British American Tobacco p.l.c. (BTI) Form 6-K — Sep 29, 2026
British American Tobacco hosted its 2026 Capital Markets Day in Winston-Salem, outlining its Horizon 2030 strategy with a target of mid-teens New Category revenue growth and New Category contribution margin of at least 30% by 2030. BAT reaffirmed it remains on track for FY26 guidance, but at the lower end of its 3-5% revenue and 4-6% adjusted profit growth ranges, with adjusted diluted EPS growth toward the middle of the 5-8% range, all at constant rates. It expects a c.2-2.5% FX headwind on FY26 EPS growth and to be within its 2.0-2.5x leverage target by year-end.
Key figures
- Target leverage
- within 2.0-2.5x by year-end
- 2025 revenue gbp
- £25.6bn
- Smokeless consumers
- 35.0 million as of 30 June 2026
- Consumer target 2030
- 50 million adult consumers
- Fy26 fx headwind eps
- c.2-2.5%
- Smokeless revenue share
- 19.8% of Group revenue
- Fy26 eps growth guidance
- towards middle of 5-8% range
- Fy26 revenue growth guidance
- lower end of 3-5% (constant rates)
- Smokeless revenue target 2035
- 50% of Group revenue
- New category revenue growth target
- mid-teens through 2030
- Fy26 adjusted profit growth guidance
- lower end of 4-6% (constant rates)
- New category contribution margin target
- at least 30% by 2030
AI analysis
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