Smokeless Revenue Growth
Smokeless products now account for 18.2% of group revenue, up 70 basis points compared to last year. The company added 1.4 million smokeless consumers, reaching 30.5 million, mainly driven by success in Modern Oral.
Revenue and Profit Growth in the U.S.
The company reported a return to both revenue and profit growth in the U.S. for the first time since 2022, with revenue increasing by 3.8% and profit rising by 3.2%.
Modern Oral Segment Performance
Modern Oral grew over 40%, and is the largest new category in the AME region with a 63% volume share in top markets. The gross margin is 10 percentage points above combustibles.
Strong Cash Generation
The company continues to enhance financial flexibility and is on track to deliver more than GBP 50 million in free cash flow by 2030. The 2025 share buyback increased by GBP 200 million to GBP 1.1 billion.