BAT releases transcript of 2026 first-half pre-close trading update call

  • British American Tobacco published a transcript of its 2026 first-half pre-close conference call attended by CEO Tadeu Marroco, interim CFO Javed Iqbal, IR head Victoria Buxton.
  • Management kept full-year guidance, citing strong U.S. revenue and profit growth across combustibles, vapour, and modern oral.
  • New Category revenue growth expected to accelerate to mid-teens in H1 and full year, led by modern oral; vapour seen returning to growth.
  • U.S. vapour expected to post double-digit revenue growth in H1 and full year, aided by state enforcement; illicit share estimated near 70%, about £7 billion.
  • U.S. launches set for H2: Velo Max targeted for August-September; flavored Vuse products expected in Q3; no supply-chain capacity constraints flagged.


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