British American Tobacco reported preliminary results for the full year ended 31 December 2025. Total revenue reached GBP 25.61 billion, a decrease of 1.0% compared to the prior year. Profit from operations was GBP 9.99 billion, up 5.5%. Diluted earnings per share stood at 349.1 pence, representing an increase of over two times the previous period. Net cash generated from operating activities was GBP 6.34 billion, declining 37.4%. Free cash before payment of dividend amounted to GBP 4.05 billion, down 48.8%. Revenue from New Categories, which include smokeless products, totaled GBP 3.62 billion, increasing 7.0%. Smokeless products accounted for 18.2% of Group revenue, up 0.7 percentage points. The number of consumers of smokeless brands grew by 4.7 million to 34.1 million. New Categories' contribution rose by 77.1% to GBP 427 million, with a contribution margin of 11.8%, up 4.7 percentage points. The company highlighted improved revenue and category contribution in combustibles, particularly in the U.S. and AME regions, driven by higher volumes and pricing in markets such as Brazil, Romania, and Türkiye. Expenditure on research and development was GBP 358 million, with a continued focus on products that could potentially reduce the risk associated with smoking conventional cigarettes.

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