03
|
|
97
|
4,288.00
|
LSE
|
08:48:32
|
|
66
|
4,286.00
|
LSE
|
08:48:43
|
|
74
|
4,285.00
|
LSE
|
08:49:33
|
|
66
|
4,284.00
|
LSE
|
08:50:10
|
|
78
|
4,279.00
|
LSE
|
08:50:20
|
|
76
|
4,280.00
|
LSE
|
08:51:33
|
|
115
|
4,279.00
|
LSE
|
08:51:34
|
|
444
|
4,278.00
|
LSE
|
08:51:54
|
|
301
|
4,283.00
|
LSE
|
08:57:18
|
|
85
|
4,285.00
|
LSE
|
08:58:25
|
|
248
|
4,284.00
|
LSE
|
08:59:24
|
|
94
|
4,292.00
|
LSE
|
09:02:07
|
|
27
|
4,292.00
|
LSE
|
09:02:23
|
|
79
|
4,292.00
|
LSE
|
09:02:23
|
|
35
|
4,291.00
|
LSE
|
09:03:29
|
|
482
|
4,292.00
|
LSE
|
09:04:52
|
|
97
|
4,297.00
|
LSE
|
09:06:44
|
|
270
|
4,298.00
|
LSE
|
09:08:45
|
|
195
|
4,297.00
|
LSE
|
09:10:06
|
|
657
|
4,304.00
|
LSE
|
09:17:07
|
|
28
|
4,303.00
|
LSE
|
09:17:53
|
|
408
|
4,303.00
|
LSE
|
09:20:00
|
|
220
|
4,298.00
|
LSE
|
09:20:29
|
|
69
|
4,299.00
|
LSE
|
09:21:10
|
|
5
|
4,299.00
|
LSE
|
09:21:10
|
|
287
|
4,299.00
|
LSE
|
09:24:09
|
|
94
|
4,301.00
|
LSE
|
09:24:44
|
|
273
|
4,300.00
|
LSE
|
09:27:50
|
|
154
|
4,298.00
|
LSE
|
09:28:19
|
|
293
|
4,297.00
|
LSE
|
09:30:30
|
|
482
|
4,297.00
|
LSE
|
09:34:22
|
|
288
|
4,293.00
|
LSE
|
09:35:00
|
|
187
|
4,291.00
|
LSE
|
09:35:23
|
|
104
|
4,291.00
|
LSE
|
09:35:47
|
|
391
|
4,293.00
|
LSE
|
09:40:28
|
|
5
|
4,293.00
|
LSE
|
09:40:28
|
|
226
|
4,291.00
|
LSE
|
09:41:59
|
|
125
|
4,291.00
|
LSE
|
09:42:20
|
|
44
|
4,289.00
|
LSE
|
09:44:09
|
|
51
|
4,289.00
|
LSE
|
09:44:09
|
|
117
|
4,289.00
|
LSE
|
09:44:09
|
|
211
|
4,287.00
|
LSE
|
09:44:38
|
|
133
|
4,287.00
|
LSE
|
09:46:32
|
|
134
|
4,287.00
|
LSE
|
09:46:32
|
|
76
|
4,286.00
|
LSE
|
09:47:29
|
|
117
|
4,284.00
|
LSE
|
09:47:44
|
|
115
|
4,284.00
|
LSE
|
09:47:47
|
|
186
|
4,281.00
|
LSE
|
09:50:58
|
|
402
|
4,281.00
|
LSE
|
09:50:58
|
|
112
|
4,281.00
|
LSE
|
09:52:13
|
|
192
|
4,283.00
|
LSE
|
09:56:31
|
|
189
|
4,283.00
|
LSE
|
09:56:31
|
|
127
|
4,281.00
|
LSE
|
09:57:04
|
|
372
|
4,281.00
|
LSE
|
09:59:44
|
|
177
|
4,281.00
|
LSE
|
10:04:32
|
|
593
|
4,281.00
|
LSE
|
10:04:32
|
|
116
|
4,280.00
|
LSE
|
10:07:42
|
|
283
|
4,280.00
|
LSE
|
10:07:42
|
|
51
|
4,277.00
|
LSE
|
10:07:43
|
|
45
|
4,277.00
|
LSE
|
10:07:43
|
|
264
|
4,275.00
|
LSE
|
10:10:19
|
|
241
|
4,274.00
|
LSE
|
10:13:04
|
|
130
|
4,274.00
|
LSE
|
10:13:04
|
|
27
|
4,274.00
|
LSE
|
10:14:38
|
|
71
|
4,274.00
|
LSE
|
10:14:46
|
|
146
|
4,274.00
|
LSE
|
10:14:46
|
|
73
|
4,271.00
|
LSE
|
10:15:05
|
|
124
|
4,270.00
|
LSE
|
10:16:00
|
|
849
|
4,273.00
|
LSE
|
10:22:01
|
|
64
|
4,274.00
|
LSE
|
10:24:14
|
|
338
|
4,277.00
|
LSE
|
10:26:57
|
|
99
|
4,277.00
|
LSE
|
10:26:57
|
|
66
|
4,276.00
|
LSE
|
10:27:36
|
|
67
|
4,275.00
|
LSE
|
10:28:09
|
|
667
|
4,282.00
|
LSE
|
10:36:54
|
|
9
|
4,279.00
|
LSE
|
10:37:24
|
|
221
|
4,279.00
|
LSE
|
10:38:00
|
|
116
|
4,279.00
|
LSE
|
10:38:00
|
|
63
|
4,287.00
|
LSE
|
10:46:09
|
|
114
|
4,287.00
|
LSE
|
10:46:09
|
|
177
|
4,287.00
|
LSE
|
10:47:21
|
|
217
|
4,285.00
|
LSE
|
10:48:25
|
|
106
|
4,285.00
|
LSE
|
10:49:25
|
|
262
|
4,283.00
|
LSE
|
10:49:56
|
|
211
|
4,281.00
|
LSE
|
10:50:00
|
|
97
|
4,280.00
|
LSE
|
10:50:27
|
|
75
|
4,283.00
|
LSE
|
10:53:10
|
|
309
|
4,281.00
|
LSE
|
10:54:10
|
|
41
|
4,278.00
|
LSE
|
10:54:14
|
|
191
|
4,278.00
|
LSE
|
10:55:46
|
|
108
|
4,278.00
|
LSE
|
10:55:46
|
|
127
|
4,282.00
|
LSE
|
10:58:50
|
|
283
|
4,278.00
|
LSE
|
10:58:51
|
|
99
|
4,280.00
|
LSE
|
11:03:12
|
|
111
|
4,280.00
|
LSE
|
11:03:12
|
|
237
|
4,279.00
|
LSE
|
11:03:43
|
|
132
|
4,277.00
|
LSE
|
11:03:50
|
|
30
|
4,279.00
|
LSE
|
11:06:48
|
|
157
|
4,279.00
|
LSE
|
11:06:48
|
|
83
|
4,278.00
|
LSE
|
11:07:25
|
|
231
|
4,277.00
|
LSE
|
11:08:25
|
|
65
|
4,277.00
|
LSE
|
11:09:15
|
|
218
|
4,274.00
|
LSE
|
11:11:00
|
|
106
|
4,274.00
|
LSE
|
11:11:00
|
|
81
|
4,272.00
|
LSE
|
11:11:32
|
|
62
|
4,267.00
|
LSE
|
11:12:24
|
|
191
|
4,266.00
|
LSE
|
11:14:25
|
|
108
|
4,266.00
|
LSE
|
11:14:25
|
|
181
|
4,269.00
|
LSE
|
11:17:01
|
|
103
|
4,267.00
|
LSE
|
11:17:09
|
|
74
|
4,265.00
|
LSE
|
11:18:09
|
|
418
|
4,267.00
|
LSE
|
11:21:25
|
|
65
|
4,264.00
|
LSE
|
11:22:04
|
|
68
|
4,263.00
|
LSE
|
11:22:39
|
|
51
|
4,277.00
|
LSE
|
11:27:05
|
|
57
|
4,277.00
|
LSE
|
11:27:27
|
|
213
|
4,276.00
|
LSE
|
11:27:32
|
|
179
|
4,273.00
|
LSE
|
11:27:34
|
|
121
|
4,274.00
|
LSE
|
11:29:42
|
|
117
|
4,273.00
|
LSE
|
11:29:50
|
|
130
|
4,271.00
|
LSE
|
11:29:58
|
|
191
|
4,271.00
|
LSE
|
11:33:18
|
|
39
|
4,271.00
|
LSE
|
11:33:18
|
|
90
|
4,271.00
|
LSE
|
11:34:15
|
|
127
|
4,271.00
|
LSE
|
11:34:15
|
|
496
|
4,276.00
|
LSE
|
11:41:25
|
|
284
|
4,276.00
|
LSE
|
11:44:19
|
|
149
|
4,278.00
|
LSE
|
11:47:56
|
|
224
|
4,276.00
|
LSE
|
11:47:57
|
|
87
|
4,274.00
|
LSE
|
11:49:26
|
|
192
|
4,274.00
|
LSE
|
11:49:26
|
|
198
|
4,274.00
|
LSE
|
11:50:49
|
|
166
|
4,274.00
|
LSE
|
11:53:09
|
|
37
|
4,274.00
|
LSE
|
11:55:26
|
|
108
|
4,274.00
|
LSE
|
11:55:26
|
|
81
|
4,276.00
|
LSE
|
11:55:50
|
|
189
|
4,273.00
|
LSE
|
11:56:25
|
|
228
|
4,272.00
|
LSE
|
11:57:11
|
|
5
|
4,271.00
|
LSE
|
11:57:59
|
|
86
|
4,271.00
|
LSE
|
11:57:59
|
|
70
|
4,272.00
|
LSE
|
11:59:43
|
|
142
|
4,272.00
|
LSE
|
11:59:43
|
|
357
|
4,269.00
|
LSE
|
12:01:09
|
|
221
|
4,269.00
|
LSE
|
12:03:25
|
|
568
|
4,272.00
|
LSE
|
12:08:25
|
|
54
|
4,274.00
|
LSE
|
12:12:19
|
|
91
|
4,274.00
|
LSE
|
12:12:19
|
|
373
|
4,270.00
|
LSE
|
12:13:03
|
|
191
|
4,271.00
|
LSE
|
12:14:42
|
|
135
|
4,271.00
|
LSE
|
12:14:42
|
|
71
|
4,272.00
|
LSE
|
12:17:02
|
|
2
|
4,272.00
|
LSE
|
12:17:03
|
|
87
|
4,272.00
|
LSE
|
12:17:03
|
|
125
|
4,273.00
|
LSE
|
12:22:02
|
|
10
|
4,273.00
|
LSE
|
12:22:02
|
|
55
|
4,273.00
|
LSE
|
12:22:02
|
|
315
|
4,273.00
|
LSE
|
12:22:02
|
|
164
|
4,274.00
|
LSE
|
12:22:43
|
|
87
|
4,274.00
|
LSE
|
12:23:31
|
|
176
|
4,274.00
|
LSE
|
12:25:08
|
|
185
|
4,274.00
|
LSE
|
12:26:53
|
|
430
|
4,274.00
|
LSE
|
12:30:43
|
|
97
|
4,273.00
|
LSE
|
12:32:32
|
|
295
|
4,274.00
|
LSE
|
12:33:16
|
|
72
|
4,279.00
|
LSE
|
12:34:48
|
|
42
|
4,279.00
|
LSE
|
12:34:48
|
|
72
|
4,278.00
|
LSE
|
12:36:20
|
|
123
|
4,278.00
|
LSE
|
12:36:20
|
|
338
|
4,279.00
|
LSE
|
12:39:35
|
|
104
|
4,278.00
|
LSE
|
12:40:17
|
|
192
|
4,284.00
|
LSE
|
12:42:06
|
|
64
|
4,283.00
|
LSE
|
12:42:50
|
|
184
|
4,284.00
|
LSE
|
12:44:02
|
|
65
|
4,283.00
|
LSE
|
12:44:55
|
|
118
|
4,285.00
|
LSE
|
12:49:31
|
|
419
|
4,285.00
|
LSE
|
12:49:31
|
|
96
|
4,283.00
|
LSE
|
12:50:25
|
|
230
|
4,284.00
|
LSE
|
12:51:55
|
|
68
|
4,284.00
|
LSE
|
12:52:25
|
|
307
|
4,287.00
|
LSE
|
12:56:10
|
|
111
|
4,287.00
|
LSE
|
12:56:10
|
|
69
|
4,287.00
|
LSE
|
12:56:32
|
|
703
|
4,299.00
|
LSE
|
13:02:55
|
|
205
|
4,300.00
|
LSE
|
13:05:24
|
|
76
|
4,300.00
|
LSE
|
13:05:24
|
|
127
|
4,300.00
|
LSE
|
13:06:38
|
|
90
|
4,300.00
|
LSE
|
13:06:39
|
|
85
|
4,302.00
|
LSE
|
13:07:53
|
|
334
|
4,298.00
|
LSE
|
13:10:00
|
|
66
|
4,299.00
|
LSE
|
13:10:47
|
|
99
|
4,297.00
|
LSE
|
13:10:59
|
|
75
|
4,295.00
|
LSE
|
13:11:12
|
|
141
|
4,293.00
|
LSE
|
13:13:46
|
|
411
|
4,297.00
|
LSE
|
13:16:22
|
|
73
|
4,295.00
|
LSE
|
13:16:44
|
|
80
|
4,294.00
|
LSE
|
13:17:09
|
|
181
|
4,296.00
|
LSE
|
13:18:53
|
|
120
|
4,296.00
|
LSE
|
13:21:03
|
|
195
|
4,296.00
|
LSE
|
13:21:03
|
|
502
|
4,300.00
|
LSE
|
13:25:50
|
|
74
|
4,300.00
|
LSE
|
13:27:14
|
|
141
|
4,299.00
|
LSE
|
13:27:39
|
|
70
|
4,296.00
|
LSE
|
13:29:13
|
|
99
|
4,296.00
|
LSE
|
13:29:13
|
|
87
|
4,296.00
|
LSE
|
13:30:14
|
|
158
|
4,296.00
|
LSE
|
13:30:43
|
|
111
|
4,296.00
|
LSE
|
13:33:56
|
|
235
|
4,296.00
|
LSE
|
13:33:56
|
|
37
|
4,296.00
|
LSE
|
13:33:56
|
|
204
|
4,296.00
|
LSE
|
13:35:08
|
|
205
|
4,297.00
|
LSE
|
13:41:11
|
|
71
|
4,297.00
|
LSE
|
13:41:11
|
|
51
|
4,300.00
|
LSE
|
13:43:00
|
|
83
|
4,300.00
|
LSE
|
13:43:00
|
|
42
|
4,300.00
|
LSE
|
13:43:00
|
|
125
|
4,300.00
|
LSE
|
13:44:02
|
|
51
|
4,300.00
|
LSE
|
13:45:03
|
|
180
|
4,300.00
|
LSE
|
13:45:03
|
|
51
|
4,300.00
|
LSE
|
13:46:04
|
|
7
|
4,300.00
|
LSE
|
13:46:04
|
|
247
|
4,300.00
|
LSE
|
13:46:04
|
|
100
|
4,300.00
|
LSE
|
13:47:06
|
|
51
|
4,300.00
|
LSE
|
13:47:06
|
|
13
|
4,300.00
|
LSE
|
13:47:06
|
|
51
|
4,300.00
|
LSE
|
13:48:08
|
|
252
|
4,300.00
|
LSE
|
13:48:08
|
|
51
|
4,300.00
|
LSE
|
13:48:09
|
|
51
|
4,300.00
|
LSE
|
13:48:10
|
|
51
|
4,300.00
|
LSE
|
13:48:11
|
|
102
|
4,300.00
|
LSE
|
13:49:13
|
|
51
|
4,300.00
|
LSE
|
13:49:13
|
|
34
|
4,300.00
|
LSE
|
13:49:13
|
|
135
|
4,300.00
|
LSE
|
13:54:15
|
|
51
|
4,300.00
|
LSE
|
13:54:15
|
|
257
|
4,300.00
|
LSE
|
13:54:15
|
|
51
|
4,300.00
|
LSE
|
13:54:16
|
|
54
|
4,300.00
|
LSE
|
13:54:16
|
|
132
|
4,300.00
|
LSE
|
13:55:17
|
|
51
|
4,300.00
|
LSE
|
13:55:17
|
|
72
|
4,300.00
|
LSE
|
13:55:18
|
|
51
|
4,300.00
|
LSE
|
13:55:18
|
|
21
|
4,300.00
|
LSE
|
13:55:18
|
|
51
|
4,300.00
|
LSE
|
13:56:19
|
|
87
|
4,300.00
|
LSE
|
13:56:19
|
|
134
|
4,300.00
|
LSE
|
13:56:19
|
|
51
|
4,300.00
|
LSE
|
13:56:20
|
|
82
|
4,300.00
|
LSE
|
13:56:20
|
|
72
|
4,300.00
|
LSE
|
13:56:20
|
|
4
|
4,300.00
|
LSE
|
13:56:20
|
|
51
|
4,300.00
|
LSE
|
13:57:22
|
|
83
|
4,300.00
|
LSE
|
13:57:22
|
|
51
|
4,300.00
|
LSE
|
14:02:23
|
|
51
|
4,300.00
|
LSE
|
14:02:24
|
|
51
|
4,300.00
|
LSE
|
14:02:25
|
|
51
|
4,300.00
|
LSE
|
14:02:26
|
|
51
|
4,300.00
|
LSE
|
14:02:27
|
|
51
|
4,300.00
|
LSE
|
14:02:28
|
|
51
|
4,300.00
|
LSE
|
14:02:29
|
|
51
|
4,300.00
|
LSE
|
14:02:30
|
|
51
|
4,300.00
|
LSE
|
14:02:31
|
|
51
|
4,300.00
|
LSE
|
14:02:32
|
|
51
|
4,300.00
|
LSE
|
14:02:33
|
|
51
|
4,300.00
|
LSE
|
14:02:34
|
|
51
|
4,300.00
|
LSE
|
14:02:35
|
|
51
|
4,300.00
|
LSE
|
14:02:36
|
|
51
|
4,300.00
|
LSE
|
14:02:37
|
|
51
|
4,300.00
|
LSE
|
14:03:39
|
|
102
|
4,300.00
|
LSE
|
14:03:39
|
|
51
|
4,300.00
|
LSE
|
14:05:41
|
|
207
|
4,300.00
|
LSE
|
14:05:41
|
|
51
|
4,300.00
|
LSE
|
14:05:42
|
|
51
|
4,300.00
|
LSE
|
14:05:43
|
|
51
|
4,300.00
|
LSE
|
14:05:44
|
|
51
|
4,300.00
|
LSE
|
14:06:51
|
|
51
|
4,300.00
|
LSE
|
14:06:51
|
|
127
|
4,300.00
|
LSE
|
14:06:51
|
|
269
|
4,301.00
|
LSE
|
14:08:32
|
|
653
|
4,300.00
|
LSE
|
14:10:53
|
|
93
|
4,300.00
|
LSE
|
14:14:54
|
|
256
|
4,299.00
|
LSE
|
14:15:21
|
|
217
|
4,299.00
|
LSE
|
14:15:21
|
|
423
|
4,298.00
|
LSE
|
14:15:21
|
|
269
|
4,299.00
|
LSE
|
14:16:29
|
|
400
|
4,296.00
|
LSE
|
14:18:47
|
|
143
|
4,296.00
|
LSE
|
14:18:47
|
|
103
|
4,294.00
|
LSE
|
14:18:48
|
|
111
|
4,294.00
|
LSE
|
14:18:52
|
|
219
|
4,294.00
|
LSE
|
14:20:52
|
|
109
|
4,294.00
|
LSE
|
14:20:52
|
|
961
|
4,292.00
|
LSE
|
14:24:17
|
|
741
|
4,291.00
|
LSE
|
14:26:13
|
|
1,378
|
4,293.00
|
LSE
|
14:28:59
|
|
179
|
4,291.00
|
LSE
|
14:29:23
|
|
750
|
4,290.00
|
LSE
|
14:29:46
|
|
2,011
|
4,292.00
|
LSE
|
14:31:20
|
|
51
|
4,292.00
|
LSE
|
14:31:20
|
|
255
|
4,292.00
|
LSE
|
14:31:20
|
|
50
|
4,292.00
|
LSE
|
14:31:20
|
|
51
|
4,292.00
|
LSE
|
14:31:20
|
|
117
|
4,292.00
|
LSE
|
14:31:20
|
|
362
|
4,291.00
|
LSE
|
14:31:32
|
|
506
|
4,288.00
|
LSE
|
14:31:40
|
|
223
|
4,287.00
|
LSE
|
14:32:08
|
|
421
|
4,286.00
|
LSE
|
14:32:30
|
|
775
|
4,286.00
|
LSE
|
14:32:30
|
|
2,140
|
4,290.00
|
LSE
|
14:34:22
|
|
499
|
4,285.00
|
LSE
|
14:34:32
|
|
319
|
4,281.00
|
LSE
|
14:34:44
|
|
265
|
4,280.00
|
LSE
|
14:35:00
|
|
354
|
4,277.00
|
LSE
|
14:35:10
|
|
553
|
4,282.00
|
LSE
|
14:36:47
|
|
252
|
4,281.00
|
LSE
|
14:37:08
|
|
812
|
4,287.00
|
LSE
|
14:40:00
|
|
894
|
4,284.00
|
LSE
|
14:40:33
|
|
561
|
4,281.00
|
LSE
|
14:40:58
|
|
296
|
4,281.00
|
LSE
|
14:41:14
|
|
111
|
4,279.00
|
LSE
|
14:41:23
|
|
1,151
|
4,297.00
|
LSE
|
14:45:59
|
|
567
|
4,292.00
|
LSE
|
14:46:52
|
|
762
|
4,288.00
|
LSE
|
14:46:54
|
|
173
|
4,286.00
|
LSE
|
14:47:29
|
|
640
|
4,284.00
|
LSE
|
14:48:24
|
|
850
|
4,288.00
|
LSE
|
14:51:05
|
|
487
|
4,288.00
|
LSE
|
14:51:05
|
|
162
|
4,288.00
|
LSE
|
14:54:36
|
|
1,284
|
4,288.00
|
LSE
|
14:54:36
|
|
92
|
4,290.00
|
LSE
|
14:57:24
|
|
226
|
4,290.00
|
LSE
|
14:57:59
|
|
97
|
4,290.00
|
LSE
|
14:57:59
|
|
133
|
4,290.00
|
LSE
|
14:57:59
|
|
89
|
4,290.00
|
LSE
|
14:58:00
|
|
86
|
4,290.00
|
LSE
|
14:58:00
|
|
46
|
4,296.00
|
LSE
|
14:58:53
|
|
1,544
|
4,296.00
|
LSE
|
14:58:53
|
|
226
|
4,293.00
|
LSE
|
14:59:16
|
|
353
|
4,291.00
|
LSE
|
14:59:40
|
|
441
|
4,296.00
|
LSE
|
15:01:25
|
|
116
|
4,296.00
|
LSE
|
15:01:25
|
|
1,030
|
4,295.00
|
LSE
|
15:02:58
|
|
903
|
4,297.00
|
LSE
|
15:04:51
|
|
1,285
|
4,292.00
|
LSE
|
15:07:42
|
|
1,556
|
4,293.00
|
LSE
|
15:10:43
|
|
357
|
4,291.00
|
LSE
|
15:12:03
|
|
102
|
4,291.00
|
LSE
|
15:12:03
|
|
400
|
4,291.00
|
LSE
|
15:12:03
|
|
77
|
4,291.00
|
LSE
|
15:12:03
|
|
179
|
4,289.00
|
LSE
|
15:15:41
|
|
1,237
|
4,288.00
|
LSE
|
15:15:50
|
|
314
|
4,288.00
|
LSE
|
15:15:50
|
|
869
|
4,287.00
|
LSE
|
15:17:07
|
|
1,096
|
4,287.00
|
LSE
|
15:19:56
|
|
185
|
4,285.00
|
LSE
|
15:24:27
|
|
434
|
4,285.00
|
LSE
|
15:24:27
|
|
95
|
4,286.00
|
LSE
|
15:25:46
|
|
304
|
4,286.00
|
LSE
|
15:25:46
|
|
246
|
4,288.00
|
LSE
|
15:26:17
|
|
316
|
4,289.00
|
LSE
|
15:27:17
|
|
476
|
4,288.00
|
LSE
|
15:30:25
|
|
838
|
4,288.00
|
LSE
|
15:30:25
|
|
402
|
4,291.00
|
LSE
|
15:31:48
|
|
390
|
4,290.00
|
LSE
|
15:31:48
|
|
116
|
4,290.00
|
LSE
|
15:31:48
|
|
76
|
4,290.00
|
LSE
|
15:31:48
|
|
943
|
4,290.00
|
LSE
|
15:31:48
|
|
179
|
4,288.00
|
LSE
|
15:32:28
|
|
383
|
4,287.00
|
LSE
|
15:33:01
|
|
668
|
4,286.00
|
LSE
|
15:37:40
|
|
212
|
4,286.00
|
LSE
|
15:38:35
|
|
88
|
4,286.00
|
LSE
|
15:38:35
|
|
133
|
4,286.00
|
LSE
|
15:38:35
|
|
424
|
4,285.00
|
LSE
|
15:40:25
|
|
428
|
4,287.00
|
LSE
|
15:40:51
|
|
323
|
4,289.00
|
LSE
|
15:44:51
|
|
346
|
4,289.00
|
LSE
|
15:44:51
|
|
562
|
4,288.00
|
LSE
|
15:44:52
|
|
80
|
4,288.00
|
LSE
|
15:45:53
|
|
75
|
4,288.00
|
LSE
|
15:46:54
|
|
100
|
4,288.00
|
LSE
|
15:46:54
|
|
212
|
4,288.00
|
LSE
|
15:46:54
|
|
12
|
4,288.00
|
LSE
|
15:46:55
|
|
85
|
4,288.00
|
LSE
|
15:46:55
|
|
100
|
4,291.00
|
LSE
|
15:48:23
|
|
201
|
4,292.00
|
LSE
|
15:49:18
|
|
13
|
4,296.00
|
LSE
|
15:51:06
|
|
1,433
|
4,296.00
|
LSE
|
15:51:06
|
|
636
|
4,295.00
|
LSE
|
15:51:08
|
|
331
|
4,295.00
|
LSE
|
15:53:24
|
|
125
|
4,298.00
|
LSE
|
15:53:45
|
|
631
|
4,297.00
|
LSE
|
15:54:08
|
|
169
|
4,294.00
|
LSE
|
15:55:39
|
|
201
|
4,293.00
|
LSE
|
15:55:39
|
|
210
|
4,293.00
|
LSE
|
15:55:39
|
|
238
|
4,293.00
|
LSE
|
15:55:39
|
|
102
|
4,293.00
|
LSE
|
15:55:39
|
|
13
|
4,293.00
|
LSE
|
15:55:39
|
|
276
|
4,294.00
|
LSE
|
15:57:38
|
|
212
|
4,294.00
|
LSE
|
15:58:07
|
|
100
|
4,294.00
|
LSE
|
15:58:07
|
|
263
|
4,294.00
|
LSE
|
15:58:07
|
|
55
|
4,294.00
|
LSE
|
15:59:08
|
|
99
|
4,294.00
|
LSE
|
15:59:08
|
|
100
|
4,294.00
|
LSE
|
15:59:08
|
|
301
|
4,293.00
|
LSE
|
15:59:11
|
|
212
|
4,295.00
|
LSE
|
16:01:10
|
|
111
|
4,295.00
|
LSE
|
16:01:10
|
|
825
|
4,294.00
|
LSE
|
16:01:25
|
|
8
|
4,295.00
|
LSE
|
16:02:11
|
|
100
|
4,295.00
|
LSE
|
16:02:11
|
|
90
|
4,295.00
|
LSE
|
16:02:12
|
|
75
|
4,295.00
|
LSE
|
16:03:13
|
|
84
|
4,295.00
|
LSE
|
16:03:13
|
|
843
|
4,295.00
|
LSE
|
16:03:50
|
|
802
|
4,294.00
|
LSE
|
16:03:50
|
|
374
|
4,292.00
|
LSE
|
16:03:53
|
|
206
|
4,290.00
|
LSE
|
16:05:00
|
|
445
|
4,292.00
|
LSE
|
16:07:16
|
|
560
|
4,292.00
|
LSE
|
16:07:27
|
|
126
|
4,292.00
|
LSE
|
16:08:22
|
|
102
|
4,292.00
|
LSE
|
16:08:22
|
|
112
|
4,292.00
|
LSE
|
16:08:23
|
|
102
|
4,292.00
|
LSE
|
16:08:23
|
|
100
|
4,292.00
|
LSE
|
16:08:24
|
|
39
|
4,292.00
|
LSE
|
16:08:24
|
|
749
|
4,292.00
|
LSE
|
16:09:31
|
|
99
|
4,292.00
|
LSE
|
16:09:32
|
|
73
|
4,292.00
|
LSE
|
16:09:33
|
|
180
|
4,292.00
|
LSE
|
16:09:33
|
|
1,214
|
4,292.00
|
LSE
|
16:11:55
|
Exhibit 25
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Serpil Timuray
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Non-Executive Director
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares in the joint names of Serpil Timuray and Abdurrahman Murat Timuray as a result of the reinvestment of dividend income.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£46.421302
|
43
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
43
£1,996.12
|
|||
|
e)
|
Date of the transaction
|
2026-02-12
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Abdurrahman Murat Timuray
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Person Closely Associated with a person discharging managerial responsibilities; Serpil Timuray, Non-Executive Director
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Acquisition of shares in the joint names of Serpil Timuray and Abdurrahman Murat Timuray as a result of the reinvestment of dividend income.
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
£46.421302
|
43
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
43
£1,996.12
|
|||
|
e)
|
Date of the transaction
|
2026-02-12
|
|||
|
f)
|
Place of the transaction
|
London Stock Exchange (XLON)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 17 February 2026
|
Exhibit 26
British American Tobacco p.l.c.
(“the Company”)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|
1
|
Details of the person discharging managerial responsibilities/person closely associated
|
||||
|
a)
|
Name
|
Uta Kemmerich-Keil
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Non-Executive Director
|
|||
|
b)
|
Initial notification /Amendment
|
Initial notification
|
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
British American Tobacco p.l.c.
|
|||
|
b)
|
LEI
|
213800FKA5MF17RJKT63
|
|||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
|
||||
|
a)
|
Description of the financial instrument, type of instrument
Identification code
|
Ordinary shares of 25p each
GB0002875804
|
|||
|
b)
|
Nature of the transaction
|
Purchase of ordinary shares
|
|||
|
c)
|
Price(s) and volume(s)
|
||||
|
Price(s)
|
Volume(s)
|
||||
|
€50.049
|
500
|
||||
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
500
€25,024.50
|
|||
|
e)
|
Date of the transaction
|
2026-02-13
|
|||
|
f)
|
Place of the transaction
|
Tradegate (XGAT)
|
|||
|
Name of officer of issuer responsible for making notification: Nancy Jiang
|
|
Date of notification: 17 February 2026
|
Exhibit 27
British American Tobacco p.l.c.
18 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
17 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
111,147
|
|
Highest price paid per share (pence):
|
4,355.00p
|
|
Lowest price paid per share (pence):
|
4,301.00p
|
|
Volume weighted average price paid per share (pence):
|
4,332.0783p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,400,660 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 17 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
17/02/2026
|
111,147
|
4,332.0783p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
17/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
17/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares purchased
|
Transaction price (per share)
|
Market
|
Time of Transaction
|
|
285
|
4,324.00
|
LSE
|
08:00:27
|
|
596
|
4,324.00
|
LSE
|
08:00:27
|
|
1,527
|
4,324.00
|
LSE
|
08:00:27
|
|
216
|
4,318.00
|
LSE
|
08:00:53
|
|
273
|
4,324.00
|
LSE
|
08:02:39
|
|
299
|
4,324.00
|
LSE
|
08:03:31
|
|
245
|
4,322.00
|
LSE
|
08:03:33
|
|
269
|
4,331.00
|
LSE
|
08:04:27
|
|
710
|
4,339.00
|
LSE
|
08:08:13
|
|
435
|
4,340.00
|
LSE
|
08:09:15
|
|
230
|
4,334.00
|
LSE
|
08:10:03
|
|
421
|
4,342.00
|
LSE
|
08:14:33
|
|
414
|
4,343.00
|
LSE
|
08:17:05
|
|
283
|
4,347.00
|
LSE
|
08:17:44
|
|
94
|
4,347.00
|
LSE
|
08:17:44
|
|
455
|
4,350.00
|
LSE
|
08:20:00
|
|
450
|
4,350.00
|
LSE
|
08:20:00
|
|
109
|
4,347.00
|
LSE
|
08:20:32
|
|
96
|
4,343.00
|
LSE
|
08:21:35
|
|
229
|
4,341.00
|
LSE
|
08:22:20
|
|
16
|
4,341.00
|
LSE
|
08:22:23
|
|
110
|
4,338.00
|
LSE
|
08:22:51
|
|
61
|
4,338.00
|
LSE
|
08:26:07
|
|
588
|
4,337.00
|
LSE
|
08:29:39
|
|
190
|
4,337.00
|
LSE
|
08:31:11
|
|
132
|
4,334.00
|
LSE
|
08:31:48
|
|
602
|
4,336.00
|
LSE
|
08:35:07
|
|
586
|
4,333.00
|
LSE
|
08:35:09
|
|
76
|
4,326.00
|
LSE
|
08:38:55
|
|
196
|
4,326.00
|
LSE
|
08:39:53
|
|
360
|
4,325.00
|
LSE
|
08:42:57
|
|
1,406
|
4,330.00
|
LSE
|
08:52:01
|
|
238
|
4,331.00
|
LSE
|
08:53:43
|
|
74
|
4,330.00
|
LSE
|
08:54:41
|
|
1,147
|
4,341.00
|
LSE
|
09:01:21
|
|
895
|
4,340.00
|
LSE
|
09:07:38
|
|
87
|
4,340.00
|
LSE
|
09:07:38
|
|
77
|
4,340.00
|
LSE
|
09:07:38
|
|
270
|
4,355.00
|
LSE
|
09:21:02
|
|
1,802
|
4,354.00
|
LSE
|
09:21:02
|
|
105
|
4,352.00
|
LSE
|
09:22:21
|
|
346
|
4,350.00
|
LSE
|
09:24:47
|
|
33
|
4,348.00
|
LSE
|
09:25:03
|
|
33
|
4,348.00
|
LSE
|
09:25:03
|
|
185
|
4,349.00
|
LSE
|
09:26:35
|
|
182
|
4,353.00
|
LSE
|
09:28:15
|
|
88
|
4,352.00
|
LSE
|
09:28:37
|
|
525
|
4,352.00
|
LSE
|
09:33:18
|
|
215
|
4,351.00
|
LSE
|
09:35:08
|
|
80
|
4,350.00
|
LSE
|
09:35:31
|
|
68
|
4,349.00
|
LSE
|
09:35:52
|
|
141
|
4,347.00
|
LSE
|
09:40:36
|
|
399
|
4,347.00
|
LSE
|
09:40:36
|
|
102
|
4,345.00
|
LSE
|
09:41:03
|
|
71
|
4,343.00
|
LSE
|
09:42:30
|
|
124
|
4,343.00
|
LSE
|
09:42:30
|
|
133
|
4,342.00
|
LSE
|
09:46:41
|
|
184
|
4,342.00
|
LSE
|
09:46:41
|
|
125
|
4,342.00
|
LSE
|
09:46:41
|
|
119
|
4,340.00
|
LSE
|
09:46:42
|
|
141
|
4,342.00
|
LSE
|
09:48:33
|
|
91
|
4,342.00
|
LSE
|
09:48:45
|
|
822
|
4,342.00
|
LSE
|
09:55:07
|
|
100
|
4,342.00
|
LSE
|
09:56:46
|
|
882
|
4,341.00
|
LSE
|
10:04:12
|
|
154
|
4,341.00
|
LSE
|
10:04:12
|
|
761
|
4,339.00
|
LSE
|
10:09:35
|
|
101
|
4,337.00
|
LSE
|
10:10:00
|
|
16
|
4,337.00
|
LSE
|
10:12:04
|
|
186
|
4,337.00
|
LSE
|
10:12:04
|
|
1,531
|
4,344.00
|
LSE
|
10:22:19
|
|
70
|
4,340.00
|
LSE
|
10:24:46
|
|
207
|
4,340.00
|
LSE
|
10:24:46
|
|
71
|
4,338.00
|
LSE
|
10:29:30
|
|
403
|
4,338.00
|
LSE
|
10:29:30
|
|
72
|
4,334.00
|
LSE
|
10:30:32
|
|
3
|
4,334.00
|
LSE
|
10:31:30
|
|
49
|
4,334.00
|
LSE
|
10:31:36
|
|
44
|
4,334.00
|
LSE
|
10:31:36
|
|
67
|
4,333.00
|
LSE
|
10:33:45
|
|
111
|
4,333.00
|
LSE
|
10:33:45
|
|
53
|
4,333.00
|
LSE
|
10:33:54
|
|
103
|
4,333.00
|
LSE
|
10:33:54
|
|
14
|
4,333.00
|
LSE
|
10:33:54
|
|
400
|
4,335.00
|
LSE
|
10:43:55
|
|
642
|
4,335.00
|
LSE
|
10:43:55
|
|
107
|
4,335.00
|
LSE
|
10:43:55
|
|
561
|
4,334.00
|
LSE
|
10:48:56
|
|
27
|
4,330.00
|
LSE
|
10:51:29
|
|
562
|
4,331.00
|
LSE
|
10:53:28
|
|
85
|
4,329.00
|
LSE
|
10:53:44
|
|
74
|
4,328.00
|
LSE
|
10:54:26
|
|
367
|
4,326.00
|
LSE
|
10:57:51
|
|
398
|
4,327.00
|
LSE
|
11:01:26
|
|
146
|
4,324.00
|
LSE
|
11:02:48
|
|
78
|
4,324.00
|
LSE
|
11:02:48
|
|
350
|
4,325.00
|
LSE
|
11:05:25
|
|
62
|
4,322.00
|
LSE
|
11:08:43
|
|
248
|
4,322.00
|
LSE
|
11:08:43
|
|
171
|
4,322.00
|
LSE
|
11:10:22
|
|
29
|
4,322.00
|
LSE
|
11:10:22
|
|
45
|
4,321.00
|
LSE
|
11:11:01
|
|
148
|
4,322.00
|
LSE
|
11:11:44
|
|
587
|
4,321.00
|
LSE
|
11:17:04
|
|
646
|
4,325.00
|
LSE
|
11:22:22
|
|
73
|
4,324.00
|
LSE
|
11:23:22
|
|
65
|
4,322.00
|
LSE
|
11:23:34
|
|
1,120
|
4,323.00
|
LSE
|
11:33:45
|
|
131
|
4,323.00
|
LSE
|
11:33:45
|
|
67
|
4,321.00
|
LSE
|
11:34:24
|
|
77
|
4,320.00
|
LSE
|
11:35:40
|
|
114
|
4,320.00
|
LSE
|
11:35:40
|
|
77
|
4,317.00
|
LSE
|
11:37:45
|
|
114
|
4,317.00
|
LSE
|
11:37:45
|
|
189
|
4,323.00
|
LSE
|
11:39:42
|
|
71
|
4,323.00
|
LSE
|
11:39:42
|
|
65
|
4,326.00
|
LSE
|
11:45:07
|
|
73
|
4,326.00
|
LSE
|
11:45:07
|
|
441
|
4,326.00
|
LSE
|
11:45:09
|
|
23
|
4,326.00
|
LSE
|
11:45:24
|
|
470
|
4,335.00
|
LSE
|
11:49:47
|
|
70
|
4,338.00
|
LSE
|
11:51:23
|
|
100
|
4,338.00
|
LSE
|
11:51:23
|
|
62
|
4,337.00
|
LSE
|
11:52:04
|
|
69
|
4,335.00
|
LSE
|
11:52:51
|
|
72
|
4,333.00
|
LSE
|
11:54:08
|
|
219
|
4,332.00
|
LSE
|
11:55:12
|
|
190
|
4,327.00
|
LSE
|
11:56:46
|
|
475
|
4,337.00
|
LSE
|
12:00:20
|
|
465
|
4,336.00
|
LSE
|
12:04:03
|
|
16
|
4,337.00
|
LSE
|
12:06:06
|
|
322
|
4,337.00
|
LSE
|
12:06:06
|
|
69
|
4,337.00
|
LSE
|
12:07:05
|
|
79
|
4,336.00
|
LSE
|
12:07:51
|
|
82
|
4,333.00
|
LSE
|
12:08:08
|
|
580
|
4,329.00
|
LSE
|
12:13:25
|
|
71
|
4,325.00
|
LSE
|
12:15:09
|
|
30
|
4,325.00
|
LSE
|
12:15:09
|
|
76
|
4,325.00
|
LSE
|
12:15:09
|
|
15
|
4,325.00
|
LSE
|
12:15:30
|
|
606
|
4,326.00
|
LSE
|
12:19:12
|
|
73
|
4,325.00
|
LSE
|
12:20:27
|
|
137
|
4,320.00
|
LSE
|
12:21:12
|
|
77
|
4,318.00
|
LSE
|
12:21:16
|
|
1,307
|
4,320.00
|
LSE
|
12:33:27
|
|
125
|
4,320.00
|
LSE
|
12:33:27
|
|
138
|
4,319.00
|
LSE
|
12:33:39
|
|
13
|
4,317.00
|
LSE
|
12:35:56
|
|
40
|
4,317.00
|
LSE
|
12:35:56
|
|
27
|
4,317.00
|
LSE
|
12:35:56
|
|
47
|
4,317.00
|
LSE
|
12:35:56
|
|
61
|
4,317.00
|
LSE
|
12:35:56
|
|
69
|
4,317.00
|
LSE
|
12:36:04
|
|
257
|
4,315.00
|
LSE
|
12:37:46
|
|
387
|
4,311.00
|
LSE
|
12:42:38
|
|
123
|
4,311.00
|
LSE
|
12:42:38
|
|
521
|
4,314.00
|
LSE
|
12:46:05
|
|
316
|
4,312.00
|
LSE
|
12:48:47
|
|
65
|
4,311.00
|
LSE
|
12:50:19
|
|
124
|
4,311.00
|
LSE
|
12:50:19
|
|
125
|
4,312.00
|
LSE
|
12:51:20
|
|
124
|
4,310.00
|
LSE
|
12:53:30
|
|
193
|
4,310.00
|
LSE
|
12:53:30
|
|
87
|
4,308.00
|
LSE
|
12:56:17
|
|
417
|
4,313.00
|
LSE
|
12:58:02
|
|
732
|
4,316.00
|
LSE
|
13:04:45
|
|
280
|
4,315.00
|
LSE
|
13:04:50
|
|
318
|
4,317.00
|
LSE
|
13:06:56
|
|
70
|
4,315.00
|
LSE
|
13:07:55
|
|
125
|
4,314.00
|
LSE
|
13:11:34
|
|
342
|
4,314.00
|
LSE
|
13:11:34
|
|
506
|
4,318.00
|
LSE
|
13:15:19
|
|
94
|
4,315.00
|
LSE
|
13:16:24
|
|
99
|
4,314.00
|
LSE
|
13:17:21
|
|
150
|
4,314.00
|
LSE
|
13:17:52
|
|
64
|
4,313.00
|
LSE
|
13:18:16
|
|
77
|
4,309.00
|
LSE
|
13:18:59
|
|
158
|
4,311.00
|
LSE
|
13:20:00
|
|
260
|
4,312.00
|
LSE
|
13:22:32
|
|
162
|
4,312.00
|
LSE
|
13:23:30
|
|
201
|
4,311.00
|
LSE
|
13:24:43
|
|
200
|
4,309.00
|
LSE
|
13:26:56
|
|
811
|
4,308.00
|
LSE
|
13:33:28
|
|
32
|
4,308.00
|
LSE
|
13:33:28
|
|
121
|
4,306.00
|
LSE
|
13:33:46
|
|
110
|
4,305.00
|
LSE
|
13:34:25
|
|
279
|
4,303.00
|
LSE
|
13:36:16
|
|
414
|
4,305.00
|
LSE
|
13:39:15
|
|
144
|
4,303.00
|
LSE
|
13:39:24
|
|
77
|
4,302.00
|
LSE
|
13:40:26
|
|
163
|
4,304.00
|
LSE
|
13:48:45
|
|
1,186
|
4,304.00
|
LSE
|
13:48:45
|
|
81
|
4,303.00
|
LSE
|
13:50:37
|
|
183
|
4,303.00
|
LSE
|
13:50:37
|
|
351
|
4,301.00
|
LSE
|
13:52:01
|
|
78
|
4,302.00
|
LSE
|
13:52:23
|
|
233
|
4,301.00
|
LSE
|
13:54:11
|
|
119
|
4,302.00
|
LSE
|
13:54:53
|
|
453
|
4,308.00
|
LSE
|
13:57:57
|
|
366
|
4,305.00
|
LSE
|
14:01:39
|
|
183
|
4,305.00
|
LSE
|
14:01:39
|
|
1,550
|
4,316.00
|
LSE
|
14:09:34
|
|
324
|
4,318.00
|
LSE
|
14:11:03
|
|
76
|
4,317.00
|
LSE
|
14:11:42
|
|
122
|
4,316.00
|
LSE
|
14:13:56
|
|
209
|
4,316.00
|
LSE
|
14:13:56
|
|
744
|
4,319.00
|
LSE
|
14:16:43
|
|
426
|
4,323.00
|
LSE
|
14:19:22
|
|
532
|
4,333.00
|
LSE
|
14:21:29
|
|
134
|
4,331.00
|
LSE
|
14:21:35
|
|
353
|
4,332.00
|
LSE
|
14:23:43
|
|
168
|
4,330.00
|
LSE
|
14:23:46
|
|
533
|
4,329.00
|
LSE
|
14:26:13
|
|
313
|
4,329.00
|
LSE
|
14:26:13
|
|
154
|
4,329.00
|
LSE
|
14:26:13
|
|
935
|
4,330.00
|
LSE
|
14:28:22
|
|
288
|
4,328.00
|
LSE
|
14:29:08
|
|
1,466
|
4,329.00
|
LSE
|
14:29:59
|
|
325
|
4,335.00
|
LSE
|
14:30:07
|
|
75
|
4,332.00
|
LSE
|
14:30:18
|
|
249
|
4,331.00
|
LSE
|
14:30:20
|
|
8
|
4,332.00
|
LSE
|
14:30:24
|
|
92
|
4,332.00
|
LSE
|
14:30:27
|
|
150
|
4,334.00
|
LSE
|
14:30:30
|
|
96
|
4,334.00
|
LSE
|
14:30:34
|
|
107
|
4,335.00
|
LSE
|
14:30:41
|
|
196
|
4,334.00
|
LSE
|
14:30:45
|
|
66
|
4,333.00
|
LSE
|
14:30:53
|
|
316
|
4,334.00
|
LSE
|
14:31:05
|
|
91
|
4,334.00
|
LSE
|
14:31:05
|
|
75
|
4,332.00
|
LSE
|
14:31:10
|
|
124
|
4,329.00
|
LSE
|
14:31:12
|
|
14
|
4,326.00
|
LSE
|
14:31:23
|
|
61
|
4,326.00
|
LSE
|
14:31:25
|
|
373
|
4,329.00
|
LSE
|
14:31:34
|
|
299
|
4,329.00
|
LSE
|
14:31:44
|
|
99
|
4,327.00
|
LSE
|
14:31:46
|
|
75
|
4,322.00
|
LSE
|
14:31:51
|
|
100
|
4,320.00
|
LSE
|
14:32:00
|
|
455
|
4,334.00
|
LSE
|
14:32:19
|
|
141
|
4,334.00
|
LSE
|
14:32:19
|
|
55
|
4,334.00
|
LSE
|
14:32:25
|
|
50
|
4,334.00
|
LSE
|
14:32:31
|
|
69
|
4,334.00
|
LSE
|
14:32:31
|
|
224
|
4,333.00
|
LSE
|
14:32:32
|
|
99
|
4,332.00
|
LSE
|
14:32:40
|
|
397
|
4,333.00
|
LSE
|
14:32:52
|
|
347
|
4,333.00
|
LSE
|
14:33:11
|
|
174
|
4,331.00
|
LSE
|
14:33:21
|
|
117
|
4,332.00
|
LSE
|
14:33:26
|
|
134
|
4,332.00
|
LSE
|
14:33:27
|
|
71
|
4,332.00
|
LSE
|
14:33:32
|
|
496
|
4,333.00
|
LSE
|
14:33:50
|
|
47
|
4,339.00
|
LSE
|
14:34:22
|
|
519
|
4,339.00
|
LSE
|
14:34:22
|
|
76
|
4,338.00
|
LSE
|
14:34:31
|
|
86
|
4,337.00
|
LSE
|
14:34:45
|
|
313
|
4,336.00
|
LSE
|
14:35:08
|
|
76
|
4,335.00
|
LSE
|
14:35:16
|
|
65
|
4,334.00
|
LSE
|
14:35:20
|
|
142
|
4,332.00
|
LSE
|
14:35:26
|
|
84
|
4,336.00
|
LSE
|
14:35:37
|
|
98
|
4,337.00
|
LSE
|
14:35:49
|
|
345
|
4,351.00
|
LSE
|
14:36:23
|
|
162
|
4,350.00
|
LSE
|
14:36:37
|
|
97
|
4,349.00
|
LSE
|
14:36:49
|
|
86
|
4,349.00
|
LSE
|
14:36:51
|
|
75
|
4,350.00
|
LSE
|
14:37:00
|
|
65
|
4,349.00
|
LSE
|
14:37:04
|
|
76
|
4,345.00
|
LSE
|
14:37:18
|
|
49
|
4,343.00
|
LSE
|
14:37:20
|
|
37
|
4,343.00
|
LSE
|
14:37:20
|
|
420
|
4,347.00
|
LSE
|
14:37:58
|
|
86
|
4,343.00
|
LSE
|
14:38:14
|
|
68
|
4,342.00
|
LSE
|
14:38:21
|
|
83
|
4,342.00
|
LSE
|
14:38:21
|
|
172
|
4,347.00
|
LSE
|
14:38:36
|
|
63
|
4,347.00
|
LSE
|
14:38:56
|
|
120
|
4,347.00
|
LSE
|
14:38:56
|
|
75
|
4,346.00
|
LSE
|
14:39:06
|
|
88
|
4,343.00
|
LSE
|
14:39:11
|
|
86
|
4,343.00
|
LSE
|
14:39:22
|
|
9
|
4,343.00
|
LSE
|
14:39:22
|
|
148
|
4,345.00
|
LSE
|
14:39:42
|
|
95
|
4,343.00
|
LSE
|
14:39:55
|
|
79
|
4,343.00
|
LSE
|
14:40:10
|
|
112
|
4,343.00
|
LSE
|
14:40:19
|
|
79
|
4,341.00
|
LSE
|
14:40:24
|
|
69
|
4,339.00
|
LSE
|
14:40:31
|
|
200
|
4,342.00
|
LSE
|
14:40:52
|
|
78
|
4,336.00
|
LSE
|
14:41:03
|
|
42
|
4,334.00
|
LSE
|
14:41:19
|
|
20
|
4,334.00
|
LSE
|
14:41:19
|
|
16
|
4,334.00
|
LSE
|
14:41:20
|
|
50
|
4,336.00
|
LSE
|
14:41:32
|
|
123
|
4,336.00
|
LSE
|
14:41:32
|
|
373
|
4,343.00
|
LSE
|
14:42:12
|
|
147
|
4,344.00
|
LSE
|
14:42:30
|
|
104
|
4,343.00
|
LSE
|
14:42:53
|
|
84
|
4,343.00
|
LSE
|
14:43:09
|
|
107
|
4,343.00
|
LSE
|
14:43:17
|
|
138
|
4,341.00
|
LSE
|
14:43:24
|
|
354
|
4,347.00
|
LSE
|
14:44:30
|
|
59
|
4,347.00
|
LSE
|
14:44:30
|
|
199
|
4,347.00
|
LSE
|
14:44:31
|
|
228
|
4,347.00
|
LSE
|
14:44:52
|
|
228
|
4,347.00
|
LSE
|
14:45:22
|
|
108
|
4,346.00
|
LSE
|
14:45:28
|
|
70
|
4,346.00
|
LSE
|
14:45:39
|
|
108
|
4,344.00
|
LSE
|
14:45:47
|
|
155
|
4,343.00
|
LSE
|
14:46:15
|
|
4
|
4,343.00
|
LSE
|
14:46:15
|
|
78
|
4,342.00
|
LSE
|
14:46:18
|
|
109
|
4,342.00
|
LSE
|
14:46:18
|
|
129
|
4,343.00
|
LSE
|
14:46:52
|
|
306
|
4,342.00
|
LSE
|
14:47:03
|
|
89
|
4,341.00
|
LSE
|
14:47:27
|
|
187
|
4,340.00
|
LSE
|
14:47:30
|
|
129
|
4,338.00
|
LSE
|
14:48:12
|
|
108
|
4,340.00
|
LSE
|
14:48:31
|
|
237
|
4,340.00
|
LSE
|
14:48:31
|
|
207
|
4,338.00
|
LSE
|
14:48:53
|
|
188
|
4,338.00
|
LSE
|
14:49:23
|
|
318
|
4,338.00
|
LSE
|
14:49:36
|
|
254
|
4,339.00
|
LSE
|
14:50:13
|
|
90
|
4,339.00
|
LSE
|
14:50:18
|
|
196
|
4,338.00
|
LSE
|
14:51:32
|
|
573
|
4,337.00
|
LSE
|
14:52:40
|
|
424
|
4,336.00
|
LSE
|
14:53:02
|
|
172
|
4,334.00
|
LSE
|
14:53:33
|
|
343
|
4,336.00
|
LSE
|
14:53:46
|
|
185
|
4,339.00
|
LSE
|
14:54:10
|
|
352
|
4,339.00
|
LSE
|
14:55:01
|
|
271
|
4,338.00
|
LSE
|
14:56:06
|
|
469
|
4,337.00
|
LSE
|
14:56:36
|
|
261
|
4,335.00
|
LSE
|
14:56:44
|
|
334
|
4,338.00
|
LSE
|
14:57:55
|
|
765
|
4,341.00
|
LSE
|
14:58:44
|
|
242
|
4,341.00
|
LSE
|
14:59:13
|
|
138
|
4,344.00
|
LSE
|
14:59:49
|
|
100
|
4,344.00
|
LSE
|
14:59:49
|
|
63
|
4,344.00
|
LSE
|
14:59:50
|
|
169
|
4,344.00
|
LSE
|
15:00:09
|
|
204
|
4,346.00
|
LSE
|
15:00:44
|
|
213
|
4,345.00
|
LSE
|
15:00:46
|
|
186
|
4,344.00
|
LSE
|
15:01:28
|
|
742
|
4,348.00
|
LSE
|
15:03:51
|
|
515
|
4,348.00
|
LSE
|
15:03:51
|
|
212
|
4,347.00
|
LSE
|
15:03:52
|
|
794
|
4,348.00
|
LSE
|
15:06:01
|
|
685
|
4,349.00
|
LSE
|
15:07:45
|
|
451
|
4,352.00
|
LSE
|
15:08:09
|
|
173
|
4,353.00
|
LSE
|
15:08:41
|
|
90
|
4,351.00
|
LSE
|
15:08:45
|
|
68
|
4,349.00
|
LSE
|
15:08:57
|
|
108
|
4,348.00
|
LSE
|
15:09:40
|
|
278
|
4,347.00
|
LSE
|
15:10:08
|
|
223
|
4,345.00
|
LSE
|
15:11:09
|
|
223
|
4,343.00
|
LSE
|
15:11:18
|
|
262
|
4,343.00
|
LSE
|
15:11:18
|
|
72
|
4,341.00
|
LSE
|
15:11:32
|
|
154
|
4,338.00
|
LSE
|
15:12:05
|
|
146
|
4,338.00
|
LSE
|
15:12:14
|
|
58
|
4,338.00
|
LSE
|
15:12:14
|
|
87
|
4,336.00
|
LSE
|
15:14:20
|
|
952
|
4,336.00
|
LSE
|
15:14:20
|
|
77
|
4,335.00
|
LSE
|
15:15:15
|
|
283
|
4,333.00
|
LSE
|
15:15:42
|
|
44
|
4,333.00
|
LSE
|
15:15:42
|
|
195
|
4,331.00
|
LSE
|
15:15:55
|
|
91
|
4,330.00
|
LSE
|
15:16:02
|
|
69
|
4,327.00
|
LSE
|
15:16:47
|
|
1,593
|
4,337.00
|
LSE
|
15:20:00
|
|
82
|
4,336.00
|
LSE
|
15:20:21
|
|
96
|
4,334.00
|
LSE
|
15:20:24
|
|
170
|
4,335.00
|
LSE
|
15:21:18
|
|
151
|
4,335.00
|
LSE
|
15:21:18
|
|
386
|
4,335.00
|
LSE
|
15:22:32
|
|
14
|
4,337.00
|
LSE
|
15:23:21
|
|
1,058
|
4,338.00
|
LSE
|
15:24:53
|
|
88
|
4,337.00
|
LSE
|
15:25:04
|
|
134
|
4,337.00
|
LSE
|
15:25:21
|
|
74
|
4,336.00
|
LSE
|
15:26:13
|
|
313
|
4,337.00
|
LSE
|
15:26:58
|
|
265
|
4,337.00
|
LSE
|
15:26:58
|
|
68
|
4,335.00
|
LSE
|
15:27:22
|
|
67
|
4,335.00
|
LSE
|
15:27:22
|
|
94
|
4,334.00
|
LSE
|
15:27:32
|
|
207
|
4,333.00
|
LSE
|
15:28:29
|
|
273
|
4,338.00
|
LSE
|
15:30:04
|
|
423
|
4,338.00
|
LSE
|
15:30:04
|
|
616
|
4,337.00
|
LSE
|
15:31:19
|
|
902
|
4,338.00
|
LSE
|
15:35:13
|
|
24
|
4,338.00
|
LSE
|
15:35:13
|
|
420
|
4,338.00
|
LSE
|
15:35:13
|
|
75
|
4,338.00
|
LSE
|
15:35:39
|
|
266
|
4,338.00
|
LSE
|
15:35:50
|
|
654
|
4,338.00
|
LSE
|
15:37:00
|
|
80
|
4,336.00
|
LSE
|
15:37:21
|
|
138
|
4,335.00
|
LSE
|
15:37:37
|
|
304
|
4,335.00
|
LSE
|
15:38:29
|
|
218
|
4,334.00
|
LSE
|
15:38:47
|
|
503
|
4,335.00
|
LSE
|
15:40:01
|
|
78
|
4,332.00
|
LSE
|
15:40:17
|
|
188
|
4,332.00
|
LSE
|
15:41:03
|
|
860
|
4,333.00
|
LSE
|
15:43:21
|
|
72
|
4,331.00
|
LSE
|
15:44:27
|
|
411
|
4,331.00
|
LSE
|
15:44:56
|
|
145
|
4,330.00
|
LSE
|
15:44:59
|
|
109
|
4,330.00
|
LSE
|
15:45:13
|
|
65
|
4,329.00
|
LSE
|
15:45:53
|
|
100
|
4,327.00
|
LSE
|
15:46:35
|
|
139
|
4,327.00
|
LSE
|
15:46:35
|
|
394
|
4,328.00
|
LSE
|
15:47:16
|
|
116
|
4,326.00
|
LSE
|
15:47:23
|
|
74
|
4,326.00
|
LSE
|
15:47:29
|
|
353
|
4,327.00
|
LSE
|
15:48:25
|
|
20
|
4,326.00
|
LSE
|
15:48:35
|
|
65
|
4,326.00
|
LSE
|
15:48:35
|
|
162
|
4,330.00
|
LSE
|
15:51:10
|
|
225
|
4,330.00
|
LSE
|
15:51:10
|
|
35
|
4,330.00
|
LSE
|
15:51:10
|
|
503
|
4,329.00
|
LSE
|
15:51:21
|
|
74
|
4,327.00
|
LSE
|
15:51:31
|
|
119
|
4,327.00
|
LSE
|
15:51:56
|
|
102
|
4,325.00
|
LSE
|
15:52:03
|
|
90
|
4,330.00
|
LSE
|
15:53:41
|
|
503
|
4,329.00
|
LSE
|
15:53:41
|
|
78
|
4,329.00
|
LSE
|
15:54:40
|
|
391
|
4,328.00
|
LSE
|
15:55:05
|
|
462
|
4,329.00
|
LSE
|
15:56:13
|
|
346
|
4,331.00
|
LSE
|
15:57:27
|
|
156
|
4,331.00
|
LSE
|
15:58:40
|
|
310
|
4,330.00
|
LSE
|
15:58:42
|
|
301
|
4,330.00
|
LSE
|
15:58:45
|
|
77
|
4,328.00
|
LSE
|
15:59:05
|
|
100
|
4,328.00
|
LSE
|
15:59:05
|
|
98
|
4,328.00
|
LSE
|
15:59:05
|
|
508
|
4,328.00
|
LSE
|
16:00:37
|
|
353
|
4,328.00
|
LSE
|
16:00:47
|
|
170
|
4,328.00
|
LSE
|
16:01:04
|
|
70
|
4,326.00
|
LSE
|
16:01:33
|
|
451
|
4,325.00
|
LSE
|
16:02:23
|
|
244
|
4,325.00
|
LSE
|
16:02:48
|
|
221
|
4,327.00
|
LSE
|
16:03:39
|
|
382
|
4,328.00
|
LSE
|
16:04:21
|
|
111
|
4,328.00
|
LSE
|
16:04:21
|
|
58
|
4,327.00
|
LSE
|
16:04:35
|
|
36
|
4,327.00
|
LSE
|
16:04:35
|
|
188
|
4,327.00
|
LSE
|
16:05:43
|
|
69
|
4,327.00
|
LSE
|
16:06:15
|
|
619
|
4,326.00
|
LSE
|
16:07:07
|
|
430
|
4,323.00
|
LSE
|
16:07:16
|
|
125
|
4,323.00
|
LSE
|
16:08:26
|
|
423
|
4,323.00
|
LSE
|
16:08:26
|
|
69
|
4,322.00
|
LSE
|
16:08:43
|
|
51
|
4,323.00
|
LSE
|
16:09:29
|
|
205
|
4,323.00
|
LSE
|
16:09:37
|
|
2
|
4,323.00
|
LSE
|
16:09:40
|
|
94
|
4,324.00
|
LSE
|
16:11:24
|
|
53
|
4,324.00
|
LSE
|
16:11:24
|
Exhibit 28
British American Tobacco p.l.c. (the “Company” or “BAT”)
18 February 2026
BAT to Present at CAGNY; Reaffirming 2026 Full-Year Guidance
BAT’s Chief Executive, Tadeu Marroco, and Reynolds American President, David Waterfield, will present to investors today at the 2026 Consumer Analyst Group of New York (CAGNY) Conference. A webcast of the live
presentation is scheduled to begin at 11am EST (4pm GMT).
Access to the live webcast of the event (listen-only mode) and the presentation slides will be available on the investor relations page on the Company’s website www.bat.com.
For those unable to join the live webcast, a replay, slides and transcript will be available on www.bat.com and the BAT IR App.
2026 Full-Year Guidance
BAT reaffirms FY26 guidance, first announced on 12 February 2026, indicating performance at the lower end of the following constant-currency ranges: 3-5% revenue growth; 4-6% adjusted profit from operations growth
(adj. for Canada and H2 weighted); and 5-8% adjusted diluted EPS growth (adj. for Canada).
ENDS
Enquiries
Media Centre
press_office@bat.com | @BATplc
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | ir_team@bat.com
Victoria Buxton | ir_team@bat.com
About BAT
BAT is a leading global consumer goods company committed to accelerating the transition to a Smokeless World and reshaping its portfolio for long term sustainability. Its portfolio spans cigarettes and a rapidly
growing range of smokeless alternatives, including Vapour, Heated Products and Modern Oral nicotine pouches.
The company aims to reach 50 million adult consumers with its Smokeless Products by 2030 and for these products to deliver 50% of Group revenue by 2035. As of 31 December 2025, BAT’s smokeless brands – Vuse, glo and
Velo – were used by over 31 million adult consumers worldwide, many of whom have completely switched from – or have reduced their consumption of – cigarettes. Smokeless Products accounted for 18.2% of Group revenue.
BAT employs more than 47,000 people and in 2025 generated £25.6bn in revenue. Backed by Omni™, its evidence based manifesto for change, the company continues to strengthen its scientific capabilities across systems
toxicology, clinical and behavioural research, and post market studies.
Alongside transforming its portfolio, BAT is advancing efforts to reduce its environmental footprint and support positive social impact across its value chain. In 2025, the company received a Triple A rating from CDP
for its disclosures on Climate Change, Water Security and Forests.
References to “BAT”, “the company”, “Group”, “we”, “us” and “our” when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activities refer to British American Tobacco p.l.c. and its
subsidiaries, collectively or individually as the case may be. Collective expressions used in connection with business activities are used for convenience only and do not imply any other relationship between what are separate and distinct legal
entities. For more information, please visit www.bat.com and www.asmokelessworld.com.
Forward-looking statements
This release contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation Reform Act
of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project,"
"positioned," "strategy," "outlook", "target", “being confident” and similar expressions. These include statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial
condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. In particular, these forward-looking statements include, among other
statements, statements regarding our expectation to meet our 2026 full-year guidance at the lower end of the relevant range, our customer target ambitions by 2030, New Categories revenue targets by 2035, our continued commitment to Tobacco Harm
Reduction and our sustainability targets.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations
reflected in this release are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. A review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within forward-looking statements can be found by referring to the information contained under the headings “Forward looking statements” and “Key Information—Risk Factors” in the 2025
Annual Report on Form 20-F of BAT.
Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission ("SEC"), including the
2025 Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov and BAT’s Annual Reports, which may be obtained free of
charge from the BAT website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect
knowledge and information available at the date of preparation of this release and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are
cautioned not to place undue reliance on such forward-looking statements.
Note on Non-GAAP Measures
This announcement contains several forward-looking non-GAAP measures used by management to monitor the Group's performance. For definitions and reconciliations of non-GAAP
measures, please see the Non-GAAP Measures sections under "Non-GAAP Measures" on pages 41 - 47 and under "Non-GAAP measures used with the Group’s remuneration schemes" on pages 70 - 74 in our 2025 Annual Report on Form 20-F.
Exhibit 29
British American Tobacco p.l.c.
19 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 16 April 2025 it purchased the
following number of its ordinary shares of 25 pence each (“shares”) from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
18 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
98,873
|
|
Highest price paid per share (pence):
|
4,369.00p
|
|
Lowest price paid per share (pence):
|
4,334.00p
|
|
Volume weighted average price paid per share (pence):
|
4,349.0199p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,301,787 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327
ordinary shares in treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 18 February 2026 is
set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
18/02/2026
|
98,873
|
4,349.0199p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
18/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
18/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
|
1,757
|
4,343.00
|
LSE
|
08:00:32
|
|
392
|
4,343.00
|
LSE
|
08:00:32
|
|
369
|
4,349.00
|
LSE
|
08:01:40
|
|
118
|
4,348.00
|
LSE
|
08:02:01
|
|
79
|
4,349.00
|
LSE
|
08:02:18
|
|
140
|
4,352.00
|
LSE
|
08:02:47
|
|
16
|
4,348.00
|
LSE
|
08:04:02
|
|
345
|
4,353.00
|
LSE
|
08:04:37
|
|
125
|
4,351.00
|
LSE
|
08:05:08
|
|
153
|
4,349.00
|
LSE
|
08:05:44
|
|
212
|
4,353.00
|
LSE
|
08:07:03
|
|
125
|
4,353.00
|
LSE
|
08:07:25
|
|
1
|
4,349.00
|
LSE
|
08:09:22
|
|
519
|
4,349.00
|
LSE
|
08:09:22
|
|
233
|
4,346.00
|
LSE
|
08:11:02
|
|
91
|
4,358.00
|
LSE
|
08:14:13
|
|
868
|
4,354.00
|
LSE
|
08:14:28
|
|
190
|
4,361.00
|
LSE
|
08:18:38
|
|
9
|
4,359.00
|
LSE
|
08:19:55
|
|
107
|
4,359.00
|
LSE
|
08:20:00
|
|
120
|
4,359.00
|
LSE
|
08:20:00
|
|
28
|
4,359.00
|
LSE
|
08:20:00
|
|
2
|
4,356.00
|
LSE
|
08:20:36
|
|
76
|
4,356.00
|
LSE
|
08:20:36
|
|
90
|
4,354.00
|
LSE
|
08:21:03
|
|
65
|
4,348.00
|
LSE
|
08:21:08
|
|
72
|
4,346.00
|
LSE
|
08:22:09
|
|
96
|
4,343.00
|
LSE
|
08:22:32
|
|
83
|
4,344.00
|
LSE
|
08:24:22
|
|
236
|
4,344.00
|
LSE
|
08:24:24
|
|
26
|
4,340.00
|
LSE
|
08:25:06
|
|
42
|
4,340.00
|
LSE
|
08:25:06
|
|
250
|
4,341.00
|
LSE
|
08:29:48
|
|
470
|
4,341.00
|
LSE
|
08:29:48
|
|
542
|
4,346.00
|
LSE
|
08:32:40
|
|
424
|
4,340.00
|
LSE
|
08:35:59
|
|
170
|
4,340.00
|
LSE
|
08:37:09
|
|
73
|
4,340.00
|
LSE
|
08:37:09
|
|
68
|
4,340.00
|
LSE
|
08:38:55
|
|
105
|
4,340.00
|
LSE
|
08:38:55
|
|
1,248
|
4,343.00
|
LSE
|
08:48:03
|
|
224
|
4,345.00
|
LSE
|
08:48:53
|
|
86
|
4,341.00
|
LSE
|
08:50:03
|
|
627
|
4,342.00
|
LSE
|
08:57:02
|
|
130
|
4,342.00
|
LSE
|
08:57:02
|
|
1,246
|
4,341.00
|
LSE
|
09:05:31
|
|
176
|
4,341.00
|
LSE
|
09:05:31
|
|
461
|
4,340.00
|
LSE
|
09:11:01
|
|
298
|
4,340.00
|
LSE
|
09:11:01
|
|
243
|
4,340.00
|
LSE
|
09:11:32
|
|
42
|
4,337.00
|
LSE
|
09:12:31
|
|
165
|
4,336.00
|
LSE
|
09:13:33
|
|
637
|
4,342.00
|
LSE
|
09:17:33
|
|
66
|
4,348.00
|
LSE
|
09:18:33
|
|
73
|
4,346.00
|
LSE
|
09:18:38
|
|
63
|
4,346.00
|
LSE
|
09:19:13
|
|
117
|
4,345.00
|
LSE
|
09:20:39
|
|
1,045
|
4,344.00
|
LSE
|
09:29:25
|
|
87
|
4,347.00
|
LSE
|
09:30:23
|
|
68
|
4,346.00
|
LSE
|
09:32:43
|
|
102
|
4,346.00
|
LSE
|
09:32:43
|
|
559
|
4,345.00
|
LSE
|
09:37:53
|
|
124
|
4,345.00
|
LSE
|
09:37:53
|
|
295
|
4,344.00
|
LSE
|
09:41:11
|
|
117
|
4,344.00
|
LSE
|
09:41:26
|
|
376
|
4,345.00
|
LSE
|
09:44:50
|
|
65
|
4,344.00
|
LSE
|
09:46:50
|
|
111
|
4,344.00
|
LSE
|
09:46:50
|
|
137
|
4,344.00
|
LSE
|
09:48:12
|
|
351
|
4,346.00
|
LSE
|
09:51:03
|
|
404
|
4,346.00
|
LSE
|
09:54:23
|
|
70
|
4,344.00
|
LSE
|
09:54:46
|
|
63
|
4,344.00
|
LSE
|
09:55:17
|
|
67
|
4,340.00
|
LSE
|
09:56:01
|
|
147
|
4,342.00
|
LSE
|
09:57:36
|
|
69
|
4,341.00
|
LSE
|
09:58:00
|
|
324
|
4,340.00
|
LSE
|
10:01:32
|
|
139
|
4,340.00
|
LSE
|
10:01:32
|
|
357
|
4,339.00
|
LSE
|
10:04:24
|
|
86
|
4,339.00
|
LSE
|
10:05:30
|
|
112
|
4,339.00
|
LSE
|
10:05:30
|
|
646
|
4,345.00
|
LSE
|
10:11:15
|
|
150
|
4,342.00
|
LSE
|
10:13:51
|
|
157
|
4,342.00
|
LSE
|
10:13:51
|
|
67
|
4,343.00
|
LSE
|
10:14:45
|
|
396
|
4,343.00
|
LSE
|
10:17:23
|
|
573
|
4,343.00
|
LSE
|
10:21:40
|
|
322
|
4,345.00
|
LSE
|
10:25:50
|
|
261
|
4,349.00
|
LSE
|
10:28:45
|
|
120
|
4,349.00
|
LSE
|
10:29:23
|
|
610
|
4,350.00
|
LSE
|
10:36:22
|
|
145
|
4,350.00
|
LSE
|
10:36:22
|
|
187
|
4,350.00
|
LSE
|
10:39:02
|
|
416
|
4,350.00
|
LSE
|
10:43:06
|
|
71
|
4,351.00
|
LSE
|
10:45:07
|
|
94
|
4,351.00
|
LSE
|
10:45:07
|
|
18
|
4,351.00
|
LSE
|
10:45:07
|
|
122
|
4,350.00
|
LSE
|
10:45:24
|
|
181
|
4,351.00
|
LSE
|
10:47:49
|
|
111
|
4,351.00
|
LSE
|
10:48:50
|
|
115
|
4,351.00
|
LSE
|
10:49:50
|
|
310
|
4,353.00
|
LSE
|
10:52:21
|
|
153
|
4,353.00
|
LSE
|
10:54:01
|
|
117
|
4,353.00
|
LSE
|
10:54:01
|
|
70
|
4,352.00
|
LSE
|
10:54:32
|
|
164
|
4,352.00
|
LSE
|
10:56:38
|
|
124
|
4,352.00
|
LSE
|
10:58:49
|
|
108
|
4,352.00
|
LSE
|
10:58:49
|
|
78
|
4,351.00
|
LSE
|
10:59:35
|
|
78
|
4,350.00
|
LSE
|
11:00:27
|
|
98
|
4,350.00
|
LSE
|
11:01:12
|
|
73
|
4,348.00
|
LSE
|
11:01:16
|
|
74
|
4,346.00
|
LSE
|
11:02:03
|
|
171
|
4,345.00
|
LSE
|
11:03:41
|
|
64
|
4,344.00
|
LSE
|
11:07:28
|
|
347
|
4,344.00
|
LSE
|
11:07:28
|
|
182
|
4,343.00
|
LSE
|
11:09:28
|
|
75
|
4,340.00
|
LSE
|
11:09:40
|
|
71
|
4,339.00
|
LSE
|
11:10:25
|
|
70
|
4,337.00
|
LSE
|
11:11:37
|
|
282
|
4,341.00
|
LSE
|
11:14:24
|
|
3
|
4,340.00
|
LSE
|
11:16:26
|
|
75
|
4,340.00
|
LSE
|
11:16:26
|
|
101
|
4,340.00
|
LSE
|
11:16:26
|
|
67
|
4,339.00
|
LSE
|
11:16:28
|
|
74
|
4,347.00
|
LSE
|
11:19:40
|
|
235
|
4,347.00
|
LSE
|
11:19:40
|
|
108
|
4,348.00
|
LSE
|
11:20:32
|
|
170
|
4,348.00
|
LSE
|
11:22:15
|
|
67
|
4,356.00
|
LSE
|
11:24:01
|
|
106
|
4,356.00
|
LSE
|
11:24:01
|
|
94
|
4,363.00
|
LSE
|
11:25:07
|
|
88
|
4,363.00
|
LSE
|
11:26:00
|
|
178
|
4,363.00
|
LSE
|
11:29:42
|
|
220
|
4,363.00
|
LSE
|
11:29:42
|
|
81
|
4,362.00
|
LSE
|
11:30:14
|
|
51
|
4,361.00
|
LSE
|
11:30:42
|
|
17
|
4,361.00
|
LSE
|
11:32:04
|
|
117
|
4,361.00
|
LSE
|
11:32:04
|
|
91
|
4,361.00
|
LSE
|
11:32:16
|
|
70
|
4,357.00
|
LSE
|
11:32:52
|
|
101
|
4,356.00
|
LSE
|
11:36:25
|
|
271
|
4,356.00
|
LSE
|
11:36:25
|
|
140
|
4,356.00
|
LSE
|
11:38:03
|
|
62
|
4,354.00
|
LSE
|
11:38:28
|
|
170
|
4,355.00
|
LSE
|
11:40:28
|
|
75
|
4,355.00
|
LSE
|
11:41:10
|
|
67
|
4,354.00
|
LSE
|
11:41:36
|
|
67
|
4,354.00
|
LSE
|
11:43:53
|
|
95
|
4,354.00
|
LSE
|
11:43:53
|
|
141
|
4,359.00
|
LSE
|
11:52:13
|
|
623
|
4,359.00
|
LSE
|
11:52:36
|
|
89
|
4,359.00
|
LSE
|
11:52:36
|
|
421
|
4,360.00
|
LSE
|
11:58:04
|
|
108
|
4,360.00
|
LSE
|
11:58:04
|
|
199
|
4,359.00
|
LSE
|
11:59:32
|
|
71
|
4,357.00
|
LSE
|
11:59:43
|
|
61
|
4,355.00
|
LSE
|
11:59:59
|
|
929
|
4,355.00
|
LSE
|
12:07:38
|
|
521
|
4,356.00
|
LSE
|
12:13:01
|
|
787
|
4,356.00
|
LSE
|
12:19:28
|
|
656
|
4,355.00
|
LSE
|
12:25:45
|
|
112
|
4,355.00
|
LSE
|
12:25:45
|
|
150
|
4,354.00
|
LSE
|
12:30:15
|
|
115
|
4,354.00
|
LSE
|
12:30:15
|
|
17
|
4,354.00
|
LSE
|
12:30:16
|
|
74
|
4,354.00
|
LSE
|
12:30:16
|
|
49
|
4,354.00
|
LSE
|
12:30:16
|
|
63
|
4,353.00
|
LSE
|
12:30:29
|
|
98
|
4,353.00
|
LSE
|
12:30:29
|
|
393
|
4,355.00
|
LSE
|
12:34:44
|
|
70
|
4,354.00
|
LSE
|
12:35:28
|
|
537
|
4,354.00
|
LSE
|
12:39:36
|
|
75
|
4,353.00
|
LSE
|
12:40:28
|
|
205
|
4,354.00
|
LSE
|
12:42:33
|
|
177
|
4,353.00
|
LSE
|
12:45:12
|
|
111
|
4,353.00
|
LSE
|
12:45:12
|
|
237
|
4,354.00
|
LSE
|
12:48:05
|
|
112
|
4,354.00
|
LSE
|
12:48:05
|
|
92
|
4,355.00
|
LSE
|
12:50:18
|
|
195
|
4,355.00
|
LSE
|
12:51:18
|
|
74
|
4,355.00
|
LSE
|
12:52:19
|
|
38
|
4,355.00
|
LSE
|
12:52:19
|
|
158
|
4,355.00
|
LSE
|
12:54:22
|
|
481
|
4,361.00
|
LSE
|
12:57:02
|
|
86
|
4,357.00
|
LSE
|
12:59:26
|
|
102
|
4,357.00
|
LSE
|
12:59:26
|
|
129
|
4,357.00
|
LSE
|
12:59:26
|
|
430
|
4,357.00
|
LSE
|
13:02:32
|
|
212
|
4,354.00
|
LSE
|
13:04:17
|
|
648
|
4,355.00
|
LSE
|
13:11:31
|
|
110
|
4,355.00
|
LSE
|
13:11:31
|
|
111
|
4,355.00
|
LSE
|
13:11:51
|
|
408
|
4,352.00
|
LSE
|
13:16:00
|
|
77
|
4,349.00
|
LSE
|
13:17:20
|
|
112
|
4,349.00
|
LSE
|
13:17:20
|
|
3
|
4,349.00
|
LSE
|
13:17:20
|
|
183
|
4,350.00
|
LSE
|
13:19:35
|
|
126
|
4,350.00
|
LSE
|
13:20:07
|
|
70
|
4,349.00
|
LSE
|
13:20:47
|
|
72
|
4,349.00
|
LSE
|
13:21:36
|
|
393
|
4,349.00
|
LSE
|
13:25:29
|
|
96
|
4,349.00
|
LSE
|
13:25:29
|
|
455
|
4,348.00
|
LSE
|
13:32:02
|
|
277
|
4,348.00
|
LSE
|
13:32:02
|
|
342
|
4,347.00
|
LSE
|
13:34:03
|
|
74
|
4,347.00
|
LSE
|
13:35:09
|
|
525
|
4,348.00
|
LSE
|
13:38:41
|
|
286
|
4,348.00
|
LSE
|
13:41:13
|
|
136
|
4,348.00
|
LSE
|
13:41:13
|
|
60
|
4,348.00
|
LSE
|
13:41:58
|
|
15
|
4,348.00
|
LSE
|
13:41:58
|
|
351
|
4,349.00
|
LSE
|
13:44:39
|
|
375
|
4,348.00
|
LSE
|
13:46:52
|
|
148
|
4,348.00
|
LSE
|
13:50:03
|
|
219
|
4,348.00
|
LSE
|
13:50:38
|
|
159
|
4,348.00
|
LSE
|
13:50:38
|
|
396
|
4,348.00
|
LSE
|
13:52:51
|
|
222
|
4,349.00
|
LSE
|
13:54:10
|
|
290
|
4,352.00
|
LSE
|
13:59:25
|
|
261
|
4,352.00
|
LSE
|
13:59:25
|
|
134
|
4,353.00
|
LSE
|
14:02:26
|
|
271
|
4,352.00
|
LSE
|
14:03:22
|
|
164
|
4,352.00
|
LSE
|
14:03:22
|
|
122
|
4,353.00
|
LSE
|
14:08:23
|
|
206
|
4,353.00
|
LSE
|
14:08:23
|
|
680
|
4,352.00
|
LSE
|
14:08:35
|
|
267
|
4,352.00
|
LSE
|
14:10:04
|
|
452
|
4,352.00
|
LSE
|
14:13:08
|
|
36
|
4,353.00
|
LSE
|
14:17:12
|
|
3
|
4,353.00
|
LSE
|
14:17:12
|
|
40
|
4,353.00
|
LSE
|
14:17:12
|
|
425
|
4,353.00
|
LSE
|
14:17:12
|
|
417
|
4,352.00
|
LSE
|
14:17:12
|
|
69
|
4,351.00
|
LSE
|
14:18:22
|
|
21
|
4,355.00
|
LSE
|
14:21:07
|
|
6
|
4,355.00
|
LSE
|
14:21:07
|
|
74
|
4,355.00
|
LSE
|
14:21:08
|
|
83
|
4,355.00
|
LSE
|
14:21:08
|
|
95
|
4,355.00
|
LSE
|
14:21:08
|
|
104
|
4,355.00
|
LSE
|
14:21:08
|
|
76
|
4,355.00
|
LSE
|
14:21:09
|
|
15
|
4,355.00
|
LSE
|
14:21:09
|
|
73
|
4,355.00
|
LSE
|
14:21:09
|
|
15
|
4,355.00
|
LSE
|
14:21:10
|
|
71
|
4,355.00
|
LSE
|
14:21:10
|
|
15
|
4,355.00
|
LSE
|
14:21:10
|
|
58
|
4,355.00
|
LSE
|
14:21:10
|
|
778
|
4,360.00
|
LSE
|
14:24:39
|
|
266
|
4,360.00
|
LSE
|
14:25:07
|
|
82
|
4,359.00
|
LSE
|
14:25:35
|
|
253
|
4,360.00
|
LSE
|
14:26:30
|
|
718
|
4,360.00
|
LSE
|
14:27:49
|
|
109
|
4,359.00
|
LSE
|
14:27:56
|
|
129
|
4,361.00
|
LSE
|
14:29:44
|
|
452
|
4,368.00
|
LSE
|
14:30:05
|
|
1,062
|
4,368.00
|
LSE
|
14:30:05
|
|
92
|
4,368.00
|
LSE
|
14:30:05
|
|
52
|
4,369.00
|
LSE
|
14:30:15
|
|
156
|
4,369.00
|
LSE
|
14:30:15
|
|
54
|
4,369.00
|
LSE
|
14:30:18
|
|
220
|
4,368.00
|
LSE
|
14:30:26
|
|
176
|
4,367.00
|
LSE
|
14:30:28
|
|
10
|
4,367.00
|
LSE
|
14:30:49
|
|
298
|
4,367.00
|
LSE
|
14:30:53
|
|
286
|
4,365.00
|
LSE
|
14:30:59
|
|
122
|
4,363.00
|
LSE
|
14:31:01
|
|
10
|
4,363.00
|
LSE
|
14:31:01
|
|
88
|
4,363.00
|
LSE
|
14:31:06
|
|
88
|
4,361.00
|
LSE
|
14:31:09
|
|
88
|
4,358.00
|
LSE
|
14:31:12
|
|
18
|
4,358.00
|
LSE
|
14:31:18
|
|
70
|
4,358.00
|
LSE
|
14:31:20
|
|
220
|
4,359.00
|
LSE
|
14:31:31
|
|
16
|
4,356.00
|
LSE
|
14:31:45
|
|
408
|
4,357.00
|
LSE
|
14:31:50
|
|
126
|
4,356.00
|
LSE
|
14:31:53
|
|
131
|
4,356.00
|
LSE
|
14:31:58
|
|
460
|
4,359.00
|
LSE
|
14:32:20
|
|
1
|
4,359.00
|
LSE
|
14:32:20
|
|
10
|
4,355.00
|
LSE
|
14:32:23
|
|
78
|
4,355.00
|
LSE
|
14:32:33
|
|
77
|
4,354.00
|
LSE
|
14:32:36
|
|
186
|
4,354.00
|
LSE
|
14:32:41
|
|
461
|
4,357.00
|
LSE
|
14:33:00
|
|
51
|
4,355.00
|
LSE
|
14:33:03
|
|
80
|
4,355.00
|
LSE
|
14:33:04
|
|
219
|
4,356.00
|
LSE
|
14:33:19
|
|
6
|
4,354.00
|
LSE
|
14:33:20
|
|
10
|
4,354.00
|
LSE
|
14:33:20
|
|
181
|
4,354.00
|
LSE
|
14:33:27
|
|
172
|
4,352.00
|
LSE
|
14:33:30
|
|
25
|
4,352.00
|
LSE
|
14:33:30
|
|
12
|
4,352.00
|
LSE
|
14:33:36
|
|
98
|
4,352.00
|
LSE
|
14:33:36
|
|
131
|
4,350.00
|
LSE
|
14:33:47
|
|
33
|
4,352.00
|
LSE
|
14:34:07
|
|
40
|
4,352.00
|
LSE
|
14:34:08
|
|
51
|
4,352.00
|
LSE
|
14:34:10
|
|
271
|
4,352.00
|
LSE
|
14:34:10
|
|
24
|
4,352.00
|
LSE
|
14:34:10
|
|
55
|
4,352.00
|
LSE
|
14:34:10
|
|
102
|
4,352.00
|
LSE
|
14:34:24
|
|
91
|
4,352.00
|
LSE
|
14:34:24
|
|
11
|
4,352.00
|
LSE
|
14:34:51
|
|
12
|
4,352.00
|
LSE
|
14:34:51
|
|
18
|
4,352.00
|
LSE
|
14:34:51
|
|
211
|
4,352.00
|
LSE
|
14:34:51
|
|
97
|
4,352.00
|
LSE
|
14:35:08
|
|
107
|
4,350.00
|
LSE
|
14:35:19
|
|
1
|
4,351.00
|
LSE
|
14:35:34
|
|
202
|
4,351.00
|
LSE
|
14:35:34
|
|
126
|
4,349.00
|
LSE
|
14:35:55
|
|
629
|
4,353.00
|
LSE
|
14:36:52
|
|
10
|
4,353.00
|
LSE
|
14:37:05
|
|
10
|
4,353.00
|
LSE
|
14:37:05
|
|
51
|
4,353.00
|
LSE
|
14:37:06
|
|
10
|
4,353.00
|
LSE
|
14:37:06
|
|
30
|
4,353.00
|
LSE
|
14:37:06
|
|
14
|
4,353.00
|
LSE
|
14:37:06
|
|
10
|
4,353.00
|
LSE
|
14:37:29
|
|
203
|
4,353.00
|
LSE
|
14:37:37
|
|
164
|
4,352.00
|
LSE
|
14:37:43
|
|
174
|
4,350.00
|
LSE
|
14:38:03
|
|
116
|
4,349.00
|
LSE
|
14:38:33
|
|
338
|
4,349.00
|
LSE
|
14:38:47
|
|
59
|
4,352.00
|
LSE
|
14:39:14
|
|
159
|
4,352.00
|
LSE
|
14:39:14
|
|
9
|
4,352.00
|
LSE
|
14:39:14
|
|
117
|
4,351.00
|
LSE
|
14:39:55
|
|
41
|
4,350.00
|
LSE
|
14:39:57
|
|
179
|
4,350.00
|
LSE
|
14:39:57
|
|
128
|
4,352.00
|
LSE
|
14:41:06
|
|
170
|
4,352.00
|
LSE
|
14:41:06
|
|
124
|
4,352.00
|
LSE
|
14:41:06
|
|
56
|
4,352.00
|
LSE
|
14:41:06
|
|
329
|
4,353.00
|
LSE
|
14:42:21
|
|
281
|
4,353.00
|
LSE
|
14:43:00
|
|
157
|
4,353.00
|
LSE
|
14:43:00
|
|
204
|
4,351.00
|
LSE
|
14:43:39
|
|
170
|
4,349.00
|
LSE
|
14:43:42
|
|
127
|
4,349.00
|
LSE
|
14:43:42
|
|
86
|
4,343.00
|
LSE
|
14:43:55
|
|
362
|
4,348.00
|
LSE
|
14:44:49
|
|
159
|
4,346.00
|
LSE
|
14:44:56
|
|
79
|
4,345.00
|
LSE
|
14:45:26
|
|
170
|
4,343.00
|
LSE
|
14:46:03
|
|
78
|
4,343.00
|
LSE
|
14:46:03
|
|
327
|
4,341.00
|
LSE
|
14:46:07
|
|
54
|
4,342.00
|
LSE
|
14:46:18
|
|
170
|
4,346.00
|
LSE
|
14:47:33
|
|
76
|
4,346.00
|
LSE
|
14:47:45
|
|
54
|
4,346.00
|
LSE
|
14:47:46
|
|
316
|
4,346.00
|
LSE
|
14:47:46
|
|
459
|
4,347.00
|
LSE
|
14:48:36
|
|
548
|
4,349.00
|
LSE
|
14:49:24
|
|
28
|
4,347.00
|
LSE
|
14:49:29
|
|
45
|
4,347.00
|
LSE
|
14:49:29
|
|
329
|
4,346.00
|
LSE
|
14:50:20
|
|
300
|
4,349.00
|
LSE
|
14:51:02
|
|
146
|
4,348.00
|
LSE
|
14:52:06
|
|
68
|
4,351.00
|
LSE
|
14:53:56
|
|
102
|
4,351.00
|
LSE
|
14:53:56
|
|
707
|
4,351.00
|
LSE
|
14:53:56
|
|
367
|
4,350.00
|
LSE
|
14:54:08
|
|
744
|
4,351.00
|
LSE
|
14:55:36
|
|
64
|
4,349.00
|
LSE
|
14:56:36
|
|
953
|
4,349.00
|
LSE
|
14:59:48
|
|
623
|
4,349.00
|
LSE
|
14:59:48
|
|
337
|
4,349.00
|
LSE
|
14:59:48
|
|
86
|
4,347.00
|
LSE
|
15:00:02
|
|
1,015
|
4,350.00
|
LSE
|
15:02:51
|
|
167
|
4,348.00
|
LSE
|
15:02:55
|
|
226
|
4,348.00
|
LSE
|
15:02:55
|
|
78
|
4,347.00
|
LSE
|
15:03:30
|
|
470
|
4,348.00
|
LSE
|
15:04:38
|
|
20
|
4,348.00
|
LSE
|
15:04:57
|
|
282
|
4,348.00
|
LSE
|
15:04:57
|
|
87
|
4,347.00
|
LSE
|
15:05:09
|
|
74
|
4,347.00
|
LSE
|
15:05:22
|
|
87
|
4,345.00
|
LSE
|
15:05:25
|
|
396
|
4,349.00
|
LSE
|
15:09:46
|
|
1,287
|
4,349.00
|
LSE
|
15:09:46
|
|
380
|
4,354.00
|
LSE
|
15:12:34
|
|
707
|
4,353.00
|
LSE
|
15:12:34
|
|
594
|
4,346.00
|
LSE
|
15:14:18
|
|
14
|
4,343.00
|
LSE
|
15:14:55
|
|
300
|
4,343.00
|
LSE
|
15:14:55
|
|
242
|
4,341.00
|
LSE
|
15:16:01
|
|
359
|
4,341.00
|
LSE
|
15:16:01
|
|
4
|
4,341.00
|
LSE
|
15:16:59
|
|
244
|
4,341.00
|
LSE
|
15:16:59
|
|
141
|
4,340.00
|
LSE
|
15:17:06
|
|
69
|
4,340.00
|
LSE
|
15:18:00
|
|
697
|
4,345.00
|
LSE
|
15:20:07
|
|
250
|
4,346.00
|
LSE
|
15:20:28
|
|
147
|
4,345.00
|
LSE
|
15:20:55
|
|
193
|
4,344.00
|
LSE
|
15:21:10
|
|
16
|
4,345.00
|
LSE
|
15:23:13
|
|
65
|
4,345.00
|
LSE
|
15:23:13
|
|
75
|
4,343.00
|
LSE
|
15:23:23
|
|
592
|
4,343.00
|
LSE
|
15:23:23
|
|
103
|
4,340.00
|
LSE
|
15:23:40
|
|
192
|
4,340.00
|
LSE
|
15:24:50
|
|
313
|
4,339.00
|
LSE
|
15:26:03
|
|
337
|
4,339.00
|
LSE
|
15:26:03
|
|
84
|
4,339.00
|
LSE
|
15:28:13
|
|
76
|
4,339.00
|
LSE
|
15:28:13
|
|
666
|
4,337.00
|
LSE
|
15:28:23
|
|
93
|
4,336.00
|
LSE
|
15:29:42
|
|
334
|
4,336.00
|
LSE
|
15:29:42
|
|
104
|
4,334.00
|
LSE
|
15:29:45
|
|
91
|
4,336.00
|
LSE
|
15:30:23
|
|
127
|
4,335.00
|
LSE
|
15:30:45
|
|
471
|
4,335.00
|
LSE
|
15:32:01
|
|
533
|
4,340.00
|
LSE
|
15:34:12
|
|
172
|
4,339.00
|
LSE
|
15:35:11
|
|
381
|
4,337.00
|
LSE
|
15:35:30
|
|
19
|
4,338.00
|
LSE
|
15:35:33
|
|
100
|
4,338.00
|
LSE
|
15:35:33
|
|
735
|
4,340.00
|
LSE
|
15:38:44
|
|
303
|
4,340.00
|
LSE
|
15:39:18
|
|
225
|
4,337.00
|
LSE
|
15:39:37
|
|
206
|
4,337.00
|
LSE
|
15:40:21
|
|
158
|
4,337.00
|
LSE
|
15:41:06
|
|
180
|
4,337.00
|
LSE
|
15:41:16
|
|
135
|
4,337.00
|
LSE
|
15:41:56
|
|
400
|
4,339.00
|
LSE
|
15:44:15
|
|
349
|
4,338.00
|
LSE
|
15:44:32
|
|
91
|
4,337.00
|
LSE
|
15:44:52
|
|
691
|
4,339.00
|
LSE
|
15:46:39
|
|
402
|
4,344.00
|
LSE
|
15:47:56
|
|
145
|
4,344.00
|
LSE
|
15:48:55
|
|
222
|
4,344.00
|
LSE
|
15:48:56
|
|
100
|
4,344.00
|
LSE
|
15:49:18
|
|
69
|
4,344.00
|
LSE
|
15:49:46
|
|
205
|
4,348.00
|
LSE
|
15:51:54
|
|
104
|
4,348.00
|
LSE
|
15:51:54
|
|
387
|
4,348.00
|
LSE
|
15:51:54
|
|
101
|
4,347.00
|
LSE
|
15:51:58
|
|
163
|
4,352.00
|
LSE
|
15:54:46
|
|
489
|
4,351.00
|
LSE
|
15:54:55
|
|
237
|
4,351.00
|
LSE
|
15:54:55
|
|
317
|
4,353.00
|
LSE
|
15:56:08
|
|
352
|
4,352.00
|
LSE
|
15:56:14
|
|
85
|
4,352.00
|
LSE
|
15:56:14
|
|
129
|
4,352.00
|
LSE
|
15:56:52
|
|
179
|
4,351.00
|
LSE
|
15:57:44
|
|
403
|
4,350.00
|
LSE
|
15:57:53
|
|
610
|
4,351.00
|
LSE
|
15:59:19
|
|
106
|
4,349.00
|
LSE
|
15:59:38
|
|
187
|
4,348.00
|
LSE
|
16:00:13
|
|
320
|
4,347.00
|
LSE
|
16:01:11
|
|
340
|
4,346.00
|
LSE
|
16:02:15
|
|
113
|
4,349.00
|
LSE
|
16:03:39
|
|
594
|
4,350.00
|
LSE
|
16:04:18
|
|
168
|
4,349.00
|
LSE
|
16:04:44
|
|
86
|
4,347.00
|
LSE
|
16:05:22
|
|
187
|
4,345.00
|
LSE
|
16:05:55
|
|
198
|
4,343.00
|
LSE
|
16:06:19
|
|
142
|
4,340.00
|
LSE
|
16:06:20
|
|
460
|
4,343.00
|
LSE
|
16:07:49
|
|
313
|
4,344.00
|
LSE
|
16:09:09
|
|
43
|
4,344.00
|
LSE
|
16:09:09
|
|
112
|
4,344.00
|
LSE
|
16:09:09
|
|
878
|
4,348.00
|
LSE
|
16:13:57
|
Exhibit 30
British American Tobacco p.l.c.
20 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
19 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
97,709
|
|
Highest price paid per share (pence):
|
4,474.00p
|
|
Lowest price paid per share (pence):
|
4,348.00p
|
|
Volume weighted average price paid per share (pence):
|
4,400.8371p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,204,078 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 19 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares) |
Daily weighted average
price of shares acquired |
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
19/02/2026
|
97,709
|
4,400.8371p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
19/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
19/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
2,163
|
4,365.00
|
LSE
|
08:00:36
|
|
180
|
4,396.00
|
LSE
|
08:03:59
|
|
144
|
4,396.00
|
LSE
|
08:04:44
|
|
906
|
4,402.00
|
LSE
|
08:05:08
|
|
68
|
4,397.00
|
LSE
|
08:05:36
|
|
101
|
4,396.00
|
LSE
|
08:05:47
|
|
297
|
4,383.00
|
LSE
|
08:07:32
|
|
94
|
4,378.00
|
LSE
|
08:08:28
|
|
363
|
4,373.00
|
LSE
|
08:09:17
|
|
69
|
4,372.00
|
LSE
|
08:09:45
|
|
108
|
4,372.00
|
LSE
|
08:10:03
|
|
404
|
4,376.00
|
LSE
|
08:11:54
|
|
102
|
4,370.00
|
LSE
|
08:12:32
|
|
72
|
4,367.00
|
LSE
|
08:12:45
|
|
105
|
4,366.00
|
LSE
|
08:13:26
|
|
678
|
4,367.00
|
LSE
|
08:17:03
|
|
70
|
4,374.00
|
LSE
|
08:20:10
|
|
75
|
4,375.00
|
LSE
|
08:20:20
|
|
346
|
4,381.00
|
LSE
|
08:22:37
|
|
255
|
4,380.00
|
LSE
|
08:24:22
|
|
518
|
4,377.00
|
LSE
|
08:24:29
|
|
124
|
4,382.00
|
LSE
|
08:30:22
|
|
468
|
4,385.00
|
LSE
|
08:32:21
|
|
455
|
4,384.00
|
LSE
|
08:35:08
|
|
278
|
4,384.00
|
LSE
|
08:35:58
|
|
740
|
4,389.00
|
LSE
|
08:41:19
|
|
123
|
4,389.00
|
LSE
|
08:42:35
|
|
80
|
4,387.00
|
LSE
|
08:43:05
|
|
78
|
4,386.00
|
LSE
|
08:43:31
|
|
69
|
4,383.00
|
LSE
|
08:43:44
|
|
42
|
4,384.00
|
LSE
|
08:45:20
|
|
158
|
4,384.00
|
LSE
|
08:45:20
|
|
65
|
4,381.00
|
LSE
|
08:45:43
|
|
73
|
4,378.00
|
LSE
|
08:47:07
|
|
167
|
4,379.00
|
LSE
|
08:47:42
|
|
52
|
4,376.00
|
LSE
|
08:50:42
|
|
156
|
4,376.00
|
LSE
|
08:50:42
|
|
98
|
4,376.00
|
LSE
|
08:50:42
|
|
27
|
4,376.00
|
LSE
|
08:50:42
|
|
87
|
4,375.00
|
LSE
|
08:51:34
|
|
845
|
4,375.00
|
LSE
|
08:57:47
|
|
62
|
4,373.00
|
LSE
|
08:58:26
|
|
326
|
4,372.00
|
LSE
|
09:00:02
|
|
89
|
4,370.00
|
LSE
|
09:02:01
|
|
30
|
4,370.00
|
LSE
|
09:02:01
|
|
55
|
4,370.00
|
LSE
|
09:02:01
|
|
380
|
4,374.00
|
LSE
|
09:03:18
|
|
76
|
4,369.00
|
LSE
|
09:03:32
|
|
456
|
4,371.00
|
LSE
|
09:06:56
|
|
90
|
4,370.00
|
LSE
|
09:07:29
|
|
630
|
4,374.00
|
LSE
|
09:12:09
|
|
83
|
4,374.00
|
LSE
|
09:13:09
|
|
115
|
4,373.00
|
LSE
|
09:14:05
|
|
384
|
4,373.00
|
LSE
|
09:16:14
|
|
194
|
4,373.00
|
LSE
|
09:18:25
|
|
89
|
4,371.00
|
LSE
|
09:18:27
|
|
6
|
4,371.00
|
LSE
|
09:18:31
|
|
535
|
4,373.00
|
LSE
|
09:23:06
|
|
70
|
4,371.00
|
LSE
|
09:24:06
|
|
68
|
4,367.00
|
LSE
|
09:24:51
|
|
354
|
4,368.00
|
LSE
|
09:28:22
|
|
346
|
4,370.00
|
LSE
|
09:30:41
|
|
117
|
4,371.00
|
LSE
|
09:32:15
|
|
291
|
4,370.00
|
LSE
|
09:35:12
|
|
968
|
4,369.00
|
LSE
|
09:42:59
|
|
443
|
4,372.00
|
LSE
|
09:46:56
|
|
516
|
4,377.00
|
LSE
|
09:51:23
|
|
113
|
4,373.00
|
LSE
|
09:54:18
|
|
111
|
4,373.00
|
LSE
|
09:54:18
|
|
104
|
4,370.00
|
LSE
|
09:54:34
|
|
357
|
4,368.00
|
LSE
|
09:57:28
|
|
244
|
4,372.00
|
LSE
|
10:00:11
|
|
106
|
4,370.00
|
LSE
|
10:00:26
|
|
425
|
4,373.00
|
LSE
|
10:04:02
|
|
275
|
4,375.00
|
LSE
|
10:05:51
|
|
28
|
4,373.00
|
LSE
|
10:06:41
|
|
61
|
4,373.00
|
LSE
|
10:06:41
|
|
253
|
4,379.00
|
LSE
|
10:08:53
|
|
18
|
4,379.00
|
LSE
|
10:09:45
|
|
73
|
4,379.00
|
LSE
|
10:09:45
|
|
194
|
4,378.00
|
LSE
|
10:11:40
|
|
88
|
4,377.00
|
LSE
|
10:11:53
|
|
68
|
4,378.00
|
LSE
|
10:12:36
|
|
219
|
4,380.00
|
LSE
|
10:14:57
|
|
155
|
4,379.00
|
LSE
|
10:16:25
|
|
146
|
4,379.00
|
LSE
|
10:16:25
|
|
68
|
4,377.00
|
LSE
|
10:17:18
|
|
145
|
4,376.00
|
LSE
|
10:18:25
|
|
104
|
4,374.00
|
LSE
|
10:18:46
|
|
94
|
4,374.00
|
LSE
|
10:19:34
|
|
94
|
4,373.00
|
LSE
|
10:21:56
|
|
162
|
4,373.00
|
LSE
|
10:21:56
|
|
171
|
4,372.00
|
LSE
|
10:24:25
|
|
111
|
4,372.00
|
LSE
|
10:25:32
|
|
193
|
4,372.00
|
LSE
|
10:27:13
|
|
357
|
4,374.00
|
LSE
|
10:31:20
|
|
55
|
4,374.00
|
LSE
|
10:31:33
|
|
7
|
4,374.00
|
LSE
|
10:31:33
|
|
64
|
4,374.00
|
LSE
|
10:32:16
|
|
65
|
4,373.00
|
LSE
|
10:32:57
|
|
170
|
4,374.00
|
LSE
|
10:34:43
|
|
74
|
4,371.00
|
LSE
|
10:35:12
|
|
672
|
4,373.00
|
LSE
|
10:41:47
|
|
66
|
4,375.00
|
LSE
|
10:42:40
|
|
179
|
4,375.00
|
LSE
|
10:44:28
|
|
72
|
4,373.00
|
LSE
|
10:45:12
|
|
75
|
4,373.00
|
LSE
|
10:45:40
|
|
64
|
4,371.00
|
LSE
|
10:46:28
|
|
380
|
4,368.00
|
LSE
|
10:46:44
|
|
226
|
4,368.00
|
LSE
|
10:51:59
|
|
326
|
4,370.00
|
LSE
|
10:54:32
|
|
68
|
4,365.00
|
LSE
|
10:55:21
|
|
66
|
4,364.00
|
LSE
|
10:56:28
|
|
487
|
4,367.00
|
LSE
|
11:01:03
|
|
66
|
4,366.00
|
LSE
|
11:01:25
|
|
253
|
4,367.00
|
LSE
|
11:03:41
|
|
73
|
4,367.00
|
LSE
|
11:04:14
|
|
63
|
4,366.00
|
LSE
|
11:05:00
|
|
333
|
4,366.00
|
LSE
|
11:08:25
|
|
93
|
4,366.00
|
LSE
|
11:13:45
|
|
454
|
4,366.00
|
LSE
|
11:13:45
|
|
161
|
4,363.00
|
LSE
|
11:15:01
|
|
67
|
4,365.00
|
LSE
|
11:16:32
|
|
86
|
4,364.00
|
LSE
|
11:16:35
|
|
390
|
4,367.00
|
LSE
|
11:20:28
|
|
68
|
4,365.00
|
LSE
|
11:21:28
|
|
280
|
4,365.00
|
LSE
|
11:25:14
|
|
107
|
4,365.00
|
LSE
|
11:25:14
|
|
178
|
4,362.00
|
LSE
|
11:26:50
|
|
216
|
4,361.00
|
LSE
|
11:28:38
|
|
66
|
4,360.00
|
LSE
|
11:29:38
|
|
448
|
4,360.00
|
LSE
|
11:33:07
|
|
349
|
4,363.00
|
LSE
|
11:36:25
|
|
285
|
4,359.00
|
LSE
|
11:40:12
|
|
95
|
4,359.00
|
LSE
|
11:40:12
|
|
70
|
4,358.00
|
LSE
|
11:42:15
|
|
93
|
4,358.00
|
LSE
|
11:42:15
|
|
77
|
4,356.00
|
LSE
|
11:43:00
|
|
702
|
4,356.00
|
LSE
|
11:50:08
|
|
111
|
4,353.00
|
LSE
|
11:51:49
|
|
248
|
4,353.00
|
LSE
|
11:54:57
|
|
102
|
4,355.00
|
LSE
|
11:55:32
|
|
89
|
4,354.00
|
LSE
|
11:56:23
|
|
64
|
4,353.00
|
LSE
|
11:57:12
|
|
312
|
4,354.00
|
LSE
|
11:59:33
|
|
114
|
4,353.00
|
LSE
|
12:00:16
|
|
78
|
4,349.00
|
LSE
|
12:01:15
|
|
73
|
4,348.00
|
LSE
|
12:01:36
|
|
213
|
4,350.00
|
LSE
|
12:02:55
|
|
498
|
4,360.00
|
LSE
|
12:07:47
|
|
68
|
4,358.00
|
LSE
|
12:08:47
|
|
77
|
4,356.00
|
LSE
|
12:09:19
|
|
70
|
4,357.00
|
LSE
|
12:10:00
|
|
244
|
4,358.00
|
LSE
|
12:11:51
|
|
64
|
4,358.00
|
LSE
|
12:15:40
|
|
340
|
4,358.00
|
LSE
|
12:15:40
|
|
72
|
4,358.00
|
LSE
|
12:17:06
|
|
123
|
4,358.00
|
LSE
|
12:17:06
|
|
66
|
4,359.00
|
LSE
|
12:17:52
|
|
61
|
4,356.00
|
LSE
|
12:19:01
|
|
148
|
4,356.00
|
LSE
|
12:19:57
|
|
93
|
4,356.00
|
LSE
|
12:21:02
|
|
120
|
4,355.00
|
LSE
|
12:21:14
|
|
2
|
4,355.00
|
LSE
|
12:21:14
|
|
68
|
4,354.00
|
LSE
|
12:22:52
|
|
117
|
4,354.00
|
LSE
|
12:22:52
|
|
73
|
4,355.00
|
LSE
|
12:23:59
|
|
348
|
4,358.00
|
LSE
|
12:26:36
|
|
65
|
4,358.00
|
LSE
|
12:27:23
|
|
365
|
4,360.00
|
LSE
|
12:30:19
|
|
150
|
4,362.00
|
LSE
|
12:37:34
|
|
408
|
4,362.00
|
LSE
|
12:37:34
|
|
115
|
4,362.00
|
LSE
|
12:37:34
|
|
156
|
4,360.00
|
LSE
|
12:37:48
|
|
297
|
4,361.00
|
LSE
|
12:40:45
|
|
70
|
4,360.00
|
LSE
|
12:41:22
|
|
15
|
4,363.00
|
LSE
|
12:49:27
|
|
154
|
4,363.00
|
LSE
|
12:49:27
|
|
770
|
4,362.00
|
LSE
|
12:49:46
|
|
75
|
4,361.00
|
LSE
|
12:50:34
|
|
266
|
4,362.00
|
LSE
|
12:54:20
|
|
111
|
4,362.00
|
LSE
|
12:54:20
|
|
198
|
4,363.00
|
LSE
|
12:57:03
|
|
204
|
4,363.00
|
LSE
|
12:57:03
|
|
88
|
4,363.00
|
LSE
|
12:58:23
|
|
294
|
4,365.00
|
LSE
|
13:00:01
|
|
77
|
4,363.00
|
LSE
|
13:01:32
|
|
140
|
4,361.00
|
LSE
|
13:03:40
|
|
281
|
4,361.00
|
LSE
|
13:03:40
|
|
437
|
4,364.00
|
LSE
|
13:08:20
|
|
94
|
4,363.00
|
LSE
|
13:08:20
|
|
177
|
4,362.00
|
LSE
|
13:10:54
|
|
109
|
4,362.00
|
LSE
|
13:10:54
|
|
293
|
4,362.00
|
LSE
|
13:14:55
|
|
111
|
4,362.00
|
LSE
|
13:14:55
|
|
61
|
4,361.00
|
LSE
|
13:15:18
|
|
68
|
4,360.00
|
LSE
|
13:16:39
|
|
143
|
4,361.00
|
LSE
|
13:17:08
|
|
500
|
4,360.00
|
LSE
|
13:21:41
|
|
131
|
4,360.00
|
LSE
|
13:21:50
|
|
184
|
4,357.00
|
LSE
|
13:24:01
|
|
69
|
4,355.00
|
LSE
|
13:24:52
|
|
77
|
4,356.00
|
LSE
|
13:26:14
|
|
137
|
4,357.00
|
LSE
|
13:26:50
|
|
77
|
4,357.00
|
LSE
|
13:28:58
|
|
133
|
4,357.00
|
LSE
|
13:29:17
|
|
77
|
4,359.00
|
LSE
|
13:30:00
|
|
91
|
4,360.00
|
LSE
|
13:30:28
|
|
76
|
4,356.00
|
LSE
|
13:31:48
|
|
137
|
4,356.00
|
LSE
|
13:31:48
|
|
73
|
4,360.00
|
LSE
|
13:33:13
|
|
107
|
4,360.00
|
LSE
|
13:33:13
|
|
138
|
4,360.00
|
LSE
|
13:34:08
|
|
399
|
4,369.00
|
LSE
|
13:37:02
|
|
69
|
4,368.00
|
LSE
|
13:37:29
|
|
109
|
4,371.00
|
LSE
|
13:40:42
|
|
575
|
4,380.00
|
LSE
|
13:44:35
|
|
317
|
4,379.00
|
LSE
|
13:44:35
|
|
70
|
4,382.00
|
LSE
|
13:45:04
|
|
61
|
4,383.00
|
LSE
|
13:45:30
|
|
375
|
4,386.00
|
LSE
|
13:48:01
|
|
64
|
4,386.00
|
LSE
|
13:48:17
|
|
63
|
4,385.00
|
LSE
|
13:49:41
|
|
156
|
4,383.00
|
LSE
|
13:51:40
|
|
161
|
4,383.00
|
LSE
|
13:51:40
|
|
160
|
4,381.00
|
LSE
|
13:51:49
|
|
238
|
4,384.00
|
LSE
|
13:53:22
|
|
67
|
4,383.00
|
LSE
|
13:53:52
|
|
14
|
4,386.00
|
LSE
|
13:54:34
|
|
42
|
4,386.00
|
LSE
|
13:54:34
|
|
25
|
4,386.00
|
LSE
|
13:54:34
|
|
25
|
4,386.00
|
LSE
|
13:54:35
|
|
21
|
4,386.00
|
LSE
|
13:54:42
|
|
88
|
4,386.00
|
LSE
|
13:55:17
|
|
43
|
4,383.00
|
LSE
|
13:56:26
|
|
30
|
4,383.00
|
LSE
|
13:56:27
|
|
250
|
4,387.00
|
LSE
|
13:58:06
|
|
77
|
4,382.00
|
LSE
|
13:58:58
|
|
80
|
4,381.00
|
LSE
|
14:00:00
|
|
877
|
4,385.00
|
LSE
|
14:04:57
|
|
74
|
4,382.00
|
LSE
|
14:05:41
|
|
98
|
4,383.00
|
LSE
|
14:05:57
|
|
136
|
4,383.00
|
LSE
|
14:06:52
|
|
437
|
4,381.00
|
LSE
|
14:11:06
|
|
181
|
4,381.00
|
LSE
|
14:11:06
|
|
301
|
4,382.00
|
LSE
|
14:12:09
|
|
81
|
4,382.00
|
LSE
|
14:12:20
|
|
250
|
4,382.00
|
LSE
|
14:15:32
|
|
183
|
4,382.00
|
LSE
|
14:15:32
|
|
1,024
|
4,379.00
|
LSE
|
14:20:36
|
|
423
|
4,383.00
|
LSE
|
14:26:49
|
|
1,253
|
4,383.00
|
LSE
|
14:26:51
|
|
1,931
|
4,383.00
|
LSE
|
14:29:59
|
|
707
|
4,384.00
|
LSE
|
14:30:04
|
|
88
|
4,382.00
|
LSE
|
14:30:15
|
|
1,256
|
4,392.00
|
LSE
|
14:31:04
|
|
265
|
4,391.00
|
LSE
|
14:31:20
|
|
308
|
4,392.00
|
LSE
|
14:31:35
|
|
154
|
4,391.00
|
LSE
|
14:31:41
|
|
330
|
4,389.00
|
LSE
|
14:32:00
|
|
220
|
4,388.00
|
LSE
|
14:32:05
|
|
87
|
4,386.00
|
LSE
|
14:32:08
|
|
396
|
4,387.00
|
LSE
|
14:32:30
|
|
98
|
4,394.00
|
LSE
|
14:32:32
|
|
5
|
4,397.00
|
LSE
|
14:32:34
|
|
40
|
4,397.00
|
LSE
|
14:32:34
|
|
164
|
4,395.00
|
LSE
|
14:32:40
|
|
242
|
4,397.00
|
LSE
|
14:32:50
|
|
109
|
4,396.00
|
LSE
|
14:32:56
|
|
88
|
4,393.00
|
LSE
|
14:32:58
|
|
176
|
4,396.00
|
LSE
|
14:33:22
|
|
416
|
4,396.00
|
LSE
|
14:33:33
|
|
110
|
4,396.00
|
LSE
|
14:33:54
|
|
547
|
4,394.00
|
LSE
|
14:34:09
|
|
209
|
4,392.00
|
LSE
|
14:34:23
|
|
570
|
4,401.00
|
LSE
|
14:35:09
|
|
617
|
4,410.00
|
LSE
|
14:36:17
|
|
116
|
4,410.00
|
LSE
|
14:36:50
|
|
270
|
4,410.00
|
LSE
|
14:37:06
|
|
558
|
4,417.00
|
LSE
|
14:37:57
|
|
673
|
4,424.00
|
LSE
|
14:39:02
|
|
220
|
4,426.00
|
LSE
|
14:39:33
|
|
71
|
4,425.00
|
LSE
|
14:39:38
|
|
32
|
4,425.00
|
LSE
|
14:39:55
|
|
85
|
4,429.00
|
LSE
|
14:40:14
|
|
126
|
4,429.00
|
LSE
|
14:40:14
|
|
268
|
4,431.00
|
LSE
|
14:41:08
|
|
205
|
4,429.00
|
LSE
|
14:41:11
|
|
68
|
4,435.00
|
LSE
|
14:41:43
|
|
207
|
4,435.00
|
LSE
|
14:41:43
|
|
31
|
4,436.00
|
LSE
|
14:41:58
|
|
30
|
4,436.00
|
LSE
|
14:41:58
|
|
41
|
4,436.00
|
LSE
|
14:41:58
|
|
446
|
4,434.00
|
LSE
|
14:42:07
|
|
55
|
4,434.00
|
LSE
|
14:42:07
|
|
445
|
4,434.00
|
LSE
|
14:42:07
|
|
300
|
4,434.00
|
LSE
|
14:42:07
|
|
57
|
4,434.00
|
LSE
|
14:42:07
|
|
103
|
4,434.00
|
LSE
|
14:42:08
|
|
100
|
4,434.00
|
LSE
|
14:42:08
|
|
40
|
4,434.00
|
LSE
|
14:42:08
|
|
634
|
4,438.00
|
LSE
|
14:46:27
|
|
8
|
4,437.00
|
LSE
|
14:46:42
|
|
1
|
4,437.00
|
LSE
|
14:46:42
|
|
57
|
4,437.00
|
LSE
|
14:46:42
|
|
100
|
4,437.00
|
LSE
|
14:46:42
|
|
88
|
4,433.00
|
LSE
|
14:46:49
|
|
71
|
4,432.00
|
LSE
|
14:46:57
|
|
87
|
4,433.00
|
LSE
|
14:47:05
|
|
220
|
4,441.00
|
LSE
|
14:49:03
|
|
805
|
4,441.00
|
LSE
|
14:49:03
|
|
95
|
4,441.00
|
LSE
|
14:49:16
|
|
80
|
4,440.00
|
LSE
|
14:49:38
|
|
96
|
4,438.00
|
LSE
|
14:49:57
|
|
97
|
4,437.00
|
LSE
|
14:50:06
|
|
71
|
4,437.00
|
LSE
|
14:50:14
|
|
102
|
4,432.00
|
LSE
|
14:50:28
|
|
95
|
4,431.00
|
LSE
|
14:50:51
|
|
461
|
4,433.00
|
LSE
|
14:52:03
|
|
329
|
4,432.00
|
LSE
|
14:52:18
|
|
394
|
4,434.00
|
LSE
|
14:53:30
|
|
146
|
4,432.00
|
LSE
|
14:53:40
|
|
275
|
4,432.00
|
LSE
|
14:54:38
|
|
10
|
4,432.00
|
LSE
|
14:54:54
|
|
278
|
4,432.00
|
LSE
|
14:54:54
|
|
96
|
4,431.00
|
LSE
|
14:55:02
|
|
72
|
4,430.00
|
LSE
|
14:55:19
|
|
628
|
4,433.00
|
LSE
|
14:56:50
|
|
52
|
4,433.00
|
LSE
|
14:56:50
|
|
167
|
4,432.00
|
LSE
|
14:56:58
|
|
72
|
4,428.00
|
LSE
|
14:57:38
|
|
463
|
4,428.00
|
LSE
|
14:58:31
|
|
635
|
4,426.00
|
LSE
|
14:59:27
|
|
78
|
4,425.00
|
LSE
|
14:59:54
|
|
1,330
|
4,434.00
|
LSE
|
15:02:20
|
|
85
|
4,429.00
|
LSE
|
15:02:41
|
|
93
|
4,427.00
|
LSE
|
15:03:32
|
|
1,622
|
4,436.00
|
LSE
|
15:06:34
|
|
73
|
4,433.00
|
LSE
|
15:07:17
|
|
226
|
4,432.00
|
LSE
|
15:07:28
|
|
79
|
4,430.00
|
LSE
|
15:07:45
|
|
120
|
4,430.00
|
LSE
|
15:07:58
|
|
271
|
4,432.00
|
LSE
|
15:08:49
|
|
140
|
4,429.00
|
LSE
|
15:09:39
|
|
298
|
4,433.00
|
LSE
|
15:10:55
|
|
531
|
4,433.00
|
LSE
|
15:10:55
|
|
74
|
4,433.00
|
LSE
|
15:11:13
|
|
75
|
4,432.00
|
LSE
|
15:11:14
|
|
388
|
4,434.00
|
LSE
|
15:12:16
|
|
75
|
4,434.00
|
LSE
|
15:12:36
|
|
691
|
4,440.00
|
LSE
|
15:14:31
|
|
168
|
4,439.00
|
LSE
|
15:14:48
|
|
105
|
4,437.00
|
LSE
|
15:15:02
|
|
100
|
4,435.00
|
LSE
|
15:15:05
|
|
162
|
4,434.00
|
LSE
|
15:15:55
|
|
174
|
4,433.00
|
LSE
|
15:16:33
|
|
416
|
4,433.00
|
LSE
|
15:17:23
|
|
125
|
4,433.00
|
LSE
|
15:17:45
|
|
130
|
4,432.00
|
LSE
|
15:17:47
|
|
75
|
4,432.00
|
LSE
|
15:18:40
|
|
267
|
4,432.00
|
LSE
|
15:19:14
|
|
391
|
4,434.00
|
LSE
|
15:20:04
|
|
181
|
4,435.00
|
LSE
|
15:20:24
|
|
47
|
4,431.00
|
LSE
|
15:20:39
|
|
34
|
4,431.00
|
LSE
|
15:20:39
|
|
76
|
4,431.00
|
LSE
|
15:20:52
|
|
64
|
4,430.00
|
LSE
|
15:21:50
|
|
700
|
4,436.00
|
LSE
|
15:23:15
|
|
108
|
4,436.00
|
LSE
|
15:23:15
|
|
221
|
4,437.00
|
LSE
|
15:24:19
|
|
305
|
4,438.00
|
LSE
|
15:24:55
|
|
88
|
4,436.00
|
LSE
|
15:25:12
|
|
1,781
|
4,451.00
|
LSE
|
15:30:57
|
|
322
|
4,451.00
|
LSE
|
15:31:03
|
|
948
|
4,456.00
|
LSE
|
15:34:00
|
|
105
|
4,455.00
|
LSE
|
15:34:24
|
|
242
|
4,455.00
|
LSE
|
15:35:19
|
|
223
|
4,454.00
|
LSE
|
15:35:31
|
|
72
|
4,453.00
|
LSE
|
15:35:40
|
|
73
|
4,452.00
|
LSE
|
15:36:15
|
|
247
|
4,451.00
|
LSE
|
15:36:53
|
|
169
|
4,450.00
|
LSE
|
15:37:10
|
|
446
|
4,452.00
|
LSE
|
15:38:14
|
|
84
|
4,452.00
|
LSE
|
15:38:27
|
|
410
|
4,451.00
|
LSE
|
15:39:44
|
|
70
|
4,451.00
|
LSE
|
15:40:11
|
|
125
|
4,452.00
|
LSE
|
15:40:15
|
|
70
|
4,452.00
|
LSE
|
15:41:09
|
|
89
|
4,451.00
|
LSE
|
15:41:32
|
|
77
|
4,451.00
|
LSE
|
15:41:32
|
|
64
|
4,451.00
|
LSE
|
15:41:32
|
|
805
|
4,456.00
|
LSE
|
15:44:17
|
|
672
|
4,460.00
|
LSE
|
15:45:44
|
|
171
|
4,460.00
|
LSE
|
15:46:40
|
|
196
|
4,459.00
|
LSE
|
15:46:40
|
|
890
|
4,459.00
|
LSE
|
15:49:02
|
|
89
|
4,459.00
|
LSE
|
15:49:25
|
|
112
|
4,460.00
|
LSE
|
15:50:49
|
|
335
|
4,460.00
|
LSE
|
15:50:49
|
|
583
|
4,463.00
|
LSE
|
15:52:14
|
|
72
|
4,461.00
|
LSE
|
15:52:49
|
|
166
|
4,460.00
|
LSE
|
15:52:59
|
|
77
|
4,460.00
|
LSE
|
15:53:25
|
|
333
|
4,462.00
|
LSE
|
15:54:45
|
|
358
|
4,462.00
|
LSE
|
15:54:56
|
|
252
|
4,467.00
|
LSE
|
15:57:34
|
|
1,055
|
4,468.00
|
LSE
|
15:59:50
|
|
96
|
4,467.00
|
LSE
|
16:00:11
|
|
118
|
4,467.00
|
LSE
|
16:00:28
|
|
371
|
4,469.00
|
LSE
|
16:01:57
|
|
162
|
4,468.00
|
LSE
|
16:02:34
|
|
208
|
4,468.00
|
LSE
|
16:02:34
|
|
74
|
4,465.00
|
LSE
|
16:02:45
|
|
34
|
4,468.00
|
LSE
|
16:05:06
|
|
139
|
4,468.00
|
LSE
|
16:05:06
|
|
612
|
4,469.00
|
LSE
|
16:05:22
|
|
399
|
4,468.00
|
LSE
|
16:06:51
|
|
190
|
4,469.00
|
LSE
|
16:07:57
|
|
595
|
4,473.00
|
LSE
|
16:09:07
|
|
14
|
4,474.00
|
LSE
|
16:09:40
|
|
345
|
4,473.00
|
LSE
|
16:10:21
|
|
100
|
4,473.00
|
LSE
|
16:10:21
|
|
253
|
4,473.00
|
LSE
|
16:10:21
|
|
11
|
4,473.00
|
LSE
|
16:10:21
|
Exhibit 31
British American Tobacco p.l.c.
23 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
20 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
94,469
|
|
Highest price paid per share (pence):
|
4,596.00p
|
|
Lowest price paid per share (pence):
|
4,481.00p
|
|
Volume weighted average price paid per share (pence):
|
4,551.7968p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,109,609 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 20 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired |
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
20/02/2026
|
94,469
|
4,551.7968p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
20/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
20/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
1,823
|
4,506.00
|
LSE
|
08:00:25
|
|
208
|
4,509.00
|
LSE
|
08:01:02
|
|
139
|
4,507.00
|
LSE
|
08:01:32
|
|
96
|
4,502.00
|
LSE
|
08:02:46
|
|
386
|
4,500.00
|
LSE
|
08:03:43
|
|
96
|
4,498.00
|
LSE
|
08:04:48
|
|
174
|
4,497.00
|
LSE
|
08:04:53
|
|
255
|
4,494.00
|
LSE
|
08:09:13
|
|
264
|
4,493.00
|
LSE
|
08:11:01
|
|
746
|
4,492.00
|
LSE
|
08:11:35
|
|
86
|
4,490.00
|
LSE
|
08:11:44
|
|
113
|
4,488.00
|
LSE
|
08:12:27
|
|
61
|
4,487.00
|
LSE
|
08:14:24
|
|
560
|
4,491.00
|
LSE
|
08:17:11
|
|
176
|
4,489.00
|
LSE
|
08:18:09
|
|
52
|
4,488.00
|
LSE
|
08:18:48
|
|
169
|
4,488.00
|
LSE
|
08:18:48
|
|
167
|
4,488.00
|
LSE
|
08:20:34
|
|
35
|
4,488.00
|
LSE
|
08:20:34
|
|
763
|
4,496.00
|
LSE
|
08:25:22
|
|
380
|
4,496.00
|
LSE
|
08:28:28
|
|
86
|
4,496.00
|
LSE
|
08:28:33
|
|
68
|
4,490.00
|
LSE
|
08:30:29
|
|
668
|
4,493.00
|
LSE
|
08:34:10
|
|
133
|
4,494.00
|
LSE
|
08:37:35
|
|
104
|
4,496.00
|
LSE
|
08:40:00
|
|
137
|
4,496.00
|
LSE
|
08:40:32
|
|
65
|
4,496.00
|
LSE
|
08:41:25
|
|
67
|
4,494.00
|
LSE
|
08:41:46
|
|
62
|
4,492.00
|
LSE
|
08:43:54
|
|
115
|
4,492.00
|
LSE
|
08:43:54
|
|
110
|
4,490.00
|
LSE
|
08:44:50
|
|
417
|
4,497.00
|
LSE
|
08:49:58
|
|
98
|
4,497.00
|
LSE
|
08:49:58
|
|
76
|
4,496.00
|
LSE
|
08:50:04
|
|
151
|
4,496.00
|
LSE
|
08:52:34
|
|
173
|
4,496.00
|
LSE
|
08:54:09
|
|
67
|
4,495.00
|
LSE
|
08:54:32
|
|
247
|
4,492.00
|
LSE
|
08:56:54
|
|
69
|
4,488.00
|
LSE
|
08:57:36
|
|
63
|
4,484.00
|
LSE
|
08:58:27
|
|
97
|
4,483.00
|
LSE
|
08:58:58
|
|
66
|
4,481.00
|
LSE
|
08:59:24
|
|
920
|
4,486.00
|
LSE
|
09:05:12
|
|
85
|
4,488.00
|
LSE
|
09:06:20
|
|
45
|
4,488.00
|
LSE
|
09:06:20
|
|
172
|
4,491.00
|
LSE
|
09:07:15
|
|
92
|
4,492.00
|
LSE
|
09:08:00
|
|
76
|
4,493.00
|
LSE
|
09:08:45
|
|
62
|
4,492.00
|
LSE
|
09:10:29
|
|
101
|
4,492.00
|
LSE
|
09:10:29
|
|
350
|
4,496.00
|
LSE
|
09:10:39
|
|
114
|
4,499.00
|
LSE
|
09:14:52
|
|
375
|
4,504.00
|
LSE
|
09:18:50
|
|
70
|
4,502.00
|
LSE
|
09:19:40
|
|
349
|
4,512.00
|
LSE
|
09:22:43
|
|
83
|
4,512.00
|
LSE
|
09:24:01
|
|
195
|
4,512.00
|
LSE
|
09:25:15
|
|
165
|
4,513.00
|
LSE
|
09:27:06
|
|
214
|
4,513.00
|
LSE
|
09:29:06
|
|
11
|
4,514.00
|
LSE
|
09:30:01
|
|
55
|
4,514.00
|
LSE
|
09:30:04
|
|
379
|
4,520.00
|
LSE
|
09:32:31
|
|
251
|
4,521.00
|
LSE
|
09:35:33
|
|
268
|
4,520.00
|
LSE
|
09:35:43
|
|
342
|
4,522.00
|
LSE
|
09:40:17
|
|
89
|
4,527.00
|
LSE
|
09:43:01
|
|
64
|
4,526.00
|
LSE
|
09:43:23
|
|
82
|
4,526.00
|
LSE
|
09:44:27
|
|
71
|
4,529.00
|
LSE
|
09:44:47
|
|
88
|
4,529.00
|
LSE
|
09:46:01
|
|
365
|
4,534.00
|
LSE
|
09:48:46
|
|
370
|
4,537.00
|
LSE
|
09:51:34
|
|
68
|
4,537.00
|
LSE
|
09:52:01
|
|
71
|
4,537.00
|
LSE
|
09:52:41
|
|
107
|
4,539.00
|
LSE
|
09:53:29
|
|
61
|
4,538.00
|
LSE
|
09:54:27
|
|
114
|
4,538.00
|
LSE
|
09:54:37
|
|
107
|
4,541.00
|
LSE
|
09:55:29
|
|
62
|
4,540.00
|
LSE
|
09:56:21
|
|
157
|
4,543.00
|
LSE
|
09:57:09
|
|
75
|
4,542.00
|
LSE
|
09:58:36
|
|
120
|
4,542.00
|
LSE
|
09:59:20
|
|
91
|
4,539.00
|
LSE
|
09:59:37
|
|
242
|
4,544.00
|
LSE
|
10:01:16
|
|
58
|
4,546.00
|
LSE
|
10:02:30
|
|
114
|
4,543.00
|
LSE
|
10:02:59
|
|
94
|
4,542.00
|
LSE
|
10:03:40
|
|
116
|
4,544.00
|
LSE
|
10:05:14
|
|
150
|
4,542.00
|
LSE
|
10:05:21
|
|
71
|
4,540.00
|
LSE
|
10:05:52
|
|
235
|
4,545.00
|
LSE
|
10:07:33
|
|
161
|
4,548.00
|
LSE
|
10:07:44
|
|
62
|
4,545.00
|
LSE
|
10:09:23
|
|
286
|
4,544.00
|
LSE
|
10:15:18
|
|
585
|
4,544.00
|
LSE
|
10:15:18
|
|
432
|
4,546.00
|
LSE
|
10:15:46
|
|
222
|
4,549.00
|
LSE
|
10:16:10
|
|
163
|
4,548.00
|
LSE
|
10:16:18
|
|
201
|
4,550.00
|
LSE
|
10:16:51
|
|
71
|
4,552.00
|
LSE
|
10:17:00
|
|
215
|
4,552.00
|
LSE
|
10:17:00
|
|
84
|
4,550.00
|
LSE
|
10:17:13
|
|
266
|
4,549.00
|
LSE
|
10:18:00
|
|
686
|
4,550.00
|
LSE
|
10:18:31
|
|
72
|
4,549.00
|
LSE
|
10:18:52
|
|
233
|
4,548.00
|
LSE
|
10:19:01
|
|
294
|
4,547.00
|
LSE
|
10:20:30
|
|
135
|
4,546.00
|
LSE
|
10:20:53
|
|
99
|
4,545.00
|
LSE
|
10:21:34
|
|
1,001
|
4,550.00
|
LSE
|
10:26:31
|
|
78
|
4,550.00
|
LSE
|
10:26:39
|
|
81
|
4,550.00
|
LSE
|
10:28:12
|
|
81
|
4,550.00
|
LSE
|
10:28:12
|
|
88
|
4,550.00
|
LSE
|
10:28:12
|
|
217
|
4,550.00
|
LSE
|
10:30:32
|
|
134
|
4,550.00
|
LSE
|
10:30:32
|
|
70
|
4,548.00
|
LSE
|
10:31:00
|
|
89
|
4,548.00
|
LSE
|
10:31:32
|
|
98
|
4,547.00
|
LSE
|
10:32:19
|
|
319
|
4,548.00
|
LSE
|
10:34:51
|
|
165
|
4,548.00
|
LSE
|
10:36:11
|
|
66
|
4,547.00
|
LSE
|
10:36:48
|
|
105
|
4,547.00
|
LSE
|
10:38:11
|
|
128
|
4,546.00
|
LSE
|
10:40:14
|
|
239
|
4,546.00
|
LSE
|
10:40:14
|
|
89
|
4,544.00
|
LSE
|
10:41:02
|
|
197
|
4,544.00
|
LSE
|
10:43:29
|
|
111
|
4,544.00
|
LSE
|
10:43:54
|
|
322
|
4,542.00
|
LSE
|
10:47:36
|
|
124
|
4,542.00
|
LSE
|
10:47:36
|
|
119
|
4,543.00
|
LSE
|
10:48:12
|
|
399
|
4,543.00
|
LSE
|
10:50:12
|
|
1,012
|
4,545.00
|
LSE
|
10:54:47
|
|
90
|
4,545.00
|
LSE
|
10:54:47
|
|
270
|
4,545.00
|
LSE
|
10:54:47
|
|
49
|
4,545.00
|
LSE
|
10:54:47
|
|
160
|
4,544.00
|
LSE
|
10:55:20
|
|
159
|
4,544.00
|
LSE
|
10:55:43
|
|
82
|
4,545.00
|
LSE
|
10:58:27
|
|
823
|
4,545.00
|
LSE
|
10:58:27
|
|
391
|
4,549.00
|
LSE
|
11:02:39
|
|
366
|
4,549.00
|
LSE
|
11:02:39
|
|
99
|
4,549.00
|
LSE
|
11:02:42
|
|
65
|
4,548.00
|
LSE
|
11:04:31
|
|
145
|
4,548.00
|
LSE
|
11:04:31
|
|
192
|
4,543.00
|
LSE
|
11:06:48
|
|
120
|
4,543.00
|
LSE
|
11:06:48
|
|
64
|
4,537.00
|
LSE
|
11:08:17
|
|
120
|
4,537.00
|
LSE
|
11:08:17
|
|
115
|
4,539.00
|
LSE
|
11:09:38
|
|
73
|
4,539.00
|
LSE
|
11:10:31
|
|
62
|
4,537.00
|
LSE
|
11:10:55
|
|
67
|
4,540.00
|
LSE
|
11:12:05
|
|
66
|
4,539.00
|
LSE
|
11:13:10
|
|
94
|
4,539.00
|
LSE
|
11:13:10
|
|
139
|
4,538.00
|
LSE
|
11:15:10
|
|
106
|
4,537.00
|
LSE
|
11:18:50
|
|
285
|
4,537.00
|
LSE
|
11:18:50
|
|
68
|
4,536.00
|
LSE
|
11:19:23
|
|
169
|
4,539.00
|
LSE
|
11:21:04
|
|
86
|
4,537.00
|
LSE
|
11:22:45
|
|
74
|
4,535.00
|
LSE
|
11:22:51
|
|
340
|
4,540.00
|
LSE
|
11:29:16
|
|
194
|
4,540.00
|
LSE
|
11:29:16
|
|
301
|
4,539.00
|
LSE
|
11:32:58
|
|
84
|
4,539.00
|
LSE
|
11:32:58
|
|
76
|
4,538.00
|
LSE
|
11:33:18
|
|
63
|
4,537.00
|
LSE
|
11:34:35
|
|
54
|
4,535.00
|
LSE
|
11:34:43
|
|
6
|
4,535.00
|
LSE
|
11:34:43
|
|
69
|
4,538.00
|
LSE
|
11:35:09
|
|
64
|
4,536.00
|
LSE
|
11:36:36
|
|
458
|
4,538.00
|
LSE
|
11:42:04
|
|
163
|
4,535.00
|
LSE
|
11:48:54
|
|
368
|
4,535.00
|
LSE
|
11:48:54
|
|
233
|
4,535.00
|
LSE
|
11:50:02
|
|
96
|
4,533.00
|
LSE
|
11:50:47
|
|
149
|
4,535.00
|
LSE
|
11:52:30
|
|
67
|
4,534.00
|
LSE
|
11:52:46
|
|
158
|
4,537.00
|
LSE
|
11:53:53
|
|
62
|
4,535.00
|
LSE
|
11:55:06
|
|
150
|
4,538.00
|
LSE
|
11:56:09
|
|
11
|
4,537.00
|
LSE
|
11:57:24
|
|
52
|
4,537.00
|
LSE
|
11:57:24
|
|
71
|
4,536.00
|
LSE
|
12:02:14
|
|
442
|
4,536.00
|
LSE
|
12:02:14
|
|
23
|
4,541.00
|
LSE
|
12:04:01
|
|
193
|
4,541.00
|
LSE
|
12:04:01
|
|
115
|
4,542.00
|
LSE
|
12:04:50
|
|
70
|
4,538.00
|
LSE
|
12:05:54
|
|
64
|
4,537.00
|
LSE
|
12:06:09
|
|
83
|
4,539.00
|
LSE
|
12:06:58
|
|
30
|
4,538.00
|
LSE
|
12:09:56
|
|
67
|
4,538.00
|
LSE
|
12:09:56
|
|
165
|
4,538.00
|
LSE
|
12:09:56
|
|
85
|
4,538.00
|
LSE
|
12:10:39
|
|
73
|
4,538.00
|
LSE
|
12:11:13
|
|
162
|
4,537.00
|
LSE
|
12:13:21
|
|
63
|
4,541.00
|
LSE
|
12:13:44
|
|
63
|
4,540.00
|
LSE
|
12:15:17
|
|
79
|
4,540.00
|
LSE
|
12:15:17
|
|
294
|
4,538.00
|
LSE
|
12:21:37
|
|
21
|
4,538.00
|
LSE
|
12:21:37
|
|
71
|
4,538.00
|
LSE
|
12:21:37
|
|
69
|
4,537.00
|
LSE
|
12:22:07
|
|
401
|
4,543.00
|
LSE
|
12:26:18
|
|
199
|
4,544.00
|
LSE
|
12:28:24
|
|
78
|
4,543.00
|
LSE
|
12:28:33
|
|
195
|
4,547.00
|
LSE
|
12:32:12
|
|
108
|
4,547.00
|
LSE
|
12:32:12
|
|
368
|
4,549.00
|
LSE
|
12:36:38
|
|
115
|
4,549.00
|
LSE
|
12:38:06
|
|
77
|
4,549.00
|
LSE
|
12:42:44
|
|
141
|
4,549.00
|
LSE
|
12:42:44
|
|
157
|
4,549.00
|
LSE
|
12:42:44
|
|
71
|
4,550.00
|
LSE
|
12:43:59
|
|
400
|
4,551.00
|
LSE
|
12:48:57
|
|
170
|
4,550.00
|
LSE
|
12:49:04
|
|
62
|
4,550.00
|
LSE
|
12:50:21
|
|
183
|
4,548.00
|
LSE
|
12:50:21
|
|
113
|
4,547.00
|
LSE
|
12:51:08
|
|
70
|
4,548.00
|
LSE
|
12:52:24
|
|
69
|
4,553.00
|
LSE
|
12:56:33
|
|
65
|
4,553.00
|
LSE
|
12:56:46
|
|
66
|
4,552.00
|
LSE
|
12:57:43
|
|
90
|
4,552.00
|
LSE
|
12:57:47
|
|
82
|
4,550.00
|
LSE
|
12:58:10
|
|
90
|
4,549.00
|
LSE
|
12:58:20
|
|
187
|
4,550.00
|
LSE
|
13:01:14
|
|
93
|
4,564.00
|
LSE
|
13:11:51
|
|
51
|
4,564.00
|
LSE
|
13:11:51
|
|
90
|
4,563.00
|
LSE
|
13:12:02
|
|
64
|
4,567.00
|
LSE
|
13:15:18
|
|
165
|
4,570.00
|
LSE
|
13:17:27
|
|
2
|
4,570.00
|
LSE
|
13:17:27
|
|
157
|
4,569.00
|
LSE
|
13:17:36
|
|
144
|
4,567.00
|
LSE
|
13:19:29
|
|
130
|
4,567.00
|
LSE
|
13:19:29
|
|
71
|
4,567.00
|
LSE
|
13:21:09
|
|
104
|
4,567.00
|
LSE
|
13:21:09
|
|
303
|
4,566.00
|
LSE
|
13:22:12
|
|
64
|
4,565.00
|
LSE
|
13:23:25
|
|
162
|
4,565.00
|
LSE
|
13:24:57
|
|
12
|
4,565.00
|
LSE
|
13:24:57
|
|
108
|
4,564.00
|
LSE
|
13:30:00
|
|
440
|
4,564.00
|
LSE
|
13:30:00
|
|
258
|
4,564.00
|
LSE
|
13:32:00
|
|
236
|
4,564.00
|
LSE
|
13:33:11
|
|
92
|
4,565.00
|
LSE
|
13:35:37
|
|
294
|
4,565.00
|
LSE
|
13:37:27
|
|
124
|
4,563.00
|
LSE
|
13:38:42
|
|
112
|
4,563.00
|
LSE
|
13:38:42
|
|
132
|
4,563.00
|
LSE
|
13:39:04
|
|
50
|
4,563.00
|
LSE
|
13:45:18
|
|
642
|
4,565.00
|
LSE
|
13:47:25
|
|
677
|
4,564.00
|
LSE
|
13:51:46
|
|
263
|
4,570.00
|
LSE
|
13:57:23
|
|
196
|
4,566.00
|
LSE
|
13:59:37
|
|
299
|
4,566.00
|
LSE
|
13:59:37
|
|
161
|
4,566.00
|
LSE
|
13:59:37
|
|
84
|
4,566.00
|
LSE
|
14:00:00
|
|
96
|
4,566.00
|
LSE
|
14:00:00
|
|
382
|
4,568.00
|
LSE
|
14:03:52
|
|
225
|
4,567.00
|
LSE
|
14:03:58
|
|
120
|
4,568.00
|
LSE
|
14:06:23
|
|
125
|
4,569.00
|
LSE
|
14:07:42
|
|
9
|
4,570.00
|
LSE
|
14:11:01
|
|
257
|
4,570.00
|
LSE
|
14:11:01
|
|
64
|
4,575.00
|
LSE
|
14:14:26
|
|
255
|
4,575.00
|
LSE
|
14:15:54
|
|
123
|
4,579.00
|
LSE
|
14:18:54
|
|
84
|
4,582.00
|
LSE
|
14:20:21
|
|
81
|
4,581.00
|
LSE
|
14:20:27
|
|
168
|
4,581.00
|
LSE
|
14:21:57
|
|
153
|
4,580.00
|
LSE
|
14:21:59
|
|
130
|
4,581.00
|
LSE
|
14:24:08
|
|
631
|
4,580.00
|
LSE
|
14:25:57
|
|
290
|
4,578.00
|
LSE
|
14:26:39
|
|
650
|
4,584.00
|
LSE
|
14:29:32
|
|
1,022
|
4,596.00
|
LSE
|
14:30:16
|
|
65
|
4,595.00
|
LSE
|
14:30:25
|
|
114
|
4,593.00
|
LSE
|
14:30:31
|
|
130
|
4,595.00
|
LSE
|
14:30:36
|
|
81
|
4,592.00
|
LSE
|
14:30:42
|
|
97
|
4,591.00
|
LSE
|
14:30:57
|
|
212
|
4,589.00
|
LSE
|
14:30:58
|
|
81
|
4,585.00
|
LSE
|
14:31:15
|
|
456
|
4,591.00
|
LSE
|
14:31:37
|
|
114
|
4,589.00
|
LSE
|
14:31:55
|
|
48
|
4,589.00
|
LSE
|
14:32:05
|
|
100
|
4,589.00
|
LSE
|
14:32:05
|
|
161
|
4,589.00
|
LSE
|
14:32:05
|
|
131
|
4,589.00
|
LSE
|
14:32:07
|
|
81
|
4,584.00
|
LSE
|
14:32:23
|
|
19
|
4,579.00
|
LSE
|
14:32:25
|
|
564
|
4,579.00
|
LSE
|
14:32:25
|
|
39
|
4,579.00
|
LSE
|
14:32:35
|
|
10
|
4,579.00
|
LSE
|
14:32:35
|
|
40
|
4,579.00
|
LSE
|
14:32:36
|
|
1,803
|
4,579.00
|
LSE
|
14:32:41
|
|
12
|
4,579.00
|
LSE
|
14:32:41
|
|
398
|
4,579.00
|
LSE
|
14:32:41
|
|
173
|
4,588.00
|
LSE
|
14:34:25
|
|
1,064
|
4,587.00
|
LSE
|
14:34:45
|
|
235
|
4,587.00
|
LSE
|
14:34:45
|
|
20
|
4,585.00
|
LSE
|
14:35:18
|
|
160
|
4,585.00
|
LSE
|
14:35:18
|
|
374
|
4,583.00
|
LSE
|
14:35:33
|
|
70
|
4,579.00
|
LSE
|
14:35:36
|
|
71
|
4,578.00
|
LSE
|
14:35:45
|
|
300
|
4,580.00
|
LSE
|
14:36:24
|
|
136
|
4,581.00
|
LSE
|
14:37:27
|
|
10
|
4,581.00
|
LSE
|
14:37:27
|
|
257
|
4,581.00
|
LSE
|
14:37:27
|
|
154
|
4,581.00
|
LSE
|
14:37:27
|
|
73
|
4,581.00
|
LSE
|
14:37:56
|
|
166
|
4,579.00
|
LSE
|
14:38:14
|
|
1
|
4,579.00
|
LSE
|
14:38:14
|
|
25
|
4,579.00
|
LSE
|
14:38:14
|
|
96
|
4,578.00
|
LSE
|
14:38:26
|
|
80
|
4,578.00
|
LSE
|
14:38:26
|
|
210
|
4,580.00
|
LSE
|
14:38:47
|
|
66
|
4,579.00
|
LSE
|
14:38:52
|
|
166
|
4,583.00
|
LSE
|
14:40:05
|
|
213
|
4,583.00
|
LSE
|
14:40:05
|
|
50
|
4,580.00
|
LSE
|
14:40:23
|
|
23
|
4,580.00
|
LSE
|
14:40:45
|
|
856
|
4,583.00
|
LSE
|
14:42:45
|
|
135
|
4,586.00
|
LSE
|
14:43:13
|
|
72
|
4,584.00
|
LSE
|
14:43:44
|
|
175
|
4,583.00
|
LSE
|
14:43:47
|
|
162
|
4,577.00
|
LSE
|
14:43:57
|
|
85
|
4,574.00
|
LSE
|
14:44:23
|
|
101
|
4,577.00
|
LSE
|
14:44:38
|
|
113
|
4,577.00
|
LSE
|
14:44:38
|
|
74
|
4,575.00
|
LSE
|
14:45:05
|
|
232
|
4,572.00
|
LSE
|
14:45:07
|
|
84
|
4,570.00
|
LSE
|
14:45:35
|
|
27
|
4,571.00
|
LSE
|
14:45:36
|
|
158
|
4,571.00
|
LSE
|
14:45:47
|
|
173
|
4,572.00
|
LSE
|
14:46:24
|
|
17
|
4,571.00
|
LSE
|
14:46:46
|
|
299
|
4,571.00
|
LSE
|
14:46:46
|
|
69
|
4,574.00
|
LSE
|
14:47:28
|
|
154
|
4,574.00
|
LSE
|
14:47:35
|
|
1
|
4,574.00
|
LSE
|
14:48:22
|
|
213
|
4,574.00
|
LSE
|
14:48:22
|
|
97
|
4,573.00
|
LSE
|
14:48:27
|
|
20
|
4,573.00
|
LSE
|
14:48:27
|
|
40
|
4,573.00
|
LSE
|
14:48:27
|
|
62
|
4,573.00
|
LSE
|
14:48:30
|
|
45
|
4,573.00
|
LSE
|
14:48:30
|
|
44
|
4,576.00
|
LSE
|
14:49:05
|
|
49
|
4,576.00
|
LSE
|
14:49:05
|
|
106
|
4,576.00
|
LSE
|
14:49:05
|
|
239
|
4,581.00
|
LSE
|
14:50:02
|
|
80
|
4,581.00
|
LSE
|
14:50:08
|
|
109
|
4,579.00
|
LSE
|
14:50:20
|
|
52
|
4,579.00
|
LSE
|
14:50:41
|
|
49
|
4,579.00
|
LSE
|
14:50:41
|
|
56
|
4,579.00
|
LSE
|
14:50:41
|
|
79
|
4,578.00
|
LSE
|
14:51:09
|
|
170
|
4,577.00
|
LSE
|
14:51:44
|
|
162
|
4,578.00
|
LSE
|
14:52:10
|
|
218
|
4,578.00
|
LSE
|
14:52:10
|
|
90
|
4,579.00
|
LSE
|
14:52:29
|
|
230
|
4,579.00
|
LSE
|
14:53:15
|
|
95
|
4,579.00
|
LSE
|
14:54:05
|
|
210
|
4,579.00
|
LSE
|
14:54:05
|
|
134
|
4,581.00
|
LSE
|
14:55:17
|
|
436
|
4,580.00
|
LSE
|
14:55:28
|
|
169
|
4,579.00
|
LSE
|
14:56:13
|
|
195
|
4,578.00
|
LSE
|
14:56:16
|
|
148
|
4,580.00
|
LSE
|
14:57:06
|
|
152
|
4,578.00
|
LSE
|
14:57:07
|
|
75
|
4,578.00
|
LSE
|
14:57:11
|
|
82
|
4,578.00
|
LSE
|
14:57:36
|
|
163
|
4,575.00
|
LSE
|
14:57:57
|
|
192
|
4,573.00
|
LSE
|
14:58:05
|
|
253
|
4,578.00
|
LSE
|
14:59:19
|
|
436
|
4,580.00
|
LSE
|
15:01:01
|
|
329
|
4,579.00
|
LSE
|
15:01:14
|
|
1,153
|
4,580.00
|
LSE
|
15:01:16
|
|
74
|
4,565.00
|
LSE
|
15:03:22
|
|
70
|
4,562.00
|
LSE
|
15:03:23
|
|
245
|
4,566.00
|
LSE
|
15:04:31
|
|
72
|
4,566.00
|
LSE
|
15:04:37
|
|
91
|
4,567.00
|
LSE
|
15:05:02
|
|
154
|
4,569.00
|
LSE
|
15:05:40
|
|
63
|
4,568.00
|
LSE
|
15:05:59
|
|
100
|
4,568.00
|
LSE
|
15:06:29
|
|
341
|
4,573.00
|
LSE
|
15:07:47
|
|
72
|
4,572.00
|
LSE
|
15:07:58
|
|
78
|
4,571.00
|
LSE
|
15:08:38
|
|
242
|
4,570.00
|
LSE
|
15:08:50
|
|
130
|
4,570.00
|
LSE
|
15:08:59
|
|
112
|
4,570.00
|
LSE
|
15:09:19
|
|
181
|
4,568.00
|
LSE
|
15:10:04
|
|
81
|
4,567.00
|
LSE
|
15:10:06
|
|
62
|
4,567.00
|
LSE
|
15:10:14
|
|
102
|
4,565.00
|
LSE
|
15:10:21
|
|
117
|
4,562.00
|
LSE
|
15:10:26
|
|
123
|
4,559.00
|
LSE
|
15:10:48
|
|
86
|
4,561.00
|
LSE
|
15:10:59
|
|
88
|
4,561.00
|
LSE
|
15:11:12
|
|
68
|
4,561.00
|
LSE
|
15:11:33
|
|
178
|
4,562.00
|
LSE
|
15:11:50
|
|
67
|
4,563.00
|
LSE
|
15:13:09
|
|
173
|
4,562.00
|
LSE
|
15:13:21
|
|
395
|
4,561.00
|
LSE
|
15:14:35
|
|
162
|
4,565.00
|
LSE
|
15:15:19
|
|
100
|
4,567.00
|
LSE
|
15:15:49
|
|
93
|
4,566.00
|
LSE
|
15:16:16
|
|
128
|
4,565.00
|
LSE
|
15:16:18
|
|
248
|
4,566.00
|
LSE
|
15:16:56
|
|
92
|
4,565.00
|
LSE
|
15:17:12
|
|
71
|
4,564.00
|
LSE
|
15:17:32
|
|
106
|
4,572.00
|
LSE
|
15:18:24
|
|
103
|
4,573.00
|
LSE
|
15:19:04
|
|
192
|
4,577.00
|
LSE
|
15:19:57
|
|
65
|
4,580.00
|
LSE
|
15:20:25
|
|
101
|
4,579.00
|
LSE
|
15:21:10
|
|
588
|
4,579.00
|
LSE
|
15:21:44
|
|
70
|
4,578.00
|
LSE
|
15:22:38
|
|
506
|
4,577.00
|
LSE
|
15:23:03
|
|
77
|
4,577.00
|
LSE
|
15:23:20
|
|
114
|
4,576.00
|
LSE
|
15:23:47
|
|
436
|
4,577.00
|
LSE
|
15:24:45
|
|
255
|
4,580.00
|
LSE
|
15:26:08
|
|
153
|
4,579.00
|
LSE
|
15:26:28
|
|
142
|
4,578.00
|
LSE
|
15:26:34
|
|
106
|
4,576.00
|
LSE
|
15:27:13
|
|
305
|
4,577.00
|
LSE
|
15:28:06
|
|
371
|
4,576.00
|
LSE
|
15:29:02
|
|
386
|
4,568.00
|
LSE
|
15:29:04
|
|
90
|
4,566.00
|
LSE
|
15:29:10
|
|
102
|
4,564.00
|
LSE
|
15:29:29
|
|
73
|
4,564.00
|
LSE
|
15:29:30
|
|
72
|
4,570.00
|
LSE
|
15:30:35
|
|
59
|
4,572.00
|
LSE
|
15:31:15
|
|
169
|
4,572.00
|
LSE
|
15:31:15
|
|
135
|
4,572.00
|
LSE
|
15:31:37
|
|
86
|
4,571.00
|
LSE
|
15:31:52
|
|
309
|
4,571.00
|
LSE
|
15:32:47
|
|
185
|
4,570.00
|
LSE
|
15:33:01
|
|
83
|
4,568.00
|
LSE
|
15:34:04
|
|
308
|
4,566.00
|
LSE
|
15:34:11
|
|
81
|
4,565.00
|
LSE
|
15:34:23
|
|
73
|
4,565.00
|
LSE
|
15:34:29
|
|
91
|
4,563.00
|
LSE
|
15:34:53
|
|
383
|
4,563.00
|
LSE
|
15:35:45
|
|
67
|
4,562.00
|
LSE
|
15:36:41
|
|
311
|
4,560.00
|
LSE
|
15:37:17
|
|
263
|
4,561.00
|
LSE
|
15:37:19
|
|
61
|
4,559.00
|
LSE
|
15:38:42
|
|
481
|
4,558.00
|
LSE
|
15:40:33
|
|
300
|
4,558.00
|
LSE
|
15:40:33
|
|
174
|
4,561.00
|
LSE
|
15:41:16
|
|
236
|
4,558.00
|
LSE
|
15:41:23
|
|
174
|
4,557.00
|
LSE
|
15:41:39
|
|
72
|
4,554.00
|
LSE
|
15:42:45
|
|
362
|
4,554.00
|
LSE
|
15:42:45
|
|
83
|
4,555.00
|
LSE
|
15:43:31
|
|
260
|
4,556.00
|
LSE
|
15:44:33
|
|
255
|
4,555.00
|
LSE
|
15:44:33
|
|
60
|
4,555.00
|
LSE
|
15:44:59
|
|
150
|
4,557.00
|
LSE
|
15:45:25
|
|
18
|
4,557.00
|
LSE
|
15:45:25
|
|
190
|
4,552.00
|
LSE
|
15:46:05
|
|
381
|
4,552.00
|
LSE
|
15:47:14
|
|
142
|
4,556.00
|
LSE
|
15:47:25
|
|
67
|
4,556.00
|
LSE
|
15:47:41
|
|
66
|
4,556.00
|
LSE
|
15:48:03
|
|
111
|
4,556.00
|
LSE
|
15:48:18
|
|
72
|
4,556.00
|
LSE
|
15:48:30
|
|
231
|
4,558.00
|
LSE
|
15:49:22
|
|
63
|
4,557.00
|
LSE
|
15:49:47
|
|
266
|
4,558.00
|
LSE
|
15:50:08
|
|
254
|
4,559.00
|
LSE
|
15:51:17
|
|
145
|
4,558.00
|
LSE
|
15:51:22
|
|
85
|
4,556.00
|
LSE
|
15:51:29
|
|
66
|
4,556.00
|
LSE
|
15:51:31
|
|
77
|
4,557.00
|
LSE
|
15:51:59
|
|
72
|
4,556.00
|
LSE
|
15:52:32
|
|
215
|
4,554.00
|
LSE
|
15:52:32
|
|
75
|
4,553.00
|
LSE
|
15:52:57
|
|
172
|
4,553.00
|
LSE
|
15:54:47
|
|
340
|
4,553.00
|
LSE
|
15:54:47
|
|
608
|
4,553.00
|
LSE
|
15:55:22
|
|
358
|
4,555.00
|
LSE
|
15:57:17
|
|
646
|
4,555.00
|
LSE
|
15:57:17
|
|
69
|
4,554.00
|
LSE
|
15:57:55
|
|
112
|
4,553.00
|
LSE
|
15:58:33
|
|
300
|
4,553.00
|
LSE
|
15:58:33
|
|
496
|
4,555.00
|
LSE
|
16:00:03
|
|
341
|
4,555.00
|
LSE
|
16:00:03
|
|
83
|
4,553.00
|
LSE
|
16:00:20
|
|
134
|
4,552.00
|
LSE
|
16:01:08
|
|
377
|
4,550.00
|
LSE
|
16:01:28
|
|
194
|
4,552.00
|
LSE
|
16:01:44
|
|
267
|
4,554.00
|
LSE
|
16:02:38
|
|
138
|
4,554.00
|
LSE
|
16:02:50
|
|
96
|
4,551.00
|
LSE
|
16:03:07
|
|
1,101
|
4,555.00
|
LSE
|
16:05:52
|
|
80
|
4,553.00
|
LSE
|
16:05:53
|
|
82
|
4,554.00
|
LSE
|
16:06:08
|
|
753
|
4,553.00
|
LSE
|
16:07:59
|
|
125
|
4,554.00
|
LSE
|
16:08:20
|
|
3
|
4,557.00
|
LSE
|
16:08:53
|
|
190
|
4,557.00
|
LSE
|
16:08:54
|
|
3
|
4,556.00
|
LSE
|
16:09:40
|
|
343
|
4,559.00
|
LSE
|
16:10:21
|
|
100
|
4,559.00
|
LSE
|
16:10:21
|
|
26
|
4,559.00
|
LSE
|
16:10:21
|
Exhibit 32
British American Tobacco p.l.c.
25 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
24 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
94,239
|
|
Highest price paid per share (pence):
|
4,608.00p
|
|
Lowest price paid per share (pence):
|
4,515.00p
|
|
Volume weighted average price paid per share (pence):
|
4,573.4571p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,175,015,370 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 24 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
24/02/2026
|
94,239
|
4,573.4571p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
24/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
24/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
1,839
|
4,601.00
|
LSE
|
08:00:16
|
|
81
|
4,602.00
|
LSE
|
08:01:05
|
|
319
|
4,608.00
|
LSE
|
08:01:08
|
|
18
|
4,604.00
|
LSE
|
08:01:32
|
|
70
|
4,604.00
|
LSE
|
08:01:32
|
|
21
|
4,601.00
|
LSE
|
08:02:06
|
|
94
|
4,601.00
|
LSE
|
08:02:06
|
|
68
|
4,598.00
|
LSE
|
08:02:22
|
|
111
|
4,595.00
|
LSE
|
08:02:55
|
|
72
|
4,592.00
|
LSE
|
08:03:08
|
|
84
|
4,600.00
|
LSE
|
08:03:29
|
|
71
|
4,601.00
|
LSE
|
08:04:19
|
|
101
|
4,594.00
|
LSE
|
08:04:31
|
|
54
|
4,594.00
|
LSE
|
08:04:31
|
|
152
|
4,596.00
|
LSE
|
08:05:23
|
|
123
|
4,595.00
|
LSE
|
08:05:30
|
|
123
|
4,600.00
|
LSE
|
08:06:09
|
|
105
|
4,597.00
|
LSE
|
08:06:31
|
|
78
|
4,594.00
|
LSE
|
08:07:12
|
|
71
|
4,592.00
|
LSE
|
08:08:10
|
|
510
|
4,603.00
|
LSE
|
08:09:49
|
|
534
|
4,590.00
|
LSE
|
08:12:31
|
|
304
|
4,582.00
|
LSE
|
08:14:01
|
|
234
|
4,594.00
|
LSE
|
08:18:16
|
|
64
|
4,593.00
|
LSE
|
08:18:47
|
|
77
|
4,591.00
|
LSE
|
08:19:00
|
|
470
|
4,591.00
|
LSE
|
08:19:00
|
|
177
|
4,583.00
|
LSE
|
08:20:05
|
|
77
|
4,585.00
|
LSE
|
08:24:07
|
|
311
|
4,588.00
|
LSE
|
08:26:16
|
|
105
|
4,587.00
|
LSE
|
08:26:32
|
|
60
|
4,586.00
|
LSE
|
08:27:11
|
|
82
|
4,583.00
|
LSE
|
08:27:32
|
|
67
|
4,582.00
|
LSE
|
08:27:48
|
|
69
|
4,580.00
|
LSE
|
08:29:01
|
|
266
|
4,585.00
|
LSE
|
08:30:07
|
|
498
|
4,595.00
|
LSE
|
08:33:33
|
|
87
|
4,598.00
|
LSE
|
08:34:18
|
|
75
|
4,592.00
|
LSE
|
08:35:03
|
|
1
|
4,592.00
|
LSE
|
08:35:03
|
|
98
|
4,591.00
|
LSE
|
08:36:02
|
|
68
|
4,588.00
|
LSE
|
08:36:39
|
|
12
|
4,588.00
|
LSE
|
08:36:39
|
|
34
|
4,588.00
|
LSE
|
08:36:39
|
|
8
|
4,588.00
|
LSE
|
08:36:39
|
|
174
|
4,590.00
|
LSE
|
08:37:57
|
|
140
|
4,590.00
|
LSE
|
08:38:28
|
|
16
|
4,584.00
|
LSE
|
08:39:03
|
|
51
|
4,584.00
|
LSE
|
08:39:11
|
|
72
|
4,582.00
|
LSE
|
08:39:30
|
|
74
|
4,581.00
|
LSE
|
08:39:54
|
|
88
|
4,580.00
|
LSE
|
08:41:02
|
|
69
|
4,578.00
|
LSE
|
08:41:30
|
|
84
|
4,577.00
|
LSE
|
08:41:51
|
|
153
|
4,577.00
|
LSE
|
08:43:03
|
|
58
|
4,571.00
|
LSE
|
08:43:34
|
|
11
|
4,571.00
|
LSE
|
08:43:34
|
|
71
|
4,569.00
|
LSE
|
08:44:34
|
|
70
|
4,568.00
|
LSE
|
08:45:04
|
|
63
|
4,570.00
|
LSE
|
08:45:07
|
|
68
|
4,568.00
|
LSE
|
08:45:59
|
|
35
|
4,569.00
|
LSE
|
08:46:49
|
|
123
|
4,571.00
|
LSE
|
08:47:23
|
|
473
|
4,582.00
|
LSE
|
08:50:48
|
|
69
|
4,580.00
|
LSE
|
08:51:42
|
|
174
|
4,580.00
|
LSE
|
08:53:29
|
|
220
|
4,584.00
|
LSE
|
08:58:49
|
|
424
|
4,584.00
|
LSE
|
08:58:49
|
|
170
|
4,584.00
|
LSE
|
09:01:22
|
|
54
|
4,584.00
|
LSE
|
09:01:22
|
|
115
|
4,584.00
|
LSE
|
09:01:22
|
|
160
|
4,582.00
|
LSE
|
09:01:31
|
|
60
|
4,579.00
|
LSE
|
09:03:02
|
|
169
|
4,579.00
|
LSE
|
09:03:02
|
|
5
|
4,579.00
|
LSE
|
09:03:14
|
|
78
|
4,579.00
|
LSE
|
09:03:14
|
|
20
|
4,579.00
|
LSE
|
09:03:52
|
|
3
|
4,579.00
|
LSE
|
09:03:52
|
|
40
|
4,579.00
|
LSE
|
09:03:53
|
|
190
|
4,581.00
|
LSE
|
09:05:29
|
|
64
|
4,581.00
|
LSE
|
09:05:29
|
|
649
|
4,593.00
|
LSE
|
09:10:39
|
|
59
|
4,587.00
|
LSE
|
09:10:52
|
|
288
|
4,587.00
|
LSE
|
09:13:12
|
|
409
|
4,593.00
|
LSE
|
09:16:27
|
|
89
|
4,595.00
|
LSE
|
09:17:29
|
|
5
|
4,595.00
|
LSE
|
09:17:29
|
|
111
|
4,594.00
|
LSE
|
09:18:19
|
|
60
|
4,588.00
|
LSE
|
09:19:08
|
|
263
|
4,593.00
|
LSE
|
09:21:16
|
|
173
|
4,592.00
|
LSE
|
09:22:43
|
|
170
|
4,591.00
|
LSE
|
09:24:33
|
|
240
|
4,594.00
|
LSE
|
09:26:29
|
|
173
|
4,592.00
|
LSE
|
09:28:38
|
|
67
|
4,592.00
|
LSE
|
09:32:32
|
|
295
|
4,592.00
|
LSE
|
09:32:32
|
|
73
|
4,591.00
|
LSE
|
09:32:45
|
|
60
|
4,591.00
|
LSE
|
09:33:27
|
|
66
|
4,590.00
|
LSE
|
09:34:13
|
|
200
|
4,590.00
|
LSE
|
09:38:31
|
|
652
|
4,593.00
|
LSE
|
09:41:34
|
|
335
|
4,591.00
|
LSE
|
09:44:30
|
|
166
|
4,592.00
|
LSE
|
09:46:52
|
|
72
|
4,591.00
|
LSE
|
09:48:15
|
|
109
|
4,591.00
|
LSE
|
09:48:15
|
|
106
|
4,591.00
|
LSE
|
09:53:28
|
|
458
|
4,591.00
|
LSE
|
09:53:28
|
|
372
|
4,587.00
|
LSE
|
09:54:54
|
|
178
|
4,588.00
|
LSE
|
09:58:54
|
|
545
|
4,590.00
|
LSE
|
10:04:45
|
|
129
|
4,590.00
|
LSE
|
10:04:45
|
|
162
|
4,590.00
|
LSE
|
10:05:22
|
|
164
|
4,590.00
|
LSE
|
10:06:57
|
|
64
|
4,590.00
|
LSE
|
10:07:37
|
|
892
|
4,592.00
|
LSE
|
10:15:42
|
|
71
|
4,590.00
|
LSE
|
10:16:48
|
|
102
|
4,589.00
|
LSE
|
10:17:08
|
|
33
|
4,589.00
|
LSE
|
10:17:21
|
|
133
|
4,589.00
|
LSE
|
10:19:34
|
|
203
|
4,589.00
|
LSE
|
10:19:34
|
|
352
|
4,589.00
|
LSE
|
10:24:15
|
|
69
|
4,588.00
|
LSE
|
10:24:19
|
|
70
|
4,587.00
|
LSE
|
10:25:33
|
|
62
|
4,589.00
|
LSE
|
10:25:51
|
|
67
|
4,587.00
|
LSE
|
10:26:45
|
|
56
|
4,587.00
|
LSE
|
10:28:04
|
|
75
|
4,588.00
|
LSE
|
10:29:09
|
|
80
|
4,587.00
|
LSE
|
10:30:33
|
|
99
|
4,587.00
|
LSE
|
10:30:33
|
|
218
|
4,593.00
|
LSE
|
10:32:27
|
|
60
|
4,590.00
|
LSE
|
10:34:53
|
|
98
|
4,590.00
|
LSE
|
10:34:53
|
|
86
|
4,589.00
|
LSE
|
10:38:36
|
|
297
|
4,589.00
|
LSE
|
10:38:36
|
|
68
|
4,588.00
|
LSE
|
10:38:49
|
|
61
|
4,584.00
|
LSE
|
10:39:28
|
|
63
|
4,585.00
|
LSE
|
10:39:59
|
|
105
|
4,586.00
|
LSE
|
10:41:08
|
|
67
|
4,585.00
|
LSE
|
10:42:57
|
|
94
|
4,585.00
|
LSE
|
10:42:57
|
|
70
|
4,587.00
|
LSE
|
10:43:47
|
|
77
|
4,586.00
|
LSE
|
10:44:45
|
|
85
|
4,586.00
|
LSE
|
10:45:08
|
|
60
|
4,584.00
|
LSE
|
10:45:52
|
|
61
|
4,583.00
|
LSE
|
10:46:28
|
|
63
|
4,580.00
|
LSE
|
10:46:54
|
|
486
|
4,583.00
|
LSE
|
10:52:03
|
|
226
|
4,584.00
|
LSE
|
10:53:40
|
|
127
|
4,587.00
|
LSE
|
10:54:49
|
|
65
|
4,587.00
|
LSE
|
10:55:35
|
|
59
|
4,584.00
|
LSE
|
10:56:10
|
|
375
|
4,584.00
|
LSE
|
11:00:20
|
|
130
|
4,584.00
|
LSE
|
11:01:30
|
|
62
|
4,583.00
|
LSE
|
11:02:16
|
|
130
|
4,583.00
|
LSE
|
11:03:13
|
|
149
|
4,583.00
|
LSE
|
11:05:28
|
|
106
|
4,585.00
|
LSE
|
11:05:46
|
|
64
|
4,584.00
|
LSE
|
11:06:33
|
|
16
|
4,584.00
|
LSE
|
11:07:26
|
|
51
|
4,583.00
|
LSE
|
11:08:30
|
|
99
|
4,583.00
|
LSE
|
11:09:09
|
|
101
|
4,583.00
|
LSE
|
11:09:09
|
|
60
|
4,577.00
|
LSE
|
11:09:59
|
|
68
|
4,574.00
|
LSE
|
11:10:43
|
|
155
|
4,573.00
|
LSE
|
11:12:36
|
|
301
|
4,576.00
|
LSE
|
11:16:25
|
|
75
|
4,576.00
|
LSE
|
11:16:25
|
|
105
|
4,577.00
|
LSE
|
11:18:20
|
|
87
|
4,576.00
|
LSE
|
11:18:25
|
|
59
|
4,576.00
|
LSE
|
11:19:29
|
|
59
|
4,574.00
|
LSE
|
11:20:55
|
|
66
|
4,574.00
|
LSE
|
11:20:55
|
|
34
|
4,574.00
|
LSE
|
11:21:10
|
|
253
|
4,576.00
|
LSE
|
11:23:54
|
|
72
|
4,574.00
|
LSE
|
11:23:55
|
|
570
|
4,575.00
|
LSE
|
11:29:55
|
|
759
|
4,580.00
|
LSE
|
11:36:57
|
|
7
|
4,579.00
|
LSE
|
11:40:18
|
|
21
|
4,579.00
|
LSE
|
11:40:18
|
|
274
|
4,579.00
|
LSE
|
11:40:18
|
|
235
|
4,581.00
|
LSE
|
11:43:28
|
|
271
|
4,580.00
|
LSE
|
11:49:05
|
|
63
|
4,582.00
|
LSE
|
11:49:53
|
|
386
|
4,581.00
|
LSE
|
11:51:22
|
|
60
|
4,580.00
|
LSE
|
11:51:45
|
|
470
|
4,584.00
|
LSE
|
11:57:53
|
|
98
|
4,584.00
|
LSE
|
11:57:53
|
|
198
|
4,581.00
|
LSE
|
12:00:19
|
|
96
|
4,583.00
|
LSE
|
12:03:45
|
|
456
|
4,583.00
|
LSE
|
12:03:45
|
|
104
|
4,585.00
|
LSE
|
12:04:57
|
|
600
|
4,588.00
|
LSE
|
12:13:25
|
|
136
|
4,588.00
|
LSE
|
12:13:25
|
|
451
|
4,589.00
|
LSE
|
12:17:05
|
|
179
|
4,588.00
|
LSE
|
12:19:00
|
|
112
|
4,587.00
|
LSE
|
12:21:25
|
|
184
|
4,587.00
|
LSE
|
12:21:25
|
|
1,079
|
4,582.00
|
LSE
|
12:32:01
|
|
93
|
4,581.00
|
LSE
|
12:32:10
|
|
446
|
4,584.00
|
LSE
|
12:37:31
|
|
107
|
4,584.00
|
LSE
|
12:37:31
|
|
423
|
4,585.00
|
LSE
|
12:45:36
|
|
151
|
4,585.00
|
LSE
|
12:45:36
|
|
102
|
4,585.00
|
LSE
|
12:45:36
|
|
257
|
4,587.00
|
LSE
|
12:46:36
|
|
62
|
4,586.00
|
LSE
|
12:46:49
|
|
315
|
4,586.00
|
LSE
|
12:50:45
|
|
94
|
4,586.00
|
LSE
|
12:51:10
|
|
158
|
4,587.00
|
LSE
|
12:53:20
|
|
70
|
4,588.00
|
LSE
|
12:53:47
|
|
63
|
4,588.00
|
LSE
|
12:53:54
|
|
114
|
4,587.00
|
LSE
|
12:56:38
|
|
176
|
4,587.00
|
LSE
|
12:56:38
|
|
83
|
4,587.00
|
LSE
|
12:57:27
|
|
1,144
|
4,587.00
|
LSE
|
13:07:23
|
|
171
|
4,593.00
|
LSE
|
13:12:02
|
|
287
|
4,593.00
|
LSE
|
13:12:02
|
|
405
|
4,597.00
|
LSE
|
13:17:23
|
|
149
|
4,598.00
|
LSE
|
13:24:53
|
|
868
|
4,597.00
|
LSE
|
13:25:11
|
|
117
|
4,597.00
|
LSE
|
13:25:11
|
|
105
|
4,596.00
|
LSE
|
13:26:46
|
|
540
|
4,598.00
|
LSE
|
13:32:37
|
|
132
|
4,598.00
|
LSE
|
13:32:37
|
|
302
|
4,597.00
|
LSE
|
13:35:48
|
|
860
|
4,598.00
|
LSE
|
13:41:36
|
|
60
|
4,596.00
|
LSE
|
13:41:49
|
|
414
|
4,597.00
|
LSE
|
13:48:44
|
|
395
|
4,597.00
|
LSE
|
13:49:34
|
|
137
|
4,597.00
|
LSE
|
13:49:34
|
|
554
|
4,602.00
|
LSE
|
13:54:03
|
|
146
|
4,602.00
|
LSE
|
13:54:03
|
|
8
|
4,602.00
|
LSE
|
13:54:03
|
|
324
|
4,605.00
|
LSE
|
13:56:14
|
|
68
|
4,604.00
|
LSE
|
13:58:31
|
|
113
|
4,604.00
|
LSE
|
13:58:31
|
|
105
|
4,602.00
|
LSE
|
13:59:09
|
|
181
|
4,603.00
|
LSE
|
14:00:42
|
|
136
|
4,601.00
|
LSE
|
14:01:29
|
|
120
|
4,599.00
|
LSE
|
14:02:02
|
|
85
|
4,597.00
|
LSE
|
14:02:16
|
|
92
|
4,597.00
|
LSE
|
14:03:23
|
|
129
|
4,597.00
|
LSE
|
14:03:30
|
|
174
|
4,598.00
|
LSE
|
14:04:42
|
|
66
|
4,598.00
|
LSE
|
14:05:32
|
|
34
|
4,601.00
|
LSE
|
14:09:16
|
|
607
|
4,601.00
|
LSE
|
14:09:16
|
|
1,380
|
4,596.00
|
LSE
|
14:17:10
|
|
495
|
4,592.00
|
LSE
|
14:20:43
|
|
448
|
4,592.00
|
LSE
|
14:22:12
|
|
86
|
4,589.00
|
LSE
|
14:22:38
|
|
93
|
4,586.00
|
LSE
|
14:23:00
|
|
83
|
4,585.00
|
LSE
|
14:23:53
|
|
246
|
4,587.00
|
LSE
|
14:24:33
|
|
224
|
4,585.00
|
LSE
|
14:25:28
|
|
69
|
4,585.00
|
LSE
|
14:25:28
|
|
229
|
4,583.00
|
LSE
|
14:27:25
|
|
734
|
4,583.00
|
LSE
|
14:27:25
|
|
637
|
4,586.00
|
LSE
|
14:29:20
|
|
497
|
4,584.00
|
LSE
|
14:30:00
|
|
793
|
4,583.00
|
LSE
|
14:30:01
|
|
104
|
4,573.00
|
LSE
|
14:30:13
|
|
187
|
4,571.00
|
LSE
|
14:30:15
|
|
63
|
4,567.00
|
LSE
|
14:30:18
|
|
83
|
4,567.00
|
LSE
|
14:30:32
|
|
458
|
4,567.00
|
LSE
|
14:30:56
|
|
354
|
4,568.00
|
LSE
|
14:31:02
|
|
270
|
4,570.00
|
LSE
|
14:31:13
|
|
478
|
4,575.00
|
LSE
|
14:31:37
|
|
499
|
4,579.00
|
LSE
|
14:32:02
|
|
1,377
|
4,577.00
|
LSE
|
14:32:06
|
|
1,370
|
4,577.00
|
LSE
|
14:32:06
|
|
305
|
4,577.00
|
LSE
|
14:32:06
|
|
73
|
4,549.00
|
LSE
|
14:35:15
|
|
101
|
4,550.00
|
LSE
|
14:35:31
|
|
100
|
4,549.00
|
LSE
|
14:35:39
|
|
82
|
4,546.00
|
LSE
|
14:35:44
|
|
329
|
4,553.00
|
LSE
|
14:36:21
|
|
91
|
4,555.00
|
LSE
|
14:36:40
|
|
100
|
4,552.00
|
LSE
|
14:36:44
|
|
9
|
4,552.00
|
LSE
|
14:36:45
|
|
64
|
4,550.00
|
LSE
|
14:36:54
|
|
30
|
4,547.00
|
LSE
|
14:36:54
|
|
7
|
4,547.00
|
LSE
|
14:36:54
|
|
27
|
4,547.00
|
LSE
|
14:36:54
|
|
20
|
4,546.00
|
LSE
|
14:37:04
|
|
71
|
4,546.00
|
LSE
|
14:37:04
|
|
61
|
4,540.00
|
LSE
|
14:37:14
|
|
20
|
4,540.00
|
LSE
|
14:37:14
|
|
1
|
4,540.00
|
LSE
|
14:37:28
|
|
146
|
4,537.00
|
LSE
|
14:37:30
|
|
63
|
4,536.00
|
LSE
|
14:37:39
|
|
91
|
4,536.00
|
LSE
|
14:37:51
|
|
64
|
4,534.00
|
LSE
|
14:37:59
|
|
64
|
4,532.00
|
LSE
|
14:38:05
|
|
117
|
4,535.00
|
LSE
|
14:38:27
|
|
120
|
4,535.00
|
LSE
|
14:38:27
|
|
66
|
4,533.00
|
LSE
|
14:38:44
|
|
15
|
4,533.00
|
LSE
|
14:38:44
|
|
82
|
4,531.00
|
LSE
|
14:38:46
|
|
73
|
4,531.00
|
LSE
|
14:38:57
|
|
139
|
4,535.00
|
LSE
|
14:39:10
|
|
75
|
4,534.00
|
LSE
|
14:39:30
|
|
29
|
4,532.00
|
LSE
|
14:39:32
|
|
54
|
4,532.00
|
LSE
|
14:39:32
|
|
180
|
4,532.00
|
LSE
|
14:40:00
|
|
60
|
4,527.00
|
LSE
|
14:40:06
|
|
10
|
4,531.00
|
LSE
|
14:40:16
|
|
10
|
4,531.00
|
LSE
|
14:40:16
|
|
46
|
4,531.00
|
LSE
|
14:40:16
|
|
10
|
4,531.00
|
LSE
|
14:40:16
|
|
60
|
4,530.00
|
LSE
|
14:40:24
|
|
67
|
4,525.00
|
LSE
|
14:40:30
|
|
75
|
4,522.00
|
LSE
|
14:40:40
|
|
158
|
4,517.00
|
LSE
|
14:41:05
|
|
50
|
4,520.00
|
LSE
|
14:41:14
|
|
40
|
4,520.00
|
LSE
|
14:41:14
|
|
75
|
4,515.00
|
LSE
|
14:41:27
|
|
75
|
4,515.00
|
LSE
|
14:41:44
|
|
111
|
4,515.00
|
LSE
|
14:42:27
|
|
9
|
4,515.00
|
LSE
|
14:42:27
|
|
292
|
4,515.00
|
LSE
|
14:42:31
|
|
1
|
4,519.00
|
LSE
|
14:42:56
|
|
202
|
4,519.00
|
LSE
|
14:42:56
|
|
75
|
4,522.00
|
LSE
|
14:43:13
|
|
82
|
4,520.00
|
LSE
|
14:43:16
|
|
26
|
4,518.00
|
LSE
|
14:43:47
|
|
42
|
4,518.00
|
LSE
|
14:43:47
|
|
110
|
4,520.00
|
LSE
|
14:44:04
|
|
122
|
4,520.00
|
LSE
|
14:44:04
|
|
10
|
4,519.00
|
LSE
|
14:44:11
|
|
94
|
4,519.00
|
LSE
|
14:44:11
|
|
84
|
4,516.00
|
LSE
|
14:44:23
|
|
74
|
4,519.00
|
LSE
|
14:44:31
|
|
75
|
4,516.00
|
LSE
|
14:44:54
|
|
31
|
4,539.00
|
LSE
|
14:45:35
|
|
116
|
4,541.00
|
LSE
|
14:45:39
|
|
190
|
4,541.00
|
LSE
|
14:45:39
|
|
139
|
4,541.00
|
LSE
|
14:45:41
|
|
222
|
4,543.00
|
LSE
|
14:46:03
|
|
160
|
4,542.00
|
LSE
|
14:46:29
|
|
47
|
4,542.00
|
LSE
|
14:46:29
|
|
174
|
4,546.00
|
LSE
|
14:46:54
|
|
20
|
4,545.00
|
LSE
|
14:47:01
|
|
63
|
4,545.00
|
LSE
|
14:47:01
|
|
58
|
4,543.00
|
LSE
|
14:47:08
|
|
9
|
4,543.00
|
LSE
|
14:47:08
|
|
215
|
4,544.00
|
LSE
|
14:47:31
|
|
124
|
4,541.00
|
LSE
|
14:47:55
|
|
10
|
4,545.00
|
LSE
|
14:48:25
|
|
10
|
4,545.00
|
LSE
|
14:48:28
|
|
279
|
4,545.00
|
LSE
|
14:48:28
|
|
10
|
4,548.00
|
LSE
|
14:49:18
|
|
230
|
4,548.00
|
LSE
|
14:49:18
|
|
211
|
4,547.00
|
LSE
|
14:49:29
|
|
10
|
4,549.00
|
LSE
|
14:49:53
|
|
34
|
4,549.00
|
LSE
|
14:49:58
|
|
105
|
4,549.00
|
LSE
|
14:49:58
|
|
224
|
4,552.00
|
LSE
|
14:50:27
|
|
10
|
4,553.00
|
LSE
|
14:51:02
|
|
296
|
4,553.00
|
LSE
|
14:51:02
|
|
95
|
4,553.00
|
LSE
|
14:51:16
|
|
10
|
4,552.00
|
LSE
|
14:51:25
|
|
10
|
4,552.00
|
LSE
|
14:51:25
|
|
41
|
4,552.00
|
LSE
|
14:51:25
|
|
109
|
4,551.00
|
LSE
|
14:51:52
|
|
210
|
4,551.00
|
LSE
|
14:52:15
|
|
58
|
4,551.00
|
LSE
|
14:52:54
|
|
78
|
4,551.00
|
LSE
|
14:52:54
|
|
43
|
4,550.00
|
LSE
|
14:52:55
|
|
126
|
4,550.00
|
LSE
|
14:52:55
|
|
143
|
4,551.00
|
LSE
|
14:53:31
|
|
107
|
4,553.00
|
LSE
|
14:53:52
|
|
82
|
4,553.00
|
LSE
|
14:53:52
|
|
68
|
4,552.00
|
LSE
|
14:53:55
|
|
898
|
4,563.00
|
LSE
|
14:56:04
|
|
10
|
4,562.00
|
LSE
|
14:56:14
|
|
140
|
4,562.00
|
LSE
|
14:56:14
|
|
196
|
4,562.00
|
LSE
|
14:56:46
|
|
420
|
4,563.00
|
LSE
|
14:57:50
|
|
128
|
4,562.00
|
LSE
|
14:58:02
|
|
75
|
4,561.00
|
LSE
|
14:58:03
|
|
471
|
4,565.00
|
LSE
|
14:59:22
|
|
84
|
4,563.00
|
LSE
|
14:59:23
|
|
40
|
4,563.00
|
LSE
|
14:59:26
|
|
320
|
4,570.00
|
LSE
|
15:01:13
|
|
466
|
4,571.00
|
LSE
|
15:02:02
|
|
185
|
4,570.00
|
LSE
|
15:02:42
|
|
332
|
4,570.00
|
LSE
|
15:02:42
|
|
208
|
4,570.00
|
LSE
|
15:03:03
|
|
61
|
4,570.00
|
LSE
|
15:03:03
|
|
377
|
4,572.00
|
LSE
|
15:03:59
|
|
53
|
4,571.00
|
LSE
|
15:04:16
|
|
44
|
4,571.00
|
LSE
|
15:04:16
|
|
75
|
4,569.00
|
LSE
|
15:04:23
|
|
62
|
4,568.00
|
LSE
|
15:04:53
|
|
274
|
4,570.00
|
LSE
|
15:05:14
|
|
263
|
4,573.00
|
LSE
|
15:07:11
|
|
383
|
4,573.00
|
LSE
|
15:07:16
|
|
100
|
4,573.00
|
LSE
|
15:07:16
|
|
62
|
4,571.00
|
LSE
|
15:07:39
|
|
1
|
4,573.00
|
LSE
|
15:07:55
|
|
41
|
4,573.00
|
LSE
|
15:07:55
|
|
113
|
4,573.00
|
LSE
|
15:08:01
|
|
137
|
4,572.00
|
LSE
|
15:08:10
|
|
199
|
4,572.00
|
LSE
|
15:09:28
|
|
303
|
4,570.00
|
LSE
|
15:09:38
|
|
81
|
4,570.00
|
LSE
|
15:09:48
|
|
74
|
4,568.00
|
LSE
|
15:10:20
|
|
631
|
4,569.00
|
LSE
|
15:12:06
|
|
191
|
4,568.00
|
LSE
|
15:12:12
|
|
68
|
4,563.00
|
LSE
|
15:12:28
|
|
80
|
4,562.00
|
LSE
|
15:12:33
|
|
65
|
4,561.00
|
LSE
|
15:12:44
|
|
16
|
4,561.00
|
LSE
|
15:12:44
|
|
68
|
4,563.00
|
LSE
|
15:13:08
|
|
86
|
4,562.00
|
LSE
|
15:13:15
|
|
238
|
4,566.00
|
LSE
|
15:14:20
|
|
27
|
4,566.00
|
LSE
|
15:14:20
|
|
258
|
4,567.00
|
LSE
|
15:14:56
|
|
93
|
4,568.00
|
LSE
|
15:15:05
|
|
80
|
4,568.00
|
LSE
|
15:15:05
|
|
11
|
4,565.00
|
LSE
|
15:15:27
|
|
47
|
4,565.00
|
LSE
|
15:15:27
|
|
329
|
4,567.00
|
LSE
|
15:16:21
|
|
81
|
4,565.00
|
LSE
|
15:16:35
|
|
150
|
4,560.00
|
LSE
|
15:16:59
|
|
104
|
4,557.00
|
LSE
|
15:17:41
|
|
179
|
4,556.00
|
LSE
|
15:17:43
|
|
75
|
4,555.00
|
LSE
|
15:18:25
|
|
102
|
4,554.00
|
LSE
|
15:18:33
|
|
77
|
4,554.00
|
LSE
|
15:18:33
|
|
172
|
4,554.00
|
LSE
|
15:19:05
|
|
12
|
4,554.00
|
LSE
|
15:19:05
|
|
66
|
4,552.00
|
LSE
|
15:19:31
|
|
118
|
4,551.00
|
LSE
|
15:19:58
|
|
469
|
4,552.00
|
LSE
|
15:22:13
|
|
318
|
4,552.00
|
LSE
|
15:22:13
|
|
81
|
4,550.00
|
LSE
|
15:22:19
|
|
123
|
4,550.00
|
LSE
|
15:23:20
|
|
377
|
4,552.00
|
LSE
|
15:23:51
|
|
125
|
4,550.00
|
LSE
|
15:24:10
|
|
71
|
4,547.00
|
LSE
|
15:24:39
|
|
98
|
4,546.00
|
LSE
|
15:24:42
|
|
109
|
4,549.00
|
LSE
|
15:25:13
|
|
67
|
4,549.00
|
LSE
|
15:25:13
|
|
76
|
4,548.00
|
LSE
|
15:26:01
|
|
411
|
4,550.00
|
LSE
|
15:26:44
|
|
109
|
4,552.00
|
LSE
|
15:27:04
|
|
83
|
4,548.00
|
LSE
|
15:27:15
|
|
71
|
4,546.00
|
LSE
|
15:27:37
|
|
169
|
4,546.00
|
LSE
|
15:28:10
|
|
88
|
4,545.00
|
LSE
|
15:28:47
|
|
180
|
4,546.00
|
LSE
|
15:28:53
|
|
20
|
4,547.00
|
LSE
|
15:29:10
|
|
72
|
4,547.00
|
LSE
|
15:29:10
|
|
65
|
4,545.00
|
LSE
|
15:29:24
|
|
64
|
4,545.00
|
LSE
|
15:29:30
|
|
81
|
4,542.00
|
LSE
|
15:29:45
|
|
107
|
4,544.00
|
LSE
|
15:30:18
|
|
91
|
4,545.00
|
LSE
|
15:30:33
|
|
220
|
4,547.00
|
LSE
|
15:31:05
|
|
75
|
4,549.00
|
LSE
|
15:31:20
|
|
96
|
4,549.00
|
LSE
|
15:31:40
|
|
65
|
4,549.00
|
LSE
|
15:31:52
|
|
80
|
4,551.00
|
LSE
|
15:32:06
|
|
64
|
4,551.00
|
LSE
|
15:32:21
|
|
70
|
4,551.00
|
LSE
|
15:32:43
|
|
91
|
4,551.00
|
LSE
|
15:32:49
|
|
446
|
4,552.00
|
LSE
|
15:34:14
|
|
165
|
4,554.00
|
LSE
|
15:34:42
|
|
244
|
4,554.00
|
LSE
|
15:35:21
|
|
68
|
4,553.00
|
LSE
|
15:35:34
|
|
130
|
4,555.00
|
LSE
|
15:36:11
|
|
102
|
4,554.00
|
LSE
|
15:36:23
|
|
41
|
4,553.00
|
LSE
|
15:36:55
|
|
27
|
4,553.00
|
LSE
|
15:36:55
|
|
182
|
4,552.00
|
LSE
|
15:37:02
|
|
36
|
4,557.00
|
LSE
|
15:38:13
|
|
82
|
4,557.00
|
LSE
|
15:38:13
|
|
524
|
4,555.00
|
LSE
|
15:38:40
|
|
158
|
4,554.00
|
LSE
|
15:38:43
|
|
175
|
4,554.00
|
LSE
|
15:38:59
|
|
27
|
4,554.00
|
LSE
|
15:38:59
|
|
109
|
4,551.00
|
LSE
|
15:39:39
|
|
122
|
4,551.00
|
LSE
|
15:39:54
|
|
83
|
4,551.00
|
LSE
|
15:40:10
|
|
57
|
4,548.00
|
LSE
|
15:40:13
|
|
262
|
4,555.00
|
LSE
|
15:42:04
|
|
85
|
4,554.00
|
LSE
|
15:42:12
|
|
24
|
4,554.00
|
LSE
|
15:42:12
|
|
20
|
4,554.00
|
LSE
|
15:42:12
|
|
88
|
4,552.00
|
LSE
|
15:42:33
|
|
68
|
4,552.00
|
LSE
|
15:42:41
|
|
61
|
4,551.00
|
LSE
|
15:42:51
|
|
77
|
4,550.00
|
LSE
|
15:43:04
|
|
66
|
4,548.00
|
LSE
|
15:43:28
|
|
268
|
4,550.00
|
LSE
|
15:43:40
|
|
5
|
4,548.00
|
LSE
|
15:44:30
|
|
185
|
4,551.00
|
LSE
|
15:44:59
|
|
324
|
4,553.00
|
LSE
|
15:45:22
|
|
79
|
4,553.00
|
LSE
|
15:46:05
|
|
217
|
4,551.00
|
LSE
|
15:46:05
|
|
139
|
4,551.00
|
LSE
|
15:46:45
|
|
85
|
4,548.00
|
LSE
|
15:47:02
|
|
176
|
4,549.00
|
LSE
|
15:48:23
|
|
335
|
4,548.00
|
LSE
|
15:48:42
|
|
124
|
4,547.00
|
LSE
|
15:48:46
|
|
68
|
4,545.00
|
LSE
|
15:49:33
|
|
243
|
4,545.00
|
LSE
|
15:49:42
|
|
73
|
4,546.00
|
LSE
|
15:49:47
|
|
256
|
4,551.00
|
LSE
|
15:50:56
|
|
84
|
4,550.00
|
LSE
|
15:51:07
|
|
421
|
4,549.00
|
LSE
|
15:52:10
|
|
78
|
4,549.00
|
LSE
|
15:52:29
|
|
78
|
4,549.00
|
LSE
|
15:52:40
|
|
186
|
4,548.00
|
LSE
|
15:53:17
|
|
168
|
4,547.00
|
LSE
|
15:53:18
|
|
72
|
4,546.00
|
LSE
|
15:54:31
|
|
494
|
4,546.00
|
LSE
|
15:55:05
|
|
66
|
4,546.00
|
LSE
|
15:55:13
|
|
69
|
4,545.00
|
LSE
|
15:55:21
|
|
349
|
4,545.00
|
LSE
|
15:56:12
|
|
129
|
4,546.00
|
LSE
|
15:56:48
|
|
96
|
4,546.00
|
LSE
|
15:56:48
|
|
86
|
4,545.00
|
LSE
|
15:57:10
|
|
914
|
4,548.00
|
LSE
|
16:00:00
|
|
360
|
4,548.00
|
LSE
|
16:00:00
|
|
590
|
4,550.00
|
LSE
|
16:01:20
|
|
70
|
4,550.00
|
LSE
|
16:01:36
|
|
203
|
4,550.00
|
LSE
|
16:01:58
|
|
10
|
4,549.00
|
LSE
|
16:02:10
|
|
75
|
4,549.00
|
LSE
|
16:02:10
|
|
61
|
4,551.00
|
LSE
|
16:02:22
|
|
78
|
4,550.00
|
LSE
|
16:03:03
|
|
247
|
4,549.00
|
LSE
|
16:03:05
|
|
64
|
4,549.00
|
LSE
|
16:03:33
|
|
154
|
4,548.00
|
LSE
|
16:03:40
|
|
70
|
4,548.00
|
LSE
|
16:04:01
|
|
119
|
4,548.00
|
LSE
|
16:04:02
|
|
173
|
4,548.00
|
LSE
|
16:04:46
|
|
284
|
4,549.00
|
LSE
|
16:05:11
|
|
70
|
4,547.00
|
LSE
|
16:06:30
|
|
429
|
4,547.00
|
LSE
|
16:06:30
|
|
676
|
4,554.00
|
LSE
|
16:08:02
|
|
22
|
4,553.00
|
LSE
|
16:08:06
|
|
82
|
4,553.00
|
LSE
|
16:08:06
|
|
61
|
4,553.00
|
LSE
|
16:08:13
|
|
82
|
4,551.00
|
LSE
|
16:08:40
|
|
1,028
|
4,556.00
|
LSE
|
16:12:04
|
Exhibit 33
British American Tobacco p.l.c.
26 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
25 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
93,792
|
|
Highest price paid per share (pence):
|
4,625.00p
|
|
Lowest price paid per share (pence):
|
4,531.00p
|
|
Volume weighted average price paid per share (pence):
|
4,584.5675p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,174,922,198 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 25 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
25/02/2026
|
93,792
|
4,584.5675p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
25/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
25/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
1,863
|
4,565.00
|
LSE
|
08:00:16
|
|
81
|
4,560.00
|
LSE
|
08:00:28
|
|
73
|
4,553.00
|
LSE
|
08:01:03
|
|
245
|
4,557.00
|
LSE
|
08:01:15
|
|
305
|
4,559.00
|
LSE
|
08:02:36
|
|
137
|
4,562.00
|
LSE
|
08:03:32
|
|
120
|
4,558.00
|
LSE
|
08:03:37
|
|
79
|
4,556.00
|
LSE
|
08:04:30
|
|
134
|
4,556.00
|
LSE
|
08:04:30
|
|
64
|
4,547.00
|
LSE
|
08:04:45
|
|
4
|
4,547.00
|
LSE
|
08:04:45
|
|
89
|
4,550.00
|
LSE
|
08:05:18
|
|
72
|
4,548.00
|
LSE
|
08:05:36
|
|
316
|
4,550.00
|
LSE
|
08:06:56
|
|
164
|
4,548.00
|
LSE
|
08:07:49
|
|
438
|
4,555.00
|
LSE
|
08:09:54
|
|
133
|
4,553.00
|
LSE
|
08:11:30
|
|
226
|
4,550.00
|
LSE
|
08:11:59
|
|
452
|
4,556.00
|
LSE
|
08:13:59
|
|
153
|
4,549.00
|
LSE
|
08:15:00
|
|
120
|
4,543.00
|
LSE
|
08:15:30
|
|
86
|
4,537.00
|
LSE
|
08:16:01
|
|
44
|
4,533.00
|
LSE
|
08:16:44
|
|
149
|
4,533.00
|
LSE
|
08:16:44
|
|
62
|
4,536.00
|
LSE
|
08:17:55
|
|
141
|
4,534.00
|
LSE
|
08:18:21
|
|
46
|
4,534.00
|
LSE
|
08:18:21
|
|
154
|
4,533.00
|
LSE
|
08:22:22
|
|
478
|
4,531.00
|
LSE
|
08:23:08
|
|
526
|
4,547.00
|
LSE
|
08:26:31
|
|
22
|
4,543.00
|
LSE
|
08:27:28
|
|
55
|
4,543.00
|
LSE
|
08:27:28
|
|
474
|
4,543.00
|
LSE
|
08:29:52
|
|
113
|
4,543.00
|
LSE
|
08:30:30
|
|
97
|
4,542.00
|
LSE
|
08:31:15
|
|
113
|
4,542.00
|
LSE
|
08:35:07
|
|
823
|
4,544.00
|
LSE
|
08:41:04
|
|
668
|
4,546.00
|
LSE
|
08:46:55
|
|
55
|
4,546.00
|
LSE
|
08:46:55
|
|
116
|
4,549.00
|
LSE
|
08:53:48
|
|
158
|
4,549.00
|
LSE
|
08:53:48
|
|
379
|
4,549.00
|
LSE
|
08:53:48
|
|
240
|
4,550.00
|
LSE
|
08:54:42
|
|
205
|
4,550.00
|
LSE
|
08:56:47
|
|
114
|
4,550.00
|
LSE
|
08:56:47
|
|
17
|
4,545.00
|
LSE
|
08:59:39
|
|
213
|
4,549.00
|
LSE
|
09:08:45
|
|
138
|
4,549.00
|
LSE
|
09:09:46
|
|
293
|
4,549.00
|
LSE
|
09:13:56
|
|
129
|
4,549.00
|
LSE
|
09:13:56
|
|
355
|
4,549.00
|
LSE
|
09:16:02
|
|
434
|
4,548.00
|
LSE
|
09:16:37
|
|
955
|
4,548.00
|
LSE
|
09:16:37
|
|
260
|
4,548.00
|
LSE
|
09:16:37
|
|
120
|
4,548.00
|
LSE
|
09:16:37
|
|
72
|
4,546.00
|
LSE
|
09:19:03
|
|
179
|
4,546.00
|
LSE
|
09:20:30
|
|
630
|
4,552.00
|
LSE
|
09:25:54
|
|
79
|
4,551.00
|
LSE
|
09:28:24
|
|
107
|
4,551.00
|
LSE
|
09:28:24
|
|
92
|
4,549.00
|
LSE
|
09:28:36
|
|
135
|
4,550.00
|
LSE
|
09:30:23
|
|
48
|
4,550.00
|
LSE
|
09:32:43
|
|
137
|
4,550.00
|
LSE
|
09:32:43
|
|
6
|
4,549.00
|
LSE
|
09:38:57
|
|
586
|
4,549.00
|
LSE
|
09:38:57
|
|
116
|
4,549.00
|
LSE
|
09:38:57
|
|
81
|
4,548.00
|
LSE
|
09:39:37
|
|
85
|
4,551.00
|
LSE
|
09:44:47
|
|
73
|
4,550.00
|
LSE
|
09:46:31
|
|
493
|
4,550.00
|
LSE
|
09:46:31
|
|
109
|
4,550.00
|
LSE
|
09:46:31
|
|
443
|
4,547.00
|
LSE
|
09:50:30
|
|
206
|
4,548.00
|
LSE
|
09:54:49
|
|
81
|
4,548.00
|
LSE
|
09:54:49
|
|
105
|
4,548.00
|
LSE
|
09:54:49
|
|
36
|
4,547.00
|
LSE
|
09:55:26
|
|
52
|
4,547.00
|
LSE
|
09:55:26
|
|
69
|
4,545.00
|
LSE
|
09:56:43
|
|
111
|
4,545.00
|
LSE
|
09:56:43
|
|
1,182
|
4,548.00
|
LSE
|
10:09:56
|
|
968
|
4,551.00
|
LSE
|
10:15:46
|
|
64
|
4,552.00
|
LSE
|
10:19:55
|
|
718
|
4,554.00
|
LSE
|
10:22:30
|
|
143
|
4,555.00
|
LSE
|
10:25:25
|
|
28
|
4,555.00
|
LSE
|
10:25:25
|
|
87
|
4,555.00
|
LSE
|
10:25:25
|
|
153
|
4,554.00
|
LSE
|
10:28:26
|
|
84
|
4,554.00
|
LSE
|
10:28:26
|
|
79
|
4,552.00
|
LSE
|
10:28:38
|
|
69
|
4,550.00
|
LSE
|
10:29:37
|
|
64
|
4,550.00
|
LSE
|
10:30:07
|
|
278
|
4,551.00
|
LSE
|
10:33:03
|
|
431
|
4,551.00
|
LSE
|
10:39:19
|
|
100
|
4,551.00
|
LSE
|
10:39:19
|
|
113
|
4,551.00
|
LSE
|
10:39:19
|
|
34
|
4,552.00
|
LSE
|
10:40:20
|
|
7
|
4,552.00
|
LSE
|
10:40:20
|
|
22
|
4,552.00
|
LSE
|
10:40:20
|
|
66
|
4,551.00
|
LSE
|
10:41:15
|
|
74
|
4,550.00
|
LSE
|
10:41:48
|
|
61
|
4,550.00
|
LSE
|
10:42:10
|
|
566
|
4,554.00
|
LSE
|
10:45:48
|
|
231
|
4,550.00
|
LSE
|
10:51:56
|
|
160
|
4,550.00
|
LSE
|
10:51:56
|
|
134
|
4,551.00
|
LSE
|
10:52:29
|
|
168
|
4,548.00
|
LSE
|
10:54:13
|
|
351
|
4,549.00
|
LSE
|
10:58:10
|
|
80
|
4,546.00
|
LSE
|
10:59:34
|
|
99
|
4,546.00
|
LSE
|
10:59:34
|
|
186
|
4,551.00
|
LSE
|
11:01:06
|
|
62
|
4,549.00
|
LSE
|
11:02:00
|
|
420
|
4,549.00
|
LSE
|
11:03:04
|
|
287
|
4,548.00
|
LSE
|
11:11:19
|
|
88
|
4,548.00
|
LSE
|
11:11:19
|
|
89
|
4,548.00
|
LSE
|
11:11:19
|
|
61
|
4,546.00
|
LSE
|
11:13:16
|
|
88
|
4,546.00
|
LSE
|
11:13:16
|
|
1,167
|
4,554.00
|
LSE
|
11:25:03
|
|
237
|
4,562.00
|
LSE
|
11:27:08
|
|
315
|
4,577.00
|
LSE
|
11:30:12
|
|
196
|
4,582.00
|
LSE
|
11:32:10
|
|
104
|
4,585.00
|
LSE
|
11:32:58
|
|
379
|
4,586.00
|
LSE
|
11:39:16
|
|
194
|
4,586.00
|
LSE
|
11:39:16
|
|
377
|
4,594.00
|
LSE
|
11:43:43
|
|
273
|
4,593.00
|
LSE
|
11:47:42
|
|
131
|
4,593.00
|
LSE
|
11:47:42
|
|
153
|
4,589.00
|
LSE
|
11:50:23
|
|
84
|
4,589.00
|
LSE
|
11:50:23
|
|
99
|
4,589.00
|
LSE
|
11:52:10
|
|
118
|
4,589.00
|
LSE
|
11:56:27
|
|
314
|
4,589.00
|
LSE
|
11:56:27
|
|
161
|
4,589.00
|
LSE
|
11:58:02
|
|
73
|
4,590.00
|
LSE
|
11:58:35
|
|
77
|
4,592.00
|
LSE
|
11:59:43
|
|
83
|
4,590.00
|
LSE
|
11:59:59
|
|
304
|
4,594.00
|
LSE
|
12:02:02
|
|
65
|
4,590.00
|
LSE
|
12:03:11
|
|
96
|
4,588.00
|
LSE
|
12:03:19
|
|
61
|
4,587.00
|
LSE
|
12:04:15
|
|
74
|
4,584.00
|
LSE
|
12:05:03
|
|
1,153
|
4,583.00
|
LSE
|
12:16:27
|
|
16
|
4,583.00
|
LSE
|
12:18:00
|
|
206
|
4,583.00
|
LSE
|
12:18:17
|
|
67
|
4,581.00
|
LSE
|
12:19:32
|
|
50
|
4,583.00
|
LSE
|
12:21:22
|
|
19
|
4,583.00
|
LSE
|
12:21:22
|
|
100
|
4,583.00
|
LSE
|
12:21:22
|
|
123
|
4,584.00
|
LSE
|
12:22:23
|
|
125
|
4,583.00
|
LSE
|
12:22:50
|
|
196
|
4,584.00
|
LSE
|
12:24:30
|
|
582
|
4,585.00
|
LSE
|
12:30:09
|
|
135
|
4,584.00
|
LSE
|
12:31:07
|
|
70
|
4,585.00
|
LSE
|
12:32:09
|
|
59
|
4,583.00
|
LSE
|
12:32:39
|
|
63
|
4,581.00
|
LSE
|
12:33:37
|
|
1
|
4,581.00
|
LSE
|
12:34:21
|
|
75
|
4,581.00
|
LSE
|
12:34:21
|
|
181
|
4,584.00
|
LSE
|
12:35:52
|
|
911
|
4,586.00
|
LSE
|
12:44:05
|
|
130
|
4,585.00
|
LSE
|
12:45:13
|
|
275
|
4,585.00
|
LSE
|
12:47:55
|
|
33
|
4,583.00
|
LSE
|
12:48:58
|
|
29
|
4,583.00
|
LSE
|
12:48:58
|
|
172
|
4,587.00
|
LSE
|
12:53:14
|
|
247
|
4,587.00
|
LSE
|
12:53:32
|
|
410
|
4,590.00
|
LSE
|
12:56:51
|
|
58
|
4,589.00
|
LSE
|
12:57:16
|
|
72
|
4,587.00
|
LSE
|
12:58:11
|
|
241
|
4,588.00
|
LSE
|
12:59:41
|
|
89
|
4,579.00
|
LSE
|
13:01:01
|
|
286
|
4,581.00
|
LSE
|
13:02:36
|
|
94
|
4,579.00
|
LSE
|
13:04:19
|
|
120
|
4,579.00
|
LSE
|
13:04:19
|
|
294
|
4,581.00
|
LSE
|
13:07:34
|
|
65
|
4,579.00
|
LSE
|
13:07:54
|
|
283
|
4,581.00
|
LSE
|
13:11:39
|
|
30
|
4,581.00
|
LSE
|
13:11:39
|
|
77
|
4,581.00
|
LSE
|
13:11:39
|
|
27
|
4,581.00
|
LSE
|
13:11:40
|
|
380
|
4,579.00
|
LSE
|
13:15:59
|
|
188
|
4,577.00
|
LSE
|
13:17:16
|
|
106
|
4,584.00
|
LSE
|
13:18:10
|
|
67
|
4,581.00
|
LSE
|
13:19:10
|
|
506
|
4,581.00
|
LSE
|
13:22:58
|
|
62
|
4,581.00
|
LSE
|
13:24:56
|
|
107
|
4,581.00
|
LSE
|
13:24:56
|
|
360
|
4,582.00
|
LSE
|
13:29:02
|
|
1,200
|
4,585.00
|
LSE
|
13:41:30
|
|
140
|
4,585.00
|
LSE
|
13:41:30
|
|
381
|
4,582.00
|
LSE
|
13:41:31
|
|
487
|
4,581.00
|
LSE
|
13:45:42
|
|
360
|
4,585.00
|
LSE
|
13:51:05
|
|
415
|
4,585.00
|
LSE
|
13:51:05
|
|
598
|
4,582.00
|
LSE
|
13:58:23
|
|
210
|
4,582.00
|
LSE
|
13:58:23
|
|
137
|
4,582.00
|
LSE
|
13:58:23
|
|
43
|
4,579.00
|
LSE
|
13:59:11
|
|
27
|
4,579.00
|
LSE
|
13:59:25
|
|
399
|
4,576.00
|
LSE
|
14:01:12
|
|
1,482
|
4,574.00
|
LSE
|
14:11:33
|
|
326
|
4,574.00
|
LSE
|
14:12:57
|
|
65
|
4,572.00
|
LSE
|
14:13:44
|
|
274
|
4,574.00
|
LSE
|
14:15:14
|
|
31
|
4,574.00
|
LSE
|
14:15:14
|
|
285
|
4,577.00
|
LSE
|
14:17:13
|
|
585
|
4,582.00
|
LSE
|
14:20:14
|
|
620
|
4,578.00
|
LSE
|
14:22:25
|
|
67
|
4,583.00
|
LSE
|
14:28:05
|
|
119
|
4,583.00
|
LSE
|
14:28:05
|
|
92
|
4,583.00
|
LSE
|
14:28:21
|
|
177
|
4,583.00
|
LSE
|
14:29:20
|
|
26
|
4,583.00
|
LSE
|
14:29:20
|
|
77
|
4,583.00
|
LSE
|
14:29:20
|
|
91
|
4,583.00
|
LSE
|
14:29:20
|
|
285
|
4,581.00
|
LSE
|
14:29:25
|
|
1,819
|
4,581.00
|
LSE
|
14:29:25
|
|
365
|
4,583.00
|
LSE
|
14:29:53
|
|
354
|
4,582.00
|
LSE
|
14:30:00
|
|
125
|
4,581.00
|
LSE
|
14:30:02
|
|
291
|
4,593.00
|
LSE
|
14:30:16
|
|
63
|
4,591.00
|
LSE
|
14:30:19
|
|
83
|
4,590.00
|
LSE
|
14:30:34
|
|
228
|
4,589.00
|
LSE
|
14:30:38
|
|
43
|
4,589.00
|
LSE
|
14:30:38
|
|
645
|
4,594.00
|
LSE
|
14:31:07
|
|
30
|
4,595.00
|
LSE
|
14:31:17
|
|
200
|
4,595.00
|
LSE
|
14:31:17
|
|
19
|
4,595.00
|
LSE
|
14:31:17
|
|
182
|
4,593.00
|
LSE
|
14:31:19
|
|
156
|
4,593.00
|
LSE
|
14:31:19
|
|
477
|
4,593.00
|
LSE
|
14:31:19
|
|
1,200
|
4,593.00
|
LSE
|
14:31:24
|
|
225
|
4,591.00
|
LSE
|
14:33:29
|
|
208
|
4,591.00
|
LSE
|
14:33:29
|
|
120
|
4,591.00
|
LSE
|
14:33:30
|
|
107
|
4,591.00
|
LSE
|
14:33:30
|
|
138
|
4,595.00
|
LSE
|
14:33:36
|
|
69
|
4,595.00
|
LSE
|
14:33:36
|
|
248
|
4,598.00
|
LSE
|
14:33:52
|
|
145
|
4,597.00
|
LSE
|
14:34:14
|
|
663
|
4,598.00
|
LSE
|
14:35:10
|
|
326
|
4,597.00
|
LSE
|
14:35:37
|
|
98
|
4,596.00
|
LSE
|
14:35:58
|
|
49
|
4,596.00
|
LSE
|
14:35:58
|
|
6
|
4,596.00
|
LSE
|
14:36:00
|
|
421
|
4,601.00
|
LSE
|
14:36:38
|
|
76
|
4,599.00
|
LSE
|
14:36:40
|
|
240
|
4,601.00
|
LSE
|
14:37:11
|
|
66
|
4,598.00
|
LSE
|
14:37:21
|
|
106
|
4,597.00
|
LSE
|
14:37:27
|
|
592
|
4,604.00
|
LSE
|
14:38:29
|
|
296
|
4,607.00
|
LSE
|
14:39:19
|
|
191
|
4,604.00
|
LSE
|
14:39:30
|
|
383
|
4,608.00
|
LSE
|
14:40:30
|
|
134
|
4,608.00
|
LSE
|
14:40:30
|
|
706
|
4,611.00
|
LSE
|
14:42:25
|
|
758
|
4,614.00
|
LSE
|
14:44:17
|
|
303
|
4,612.00
|
LSE
|
14:44:22
|
|
57
|
4,613.00
|
LSE
|
14:44:37
|
|
36
|
4,613.00
|
LSE
|
14:44:37
|
|
84
|
4,613.00
|
LSE
|
14:44:41
|
|
84
|
4,610.00
|
LSE
|
14:44:57
|
|
235
|
4,612.00
|
LSE
|
14:45:28
|
|
563
|
4,614.00
|
LSE
|
14:46:30
|
|
47
|
4,613.00
|
LSE
|
14:46:50
|
|
29
|
4,613.00
|
LSE
|
14:46:50
|
|
151
|
4,611.00
|
LSE
|
14:47:03
|
|
79
|
4,610.00
|
LSE
|
14:47:05
|
|
30
|
4,610.00
|
LSE
|
14:47:05
|
|
176
|
4,610.00
|
LSE
|
14:47:25
|
|
27
|
4,610.00
|
LSE
|
14:48:03
|
|
566
|
4,615.00
|
LSE
|
14:48:56
|
|
178
|
4,613.00
|
LSE
|
14:49:02
|
|
203
|
4,613.00
|
LSE
|
14:50:20
|
|
426
|
4,612.00
|
LSE
|
14:51:01
|
|
10
|
4,608.00
|
LSE
|
14:51:13
|
|
162
|
4,608.00
|
LSE
|
14:51:13
|
|
62
|
4,608.00
|
LSE
|
14:51:17
|
|
109
|
4,607.00
|
LSE
|
14:51:47
|
|
200
|
4,605.00
|
LSE
|
14:51:51
|
|
133
|
4,603.00
|
LSE
|
14:52:49
|
|
91
|
4,603.00
|
LSE
|
14:52:49
|
|
153
|
4,603.00
|
LSE
|
14:52:49
|
|
62
|
4,601.00
|
LSE
|
14:53:09
|
|
267
|
4,602.00
|
LSE
|
14:53:39
|
|
151
|
4,606.00
|
LSE
|
14:53:56
|
|
94
|
4,606.00
|
LSE
|
14:54:31
|
|
10
|
4,604.00
|
LSE
|
14:55:02
|
|
189
|
4,604.00
|
LSE
|
14:55:02
|
|
162
|
4,604.00
|
LSE
|
14:55:13
|
|
114
|
4,604.00
|
LSE
|
14:55:13
|
|
10
|
4,603.00
|
LSE
|
14:55:51
|
|
82
|
4,603.00
|
LSE
|
14:55:51
|
|
84
|
4,603.00
|
LSE
|
14:55:51
|
|
65
|
4,601.00
|
LSE
|
14:56:12
|
|
111
|
4,601.00
|
LSE
|
14:56:12
|
|
230
|
4,602.00
|
LSE
|
14:56:36
|
|
42
|
4,600.00
|
LSE
|
14:56:52
|
|
57
|
4,600.00
|
LSE
|
14:56:52
|
|
123
|
4,599.00
|
LSE
|
14:56:54
|
|
145
|
4,599.00
|
LSE
|
14:57:51
|
|
306
|
4,598.00
|
LSE
|
14:58:02
|
|
84
|
4,597.00
|
LSE
|
14:58:08
|
|
77
|
4,596.00
|
LSE
|
14:58:17
|
|
20
|
4,591.00
|
LSE
|
14:58:42
|
|
56
|
4,591.00
|
LSE
|
14:58:42
|
|
178
|
4,592.00
|
LSE
|
14:59:29
|
|
238
|
4,592.00
|
LSE
|
14:59:29
|
|
89
|
4,590.00
|
LSE
|
14:59:38
|
|
389
|
4,588.00
|
LSE
|
14:59:59
|
|
389
|
4,588.00
|
LSE
|
14:59:59
|
|
387
|
4,588.00
|
LSE
|
14:59:59
|
|
650
|
4,584.00
|
LSE
|
15:01:13
|
|
66
|
4,590.00
|
LSE
|
15:04:01
|
|
215
|
4,591.00
|
LSE
|
15:04:27
|
|
55
|
4,591.00
|
LSE
|
15:04:27
|
|
76
|
4,591.00
|
LSE
|
15:04:48
|
|
82
|
4,590.00
|
LSE
|
15:04:49
|
|
126
|
4,591.00
|
LSE
|
15:05:36
|
|
214
|
4,592.00
|
LSE
|
15:06:10
|
|
408
|
4,593.00
|
LSE
|
15:06:50
|
|
70
|
4,596.00
|
LSE
|
15:07:06
|
|
106
|
4,599.00
|
LSE
|
15:07:17
|
|
76
|
4,602.00
|
LSE
|
15:07:33
|
|
75
|
4,598.00
|
LSE
|
15:07:50
|
|
151
|
4,600.00
|
LSE
|
15:08:22
|
|
295
|
4,610.00
|
LSE
|
15:11:17
|
|
884
|
4,610.00
|
LSE
|
15:11:17
|
|
94
|
4,608.00
|
LSE
|
15:11:19
|
|
167
|
4,607.00
|
LSE
|
15:11:54
|
|
213
|
4,607.00
|
LSE
|
15:12:25
|
|
73
|
4,605.00
|
LSE
|
15:12:30
|
|
60
|
4,603.00
|
LSE
|
15:13:19
|
|
92
|
4,603.00
|
LSE
|
15:14:30
|
|
556
|
4,603.00
|
LSE
|
15:14:36
|
|
116
|
4,602.00
|
LSE
|
15:15:03
|
|
27
|
4,602.00
|
LSE
|
15:15:09
|
|
132
|
4,602.00
|
LSE
|
15:15:19
|
|
433
|
4,605.00
|
LSE
|
15:16:15
|
|
222
|
4,605.00
|
LSE
|
15:17:45
|
|
145
|
4,605.00
|
LSE
|
15:17:45
|
|
688
|
4,608.00
|
LSE
|
15:19:20
|
|
341
|
4,610.00
|
LSE
|
15:20:33
|
|
57
|
4,610.00
|
LSE
|
15:20:35
|
|
71
|
4,609.00
|
LSE
|
15:21:04
|
|
458
|
4,609.00
|
LSE
|
15:22:16
|
|
76
|
4,607.00
|
LSE
|
15:23:03
|
|
234
|
4,606.00
|
LSE
|
15:24:24
|
|
327
|
4,606.00
|
LSE
|
15:24:24
|
|
29
|
4,607.00
|
LSE
|
15:24:46
|
|
145
|
4,607.00
|
LSE
|
15:24:46
|
|
79
|
4,606.00
|
LSE
|
15:25:14
|
|
212
|
4,608.00
|
LSE
|
15:25:26
|
|
527
|
4,608.00
|
LSE
|
15:27:09
|
|
106
|
4,607.00
|
LSE
|
15:27:27
|
|
18
|
4,607.00
|
LSE
|
15:27:58
|
|
96
|
4,607.00
|
LSE
|
15:28:03
|
|
15
|
4,607.00
|
LSE
|
15:28:03
|
|
414
|
4,611.00
|
LSE
|
15:29:02
|
|
152
|
4,612.00
|
LSE
|
15:29:49
|
|
136
|
4,610.00
|
LSE
|
15:30:55
|
|
325
|
4,610.00
|
LSE
|
15:30:55
|
|
71
|
4,608.00
|
LSE
|
15:31:18
|
|
319
|
4,610.00
|
LSE
|
15:32:08
|
|
434
|
4,613.00
|
LSE
|
15:33:29
|
|
70
|
4,615.00
|
LSE
|
15:34:04
|
|
168
|
4,613.00
|
LSE
|
15:34:25
|
|
135
|
4,612.00
|
LSE
|
15:34:29
|
|
72
|
4,611.00
|
LSE
|
15:35:04
|
|
284
|
4,621.00
|
LSE
|
15:40:08
|
|
604
|
4,620.00
|
LSE
|
15:40:21
|
|
1,135
|
4,620.00
|
LSE
|
15:40:21
|
|
71
|
4,618.00
|
LSE
|
15:40:38
|
|
94
|
4,618.00
|
LSE
|
15:40:53
|
|
66
|
4,617.00
|
LSE
|
15:41:17
|
|
1,241
|
4,617.00
|
LSE
|
15:45:49
|
|
167
|
4,615.00
|
LSE
|
15:46:00
|
|
117
|
4,615.00
|
LSE
|
15:46:00
|
|
264
|
4,615.00
|
LSE
|
15:47:28
|
|
62
|
4,615.00
|
LSE
|
15:47:28
|
|
266
|
4,614.00
|
LSE
|
15:47:36
|
|
49
|
4,612.00
|
LSE
|
15:48:10
|
|
495
|
4,614.00
|
LSE
|
15:50:14
|
|
19
|
4,614.00
|
LSE
|
15:50:14
|
|
395
|
4,614.00
|
LSE
|
15:50:14
|
|
86
|
4,614.00
|
LSE
|
15:51:18
|
|
150
|
4,624.00
|
LSE
|
15:56:41
|
|
590
|
4,623.00
|
LSE
|
15:56:50
|
|
59
|
4,625.00
|
LSE
|
15:58:11
|
|
108
|
4,625.00
|
LSE
|
15:58:11
|
|
1
|
4,625.00
|
LSE
|
15:58:11
|
|
573
|
4,625.00
|
LSE
|
15:58:28
|
|
128
|
4,624.00
|
LSE
|
15:58:30
|
|
68
|
4,622.00
|
LSE
|
15:58:36
|
|
70
|
4,619.00
|
LSE
|
15:58:44
|
|
66
|
4,619.00
|
LSE
|
15:59:09
|
|
152
|
4,618.00
|
LSE
|
15:59:12
|
|
79
|
4,618.00
|
LSE
|
15:59:28
|
|
85
|
4,618.00
|
LSE
|
15:59:51
|
|
185
|
4,618.00
|
LSE
|
15:59:57
|
|
67
|
4,619.00
|
LSE
|
16:00:14
|
|
585
|
4,620.00
|
LSE
|
16:01:23
|
|
80
|
4,619.00
|
LSE
|
16:01:38
|
|
52
|
4,618.00
|
LSE
|
16:02:09
|
|
66
|
4,618.00
|
LSE
|
16:02:09
|
|
344
|
4,619.00
|
LSE
|
16:02:30
|
|
88
|
4,618.00
|
LSE
|
16:02:53
|
|
175
|
4,617.00
|
LSE
|
16:03:08
|
|
361
|
4,619.00
|
LSE
|
16:03:24
|
|
205
|
4,617.00
|
LSE
|
16:03:30
|
|
317
|
4,619.00
|
LSE
|
16:04:56
|
|
44
|
4,618.00
|
LSE
|
16:05:01
|
|
64
|
4,618.00
|
LSE
|
16:05:01
|
|
815
|
4,621.00
|
LSE
|
16:06:02
|
|
4
|
4,621.00
|
LSE
|
16:06:02
|
|
564
|
4,618.00
|
LSE
|
16:07:57
|
|
116
|
4,618.00
|
LSE
|
16:08:11
|
|
251
|
4,619.00
|
LSE
|
16:08:36
|
|
86
|
4,619.00
|
LSE
|
16:08:36
|
|
174
|
4,618.00
|
LSE
|
16:09:28
|
|
295
|
4,616.00
|
LSE
|
16:13:57
|
Exhibit 34
British American Tobacco p.l.c.
27 February 2026
TRANSACTION IN OWN SHARES
British American Tobacco p.l.c. (the "Company") announces that in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025 it purchased the following number of its
ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024:
|
Date of purchase:
|
26 February 2026
|
|
Number of ordinary shares of 25 pence each purchased:
|
93,317
|
|
Highest price paid per share (pence):
|
4,646.00p
|
|
Lowest price paid per share (pence):
|
4,592.00p
|
|
Volume weighted average price paid per share (pence):
|
4,618.6517p
|
The Company intends to cancel the purchased shares.
Following the purchase and cancellation of these shares, the Company will have 2,174,828,881 ordinary shares in issue (excluding treasury shares) which carry voting rights and will hold 132,976,327 ordinary shares in
treasury. This information may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by Banco Santander, S.A. on 26 February 2026 is set out below.
Enquiries:
Investor Relations
Victoria Buxton | IR_team@bat.com
Schedule of purchases - aggregate information
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
26/02/2026
|
93,317
|
4,618.6517p
|
LSE
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
26/02/2026
|
0
|
0.0000p
|
CHIX
|
|
British American Tobacco p.l.c.
|
GB0002875804
|
26/02/2026
|
0
|
0.0000p
|
BATE
|
Schedule of purchases - individual transactions
|
Number of shares
purchased |
Transaction price
(per share) |
Market
|
Time of transaction
|
|
1,583
|
4,626.00
|
LSE
|
08:00:05
|
|
72
|
4,620.00
|
LSE
|
08:00:17
|
|
1,616
|
4,611.00
|
LSE
|
08:00:32
|
|
133
|
4,618.00
|
LSE
|
08:00:58
|
|
78
|
4,618.00
|
LSE
|
08:01:06
|
|
133
|
4,616.00
|
LSE
|
08:01:41
|
|
134
|
4,615.00
|
LSE
|
08:02:13
|
|
174
|
4,614.00
|
LSE
|
08:03:56
|
|
617
|
4,619.00
|
LSE
|
08:06:12
|
|
106
|
4,615.00
|
LSE
|
08:06:16
|
|
18
|
4,610.00
|
LSE
|
08:06:50
|
|
56
|
4,610.00
|
LSE
|
08:06:54
|
|
170
|
4,608.00
|
LSE
|
08:07:14
|
|
81
|
4,605.00
|
LSE
|
08:08:24
|
|
511
|
4,604.00
|
LSE
|
08:10:34
|
|
194
|
4,601.00
|
LSE
|
08:10:46
|
|
24
|
4,601.00
|
LSE
|
08:15:03
|
|
56
|
4,601.00
|
LSE
|
08:15:10
|
|
168
|
4,594.00
|
LSE
|
08:15:13
|
|
96
|
4,594.00
|
LSE
|
08:15:13
|
|
547
|
4,597.00
|
LSE
|
08:15:27
|
|
167
|
4,606.00
|
LSE
|
08:17:43
|
|
88
|
4,602.00
|
LSE
|
08:17:59
|
|
125
|
4,601.00
|
LSE
|
08:20:28
|
|
112
|
4,601.00
|
LSE
|
08:20:28
|
|
162
|
4,601.00
|
LSE
|
08:20:41
|
|
516
|
4,613.00
|
LSE
|
08:26:17
|
|
296
|
4,613.00
|
LSE
|
08:29:09
|
|
173
|
4,610.00
|
LSE
|
08:29:11
|
|
152
|
4,609.00
|
LSE
|
08:30:36
|
|
144
|
4,609.00
|
LSE
|
08:31:25
|
|
19
|
4,606.00
|
LSE
|
08:33:39
|
|
205
|
4,606.00
|
LSE
|
08:33:39
|
|
285
|
4,606.00
|
LSE
|
08:37:59
|
|
272
|
4,610.00
|
LSE
|
08:40:25
|
|
407
|
4,618.00
|
LSE
|
08:43:28
|
|
100
|
4,617.00
|
LSE
|
08:44:17
|
|
92
|
4,629.00
|
LSE
|
08:51:43
|
|
158
|
4,629.00
|
LSE
|
08:51:43
|
|
132
|
4,625.00
|
LSE
|
08:52:37
|
|
135
|
4,621.00
|
LSE
|
08:54:12
|
|
327
|
4,621.00
|
LSE
|
08:54:12
|
|
64
|
4,620.00
|
LSE
|
08:55:58
|
|
100
|
4,619.00
|
LSE
|
08:58:52
|
|
619
|
4,624.00
|
LSE
|
09:02:24
|
|
225
|
4,625.00
|
LSE
|
09:04:26
|
|
141
|
4,623.00
|
LSE
|
09:04:34
|
|
381
|
4,624.00
|
LSE
|
09:07:59
|
|
134
|
4,621.00
|
LSE
|
09:08:58
|
|
526
|
4,622.00
|
LSE
|
09:10:58
|
|
226
|
4,622.00
|
LSE
|
09:12:25
|
|
100
|
4,622.00
|
LSE
|
09:15:57
|
|
223
|
4,618.00
|
LSE
|
09:16:12
|
|
273
|
4,618.00
|
LSE
|
09:19:21
|
|
211
|
4,615.00
|
LSE
|
09:19:36
|
|
62
|
4,619.00
|
LSE
|
09:23:31
|
|
326
|
4,616.00
|
LSE
|
09:23:56
|
|
196
|
4,616.00
|
LSE
|
09:23:56
|
|
262
|
4,615.00
|
LSE
|
09:26:27
|
|
111
|
4,620.00
|
LSE
|
09:31:41
|
|
48
|
4,620.00
|
LSE
|
09:33:12
|
|
35
|
4,620.00
|
LSE
|
09:33:12
|
|
76
|
4,620.00
|
LSE
|
09:33:55
|
|
147
|
4,618.00
|
LSE
|
09:34:14
|
|
126
|
4,615.00
|
LSE
|
09:34:29
|
|
118
|
4,619.00
|
LSE
|
09:38:08
|
|
122
|
4,619.00
|
LSE
|
09:38:08
|
|
76
|
4,617.00
|
LSE
|
09:38:21
|
|
162
|
4,615.00
|
LSE
|
09:40:01
|
|
103
|
4,615.00
|
LSE
|
09:40:01
|
|
161
|
4,613.00
|
LSE
|
09:40:41
|
|
157
|
4,613.00
|
LSE
|
09:41:52
|
|
5
|
4,613.00
|
LSE
|
09:41:52
|
|
68
|
4,612.00
|
LSE
|
09:41:53
|
|
205
|
4,609.00
|
LSE
|
09:43:17
|
|
131
|
4,611.00
|
LSE
|
09:45:43
|
|
77
|
4,611.00
|
LSE
|
09:45:43
|
|
67
|
4,610.00
|
LSE
|
09:45:56
|
|
85
|
4,612.00
|
LSE
|
09:48:27
|
|
25
|
4,611.00
|
LSE
|
09:51:26
|
|
203
|
4,611.00
|
LSE
|
09:51:26
|
|
150
|
4,612.00
|
LSE
|
09:51:53
|
|
85
|
4,611.00
|
LSE
|
09:52:11
|
|
177
|
4,609.00
|
LSE
|
09:53:31
|
|
135
|
4,608.00
|
LSE
|
09:53:44
|
|
204
|
4,614.00
|
LSE
|
10:02:02
|
|
231
|
4,614.00
|
LSE
|
10:02:02
|
|
442
|
4,613.00
|
LSE
|
10:05:02
|
|
395
|
4,611.00
|
LSE
|
10:07:05
|
|
60
|
4,610.00
|
LSE
|
10:07:27
|
|
89
|
4,609.00
|
LSE
|
10:07:28
|
|
116
|
4,613.00
|
LSE
|
10:11:00
|
|
447
|
4,619.00
|
LSE
|
10:17:50
|
|
170
|
4,619.00
|
LSE
|
10:19:14
|
|
84
|
4,618.00
|
LSE
|
10:20:15
|
|
189
|
4,619.00
|
LSE
|
10:22:28
|
|
77
|
4,618.00
|
LSE
|
10:22:45
|
|
81
|
4,617.00
|
LSE
|
10:23:05
|
|
17
|
4,618.00
|
LSE
|
10:25:00
|
|
42
|
4,618.00
|
LSE
|
10:25:00
|
|
123
|
4,617.00
|
LSE
|
10:25:10
|
|
67
|
4,618.00
|
LSE
|
10:27:18
|
|
24
|
4,617.00
|
LSE
|
10:29:43
|
|
183
|
4,619.00
|
LSE
|
10:30:36
|
|
157
|
4,619.00
|
LSE
|
10:31:46
|
|
132
|
4,618.00
|
LSE
|
10:32:33
|
|
68
|
4,619.00
|
LSE
|
10:34:17
|
|
174
|
4,617.00
|
LSE
|
10:34:33
|
|
86
|
4,616.00
|
LSE
|
10:34:48
|
|
425
|
4,617.00
|
LSE
|
10:38:58
|
|
77
|
4,615.00
|
LSE
|
10:39:31
|
|
135
|
4,615.00
|
LSE
|
10:42:31
|
|
89
|
4,615.00
|
LSE
|
10:42:31
|
|
529
|
4,619.00
|
LSE
|
10:50:18
|
|
193
|
4,620.00
|
LSE
|
10:51:46
|
|
68
|
4,619.00
|
LSE
|
10:53:15
|
|
9
|
4,624.00
|
LSE
|
11:00:15
|
|
319
|
4,624.00
|
LSE
|
11:00:15
|
|
106
|
4,625.00
|
LSE
|
11:03:15
|
|
113
|
4,625.00
|
LSE
|
11:03:15
|
|
301
|
4,623.00
|
LSE
|
11:05:50
|
|
94
|
4,623.00
|
LSE
|
11:05:50
|
|
245
|
4,622.00
|
LSE
|
11:07:35
|
|
314
|
4,622.00
|
LSE
|
11:12:03
|
|
184
|
4,620.00
|
LSE
|
11:12:04
|
|
209
|
4,618.00
|
LSE
|
11:13:02
|
|
229
|
4,618.00
|
LSE
|
11:15:00
|
|
85
|
4,617.00
|
LSE
|
11:15:03
|
|
74
|
4,616.00
|
LSE
|
11:15:21
|
|
156
|
4,613.00
|
LSE
|
11:17:18
|
|
148
|
4,613.00
|
LSE
|
11:17:18
|
|
121
|
4,618.00
|
LSE
|
11:24:00
|
|
164
|
4,618.00
|
LSE
|
11:24:00
|
|
163
|
4,618.00
|
LSE
|
11:25:03
|
|
229
|
4,624.00
|
LSE
|
11:33:18
|
|
210
|
4,624.00
|
LSE
|
11:33:18
|
|
59
|
4,625.00
|
LSE
|
11:36:02
|
|
152
|
4,627.00
|
LSE
|
11:38:02
|
|
88
|
4,626.00
|
LSE
|
11:39:30
|
|
433
|
4,629.00
|
LSE
|
11:45:58
|
|
83
|
4,628.00
|
LSE
|
11:46:12
|
|
108
|
4,629.00
|
LSE
|
11:48:31
|
|
196
|
4,627.00
|
LSE
|
11:50:48
|
|
82
|
4,627.00
|
LSE
|
11:50:48
|
|
193
|
4,626.00
|
LSE
|
11:52:24
|
|
92
|
4,626.00
|
LSE
|
11:52:24
|
|
80
|
4,624.00
|
LSE
|
11:56:49
|
|
22
|
4,624.00
|
LSE
|
11:56:49
|
|
258
|
4,624.00
|
LSE
|
11:56:49
|
|
113
|
4,624.00
|
LSE
|
11:56:51
|
|
84
|
4,625.00
|
LSE
|
11:58:58
|
|
87
|
4,626.00
|
LSE
|
12:00:07
|
|
62
|
4,626.00
|
LSE
|
12:00:30
|
|
94
|
4,626.00
|
LSE
|
12:02:10
|
|
126
|
4,626.00
|
LSE
|
12:02:10
|
|
157
|
4,624.00
|
LSE
|
12:02:33
|
|
143
|
4,625.00
|
LSE
|
12:03:59
|
|
4
|
4,625.00
|
LSE
|
12:04:09
|
|
109
|
4,625.00
|
LSE
|
12:05:29
|
|
240
|
4,622.00
|
LSE
|
12:05:50
|
|
48
|
4,622.00
|
LSE
|
12:05:50
|
|
101
|
4,622.00
|
LSE
|
12:08:23
|
|
87
|
4,622.00
|
LSE
|
12:08:23
|
|
126
|
4,621.00
|
LSE
|
12:09:46
|
|
89
|
4,621.00
|
LSE
|
12:09:46
|
|
198
|
4,620.00
|
LSE
|
12:11:30
|
|
147
|
4,619.00
|
LSE
|
12:11:57
|
|
13
|
4,619.00
|
LSE
|
12:11:57
|
|
79
|
4,621.00
|
LSE
|
12:14:07
|
|
57
|
4,621.00
|
LSE
|
12:14:55
|
|
79
|
4,621.00
|
LSE
|
12:16:42
|
|
66
|
4,621.00
|
LSE
|
12:16:42
|
|
60
|
4,621.00
|
LSE
|
12:17:04
|
|
117
|
4,619.00
|
LSE
|
12:17:48
|
|
2
|
4,619.00
|
LSE
|
12:17:48
|
|
236
|
4,618.00
|
LSE
|
12:17:55
|
|
78
|
4,617.00
|
LSE
|
12:21:15
|
|
554
|
4,618.00
|
LSE
|
12:25:22
|
|
97
|
4,618.00
|
LSE
|
12:25:22
|
|
2
|
4,618.00
|
LSE
|
12:25:23
|
|
117
|
4,618.00
|
LSE
|
12:25:32
|
|
97
|
4,616.00
|
LSE
|
12:25:52
|
|
437
|
4,621.00
|
LSE
|
12:35:42
|
|
105
|
4,621.00
|
LSE
|
12:35:42
|
|
394
|
4,618.00
|
LSE
|
12:36:13
|
|
58
|
4,617.00
|
LSE
|
12:39:25
|
|
28
|
4,617.00
|
LSE
|
12:39:25
|
|
201
|
4,617.00
|
LSE
|
12:39:33
|
|
177
|
4,617.00
|
LSE
|
12:42:05
|
|
96
|
4,617.00
|
LSE
|
12:42:05
|
|
80
|
4,617.00
|
LSE
|
12:42:11
|
|
73
|
4,617.00
|
LSE
|
12:43:01
|
|
124
|
4,618.00
|
LSE
|
12:44:23
|
|
127
|
4,623.00
|
LSE
|
12:50:57
|
|
124
|
4,622.00
|
LSE
|
12:51:54
|
|
177
|
4,622.00
|
LSE
|
12:55:41
|
|
149
|
4,622.00
|
LSE
|
12:55:41
|
|
46
|
4,622.00
|
LSE
|
12:55:41
|
|
174
|
4,621.00
|
LSE
|
12:56:04
|
|
341
|
4,620.00
|
LSE
|
12:59:09
|
|
149
|
4,620.00
|
LSE
|
13:00:13
|
|
88
|
4,620.00
|
LSE
|
13:00:13
|
|
93
|
4,619.00
|
LSE
|
13:00:43
|
|
121
|
4,620.00
|
LSE
|
13:05:18
|
|
306
|
4,620.00
|
LSE
|
13:05:18
|
|
156
|
4,621.00
|
LSE
|
13:06:56
|
|
83
|
4,622.00
|
LSE
|
13:07:58
|
|
77
|
4,622.00
|
LSE
|
13:09:32
|
|
197
|
4,621.00
|
LSE
|
13:09:40
|
|
114
|
4,620.00
|
LSE
|
13:10:46
|
|
46
|
4,620.00
|
LSE
|
13:11:59
|
|
21
|
4,620.00
|
LSE
|
13:12:00
|
|
142
|
4,619.00
|
LSE
|
13:12:35
|
|
65
|
4,621.00
|
LSE
|
13:14:50
|
|
134
|
4,620.00
|
LSE
|
13:16:31
|
|
103
|
4,620.00
|
LSE
|
13:17:30
|
|
103
|
4,620.00
|
LSE
|
13:17:30
|
|
93
|
4,619.00
|
LSE
|
13:17:58
|
|
60
|
4,619.00
|
LSE
|
13:17:58
|
|
136
|
4,618.00
|
LSE
|
13:17:59
|
|
88
|
4,617.00
|
LSE
|
13:18:28
|
|
221
|
4,615.00
|
LSE
|
13:18:42
|
|
131
|
4,614.00
|
LSE
|
13:19:00
|
|
76
|
4,615.00
|
LSE
|
13:19:46
|
|
63
|
4,616.00
|
LSE
|
13:21:56
|
|
207
|
4,617.00
|
LSE
|
13:23:48
|
|
115
|
4,615.00
|
LSE
|
13:25:07
|
|
179
|
4,615.00
|
LSE
|
13:25:07
|
|
71
|
4,615.00
|
LSE
|
13:27:45
|
|
87
|
4,615.00
|
LSE
|
13:27:45
|
|
93
|
4,614.00
|
LSE
|
13:27:47
|
|
455
|
4,614.00
|
LSE
|
13:32:44
|
|
14
|
4,614.00
|
LSE
|
13:32:51
|
|
210
|
4,615.00
|
LSE
|
13:34:33
|
|
286
|
4,614.00
|
LSE
|
13:36:22
|
|
246
|
4,612.00
|
LSE
|
13:36:34
|
|
111
|
4,610.00
|
LSE
|
13:36:39
|
|
65
|
4,613.00
|
LSE
|
13:38:45
|
|
310
|
4,610.00
|
LSE
|
13:38:48
|
|
114
|
4,611.00
|
LSE
|
13:40:54
|
|
23
|
4,608.00
|
LSE
|
13:40:55
|
|
308
|
4,608.00
|
LSE
|
13:40:55
|
|
104
|
4,608.00
|
LSE
|
13:42:45
|
|
211
|
4,606.00
|
LSE
|
13:42:48
|
|
221
|
4,605.00
|
LSE
|
13:43:28
|
|
303
|
4,601.00
|
LSE
|
13:43:54
|
|
217
|
4,596.00
|
LSE
|
13:44:15
|
|
267
|
4,596.00
|
LSE
|
13:44:15
|
|
120
|
4,592.00
|
LSE
|
13:44:15
|
|
131
|
4,600.00
|
LSE
|
13:49:54
|
|
188
|
4,598.00
|
LSE
|
13:50:14
|
|
913
|
4,592.00
|
LSE
|
13:50:29
|
|
58
|
4,599.00
|
LSE
|
13:58:53
|
|
451
|
4,601.00
|
LSE
|
14:01:29
|
|
141
|
4,596.00
|
LSE
|
14:02:07
|
|
182
|
4,595.00
|
LSE
|
14:03:08
|
|
79
|
4,600.00
|
LSE
|
14:05:39
|
|
39
|
4,600.00
|
LSE
|
14:05:39
|
|
58
|
4,600.00
|
LSE
|
14:06:48
|
|
214
|
4,599.00
|
LSE
|
14:06:50
|
|
91
|
4,597.00
|
LSE
|
14:07:54
|
|
148
|
4,597.00
|
LSE
|
14:07:54
|
|
169
|
4,599.00
|
LSE
|
14:10:19
|
|
119
|
4,598.00
|
LSE
|
14:10:41
|
|
240
|
4,599.00
|
LSE
|
14:12:41
|
|
314
|
4,597.00
|
LSE
|
14:12:48
|
|
401
|
4,598.00
|
LSE
|
14:14:46
|
|
501
|
4,601.00
|
LSE
|
14:20:44
|
|
133
|
4,601.00
|
LSE
|
14:21:30
|
|
163
|
4,600.00
|
LSE
|
14:22:01
|
|
58
|
4,600.00
|
LSE
|
14:22:01
|
|
230
|
4,601.00
|
LSE
|
14:23:51
|
|
109
|
4,606.00
|
LSE
|
14:25:04
|
|
348
|
4,607.00
|
LSE
|
14:26:49
|
|
414
|
4,605.00
|
LSE
|
14:27:00
|
|
250
|
4,603.00
|
LSE
|
14:27:34
|
|
394
|
4,601.00
|
LSE
|
14:27:43
|
|
152
|
4,600.00
|
LSE
|
14:28:00
|
|
189
|
4,602.00
|
LSE
|
14:29:30
|
|
97
|
4,602.00
|
LSE
|
14:29:30
|
|
4,974
|
4,600.00
|
LSE
|
14:29:59
|
|
277
|
4,617.00
|
LSE
|
14:34:42
|
|
77
|
4,616.00
|
LSE
|
14:34:49
|
|
144
|
4,620.00
|
LSE
|
14:35:44
|
|
201
|
4,618.00
|
LSE
|
14:35:52
|
|
52
|
4,618.00
|
LSE
|
14:35:52
|
|
369
|
4,617.00
|
LSE
|
14:36:06
|
|
122
|
4,619.00
|
LSE
|
14:36:42
|
|
164
|
4,618.00
|
LSE
|
14:36:45
|
|
154
|
4,617.00
|
LSE
|
14:36:59
|
|
96
|
4,616.00
|
LSE
|
14:37:04
|
|
213
|
4,615.00
|
LSE
|
14:37:08
|
|
21
|
4,613.00
|
LSE
|
14:37:11
|
|
125
|
4,613.00
|
LSE
|
14:37:11
|
|
67
|
4,613.00
|
LSE
|
14:37:11
|
|
67
|
4,613.00
|
LSE
|
14:37:34
|
|
363
|
4,611.00
|
LSE
|
14:37:35
|
|
94
|
4,611.00
|
LSE
|
14:37:49
|
|
124
|
4,610.00
|
LSE
|
14:37:51
|
|
222
|
4,612.00
|
LSE
|
14:38:42
|
|
199
|
4,611.00
|
LSE
|
14:38:44
|
|
96
|
4,609.00
|
LSE
|
14:38:58
|
|
313
|
4,607.00
|
LSE
|
14:39:00
|
|
93
|
4,606.00
|
LSE
|
14:39:02
|
|
109
|
4,607.00
|
LSE
|
14:39:30
|
|
203
|
4,605.00
|
LSE
|
14:39:35
|
|
229
|
4,605.00
|
LSE
|
14:39:59
|
|
89
|
4,607.00
|
LSE
|
14:40:43
|
|
89
|
4,605.00
|
LSE
|
14:40:58
|
|
237
|
4,605.00
|
LSE
|
14:40:58
|
|
112
|
4,604.00
|
LSE
|
14:41:04
|
|
100
|
4,602.00
|
LSE
|
14:41:07
|
|
108
|
4,602.00
|
LSE
|
14:41:09
|
|
51
|
4,602.00
|
LSE
|
14:41:26
|
|
88
|
4,602.00
|
LSE
|
14:41:26
|
|
216
|
4,602.00
|
LSE
|
14:42:06
|
|
164
|
4,605.00
|
LSE
|
14:42:46
|
|
44
|
4,605.00
|
LSE
|
14:42:46
|
|
11
|
4,604.00
|
LSE
|
14:42:59
|
|
172
|
4,604.00
|
LSE
|
14:42:59
|
|
82
|
4,604.00
|
LSE
|
14:43:09
|
|
247
|
4,603.00
|
LSE
|
14:43:48
|
|
241
|
4,602.00
|
LSE
|
14:43:55
|
|
230
|
4,609.00
|
LSE
|
14:45:35
|
|
67
|
4,611.00
|
LSE
|
14:46:01
|
|
116
|
4,609.00
|
LSE
|
14:46:06
|
|
128
|
4,609.00
|
LSE
|
14:46:19
|
|
55
|
4,609.00
|
LSE
|
14:46:19
|
|
57
|
4,608.00
|
LSE
|
14:46:27
|
|
84
|
4,608.00
|
LSE
|
14:46:27
|
|
98
|
4,607.00
|
LSE
|
14:46:30
|
|
35
|
4,607.00
|
LSE
|
14:46:30
|
|
190
|
4,608.00
|
LSE
|
14:47:26
|
|
89
|
4,615.00
|
LSE
|
14:48:42
|
|
48
|
4,613.00
|
LSE
|
14:49:30
|
|
225
|
4,613.00
|
LSE
|
14:49:30
|
|
568
|
4,612.00
|
LSE
|
14:49:53
|
|
272
|
4,610.00
|
LSE
|
14:49:54
|
|
88
|
4,609.00
|
LSE
|
14:49:55
|
|
35
|
4,614.00
|
LSE
|
14:51:27
|
|
75
|
4,614.00
|
LSE
|
14:51:30
|
|
98
|
4,614.00
|
LSE
|
14:51:44
|
|
130
|
4,614.00
|
LSE
|
14:51:44
|
|
86
|
4,615.00
|
LSE
|
14:52:20
|
|
142
|
4,615.00
|
LSE
|
14:52:42
|
|
155
|
4,618.00
|
LSE
|
14:53:26
|
|
32
|
4,617.00
|
LSE
|
14:53:32
|
|
16
|
4,617.00
|
LSE
|
14:53:34
|
|
59
|
4,617.00
|
LSE
|
14:53:43
|
|
9
|
4,615.00
|
LSE
|
14:53:53
|
|
82
|
4,615.00
|
LSE
|
14:53:53
|
|
178
|
4,615.00
|
LSE
|
14:53:53
|
|
244
|
4,614.00
|
LSE
|
14:54:06
|
|
496
|
4,618.00
|
LSE
|
14:55:57
|
|
132
|
4,617.00
|
LSE
|
14:56:01
|
|
109
|
4,616.00
|
LSE
|
14:56:09
|
|
302
|
4,615.00
|
LSE
|
14:56:42
|
|
177
|
4,614.00
|
LSE
|
14:56:51
|
|
519
|
4,616.00
|
LSE
|
14:58:39
|
|
4
|
4,616.00
|
LSE
|
14:58:40
|
|
221
|
4,616.00
|
LSE
|
14:58:40
|
|
83
|
4,615.00
|
LSE
|
14:58:50
|
|
153
|
4,614.00
|
LSE
|
14:59:45
|
|
582
|
4,614.00
|
LSE
|
15:00:11
|
|
35
|
4,614.00
|
LSE
|
15:00:11
|
|
82
|
4,613.00
|
LSE
|
15:00:27
|
|
76
|
4,612.00
|
LSE
|
15:00:38
|
|
1
|
4,612.00
|
LSE
|
15:00:40
|
|
102
|
4,612.00
|
LSE
|
15:00:52
|
|
106
|
4,617.00
|
LSE
|
15:02:00
|
|
313
|
4,617.00
|
LSE
|
15:02:05
|
|
33
|
4,617.00
|
LSE
|
15:02:22
|
|
31
|
4,617.00
|
LSE
|
15:02:22
|
|
95
|
4,617.00
|
LSE
|
15:02:27
|
|
199
|
4,615.00
|
LSE
|
15:02:31
|
|
92
|
4,620.00
|
LSE
|
15:03:53
|
|
145
|
4,621.00
|
LSE
|
15:04:00
|
|
92
|
4,620.00
|
LSE
|
15:04:06
|
|
72
|
4,619.00
|
LSE
|
15:04:45
|
|
253
|
4,620.00
|
LSE
|
15:05:05
|
|
90
|
4,620.00
|
LSE
|
15:05:07
|
|
97
|
4,623.00
|
LSE
|
15:06:04
|
|
85
|
4,624.00
|
LSE
|
15:06:18
|
|
141
|
4,624.00
|
LSE
|
15:07:14
|
|
447
|
4,625.00
|
LSE
|
15:08:00
|
|
95
|
4,624.00
|
LSE
|
15:08:07
|
|
252
|
4,626.00
|
LSE
|
15:09:01
|
|
147
|
4,625.00
|
LSE
|
15:10:01
|
|
361
|
4,624.00
|
LSE
|
15:10:12
|
|
57
|
4,626.00
|
LSE
|
15:10:47
|
|
37
|
4,626.00
|
LSE
|
15:10:47
|
|
135
|
4,624.00
|
LSE
|
15:11:13
|
|
103
|
4,624.00
|
LSE
|
15:11:13
|
|
37
|
4,623.00
|
LSE
|
15:11:16
|
|
53
|
4,623.00
|
LSE
|
15:11:18
|
|
154
|
4,623.00
|
LSE
|
15:11:45
|
|
160
|
4,620.00
|
LSE
|
15:11:48
|
|
186
|
4,620.00
|
LSE
|
15:11:48
|
|
7
|
4,620.00
|
LSE
|
15:12:11
|
|
105
|
4,620.00
|
LSE
|
15:12:11
|
|
28
|
4,621.00
|
LSE
|
15:12:30
|
|
147
|
4,621.00
|
LSE
|
15:12:30
|
|
86
|
4,620.00
|
LSE
|
15:12:57
|
|
197
|
4,618.00
|
LSE
|
15:13:18
|
|
60
|
4,618.00
|
LSE
|
15:13:18
|
|
338
|
4,616.00
|
LSE
|
15:13:19
|
|
83
|
4,616.00
|
LSE
|
15:13:43
|
|
279
|
4,613.00
|
LSE
|
15:14:19
|
|
107
|
4,615.00
|
LSE
|
15:14:53
|
|
126
|
4,615.00
|
LSE
|
15:14:53
|
|
442
|
4,621.00
|
LSE
|
15:16:46
|
|
75
|
4,621.00
|
LSE
|
15:17:04
|
|
115
|
4,620.00
|
LSE
|
15:17:07
|
|
103
|
4,619.00
|
LSE
|
15:17:44
|
|
18
|
4,618.00
|
LSE
|
15:17:47
|
|
252
|
4,621.00
|
LSE
|
15:19:22
|
|
441
|
4,620.00
|
LSE
|
15:19:48
|
|
152
|
4,619.00
|
LSE
|
15:20:03
|
|
48
|
4,618.00
|
LSE
|
15:20:05
|
|
98
|
4,618.00
|
LSE
|
15:20:05
|
|
81
|
4,618.00
|
LSE
|
15:20:30
|
|
82
|
4,618.00
|
LSE
|
15:20:37
|
|
150
|
4,616.00
|
LSE
|
15:21:28
|
|
227
|
4,618.00
|
LSE
|
15:21:46
|
|
157
|
4,625.00
|
LSE
|
15:23:33
|
|
16
|
4,625.00
|
LSE
|
15:23:49
|
|
236
|
4,630.00
|
LSE
|
15:24:42
|
|
84
|
4,629.00
|
LSE
|
15:24:54
|
|
321
|
4,633.00
|
LSE
|
15:26:06
|
|
219
|
4,636.00
|
LSE
|
15:26:37
|
|
43
|
4,636.00
|
LSE
|
15:26:37
|
|
72
|
4,635.00
|
LSE
|
15:26:47
|
|
66
|
4,634.00
|
LSE
|
15:27:08
|
|
101
|
4,637.00
|
LSE
|
15:27:12
|
|
66
|
4,636.00
|
LSE
|
15:27:35
|
|
90
|
4,636.00
|
LSE
|
15:27:38
|
|
72
|
4,635.00
|
LSE
|
15:28:11
|
|
131
|
4,634.00
|
LSE
|
15:28:26
|
|
180
|
4,637.00
|
LSE
|
15:28:52
|
|
111
|
4,638.00
|
LSE
|
15:29:18
|
|
54
|
4,638.00
|
LSE
|
15:29:18
|
|
215
|
4,639.00
|
LSE
|
15:29:53
|
|
210
|
4,640.00
|
LSE
|
15:30:26
|
|
110
|
4,643.00
|
LSE
|
15:30:49
|
|
70
|
4,641.00
|
LSE
|
15:31:03
|
|
110
|
4,642.00
|
LSE
|
15:31:25
|
|
70
|
4,641.00
|
LSE
|
15:31:27
|
|
159
|
4,642.00
|
LSE
|
15:32:32
|
|
173
|
4,642.00
|
LSE
|
15:32:32
|
|
864
|
4,644.00
|
LSE
|
15:35:04
|
|
209
|
4,645.00
|
LSE
|
15:35:17
|
|
77
|
4,646.00
|
LSE
|
15:35:29
|
|
69
|
4,644.00
|
LSE
|
15:35:39
|
|
70
|
4,643.00
|
LSE
|
15:36:07
|
|
174
|
4,642.00
|
LSE
|
15:36:09
|
|
77
|
4,642.00
|
LSE
|
15:36:23
|
|
70
|
4,644.00
|
LSE
|
15:36:56
|
|
59
|
4,643.00
|
LSE
|
15:37:26
|
|
129
|
4,643.00
|
LSE
|
15:37:27
|
|
237
|
4,642.00
|
LSE
|
15:37:35
|
|
99
|
4,643.00
|
LSE
|
15:38:17
|
|
188
|
4,643.00
|
LSE
|
15:38:17
|
|
244
|
4,643.00
|
LSE
|
15:38:47
|
|
160
|
4,643.00
|
LSE
|
15:40:13
|
|
258
|
4,643.00
|
LSE
|
15:40:13
|
|
193
|
4,644.00
|
LSE
|
15:41:44
|
|
312
|
4,644.00
|
LSE
|
15:41:44
|
|
66
|
4,644.00
|
LSE
|
15:43:02
|
|
306
|
4,644.00
|
LSE
|
15:43:02
|
|
15
|
4,640.00
|
LSE
|
15:43:12
|
|
52
|
4,640.00
|
LSE
|
15:43:12
|
|
81
|
4,638.00
|
LSE
|
15:43:40
|
|
82
|
4,637.00
|
LSE
|
15:43:42
|
|
72
|
4,636.00
|
LSE
|
15:43:58
|
|
72
|
4,636.00
|
LSE
|
15:44:25
|
|
133
|
4,635.00
|
LSE
|
15:44:29
|
|
280
|
4,636.00
|
LSE
|
15:45:45
|
|
889
|
4,637.00
|
LSE
|
15:47:52
|
|
395
|
4,638.00
|
LSE
|
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4,638.00
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195
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4,637.00
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33
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164
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455
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4,640.00
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576
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4,646.00
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15
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4,645.00
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15:54:30
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79
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98
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935
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118
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77
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624
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70
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94
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59
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745
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4,636.00
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46
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70
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1
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64
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407
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FAQ
What does British American Tobacco (BTI) disclose about its recent share buybacks?
British American Tobacco details multiple buybacks between 30 January and 6 February 2026, repurchasing daily blocks ranging from 108,725 to 136,167 shares. These ordinary shares of 25p each are bought under an existing programme and are intended to be cancelled, reducing the number of shares in issue.
How many British American Tobacco shares were in issue and in treasury at the end of the buyback period?
After the 6 February 2026 repurchase, British American Tobacco reports 2,176,273,303 ordinary shares in issue excluding treasury, which carry voting rights. The company also states it holds 132,976,327 ordinary shares in treasury, which can be used for capital management and do not carry voting rights while held.
What voting rights figure does British American Tobacco (BTI) report as of 30 January 2026?
The company states that, as at 30 January 2026, its issued share capital with voting rights consisted of 2,177,145,903 ordinary shares of 25p each. Shareholders may use this voting rights figure as the denominator when assessing whether disclosure thresholds under FCA transparency rules have been crossed.
What insider share transactions by British American Tobacco executives are described?
Several senior executives, including the Chief Executive and other key managers, acquired small numbers of ordinary shares, often 3 to a few hundred each. These transactions arose through the Share Incentive Plan, deferred bonus dividend equivalents and dividend reinvestment, at prices around £44.94 to £45.6229 per share.
Are British American Tobacco’s disclosed insider dealings mainly purchases or sales?
The disclosed dealings are acquisitions of shares by executives and managers, not sales. They result from employee share plans and dividend reinvestment arrangements, where cash dividends or bonus equivalents are used to acquire additional ordinary shares in British American Tobacco at prevailing market-related prices.
Which programmes underpin British American Tobacco’s reported insider share acquisitions?
The filing references the British American Tobacco Share Incentive Plan, the Partnership Share Scheme, a Deferred Share Bonus Scheme and Computershare’s Share Plan Account. Through these arrangements, dividends and bonus equivalents are reinvested or contributed to purchase small additional holdings of ordinary shares for senior personnel.
Filing Exhibits & Attachments
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