BTI
British American Tobacco p.l.c.57.29
-0.45-0.78%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A explains 2026 guidance caution
Q&A drilled into the conservatism baked into 2026 guidance at the lower end of the midterm algorithm, citing tougher U.S. comps, persistent Vapour illicit drags despite early enforcement, Poland regs, and APMEA headwinds from Australia and Bangladesh that are set to lessen. Management highlighted U.S. Modern Oral upside from Velo Plus's 70% retention, 30% awareness, and rising daily pouches to 3.6 versus Europe's 6, with Velo Max eyed via FDA pilot. Heated tobacco gets a boost from Q2 glo HYPER revamp to fight comp, complementing glo Hilo's 50% trial-retention. Modern Oral now at 12% contribution, but 2026 reinvestments temper pace. Australia drag fades toward exit irrelevance. Modern Oral excites most. Investors will eye enforcement traction and NCG profitability trends.
Key Stats
Market Cap
124.50BP/E (TTM)
30.80Basic EPS (TTM)
1.86Dividend Yield
0.04%CHUC
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