Good afternoon, everyone. I hope you enjoyed your lunch and the interactive exhibitions. It is a pleasure to be with you here in Winston-Salem. I think it is a fitting location because last year, Reynolds marked 150 years. That is a powerful reminder of the endurance of the industry and our capacity to change with it. I think you will also have seen how deeply woven Reynolds is into this city and how far its influence reaches. That history, of course, brings us to the next chapter, creating a sustainable future through science, evidence, engagement, and ultimately proportionate regulation. Our message is simple. We have the scale, the experience, and the patience to help build the conditions for tobacco harm reduction to fulfill its full potential. Scale to connect science, brands, capabilities, and markets across a genuinely global footprint. Experience built over decades, developing products, generating evidence, and engaging policymakers. Patience because lasting regulatory change is rarely linear. It requires credibility, consistency, and the willingness to stay engaged. Those three strengths come together in the story you will hear today. Science creates the evidence, communication builds the understanding, and advocacy helps translate that understanding into practical, proportionate regulation. Regulations creates the conditions for responsible innovation and for adult consumer switching. Those conditions support sustainable value generation, creating durable advantage for the business and stronger outcomes as well for society. We spent more than a decade building our new category brands and innovation portfolio. Today, that business is fast approaching GBP 4 billion. The search for reduced-risk products reaches back to Reynolds Premier in 1988, a pioneering attempt to offer something different to smokers who chose not to quit nicotine. As we invest in the innovation pipeline, we also need to ensure the landscape in which our brands and innovations land is conducive to our business performance. That is the purpose of our sustainable future pillar, bringing science, corporate affairs, regulation, and sustainability together. That external landscape has never mattered more. I would argue BAT has never been better equipped to navigate it. Let me introduce our formula for success in the sustainable future pillar. Starting from the right, the desired outcome of our equation is evidence-based regulation. Acceptance of THR as a core element of tobacco control, grounded in science and evidence, can help secure that future. Dani Tower, our group head of scientific affairs, will be joining me shortly to focus on science and the evidence in more detail. Of course, that science and evidence cannot exist in a vacuum. Progress depends on effective engagement with policymakers and relevant stakeholders and clear communication that turns evidence into understanding. That is why we launched Omni, and we have pivoted to a digital-first communication model. Regulatory outcomes are a function of science and evidence amplified by engagement and communication. So what does a sustainable future mean in practice? Imagine a world where it is not only permissible to market and sell our smokeless products, but where their growth and faster transformation are actively encouraged. That is our destination. That entails working on two vectors, belief shaping through science, evidence, and advocacy, and communication and engagement with public health authorities, scientists, and policymakers to help shift their behavior. The relevant behavior shift is in policymaking, the design and implementation of smart and proportionate regulation. That process is influenced by public health authorities, scientists, healthcare professionals, the media, and NGOs. It is a complex decision-making web, but it can be informed by credible evidence and open engagement. Our starting point, though, is not where we want it to be. Each year, we run a multi-country THR survey across our markets. We've just completed the third wave. Whilst there are strong signs of progress, it remains true that half of the policymakers surveyed and nearly two-thirds of all medical professionals erroneously conflate nicotine with cancer, and in so doing, reject the fundamental principles of THR. This must and will change. Across BAT, our teams are clearer, better organized, and more aligned than ever. Our approach is built on four clear priorities. First, turning scientific leadership into evidence and advocacy. Second, being courageous and persuasive in our communication and engagement to accelerate the acceptance of THR. Third, converting evidence, advocacy, and communications reach into evidence-based regulatory and fiscal outcomes. Fourth, protecting and strengthening our enterprise reputation across our other sustainability pillars. Corporate affairs has transformed since I joined the management board in 2012, but its core challenge has not. Transformation and a multi-category portfolio have changed the opportunity. Digital and social media have changed the operating environment. But the need to tell our story clearly, credibly, and influentially remains. Last year, we pressure tested our operating model to ensure that it's fit for purpose. Think of it, if you like, as a relay race. An ecosystem where transformation leads to portfolio to science to evidence to policy and advocacy, all underpinning communication and engagement, with the outcome being the regulatory landscape in which we operate. And then we make sure that we measure. Measurement creates momentum by helping us learn, adapt, and repeat what works. I'd now like to focus on the science and evidence part of the formula, so please give a big warm welcome to Dani Tower, our group head of scientific affairs. Thank you, Kingsley, and good afternoon to you all. It is fitting to discuss tobacco harm reduction here in the U.S., 25 years after the initial publication of the then Institute of Medicine's "Clearing the Smoke". Its principles for assessing the scientific base for tobacco harm reduction still shape our thinking and are reflected through BAT's formula for success. Our formula is built on the belief that transformation depends on confidence from all stakeholders, confidence from policymakers and regulators, from public health authorities and healthcare professionals, who in turn can build confidence in consumers and wider society. That confidence begins with science. Science that answers important questions, creates understanding, and informs decisions. Today, I want to illustrate how we utilize science and evidence to drive BAT's formula for success to accelerate responsible innovation, underpin tobacco harm reduction evidence, and address misconceptions that continue to hinder progress. Because for tobacco harm reduction to reach its full potential, belief must rest on evidence. At BAT, we use science as a differentiator to power both our quality growth and our sustainable future ambitions. This year marks 70 years of science and innovation at BAT. Over these past seven decades, we have built world-class scientific expertise across multiple disciplines, supported by a global network of scientific and innovation centers. That capability is particularly powerful in both its depth and its breadth. It allows us to generate and analyze evidence at scale, rigorously assess our products, and engage credibly on important public health questions. As BAT transforms, that capability becomes an increasingly valuable strategic asset. Because credibility is earned, not claimed, and in science, credibility is earned through rigorous evidence, peer review, and a commitment to continuous learning. At its core, tobacco harm reduction depends on innovative smokeless products that meet the highest standards, and that is why we apply rigorous scientific stewardship before and after product market launch, ensuring that products are continually assessed throughout their lifecycle against demanding scientific and regulatory standards. For us, stewardship is a key differentiator of responsible manufacturers and a fundamental part of how we discharge our duty of care to consumers while supporting the long-term sustainability of our business. When it comes to scientific research, at BAT, our ambition as scientists is to generate robust evidence that shapes decisions and advances public health. An oversimplified question that we are often asked is: how do you determine whether a product has a reduced risk profile compared with smoking? More than a decade ago now, we published a weight of evidence framework to answer it. This scientific assessment framework examines three critical areas. First, product characterization through combustion, emissions, and toxicology studies. Second, consumer exposure through use behavior, pharmacokinetics, and clinical exposure studies. And third, potential population-level impact through population health modeling and the monitoring of real-world outcomes over time. Together, these findings support an evidence-based conclusion about a product's risk profile. Applying this disciplined approach across our smokeless portfolio, we have concluded that for smokers, completely switching to any of our three smokeless product categories has a lower risk profile than continued smoking. This extensive body of evidence, supported now in 2026 by more than 280 peer-reviewed scientific publications, became the foundation for Omni, which combines BAT's THR science with findings from world-class independent researchers around the world. And importantly, that evidence base continues to grow every year. As we look ahead to our next chapter, we are exploring new ways in which we can transform how this and new science itself is conducted. Evidence generation has traditionally been slow and resource intensive. However, today, digital and mobile technologies, advanced data analytics, and AI-enabled simulation are creating opportunities to collect real-world data more effectively and generate insights more rapidly. BAT is building a more connected and digitally empowered scientific ecosystem to scale scientific understanding in new ways and to accelerate learning and evidence-based decisions. Ultimately, no matter how sophisticated our science becomes, one question matters more than any other: Does tobacco harm reduction reduce smoking and improve population health? The Institute of Medicine set out the theory of tobacco harm reduction. Sweden provides compelling real-world evidence, and that is because Sweden, often referred to as the vanguard THR country, offers one of the clearest and longest running examples of tobacco harm reduction at population level. Sweden is not alone. Across multiple markets, as you can see here, for example, New Zealand, the U.K., and Japan, we see a remarkably consistent pattern, correlation between smokeless product adoption and declines in cigarette volume consumption or smoking prevalence. The crossover points on these graphs mark important moments in each country's tobacco harm reduction journey. Different markets, different cultures, different regulatory environments, yet the direction of travel remains strikingly similar. The next question is whether these behavioral changes can translate into meaningful public health outcomes. Encouraging signals are emerging, especially in early adopter markets of smokeless products. Sweden continues to attract attention because widespread adoption of smokeless products and reduced smoking prevalence has been associated with a lower smoking-related disease burden than in many comparable markets. The chart on the left here shows Sweden recording Europe's lowest level of smoking-related cancer deaths based on World Health Organization data. Epidemiological signals are also beginning to emerge elsewhere. The middle chart here shows independent academic research from Japan, which has reported reductions in acute coronary syndrome hospitalizations in areas with a higher prevalence of smokeless products. Epidemiology takes time, but these observations are important because they point beyond behavioral change to the possibility of improved health outcomes. If tobacco harm reduction can ultimately be realized at global scale, the potential impact could be profound. On the right here, third-party modeling suggests that more than 100 million lives could potentially be saved from premature smoking-related deaths by 2060 if tobacco harm reduction approaches were widely adopted. Yet, despite decades of scientific progress and a growing body of evidence, two fundamental misconceptions continue to shape policy debate. The first misconception is that nicotine is the primary cause of smoking-related disease. The factor that corrects it is on the left. The scientific evidence referenced, as you can see here, by trusted independent voices such as the National Health Service and the Royal College of Physicians in the U.K. tells us otherwise. While nicotine is the addictive component of cigarettes, most smoking-related harm comes from the hundreds of other chemicals generated by combustion. The second misconception is that all nicotine products carry the same level of risk. Again, the global body of scientific and real-world evidence suggests otherwise. Why does correction of these misconceptions matter? Because THR and transformation depend upon informed policy making. If policy makers cannot distinguish between products, proportionate regulation becomes more difficult. If regulators, health authorities, and healthcare professionals cannot distinguish between products, opportunities to accelerate harm reduction may be lost. If policy and regulation does not help smokers distinguish between products, complete switching is less likely. Evidence must lead to understanding, and understanding into action, and that is why science remains a strategic capability for BAT. The challenge is no longer only to generate evidence, but to ensure that it is understood and acted upon. That is perhaps the most important point to leave with you today. Science creates evidence, and evidence creates understanding, and understanding creates the conditions for change. If we want to build understanding, science is where change begins. Thank you, and now back to Kingsley. Thank you, Dani. Dani has shown how decades of science create critical capability and competitive advantage. Science is a keystone of our business today and tomorrow, and we remain committed to advancing it. Of course, we must be equally innovative and front-footed in communication and engagement within our formula for success. Through our communication engagement, we focus on building understanding and shaping beliefs of THR. We believe it should underpin smokeless regulatory policy worldwide. Regulators have a choice: Regulate through sound THR thinking now based on the weight of evidence, or wait for the likely 2-decade emergence of epidemiology. Acting now can change the course of public health forever, and that's why we launched Omni, our manifesto for change and mandate for action. Omni was never just a book, a publication, or a website. It's a dynamic strategic communication chassis with thought-leading narratives and compelling evidence. In the recent launch of Omni 2.0, a major upgrade, the R squared or correlation between the stringency of tobacco control measures and smoking incidents was just 0.2. That is to say there is hardly a correlation at all. Recent history suggests, however, that when smart progressive regulation allows access to responsibly manufactured and marketed smokeless alternatives, smoking rates fall faster, as we've seen in the U.S., Sweden, Canada, and the U.K. Omni was launched at London Science Museum in September 2024. Some of you were there. In less than two years, it has become the central platform through which we bring together science, evidence, advocacy, and communication. Its strength is focus. Rather than dispersing our effort, Omni channels our investment and energy through a single strategic proposition, and we've deployed the proposition in a multifaceted way. An internal AI toolkit, Ask Omni, gives 40,000 employees direct access to its content, and Omni now facilitates leadership development and transformation training across the business. Today it was clear and has been clear since day one, we needed to become much more front-footed in our corporate affairs ambitions, and we have. Omni has become the focal point for that ambition, creating a global corporate platform through which we can communicate science, build understanding, and engage relevant stakeholders at scale. Its impact extends beyond both the physical and digital worlds. Through activation and stakeholder engagement in more than 20 markets, we have brought together policymakers, regulators, healthcare professionals, scientists, and other influential THR voices. External recognition followed, including PR campaign of the year at the Platinum PR Awards. I think the most important measure of success is Omni has helped create a more modern, more visible, and more influential voice in support of evidence-based THR. One of the more distinctive expressions of Omni has been The Smokeless Word podcast. The objective was simple: create a platform for long-form, credible, and open conversation with relevant stakeholders. In an increasingly fragmented media environment, that matters. The program brings together four broad groups of voices. First, BAT leaders who can explain our transformation. Second, recognized experts in science, public health, and THR. Third, policymakers, regulators, and political leaders who help shape the external environment. And fourth, leaders from the worlds of transformation, innovation, and high performance. Across nearly 30 episodes, guests have included former prime ministers, a former health minister, serving politicians, business leaders, and respected media figures. The result, I think, is more than just a successful podcast. It's a communication platform that reflects the type of company BAT is becoming: more open, more engaged, and more willing to engage confidently. Fittingly, the last episode is a very special podcast outing with Tadeu in the hot seat. I'd encourage you all to watch it. Omni and The Smokeless Word can do so much, but the external debate demands more targeted interventions. Our front-footed approach means addressing specific industry issues directly. That's why we launched single-issue corporate campaigns, starting with Vapers Deserve Better and followed quickly by Think Progress, Think Pouch. These campaign solutions have a consistent creative refrain, and they work under the banner of Let's Go Smokeless. Six further campaigns are ready, with more to follow. The models gives the regions and markets a toolkit tailored for their local needs. Because communication is not the end in itself. Communication builds understanding shapes belief, and belief creates the conditions for better regulatory outcomes. As I mentioned, we are rigorous about measurement because belief shaping only matters if it changes perceptions in the real world. That is why we run an annual study, now spanning 21 international markets, tracking attitudes among nicotine users, healthcare professionals, and policymakers. Three years in, the data has become an invaluable guide to where progress is made, where misconceptions remain, and where we should focus. We've just completed the third wave, and the direction of travel is encouraging. Among nicotine users, perceptions of THR have improved steadily over the period, and if these trends continue, we believe they point towards a future in which THR enjoys broad and growing public support by 2035. More encouraging is the progress we are seeing among policymakers in their understanding and acceptance of Modern Oral. Through our engagement efforts enabled by Omni, policymakers have remained a priority stakeholder group for us. Acceptance of the THR potential of Modern Oral has increased by 14 percentage points over the last two years among policymakers in tracked markets. We believe that matters because perceptions shape policy and policy shapes smokers' perceptions. Of course, it has to be said the picture is not uniformly positive. Perceptions continue to improve, albeit some misconceptions remain. Nicotine is still wrongly associated with specific smoking-related harms by many respondents. And the perceptions of vapor particularly remain sensitive to shifts in public and the media debate. That said, we remain encouraged by this progress, but the broader point is this: we are measuring what matters, allowing us to focus our resources on the stakeholders, markets, and messages where we can have the greatest impact. Looking ahead, we are also embracing the opportunities of leading-edge technology and AI. We are developing OmniBrain, a modular AI system powering the key stages of our operating model. OmniSignal, a real-time communication tracking tool, will combine external signals with our information, data, and policy within a walled LLM to monitor and interpret what the world is saying to us and what we should say to the world. OmniContent, an engine for rapid real-time content development and deployment, will pick up from OmniSignal. OmniMetrics, a comprehensive measurement module, will measure the outputs and outcomes of our work. Together, these modules make OmniBrain a leading corporate affairs technology solution, increasing pace, efficiency, impact, while shifting resources from repetitive tasks to more frontline engagement. Finally, we return to the critical output in our formula, regulatory outcomes. Regulation will be a critical enabler of our success. In corporate affairs, market importance doesn't always follow the commercial Pareto. Let me explain. At the FCTC's COP, for example, each member has one vote, making every nation relevant. Likewise, in Europe, every member state matters in directives such as the TED and TPD. Our aim remains the same: smartly regulated, orderly marketplaces, level playing fields where responsible companies are encouraged to transform. For us, smart regulation is not a loose concept. Building on work which actually began during Australia's plain packaging debate, we developed a 10-step framework that now anchors a dedicated campaign. The objective is not to prescribe a particular outcome, but to encourage regulatory approaches that are evidence-based, proportionate, and workable. Of course, in the real world, this is sadly much easier to say than to do, as has been proven by the ideological dogmatic regulation such as Australia, itself a poster child for precisely how not to tax and regulate the tobacco and nicotine market. But experience has shown that the most effective regulatory frameworks tend to share a common set of characteristics. Our framework assesses those characteristics systematically, and with them consistently applied, there is a greater likelihood of achieving balanced and effective regulatory outcomes. Turning very briefly to the FDA before David covers it in more detail. While we welcome the FDA enforcement discretion communication from May this year, significant challenges do remain. The PMTA system has created prolonged uncertainty for responsible manufacturers, while illicit products have continued to proliferate. Moreover, the FDA's approach matters well beyond the U.S., given its influence on regulatory thinking around the world. Turning from the FDA to Europe. Europe remains a highly significant supranational regulatory arena. Both TED and TPD remain active policy discussions with substantial regulatory activity ahead. Progress on TED proved challenging despite six compromise proposals under the Cypriot presidency. Unanimous agreement among the 27 member states is yet to be achieved. Progress was made across categories, albeit 19 member states raised concerns with at least one aspect of TED or the other. On TPD, we are awaiting publication of the impact assessment and currently expect a draft of the TPD from the commission by around December. An intensive period of discussion and negotiation is likely to follow through 2027. We will continue to advocate for regulation that is evidence-based, proportionate, and importantly, enforceable. Turning now to regulatory progress itself. Of 80 focus markets, as today I said, at least 70 of them have one or more legally available new category. Furthermore, the real-world evidence of Sweden and near smoke-free status is based both on their oral tradition and the pro THR stance. The U.S., New Zealand, and the U.K. also provide evidence of transformation supported by enabling regulation. Nine markets have risk proportionate category regulation, probably the gold standard, if you like, of smart regulation. However, there have not been positive outcomes everywhere. Markets like Germany and France in Europe, Turkey, Australia, and Brazil remain challenging. Regulatory change in these markets matters, as does smarter, more durable regulation in existing smokeless markets. We will continue to work hard advocating for smarter regulation, which brings me to Modern Oral, a critical focus for us in corporate affairs. In 2021, only a handful of markets had Modern Oral regulation. Since then, it has become a top priority. New market regulation has been introduced at the pace of six to seven markets per year. Today, more than 30 countries have regulation and a further seven with emerging regulation covering at least one aspect of the regulatory ecosystem. 16 of the EU's 27 member states now regulate the category. That is notable because that is a numerical majority of EU countries. The World Customs Organization has preserved differentiated customs coding for Modern Oral, a possible precursor to regulatory recognition. Finally, in the U.S., the FDA's progressive position has enabled a more level playing field and a more innovative Velo lineup. We are extremely clear about the focus required on Modern Oral, and it is not simply about regulation. It is about helping create the conditions for category sustainability, stakeholder confidence, and long-term growth, helping the foundations for future value generation. To conclude then, evidence-based regulatory and fiscal outcomes are essential to a sustainable future and long-term value delivery. Since 2023, under Tadeu's leadership, we have reinvested in scientific, corporate, and regulatory affairs capability. Today, we are in much better shape to navigate the external environment, positioned for the future with clear thinking on our operating model, the right leadership, a clear focus on science and evidence, and a stronger, more innovative corporate communication capability. You have heard a lot today about the science, the evidence, and our communication coming together to shape the external world. It is undoubtedly a story of ambition, progress, and I think in many ways, determination. This effort is about creating a sustainable future, a prominent pillar of our group strategy, and we are making progress, albeit, as I have said, it is not always linear. We feel very confident about the future of transformation and our ambition of a smokeless world, a world where transformation is not only permissible, but encouraged. Just imagine that world, and please take a look at this video before I hand over to David. Thank you. Imagine a world where a better tomorrow is no longer an ambition, but a reality. Where innovation is encouraged for the role it can play in driving positive change, and nicotine is better understood by policymakers, regulators, and health practitioners alike. Imagine a world where major nations support and advocate for tobacco harm reduction, where the Modern Oral category is regulated globally, and trust is earned through transparency and doing the right thing. Imagine a world where smokeless alternatives are responsibly regulated worldwide, giving access to the people who need them. Where smart regulation evolves alongside innovation, creating clarity, consistency, and confidence. And where sustainability isn't a target to meet, but a foundation to build on. This world won't be built by one company, one market, or one moment. A better tomorrow isn't something we're simply imagining. It's something we're building with every step we take. Imagine a world, a smokeless world, a better tomorrow. Well, good afternoon, and it's good to be back with you today. This morning, I welcomed you to Winston-Salem and shared some of the history that connects Reynolds to this city. This afternoon, I want to focus on the opportunity ahead, why the U.S. is one of the most attractive nicotine markets in the world, and why Reynolds is well-positioned to win. The U.S. op portunity is substantial, and it will be won by those equipped to lead through change. The pace of transformation continues to accelerate. Consumer preferences are changing, regulation is evolving, and value pools are shifting. We have the brands, the capabilities, and the scale to lead through that change while continuing to deliver sustainable value. As the cornerstone of BAT strategy, Reynolds plays a pivotal role in achieving a better tomorrow. And growing tomorrow is how we deliver that purpose in the United States. Reynolds has a clear mandate to deliver a winning performance and turn the U.S. opportunity into sustained financial returns. In February of this year, we stated our multi-year investment of GBP 2.5 billion by 2030 to strengthen our capabilities, expand capacity, and support long-term growth. This investment is expected to create more than 2,000 direct and indirect American jobs across Reynolds and our U.S. supply network. And that commitment is already translating into action. Over the past two years, we've invested more than $200 million in U.S. manufacturing, including increased production capacity for Velo+. Our contribution also extends beyond our own operations. In 2025, Reynolds was the largest purchaser of U.S. tobacco leaf from American farmers. Growing tomorrow is ultimately about disciplined investment, strengthening Reynolds' competitive position, supporting the U.S. economy, and delivering sustainable shareholder returns. At our 2024 Capital Markets Day, the U.S. outlook contained several significant uncertainties. Since then, we have successfully navigated a dynamic environment, positioning the U.S. business to deliver the algorithm. The cigarette category decline has moderated. Reynolds has returned to revenue and profit growth in combustibles, and Velo+ has built momentum. We are also seeing greater attention at both federal and state levels of enforcement against illicit vapor products, a positive development for Vuse, our leading vapor brand. Not every issue is resolved, and we remain disciplined in how we plan for regulatory and category risk. But the direction of travel has improved considerably. We have moved from managing significant uncertainty to pursuing a clearer set of opportunities. The central message is simple: The U.S. is the cornerstone of BAT strategy. With more than 60 million adult nicotine consumers, it is already the largest nicotine revenue pool and continues to grow. Consumer behavior is becoming increasingly multi-category, with approximately 65% of adult nicotine consumers interacting with or migrating towards new categories. Against that backdrop, Reynolds brings a multi-category portfolio of leading brands, trade scale, and proven commercial capabilities. Today, we have the fastest-growing new categories brands aligned to where the adult consumers are moving. The underlying market data reinforces that opportunity. Total nicotine in the U.S. has grown since 2023, driven by expansion in vapor and oral. While combustible volumes continue to decline, the category's value pool remains substantial and resilient. At the same time, vapor and oral are creating incremental industry value and are expected to grow through 2030. Altogether, the U.S. represents an estimated GBP 42 billion nicotine revenue pool with a projected annual growth of 4.3% from 2025 to 2030. Our objective is to capture growth where the market is expanding while continuing to deliver value in traditional categories. Reynolds' strength comes from a multi-category portfolio positioned to capture that growth. The U.S. new categories revenue pool is already significant at an estimated GBP 12 billion in 2025. It is supported by approximately 40 million adult consumers with high levels of interaction and migration across categories. Adult consumer momentum is building, and we estimate this revenue pool could reach GBP 17 billion-GBP 25 billion by 2030. This opportunity is becoming more accessible as the regulatory process evolves and state enforcement increases. Vuse is strengthening its leadership, and Velo+ is demonstrating that we can translate a strong global proposition into the U.S. market. The prize is meaningful, but our confidence is based on observable momentum, not simply market projections. While the size of the opportunity matters, what is most compelling is how well-positioned we are to capture it. Reynolds brings scale, strong trade coverage, commercial execution, and operational rigor. BAT adds leading brands, a global science and R&D ecosystem, and increasingly sophisticated digital capabilities. Together, these capabilities give us the ability to identify consumer shifts, develop winning products, and execute at scale. This positions us to capture a significant share of the growing U.S. nicotine revenue pool by 2030. The transformation of the U.S. market is already well underway. Since 2017, the number of adult cigarette consumers has decreased by approximately 20 million. Over the same period, the data indicates that vapor and Modern Oral have expanded significantly. The overall number of adult nicotine consumers has not grown. Instead, we are seeing greater migration to new categories and more consumers using multiple formats. Reynolds' portfolio is aligned with the choices adult consumers are making, enabling growth through our multi-category options. The pace of change within the U.S. market has accelerated over the last four years. In 2022, 46% of adult nicotine consumers were either using new categories exclusively or alongside traditional products. In 2026, that number is projected to reach 68%. We are also seeing growth in new category soloists adult consumers, not simply occasional trial. This reinforces the need for a portfolio that offers a range of product choices. Adult consumer migration to new categories is not limited to one region or a small number of urban markets. The pace varies by state, but the direction of travel is consistent across the U.S. Reynolds is advancing faster than the wider industry. Looking deeper, you can see that we are outpacing the industry in 35 states. That performance reflects the strength of Vuse, the momentum of Velo, and the breadth of our smokeless portfolio. Combined with our national scale and trade infrastructure, these strengths give us a clear advantage across diverse market conditions. We are not waiting for the market to transform. We are at the forefront of that transformation. Today, 65% of U.S. adult nicotine consumers interact with or have migrated to new categories. More than half of combustible consumers are using other nicotine products, reinforcing the importance of a multi-category portfolio. Reynolds leads the U.S. market in adult nicotine consumers, with more than 22 million choosing our brands. We also lead among smokeless and new category consumers. That breadth gives us multiple routes to build relationships as nicotine consumer preferences evolve. The clearest evidence of strategy working is total nicotine share. Reynolds' total nicotine share has seen steady quarter-over-quarter growth since the first half of 2025, reaching 34% year to date, an increase of 119 basis points versus the full year of 2025. That growth reflects contribution across the portfolio rather than reliance on a single nicotine category. It demonstrates that we can deliver value in traditional categories while building stronger positions in faster-growing segments. This is the outcome we are focused on, sustained growth in our relevance to adult nicotine consumers, resulting in total nicotine share growth. Modern Oral is the fastest developing segment in the U.S. nicotine market. Its growth is supported by two factors, more adult nicotine consumers are choosing the category and greater daily product adoption. The Modern Oral adult consumer base has more than doubled since 2022 and now sits above 16 million. Daily consumers are accounting for a greater share of the category, demonstrating deeper adoption. As a result, the volume of Modern Oral servings continues to grow. Our focus is to serve that growth responsibly and build Velo into a sustained national leader. We are making significant progress towards leadership. Velo+ has delivered strong momentum since launch. Volume has increased 158% year to date compared to the same period last year, and the brand has captured 30% share of the market. As important, more than 70% of those who try Velo purchase it again. The brand's adult consumer numbers have nearly doubled from 3.4 million to 6.2 million. Momentum remains strong with Velo+, accounting for 80% of industry volume growth and 81% of industry value growth year to date. Velo is now the number two Modern Oral brand nationally, giving us a strong platform for further growth. The numbers are strong, and we remain focused on sustained adult consumer resonance and disciplined value creation as we pursue market leadership. Our Velo and Grizzly Modern Oral portfolios lead in 16 states, and together with our established traditional oral portfolio, have positioned Reynolds as the national leader in total oral. This demonstrates the value of our multi-category strategy, bringing established scale, trade relationships, and category expertise to high-growth modern proposition. Combined, these strengths create a foundation for continued growth across our oral portfolio. As we referenced at CAGNY, we have a strong innovation pipeline, and this month we launched Velo Max. Inspired by our leading global products, Velo Max offers a higher moisture, larger pouch format, a choice of strengths and flavors. We are taking a phased approach to distribution, with plans to reach nearly 100,000 outlets by early next year. It is early days, but Velo Max broadens our proposition and gives adult nicotine consumers greater choice as we build upon Velo+'s momentum. Modern Oral can play an important role in tobacco harm reduction by giving adult smokers an alternative to cigarettes. The insights shown here indicate that recent Velo purchasers reported a substantial reduction in average daily cigarette consumption after six months, and 64% of participating adult smokers reported switching completely to Velo. The results offer evidence of the role Modern Oral may play for adult smokers who choose to move away from cigarettes. Our tobacco harm reduction efforts are grounded in evidence-based science, and we believe we have a responsibility to share that science and engage constructively with regulators to build understanding of relative risk and the role Modern Oral can play. This is how we create a mutual win for America's public health and our commercial business. An effective harm reduction agenda must be supported by a regulatory framework that is good for adult consumers, public health objectives, and legitimate industry participants. We are seeing meaningful progress toward a clearer and more practical U.S. regulatory environment. Regulation should create a level playing field, support a regulated marketplace, and protect consumers. Clear authorization standards and strong enforcement must work together. Regulation must prevent irresponsible marketing and exclude products with underage appealing features or inadequate safety standards. Responsible manufacturers should be able to compete, innovate, and invest with greater clarity. Illicit disposable vapor products have distorted the U.S. market for several years. We are now seeing more active enforcement at both federal and state levels. Today, state regulations cover 40% of weighted legal industry volume. Encouragingly, seizures and raids have also expanded, and public discussion about how to address this issue continues to increase. Progress is evident, but materially reducing the illicit market will require federal and state agencies to broaden enforcement and intensify their efforts. When rules are applied effectively, adult consumers are better protected from illicit and unauthorized brands, can compete on a more level playing field. The enforcement environment for illicit vapor products is beginning to change meaningfully. What started with tighter import controls has developed into a more coordinated government-wide response across borders, distribution networks, and retail. The scale of the actions is significant. This includes a nationwide sweep that removed 2.1 million illicit products across seven states, followed by the largest federal seizure of its kind involving 4.7 million units. In May of this year, FDA, U.S. Customs and Border Protection, and the United States Coast Guard executed the largest maritime seizure of illegal vapor products. The action stopped more than 18 million unauthorized e-cigarettes, valued at over $175 million, from entering the country. Beyond the federal efforts, 22 states have now enacted directory or enforcement laws, strengthening controls closer to the point of sale. This is meaningful progress, but there is much more to do. Sustained coordinated enforcement by FDA, CBP, DOJ, ATF, and state agencies will be critical to maintaining pressure on the illicit market. Tighter legislation is increasingly being matched by visible enforcement. For responsible manufacturers, this supports a more level playing field and helps protect adult consumers from illicit products. As enforcement strengthens and the legal market becomes more clearly defined, we believe the best positioned authorized brands will capture a greater share of the category, and the numbers are starting to bear this out. Disposable consumer and incidence trends began to decline in the second half of 2025 as enforcement actions began to take hold. This trend is continuing in 2026. Which brings me to Vuse. Vuse is demonstrating what a responsibly marketed vapor brand can achieve in a better-enforced environment. The brand's volume is significantly outperforming in the closed system segment, where we compete up almost 8% versus an industry of 0.6%. Even more telling, the brand's volume has increased 20.3% where enforcement is observable, nearly double the industry. With sustained enforcement, Vuse is poised to outperform. Today, Vuse holds leadership positions in 39 states and has achieved more than 56% market share in closed systems nationally. Under the revised FDA guidance, we have now expanded the Vuse proposition into four new flavor variants. We are taking a phased distribution approach with select retail partners, supported by stronger contractual requirements for age verification, purchase limits, and clear adult-only messaging. These safeguards enhance our already very clear underage access prevention guidelines to ensure strong accountability as we bring flavored vapor products to market. We have also launched a campaign emphasizing the responsible marketing and selling of flavored vapor products. As enforcement develops, we believe Vuse is well positioned to capture a greater share of the legal vapor category, and we are committed to driving that growth responsibly. Together, Velo and Vuse demonstrate the strength and growing momentum of our new categories portfolio. With a strong innovation pipeline, we aim to sustain that momentum in pursuit of national market leadership. From flavors to formats, our global R&D capabilities and experience across markets offer a range of pipeline opportunities for the U.S. Guided by consumer insight and supported by regulatory science, scale, and commercial capabilities, we are well positioned to leverage innovations in the U.S. over the medium term. Now, turning to combustibles. The macroeconomic environment remains challenging. Inflation, higher fuel costs, and weaker consumer sentiment continue to pressure consumer purchasing power. Against that backdrop, the overall decline in combustible volumes has moderated in 2026. However, affordability pressures are driving further downtrading. Deep discount volumes are up 16% versus the same period last year, making the low end an increasingly significant part of the category. Reynolds' first half volumes declined 5.2% versus the same period last year, partially benefiting from positive inventory movements. This resulted in first-half combustible revenue increasing 5%, reflecting strong financial performance. While the inventory benefit will not repeat in the second half, we still expect to deliver year-on-year combustible revenue growth in 2026. This reflects the strength of our brands and our rigorous approach to portfolio and revenue growth management. Competitive activity in the U.S. combustibles has intensified significantly. Since late 2025, competitors have increased promotional investment, expanded lower price offerings, and added distribution at the low end of the market. That activity began to affect our share in Q4 last year. We responded quickly with targeted investments, and since January, our total share has stabilized and increased by 25 basis points. Across our operating segments, excluding deep discount, where our portfolio is well established, share has increased 54 basis points and strengthened further in August. Competition has intensified, but our response is working. We have stabilized total share, strengthened our position across the portfolio, and remain confident in our ability to compete while protecting value. Combustibles will remain an important and sustainable source of value for our business. Our confidence is grounded in the strength and geographic breadth of our portfolio, supported by proven revenue growth management and trade capabilities. Our scale and international footprint provide additional levers to support performance. Combined, these strengths give us the flexibility to respond as consumer and competitive dynamics evolve while competing profitably. We will continue to manage our combustible portfolio with discipline, delivering sustainable value while supporting investment in the categories of the future. The transformation of Reynolds is increasingly visible in our revenue mix. Combustibles provide substantial value and cash generation, while our smokeless brands position us to capture growth as consumer preferences evolve. Smokeless has grown from 16.8% of Reynolds' revenue in 2022 to nearly 23% in the first half of 2026. That progress is supported by strong momentum in Velo together with our established oral portfolio. In vapor, Vuse is positioned for continued growth as enforcement strengthens. The result is a more balanced portfolio with growing contributions from categories that deliver value today and position us for future consumer demand. The evolution of the portfolio is also strengthening the quality of our financial delivery. U.S. gross margin increased from 68% in 2022 to 73% in 2025. That five percentage point expansion demonstrates our ability to grow margin as we transform the business. Looking ahead, we see a pathway to gross margin of 75%-78% by 2030. The result is a more balanced business with expanding margins supporting profitable growth. Our progress in new categories demonstrates how they are becoming an increasingly important growth and margin engine for Reynolds. New category gross margin increased from 47% in 2022 to 68% in 2025, a 21 percentage point improvement that substantially narrowed the gap to traditional categories. That progress reflects increasing scale, stronger product economics, productivity, and rigorous commercial execution. As new categories continue to scale, their growth will increasingly support total portfolio margin. This is the model we are building, growth and margin expansion reinforcing one another. As the mix evolves, we expect Reynolds to remain a powerful engine of sustainable financial delivery for BAT. The results we have shared today are ultimately driven by our people and the culture they create across Reynolds. Our latest employee net promoter score reached 43, an improvement of 17 points from the previous survey, and 22 points above the U.S. benchmark. That tells us our employees see Reynolds as a great place to work, and importantly, would recommend it to others. That engagement is reflected in how we are building the organization. We're bringing in experienced leaders from across industries and discipline while investing in the growth and development of our existing talent. We are also building a strong early career pipeline and encouraging employees across the business to bring forward ideas that improve how we work and compete. Our most recent U.S. Leadership Effectiveness Survey also showed strong results in areas that matter to a high-performing organization, including trust, clear expectations, and evidence-based decision-making. Together, our people are turning strategy into action. Their engagement, leadership, and innovation are central to today's results and our confidence in winning in the United States. In closing, let me reiterate why we are confident in Reynolds' position in the U.S. market. First, we have integrated capabilities that are difficult to replicate, U.S. scale and trade coverage, world-class science and R&D, digital capabilities, an international footprint, and operational excellence. Second, we have a winning multi-category portfolio with strong brands across the nicotine market. Velo and Vuse are gaining ground in two of the most attractive growth segments, supported by an established portfolio that continues to generate sustainable value. Third, the financial opportunity is substantial. The U.S. developing segments revenue pool is projected to reach between $17 billion-$25 billion by 2030. Together, our brands, capabilities, and scale give us a strong foundation to capture a significant share of that growing value pool. The direction is clear. Reynolds is transforming and gaining momentum. We know success will require rigorous execution, responsible regulation, and continued investment, and we are prepared to deliver. Reynolds is the cornerstone of BAT's strategy, operating from a position of strength and focused on converting the U.S. opportunity into sustainable growth and long-term shareholder returns. Tomorrow, you will visit the Reynolds Operations Center, or the ROC, as we call it, in Tobaccoville, North Carolina. The ROC is one of our four manufacturing sites and the heart of our U.S. operations. It is also the largest manufacturing facility in the BAT group, covering approximately 2 million sq ft across a 635-acre campus. It is a true multi-category manufacturing hub. We look forward to welcoming you to the ROC, where you will meet some of approximately 1,800 employees who bring our products, our portfolio, and strategy to life every single day. During your visit, you will see firsthand the operational foundation behind Reynolds transformation, performance, and long-term growth. I will now hand over to Fred Monteiro for an overview of AME. Thank you. Hello, everyone. Good afternoon. My name is Fred Monteiro, Regional Director for the Americas and Europe region. Over my 27 years with BAT, I've had the opportunity to lead businesses across several markets and categories, including roles in general management, marketing, and new categories. I have also helped build successful business outside BAT in the e-commerce and media industries in my home country, Brazil. Today, you have heard from Tadeu, Luciano, and other colleagues about BAT's transformation and our path to higher quality growth. My role is to show how the AME region is helping lead that transformation. Across 85 markets, we are using the strength of our traditional business to accelerate new categories and drive our quality growth agenda. Let me start by putting the AME region into perspective. The Americas and Europe region is large, growing, and exciting. It represents around 40% of total new category consumers worldwide and 40% of global nicotine industry revenues, which grew at a CAGR of 7% between 2022 and 2025. BAT is the volume share leader in combustibles in 23 markets in the region. Velo is the clear number one Modern Oral brand by value and volume share. In the vapor category, Vuse is the value share leader across key markets, and glo is showing early positive signs in premium heated products. This is also a highly diverse region. We manage a portfolio of markets at different stages of business transformation. Europe is more advanced, with new category consumer incidents approaching 10%. It provides insights from some of the world's most dynamic new category markets. Canada, for instance, at almost 6% incidence, shows how our transformation model can work in a more regulated environment. Latin America represents a significant opportunity for future growth. This diversity is an advantage. It allows us to test, learn, and scale faster across markets. Consumer behavior is evolving, too. Today, one in every four new category consumers in AME use more than one product category, and this trend is accelerating. This is why BAT's multi-category portfolio matters, and this is why we continue to sharpen our investment focus, supporting the right categories in the right markets with rigorous prioritization. Our advantage is not only scale, it is also the ability to apply and replicate what works across the region. A natural question would be whether this advantage translates into performance. As you can see in the slide, we are strongly committed to delivering for today whilst transforming the business for the future. Over the last four years, we have delivered a upfront growth CAGR of 9% in the region, and over the same period of time, new category revenues have grown at a CAGR of 17%. Behind that transformation, there is a simple but powerful growth model. As Anniek highlighted earlier, growth comes from understanding adult consumer preferences, developing powerful brands and products, and using the strength and scale of our combustible business. That scale provides broad market reach, strong customer relationships, and valuable consumer insights. In AME, we apply four connected capabilities, driving physical availability, mental availability, direct to consumer, and consumer engagement activities. Together, these capabilities support the growth of new category portfolio across different market and regulatory environments. Physical availability is a starting point. Across AME, we service more than 1.7 million retail points. One-third of these customers are digitally connected to BAT through our B2B tools. This gives us rich visibility and executional discipline whilst lowering our cost to serve. Reach alone is not enough. Growth comes from building brands that adult consumers would recognize and choose. We believe powerful brands are built into consumers' cultural repertoire and should be present where consumers' passion points are. Across the region, we participate in more than 800 local events and brand activation initiatives every year, supporting our new category brands. This is complemented by over 50 partnerships with recognized cross-category premium brands, including McLaren Racing and the Tomorrowland Festival. This helps ensure our brands are visible, culturally relevant, and differentiated. Our model also drives the conversion of brand awareness into product trial and adoption. One of our strengths is our ability to engage directly with adult consumers. We operate more than 1,200 flagship and experiential stores across the region. These are brand hubs where adult consumers can discover our brands, receive guidance, immerse themselves in our brand world, build confidence in their category journey, and buy our products. We complement this with more than 6,000 multi-category brand ambassadors. Together, this ecosystem reaches around 9 million adult consumers through guided trial each year. Finally, we stay connected with adult consumers beyond the trial and purchase phase. Today, our first-party database includes more than 11 million consumers across AME. In key markets, around 3.5 million of our new category consumers participate in our consumer reward programs, which gives us relevant first-party insights and enables more personalized engagement. One of the strengths of this model is its flexibility. Across AME, we apply this 360-degree growth model, adapting to each market's maturity, category dynamics, regulatory environment, and consumer behavior. Let me walk you through a few quick examples. Poland shows the model at scale in a dynamic multi-category market. Sweden demonstrates how the Modern Oral category can transform an entire market landscape. Canada is a great example of BAT's agility to transform in a highly regulated environment, and Latin America highlights the potential for future growth. Let's look at the key learnings from these different and important markets. Poland is a strong example of our multi-category model at scale. 44% of all adult nicotine consumers in Poland already use new category products regularly. Consequently, new categories command a higher share of total industry revenue in Poland than the European average. BAT is capturing that opportunity through an integrated omni-channel ecosystem. For example, through our direct-to-consumer model, we reach 70% of all adult nicotine consumers in Poland. Approximately 45% of them are registered in our database. Two-thirds of consumers of BAT brands actively participate in our consumer reward programs, and together, this gives us powerful first-party data, personalized engagement, and a stronger pathway from product trial to brand retention. This also helps build stronger brands. Velo leads the Modern Oral category with a 75% volume share. In heated products, glo leads the value segment and continues to grow in the premium segment space. Both Velo and glo have built the strongest brand equity in Poland amongst adult consumers under 30. As a result, new categories have increased their share of BAT revenue in Poland from 43% in 2022 to 57% in 2025. Sweden shows what is possible in a more advanced transformation market, where Modern Oral is leading the shift towards smoke-free alternatives. Modern Oral incidence in Sweden is currently at 10.2%, almost two times higher than combustibles incidence. Daily average consumption is the highest in the world at 12 pouches per day versus a global average of four. These two data points demonstrate the headroom for further category growth worldwide. Today, smokeless products account for around three-quarters of total nicotine industry revenue in Sweden. In this highly developed market, Velo is the clear category leader. Velo is the number one brand in Sweden and larger than any other nicotine brand in the country, and continues to grow in terms of volume, value, and market share. This leadership has been built through rigorous execution, continuous innovation, and strong brand activation embedded in Scandinavian culture. Retail execution provides visibility and strong in-store presence. Innovation and consumer co-creation help keep the proposition relevant, while digital and offline activation strengthen brand awareness and consideration. Together, these capabilities support Velo's leadership position in the category. Today, smokeless products account for 81% of BAT Sweden's revenue, demonstrating the scale of transformation already achieved in the country. This transformation is creating value. Smokeless categories deliver 1.2 times higher gross profit per unit than combustibles, while our total profit in Sweden has doubled since 2022. Sweden demonstrates an important point. In advanced transformation markets, BAT can convert category leadership into brand equity, premium economics, and accelerated value creation. Canada represents a different operating environment from Poland and Sweden. Here, we are advancing our smokeless opportunity through Zonnic, a nicotine replacement therapy offer licensed by Health Canada as a natural health product within a strict and unique regulatory framework. Since 2024, Zonnic has contributed to NRT category growth, which has increased 2.4 times over the period. Our approach combines distribution through pharmacies, consumer support programs, scientific engagement, brand advocacy, and consumer testimonials. Together, these capabilities create a model built on regulatory compliance and scientific credibility. Today, Zonnic holds a 54.9% value share in the category, with volumes that continue to grow sequentially. It is also delivering attractive economics, with gross profit per unit 4.6 times higher than combustibles. Canada shows that even in a highly regulated environment, our disciplined and consumer-focused approach can accelerate profitable growth in our smokeless business. Latin America could represent the region's largest new category future growth opportunity, where BAT already has the scale, infrastructure, and commercial capabilities to capture that opportunity as the regulatory landscape evolves. As it starts to evolve, BAT is well-positioned. Across Latin America, we have 78% retail share coverage and a 53% combustibles volume share. In Brazil, the largest market in the region, our combustibles volume share is 70%. Importantly, our commercial ecosystem is already well advanced into a more digital, more efficient, and more scalable model. Today, 61% of our total orders are placed through our connected B2B systems, with customer satisfaction rates at 88%. Retailer reward programs cover 75% of the BAT volume, and retail staff advocacy programs deliver more than 2 percentage points of market share improvement where deployed. Data-driven investment tools improve returns by approximately 40%. These capabilities matter because they prepare the region for further scale. As new categories unlock in some key markets, we can already see results. Velo holds 60% volume share in Colombia and 56% volume share in strategic key accounts in Mexico. In vapor, we have 69% value share in Chile through Vuse. Latin America, therefore, represents a significant long-term opportunity supported by scale, infrastructure, commercial capabilities that are already in place. The impact of new categories in our business is already visible across the broader region. Since 2022, we have improved our new categories bottom line performance by approximately GBP 0.5 billion. In markets where we are present, new categories have increased their share of revenue from 17% in 2022 to 25% in 2025. Today, 22 markets already exceed that 25% mark, including Sweden, the U.K., Poland, France, Norway, and Austria, amongst others. New categories are no longer just a future opportunity. They are already shaping the revenue mix across AME today. In AME, we're not just growing new categories, we're improving the quality of our portfolio, strengthening our profitability, and building a more balanced platform for long-term value creation. Now let me turn from markets to categories, and let me start with Modern Oral, the key driver of new category growth in AME. BAT has established a strong leading position in Modern Oral across AME. Today, we hold a 63.6% volume share, around seven times larger than the nearest competitor. This is not only leadership in scale. Our indexed value share is around 10 times that of the next competitor, demonstrating the quality of our position. Importantly, around 70% of consumers entering the Modern Oral category choose BAT brands. That leadership extends across the region, as you can see by our share in key markets on the slide. The markets shown here are part of a much broader footprint, with our Modern Oral portfolio now present in 42 markets across AME. Across that footprint, Velo has established the number one brand equity position in most of our markets, supported by premium positioning and continuous innovation. In the Nordics, our leadership has expanded beyond Modern Oral into the Total Oral space, with BAT's share of Total Oral increasing from 26.7% in 2023 to 33.9% today. Importantly, this is translating to stronger financial delivery. Modern Oral, including NRT, revenues in the region have grown 2.3 times since 2022, while delivering around 70% gross profit in 2025. Together, these results demonstrate leadership that is broad, repeatable, and financially attractive. If Modern Oral demonstrates our ability to build category leadership, Vapor demonstrates our ability to compete in one of the world's most dynamic categories. Vuse is the value share leader across AME with 32.3% share in key markets, more than double the nearest competitor. That leadership is built on a distinctive high-quality brand proposition, consistent execution, and consumer-relevant innovation like Vuse Ultra, as you can see in the slide. Profitability in Vapor is also improving. Since 2022, Vapor category contribution in AME has increased by GBP 133 million. We are strengthening the brand, deepening consumer engagement, and translating leadership into sustainable value creation as we focus on selected markets. The same logic now applies to heated products, where glo Hilo is gradually opening up BAT's opportunity into the premium profit pool. We already have a 64% volume share in the heated products value segment, but around 81% of the industry revenues sit in the premium space. glo Hilo gives us a platform to compete where the heated products value pool is concentrated. Since launch, more than 20 million adult consumers have been exposed to glo Hilo across our launch markets. More than half of Hilo's source of business comes from combustibles and other premium heated product consumers, with trial to purchase conversion around 61%. We are deploying a highly selective and focused investment approach across a small number of priority markets. In these selected geographies, glo Hilo has achieved an average segment share of 3.6%, despite being in the market for less than a year. Underpinning our transformation is the strength of our combustibles business. As Emma highlighted earlier, combustibles remain a critical value engine for BAT. In AME, the combustibles category is resilient, with incidents broadly stable, moving from 21.2 in 2022 to 20.2 in 2025. We are actively improving our combustibles portfolio, adapting brands, formats, and price architectures to consumer preferences, especially as inflation and consumer disposable incomes are stressed. Today, BAT is the volume share leader of the combustibles categories in 23 markets in the region and is gaining share across key markets including Brazil, Mexico, Colombia, and Poland, amongst others. We are strengthening our execution in priority markets with new launches into growing segments. Together, a resilient combustibles business and a growing new category portfolio are creating a stronger, more balanced, and more valuable business for AME. Which brings me to the summary of the AME story. Let me leave you with three messages. First, we have a proven transformation model, a scalable approach that works across categories and markets. Second, this is delivering results. Category leadership in Modern Oral and Vapor, early signs of progress in premium heated products, and a resilient combustibles business. Since 2022, we have improved new categories bottom-line performance by approximately GBP 500 million. Third, our transformation is already material. New categories now represent around 25% of our total revenue in the region, with a clear ambition to reach 50% by 2035. We are pursuing that ambition from a position of strength with focus and discipline. The AME region is not only just participating in BAT's transformation, AME is helping lead it. Thank you very much, and I will now hand over to Pascale for an overview of the AME region. Thank you. Hello everyone. My name is Pascale, and I am here to talk about Asia, Pacific, Middle East, and Africa. I have been in consumer goods for over two decades, driving growth and transformation in most continents and in different categories. Since joining as regional director a year ago, my focus has been very clear. Making AME structurally reshaped for growth. Pivoting the region to consumer-centric, volume-led growth to win in the marketplace, so we become a significant contributor to the BAT algorithm. We were the growth engine of BAT years ago. We have not been in recent years, and today I will share a plan how we will become one again. The opportunity is big. We have already made good progress this year, and we are confident that our model is working, is accelerating, and is repeatable across countries. Let me start by setting the scene. Home to many of the world's largest and fastest-growing cities and rising consumer spending, Asia, Pacific, Middle East, and Africa is structurally positioned for growth. The region is large and already accounts for 49% of the total nicotine consumers, 46% of the volume, and 27% of the revenue. Yet only 18% of BAT's group revenue. Despite past headwinds, we are today a stronger, more focused, and a simpler organization. In combustibles, we hold leadership positions in 28 markets, and we see significant growth opportunities across both emerging and developed economies. We are also excited about the potential of Modern Oral. Currently the fastest-growing nicotine category globally, where BAT is holding volume share category leadership. And we are turning the tide on HP through a focused and sustainable investment model. 2026 is a year where we have been rebuilding the foundation for growth. As you know, 2025 was an extremely difficult year, driven by Australia and Bangladesh fiscal and regulatory challenges, which resulted in a significant erosion of duty paid combustible volumes. But the important thing is that we have been making good progress, and we are now seeing an acceleration in the second half, driven by volume growth in all three categories. We have a clear ambition and growth plan. Our ambition is to become the fastest-growing total nicotine player in AME. At the core of our plan is a clear strategic pivot to consumer-centric, volume-led growth, which is our key overriding priority. We will do so by focusing on the fundamentals, sharper execution, and targeted investments. At the same time, we are building deliberately a multi-category execution model to win in combustibles and new categories using the strength of both and accelerating Modern Oral further in attractive markets. Taken together, this will position us to deliver sustained midterm top and bottom line delivery, growing volume ahead of the market with solid profitability contributing to the overall group algorithm. And we have strong reasons to believe in the region's future. As I said, the opportunity is big, and it is across categories. The nicotine category continues to grow both in combustibles and in new categories with increasing polyusage. Combustibles remain resilient, while Modern Oral and heated products each account for 40% of the region's projected new category growth, with heated products growing at a slower pace following the excise harmonization in Japan. As we have seen in other, more established new category markets, we expect to see these numbers evolve over time with more consumers progressing towards new categories polyuse. Taken together, we see significant opportunities across multi-categories. Our APMEA growth plan is a fundamental pivot back to consumer-centric, volume-led growth by transforming how we win to become the fastest-growing total nicotine player in APMEA by 2030. It has three key principles at its core. First of all, it is about focusing our resources behind fewer markets, prioritizing high-impact growth opportunities where we can win. Second, we need to shift to consumer moments-led value creation to meet evolving consumer preferences, and we can best capture those with a multi-category portfolio. This is a shift from a more internally-oriented culture in the region to becoming much more consumer-centric. Third, to succeed, this requires stronger market focus and accountability. Therefore, we are furthering empowering our market leaders to adapt our go-to-market approach, ensuring that we are closer to consumers, more responsive to market dynamics, whilst building capabilities to grow our brands at scale through our growth flywheel, as shown by Anniek. Importantly, and proudly, this plan was created bottom-up by regional leaders together with the leaders of the global team, ensuring strong ownership, alignment, and collaboration in a much more simplified and focused organization. At the heart of our transformation is our growth flywheel, which is all about lifting the execution in the markets. We believe that winning starts with knowing the consumer better than anyone else and meet their preferences across the demand moments with a competitive multi-category portfolio and scaling that all through a growth flywheel. In the next section, I will share how we deploy this model in Japan, our biggest developed market in APMEA, and then in Pakistan, our blueprint for multi-category growth in emerging markets. I am happy to say we are back to winning in Japan, one of the most competitive markets in the world, through multi-category execution at scale. Hey, the proof is in the numbers. Growing total nicotine share by half a percentage point in H1. Combustibles, heated products, and Modern Oral are all pulling in the same direction. This is what multi-category at scale looks like, with 57% of our revenue already coming from smokeless products. It is all about reaching and engaging consumers in relevant ways, always connected, wherever, whenever. It is about building brands immersed in culture with locally relevant products and superior sensorials. Brands that are experiential, demand moment-led, and digitally integrate. This is what is behind the success of Japan, combined with perfect stores. Because today, we believe that it is more than ever important to have unmissable activation in store. When I joined BAT, I saw a significant opportunity to improve our execution. In my last visit to Japan, I was so proud to see the breakthrough in convenience stores and in new channels through retail partnerships, which is thanks to the great work of our team over there. Having lived and worked in Japan for a number of years, you only get this when you are demonstrating you have a category vision and you are delivering on the execution. The model is working, and it is also working in emerging markets, with Pakistan leading the way. Pakistan is a true powerhouse, and it has become the blueprint for multi-category growth in emerging markets driven by two engines. Sustained combustible growth, with revenues up 13% since 2023, reaching 80% volume share with Pall Mall, the leading brand in the market. New category acceleration, with Velo growing 43% in revenue. Now the number one oral brand in the market with the highest brand equity globally and amazing consumer reach. We see significant opportunities for the many more Pakistan-like markets in our portfolio, using all of that combustible scale to drive and see adoption. In Pakistan, we are also obsessed about going deeper in culture, meeting consumers where they are, whilst using all of that combustible scale in trade to drive new category adoption and converting all of that cultural energy into commercial execution. To build new categories like Modern Oral, you not only need to be present in store, you have to be part of the conversation and scale that community to community. With Velo Sound Station, we are driving new ways of reach and demand generation at scale, going from mega key opinion leaders to now micro-influencers to get to that community with user-generated content powered by AI. Partnerships that go beyond communication are now also inspiring limited product editions in Modern Oral. Let us now go deeper into the categories. As you have heard from Emma, to grow APMEA, winning in combustibles is essential. We are ruthlessly focusing and investing where the growth is and where we can win. We are addressing evolving consumer preferences and changes to market dynamics by capturing the opportunities in the growing value-for-money segment. Secondly, expanding our flavor portfolio with superior sensorials whilst fighting against illicit to claw back volume. All this is expected to strengthen our leadership position and enable us to drive consistent growth again. This is essential for us as it is also going to fuel our Modern Oral acceleration. Talking Modern Oral, we already have clear leadership in Modern Oral in the region. Velo is the number one brand with a market share of 76%, which is over three times the share of the runner-up competitor, driving strong year-on-year momentum. We are just scratching the surface. We are obsessed with growing our Modern Oral business and unlocking new white space opportunities. We are confident that we have an algorithm that works. We seed, we invest, and we scale through digital and physical availability, and going deeper in culture. The model is working, and we estimate the market to significantly grow by 2030. On top of winning in combustibles and accelerating Modern Oral, we are taking a targeted approach to profitable growth in HP. Our strategy here is very clear, which is to create incremental value in the number one category value pool in the region by focusing on the top three markets. We have started to turn the tide with glo Hilo supporting overall glo performance and brand strength now stable at 14% volume share of category and growing to 3.5% volume share in the premium segment in Japan, and reaching 41% volume share in Kazakhstan with very strong momentum year to date. In summary, the big message I want to leave you with is that APMEA is structurally reshaped for growth. We are confident in executing our strategy to drive consumer-centric volume-led growth through the interventions we are making across the portfolio and operating model. We expect to further drive sequential performance recovery, accelerating our new category revenue contribution, and returning the region to volume and top-line growth in 2027, building back to the group algorithm in 2028. Our model to grow our brands at scale across categories is working, and it is working in both developed and emerging markets. It is a repeatable model that will roll out across all of our priority markets to become the fastest-growing total nicotine player in the region and become BAT's growth engine again. Thank you. We will now have a short break for coffee. We will meet again in the auditorium at 4:20 for our final presentations. Thank you so much. Good afternoon, everyone. It is a pleasure to be with you at our Capital Markets Day. As a brief introduction, I am Johan Vandermeulen, and I have been with the group for more than 30 years. Throughout my career, I have held different leadership roles across the business, combining commercial, operational, and financial accountability in both emerging and developed markets. I joined the management board in 2014 and became Chief Operating Officer in 2023. Earlier, you heard how we are sharpening our strategic choices, strengthening execution, and building the capabilities required to deliver sustainable growth. I want to bring those elements together and demonstrate how they translate into sustainable shareholder returns. The central message is straightforward. We are on track to deliver our growth algorithm, supported by quality revenue growth, improving profitability, strong cash generation, and disciplined capital allocation. Critically, we intend to deliver that algorithm in a way that balances investment in our transformation with attractive and sustainable cash returns to our shareholders. Let me start with the progress we have made since our last Capital Markets Day. Our journey has moved through three deliberate phases. in 2024, our focus was on targeted investment. We strengthened the U.S. portfolio and execution, enhanced our R&D ecosystem to support faster and more agile innovation, and continued to improve our new category profitability. In 2025, that investment began to translate into progressive improvement. The U.S. returned to growth. Velo Plus delivered strongly, reaching profitability within one year of launch, and we established glo Hilo and Vuse Ultra in the premium segments. In 2026, our focus is to return to grow into our algorithm. We expect strong U.S. revenue and profit growth, mid-teens new category revenue growth driven by Modern Oral, and continued improvement in our new category profitability. Throughout this investment and transition period, sharper execution has supported strong cash generation. This has enabled progressive dividends and sustainable share buybacks while supporting our return to the targeted leverage corridor. Together, this is building a strong track record of delivery. What our journey has demonstrated is that deliberate choices create value. Choices about how we prioritize, where we invest, and where we allocate our capital. At the heart of those choices is a simple objective: sustainable shareholder returns, driven by quality growth that improves profitability, generates strong cash flows, and gives us the flexibility to invest in our transformation whilst delivering attractive shareholder returns. Together, these are the foundations of long-term shareholder value creation. It all starts with making the right choices in the right places. That means being as deliberate about where we do not invest as where we do invest. We have sharpened our heated product strategy around the largest profit pools, reduced investment in vapor markets where the regulatory environment does not support sustainable returns, and exited markets where we do not see a compelling long-term growth opportunity. We will continue to make these choices to allow us to concentrate resources behind the opportunities with the strongest potential for sustainable returns. One of BAT's greatest strengths is the breadth and diversity of our footprint. We do not take a one size fits all approach. We are increasingly deliberate in how we allocate resources and how we position each region to win. In the U.S., we are investing to strengthen our position in the world's largest nicotine value pool, building on the strong momentum across both combustibles and new categories. In AME, we are leveraging our multi-category model and leading the smokeless transformation. In APMEA, we are resetting performance and concentrating investment behind the categories and markets with the strongest long-term growth opportunities. What links these regions together is excellence in execution. This means making targeted choices, allocating resources where sustainable returns are the greatest, and finally, by leveraging our global scale while remaining locally relevant. Our regional strengths are complemented by a portfolio in which each category has a distinct role to play. As Luciano, Emma, and Anniek demonstrated earlier, we are all well-positioned to win with our multi-category portfolio. Our recent performance demonstrates the quality growth momentum that we are building across the portfolio. Our investments in combustibles are working. We have delivered resilient performances with improving revenue, gross profit, and contribution. This is driven by our extensive global footprint, strong brand portfolio, and sharper execution. Alongside the resilience in combustibles, new categories are becoming an increasingly meaningful contributor to the group's growth. The progress shown here reflects the momentum that we are building across the business. Revenue growth is accelerating, gross profit is increasing, and the contribution margin is expanding. Most importantly, growth is increasingly translating into profitability. This improving performance reinforces our confidence in the choices we have made and in the opportunity for sustainable growth beyond 2026. The value of our multi-category model is that each category plays a distinct role in delivering our group algorithm. In Modern Oral, we have the fastest-growing brand in the fastest-growing new category. Velo is growing strongly in the U.S., holds clear leadership positions in AME, and continues to expand in APMEA. Importantly, it combines attractive growth with attractive economics, making it one of the strongest value creation opportunities in our portfolio. In vapor, momentum is positive, and the portfolio is continuing to premiumize. The U.S. has returned to growth and remains the largest contributor in this category. Outside the U.S., our enhanced portfolio is improving our ability to compete across key consumer segments, with Vuse Ultra strengthening our premium position. In heated products, we are building glo Hilo in premium and are enhancing the value proposition with glo Hyper Pro+ as we reposition the business for targeted growth. As these categories continue to scale, we expect new categories to deliver around mid-teens revenue through to 2030. Combustibles will continue to power our transformation. While performance may vary from year to year as we navigate regulatory and market dynamics, we remain confident in delivering sustainable revenue growth of 1%-2% on average to 2030. Together, the strengths of our multi-category portfolio give us confidence in our ability to deliver 3%-5% group revenue growth. Gross profit continues to increase across the portfolio. Combustibles continue to fund our transformation, with resilient margins supported by sharper execution, stronger revenue growth management, and continued productivity benefits. New categories are becoming an increasingly meaningful contributor through gross profit. Importantly, as scale builds, the margin gap continues to close, with new category margins already ahead of combustibles in more established markets. Productivity remains a significant opportunity. Having delivered GBP 1.2 billion of savings between 2023 and 2025, we expect a further GBP 2 billion by 2030. Together, resilient combustibles, improving new category economics, and continued productivity savings all give us confidence in our ability to continue growing gross profit over time. As new categories scale further, we expect them to contribute an increasing proportion of future gross profit growth. While the path will not be linear, year-on-year, reflecting our investment choices, the direction of travel is clear. We have already reached an important inflection point in new categories, moving from an investment period to building scale and generating meaningful contribution. Modern Oral and vapor are already profitable at scale. In heated products, 2026 represents the peak investment year before returns improve thereafter. Together with targeted investment behind our strongest opportunities, this will support further acceleration in new category contribution. As scale continues to build and economics continue to strengthen, we expect new category contribution margin to increase to at least 30% by 2030. We will therefore continue to invest behind innovation in the markets where we see the strongest combination of growth, contribution, and returns. Bringing these elements together, quality growth, improving economics, and increasing category contribution provide the foundations for sustainable profit growth. We have progressively strengthened profit delivery since 2024 and expect to return to the lower end of our 4%-6% growth algorithm in 2026. This growth is supported by better AI-enabled decisions and improving our new category mix. It is reinforced by a leaner cost base, simpler processes, greater use of strategic partnerships. It is underpinned by sharper execution, focusing on the largest value pools, and leveraging our excellent capabilities and world-class talent. Fit2Win further strengthens this pathway, creating a leaner, faster, and more agile BAT through structural simplifications, cost optimizations, and route-to-market modernizations. Together, these drivers give us confidence in our ability to deliver sustainable adjusted profit from operations ahead of the top-line growth. Our growth ambition is sustainable adjusted diluted EPS growth of 5%-8%. Beyond AFO growth, we expect one to two percentage points of additional EPS accretion over time, reflecting a sustainable share buyback, net finance cost optimization as we continue to reduce debt over time, a robust tax strategy, and our underlying associates' performance. Historically, these factors have consistently enhanced EPS growth, contributing more than one percentage point annually in recent years. For 2026, we expect these drivers to contribute more than two percentage points. We are not dependent on any single lever. The model combines operating growth with disciplined financing and capital allocation to deliver sustainable growth in earnings per share. Cash generation remains the foundation of our capital allocation framework. We have a strong record with cash conversion of around 100% for six consecutive years. Our confidence in the growth algorithm is underpinned by strong cash generation. We expect to generate more than GBP 50 billion of free cash flow between 2024 and 2030. 2025 and 2026 have been impacted by significant one-off cash outflows relating to the double CAA settlement and our Fit2Win program. Beyond these items, the underlying cash-generating capability of the business becomes increasingly evident. We are confident in our ability to generate around GBP 8 billion of free cash flow annually through to 2030, supporting our cumulative ambition of more than GBP 50 billion. That delivery will be supported by profit expansion, disciplined capital expenditure, greater automation and AI-enabled analytics, stronger working capital management, and last but not least, an embedded focus on cash across every function. This gives us the flexibility to invest in the business, strengthen the balance sheet, and deliver attractive shareholder returns. Our cash generation allows us to balance our capital allocation priorities. Since 2021, we have made significant progress in reducing our leverage whilst returning nearly GBP 36 billion to our shareholders. First, we have strengthened the balance sheet by reducing gross debt by GBP 5 billion since 2021. That progress has increased our financial flexibility and supports the delivery of our leverage commitments. While leverage in 2025 was affected by the accounting treatment for Canada, we remain confident in returning to our targeted range of two to two and a half times by year-end. Secondly, we have increased the dividend in sterling terms for 27 consecutive years, and by year-end, we expect to have repurchased GBP 3.1 billion worth of shares since 2024. We remain committed to a progressive dividend and sustainable share buybacks. That financial flexibility gives us greater choice in how we allocate capital going forward. Our capital allocation priorities are clear and sequenced. It starts with strong cash generation, providing the capacity to invest in our transformation and strengthens the long-term growth of the business. We will continue to optimize our portfolio by actively reviewing our footprint and reallocate capital towards the strongest value creation opportunities. Within that framework, we remain committed to a progressive dividend. We will operate within our target leverage corridor and maintain a sustainable share buyback. With a stronger balance sheet, we can selectively assess bolt-on opportunities where they accelerate our transformation and create shareholder value. Above all, we remain focused and disciplined, ensuring that we are investing for growth, maintaining financial strength, and delivering shareholder returns that are sustainable. That discipline is not only reflected in how we allocate capital, it is also embedded in how management is measured and rewarded. Our long-term incentive plan is directly aligned with our algorithm and the outcomes that drive shareholder value creation. Relative TSR and EPS growth, which accounts for 45% of the total weighting, provides a clear link between management rewards and shareholder returns. Smokeless revenue and new categories contribution margins ensure we remain focused on both growth and profitable transformation. Strong cash conversion and improving returns on capital reinforce a disciplined approach to capital allocation and value creation. The measures reflect our strategy, the incentives reinforce execution, and the outcome is sustainable shareholder value creation. Overall, these measures reinforce the accountability to deliver the commitments we have set out today. In summary, we are building a stronger business driven by quality growth, improved profitability, strong cash generation, and disciplined capital allocation. This gives us the confidence in our ability to deliver our growth algorithm and most importantly, the delivery of sustainable shareholder returns. Thank you very much. I would like to invite Victoria to the stage for our final Q&A. This afternoon we have heard about shifting behavior for tobacco harm reduction. We've had insights from each of our regions and our focus on driving sustainable shareholder return. We will now move to the second Q&A session of the day, where you will have the opportunity to ask questions from our afternoon speakers. If you'd like to ask a question, please raise your hand and someone will bring a microphone to you. As before, if you could say your name and your institution and ask one question at a time, we would appreciate it. As a reminder, dinner tonight will be at Reynolda House, the former family home of the Reynolds family. Coaches will leave outside the Kimpton Hotel at the front at 18:20. I would now like to welcome back on stage all of our afternoon speakers and Jeff Raborn, who is General Counsel Reynolds America, Executive Vice President of Law and External Affairs. I think we have microphones at the ready. Andre at the back. Hi. Good afternoon, everyone, and thank you for today's presentations. It's Andrei Andon-Ionita from Jefferies here. It was great to hear that U.S. Combustibles value share has been robust despite the increased activity you've been seeing in deep discounts. Could you tell us a bit more about the specific portfolio investments you've made to ensure this is the case, and also how you're planning to balance the premium portfolio with the scale-ups of Camel Craft and Doral to avoid value cannibalization in U.S. Combustibles? David, I think that's for you. Thank you, Andre. It's working? Yeah. We've seen an increase in discounting in the market since last year. It started last year, really. It's continued. Obviously the deep discount growth that we've seen, I mentioned it in the presentation, I think 16%, I said. It's a mixture of things. Some of that was distribution expansion late last year and early this year. Then obviously the downtrading in the market is probably exacerbated by the macros, the general economic situation. Look, we've obviously responded to that. We made a lot of changes in 2024 going into 2025 to reset the business. A lot of that is still valid in the investments that we made across the portfolio and also in the trade, rebuilding the team and obviously expanding the contracts and so on. That is a big part of how the Reynolds combustible model works. We have had to adjust some of those things as the course of the year went on, and you saw that in the share. We took a bit of a dip in Q4 and into January with, I would say, unusually large discounting activity going on. At that point, it was not solely deep discount. It was elsewhere. You saw how the portfolio responded. In terms of what we expect deep discount this year going into next year, I think it will continue to grow. The downtrading in the market is obviously being driven by those factors I mentioned. It is manageable. The important thing to remember is we have what is called EDLP contracts. In case not everybody is aware of what they are, it is Everyday Low Price. We will ensure in those outlets that we have the most affordable price offer, together with investment across the rest of the portfolio. That covers over 60% of industry volume. That is a large part of the trade model that we have that allows us the flexibility to manage the relationship between the different brands within our portfolio. We have five investment brands. They are segmented across the country. We have a very sophisticated revenue growth management capability in the U.S., so we are using that all the time. The fact that 60% of the volumes in the industry are covered by EDLP, what you are really talking about outside of EDLP when it comes to deep discount, which is about 23% of the volume now, is about 4% of the total industry's revenue and 2% of the industry's gross margin. Our approach will continue to be selective. We obviously will have to manage this for the time being. We expect it to grow. We have the brands, we have the capabilities, and we have our position in the market that would allow us to address what we anticipate, the current trends continuing. We will continue to address them selectively because the role of cigarettes or combustibles in Reynolds is sustainable value. We will continue to manage it accordingly. Faham. Thank you. Faham Baig, UBS. Two mini questions if it is okay, Victoria. I think it is probably for David as well. The first one is, how do you assess the potential of the heated tobacco category in the U.S. with a potential upcoming launch of a competitor product? Do you have anything in the pipeline that you may look to launch? The second question, if I read the slide correctly, you forecast industry value for Modern Oral in the U.S. by 2030 of $5 billion-$10 billion. The range is quite wide. I guess what is the difference for the category getting to the top versus the bottom in that timeframe? Thank you. Yeah, the range is quite wide. For Modern Oral, it really hinges upon how big is big and how fast. How much incidence growth do we see? How much ADC growth do we see? How much daily usage do we see? How much does that polyuse come down? It is about 87% of the category is polyuse. It is starting to decline now. The big unknown on that is really what is likely to change that? Part of the answer to it is we have witnessed it in the last 18 months. When significantly better products appear, you start to see the incidence and the ADC moving. As Tadeu I mentioned, this has a massive compound effect going forward. We see with the May guidance that not just ourselves, but other companies can bring new differentiated products to market. Velo Max has just arrived. All these things will give an answer to us pretty soon about can we get to the top end of the range for Modern Oral by 2030 or the lower end of the range? It is really those dynamics. I think the U.S. market has been restricted for some time in the normal development of this category that we see in Europe and so on. I am not suggesting the U.S. gets to Scandinavian levels, but I think with the products that are coming to market now, including Velo+, recently. I can see that developing rapidly as you see in Europe. Okay, so that really defines that range. The other question was on heated products, right? This is something that we obviously talk about and investigate a lot. It is a big market. You would expect an opportunity in this market for a variety of products. Certainly we have, as you know from the rest of the group, we have access to the latest products. We have PMTAs associated with those products, either in place or in development for submission very soon. The question really is where is there another market like the U.S. in the world? Because the cigarette tar in the U.S. is quite high. Average is about 18. Europe is capped at 10. Asia, as we know, tends to be dominated by light cigarettes. So that is a bit of an outlier. We have an enormous vapor market. Sadly, a lot of it is illicit. 70% of it is. But it is very well established here in the U.S. Now we have got a strongly growing Modern Oral segment. So we obviously, with the opportunities we have to see what is the optimum product to bring in that space. There are some big question marks. We need to be ready. We need to be prepared. But I think we will also see some convergence between what we call heated products today and what we call vapor today. I think that was alluded to in Nik's presentation earlier. I think there are multiple options, assuming that that is a significant growth opportunity within the U.S. market. We will remain vigilant. We will get ready. But I think the opportunities are not quite as binary as they perhaps were. Can I add something, too? I note that some of you love models. Just to be clear. Because 5-10 is a big range. What I showed here was GBP 7 billion. So I spoke about Modern Oral reaching out 2030, GBP 11 billion. This coming from GBP 4 billion. The GBP 4 billion that I was referring is to in 2025. GBP 2.5 billion in the U.S., moving our way to GBP 7 billion. In reality, the range is 5-10. And the other GBP 1.5 billion outside the U.S. going to another GBP 4 billion, adding to GBP 11 billion. That is the first point, because I know that some of you all love models. The second one, and is about linking to the question of Andrei. We need as much temptation we should have around combustible. The role of combustible here in Reynolds is to generate the cash. Like David said, we want to sustain the value. The growth is not coming from combustible. It is not. The growth is coming from these engines of growth. The GBP 5 billion-GBP 10 billion that we refer to in Modern Oral. We spoke about illicit vapor account to another GBP 7 billion, not just to mention the growth in vapor. And we are really well positioned to grow, to making roads in that boat. That is where the growth will come from. We are going to navigate through the combustible. Obviously, it is important because a lot of cash we generate, and we use that to transform the business. But the growth is not from the combustible side. Richard? Thank you very much. Richard Felton from Goldman Sachs. I have got a two-parter on the U.S. and the FDA. I suppose one of the criticisms of the PMTA process, in recent years, is that it has been a bit slow and it has been an obstacle to bringing innovation to the market. Maybe more recently, there is some signs of that changing with shifts in enforcement priorities. I noted that the new head of the CTP made some fairly constructive comments at GTNF a couple of weeks ago. Part one of the question is, do you think there is a chance of a more substantive shift in how the FDA and the PMTA process operates? Then part two, if that shift does occur, how much does that shift the opportunity set for BAT in the U.S., and to what extent is that reflected in your guidance? Thank you. Yeah. Yeah. I think you are referencing the May 8th guidance that came out. That was absolutely a positive, what we would consider interim step to potentially a more fulsome fix to the process. You are right, it has been a slow process. That is one of the reasons for the litigation that has been recently filed, which is we need to fix the delay in getting applications through that process. Under the act, the Tobacco Control Act, it should be 180 days. You have applications that have been pending for over five years, right? So that needs to be fixed. Was a recent report from The Wall Street Journal last week that FDA put out a press release late yesterday that just came across the transom today, is that they are going to look at that rule, that that litigation has been filed about, and potentially work to fix that process. There are many green shoots out there for us to think about and engage on, and obviously, we welcome that. The process, what needs to happen is multifold, but primarily twofold. Which is one, you need enforcement of the rules. What are those rules? You need clarity around those rules, and you need an access, a pathway to the market. You cannot have a rational, regulated environment without both of those. You cannot have one or the other. You need both of those. What happens is, the May 8th guidance, for instance, I think what you will see in the marketplace now is now that responsible manufacturers have access to the market, and that legal, responsible American retailers have access to those products. You will see some demand shift from illicit products to those legal products. In turn, that will shrink the demand. The law enforcement efforts to enforce, should it be more effective, which should shrink that demand and shift that demand to legal retailers. It is the virtuous circle that when you have a rationally regulated environment, you have government regulation combined with marketplace regulation, and you end up in a very positive space in that regard. We like what we are hearing. We have a long way to go. We need more enforcement. We need more access. We need those pathways. We need product standards. Good signs right now. On the other part, Tadeu? I can take your question on. Look, obviously, the U.S. is the driver behind most of our progress around the new categories. What we are estimating in our projection is a 30% enforcement on vapor. We talk a lot about enforcement coming from the states, federal level, but the culprit of the illegality that exists today in vape in the U.S. is actually the lack of level playing field. If you really have a more equilibrium around the level playing field, we will be probably in a position to over-deliver around the 30% margin contribution for new categories. I think the expression at least has a lot to do with this possibility. Because the combination of Reynolds with the local capabilities that we have in the U.S., with the backing of BAT, with the strong pipeline that you have seen today, is quite powerful. If you have a possibility to deploy that pipeline of products in the U.S., which would be a normal request, a sensible one. Because at the end, we are in the U.S. And the U.S. consumer shouldn't be using a device like Vuse of 10 years old. Shouldn't be the case. They should be using the latest device. If you can have that, I feel very good about this in the future. And that at least 30% is exactly counting with this potential possibility as well. Owen, in the middle. Thank you. Just on the new category guidance, mid-teens growth, and you did give a number of GBP 4.3 billion in pouches in 2030. That would imply, if my math is correct, vape and heated growing by 4%. Assuming you are getting 30% enforcement on vape in the U.S., the balance there for heated does not look that great. I was just wondering if you would give some commentary around what that guidance implies for vape and heated into 2030. I thought they like models, though. Want some help in the spreadsheet. Look, at the end of the day, the engine of growth for us will be Modern Oral. That is very obvious, no? Not just the revenue side, the contribution side, because Modern Oral is already, and I mentioned this in some interactions before, we are already above 30% in a number of markets with Modern Oral per se. I would say to you, I am already above 30% category contribution if I was just referring to Modern Oral. Obviously, we have a very also strong vapor category contribution here in the U.S., which is set to grow, given the latest developments. We have a turnaround in terms of profitability in the HP. We do not disclose margins by category, but obviously vapor and Modern Oral are already in a very positive territory. HP has been a loss-making for us. We are saying clearly that this will turn around from 2027 onwards. The way that we will be addressing is more into this inhalation space, not necessarily by category, because like David, just to answer the question around the potential HP response from our side in the U.S., we see more and more interactions between heated users and vapor users. We are not really trying to see precise about by category because we have to see how this dynamic pans out over time. We expect overall to grow top line and to grow bottom line. That will be supportive for the algorithm. I think that the dynamic of this will depend a lot in terms of how much progress we can make here in the U.S. It comes back to the question before, but also how those new innovations will succeed in the market. Nik just showed the first frontier between vapor and HP. You saw some of that in the exhibition today. There is a lot of optionality for BAT, let's put it that way. That is why we do not want to be precise by category. But we feel very assertive about the possibility to get where we need to be in terms of those numbers that we discussed with you. Thank you. Damian, over here. Thank you. Damian McNeela, Deutsche Bank. We have talked about the positive progress that the U.S. has made on a regulatory front. How do you assess the political risks of that being reversed if there is change in administration? Well, I think you will not have a change of administration until 2029 at the earliest. I know a lot of people are focused on the midterms, but the administration will be there until January of 2029. Of course, who knows what that election will bring us at that point. But if FDA is successful now, based on their press release of last night, are able to get a finalized rule in place over the next couple of years, which should be possible, especially with the speed at which folks are acting right now, then that rule will be in place for a number of years. FDA can always redo a rule, just like they are talking about redoing the rule from 2021. Well, it is five years today from there, and if it takes a couple of years to do it, you are talking about a 7-year runway. At that point, if FDA is successful at that, you are looking at a fairly significant amount of time that that rule will be in place. Then, as you have heard everyone up here talk about, the market is changing and evolving, and it will be a new world in four to seven years from now. Okay. I think the only other thing I would add is, obviously there is either dialogue or correspondence that goes on. I think you may have seen recently some correspondence between us and some of the senators. You will see that we are basically agreeing on a lot together, right? Many of the points that are made on either side are the same. They are the same points that we have. I do expect that dialogue and that common ground to continue. Obviously, it is impossible to predict beyond the election and so on. But I think that the nature of that correspondence shows that there is a lot of common ground in delivering tobacco harm reduction in the United States. Okay. I am afraid we are out of time. Obviously, there will be more time to ask questions over drinks and dinner this evening. But before I hand over to Tadeu, please join me in thanking all of our afternoon speakers. Okay. Thank you for your questions. To conclude, I would like to thank my leadership team who delivered their presentations with passion, commitment, and all of you who have joined us on our Horizon 2030 Capital Markets Day. Next year, BAT will turn 125 years old. Born in 1902, BAT has lived and flourished through decades of change. Here we are today, ambitious, successful, forward-looking, and shaping our journey ahead. It is a journey that I am immensely proud of. Reflect on BAT today, I believe that this is a rewarding business for multiple stakeholders, consumers, investors, and employees. Each stakeholder group is, in one way or another, an investor in BAT. To be an investor in our company requires belief and conviction. It requires a belief in the future, the reasons to believe in BAT as we navigate towards Horizon 2030. When I became a CEO in 2023, there were plenty of challenges ahead of us. One of the first actions we took was a full review of our strategy. That strategy has not fundamentally changed, but it has been sharpened. The strategy is one thing. The real challenge is the disciplined and precise execution of the strategy. Of course, the context in which our strategy and value is delivered has changed and will continue to evolve. The three big building blocks of our strategy ArrowHeads are not just words. We are deeply committed to them. A commitment to deliver quality growth, choiceful and valuable growth. Shaping a sustainable future, ensuring that the future landscape is conducive to our transformation, and a deep commitment to a dynamic business. A fusion of what BAT has always done well with new tools and capabilities. Back in Southampton in 2024, I committed to focus on a few critical areas, and we have largely delivered on those commitments. Chiefly, returning BAT to our growth algorithm, 3%-5% revenue, 4%-6% profit, 5%-8% earnings growth. Our first half demonstrates our momentum back to that corridor, and I am confident in BAT's future delivery, transforming and performing at the same time. We also recommitted to the multi-category strategy because markets, regulators, and consumers differ. That is not to say that all categories are created equally. We are clear today on the role of each category. Modern Oral has evolved and developed significantly at a real pace. It started from humble beginnings in 2017 with the acquisition of Winnington. We pioneered the category, and today we are the category leader. We will continue to build Velo as the Modern Oral reference. Our insights, innovation pipeline, and market reach bode extremely well for the future. Even modest movements in incidence and daily consumption have an accelerating impact, and economics are highly favorable. Supporting Modern Oral are vapor and heated products. We have taken you through how we are being more focused, shifting premium, and prioritizing value pools. If the e nforcement environment in the U.S. improves beyond our base assumptions, we are well positioned to capture value return. Put simply, we want to lead in Modern Oral, win in vapor, and compete meaningfully across inhalation. Resource will be allocated according to those priorities, and Modern Oral has the first call. Much of that resource flows from our combustibles business. The combustibles business will deliver the value the group needs, funding the transformation and our shareholder returns. We have recognized a need to sharpen execution, and we are addressing it. Better portfolio laddering, digital enhanced RGM, and a focus on product and pricing. With this enhanced portfolio deployment focused on the 20 markets that deliver 80% of the value, we will deliver within the 1%-2% range growth for combustibles. Moving to geographic footprint. I am proud of our performance turnaround in the U.S. Back in 2024, the business was not where it needed to be. Since then, we have improved in all areas. Leadership, regulatory engagement, a stronger portfolio, and much better executional quality. Good businesses are like a flywheel. They feed off their success, and that inspire them to go further. Most recently, Velo Plus has reached over 30% volume share of market in under two years, and it is a source of genuine excitement. The U.S. will underpin the group's 2030 algorithm. Two years ago, the U.S. was a plan. Now, it is delivery. We are clear on the role of our other two regions. The external environment in APMEA has been especially turbulent. South Africa, Australia, and Bangladesh have been facing headwinds. I am delighted, therefore, with the leadership shown by the APMEA team. Consumer-centric growth is the right way forward. On to AME, which in terms of transformation, is our most advanced new category region. Pioneers of our predominantly smokeless ambition. Just a few years ago, AME was the star performer precisely when they needed it most. That is the strength of a diversified enterprise, both category-wise and geographically. It allows the old source of profits to be re-energized, then replaced by new source of growth. That is the future I see for BAT. Four categories, three regions, all playing their role, contributing to group delivery in a sustainable and bright future, well within our reach. Add to that optionality in Beyond Nicotine. As with early stage Modern Oral, it is a modest business today. It has been built thoughtfully, optimizing capital deployed. As Beyond Nicotine is not built into today's glide path, it is a potential growth kicker beyond 2030. Our productive journey has been impressive. GBP 1.2 billion of productive savings delivered and a further GBP 2 billion program between now and 2030. Add Fit2Win and you have a powerful self-help story. Consumer-facing spend and innovation will always be my priority. So we will focus on the discretionary cost base. In technology, especially AI, you may have been surprised by some of what Javed showcased. Perhaps a superficial view of BAT is that we are a well-run global enterprise, yet not always modern and progressive. Well, I would dispute that. We are now deploying leading-edge technology solutions to partner the best of old BAT with the best of the new BAT, data-led and technology-driven. Another extremely high priority for me is a front-footed approach to scientific and corporate affairs. I see a world where tobacco harm reduction will become better understood and accepted, led by Omni, which is a game changer and a multi-year journey. However, I really can envisage a world where our transformation is not only permitted, but also encouraged. That is critical because smart regulation is just as important as the portfolio itself. Lastly, let me reflect on our remarkable people and culture. BAT has always had a human quality. Throughout our history, we rightly hold the quality of people as an enduring form of competitive advantage. It is because I know just how impressive BAT's talented people are that I believe in Horizon 2030. I went where I started. A 125 years young business, still winning, still growing, full of ambition. Yet, I prefer to focus on Horizon 2030 and the pathway from there to predominantly smokeless 2035. We have the ambition, the innovation, the leadership, the execution, and the capability to succeed. I said in 2024 that we would deliver, and we will deliver again. That delivery is hard-coded as an investment case, and in how we are all measured and remunerated in BAT. Put simply, we are 100% aligned with you, our investors. If BAT delivers, which it will, we all win. Thank you very much.