BRITISH AMERICAN TOBACCO WKN: 916018 ISIN: GB0002875804 Kürzel: BMT Forum: Aktien Thema: Hauptdiskussion

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Outlook: – Global tobacco industry volume expected to be down c.2%. – c.1% revenue growth (at constant rates), as we navigate increased excise and VAT in Bangladesh and new tobacco regulations in Australia. – 1.5-2.5% adjusted profit from operations growth (adjusted for Canada, at constant rates)*, including an expected c.1.5% transactional FX headwind. – Performance expected to be second half weighted as we deploy our innovations throughout the year. – Net finance costs* expected to be around £1.8 billion (adjusted for Canada). – The impact of translational foreign exchange is expected to be broadly flat on full year adjusted profit from operations growth. – Operating cash flow conversion in excess of 90%, with gross capital expenditure in 2025 of approximately £650 million. – Continue to deleverage (adjusted for Canada) to our 2.0-2.5x adjusted net debt/adjusted EBITDA corridor by 2026. – Commitment to dividend growth in sterling terms and £900 million share buy-back.

Outlook: – Global tobacco industry volume expected to be down c.2%. – c.1% revenue growth (at constant rates), as we navigate increased excise and VAT in Bangladesh and new tobacco regulations in Australia. – 1.5-2.5% adjusted profit from operations growth (adjusted for Canada, at constant rates)*, including an expected c.1.5% transactional FX headwind. – Performance expected to be second half weighted as we deploy our innovations throughout the year. – Net finance costs* expected to be around £1.8 billion (adjusted for Canada). – The impact of translational foreign exchange is expected to be broadly flat on full year adjusted profit from operations growth. – Operating cash flow conversion in excess of 90%, with gross capital expenditure in 2025 of approximately £650 million. – Continue to deleverage (adjusted for Canada) to our 2.0-2.5x adjusted net debt/adjusted EBITDA corridor by 2026. – Commitment to dividend growth in sterling terms and £900 million share buy-back.

– Revenue down 5.2%, driven by the sale of our businesses in Russia and Belarus in September 2023 and translational FX headwinds – Organic revenue up 1.3% (at constant rates), driven by New Categories revenue up 8.9% – Total combustibles organic revenue increased0.1%(at constant rates), as organic price/mix of +5.3% was offset by 5.2% lower volume – Reported profit from operations of £2,736m (2023: loss of £15,751m) with 2024 including a provision of £6.2 billion in respect of the proposed settlement in Canada, while 2023 was negatively impacted by one-off impairment charges largely in the U.S. – Adjusted organic profit from operations up 1.4% (at constant rates), driven by AME and APMEA – New Categories contribution increased by £251 million on an adjusted organic, constant FX basis, with category contribution margin now at 7.1%, an increase of 7.1 ppts on 2023 – Reported diluted EPS at 136.0p; adjusted organic diluted EPS up 3.6% (at constant rates) – Free cash flow of £7,901 million; adjusted net debt / adjusted EBITDA down 0.13x to 2.44x (down 0.3x at constant rates) – Dividend growth of 2.0% to 240.24p - with £900 million share buy-back planned in 2025 – Continued Sustainability progress - launched OmniTM, a major global initiative to help in making a Smokeless World a reality