BAT files 2025 annual reports and flags rising illicit trade risk

British American Tobacco ( (GB:BATS) ) has shared an announcement.

British American Tobacco has published its 2025 Combined Annual and Sustainability Report, Form 20-F and a performance and sustainability summary on its website, with the filings also submitted to the UK National Storage Mechanism and the U.S. SEC. The documents, which include audited financial statements and extensive principal risk disclosures such as rising competition from illicit trade, will be mailed or made available to shareholders in March, forming part of the company’s regulatory reporting package alongside its recently released final results.

The group highlights a comprehensive risk management framework overseen by the Board and Audit Committee, noting an increasing threat from illicit tobacco and nicotine products that could erode volumes, margins and its harm-reduction strategy. Dedicated anti‑illicit trade teams, stakeholder engagement and enhanced monitoring of illicit e‑commerce are among the measures BAT is using to mitigate these pressures, underlining ongoing operational and regulatory challenges for the business and its investors.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £52.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Spark’s Take on GB:BATS Stock

According to Spark, TipRanks’ AI Analyst, GB:BATS is a Outperform.

British American Tobacco’s overall score is driven by strong technical indicators and positive corporate events, including share buybacks and executive share acquisitions. While financial performance shows robust cash flow, concerns about earnings volatility and a high P/E ratio slightly temper the outlook. The company’s strategic initiatives in innovation and digital transformation are promising, but challenges in specific markets require attention.

To see Spark’s full report on GB:BATS stock, click here.

More about British American Tobacco

British American Tobacco is a global tobacco group producing traditional combustible cigarettes and a growing range of so-called New Category products, including vapour and other alternatives positioned around harm reduction. The London-listed company targets consumers worldwide and reports under both UK and U.S. regulatory regimes, reflecting its broad international investor base.

Average Trading Volume: 4,163,505

Technical Sentiment Signal: Strong Buy

Current Market Cap: £95.99B

Find detailed analytics on BATS stock on TipRanks’ Stock Analysis page.