BTI Filings — British American Tobacco P.l.c.

BTI Filings — British American Tobacco P.l.c. - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

BAT's reported operating profit rose 199.5% to $13.3B as a prior-year $6.2B charge did not repeat, while constant-currency adjusted profit grew just 0.4%.

The Canadian litigation settlement stopped weighing on reported earnings. rose 6.4% to $34.5 billion and swung from $1.70 to $4.70, driven entirely by the absence of the prior year's $6.2 billion charge. Underlying performance was flat, as combustible pricing and Modern Oral growth were offset by a sharp decline in Asia-Pacific.

Key takeaways

Reported rose 199.5% to $13.3 billion and widened 24.8 points to 38.5%, because the $6.2 billion charge for the Canadian litigation settlement recorded in 2024 did not repeat.
On an adjusted basis at , profit from operations grew only 0.4%, as U.S. growth of 5.9% and AME growth of 1.7% were largely offset by a 17.9% decline in APMEA, driven by regulatory and fiscal challenges in Australia and Bangladesh.
rose 6.4% to $34.5 billion, but the company reports a 1.0% decline on a reported sterling basis; constant-currency revenue grew 2.1%, with a 3.1% translational foreign-exchange .
New Categories grew 5.5% to £3.6 billion, led by Modern Oral rising 47.4% to £1.2 billion on the U.S. roll-out of Velo Plus, while Vapour declined 10.4% due to illicit single-use products in the U.S. and Canada.
fell 32.7% to $8.5 billion, and cash and equivalents dropped 22.3% to $5.2 billion.
The Board raised the annual 2.0% to 245.04p per share, a of 69.6% on adjusted diluted .

What to watch

Whether the Vuse vapour brand sustains the second-half return to growth reported by management, or resumes its decline in the face of illicit competition.
The pace of the Velo Plus U.S. roll-out and its effect on Modern Oral growth, which was 47.4% in 2025.
The APMEA 's ability to stabilize after a 17.9% adjusted profit decline, particularly any regulatory or fiscal developments in Australia and Bangladesh.

Section summaries

Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk, please refer to note 26 in Part III - Item 18 Notes on the Accounts. Item 12 - Description of securities other than equity securities

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Risk Factors

A [Reserved] N/A B Capitalization and indebtedness N/A C Reasons for the offer and use of proceeds N/A D Risk factors 4 Item 4 Information on the company 18 A History and development of the company 18 B Business overview 19 C Organizational structure 27 D Property, plant and equ…

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