£1.3bn buyback, buybacks and dividends at British American Tobacco (NYSE: BTI)

Rhea-AI Filing Summary

British American Tobacco p.l.c. is providing a 6-K that bundles multiple December 2025 press releases covering share capital, buybacks, governance and shareholder returns. The exhibits include numerous “Transaction in own shares” announcements, indicating ongoing repurchases and an “Extension of Share Buyback Programme,” as well as a release titled “On track for FY25 delivery; Reaffirming 2026 guidance and announcing a £1.3bn share buy-back.” Other exhibits describe a proposed and completed block trade of ITC Hotels shares, notifications of transactions by senior managers and related parties, quarterly dividend payment information for February 2026, committee changes and notifications in accordance with UK Listing Rule 6.4.9R(2).

Positive

• £1.3bn share buy-back and programme extension are highlighted in December 2025 releases, signalling a substantial capital return commitment to shareholders.
• Reaffirmation of 2026 guidance in the titled press release suggests management confidence in its medium-term outlook based on the language provided.
• Quarterly dividend payment information for February 2026 underscores the company’s ongoing cash returns alongside buybacks.

Negative

• None.

Insights

Equity capital markets analyst

BAT highlights active buybacks, a £1.3bn programme and reaffirmed 2026 guidance.

British American Tobacco aggregates December 2025 disclosures showing intensive equity activity. Several exhibits record “Transaction in own shares” alongside an “Extension of Share Buyback Programme” and a press release titled “On track for FY25 delivery; Reaffirming 2026 guidance and announcing a £1.3bn share buy-back.” This points to a sizeable capital return commitment and continued repurchases.

The package also includes proposed and completed block trades of ITC Hotels shares, which may reflect portfolio adjustments, plus quarterly dividend information for a February 2026 payment for the year ended 31 December 2024. Governance-related items, including committee changes and notifications under UK Listing Rule 6.4.9R(2), and disclosures of transactions by persons discharging managerial responsibilities, round out the update.

Overall, the combination of a large stated £1.3bn share buy-back, an extended repurchase programme and regular dividends indicates a focus on shareholder distributions, while the “on track for FY25 delivery” and “reaffirming 2026 guidance” language signals management’s confidence based on the titles provided.

UNITED STATES
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

January 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)

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 “British American Tobacco p.l.c. (the “Company”) – Voting Rights and Capital” dated December 1, 2025.
Exhibit 2		Press Release entitled “Transaction in own shares” dated December 2, 2025.
Exhibit 3		Press Release entitled “Transaction in own shares” dated December 3, 2025.
Exhibit 4		Press Release entitled “Transaction in own shares” dated December 4, 2025.
Exhibit 5		Press Release entitled “Proposed Block Trade of ITC Hotels Shares” dated December 4, 2025.
Exhibit 6		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 December 4, 2025.
Exhibit 7		Press Release entitled “Completion of Block Trade of ITC Hotels Shares” dated December 5, 2025.
Exhibit 8		Press Release entitled “Transaction in own shares” dated December 5, 2025.
Exhibit 9		Press Release entitled “Transaction in own shares” dated December 8, 2025.
Exhibit 10		Press Release entitled “On track for FY25 delivery; Reaffirming 2026 guidance and announcing a £1.3bn share buy-back” dated December 10, 2025.
Exhibit 11		Press Release entitled “Transaction in own shares” dated December 9, 2025.
Exhibit 12		Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Extension of Share Buyback Programme” dated December 10, 2025.
Exhibit 13		Press Release entitled “Transaction in own shares” dated December 10, 2025.
Exhibit 14		Press Release entitled “Transaction in own shares” dated December 11, 2025.
Exhibit 15		Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Notification in accordance with UK Listing Rule 6.4.9R(2)” dated December 11, 2025.
Exhibit 16		Press Release entitled “British American Tobacco p.l.c. (BAT) – Committee Change” dated December 12, 2025.
Exhibit 17		Press Release entitled “Transaction in own shares” dated December 12, 2025.
Exhibit 18		Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Quarterly Dividends for the year ended 31 December 2024: Payment No. 4 - February 2026 (the “February 2026 Dividend”) – South Africa Branch Register Finalisation Information” dated December 15, 2025.
Exhibit 19		Press Release entitled “Transaction in own shares” dated December 15, 2025.
Exhibit 20		Press Release entitled “Transaction in own shares” dated December 16, 2025.
Exhibit 21		Press Release entitled “British American Tobacco p.l.c. (the “Company”) – Notification in accordance with UK Listing Rule 6.4.9R(2)” dated December 16, 2025.
Exhibit 22		Press Release entitled “Transaction in own shares” dated December 17, 2025.
Exhibit 23		Press Release entitled “Transaction in own shares” dated December 18, 2025.
Exhibit 24		Press Release entitled “Transaction in own shares” dated December 19, 2025.
Exhibit 25		Press Release entitled “Transaction in own shares” dated December 22, 2025.
Exhibit 26		Press Release entitled “Transaction in own shares” dated December 23, 2025.
Exhibit 27		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 December 23, 2025.
Exhibit 28		Press Release entitled “Transaction in own shares” dated December 24, 2025.

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/ Christopher Worlock
		Name:	Christopher Worlock
		Title:	Assistant Secretary

Date:  January 2, 2026

FAQ

What is the main purpose of British American Tobacco (BTI) filing this 6-K?

The 6-K bundles multiple December 2025 press releases from British American Tobacco p.l.c., covering voting rights, share buybacks, block trades, dividends, governance changes and regulatory notifications.

What share buyback activity does British American Tobacco (BTI) highlight?

The exhibits reference many “Transaction in own shares” releases, an “Extension of Share Buyback Programme,” and a press release titled “On track for FY25 delivery; Reaffirming 2026 guidance and announcing a £1.3bn share buy-back.”

Does British American Tobacco (BTI) mention guidance or outlook in this 6-K package?

One exhibit is a press release titled “On track for FY25 delivery; Reaffirming 2026 guidance and announcing a £1.3bn share buy-back,” indicating the company describes itself as on track and reaffirming guidance in that release.

What information about dividends does British American Tobacco (BTI) include?

An exhibit covers “Quarterly Dividends for the year ended 31 December 2024: Payment No. 4 - February 2026 … South Africa Branch Register Finalisation Information,” providing details around the February 2026 dividend payment process.

What are the ITC Hotels share transactions mentioned by British American Tobacco (BTI)?

The 6-K includes press releases titled “Proposed Block Trade of ITC Hotels Shares” and “Completion of Block Trade of ITC Hotels Shares,” indicating a planned and subsequently completed block trade in those shares.

What governance or regulatory disclosures are included for British American Tobacco (BTI)?

The exhibits feature notifications in accordance with UK Listing Rule 6.4.9R(2), committee changes, and press releases on “Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.”

Does this 6-K change British American Tobacco (BTI)’s share capital disclosure?

One exhibit is titled “British American Tobacco p.l.c. – Voting Rights and Capital,” which addresses the company’s voting rights and capital structure as of its stated date.