British American Tobacco p.l.c. (BTI) Q2 2026 Earnings Name Transcript

Tadeu Marroco
CEO, Member of Administration Board & Govt Director

Good morning, everybody. I am delighted to welcome you to our 2026 Interim Outcomes Presentation. With me this morning is Javed Iqbal, Interim CFO; and Victoria Buxton, Group Head of Investor Relations.

I’ll start with our transformation highlights. Javed will then take you thru our monetary ends in extra element. Lastly, I’ll return to speak extra about our efficiency outlook and why we’re assured within the pathway forward given the clear momentum we’re constructing.

We’ll then take your questions. With that, I would like to attract your consideration to the disclaimers on Slide 2 and three.

Let’s start by our transformation momentum. Beginning with some highlights from H1. Smokeless now represents 19.8% of group income, up 160 foundation factors versus final yr. We added 4.1 million smokeless customers during the last 12 months, taking the entire to 35 million. This progress is especially pushed by Fashionable Oral business development, the place the energy of the Velo model continues to resonate strongly with customers.

Our first half outcomes have been according to expectations, supported by a robust multi-category supply within the U.S., glorious Velo momentum