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  • BAT to Raise Prices of Heated Tobacco Sticks in Japan

    BAT to Raise Prices of Heated Tobacco Sticks in Japan

    BAT announced that it will increase the retail selling prices (RSPs) of its Lucky Strike and Kent heated tobacco sticks in Japan by ¥20 ($0.13) beginning January 1, citing higher manufacturing costs rather than tax-related reasons. Designed exclusively for use with the glo Hyper series, the adjustments will apply to 11 Lucky Strike and five Kent variants, setting new prices at ¥450 and ¥500 ($2.97 and $3.30), respectively.

    Prices for BAT’s other heated tobacco lines — Neo and Virto, for exclusive use with the glo Hilo series — will remain unchanged at ¥500 and ¥580 ($3.83). The company says that even after the increase, Lucky Strike will continue to be the lowest-priced tobacco stick among the three major heated tobacco platforms in Japan: IQOS, glo, and Ploom.

    The upcoming change follows a series of price revisions in recent years. Lucky Strike, originally launched at ¥450, was reduced to ¥400 ($2.64) in October 2023 and restored to ¥450 in April 2024. Kent, initially ¥500, dropped to ¥450 in August 2023 before rising to ¥480 ($3.17) in October 2024. Analysts suggest that the latest increase reflects BAT’s renewed confidence in its market position, emphasizing product innovation and the success of the glo Hilo series and Virto sticks, rather than relying on price competition.

  • BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT announced a cash tender offer for its €1 billion Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities, carrying a 3% coupon and a first optional redemption date in late 2026. The company is offering to purchase all of the securities at 100.375% of face value, plus accrued interest. The move is part of BAT’s plan to proactively manage its hybrid capital portfolio, alongside the planned issuance of new euro-denominated hybrid capital securities. The tender offer runs until October 28 at 4 p.m. BST, with settlement expected on October 31.

    If BAT purchases 75% or more of the outstanding securities, it may exercise its option to redeem the remaining notes at par. Securities acquired in the offer will be cancelled. The transaction is not open to U.S. investors and remains subject to a New Financing Condition linked to the success of the new bond issuance.

  • Spring Mountain Investments Divests Another 1.15% of BAT Shares

    Spring Mountain Investments Divests Another 1.15% of BAT Shares

    On October 16, BAT announced that Spring Mountain Investments Ltd.’s holding of voting rights attached to shares in the company fell below a notifiable threshold on October 14. The new total position of voting rights attached to shares is 2.808906%, representing 61,410,486 voting rights. This is a decrease from the previous notification of 3.950733%. The chain of controlled undertakings through which the voting rights are held includes Kenneth Bryan Dart, Portfolio Services Ltd, and Spring Mountain Investments.

    Spring Mountain Investments sold 115.2 million shares of BAT earlier this year, reducing its shares in the company by 53% since April.

  • BAT Launches Yoti Age Estimation System in Channel Islands

    BAT Launches Yoti Age Estimation System in Channel Islands

    BAT partnered with the Channel Islands Co-operative Society (Coop) and digital identity company Yoti to roll out facial age estimation technology across 10 Coop stores in Jersey, aiming to prevent underage access to tobacco and nicotine products.

    The initiative is part of BAT’s wider European deployment of Yoti technology, now active in over 600 stores and expected to reach 1,000 by year-end. Early trials have shown a 99% accuracy rate, with 99.3% of 13–17-year-olds correctly identified as underage. The system estimates a shopper’s age using a quick photo scan and deletes the image immediately after verification.

    BAT said the project underscores its global commitment to responsible retailing and youth access prevention. “Globally, technology is at the forefront of BAT’s transformation and plays a crucial role in combating underage access,” said Susanna De Iesu, Commercial Director, BAT UK&I. “Our partnership with Yoti demonstrates our advancement in technological innovation and provides an extra level of protection to ensure our products are sold solely to adult nicotine consumers.”

  • BAT Acquires Full Ownership of UzBAT for $22M

    BAT Acquires Full Ownership of UzBAT for $22M

    BAT Group completed its deal with Uzbekistan’s State Assets Management Agency to buy the state-owned stake in the UzBAT joint venture for $22.3 million, finalizing it on October 6. BAT acquired 641,661 shares (2.6%) as part of its continued commitment to the country’s economic and social development.

    Operating in Uzbekistan since 1994, BAT has invested over $500 million in the local market over the past 30 years. UzBAT, the country’s leading tobacco manufacturer, produces traditional cigarettes and, since 2023, heated tobacco sticks at the Samarkand Multi-Category Factory as part of BAT’s global “A Better Tomorrow” strategy to expand smoke-free products and reduce harm.

    The joint venture not only serves domestic demand but also exports products to Kazakhstan, Georgia, Azerbaijan, Iraq, and South Korea. UzBAT is a major employer with over 800 staff and a top private taxpayer. For seven consecutive years, it has been recognized as a Top Employer by the international Top Employers Institute.

  • BAT Appoints Matt Wright to Board

    BAT Appoints Matt Wright to Board

    Today (October 14), BAT announced that Matthew Wright will join its board as an independent non-executive director and will serve on the company’s Remuneration and Nominations Committees, effective November 1. Wright brings decades of experience advising global organizations on senior talent recruitment, retention, and leadership development, having held senior roles at Russell Reynolds Associates, Korn/Ferry International, and other executive advisory firms.

    Luc Jobin, Chair of BAT’s board, said Wright’s appointment strengthens the company’s focus on cultural transformation and international growth. “Matt brings valuable experience in this area,” Jobin said, noting his expertise across Asia, Europe, and the US and his track record in guiding organizations through periods of growth and transformation.

    Wright currently serves as non-executive director of Berry Bros. & Rudd Ltd, chairs its Remuneration Committee, and is chairman of Cripps Leadership Advisors as well as chair designate and senior advisor of Movemeon. BAT said his leadership and people-focused experience are expected to support the company’s ongoing ambition to build a Smokeless World.

  • Europe Risks Becoming Another Australia, BAT Boss Says

    Europe Risks Becoming Another Australia, BAT Boss Says

    Kingsley Wheaton, BAT’s Chief Commercial Officer, warned that Europe’s planned sharp tax hikes on cigarettes and alternative nicotine products risk fueling illicit trade similar to the crisis that has been created in Australia. Similar to his remarks last week at GTNF 2025 in Brussels, Wheaton told Euractiv that high excise taxes and strict regulations have pushed 80% of Australia’s tobacco market underground, resulting in taxpayer losses of AUD 9 billion ($5.9 billion) since 2019 and flourishing organized crime responsible for extortion, fire bombings, and murder.

    The warning comes as the European Commission pursues a revision of the Excise Tax Directive, proposing a 139% increase in cigarette taxes and steep rises for e-cigarettes, heated tobacco, and nicotine pouches. The EU aims to become smoke-free by 2040, targeting tobacco and nicotine consumption below 5%. While BAT acknowledges that smokeless products are not risk-free, Wheaton argued they are far less harmful than smoking and should remain accessible and affordable even as cigarette prices rise.

    Wheaton urged policymakers to focus on progressively taxing cigarettes while maintaining access to safer nicotine alternatives, alongside responsible packaging, retail licensing, and nicotine ceilings, however, the Commission continues to repeatedly reject any warning that comes from cigarette-producing companies.

  • Taxes Increasing Gap Between Regulatory Intentions and Market Realities

    Taxes Increasing Gap Between Regulatory Intentions and Market Realities

    At the Global Tobacco and Nicotine Forum (GTNF) in Brussels, a panel moderated by Tim Phillips, Managing Director of Tamarind Intelligence, explored how taxation and tariffs are shaping the future of nicotine products in a rapidly evolving market. Speakers included Christa Pelsers (BAT), Stefano Santi (Philip Morris International), and Maria Angelova (Socotab Frana SA).

    In “It’s All About Tax — The Complex World of Excise and Tariffs,” Phillips opened by stressing that “the next few years are going to be vitally important,” as novel products—from vapes to nicotine pouches—continue to disrupt markets. “We’re seeing massive problems around illicit trade and tax collection,” he said, noting that in some countries, “more than half of the market may already be illicit.” The result, he warned, is a growing gap between regulatory intentions and market realities.

    Pelsers highlighted the speed of innovation and the challenges it creates for regulators. “For years, there was no innovation in tobacco, and now we have an explosion of new products—governments are still trying to catch up,” she said. Pelsers argued that taxation must be based on science, not politics, and criticized the European Commission’s fragmented approach: “The Commission is proposing that every member state can adjust its own rates. That makes things even more complex. We need harmonization to ensure fairness and functionality in the single market.”

    She also warned of geopolitical shifts impacting trade. “With U.S. tariffs, China is redirecting exports elsewhere. The EU’s response has been slow. The next few years will reshape who we trust as trading partners,” she said. “And if tax rates are set too high, it will be detrimental to innovation.”

    Santi emphasized that excise tax policy should not only collect revenue but also guide consumers toward less harmful products. “Ten years ago, my job was complexity five; now it’s fifty,” he said. “We need to balance taxation in a way that shifts the market without driving consumers to the black market.” He endorsed differentiated tax levels for different product types, saying, “If you raise taxes too fast, consumers will find cheaper, often illicit alternatives.”

    Santi called for leveraging member state experience to modernize EU tax policy and harmonize definitions. “The directive is a good start, but it’s lagging behind. Treating all products the same is a recipe for failure. Europe needs to protect its economic and manufacturing footprint.”

    Angelova added a perspective from the leaf tobacco sector, calling taxation “one of the quiet architects of humanity.” She warned that poorly designed taxes could devastate rural livelihoods. “Tobacco is an agricultural product that supports families. Nowhere else in the world is raw tobacco subject to excise tax,” she said. “Making local tobacco less affordable than imported tobacco doesn’t help anyone.”

    Angelova stressed the importance of practical implementation: “It’s not just about what we tax—it’s about how. Details make the difference. Track and trace systems are vital to ensure transparency and prevent unfair competition.”

    She concluded by urging policymakers to proceed with caution: “We’re trying to solve too many problems at once. We need to start addressing them one by one. Europe still has many families who rely on tobacco farming. Consumers won’t forget how we handle this.”

    The panel collectively underscored that while excise and tariff reforms are inevitable, their success will depend on nuance, balance, and genuine collaboration with industry to avoid unintended economic and public health consequences.

  • BAT’s Wheaton Calls for Policymakers to Embrace Harm Reduction at GTNF Opening

    BAT’s Wheaton Calls for Policymakers to Embrace Harm Reduction at GTNF Opening

    Brussels, October 6, 2025 — Kingsley Wheaton, Chief Corporate Officer of BAT, opened the Global Tobacco and Nicotine Forum (GTNF) with a call for policymakers to embrace harm reduction and real-world evidence as the basis for future regulation.

    “Right now, we stand at a crossroads,” Wheaton said. “One where the choices we make — as individuals, as companies, and as an industry — will shape the future of public health, policy, and perception.”

    Speaking under the GTNF’s theme, “Real World Evidence: The Race to Reduce Harm,” Wheaton argued that Sweden’s near smoke-free status demonstrates the effectiveness of tobacco harm reduction. He credited awareness campaigns, consumer access to smokeless products, and progressive regulation for driving smoking rates to among Europe’s lowest.

    “Sweden is on the verge of achieving something extraordinary: a smoking rate of just 5.3%—less than a quarter of the EU average,” he said. “This isn’t just a number. It’s a public health milestone. And it’s a powerful validation of a strategy that many dismissed: harm reduction.

    “Despite decades of global anti-smoking campaigns, 1 billion people still smoke. At BAT, we believe quitting is the best choice any smoker can make. But for those who won’t quit, offering scientifically substantiated, reduced-risk alternatives is essential. Sweden proves this approach works.”

    In his remarks, Wheaton touted the success of BAT’s Omni program, the company’s global platform and manifesto for tobacco harm reduction launched in 2024. He said Omni is both a movement and a communications framework through which BAT promotes its vision of a “Smokeless World,” aiming to make smokeless products mainstream and push for regulatory environments that support harm reduction.

    “With Omni, we’re launching a platform for science, dialogue, and collaboration to accelerate progress toward a smokeless world,” Wheaton said. “This transformation took belief—belief that we could be part of the solution. And today, I’m proud to say: we were right to believe in it.

    Wheaton also criticized prohibitionist policies, pointing to Australia’s illicit market as evidence of unintended consequences when safer alternatives are restricted. He urged EU policymakers to adopt proportionate, risk-based regulation that recognizes harm reduction as part of tobacco control.

    “How can policymakers not see what’s right in front of their eyes?” Wheaton said. “When safer alternatives are blocked, the void is filled by danger, not progress. It’s time to rethink, recalibrate, and reclaim the narrative. So perhaps it’s time to ask: What if the most effective way to end smoking isn’t to fight nicotine, but to reimagine it? What if the companies that once sold cigarettes can now lead the charge to make them obsolete?

    “The WHO continues to ignore and sideline harm reduction, clinging to outdated dogma while real-world evidence piles up. This is not just intransigence, it’s negligence. It’s time for policymakers to stop pretending this evidence doesn’t exist. Seventy percent of policy experts still believe nicotine is the primary cause of smoking-related diseases, like cancer. That’s not just inaccurate, it’s dangerous. If we’re serious about closing the Tobacco Harm Reduction deficit, we must engage directly with regulators, health authorities, and policy experts to ensure that safer alternatives are not just available, but understood, accepted, and encouraged.”

    The GTNF is the world’s leading annual conference discussing the future of the tobacco and nicotine industries. It is the global exchange for views and ideas between public health experts, government representatives, the industry, and investors.

  • Survey: Most Policy Experts Misidentify Nicotine Risks

    Survey: Most Policy Experts Misidentify Nicotine Risks

    A new multi-market survey of policy experts across 15 different territories reveals that erroneous perceptions of nicotine health risks continue to persist, despite both the growing scientific consensus that nicotine is not a primary cause of smoking-related disease and the increased availability of smokeless alternatives to conventional cigarettes, according to BAT.

    The survey, commissioned by British American Tobacco (BAT) and released ahead of the start of this year’s GTNF in Brussels this week, reveals that seven in 10 policy experts continue to incorrectly believe nicotine is the main cause of smoking-related disease.

    In addition, the research—which interviewed three cohorts (Nicotine Users; Policy Experts; and Medical Professionals) in 2024 and 2025—also found that while half of medical professionals discussed smokeless alternatives to cigarettes weekly with their patients, only 21% feel well-informed enough to recommend them.

    Kingsley Wheaton, Chief Corporate Officer at BAT, said: “This survey shows that while change is possible, it’s not a given. We’re seeing green shoots of progress, especially where we’ve launched new product innovations and invested in clear, science-led communication. But the data also tells us we must go further and faster and equip those making decisions with the latest scientific evidence about smokeless products.

    “We remain committed to working with public health authorities, regulators and scientists to ensure accurate information reaches consumers.”

    Conducted by a third party on behalf of BAT, the research did show indications of improved perception of smokeless products, in particular vapor products among nicotine users.