British American Tobacco reported a 2.9% rise in group revenue on a constant currency basis for the first half of 2026, with adjusted diluted earnings per share up 7.9%, and upgraded its full-year EPS growth guidance to the middle of the 5% to 8% range. New category revenue accelerated 18%, driven by a 66% jump in Modern Oral and a 5.3% increase in Vapor, while heated product revenue declined nearly 12%. The new category contribution rose 55% at constant rates to 269 million pounds. Combustible volumes fell 4.7% but revenue grew 2.1% on a robust price mix of 6.8%, and the group operating margin expanded 30 basis points to 43.7%. In the US, total revenue climbed 8.5% and adjusted operating profit rose 10.1%, with new category revenue up nearly 60% and combustible revenue up 5%. The company expects full-year net finance costs of around 1.65 billion pounds, an underlying tax rate between 24% and 25%, and plans a 1.3 billion pound share buyback in 2026.
British American Tobacco PLCraised EPS guidance, strong earnings growth, and announced share buyback
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