At its 2025 General Meeting, British American Tobacco (BAT) announced that its sales had fallen by 5.2% as reported in 2024, although has risen 1.3% organically. The company presented its updated strategy based on three pillars: quality growth, a sustainable future, and a dynamic company.
“2024 was an investment year for BAT, with delivery in line with our guidance,” Luc Jobin said in BAT’s chair address. “I was pleased to see another solid performance in our new categories business. New categories’ contribution increased by £251 million, on an adjusted organic basis at constant currency rates, and category contribution margin is now at 7.1%.”
BAT said it would continue its strategy towards a smoke-free world, aiming for a largely combustion-free business by 2035. Smokeless products now account for 17.5% of sales, with 29.1 million adult consumers. For 2025, BAT expects 1% sales growth, with its adjusted operating profit up by between 1.5% and 2.5%, with an unfavorable exchange rate effect. The company is targeting 3%-5% growth in sales for 2026, with adjusted profit up 4%-6%. The £900m share buyback program and a 2% increase in its dividend have been confirmed.
The Board announced the addition of Soraya Benchikh as Chief Financial Officer and Uta Kemmerich-Keil as an independent director.