The earnings call presented a balanced picture with strong growth in smokeless and modern oral segments, particularly in the U.S., alongside challenges in the vapour market due to regulatory issues and illicit trade. The company's strategic focus on innovation and digital transformation is expected to drive future growth, although current challenges in APMEA and vapour markets temper the overall positive outlook.

Company Guidance

In the 2025 interim results call, the company provided detailed guidance and updates on its financial performance and strategic priorities. The company reported a 1.8% increase in group revenue, with growth driven by new categories and robust performance in the U.S. market, particularly in combustibles and modern oral products. The contribution margin for new categories improved by 280 basis points to 10.6%, and smokeless products accounted for 18.2% of group revenue, an increase of 70 basis points from the previous year. Despite challenges in certain regions, the company maintained its adjusted profit from operations (APFO) guidance of 1.5% to 2.5% and expects full-year revenue to reach the upper end of its 1% to 2% growth target. The company also highlighted its commitment to enhancing financial flexibility, with a share buyback program increased to GBP 1.1 billion and ongoing efforts to manage costs, including a new Fit2Win program aimed at achieving GBP 500 million in annualized savings by 2028. Additionally, the company is planning further investments in innovation and digital transformation to support long-term growth and profitability.

Smokeless Revenue Growth

Smokeless products now account for 18.2% of group revenue, up 70 basis points from last year, and the company added 1.4 million smokeless consumers, reaching 30.5 million.

U.S. Market Recovery

The U.S. market saw a return to revenue and profit growth for the first time since 2022, driven by combustibles and modern oral products.

Modern Oral Success

Modern Oral product revenue grew by over 40%, with a significant market share in AME and rapid volume and revenue growth over four years.

Strong Cash Flow and Shareholder Returns

The company increased its 2025 share buyback by GBP 200 million to GBP 1.1 billion, alongside progressive dividends.

Innovation in New Categories

Launch of Velo Plus in the U.S. driving 380% growth in Modern Oral revenue, and the introduction of new products like glo Hilo and Vuse Ultra.

Digital Transformation

BAT is leading in cloud adoption and launched a GenAI lab in Dubai, aiming for significant cost savings and operational efficiencies.

British American Tobacco (DE:BMT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

DE:BMT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 12, 2026	2025 (Q4)	2.15 / -	-0.746	―	―	―
Jul 31, 2025	2025 (Q2)	1.86 / 1.84	1.925	-4.31% (-0.08)	―	―
Feb 13, 2025	2024 (Q4)	2.20 / -0.75	-9.355	92.03% (+8.61)	―	―
Jul 25, 2024	2024 (Q2)	1.96 / 1.93	2.065	-6.77% (-0.14)	―	―
Feb 08, 2024	2023 (Q4)	2.27 / -9.36	1.177	-894.88% (-10.53)	―	―
Jul 26, 2023	2023 (Q2)	2.00 / 2.07	1.904	8.48% (+0.16)	―	―
Feb 09, 2023	2022 (Q4)	2.30 / 1.18	1.988	-40.79% (-0.81)	―	―
Jul 27, 2022	2022 (Q2)	1.89 / 1.90	1.753	8.56% (+0.15)	―	―
Feb 11, 2022	2021 (Q4)	2.04 / 1.99	1.979	0.46% (<+0.01)	―	―
Jul 28, 2021	2021 (Q2)	1.32 / 1.75	1.794	-2.28% (-0.04)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:BMT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	€45.49	€45.98	+1.08%
Feb 13, 2025	€38.71	€35.28	-8.86%
Jul 25, 2024	€27.98	€29.34	+4.89%
Feb 08, 2024	€23.77	€25.31	+6.47%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does British American Tobacco (DE:BMT) report earnings?

British American Tobacco (DE:BMT) is schdueled to report earning on Feb 12, 2026, Before Open (Confirmed).

What is British American Tobacco (DE:BMT) earnings time?

British American Tobacco (DE:BMT) earnings time is at Feb 12, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of British American Tobacco stock?

The P/E ratio of British American Tobacco is N/A.

What is DE:BMT EPS forecast?

DE:BMT EPS forecast for the fiscal quarter 2025 (Q4) is 2.15.

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