Slides
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Victoria Buxton, Group Head of Investor Relations David Waterfield, President Reynolds American Welcome
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 08:00 Presentations start 1 Welcome Victoria Buxton, Group Head of Investor Relations; David Waterfield, President Reynolds American 2 Horizon 2030 Tadeu Marroco, Chief Executive 3 Changing Digital Landscape Javed Iqbal, Director, Digital and Information 4 Driving Consumer-Centric Growth - Transforming Insights & Foresights Julian Prynn, Global Head of Consumer Insights & Foresights 5 R&D and Innovation Ecosystem Zafar Khan, Group Operations Director 09:50 – 10:10 Break 6 Building Our Brands Luciano Comin, Chief Marketing Officer 7 Winning in Combustibles Emma Dean, Global Head of Combustibles 8 New Categories - Future-Forward Portfolio Strategy Anniek Kindts, Global Head of New Categories 9 Beyond Nicotine – Roadmap to 2035 James Barrett, Director, Business Development 10 Q&A Morning Speakers Hosted by Victoria Buxton, Group Head of Investor Relations 12:00 – 14:20 Interactive Exhibitions & Lunch Innovation | Digital & AI | U.S. Trade Marketing 11 Belief Shaping & Behaviour Shifting through Tobacco Harm Reduction Kingsley Wheaton, Chief Corporate Officer; Danni Tower, Group Head of Scientific Affairs 12 U.S. – Transforming and Winning in the U.S. David Waterfield, President Reynolds American 13 AME – Multi-category in Action Fred Monteiro, Regional Director AME 14 APMEA – Growth Opportunity Pascale Meulemeester, Regional Director APMEA 16:05 – 16:20 Break 15 Sustainable Shareholder Returns Johan Vandermeulen, Chief Operating Officer 16 Q&A Afternoon Speakers Hosted by Victoria Buxton, Group Head of Investor Relations 17 Horizon 2030 Tadeu Marroco, Chief Executive From 18:20 Coach departures from Kimpton to Reynolda House From 18:45 Gala Dinner at Reynolda House Capital Markets Day 2026 Day 1 Agenda
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5 5 Day 1 Logistics Lunch & interactive exhibitions | 12:00 – 14:20 1. Innovation exhibitions Modern Oral | Vapour & Heated Products | Combustibles 2. Digital & AI Connected app & AI on product | Cost of Sales | R&D and ChatBAT 3. Lunch & U.S. Trade Marketing Buffet lunch 3 x groups – each rotates through all sessions in turn
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6 Welcome to Winston-Salem Capital Markets Day · Winston -Salem, North Carolina
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7 Reynolda House Museum of American Art Original home of Richard Joshua Reynolds W I N S T O N - S A L E M A T A G L A N C E Winston-Salem: A City of Reinvention Northwest North Carolina about 80 miles north of Charlotte and an hour from the Blue Ridge Mountains An anchor of the Piedmont Triad with Greensboro and High Point, a region of about 1.7 million Wake Forest University, Winston-Salem State University, UNC School of the Arts, Salem College, Forsyth Tech M A J O R I N D U S T R I E S Consumer products, healthcare and biotechnology, advanced manufacturing and financial services, with research and start-ups clustered in the Innovation Quarter Reynolds’ home since our founding in 1875 5 U N I V E R S I T I E S & C O L L E G E S c.250k R E S I D E N T S L O C A T I O N Winston-Salem Region
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8 W E L C O M E T O W I N S T O N- S A L E M , H O M E O F R E Y N O L D S 150 Years of Building What’s Next 1 8 7 5 – 1 9 2 5 Establishing the Foundation Founded in Winston-Salem, built national brands and established community roots 1 9 2 5 – 1 9 7 5 Growth, Expansion & Progression Expanded scale, invested for growth and helped shape Winston-Salem’s industrial identity 1 9 7 5 – 2 0 1 7 Transforming an Industry Evolved through portfolio expansion, product innovation, regulatory milestones and strategic acquisitions 2 0 1 7 – T o d a y Leading the Next Era of Winning Joined BAT and accelerated the shift to Smokeless – scaling New Categories and our capabilities to deliver an ambitious growth agenda The Reynolds Building · Winston -Salem, N.C.
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 10 10 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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11 11 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Tadeu Marroco, Chief Executive Horizon 2030
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 Welcome to BAT Capital Markets Day 2026 Today is all about BAT’s Horizon 2030 1. Our momentum is strong, driven by New Categories 2. The nicotine industry has a long runway ahead 3. Modern Oral is the main growth driver 4. We are delivering today and building for tomorrow 5. We have a clear pathway to our 2030 algorithm 18+ only. This product contains nicotine and is addictive.
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5 5 Where is BAT today? BAT is delivering today, investing in A Better TomorrowTM U.S. growing across all categories ‘Return the U.S. to sustainable growth’ #1 in Modern Oral** #1 in Vapour*** #2 in HP** Adj. diluted EPS^ +7.9% Modern Oral legislation in 32 markets NC revenue +18% NC profit +55%* ‘A multi- category strategy will win with consumers’ ‘Credible science shapes regulation’ ‘BAT will deliver its financial algorithm’ ‘BAT will deliver profitable New Category growth’ BAT 2026 Interim Results BAT 2024 Capital Markets Day *H1 26 vs. H1 25. New Category contribution. **On a volume share basis. Based on our top markets. ***On a value share basis. Based on our top markets. For share definitions and sources see Appendix A2. ^H1 26 vs. H1 25. On an adjusted for Canada basis. See Appendix A1.
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6 6 Nicotine industry value is in long-term growth Industry growth driven by New Categories Source: Internal estimates, based on 2025 outlook. Includes legal categories ex. China. 2030 Vapour revenue estimate excludes large Rechargeable Closed Systems (above 10k puffs) and Open Systems. 2030 Vapour estimates assume 30% effective enforcement against U.S. illicit with those volumes moving to the legal marketplace. See Appendix A2 for share definitions and sources and Appendix A6. Primarily driven by New Categories growth £bn 6 9 144 4 74 11 11 17 32 2022 2025 2030E 8% Heated Products 10% Vapour 23% Modern Oral CAGR 2025 – 2030E 13% CAGR 60 63 68 11 17 3271 81 100 2022 2025 2030E 4% CAGR 1.5% Combustibles 13% New Categories CAGR 2025 – 2030E Nicotine industry revenue expected to continue to grow £bn 1
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7 7 Total Nicotine Consumers (m) Adult smokers are switching to Smokeless products Driving a transition to a Smokeless future Source: Internal estimates, based on 2025 outlook with legal New Categories plus duty not paid and Vapour Open System users. New Categories users assumes 25% poly-usage by 2030. See Appendix A3 and Appendix A6. *See Appendix A4. **See Appendix A4. Source: Kantar, T42 New Category markets over last 5 years. CAGR 25-30 New Categories Consumers* (m) 35 48 74 89 24 47 110 147 2025 2030E 380 346 110 147 446 445 2025 2030E FLAT +6% CAGR 10% 11% Combustibles Poly-use** 20% 25% New Category Poly-use** -1.5% Combustibles 6% New Categories CAGR 2025 – 2030E 7% Heated Products 4% Vapour 15% Modern Oral CAGR 2025 – 2030E
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8 8 Building a Smokeless World A Better Tomorrow Switch to Better Sustainable Future Quality Growth Dynamic Business We are accelerating towards a Smokeless future BAT strategy is delivering results Ambition to be a predominately Smokeless business by 2035
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9 9 BAT is building a fast-growing multi-category business Sustainable Future Quality Growth Dynamic Business Dynamic Business: 1. U.S. as growth cornerstone 2. No.1 in Modern Oral 3. Combustibles as core 4. New Category inhalation platform 5. Beyond Nicotine optionality Quality Growth: Sustainable Future: 7. World-class capabilities 6. Tobacco Harm Reduction acceptance Today is all about BAT’s Horizon 2030
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10 10 Deliver our financial algorithm No.1 in Modern Oral NC inhalation platform Beyond Nicotine optionality Tobacco Harm Reduction acceptance World-class capabilities U.S. as growth cornerstone HPVapour Premium product Flavour & format Brand expression Focused execution Portfolio laddering Innovation & refreshed packaging Wellbeing & Stimulation Cannabis optionality World-class science Global influence Evidence-based policy Distribution & scale Technology & AI Top talent Lean & empowered organisation MO acceleration Vapour portfolio Combustibles growth Consumer-led innovation Combustibles as core Vapour distinctiveness Selective HP investment Seven strategic levers, one growth agenda to 2030
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11 11 Consumer-led innovation This delivers quality growth across all our categories Consumer-centric insights • Demand moments and behaviour • Connected device data • AI foresights and digital listening Deep understanding of consumer preferences and behaviour Innovation pipeline • Internal R&D and 100+ partners • Open innovation ecosystem • AI-enabled product development A leading pipeline of differentiated products Execution at scale • Rapid test and scale • Global commercialisation • World-class manufacturing footprint >11m retail outlets across 140+ markets >50m Connected device ecosystem >100 Innovation partnerships 15 years Multi-category dataset >150m Consumer data points >95% Quicker consumer insights
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12 12 Accelerate Modern Oral growth Leading growth in the world’s largest nicotine value pool U.S. as growth cornerstone Source: Market share and Volume U.S. (Circana Non-Syndicated RSD), Financials based on BAT H1 26 results; see Appendices A1 and A2. *As at Aug 26. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). Build portfolio for success in Vapour Maximise combustibles growth • Volume +188%, revenue +220% in H1 26 • Volume share 30.5%* • Capturing c.80% of industry growth • Velo Max launched incremental flavours and nicotine levels • Revenue +5% in H1 26 • Strong portfolio across all price tiers • Strategically investing through RGM, laddering and rigorous execution • Revenue +19.8% in H1 26 • Value share 56.8%* +5.1pp vs FY 25 • Targeting c.£7bn white space opportunity with flavour portfolio expansion c.£42bn revenue pool c.60m adult nicotine consumers BAT fastest growing in total nicotine
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13 13 The strongest performance in the category • Clear volume share leadership across the globe • Capturing c.75% of growth • Global #1 on brand equity and consumer satisfaction Global #1 in Modern Oral Source: Based on YTD Jul 26 Volume Share in top Modern Oral markets. See Appendix A2. Growing the category 40% global volume share 69% value share in Europe Fastest growing nicotine brand in U.S. Winning brand • Growing incidence • Increasing ADC with category adoption • White space opportunity with regulatory unlock • Premium product differentiation • Superior pouch comfort • Broader flavour and format offering • Enhanced brand expression c.£4bn revenue pool c.24m consumers c.3x industry growth to 2030E Velo fastest growing brand globally Velo is spearheading the category and our transformation
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14 14 Winning in combustibles is critical • #1 revenue globally – c.140 market footprint • 25 of BAT’s top 40 markets hold #1 or #2 positions* • Iconic portfolio across all price tiers Combustibles as core Source: Internal BAT estimates. *Retail Audit data, Market scan data and/or consumer share data (from TRACK). **BAT MOB Share, Track FY 25. ***BAT Internal Data, Euromonitor International, Kantar. Sharper focus #1 Consumer Share** >11m retail outlets*** >150m daily consumer touchpoints Faster, more impactful delivery • Top 20 markets = c.80% revenue • Target investment • Innovation, NPIs and refreshed packaging • Continued productivity initiatives • Unparalleled global distribution reach • Transformed trade fundamentals • Enhanced digital capabilities – RGM • Focused execution +100mn daily users** c.£63bn revenue pool c.1bn global consumers c.1.5% industry CAGR to 2030E Focused markets. Better execution. Stronger returns.
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15 15 Vuse is the biggest brand in the category • #1 value share* and consumer satisfaction • U.S. value share +5.1pp to 56.8% in world’s largest Vapour market • 12.8m Vuse consumers NC inhalation platform: Vapour *Based on YTD Jul 2026 Value Share in top Vapour markets. See Appendix A2. ^Source: FY 2025 Internal estimates. Includes legal categories. ^^Internal estimates, with legal New Categories including duty not paid and Vapour Open System users. Vuse premiumisation driving growth 44.1% value share +1.1pp share YTD 26 U.S. portfolio expansion in H2 26 Regulatory opportunity • Superior taste and flavour expertise • A connected ecosystem • Enhancing category trust • Step-change in U.S. regulatory environment • Targeting c.£7bn white space opportunity with flavour portfolio expansion • Targeted investments in key value pools • Creating a level playfield c.£4bn revenue pool^ c.74m consumers^^ c.10% industry CAGR to 2030E Vuse back to growth
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16 16 Established foundation in key markets • >13% volume share in Top HP Markets, YTD Jul 26 • Scaling glo Hilo in premium • Driving a significant product performance improvement • +10 – 15pp perception vs. prior offer* NC inhalation platform: Heated Products Source: Based on YTD Jul 2026 Volume Share in top HP markets. See Appendix A2. *Source: Q2 Track. Consumer study. Winning in premiumDefending core • Hyper – provides scale • Lower price tier offering • Smoker in-flow into category • Establishing glo Hilo in premium segment • Represents c.80% of industry value • Premium product differentiation • Targeted investment in 9 markets c.£9bn revenue pool c.35m consumers c.8% industry CAGR to 2030E glo premiumisation revenue and margin growth opportunity
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17 17 Established a strong foundation for adjacent growth • Strong Ryde: traction in pilot markets • W&S portfolio expansion through targeted bolt-on M&A • Strategic cannabis partnerships to ensure optionality over time as legalisation evolves Beyond nicotine optionality *Source: Cannabis ARR provided through BAT minority investments in Organigram International (49% equity) and Charlotte’s Web (40% equity). Wellness and stimulation Targeted cannabis optionality • Strategic cannabis partnerships • New capabilities & innovation • Navigating complex regulatory landscape • Portfolio expansion • New formats, benefits and flavours • Targeted bolt-on opportunities Cannabis £256m ARR* W&S £20m ARR 32 portfolio investments Well positioned today, building for tomorrow
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18 18 Regulatory momentum is accelerating • 70 of 80 tracked markets permit at least one New Category • Modern Oral bespoke legislation from 4 to 32 markets since 2023 • FDA unlock: appropriate flavours and strengths in Vapour/MO Tobacco Harm Reduction acceptance Leveraging science and engagement Drive evidence-based policy • Risk-proportionate regulation • Responsible consumer access • Category innovation and growth • 70 years of science expertise • 280+ published Smokeless studies • 22 markets now live on Omni • 9.3m stakeholder engagements • 16,000-member stakeholder community Regulatory progress is creating a more sustainable business
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19 19 Building a data-driven enterprise World-class capabilities Distribution and scale Top talent • Partnerships with Microsoft, SAP and Accenture • Daily active usage of AI with c.1k active AI agents • A next-generation global data foundation • Attract, upskill and retain top talent • £700m Fit2Win benefits expected by 2028 • Simplified organisation & clearer accountabilities • Empowered execution & cost discipline • >11m retail outlets*; >150m daily consumer touchpoints - c.2x CPG average • 45 manufacturing sites*, including 15 multi- category sites • >34,000 suppliers • >100 innovation partners Lean and empowered Built to adapt. Positioned to win. *BAT Internal Data, Euromonitor International, Kantar. **Excludes BAT South Africa, which is due to close by year-end 2026.
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20 20 Deliver our financial algorithm No.1 in Modern Oral NC inhalation platform Beyond Nicotine optionality Tobacco Harm Reduction acceptance World-class capabilities U.S. as growth cornerstone HPVapour Premium product Flavour & format Brand expression Focused execution Portfolio laddering Innovation & refreshed packaging Wellbeing & Stimulation Cannabis optionality World-class science Global influence Evidence-based policy Distribution & scale Technology & AI Top talent Lean & empowered organisation MO acceleration Vapour portfolio Combustibles growth Consumer-led innovation Combustibles as core Vapour distinctiveness Selective HP investment Seven strategic levers, one growth agenda to 2030
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21 21 BAT 2030 financial algorithm Delivering >£50bn Free Cash Flow by 2030 5 – 8% Adjusted diluted EPS growth** 3 – 5% Revenue growth* 4 – 6% Adjusted profit from operations growth** 1. Growing revenue sustainably • Driven by both Combustibles and New Categories • >30% New Category Contribution margin by 2030 • Step up in efficiencies: • £2bn productivity savings (2026 – 2030) • c.£700m annualised Fit2Win benefits (by 2028) 2. Improving profitability • EPS supported by share buy-back and reduced net finance costs over time • Continued strong cash generation of >£50bn (2024 – 2030)^ • Progressive dividend +2.0% and £1.3bn share buyback announced for 2026 • Target leverage 2.0-2.5x^^ by end 2026 3. Delivering strong financial and cash returns • 1 – 2% combustibles growth* • Mid-teens New Category growth* Definitions of non-GAAP financial measures can be found in the Appendix. See Appendix A1. *At constant rates. **At constant rates and on an adjusted for Canada basis. ^ Before dividends 2024 – 2030 (inclusive).^^At current rates.
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22 22 Thank you
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 24 24 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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25 25 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Changing Digital Landscape Javed Iqbal, Director, Digital & Information
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 (Video – Digital introduction)
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5 5 DRIVING QUALITY GROWTH DYNAMIC BUSINESS Transforming How We Work AI: A catalyst for A Better TomorrowTM Driving growth, productivity and competitive advantage at BAT Accelerating Innovation & AI Powered Marketing
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Judson Althoff CEO Microsoft Commercial Business
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7 7 (Video – Microsoft)
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8 8 Building the foundations for AI at scale Faster, modern, more digitally-enabled BAT to be AI ready 85% cloud hosting through strategic partnerships with SAP, Microsoft, AWS OPTIMISE TO REINVEST 40% reduction of IDT* run cost by leveraging strategic partnerships BAT in partnership with Microsoft on MS Fabric, advancing our global data foundation to Next Gen technology Pioneered GenAI Lab in Dubai International Financial Centre to foster ecosystem & external collaboration, with multiple AI use cases already deployed GLOBAL LEADER in CLOUD ADOPTION** DATA-DRIVEN ENTERPRISE INVESTMENTS IN AI *Information and Digital Technology across applications support and network operations by leveraging Strategic Partnerships vs. baseline 3 years ago. **BAT’s 85% vs. Gartner Research Board Membership Profile Survey which indicates that 80% of enterprise workloads will be cloud hosted by 2027.
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9 9 Productivity gains reinvested into transformation initiatives Reinvesting savings into BAT's digital future mainly in: >2x Invested in Transformation • Data & analytics • AI & automation • Employee digital experience % of IT spend Evolution of total IT costs *Internal estimates for FY 26.
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10 10 DISRUPT | ADOPT | SCALE Value driven Cost conscious Commercially focused Next chapter of BAT AI: A catalyst for A Better TomorrowTM North star: To be recognised as AI leader in the CPG industry
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11 11 DRIVING QUALITY GROWTH DYNAMIC BUSINESS Transforming How We Work AI: A catalyst for A Better TomorrowTM Driving growth, productivity and competitive advantage at BAT Accelerating Innovation & AI Powered Marketing
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12 12 (Video – AI)
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13 13 Driving Quality Growth Accelerating innovation Reducing time-to-market, increasing success rates and unlocking R&D productivity *Based on comparison of traditional prototyping process without AI vs. an advanced AI enabled process (GenAI & ML). **AI patents researcher time saved - Based on usage metrics and the number of internal submissions recorded over time. ENHANCING FORMULATION DESIGN WITH AI ACCELERATING PRODUCT DEVELOPMENT THROUGH AI EXPANDING SCIENTIFIC DISCOVERY 1 2 3 From 3 months to 30 min* 2x success rate on physical prototype created* <90% less time on searching**
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14 14 Driving Quality Growth AI powered marketing AI-powered growth enablers driving commercial impact SYNTHETIC CONSUMER AI SEGMENTS Leveraging synthetic segments and advanced analytics to generate richer insights and inform more effective targeting 1
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15 15 (Video – Synthetic Consumer Segments)
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16 16 Driving Quality Growth AI powered marketing AI-powered growth enablers driving commercial impact SYNTHETIC CONSUMER AI SEGMENTS AI-ENABLED TRADE ASSISTANT Leveraging synthetic segments and advanced analytics to generate richer insights and inform more effective targeting An AI- powered coach empowering trade reps with real-time insights to drive smarter, more effective commercial execution 1 2
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17 17 Driving Quality Growth AI powered marketing AI-powered growth enablers driving commercial impact SYNTHETIC CONSUMER AI SEGMENTS AI-ENABLED TRADE ASSISTANT TRANSFORMING CONTENT AT SCALE THROUGH AI Leveraging synthetic segments and advanced analytics to generate richer insights and inform more effective targeting An AI- powered coach empowering trade reps with real-time insights to drive smarter, more effective commercial execution ‘Create once, adapt everywhere’ - reducing time-to-market and cost while increasing marketing effectiveness
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18 18 Driving Quality Growth AI powered marketing AI-powered growth enablers driving commercial impact SYNTHETIC CONSUMER AI SEGMENTS AI-ENABLED TRADE ASSISTANT TRANSFORMING CONTENT AT SCALE THROUGH AI 7x more assets with 90% reduction in agency hours*** More quality time and insights driven engagement with customers** Concept testing from 4 weeks to 1 day* 1 2 3 *For the research scope within the capabilities of the AI agent. Final validation remains subject to consumer testing. **In test status for the first pilot market in 2026 vs 2025 ***McLaren social media activation pilot in 2026 vs 2025.
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19 19 DRIVING QUALITY GROWTH DYNAMIC BUSINESS Transforming How We Work AI: A catalyst for A Better TomorrowTM Driving growth, productivity and competitive advantage at BAT Accelerating Innovation & AI Powered Marketing
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20 20 (Video – ChatBAT)
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21 21 Empowering employees with AI to drive efficiency, improve decisions & accelerate growth BAT AI ECOSYSTEM TO EXPLORE & ADOPT AI TOOLS, AGENTS, AND CAPABILITIES Copilot Pro Embedding AI into everyday work for the entire organisation Agentic AI Learn AI AI Community Enterprise-wide trainings and targeted AI Super Users' program Enabling employees to build AI agents Building an AI champion network to share learnings and scale capabilities ChatBAT: unlocking productivity, insight and speed at scale Dynamic business Transforming how we work
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22 22 Dynamic business Transforming how we work Empowering employees with AI to drive efficiency, improve decisions & accelerate growth FASTEST ADOPTION OF ANY TRAINING PROGRAM IN BAT Training for all Enterprise AI Super Users Program 140k visits to ChatBAT on Day 1 150 AI Super Users taken through 10k training registrations 9k hours spent on AI Pioneers training Agent training capacity increased from 100 to 1000 per slot Multiple agents created across functions embedded in daily operations Ambition to 2x adoption in 202780% maintain daily active usage c.1k active agents in the organisation 2026* *Forecasted for full-year 2026.
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23 23 Forward looking Next wave of AI project Compressing time-to- market, unlocking capacity, and enabling teams to spend more time on breakthrough discovery to unleash growth ACCELERATED R&D BY AI Phase 2 Unified, automated view of planning performance that enables faster decisions, stronger governance, and proactive risk management AI EMBEDDED IN INTEGRATED BUSINESS PLANNING & MANAGEMENT Breakthrough productivity by unlocking insights and foresights in COGS AI ENABLED COST OF GOODS SOLD OPTIMISATION U.S. HORIZON 2030 ENABLERS BY AI Commercial Performance Platform Real-time insights enabling predictive decisions and dynamic resource allocation Disrupting our core business processes with AI 1 2 3 4
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24 24 Forward looking Next wave of AI project Compressing time-to- market, unlocking capacity, and enabling teams to spend more time on breakthrough discovery to unleash growth ACCELERATED R&D BY AI Phase 2 Unified, automated view of planning performance that enables faster decisions, stronger governance, and proactive risk management AI EMBEDDED IN INTEGRATED BUSINESS PLANNING & MANAGEMENT Breakthrough productivity by unlocking insights and foresights in COGS AI ENABLED COST OF GOODS SOLD OPTIMISATION US HORIZON ‘30 ENABLERS BY AI Commercial Performance Platform Real-time insights enabling predictive decisions and dynamic resource allocation ds In parallel, improving resilience in our cyber security measures & Disrupting our core business processes with AI
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25 25
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26 26 (Video – Accenture)
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27 27 DRIVING QUALITY GROWTH DYNAMIC BUSINESS Transforming How We Work AI: A catalyst for A Better TomorrowTM Driving growth, productivity and competitive advantage at BAT Accelerating Innovation & AI Powered Marketing
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28 28 Ahu Suzer Meet the team showcasing BAT's AI & data capabilities live We look forward to hosting you in the digital demonstration Head of Digital Business Solutions, AME Luis Yamada Head of GEN AI Irene Hu Group Head of Finance Operations & DBS Wilmer Peres Head of Technology Solutions
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 30 30 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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31 31 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Driving Consumer-Centric Growth – Transforming Insights & Foresights Julian Prynn, Group Head of Consumer Insights & Foresights This presentation contains references to comments made by adult consumers who, subject to the relevant BAT Group guidelines and/or criteria, took part in research and related activities. These conversations and comments do not represent the views or intentions of the BAT Group.
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 Modernised consumer insights powering cross-category innovation & growth FOCUS OF THE LAST CMD FOCUS TODAY >10 YEARS MULTI-CATEGORY EXPERIENCE AND LEARNINGS TRANSFORMED INSIGHTS CAPABILITIES FURTHER ENHANCED & ACCELERATED AI & Technology Insights → decision DEEPLY EMBEDDED IN THE BUSINESS Consumer Insights drive growth and action across the business
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5 5 MO FASTEST GROWING CATEGORY MO complementary to other NCs Well-established multi-category experience & learnings increasingly key Source: Kantar Incidence & Integrated Track, BAT Internal Estimates. T12 Markets: Canada, Switzerland, Japan, UK, USA, South Korea, Germany, France, Poland, Italy, Sweden, Denmark. *References to combustibles poly- use reflect existing patterns of adult consumer behaviour and market segmentation only. Existing adult combustibles poly users, who wish to continue consuming nicotine, should switch completely without delay. Vapour HP + Vapour Vapour + Modern Oral HP Modern Oral NO ONE SIZE FITS ALL Preferences vary by markets & segments T12 markets (m users) 3% 4% 12% CAGR 2030 vs. 2025 10 19 33 43 50 58 17 21 26 2022 2025 2030 T12 markets (m users) GROWING NC POLY-USAGE* c.1 in 3 nicotine consumers c.1 in 2 NC consumers Combustibles Solus Combustibles + + NC NC Solus NC Poly* CAGR 2030 vs. 2025 -6% FLAT 10% 3% 82 62 46 27 31 30 30 36 42 4 9 14 2022 2025 2030 * NC Poly: 2+ NCs without combustibles. Combustibles ADC declines amongst combustibles + NC, compared to combustibles solus.
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6 6 \ AI & DIGITAL INSIGHTS Real-time trends & performance Transformed insights capabilities well embedded in the business …enabling BAT to gain competitive advantage *BAT is clear that the best choice any adult smoker can make is to quit smoking altogether.We encourage those who otherwise continue to smoke to switch completely to scientifically substantiated, smokeless alternatives without delay. RECAP FROM LAST CMD DEMAND MOMENTS Moments, occasions and journeys NC Journey Labs* Search Social Reviews INNOVATION FORESIGHTS Forward looking, actionable innovation
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7 7 Synthetic AI segments AI Smart Assistant (AISA) AI pre-testing AI enhanced capabilities Connectivity AI qualitative Track automation ConceptComms Product AI foresights DIGITAL TRACK* AI APPLICATIONS* RESEARCH MODERNISATION* >95% time & cost efficiencies Insights modernisation accelerated, driven by AI Faster, broader insights with 20% research cost savings *Not all available in the U.S. AI & DIGITAL INSIGHTS Search Social Reviews
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8 8 Connected devices Connected pod ✓ Extensive, growing sample base 70x higher than research sample ✓ Contributes to 20% research cost savings Behavioural segmentation → targeted comms Monitoring product usage occasions → enrich demand moments Flavour combinations by user** → optimised assortments Power level usage by flavour* → product development Real consumer behaviour data Rich, actionable continuous consumer insights Insights modernisation accelerated, driven by AI Enabling analysis of real behavioural data Source: Consumer data from connected devices and pods *Most often used power level setting by flavour segments. **Top flavour combinations used by Flavour Explorers. Search Social Reviews CONNECTIVITYAI & DIGITAL INSIGHTS UK GER
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9 9 DEMAND MOMENTS NC Journey Labs • Relative size • Differing preferences • Category fit & use • Brands & products Highly actionable • Product development • Brand activation • NC multi-category • Portfolio allocation by occasion Social context Personal context Boost Relax SUSTAIN BOND SOCIALISE FOCUS REWARD PREPARE REFLECT UNW IND 17% 18% 6% 18% 15% 10%16% 4% Demand moments: actioning NC poly-usage insights Source: Global Weighted Average based on Kantar Integrated Track: Demand Moments Recontact 2025. ACTIONABLE DEMAND MOMENTS INSIGHTS For each moment
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10 10 DEMAND MOMENTS NC Journey Labs Social context Personal context Boost Relax SUSTAIN BOND SOCIALISE FOCUS REWARD PREPARE REFLECT UNW IND 17% 18% 6% 18% 15% 10%16% 4% Demand moments: actioning NC poly-usage insights ACTIONABLE DEMAND MOMENTS INSIGHTS Work break with colleagues Socialising with friends Concert/watching a football match Me time aloneAfter meals Reading a book Taste satisfactionIndulgence Hands-free Identity (time-bound) Flavour Hands-free Category choice differs across moments and occasions Commuting privately Commuting publicly Convenience Flavour & taste satisfaction
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11 11 DEMAND MOMENTS NC Journey Labs Demand moments: actioning NC poly-usage insights *Source: Escalent Demand Moments Qualitative Study 2026 . Discovery: NC first trial by existing combustibles consumer, Entry: NC first purchase, Explore: NC usage increase across additional flavours/formats, Established: NC Active Usage. **Source: Kantar Incidence & Integrated Track T12 Markets H1 26 (excludes interactions with Traditional Oral). ACTIONABLE DEMAND MOMENTS INSIGHTS 1. Role of moments for brand journeys* 2. MO highly complementary to all NCs 3. Vapour strength in social moments* Discover Entry Explore Establish → → → 4. HP big in combustibles-like moments* Functional Emotional ✓ Interruption-free ✓ Convenience Me moments Emotional connection Volume share Potential to unlock: c.70% MO users use other nicotine products** ✓ Me moments ✓ Satisfaction & ritual Ritual replacement ✓ Social moments ✓ Flavour & convenience Social participation Currently functional + +Discovery
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12 12 NC JOURNEY LABS COMBUSTIBLES COMBUSTIBLES & NC Initial exploration NC CONVERTED NC POLY-USE COMBUSTIBLES* + NC + Multiple paths from combustibles to NC adoption Poly-use consumption impact Consumption and choice drivers evolve over time 1 – 2 yr > 2 yrs Acclimatising sensation / ritual Flavour intensity / variety, nicotine levels Ease of use Features / functionality, smoothness Identity Value, taste satisfaction Demand moments: actioning NC poly-usage insights Increasingly multi-category adoption journey *References to combustibles poly-use reflect existing patterns of adult consumer behaviour and market segmentation only. Existing adult combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. DEMAND MOMENTS NC Journey Labs
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13 13 AI CAPABILITIES AND DIGITAL LISTENING AT SCALE FOR A FORWARD-LOOKING VIEW Leveraging AI to turn insights into foresights *Source: Curve Analytics Digital Track 2024-2026. **Sub-Trends mass consumer conversation, year on year growth, 2025 vs 2024. Business applications 1 Digital listening* Expanding the scale and efficiency of our foresights capabilities 2 3 AI trends discovery Quantifying opportunities** Identifying new insights and trends previously not visible Measuring size & potential across 22 markets Anti-AI AI automation AI logistics 450,000 Trends experts 2 billion searches 47 million social posts +56% growth AI logistics AI productivity optimisation +52% AI L&D Seamless Digital Exp. Simplified living AI health mgmt. AI creativity & content AI personal- isation AI money mgmt. AI & tech -enabled enjoyment AI task delegation +53%Anti-AI AI automation Bubble size: Sub-trend size Growth Is AI making us dumber? INNOVATION FORESIGHTS Refining opportunities Shaping innovation ideas Inspiring activation
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14 14 Insights feeding innovation *Jul 26 vs. Nov 24. U.S. – Circana Non-Syndicated RSD. See Appendix A2. **Source: Curve Analytics Digital Track Pulse Study, 2025. Expand Velo & MO Category to more users, markets and moments → Flavour ranges → Nicotine levels → Moisture levels → In-mouth feel (pouch) → Longevity vs. immediacy Velo INSIGHTS TO GUIDE: “Velo Plus pouches are so much better than other brands.” – U.S. consumer** Volume share: 30% in 20 months* Velo Shift premiumisation New pouch format Results: Brand equity: BSS from 22 (Q3 24) → 34 (Q2 26) Tailored offers by market 85% U.S. Velo Plus success U.S. SWE CHE JAP Volume share Jul 26: PAK 81.2% 70.4% CZE FOR: USA Product Gap vs ROW New vs Established Users New vs Mature Markets MO Initiation vs Expansion Moments USA Product Gap vs ROW OPTIMISATION OF:
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15 15 Insights feeding innovation Premiumise Vuse and rechargeable Vapour Vuse Ultra INSIGHTS TO GUIDE: → Optimised premium design → Quality, simplicity, elegance → Intuitive technology → Easy, simple to use → Frictionless personalisation → On-device control by moment → Product development → New enhanced flavour & sensorial experiences → Addressing consumer uncertainty → Battery, pod levels “It really reminded me of Apple, very refined, a truly premium product.” – France consumer^ Results: Gaining share and establishing premium* Improved brand equity** Connectivity driving modulation*** Share of RCS Jul 26: 4.0% GER FRA 2.4% CAN 8.2% Vuse Brand Strength: 42 → to 46 CAN Early Morning Early Morning & Late Night Afternoon Example Appealing to both Vapour and HP users *Vapour value share of Rechargeable Closed Systems (RCS). See Appendix A2. **Source: Kantar Track, Q1 25 vs. Q1 26. ***Source: MYVUSE Ultra Deep User Insights May 26, UK. ^Kantar Qualitative Research, 2025.
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16 16 Insights feeding innovation *Volume share of Premium (refers to share of AWAP segment in referenced markets). See Appendix A2. **Source: Q2 Track. ^IPSOS Pre Launch Qual, 2024. Close glo gap in premium & achieve superiority among smokers glo Hilo INSIGHTS TO GUIDE: → Optimum, premium design & ergonomics → Faster, simpler usage → Intuitive screen, fast ramp-up → Iterative product development → Device mechanics & consumables design → Superior taste & sensorial satisfaction “The delivery is good, but I also liked that I can use it 5 seconds after turning it on.” – Japan consumer^ Results: Continuous share of premium growth* Successfully capturing premium users Jul 26: 2.6% JPN ITA 1.9% POL 8.3% 2 in 3 users from premium Combustible & HP Brand image improvements** Hilo Aware vs. Hyper Aware Premium +7pp Innovative +4pp Taste +5pp High conversion rate 68% Trial-to-purchase conversion
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17 17 Insights feeding innovation *Source: Kantar, Qualitative evaluation of the Clyde system, 2025, Spain. Convert smokers who so far rejected NCs New Innovation INSIGHTS TO GUIDE: → Cigarette-like taste satisfaction without the negative stigma → Familiar rituals with simplicity and immediacy → Modernity and novelty for aspects smokers happy to leave behind → Convergence of the best of HP and Vapour (appeals to users of both) Consumer feedback* “…Tastes very similar to cigarettes… I like this” Female, Combustibles, ESP “This is really new and exciting… its stylish and mature at the same time…” Male, Combustibles, ESP “Very natural taste, not artificial. I like it’’ Female, Combustibles, ESP
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18 18 Modernised consumer insights powering cross-category innovation & growth In the increasingly complex and dynamic consumer context: • Our consumer insights transformation is deeply embedded in the business • It is inherently and instinctively cross-category oriented • AI is now enabling further enhancement and acceleration • Leading to improved innovation and commercial results Best in class consumer understanding = BAT competitive advantage
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 20 20 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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21 21 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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R&D and Innovation Eco-system Zafar Khan, Group Operations Director
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 (Video – R&D Ecosystem)
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5 5 R&D: core growth engine for BAT to deliver 2030 ambition Supplier investment augmenting BAT innovation *2025: Includes estimate of innovation spend by our partners. Peer benchmark in CPG 1.5-2.5%; Tech 10-15%. **Estimated (internal business case) ROI (APFO/Investments) over lifetime of innovation based on BAT investment specific to Key Innovations. Building a Smokeless World A Better Tomorrow Switch to Better Sustainable Future Tobacco Harm Reduction Acceptance Shaping the Landscape Leading in Sustainability and Integrity Dynamic Business Exciting, Winning Company Operational Excellence Capital Effectiveness Our Values Quality Growth Inspiring New Category Innovations & Brands £1.0bn innovation spend* 3.9% of Group revenue* 27% of Smokeless revenue* >150% projected Innovation ROI**
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6 6 World-class consumer insights and foresights feed our innovation engine Clear innovation strategy anchored on why, what & how Leading product pipeline Internal capabilities Strategic supply partners Open innovation Agile scaleup Product lifecycle management Digital & AI capabilities CONSUMER & MARKET INSIGHTS DEEP CONSUMER UNDERSTANDING THE INNOVATION ECOSYSTEM
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7 7 Consumer driven multi-category portfolio delivered Strong cross-category portfolio with pipeline of breakthrough innovation #2 volume share* Market leader in value for money & herbal heated products, growing premium with glo Hilo offer MODERN ORAL #1 volume share* since Q4 25 Fastest growing brand in the U.S.; leading the category in Europe #1 value share* Crafting premium with Vuse Ultra in rechargeable closed system Our most comfortable pouch Flavour modulation, true tobacco taste, advanced heating New premium disruptor Advanced heating & battery replaceability VAPOUR HEATED PRODUCTS *Based on YTD Jul 26 Volume Share in Velo in top MO markets. Based on BAT Vapour YTD Jul 26 estimated value share of Closed Systems (rechargeable closed systems consumables and disposables) in top Vapour markets. Based on BAT HP YTD Jul 26 estimated volume share in top HP markets. See Appendix A2.
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8 8 Consumer-led scalable technology menu delivered • Modular Technology Platforms enabling faster scaleup *From Feb 27, all our devices sold in the EU must have removable and replaceable batteries to comply with the EU Batteries Regulation. Ease of use & control Sensory modulation Taste satisfaction Responsible innovation Advanced heating tech Novel can shapes Child resistant & recyclable can Broad range of flavours & nicotine strengths Comfort pouch Intuitive screen & app Broad flavours & nicotine strengths Device lock Heatboost technology Multiple profiles App & connectivity Easyview screen Removable & Replaceable Battery* Gel tech Rapid ramp up Novel structure Auto start Modular technology platforms enabling faster scale-up Advanced nicotine delivery tech Multi-flavour dual can Cloud control Flavour switch & mix
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9 9 Consumer-led scalable technology menu delivered • Modular Technology Platforms enabling faster scaleup *From Feb 27, all our devices sold in the EU must have removable and replaceable batteries to comply with the EU Batteries Regulation. Ease of use & control Modulation Taste satisfaction Responsible innovation Modular technology platforms enabling faster scale-up Sensory modulation Advanced heating tech Novel can shapes Child resistant & recyclable can Broad range of flavours & nicotine strengths Comfort pouch Intuitive screen & app Broad flavours & nicotine strengths Device lock Heatboost technology Multiple profiles App & connectivity Easyview screen Gel tech Rapid ramp up Novel structure Auto start Advanced nicotine delivery tech Multi-flavour dual can Cloud control Flavour switch & mix • Expand into new flavour territories while maintaining consistent nicotine delivery • Improve nicotine stability & shelf life • Reduced initial burning sensation • Flavour mix technology • Flavour switching for differentiated experience • Intensity control for the moment Great flavours without compromise Unique personalisation, mood & moment differentiation Removable & Replaceable Battery* • Seamless: activate, insert, puff • Delivers ‘quick start’ experience • Removes an important pain-point for combustibles switchers Simplest & rapid path to satisfaction
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10 10 Menu card of technology options enabling quality + speed Consistent gains across all categories signal scalable, repeatable execution *Reduction of consumer complaints H1 26 vs. FY 25. **Deploy speed to market 2025 vs. 2023. CONTINUOUS QUALITY ADVANCEMENT AGILE INNOVATIONMENU OF TECHNOLOGY FOR FUTURE BREAKTHROUGHS >20% improvement across NCs * >80 technologies ready & tested >100 new technologies being developed 30% faster time to market **
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11 11 Globally integrated innovation ecosystem Stronger pipeline. Faster scale-up. Competitive advantage. ACCESS Global partner ecosystem SCALE First mover manufacturing footprint SPEED Co-located innovation and scale-up capabilities 5 innovation centres 4 first mover manufacturing sites ID IT U.S. CN UK Strategic partners 50+ development partners ‘Open innovation’ partners ID IT U.S. CN
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12 12 We have world-leading internal capabilities Deep expertise. Global reach. Integrated to deliver breakthrough innovation. 800 employees UK ITU.S. CN ID Technology ‘Centres of Excellence’ Leadership on IP and Insights & Foresights Fully integrated science teams
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13 13 Strategic partnerships accelerating breakthrough innovation at scale across all three categories Access to unique and differentiated technologies Integrated into BAT innovation Engine Circles reference partnership evolution across New Categories since last CMD.
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14 14 A global ‘open innovation’ ecosystem Broader access. Deeper insights. Faster breakthroughs. • 100+ active partners and collaborations • >10 programmes progressed to development in last 12 months
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15 15 We have scaled up our digital and AI capabilities to gain competitive advantage Digital first improving speed, enhancing efficiency, driving impact *3-month reduction in overall lead time of developing and deploying innovation. Overall lead time between 12 – 24 months depending on innovation complexity. 20+ initiatives underway MODELLING & SIMULATION Digital testing 3 months reduction in iteration* ARTIFICIAL INTELLIGENCE Agentic AI knowledge access to 800 R&D employees DATA AND SYSTEMS Centralised data input once, use everywhere
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16 16 (Video – AI in R&D)
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17 17 Integrated product life cycle management process – driving winning innovation funnel Idea to impact: Simpler. Stronger. Smarter. 2025 2026 2027 to 2030
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18 18 Driving sustainable combustibles growth through consumer-led innovation and simplification Driving sustainable combustibles growth through innovation excellence *Percentage of products achieving competitiveness objectives over 2023 – 2025 combined as measured in our global consumer testing programme. **Reduction of consumer complaints H1 26 vs. FY 25. ***Portfolio rationalisation 2026 vs. 2023. CONSUMER-LED INNOVATION Product upgrades that drive consumer preference SMARTER, SIMPLER OPERATIONS Simplification improving quality, consistency & efficiency BUILDING THE FUTURE ENGINE Unlocking faster, smarter & scalable innovation >15% Quality improvement ** Digital and AI-enabled development -76% -53% Number of leaf grades Number of blends 88% Competitiveness * World-class blending science Proprietary flavour & capsule technologies Distinctive packaging experience *** ***
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19 19 Consumer World-class foresights informing pipeline Summary *Deploy speed to market 2025 vs. 2023. **2025: includes estimate of innovation spend by our partners. Peer benchmark in CPG 1.5 – 2.5%; Tech 10 – 15%. Updated Ecosystem Global innovation and manufacturing network powering faster, better innovation 1 2 4 5 3 6 Speed 30% faster* time-to-market through Tech menu, digital and AI-enabled development Investment £1.0bn** deployed with disciplined governance and superior returns Scale Industrialisation embedded early to accelerate growth and reduce cost Future A portfolio engine built to win through 2030 and beyond
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 21 21 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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22 22 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Building our Brands Luciano Comin, Chief Marketing Officer
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 What we committed in 2024 is now live & delivering BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). Category creators Innovating and pioneering premium Pivoting to premium Focusing on value growth
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5 5 First to define multi-category, now proving it at scale *Based on YTD Jul 26 Volume Share in Velo in top MO markets. Based on BAT Vapour YTD Jul 26 estimated value share of Closed Systems (rechargeable closed systems consumables and disposables) in top Vapour markets. Based on BAT HP YTD Jul 26 estimated volume share in top HP markets. See Appendix A2. ** Based on FY 25 reported revenue of combustibles. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). #1 value share* #1 volume share* #1 combustibles revenue** #2 volume share*
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6 6 Velo: a masterclass of breakthrough success From a local idea to a global phenomenon Source: BAT Actuals 2017 – 2025. Winnington AB acquisition 2017 Expansion outside Nordics 2019 Portfolio consolidation behind Velo brand 2021 New Velo entry range launch 2022 Introducing Velo Plus in the U.S. 2024 Global leadership 2026 12Global BAT MO market footprint 20 25 44 50 BAT MO volume CAGR 2017 – 2025 +80% BAT MO revenue 2025 vs 2017 40x SWE U.S.
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7 7 9.9% 4.4% 30.5% 62.3% 40.4% 63.6% 9.2% 6.7% 6.6% BAT Comp 1 Comp 2 Comp 3 Velo growth is accelerating our innovation rollout BAT is #1 Modern Oral manufacturer^ *U.S. (Circana, RSD). **Based on YTD Aug 26. Volume share in top Modern Oral markets: Sweden (NielsenIQ), Denmark (NielsenIQ), Norway (NielsenIQ), Switzerland (IMS), UK (NielsenIQ), Poland (NielsenIQ). ^BAT leadership based on top MO markets YTD 26. See Appendix A2. Jan 24 Aug 26 WE ARE MO #1 IN 16 STATES* c.7x LARGER THAN #2 COMPETITOR IN EUROPE** YTD 2026 volume share c.7x Comp 1 Share of industry volume growth YTD Jul 26 vs. SPLY 80% Dec 24 57.9% +26.1ppVolume share Aug 26 vs. Jan 24 68.6%Value share YTD Jul 26 U.S.
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8 8 A strong multi-category portfolio driving lasting progress Unlocking faster, sustainable growth across every consumer moment PARTNERSHIPS FOCUSBUILDING BRANDS
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9 9 Priorities to accelerate growth FOCUSED INHALATION PLAY LEAD AND DEVELOP ORAL NICOTINE SUSTAINABLE COMBUSTIBLES GROWTH BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only).
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 11 11 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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12 12 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Winning in Combustibles Emma Dean, Global Head of Combustibles
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 Winning in combustibles: Driving sustainable value growth into the future 01 Combustibles power our transformation 02 We have a clear strategy to win in combustibles 03 We have the right capabilities to deliver 04 We are confident in sustainably delivering the algorithm
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5 5 c.80% of combustibles revenue from Global Drive & Strategic Brands* Supported by Local Jewels Combustibles is our powerhouse, driving value at scale Unparalleled consumer reach 25 out of top 40 markets^ #1 or #2 36 factories Strong geographic footprint +100m Daily consumers** #1 Consumer share** >11m Outlets served*** No BAT direct presence Rest of the world BAT presence #1 Revenue 140+ markets *BAT combustibles Revenue FY25. **BAT MOB Share, Track FY 25 based on markets BAT operated markets. ***BAT Internal Data, Euromonitor International, Kantar. ^Retail Audit data, Market scan data and / or consumer share data (from TRACK) based on BAT operated markets. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only).
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6 6 Sustained combustibles value delivery despite headwinds Combustibles performance gives confidence to deliver the growth algorithm Organic basis for 2024. Gross profit on an adjusted for Canada basis for 2025 and 2026. *On an adjusted for Canada basis. See Appendix A1. COMBUSTIBLES PERFORMANCE COMBUSTIBLES MID-TERM OUTLOOK 0.1% 0.3% 1.0% 2.5% 2.1% 3.1% Revenue growth Gross profit FY 24 FY 25 H1 26 FY 24 FY 25 H1 26 Revenue growth Category Contribution growth* >2% +1-2%
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7 7 A resilient category with future value growth 2022 2025 2030E Duty paid industry volume* sticks (bn) SIZEABLE AND RESILIENT CATEGORY 2022 2025 2030E Industry net turnover* (£bn) A STRONG VALUE POOL CAGR -2.9% -2.5% CAGR +2.1% +1.5% *Industry Glidepath Outlook, Top 50 markets; FX @ MO6 26.
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8 8 • 18+ factories sealed & material confiscated • Anti-illicit amplification through traditional channels & social media Illicit remains a challenge, but also an opportunity Holistic approach to excise, enforcement and portfolio actions can bring back volume to BAT *BAT Reported Industry Volumes % Illicit of total legal and illicit volumes based on FY 25.**BAT Internal estimates based on reported illicit industry volume. ^FY 26 estimate. ILLICIT CONTINUES TO GROW • Sustainable excise regime • Anti-illicit trade enforcement & illicit supply chain control by authorities • Brand offers at the right price points 17% WE CONTINUE OUR EFFORTS TO SUSTAINABLY ADDRESS THE ISSUE AND MARKET INTERVENTIONS SHOW EVIDENCE OF PROGRESS Legal industry growing with illicit in decline^ +3.6pp FY 25 vs. FY 22 FY 25 vs. FY 24 PAK 65%76% 32% 54% RSA AUS PAK BRA BGD 28% Illicit share of industry volume* Volume** c.353bn sticks FY 25 Print & electronic media to drive awareness
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9 9 Combustibles continues to be a vital category in the industry Winning in combustibles is fundamental to our transformation *Company estimates of industry combustibles revenue as % of industry combustibles and New Categories. **Track Data FY 25 measuring consumer preferences. COMBUSTIBLES INDUSTRY VALUE OF TOTAL NICOTINE IN 2030E* SMOKING IS A DELIBERATE CHOICE, PLAYING DOMINANT ROLE IN KEY MOMENTS CONSUMERS ARE LOOKING FOR OFFERS THAT MEET THEIR PREFERENCES 17% switching brands** 34% use more than one brand** >£7.5bn potential revenue opportunity c.70% Social context Personal context Boost Relax SUSTAIN BOND SOCIALISE FOCUS REWARD PREPARE REFLECT UNW IND
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10 10 We have a clear strategy to win in combustibles Strategy to deliver growth algorithm: +1 – 2% revenue & >2% category contribution Winning in Combustibles STRATEGIC PILLARS Sustainable value growth Leverage our iconic brands Seamless collaboration & digital agility PRIORITY ENABLERS Commercial focus & executional excellence Resonant consumer experience Efficient & connected ways of working • Remove white line below footer DONE
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11 11 Sharpened commercial focus on where & how to win Additional targeted investment in key markets to win & retain contestable spaces *Combustibles revenue as % of total industry combustibles in markets in which BAT is present. **Track FY 25 Top 40 markets. c.120Rest of World 5 20 c.80% WHERE TO WIN: MARKET FOCUS HOW TO WIN: CONTESTABILITY FOCUS** Key markets c.20% Industry revenue* 48 BELOW WEIGHTED AVERAGE PRICE % 34 ABOVE WEIGHTED AVERAGE PRICE % FRESHNESS & FLAVOUR SENSATIONS 18 %
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12 12 Unparalleled consumer reach and distribution Best in class capabilities delivering excellence in execution BAT Internal Data, Euromonitor International, Kantar. *Source: internal measurement. Improvement vs. pre-implementation of digital census. GLOBAL DISTRIBUTION FOOTPRINT TRANSFORMED TRADE FUNDAMENTALS 2x the retail reach of large-cap CPG avg. Our products are on the shelves of over 11m retail outlets globally 8x faster c.10x cheaper Digital Census & retail planning* Multi-category digital merchandising Responsible retailing & underage access prevention Trade systems, data & analytics + AI ENHANCING CAPABILITIES >150m daily shopper transactions
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13 13 (Video – Combustibles)
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14 14 A portfolio of powerful brands Iconic global brands powering sustainable value delivery BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only).
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15 15 Strong premium brands, activating laddered offers 15 MOST ICONIC GLOBAL BRAND TRUE PREMIUM TOBACCO BRANDMOST PROGRESSIVE GLOBAL BRAND
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16 16 Robust and flexible value for money portfolio *Biggest brand in revenue terms. 16 BIGGEST BAT BRAND IN LATIN AMERICA*BIGGEST BRAND IN BAT PORTFOLIO*
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17 17 Iconic U.S. brands *On a volume share basis. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). 17 MOST ICONIC BRAND MARKET LEADER IN MENTHOL* FASTEST GROWING IN PREMIUM* Strength in U.S. portfolio across segments and price tiers TRUSTED QUALITY GREAT PRICE AN AMERICAN ORIGINAL
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18 18 Portfolio and brands built around the consumer Maximising value and share across every segment and price tier *Value for Money. **Freshness and flavour sensations. BAT Group does not own all brands featured in all countries (e.g. BAT owns NAS and Camel in the U.S. only). PREMIUM VFM* / LOWF&S**
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19 19 Globally developed, locally deployed Faithfully deployed across relevant touchpoints for maximum impact
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20 20 68.7 69.8 70.1 37.6 38.7 38.9 80.1 80.2 80.3 Brazil Mexico Pakistan MAINTAINED SHARE* IN A COMPLEX POST EXCISE DYNAMIC (%) (Excise January 2026) RECORD SHARE* DELIVERED JULY ‘26 80.4% (%) INCREASED SHARE* YOY WITH A ROBUST PORTFOLIO (%) Driven by effective Capstan Select laddering 0.6% (volume share Jun 26) +0.3pp (share growth post national expansion) Led innovations and deployed successful laddering ranges 60% Premium flavour share** +0.1pp Share growth in low segment^ +2.0pp Sustained premium leadership Resilient VFM & Low Leading F&S 69.3% Premium share** +0.2pp^ 70.5% VFM+Low share** +0.3pp^ 61.3% Flavour share** +2.2pp^ FY 24 FY 25 YTD 26 FY 24 FY 25 YTD 26 FY 24 FY 25 YTD 26 Sustained high performance in key markets Ongoing core brand support with targeted innovations driving share growth *Retail Audit volume share (supplier different by market). YTD 2026 refers to volume share data until Jun 26. **BAT Segment shares: YTD 26. ^YTD 26 vs. FY 23.
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21 21 24.2 23.5 23.1 22.8 52.2 50.4 50.3 50.5 18.5 18.2 17.6 17.6 SIGNS OF SHARE* RECOVERY (%) 0.73% Share Jun 26* Driven by Luckies launch & Black Series price repo Apr 26 +0.2pp Share growth*** May 26 BUILDING THE FOUNDATION FOR SHARE* RECOVERY (%) May 26 Promising start of Pall Mall Classics laddering 1.5% Share in East Jun 26** RESILIENT SHARE* PERFORMANCE IN A DOWNTRADING MARKET (%) Portfolio revamp with laddering and brand code Highest BAT share growth in VFM + Low segment Apr 26Dec 25H1 25 +10pp^ FY 24 H2 25 H1 26H1 25 FY 24 H2 25 H1 26H1 25 FY 24 H2 25 H1 26H1 25 Reignited performance through incremental investment Strategic interventions in key markets strengthening our portfolio and execution Germany Romania Japan *Retail Audit volume share (supplier different by market). **Retail Audit volume share where present in eastern Germany since May 26 launch. *** Jun 26 vs. Apr 26. ^ YTD 26 vs. FY 23.
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22 22 Significant steps towards simplification Driving efficiency while delivering superior consumer experiences *2023 vs 2026. **As measured in our Global Consumer Testing Programme, percentage of products achieving competitiveness objectives over 2023, 2024, 2025 combined. ***Competitive Brand Diagnostics, Germany 2025. See Appendix A3 for definition of combustibles poly-use. JOURNEY SO FAR FUTURE FOCUS BlendLeaf grades Product competitiveness & quality** Consistent quality product deployment Complexity target reductions achieved ahead of plan* Market exits -76%-12 -53% 88% competitiveness Delighting consumers through differentiated product innovation Freshness and flavour sensations Modern smoothness Authentic and artisan Scalable offers deployed globally for maximum impactWhilst improving delivery of competitive offers "I don't mind paying more if it is going to satisfy me. I smoke less now, so I want the products I choose to be high-quality." - Combustibles and Vape Poly-user, Germany***
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23 23 ▪ Consistent global brands ▪ Faster speed to market ▪ Increased strategic capacity Faster, more impactful delivery through digital agility Getting faster and more efficient at the same time *Combustibles 3-Year CAGR, 2022 to 2025 (including organic adjustments for FY 23 and FY 24). Revenue growth offsetting volume decline. **Source: internal measurement. Improvement vs. pre-implementation of next gen tools. COST EFFICIENCY AND SPEED THROUGH NEXT GEN TOOLS Generative consumer insights Synthetic segment Rothmans comms test using link AI Combustibles quality research (Kantar Live /Converser) c.25% savings vs. conventional research** Research modernisation Express mix testing 2 days lead time/fraction of cost vs. conventional research** REVENUE GROWTH MANAGEMENT Price elasticity modelling and simulator tool Combustibles revenue growth due to pricing/mix +6.8% per year* DIGITISING BRAND DEVELOPMENT & DEPLOYMENT From 2 weeks+ to less than a day for brief submission ITABRA GER ROM CHN USB VNM BDG JPN BRA ITA RSA
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24 24 Winning in combustibles: Clear strategy. Execution delivering. Funding transformation. * Company estimates of industry combustibles revenue as % of industry combustibles and New Categories. 01 Combustibles power our transformation* 02 We have a clear strategy to win in combustibles 03 We have the right capabilities to deliver 04 We are confident in sustainably delivering the algorithm 68% Delivering the combustibles algorithm: revenue +1 – 2% and category contribution >2%
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 26 26 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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27 27 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Anniek Kindts, Global Head of New Categories New Categories Future-forward Portfolio Strategy
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 Leading the New Category transformation An ambition that is well on its way with consistent achievement of our targets Leadership today sets us up to accelerate our growth *Internal estimates for industry and consumer numbers, based on BAT Top 50 markets. **#1 Based on third party volume share data for Modern Oral pouches in top MO markets calculated Jan – Jul 26. ***Based on BAT Vapour YTD 2026 estimated value share of Closed Systems (rechargeable closed systems consumables and disposables) in top Vapour markets. ^Based on BAT HP YTD 2026 estimated volume share of HP consumables in top HP markets. See Appendix A2. #2 volume share^ 10.5m consumers #1 value share*** 12.8m consumers HEATED PRODUCTSVAPOUR #1 volume share** 13.1m consumers MODERN ORAL 2030 AMBITION* NC contribution>30% NC revenue YoY growth Mid- teens …WELL ON ITS WAY WITH LEADING GLOBAL POSITIONS ACROSS NCs Global Smokeless consumers50m
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5 5 Distinct roles of the categories in our growth strategy *Volume share for MO and HP. Value share for Vapour. For definitions and sources see Appendix A2. MODERN ORAL Today #1: Leading and fastest growing in the fastest growing category* Ambition Unlock category full potential and build on our leadership to accelerate our growth Today #2: Affordability leadership and Premium participation* Ambition Combine forces in VP and HP to deliver sustainable revenue growth and margin expansion NC INHALATION HEATED PRODUCTS (HP)VAPOUR (VP) Today #1: Positive momentum and Premium leadership* NC future growth delivered through a diversified portfolio
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6 6 NC forward portfolio focused on growth and differentiation 01 PORTFOLIO STRATEGY 02 GROWTH MODEL Portfolio strategy anchored in Consumer Demand Moments within and across categories Operational growth deployed along a consumer-centric Flywheel model The consumer is at the centre of our NC strategy and execution
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7 7 Distinct roles of the categories in our growth strategy *Volume share for MO and HP. Value share for Vapour. For definitions and sources see Appendix A2. NC future growth delivered through a diversified portfolio MODERN ORAL Today #1: Leading and fastest growing in the fastest growing category* Ambition Unlock category full potential and build on our leadership to accelerate our growth Today #2: Affordability leadership and Premium participation* Ambition Combine forces in VP and HP to deliver sustainable revenue growth and margin expansion NC INHALATION HEATED PRODUCTS (HP)VAPOUR (VP) Today #1: Positive momentum and Premium leadership*
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8 8 Consumers are making a unique choice to adopt MO 1Third party research among Modern Oral category lapsers in Sweden, 2025. 217 markets: SE, NO, DK, CH, PL, UK, US publicly available data. *Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. † Our products as 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. ∞Toxicity reductions are averaged reductions from individual Genotoxicity | Cytotoxicity | Cell Stress assays: (i) glo = -98% | -90% | -95% ; (ii) Vuse = > -99% | -95% | >-98%; Velo = > -99% | -99% | >-98%. ~For the avoidance of doubt, this does not imply that switching completely to BAT’s Smokeless products is equivalent to quitting smoking in reducing a smoker's overall risk profile. ^Comparisons with smoke from a standard reference cigarette (approximately 9mg of tar) for the average of the 9 harmful and potentially harmful constituents independently identified and prioritised for reduction in cigarette smoke.^^Based on glo and glo Hyper. ^^^Tobacco Harm Reduction. Category Usage Drivers1 UNMATCHED CONVENIENCE ANY TIME / ANYWHERE USAGE MOMENTS Frictionless experience No devices, no batteries, no separate consumable Widely distributed Available in traditional and online channels More affordable c.40 – 100 index to average Combustibles price2 Convenience 60% PROGRESSIVE/ TRUSTED IMAGE Identity 51% Category: Furthest removed from smoking ritual No stick, burn, smoke, smell Brand: Trust (or lack of) no. 1 reason for lapsing1 Brand building on category education and trust is critical LOWEST ON BAT’S MODEL RISK CONTINUUM* Reduced risk profile 43% †
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9 9 Modern Oral is the fastest growing New Category Increasing incidence and ADC driving growth in users and value * Top 9 MO markets: U.S., Poland, Sweden, Switzerland, UK, Czech Republic, Denmark, Japan, Pakistan. Among Total Nicotine. **Among Modern Oral Active users. Combustibles ADC declines amongst Combustibles and NC consumers vs. Combustibles Solus. ***Internal estimates for consumer numbers, based on BAT Top 50 markets. ^Internal estimates for revenue based on BAT Top 50 markets. Vapour estimates assume 30% effective enforcement against U.S. illicit with those volumes moving to the legal marketplace. INCREASING ADOPTION FASTEST GROWING CONSUMER BASE*** (Adult consumers, m) 11 24 47 2022 2025 2030E 2025 → 2030: c.2x vs. Heated Products 2x vs. Vapour closed system 3x FASTEST GROWING INDUSTRY VALUE^ (£bn) 1 4 11 2022 2025 2030E 2025 → 2030: c.3x vs. Heated Products 2x vs. Vapour contestable space 2x Active usage* c.2x Daily usage** c.1.6x ADC, pouch** c.1.4x 21% 11% 2025 2022 59% 36% 2025 2022 4.0 2.8 2025 2022
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10 10 With significant white space opportunity *Internal estimates for Top 9 markets: U.S., Poland, Sweden, Switzerland, UK, Czech Republic, Denmark, Japan, Pakistan. **Internal estimates. T50 markets + India. CATEGORY INCIDENCE IS ACCELERATING BUT STILL IN THE EARLY DAYS 2.0% 3.7% 5.8% 2022 2025 2030E 2025 → 2030: c.1.6x Modern Oral incidence* Future opportunity is clear and we are well-positioned to capture it ALMOST HALF OF COMBUSTIBLES INDUSTRY IS STILL INACCESSIBLE FOR MODERN ORAL** 32 countries with bespoke regulatory framework (vs. 4 in 2022) Legal & available: c.55% Unavailable / inaccessible: c.45%
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11 11 Velo is the fastest growing brand and clear leader BAT share is c.7x vs. nearest competitor in Europe, closing the gap fast in the U.S. *Based on Jul 26 YTD vs SPLY sum of absolute volume across top MO markets. **Based on YTD 2026 Jul 26 volume share in top MO markets. See Appendix A2. ***Brand equity score ranking / Velo brand strength score Index vs. competition (%) Q2 26; Source: BAT & third-party market research 2026. c.75% Share of industry retail offtake growth* VELO CAPTURING MOST OF INDUSTRY GROWTH VELO DRIVING BAT LEADERSHIP IN MODERN ORAL RETAIL SHARE** 21.0% 24.9% 41.4% 48.6% 40.3% 31.9% BAT Comp.1 DRIVEN BY AN ICONIC GLOBAL BRAND SWE Brand strength index3 162127 139 167 103 #2 72 SWE SWI UK DEN U.S. POL #1 POWERED BY A STRONG GLOBAL BRAND Brand equity index*** +1.6x since launch of Velo Plus
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12 12 Velo synonymous with the Modern Oral category A liberating original, uniquely positioned as the #1* *Based on third party volume share data for Modern Oral pouches in top MO markets calculated January to Jul 26. These seven markets accounted for c.90% of total addressable industry Modern Oral revenue in 2025. The term Modern Oral encompasses; nicotine pouches, white tobacco pouches, tobacco chew bags and nicotine-free pouches. These assets are not intended for the U.S. and were not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries. CREDIBLE AND TRUSTED CONSUMER OBSESSED End-to-end consumer journey – education, acquisition & retention Our responsibility as the leader* underpinned by Velo’s brand purpose Sharing culturally significant moments with our consumers CULTURALLY EMBEDDED
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13 13 18+ ONLY. THIS PRODUCT CONTAINS NICOTINE AND IS ADDICTIVE. FOR ADULT NICOTINE CONSUMERS ONLY.
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14 14 Leading Velo mix from category adoption to establishment *Velo Shift provides a more comfortable experience compared to Velo rectangular slim pouch products. **BAT & third-party market research on c.100 Velo Core SKUs across 4 waves of research (2022 – 2026) in Sweden, UK and Italy (2026). Core SKUs tested representative of portfolio across major Modern Oral markets, calculated based on internal estimates. The claims, concepts and descriptions used in this deck may not be permitted in all markets. In the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Pro duct Order. Differentiated through science-led innovation, proprietary technologies and IP Flavour stabilisation technologies Nicotine delivery technologies Accompany adjustment to the ritual through milder sensation product F O C U S I N G O N P R O D U C T Q U A L I T Y >70% of core portfolio evaluated on par or superior vs. best performing competitor on overall likeability** Superior Pouch comfort* 1. ADOPT Lead flavour exploration through a diverse portfolio N E W N E W 2. DISCOVER Drive premium differentiation through innovation 3. ESTABLISH
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15 15 Shift is driving premium differentiation Re-shaping the category *BAT & third-party market research 2026, Equity Index: Velo imagery, Shift-aware indexed to non-aware. **Volume share Jul 26, Sweden: NielsenIQ, Switzerland: IMS 3MMA. • Unique can design & comfort pouch • Differentiated flavours • 120 price index to Velo Core NEW PREMIUM MIX UPLIFTING VELO EQUITY IN SWEDEN* SUPPORTING VELO GROWTH IN VOLUME SHARE** 150Innovative 139Premium 139Modern Index 56% of trial from competitor consumers SWE SWI Velo 55.9% Shift 0.8% Velo +1.3 pp since Shift launch Building on leadership Velo 94.2% Shift 2.4%
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16 16 Further shaping the category through innovation Strong innovation pipeline to support category leadership and growth OPTIMUM PRODUCT IN LOWER NICOTINE FOR CATEGORY ADOPTION Our most comfortable experience ever Pilot: Apr 27 PURPOSEFUL RANGE EXPANSION IN THE U.S. WITH VELO MAX VELO WRKS: OUR NEW INNOVATION ECOSYSTEM IN SWEDEN An elevated range, designed for the discerning pouch loyal consumers Drop 1: Exciting dual-can, to drive discovery and convenience Launch: Sep 26 Launch: Nov 26 SWESWI U.S.
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17 17 Strategic guardrails based on market maturity guide prioritised market portfolio deployment ↓ Operational growth model drives seamless end-to-end consumer journey with accelerating velocity Focused and intentional portfolio deployment Fully integrated into our operational growth model 1. Amplify discoverability • Always-on brand experience • Effective activation reach • Content / social first • Advanced geo / seo 2. Maximise accessibility • Consistent availability on & offline • Easy to explore, evaluate and purchase 3. Guide trial, adoption & retention • Connected CRM and Hypercare • Guided 121 infrastructure • Reward program
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18 18 We are geared up to unlock MO full potential *Brand strength score ranking / Velo brand equity score Index vs. competition (%) Q2 26; BAT & third-party market research 2026. **BAT & third-party market research on c. 100 Velo Core SKUs across 4 waves of research (2022 – 2026) in Sweden, UK and Italy (2026). Core SKUs tested representative of portfolio across major Modern Oral markets, calculated based on internal estimates. ***BAT internal patent intelligence ^BAT internal data, Euromonitor International and Kantar. ^^Internal estimates for revenue based on our Top 50 markets. POISED TO OUTPERFORM INDUSTRY VALUE GROWTH 0.4 1.2 4.3 2022 2025 2030E BAT revenue (£bn)^^ BAT revenue 2025 → 2030: c.4x vs. industry c.3x ICONIC GLOBAL BRAND EMERGING CONSUMER-LED AND COMPETITIVE PORTFOLIO INDUSTRY-LEADING SCIENCE AND R&D BAT GLOBAL DISTRIBUTION POWER AND SCALE^ Brand Equity Score Rank* #1 #2 +1.6x since launch of Velo Plus c.70% of products superior or on parity to key competition** Adopt Discover Establish >10 years of experience Highest number of patent families in the MO industry*** 5 Innovation centers Strategic Partnership 2x the retail reach of large-cap CPGs Our products reach >140 markets and 11 million retail outlets globally Supported by a scaled e-retail and marketplace ecosystem across Europe
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19 19 Distinct roles of the categories in our growth strategy *Volume share for MO and HP. Value share for Vapour. For definitions and sources see Appendix A2. NC future growth delivered through a diversified portfolio MODERN ORAL Today #1: Leading and fastest growing in the fastest growing category* Ambition Unlock category full potential and build on our leadership to accelerate our growth Today #2: Affordability leadership and Premium participation* Ambition Combine forces in VP and HP to deliver sustainable revenue growth and margin expansion NC INHALATION HEATED PRODUCTS (HP)VAPOUR (VP) Today #1: Positive momentum and Premium leadership*
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20 20 NC Inhalation: the counterpart to oral consumption of nicotine *Integrated Track 2025, T11 NC Entry Share among combustibles, complete or partial switchers to NC. . **Integrated Track 2025, Modern Oral global usage%, among active Modern Oral users (average daily consumption by usage frequenc y). Dual or Multi-category usage may include combustibles category or other New Categories in combination with Modern Oral. References to poly use including Combustibles reflects existing patterns of adult consumer behaviour and market segmentation only. Adult FMC poly users who choose to continue using nicotine, should switch completely without delay. Not ta rgeting new entrants. 20 NC INHALATION (VP+HP) ACTS AS THE PRIMARY STAGE FOR SMOKERS TO TRANSITION TO SMOKELESS* MODERN ORAL RARELY USED IN ISOLATION, EVEN AMONG ACTIVE USERS** Solus 10% Dual 42% Multi- Category 48% c.20% ↑c.80% ↓ Smokers switching to NCs c.90% of MO users are dualists with inhalation products NC Inhalation innately relevant to the Smokeless transformation SOCIALISE SUSTAIN FOCUS UNWIND PREPARE BOND REWARD REFLECT ANCHOR MOMENTS ANCHOR MOMENTS NC INHALATION PRODUCT EXPERIENCE LARGELY COMPLEMENTARY TO MO
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21 21 NC Inhalation: sizeable, but concentrated and maturing *Internal estimates for legal categories in T50 markets based on where BAT is present. Excludes illicit, large Rechargeable Cl osed Systems (above 10k puffs) and Vapour Open Systems. **2025 estimate of tracked and estimated untracked channels. ***BAT & Third-party market research Q2 25: UK, Germany, France, Switzerland, Canada, Italy, Spain, South Africa, Czech Republic, Romania. ^Incidence growth 2022 vs 2021 and 2025 vs 2024. ^^Internal estimate. 21 c.£13bn 2025 Revenue Industry* c.£4bn c.£9bn Vapour Heated Products Industry revenue in T10*c.80% Industry revenue in T10*c.80% U.S. white space opportunity**c.£7bn YoY incidence growth rate halved in recent years^ 1.1pp 0.6pp £1.6bn Potential premium share***37% Est. affordability segment growth rate vs. premium (2030E vs. 2026)^^ c.2x US UK GER FRA SWI CAN ITA SPA ZA ROM POLITA ROM GER UKRJPN SWI GRE CZ SVK Our NC Inhalation play will be selective and value centric →
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22 22 Vuse is the global leader in Vapour *Retail measurement YTD Jul 26 Vuse Value Share of RCS consumables & Disposables in top Vapour markets. See Appendix A2. **BAT Company Data FY 23 – FY 25. £1.5bn 2025 Revenue LARGEST NEW CATEGORY WITH VUSE CLEAR LEADERSHIP* Top 6 brand value market share (YTD 2026) within consumables, devices, and single-use products 44.1% 14.4% 9.3% 5.7% Vuse Competitor #1 Competitor #2 Competitor #3 +1.7pp YTD 2026 vs. SPLY WITH SUSTAINABLE VALUE RETURNS** C.80% Investment in Vuse T10 markets +7 pp Gross Margin improvement (2025 vs. 2023) +10 pp Category Contribution Margin improvement (2025 vs. 2023) Delivering sustainable commercial results
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23 23 Vuse success is built on a powerful, distinctive mix *Based on Vuse estimated value share of vapour pods and pre -filled devices from Recommended Retail Price in total measured retail in key vapou r markets: USA, Canada, France, UK, Germany and Spain as of Jan 26. **Excluding tobacco leaf extract liquid. ***Vuse products are not risk-free and contain nicotine, an addictive substance. Comparison of smoke from a scientific reference cigarette (approx. 9 mg tar) and emissions from Vuse products in terms of the average of 9 harmful components, independently prioritised for reduction in cigarette smoke. **** With removable batteries to facilitate disassembly. These assets are not intended for the U.S. and were not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries. Simple personalisation Rechargeable Closed System Single-use devices Premium connected ecosystem Rechargeable Elevated sensorials N E W N E W H I G H Q U A L I T Y A C R O S S P L A T F O R M S Easy-view liquid Device lock Removable battery **** * ULTRAPRO ONEGO *** ** High-quality food-grade flavour ingredients
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24 24 Our premium play with Ultra is working Vuse Ultra contributes c.15% of H1 26 revenue in launch markets *BAT & Third-Party Market Research – Imagery Attributes Q1 26 VS. Q1 25. **BAT & Third-Party Market Research – Ultra Pulse. ***Retail measurement (Canada Key Accounts Scan Data – National Jul 26, Germany NielsenIQ – National Jul 26, France Logista RA – National Jul 26, Switzerland Scan Estimate – National Apr 26) Vuse Value Share of RCS consumables. • Device: c.200 avg. price index to leading competitor • Pods: c.125 avg. price index to leading competitor UPLIFTING EQUITY* Q1 2026 vs. Q1 2025 VALUE SHARE WITHIN RECHARGEABLE CLOSED SYSTEM*** +3ppPremium +3ppTrusted SOURCE OF BUSINESS** c.70% c.30% Vapour Combustibles CAN GER FRA SWI 8.2% 4.0% 2.4% 4.3% Launch: Jun 25 Launch: Jun 25 Launch: Sep 25 Launch: Jan 26
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25 25 Further uplifting Ultra through flavours from real extracts* Winning on taste expertise drives premium perception & competitive advantage 1BAT & Third-Party Market Research – Switzerland & Germany Nov 25. 2BAT & Third-Party Market Research in Canada (Ultra - Q3 26); 3This product does not contain tobacco leaves or other parts of tobacco plant. This product is not risk-free and contains nicotine, and addictive substance. 4 Launch refers to Ultra Novel fruit flavours. *Brand Claims – To Be Validated & Approved by Q4 26. Legal and claims permitting. These assets are not intended for the U.S. and were not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries. See Appendix A7. ULTRA TOBACCO EXPERIENCE 3 4 5 “It goes in a different direction than sweet flavours. They really hit the nail on the head there” – Full flavour poly-user1 Launch: Sep 26 GER FRA UK ULTRA FLAVOUR EXPERIENCE Launch: Apr 264 GER UK * * Superior premium perception vs. competitor 12 3 OVERALL PRODUCT SATISFACTION (Mean) Q3 26 Competitor 1 4.83.8 New Mint Flavours 4.5 Vuse (Current)
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26 26 Pro Mix delivers to flavour modulation consumer behaviour Winning modulation moments unlocks premium differentiation 1BAT & Third-Party Market Research – UK, France, Canada, U.S., South Africa Q3 2025. The claims, concepts and descriptions used in this deck may not be permitted in all markets. In the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. Pilot: Jan 27 38% Multi-flavour modulation size - a top consumer need1 8 mixable pods Fast charging FlavourMix technology 2 flavours + 1 mix mode Stylish design + effortless UX
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27 27 Vuse building trust and personal connection Our commitment to responsible vaping is paramount *BAT & Third-Party Market Research – UK, and Germany Q4 25 – Q1 26. CONNECTING WITH CONSUMERS THROUGH MEANINGFUL AND DIFFERENTIATED EXPERIENCES BUILDING TRUST THROUGH ALWAYS-ON ‘DONE RIGHT’ Trusted brand* (Q1 26 vs. Q4 25) +2.3pp +0.6pp UK GER
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28 28 ONLY APPLICABLE AND TARGETED TO ADULT TOBACCO/NICOTINE CONSUMERS.
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29 29 glo is almost a £1bn brand with improving economics £0.9bn 2025 Revenue LEADERSHIP IN AFFORDABILITY SEGMENT, EARLY INROADS INTO PREMIUM IN <1YR WITH SUSTAINABLE VALUE RETURNS c.80% Investment in glo T10 markets*** +10 pp Gross Margin improvement (2025 vs. 2023)*** C.50% 1.9% ITA 8.3% POL 2.6% JAP T10 Volume share of Affordability segment* Volume share of Premium segment** *Jul YTD 26 affordable segment off-take share in JAP, ITA, POL, SK, CZE, GER, GRE, ROM, SPA, POR. **Jul 26 off-take share. ***Company data on constant rate basis. % references are based on 2025 actuals.
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30 30 Upgraded glo mix for accelerating performance * 3rd Party consumer research - Hilo Quant, Apr’25. Additional 10 SKUs tested in Q3’25 among FMC User in JP, IT. Hyper BWAP UPT H1’25, Boreas Validation Q1’26 among FMC User in JP, IT. Rating based on overall acceptability among FMC Users PARTICIPATE IN PREMIUM N E W N E W LEAD IN AFFORDABILITY COMPETITIVE & DIFFERENTIATED CONSUMABLES VIRTO & RIVONEO & VEO 100% of Hilo consumables evaluated at par or superior vs. closest competitor*
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31 31* CPT (Quant) in JP and ITA, Apr 26. 5’ session length Quick start with autoactivation Connectivity Superior vs. key competitor on taste liking, immediacy and key feature ramp up speed* Live in key Hyper markets Hyper Pro + Strengthening our play in the affordability segment Combustibles users Improved hygiene
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32 32 Hilo 2 Enhancing appeal to Combustibles & HP Premium *JPN quant branded concept led product test, H1’26 SWITCH MODETM for combustible & HP users Auto start & 5 sec ramp up enhancing combustibles-like experience Enhanced connectivity for personalisation Superior vs. key competitor on device appeal, ease of use* Combustibles users Reach +8pp Better sensory & ease of use* Key competition users Launch: Q4 26 onwards
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33 33 Radiating brand expression for the glo ecosystem
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34 34
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35 35 NC Inhalation consumers are increasingly driven by the experience rather than the platform Consumer trends will drive a reframing of the NC Inhalation categories *KANTAR Incidence and track H1 26, HP markets: Japan, Italy, Germany, Poland, Romania, VP markets: Canada, UK, France, Germany , U.S. , Multi-Category: Includes 2+NCs with / without Combustibles. **Growth Driver Framework, Changes Drivers Meta Analysis Conducted. ***Germany qualitative study on Vuse Ultra 2026. References to Combustibles Poly Use reflect existing patterns of adult consumer behaviour and market segmentation only. Existing Combustibles Poly Users, who wish to continue consuming nicotine, should switch completely without delay. INCREASING MULTI- CATEGORY USAGE AMONG VP & HP USERS 35% +7pp (H1 26 vs. H1 24) 22% +6pp (H1 26 vs. H1 24) Multi-category Usage* DRIVEN BY THE COMPLEMENTARY NATURES OF THE CATEGORIES SENSORY & USAGE EXPERIENCE MORE IMPORTANT THAN DEVICE EVIDENT IN VUSE ULTRA TRIALIST PROFILE Drivers of overall product satisfaction** 67% +7pp (2025 vs. 2019) 33% -7pp (2025 vs. 2019) Sensory Device Authentic Taste Ease & Convenience 44% Ultra trialists from key HP competition*** ✓ Everyday convenience ✓ Complementary moments
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36 36 We are actively pursuing this convergence opportunity glo Infuse is one of our early proofs of concept Designed to deliver to the combined VP + HP consumer benefits Ritual, taste satisfaction & convenience in one frictionless device Enabled by proprietary flavour extraction technology Live in Zaragoza, Spain Specifically targeted towards combustibles solus users as a first proof of concept
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37 37 Resonates with combustibles and NC Inhalation consumers *Third party research 6 weeks post-launch Jul 26, Spain. **Infuse non-branded Quantitative Concept Test Germany (Aug 26). 60%Great Taste 59%Ease of Use 83% Overall Appeal 87% Among combustibles users Among NC Inhalation users Source of business* 57% 43% New Categories Inhalation Combustibles Innovative Offer 91% Great sensory experience & convenience1 Very high acceptability**
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38 38 Accelerating progress towards a Smokeless future Anchored in Velo and supported by NC Inhalation Updated BAT is shaping a diversified NC portfolio strategy Focused on growth and diversified for robust and durable financial returns1 Modern Oral is the focal point of our growth strategy, with Velo as the fastest growing brand in the fastest growing category Unlock category full potential, while building onour leadership to expedite our growth2 Expect NC Inhalation category to be reframed by the evolving consumer dynamics glo Infuse our first proof of concept, with promising early signs4 Expect Vuse and glo to deliver sustainable revenue growth and margin expansion Focused investment, meaningful innovation and brand equity leading to sustainable quality growth in the maturing NC Inhalation category3 Our portfolio is anchored around a consumer-led growth and execution strategy A connected ecosystem of insights, capabilities, data and AI-enabled marketing to build mental and physical availability and scale 5
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39 39 Our NC portfolio strategy forward *Internal estimates for industry and consumer numbers, based on BAT Top 50 markets. Unlock category acceleration, while building on our leadership to drive a growth inflection Combining forces in VP and HP to deliver sustainable revenue growth and margin expansion 2030 AMBITION* NC STRATEGY FORWARD Designed to deliver our 2030 ambition NC contribution>30% NC revenue YoY growth Mid- teens Global Smokeless consumers50m
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40 40 (Video – New Categories)
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 42 42 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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43 43 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution
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Beyond Nicotine – Roadmap to 2035 James Barrett, Director, Business Development
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2 2 Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. When denoting business activity these collective expressions are used for ease of reference only and do not imply any other relationship between British American Tobacco p.l.c. and its subsidiaries. The companies in which British American Tobacco p.l.c. directly and indirectly has an interest are separate and distinct legal entities. The information contained in this presentation does not purport to be comprehensive and third-party data has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 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 presentation. This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. Forward-looking Statements This presentation 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 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 presentation 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. In particular, such forward-looking statements include certain statements relating to our ambitions for 2030 and beyond, including our Horizon 2030 strategy, our ambition to become a predominantly smokeless business by 2035 and our Wellness & Stimulation ambitions; our 2030 growth algorithm and related financial targets; our digital transformation, AI-enabled capabilities and strategic technology partnerships; our operational excellence agenda, including productivity savings and supply chain optimization and our sustainability commitments. 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. 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 presentation 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. The 2025 Annual Report on Form 20-F and current reports on Form 6-K, which may include other factors, are filed with the U.S. Securities and Exchange Commission (“SEC”). 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” and “Group Principal Risks” in the 2025 Annual Report and Accounts of BAT, and under the heading “Forward Looking Statements” and Item 3.D - Risk factors in the 2025 Annual Report on Form 20-F of BAT, which may be obtained free of charge at the SEC’s website, http://www.sec.gov and the British American Tobacco website, http://www.bat.com.
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3 3 Important Information Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. (“Reynolds”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ 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. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products aresold only in compliance with the laws of the particular jurisdictions in which they are sold. Presentation of Financial Information 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: Category contribution, Category contribution margin, the ratio of adjusted net debt to adjusted EBITDA, free cash flow before dividends, adjusted profit from operations, New Category revenue, Smokeless revenue as a proportion of total revenue, adjusted gross profit, adjusted gross margin, adjusted diluted earnings per share (EPS) and operating cash conversion. 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. 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, currency fluctuations and the performance of businesses sold or acquired that may significantly affect the user’s understanding of the Group's performance when compared across period, as applicable, provide additional useful information to investors regarding the underlying performance of the business on a comparable basis. For further details on the non-GAAP measures presented herein, see Appendix A1. Certain of these non-GAAP measures are presented on an “adjusted” basis, i.e., before the impact of adjusting items. Adjusting items 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. Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group's outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group's net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group's 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. This presentation also presents results on a “constant currency” basis, i.e., 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. Smokeless Products refers to non-combustibles, including Vapour products, Heated Products, Modern Oral (including Nicotine Replacement Therapy) and Traditional Oral. Unless otherwise stated, volume share and value share represent share in the Group’s Top Markets as defined in Appendix A2. Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented versus the same period in prior year at constant rates of exchange and share data is presented year-to-date Jul 26 versus full prior year.
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4 4 As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey in step with them Fast-shifting consumer preferences are opening fresh avenues of growth for BAT - Stimulation and Mood Modulation benefits are in growing demand, via a variety of active ingredients and formats BAT is well-positioned to capitalise on these opportunities - Strong foundational capabilities, including deep W&S consumer insights, will be fundamental to play and win in this category A focused effort will advance Stimulation & Mood Modulation further within BAT - Ryde: and Moment (in their current and new formats) and inorganic optionality will be anchor priorities across the coming 18 months 1 2 4 Cannabis: long-term opportunity for Beyond Nicotine - Large and growing category undergoing transition from illicit to legal/regulated market5 Progress being made organically and inorganically - Building Ryde: functional shots and acquiring Moment drinks – the foundations of BAT’s stimulation and mood modulation business 3
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5 5 Rapidly evolving consumer Stimulation & Mood Modulation needs are unlocking new growth opportunities *Source: Euromonitor, IRI and internal estimates. FROM: Mega stimulant, mono ingredient TO: Benefit-led across new ingredients and formats Performance / stimulation Balancing / regulator Recovery / Health support Ingredients / actives Formats E.g. Caffeine, Guarana, Tyrosine, etc. E.g. Lemon Balm, L-Theanine, Gaba, Prebiotics, etc. E.g. Protein, Creatine, Vitamins, Magnesium, etc. Pouches Shots Powders RTD Edibles Snacks Industry size*: c.£430bn expected by 2030 (c.6% CAGR 2025 – 2030) Industry size*: c.£180bn in 2025 Caffeine
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6 6 FAST GROWING BENEFIT SPACES FUNDAMENTAL PRINCIPLES TO WIN Key category opportunities for BAT *Source: AT Kearney – Gen Z Functional Wellness Shopping Behavior Study. True functional efficacy / science Lifestyle brand categories Products for sensory enjoyment Convenient formats 44% 38% 35% 29% 28% 23% 17% 13% 12% 9% 9% 7% Increase energy Reduce stress Improve focus Sleep better Improve mood Stay hydrated Build muscle Appearance Healthy weight Gut health Long term health Sports performance CHRONIC ACUTE (FAST ACTING) Which wellness or performance goals are most important to you today?*
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7 7 BAT is well-positioned to capitalise on these growth opportunities - Strong W&S consumer insights - Social and digital marketing - D2C and ecommerce - Omnichannel (grocery, convenience, mass & on-premise) - Functional actives operations & supply chain - Scalable opportunities in adjacent spaces - Physical and digital route to market - Assets with history and potential for sustainable growth Science - Global R&D network - W&S dedicated science team - Rigorous product stewardship Global reach - > 140 markets - Leverage distribution & trade relationships - Global supply chain M&A Category growth levers STRONG FOUNDATIONAL CAPABILITIES INORGANIC OPTIONALITY Consumer Science, R&D and Insights are our key enablers to unlock these opportunities
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8 8 Leveraging Wellbeing & Stimulation consumer insights to deliver on consumer moments with new actives SAME CONSUMER DEMAND MOMENTS WITH NEW ACTIVESCONSUMER DEMAND MOMENTS Social context Personal context Boost Relax SUSTAIN BOND SOCIALISE FOCUS REWARD PREPARE REFLECT UNW IND Social context Personal context Boost Relax SUSTAIN BOND SOCIALISE FOCUS REWARD PREPARE RECOVER UNW IND
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9 9 Progress being made organically and inorganically Small but growing fast, building the learnings we need to win in this category *BAT consumer data In key focus regions. U.S.CANAUS 3 markets & 15k+ Stores Revenue CAGR 2023 – 2025 90% Multi-channel approach Strong consumer traction* Brick & Mortar Regular Consumers 120k+ >50% Trial to repeat conversion U.S.-centric business Since 2021 Acquired Jul 26 Ecommerce native Revenue CAGR 2022 – 2025 57% Cumulative revenue c.$38m Loyal consumer base >50% Repeat rate Complementary consumers to Ryde:
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10 10 Building brand equity Digitally & social led E-commerce Brick & mortar Reaching consumers where / when it matters Multi-channel presence
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11 11 Continuing to develop growth optionality Wellness & Stimulation expected to be a mid-term growth contributor for BAT Continue Ryde: expansion Scale moment Venture & bolt-on M&A Gradual acceleration Shots range (flavours / benefits) New functional formats (U.S. e-comm pilot) New channels Scale brand in U.S. Drive synergies Market optionality Capabilities Brands & products Tech & IP M&A CONTINUE TO BUILD & SCALE FUTURE OPTIONALITY
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12 12 Exploring functional pouches – nascent but rapidly growing Our innovation capability and pouch category expertise position us to win here *Source: Curve Analytics Report, U.S. Jan 26. Energy / nootropic pouches online search* +173% YoY Growth 2.1m 1yr searches (Nov 24 to Nov 25) - New product - Dissolvable content Discreet Convenient Non- disruptive Free from (sugar, calories etc.) Benefits Productivity moments Physical performance ‘Hands-free’ moments Occasions CLEAR BENEFITS & OCCASIONSTESTING NEW PRODUCTCATEGORY MOMENTUM (Initial Concept)
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13 13 Cannabis: a long-term opportunity beyond nicotine Number of countries where cannabis is legalised for medical or adult-use* 2015 2025 10 countries 45+ countries 94% 61% 39% 2019 2025 Traditional formats Novel formats Canadian regulated adult- use cannabis market value share by format type** ✓ Strategic partnerships ✓ Deep consumer insights ✓ World-class science and stewardship ✓ Research & development ecosystem LEVERAGING PARTNERSHIPS FOR EXPLORATION INDUSTRY TRANSITIONING TO NOVEL FORMATS EVOLVING REGULATORY LANDSCAPE Source: Euromonitor. *Definitions vary by jurisdiction and includes a range of regulatory models; regulatory frameworks and market accessibility vary significantly by jurisdiction. **Traditional Formats: Combustible and Inhalation, Novel Formats: Edibles, Liquids and Others.
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14 14 As consumers and the industry shift rapidly, BAT advances its Beyond Nicotine journey in step with them Fast-shifting consumer preferences are opening fresh avenues of growth for BAT BAT is well-positioned to capitalise on these opportunities A focused effort will advance Stimulation & Mood Modulation further within BAT 1 2 4 Cannabis: long-term opportunity for Beyond Nicotine5 Progress being made organically and inorganically 3
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Appendices
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Unless otherwise stated, absolute financials are presented at constant rates of exchange, growth in financial metrics is presented at constant rates of exchange and share data is presented versus full prior year. A1: Non-GAAP financial measures Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. Adjusted for Canada: Certain of these measures are also presented on an “adjusted for Canada” basis, reflecting the removal of the distorting effect of the Canadian results. From 29 August 2025, all of the Group’s outstanding tobacco litigation in Canada was settled, pursuant to which annual payments based on a percentage (initially 85%, reducing over time) of the Group’s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out by the Group until the aggregate settlement amount is paid. Due to the initial uncertain nature of the timing of the implementation of the settlement on the Group’s 2025 results, for 2025, this charge was 100% of the net income after taxes earned from all sources in Canada, excluding New Categories. Constant currency Constant currency – measures are calculated based on 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. for Definitions: -Adj. diluted earnings per share (EPS): Earnings per share before the impact of adjusting items, 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 prior year’s rate of exchange. -Adj. gross margin: Adjusted gross profit as a proportion of revenue. Adjusted gross margin for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Adj. gross profit: Profit from operations before the impact of adjusting items and translational foreign exchange, and before all non production/attributable distribution costs. -Adj. profit from operations: Profit from operations before the impact of adjusting items. -Category contribution: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to the relevant category. -Contribution margin: Category contribution as a percentage of category revenue. Category contribution for HY26 is presented at constant rates, for FY25 at FY25 rates and for HY25 at HY25 rates. -Free cash flow: Net cash generated from operating activities after dividends paid to non-controlling interests, net interest paid and net capital expenditure. -New Category revenue: Revenue before the impact of adjusting items and translational foreign exchange, having allocated revenue directly attributable to New Categories, on a constant rate basis. -Operating Cash Conversion: Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. -Ratio of adjusted net debt to adjusted EBITDA (Leverage): Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest)/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. Price/Mix Price/Mix is a term used by management and investors to explain the movement in revenue between periods and includes excise duty drawback. Revenue is affected by the volume (how many units are sold) and the price (how much each unit is sold for). The Group may achieve a movement in revenue due to the relative proportions of higher price volume sold compared to lower price volume sold. A2: Share metrics YTD Jul 26 growth vs. FY25, unless otherwise stated. Volume share: The estimated number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total estimated units bought by consumers in the industry, category or other sub-categorisation. Sub-categories include, but are not limited to, the total nicotine category, Modern Oral, Vapour, Traditional Oral or cigarettes. Corporate volume share is the share held by BAT Group. Value share: The estimated retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total estimated retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Except when referencing particular markets, volume share and value share represent share in the Group’s Top Markets. Our top markets are defined by estimated industry revenue in their relevant category. Top Vapour markets: U.S. – Circana Non-Syndicated RSD, Canada – Scan Data, the UK – NielsenIQ, France – Logista RA, Germany – NielsenIQ, Spain – Logista RA. These six markets account for c.70% of total addressable industry vapour revenue (rechargeable closed systems consumables and disposables in tracked channels) in 2025. Top HP markets: Japan – CVS-BC, South Korea – CVS, Italy – NielsenIQ, Germany – NielsenIQ, Greece – NielsenIQ, Poland – NielsenIQ, Romania – NielsenIQ, the Czech Republic – NielsenIQ, Portugal – Logista RA, Spain – Logista RA. These ten markets account for c.80% of total addressable industry HP revenue in 2025. Top Modern Oral markets: U.S. – Circana Non-Syndicated RSD, Sweden – NielsenIQ, Denmark – NielsenIQ, Norway – NielsenIQ, Switzerland – IMS, the UK – NielsenIQ, Poland – NielsenIQ. These seven markets account for c.90% of total addressable industry Modern Oral revenue in 2025. Top Cigarette markets at Group level: U.S. – Circana Non-Syndicated RSD, Germany – NielsenIQ, Japan – CVS, Romania – NielsenIQ, Brazil – Scanntech, Mexico – NielsenIQ, Pakistan – Access Retail. These seven markets account for c.50% of total addressable industry cigarettes revenue in 2025. Market share is used by management to assess the relative performance of the Group against the performance of its main competitors. Regional shares as per slide footnotes. A3: Poly-usage -Combustibles Poly-use – refers to the use by an adult^ consumer of both combustibles products and potentially reduced-risk *† tobacco and nicotine products which for many smokers is part of a transitional period where those consumers move towards a complete switch to potentially reduced-risk products*† by reducing the consumption of combustible tobacco products and replacing them with one or more potentially reduced-risk products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. -New Categories Poly-use – refers to the consumption of two or more potentially reduced-risk*† tobacco or nicotine product categories by adult^ consumers who do not consume any combustibles products. -Total Poly-use – total number of adult^ consumers consuming two or more tobacco and/or nicotine products, which may or may not include combustibles products. Existing adult^ combustibles poly-users, who wish to continue consuming nicotine, should switch completely without delay. ^ As defined by the relevant local law but shall in no circumstance refer to any person under the age of 18; and shall in no circumstance refer to any person under the age of 21 in the U.S. A4: Consumers of Smokeless products The number of adult 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. The number of consumers of Smokeless products is used by management to assess the number of adult consumers regularly using the Group’s Smokeless 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. A5: Smokeless Products Refers to non-combustibles, including products, Heated Products, Nicotine Pouches, and Traditional Oral. A6: Industry Estimates Internal estimates for revenue and consumer numbers, based on our Top 42 markets unless otherwise stated. A7: The claims, concepts and descriptions used in this deck may not be permitted in all markets. Further, these assets are not intended for the U.S. and was not created by, for, or on behalf of Reynolds American Inc. or any of its subsidiaries ("Reynolds", collectively). Further, use of any such content by Reynolds shall abide by all laws, rules, regulations, policies, and guidelines applicable to the US market. This includes, that the target audience of such materials continues to be age 25+ adult tobacco consumers. Further, in the U.S., new product launches and the ability to deploy certain claims are subject to the FDA’s issuance of a Marketing Granted Order and Modified Risk Tobacco Product Order. 16 16 BAT's products are only applicable to and targeted towards adult tobacco and nicotine consumers. * 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. Appendix
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17 17 Glossary ADC: Average Daily Consumption ANC: Adult Nicotine Consumer APFO: Adjusted profit from operations ARR: Annual Recurring Revenue AWAP: Above weighted average price BSS: Brand Strength Score CAGR: Compound Annual Growth Rate CCAA: Companies’ Creditors Arrangement Act (Canadian litigation settlement) CPG: Consumer Packaged Goods CPTO: Consumer Price Turnover EPS: Earnings per Share FCF: Free Cash Flow FMC: Factory Made Cigarettes HP: Heated Products MO: Modern Oral NC: New Categories NPI: New Product Innovation NRT: Nicotine Replacement Therapy RCS: Rechargeable Closed Systems RGM: Revenue Growth Management SBB: Share buy-back SKU: Stock Keeping Unit SPLY: Same Period Last Year THR: Tobacco Harm Reduction VIV: Vapour Weighted Industry Volume VFM: Value for Money VP: Vapour WAP: Weighted Average Price W&S: Wellness & Stimulation WTD: Weighted Trade Distribution