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British American Tobacco (GB:BATS)
LSE:BATS

British American Tobacco (BATS) AI Stock Analysis

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GB:BATS

British American Tobacco

(LSE:BATS)

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Outperform 70 (OpenAI - 5.2)
Rating:70Outperform
Price Target:
4,789.00p
▲(3.21% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by solid-but-not-clean financial performance (profitability strength offset by leverage and a notable 2025 cash-flow decline). Valuation is supportive due to the high dividend yield and moderate P/E, while technicals are broadly neutral. Earnings-call guidance and capital-return plans help, but are tempered by vapor/illicit pressures and regional weakness.
Positive Factors
High gross margins
Sustained gross margins near the low-80s indicate strong pricing power and a structurally profitable product mix. High margins provide durable earnings cushion, enabling reinvestment, shareholder returns and resilience to volume fluctuations across economic cycles.
Rapid modern oral growth
Accelerating adoption of modern oral products diversifies revenue away from combustibles and boosts long-term growth potential. Large share gains and fast consumer additions create scale benefits, margin improvement and a durable structural shift toward reduced-risk categories.
Disciplined capital allocation & productivity
Clear medium-term targets for deleveraging, buybacks and multi-year productivity programs signal disciplined allocation. Persistent cost savings and prioritized returns improve cash conversion and reduce leverage risk over 2–6 months and beyond, strengthening financial flexibility.
Negative Factors
Elevated leverage
Meaningful net debt levels limit balance-sheet flexibility and raise interest and refinancing risk. With a leveraged capital structure, macro shocks or sustained cash-flow weakness would pressure ability to fund buybacks, deleveraging targets and transformation investments.
Sharp FCF decline in 2025
A large drop in operating and free cash flow reduces financial cushioning and slows progress on deleveraging and shareholder returns. Persistent cash compression would force trade-offs among capex, buybacks and transformation costs, increasing execution risk on medium-term goals.
Illicit/regulatory headwinds for vapor
Widespread illicit product penetration and weak enforcement structurally undermine legal vapor market growth and pricing. Persistent illicit competition and adverse country regulations can depress next‑generation product volumes and hinder the company’s transition to reduced-risk revenue streams.

British American Tobacco (BATS) vs. iShares MSCI United Kingdom ETF (EWC)

British American Tobacco Business Overview & Revenue Model

Company DescriptionBritish American Tobacco p.l.c. provides tobacco and nicotine products to consumers worldwide. It offers vapour, tobacco heating, and modern oral nicotine products; combustible products; and traditional oral products, such as snus and moist snuff. The company offers its products under the Kent, Dunhill, Lucky Strike, Pall Mall, Rothmans, Camel, Newport, Natural American Spirit, being Vapour, THP, and Modern Oral brands. It distributes its products to retail outlets. British American Tobacco p.l.c. was incorporated in 1902 and is headquartered in London, the United Kingdom.
How the Company Makes MoneyBritish American Tobacco generates revenue primarily through the sale of its tobacco products, which includes traditional cigarettes and emerging reduced-risk products. The company’s revenue model is centered around its extensive global distribution network, enabling it to reach consumers in over 180 markets. Key revenue streams include sales from its flagship cigarette brands, as well as growing contributions from its next-generation products, which cater to changing consumer preferences towards less harmful alternatives. Additionally, BATS benefits from significant partnerships with local distributors and retailers, which enhance its market presence. The company's strong brand portfolio and strategic focus on innovation in product development also contribute to its earnings, alongside cost management initiatives aimed at improving operational efficiencies.

British American Tobacco Earnings Call Summary

Earnings Call Date:Feb 12, 2026
(Q4-2025)
|
% Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call communicated clear positive momentum: top‑end guidance delivery, broad-based adjusted profit and EPS growth, strong U.S. and AME performances, standout success in modern oral (Velo Plus) and meaningful productivity savings and shareholder returns. These positives are tempered by significant challenges in vapor (illicit competition), a material profit and revenue decline in APMEA driven by Bangladesh and Australia, near-term Fit to Win costs and transactional FX headwinds. On balance the company emphasized recovery paths, product innovation, disciplined capital allocation and confidence in returning to its midterm algorithm.
Q4-2025 Updates
Positive Updates
Smokeless Consumer Growth
Added 4.7 million smokeless consumers in 2025, bringing the total to 34.1 million, driven mainly by strong performance in modern oral and described as the company's strongest growth acceleration to date.
Group results at top end of guidance
Delivered 2025 group results at the top end of guidance: group revenue increased 2.1% (constant currency), adjusted profit rose 3.4%, adjusted profit from operations grew 2.3%, and adjusted diluted EPS was up 3.4%.
Modern Oral outperformance
New categories revenue up 7% with modern oral up 48%; Velo Plus delivered over 300% growth in the U.S., doubled its consumer base, reached #2 in U.S. volume and value share gains (~+18 pp volume, ~+14 pp value), and Velo achieved global modern oral volume share leadership across top markets.
Improved new category profitability and scale
Gross profit in new categories increased by over GBP 200 million and category contribution reached GBP 442 million; company reports a GBP 1.4 billion improvement in category contribution since 2021 and new category contribution growth up 77% for the full year (constant rates).
Combustible resilience and U.S. strength
Combustible revenue grew 1% with gross profit and category contribution up 2.5%; U.S. combustibles revenue rose 4.6%, total U.S. revenue increased 5.5%, and U.S. adjusted profit grew 5.9%; gained 30 basis points of U.S. combustibles value share.
Regional outperformance in AME
AME delivered robust results with revenue growth of over 3%, combustible up >2%, new category revenue up 4.3% and modern oral up >17%; AME adjusted operating profit grew nearly 10% driven by operating leverage and efficiency gains.
Strong cash generation and returns to shareholders
Declared a 2% increase in dividend and increased share buyback to GBP 1.3 billion (up GBP 200 million); company returned GBP 34 billion of cash to shareholders since 2020 and remains on track to generate over GBP 50 billion of free cash flow by 2030.
Productivity and margin actions
Delivered GBP 1.2 billion in productivity savings since 2023, absorbed around GBP 300 million of inflationary cost increases in 2025, and expects a further GBP 2 billion in productivity savings by 2030; group operating margin broadly flat at 44% with ~10 basis points expansion at current rates.
Fit to Win program and transformation investment
Fit to Win expanded, targeting GBP 600 million of annualized incremental savings by 2028 (around GBP 500 million by 2027); program expected to incur around GBP 600 million of associated costs over the next two years, with GBP 500 million treated as adjusting.
Vapor H2 recovery and regulatory progress
Vuse returned to revenue growth in H2 2025 in the U.S. supported by early enforcement activity and competitor exits; favourable ITC developments (partial monetization gain ~GBP 900 million noted) and FDA pilot program for nicotine pouches seen as positive steps for regulated market recovery.
Negative Updates
Vapor category headwinds and illicit market impact
Vapor revenue declined nearly 9% overall (with H1 mid-teens decline improving in H2); ex-U.S. enforcement remains weak with ~50% of tracked industry volume in some jurisdictions affected by illicit products; U.S. and Canada illicit pressures cited as primary drivers of decline.
APMEA revenue and profit deterioration
APMEA region revenue declined 7.2%, combustibles down 8.3%, new category revenue down 7.6% and adjusted profit decreased 17.9%, mainly due to fiscal and regulatory headwinds in Bangladesh and Australia and intensified competition in heated products in South Korea and Japan.
Specific country/regulatory drags
Fiscal and regulatory headwinds in Bangladesh and Australia reduced total group revenue by ~1% and group adjusted profit from operations by ~2%; regulatory/excise changes and lack of enforcement in markets like Canada, UK, France and Poland negatively affected vapor performance.
Heated products competitive pressure
Heated products category faced strong competition in the value-for-money segment, impacting glo Hyper performance in 2025; company acknowledges the need to premiumize (glo Hilo) and upgrade value portfolio to recover share.
Transactional FX and near-term costs
Transactional FX headwinds reduced adjusted profit by ~1%, primarily driven by Turkey, Japan and Nigeria; Fit to Win transformation will incur ~GBP 600 million of costs over two years, creating near-term adjusting charges.
One-off and accounting-related items affecting reported results
Reported numbers include nearly GBP 1.6 billion of amortization of U.S. acquired trademarks, a net credit of GBP 524 million related to Canadian combustible industry outlook, and a gain of nearly GBP 900 million from partial ITC stake monetization—items that complicate headline comparisons.
Australia illicit market severity
Management cited extreme illicit penetration in Australia (claims of ~65% of combustible market illicit and statements that a large proportion of nicotine consumption is illegal), creating a significant and continuing drag on performance in the market.
Near-term cash delivery impacts
2025 cash delivery was impacted by a CCAA upfront payment and prior-year deferral of U.S. tax payments, adding short-term noise to cash flow despite strong long-term free cash flow targets.
Company Guidance
Management guided that 2026 should mark a return to its mid‑term algorithm but at the lower end, targeting 3–5% revenue growth, 4–6% adjusted profit from operations growth and 5–8% adjusted diluted EPS growth, with profit performance expected to be second‑half weighted; they expect low double‑digit new‑category revenue growth led by Velo, continued deleveraging toward a 2.0–2.5x adjusted net debt/EBITDA target (2.55x at end‑2025), a progressive dividend increase of ~2% and a GBP1.3bn share buyback for 2026 (up GBP200m), alongside productivity targets of a further GBP2bn savings by 2030 and Fit‑to‑Win delivering GBP600m annualized incremental savings by 2028 (c. GBP500m by 2027) with ~GBP600m of associated costs over the next two years (c. GBP500m treated as adjusting, ~GBP100m non‑cash), and a continued commitment to generate over GBP50bn of free cash flow by end‑2030.

British American Tobacco Financial Statement Overview

Summary
High structural profitability supports results, but the profile is held back by earnings volatility (notably the 2023 loss), meaningful leverage, and a sharp step-down in operating/free cash flow in 2025 that reduces near-term financial cushioning.
Income Statement
74
Positive
Profitability is a core strength, with consistently high gross margins (roughly 82–83% in 2020–2024) and strong earnings power in most years. However, revenue has been broadly flat to modestly down across 2023–2024 before a small rebound in 2025 (+5.5%), and results show notable volatility—most importantly the sharp loss in 2023 (negative net margin) followed by a recovery in 2024–2025. The mix of strong underlying margins but uneven bottom-line trend keeps the score in the mid-to-high range.
Balance Sheet
63
Positive
Leverage is meaningful: total debt remains elevated (about 36–44B across the period), and annual debt-to-equity sits around ~0.57–0.76 (2020–2024), implying a moderately leveraged capital structure. Equity is sizable, but it has trended lower versus 2022 (with total assets also down from 2022), suggesting reduced balance-sheet flexibility versus prior years. Returns on equity were solid in 2020–2022, turned sharply negative in 2023, and recovered to modestly positive in 2024—highlighting earnings-driven swings that increase balance-sheet risk.
Cash Flow
58
Neutral
Cash generation has historically been strong, with free cash flow closely tracking net income in 2020–2024 (free cash flow to net income ~0.94–0.96 where provided). The key concern is momentum: free cash flow declined in 2024 and then fell sharply in 2025 (free cash flow down ~40% year over year, with operating cash flow dropping materially), which reduces financial cushioning. Overall, the company still demonstrates solid cash conversion, but the recent step-down in cash flow weighs on the score.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue25.61B25.87B27.28B27.66B25.68B
Gross Profit21.38B21.43B22.39B22.85B21.09B
EBITDA14.06B7.74B8.83B12.29B11.67B
Net Income7.76B3.07B-14.37B6.67B6.80B
Balance Sheet
Total Assets109.29B118.90B118.72B153.55B137.37B
Cash, Cash Equivalents and Short-Term Investments3.84B5.81B5.26B4.03B3.27B
Total Debt35.75B36.95B39.73B43.14B39.66B
Total Liabilities61.15B68.90B65.78B77.84B69.96B
Stockholders Equity47.93B49.64B52.57B75.37B67.10B
Cash Flow
Free Cash Flow4.36B9.52B10.25B9.87B9.19B
Operating Cash Flow4.91B10.13B10.71B10.39B9.72B
Investing Cash Flow1.17B1.38B-296.00M-705.00M-1.14B
Financing Cash Flow-7.11B-10.63B-9.31B-8.88B-8.75B

British American Tobacco Technical Analysis

Technical Analysis Sentiment
Positive
Last Price4640.00
Price Trends
50DMA
4321.73
Positive
100DMA
4182.48
Positive
200DMA
3946.09
Positive
Market Momentum
MACD
77.71
Negative
RSI
65.64
Neutral
STOCH
92.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BATS, the sentiment is Positive. The current price of 4640 is above the 20-day moving average (MA) of 4482.85, above the 50-day MA of 4321.73, and above the 200-day MA of 3946.09, indicating a bullish trend. The MACD of 77.71 indicates Negative momentum. The RSI at 65.64 is Neutral, neither overbought nor oversold. The STOCH value of 92.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BATS.

British American Tobacco Risk Analysis

British American Tobacco disclosed 41 risk factors in its most recent earnings report. British American Tobacco reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

British American Tobacco Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
£26.11B13.2440.35%5.57%2.69%-16.50%
70
Outperform
£100.58B13.226.03%5.67%-2.24%
62
Neutral
$20.33B14.63-3.31%3.23%1.93%-12.26%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:BATS
British American Tobacco
4,618.00
1,713.17
58.98%
GB:IMB
Imperial Brands
3,296.00
617.72
23.06%

British American Tobacco Corporate Events

Business Operations and StrategyFinancial Disclosures
BAT Reaffirms 2026 Outlook as It Leans Further Into Smokeless Products
Positive
Feb 18, 2026

British American Tobacco, a leading global nicotine consumer goods company, is accelerating its shift from cigarettes to smokeless alternatives such as vapour, heated tobacco and oral nicotine pouches as part of a long-term sustainability strategy. Its flagship smokeless brands Vuse, glo and Velo now serve more than 31 million adult consumers and contributed 18.2% of group revenue in 2025, while the group continues to deepen its scientific and environmental commitments.

The company said its chief executive Tadeu Marroco and Reynolds American president David Waterfield will address investors at the Consumer Analyst Group of New York conference, where BAT is reaffirming its 2026 full-year outlook. Management expects to deliver constant-currency performance at the lower end of previously announced ranges, with modest single-digit growth in revenue, adjusted operating profit and adjusted diluted earnings per share, signalling steady but subdued momentum as it navigates the transition to reduced-risk products.

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.

Stock Buyback
British American Tobacco Cancels 111,000 Shares After Latest Buyback
Positive
Feb 18, 2026

British American Tobacco has repurchased 111,147 of its 25 pence ordinary shares on 17 February 2026 from Banco Santander as part of its ongoing buyback programme, paying a volume-weighted average price of 4,332.0783 pence. The company plans to cancel these shares, leaving 2,175,400,660 ordinary shares in issue with voting rights and 132,976,327 shares held in treasury, a move that marginally reduces the free float and can support earnings per share and capital return metrics for 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.

Other
BAT Director Uta Kemmerich-Keil Buys Shares on Tradegate
Positive
Feb 17, 2026

British American Tobacco disclosed that non-executive director Uta Kemmerich-Keil purchased 500 ordinary shares in the company on 13 February 2026. The transaction, executed on the Tradegate exchange at a price of €50.049 per share for a total of €25,024.50, signals additional board-level alignment with shareholders through increased personal investment in the stock.

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.

Regulatory Filings and Compliance
BAT discloses small share purchase by non-executive director Timuray
Neutral
Feb 17, 2026

British American Tobacco has disclosed a small share transaction involving non-executive director Serpil Timuray and her closely associated person, Abdurrahman Murat Timuray. The pair jointly acquired 43 ordinary shares through the reinvestment of dividend income on 12 February 2026 on the London Stock Exchange, for a total value of about £1,996.

The move represents routine portfolio activity under regulatory reporting rules for persons discharging managerial responsibilities and their associates. While modest in scale, such transactions provide investors with additional transparency into board members’ equity holdings and ongoing alignment with shareholder interests.

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.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco cancels new tranche of buyback shares
Neutral
Feb 17, 2026

British American Tobacco has repurchased 112,212 of its 25 pence ordinary shares on 16 February 2026 from Banco Santander as part of the share buyback programme authorised by shareholders and announced in March 2024. The company plans to cancel these shares, reducing the number of ordinary shares in issue with voting rights to about 2.18 billion and leaving nearly 133 million shares held in treasury, a move that marginally concentrates existing shareholders’ stakes and can influence regulatory disclosure thresholds.

Following this transaction, the updated share capital structure may affect when investors must notify holdings under FCA transparency rules, underscoring the governance implications of ongoing capital management actions. The detailed trade schedule, disclosed in line with UK Market Abuse Regulation, reinforces BAT’s adherence to market disclosure standards while executing its capital return strategy.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Regulatory Filings and Compliance
BAT CEO Reinvests Dividend to Boost Personal Shareholding
Positive
Feb 16, 2026

British American Tobacco disclosed that chief executive Tadeu Marroco and his closely associated person, Luciana Franco Do Amaral, jointly acquired 157 ordinary shares through the reinvestment of dividend income. The purchase, executed on the London Stock Exchange on 11 February 2026 for an aggregate value of about £7,288, signals continued executive alignment with shareholders through additional equity exposure.

The transaction, conducted at a price of £46.4213 per share, was formally notified as required for dealings by persons discharging managerial responsibilities and their associates. While modest in size, the reinvestment underscores management’s ongoing participation in the company’s share ownership and may be viewed by investors as a routine yet supportive indicator of confidence in British American Tobacco’s long-term prospects.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Shares After Buyback
Positive
Feb 16, 2026

British American Tobacco has repurchased 120,184 of its 25 pence ordinary shares on 13 February 2026 from Banco Santander as part of its previously announced share buyback programme. The company will cancel these shares, reducing the number of shares in issue with voting rights to 2,175,624,019 and leaving 132,976,327 shares held in treasury, a move that slightly enhances earnings per share and underscores its continued focus on capital returns to shareholders.

The transaction, executed mainly on the London Stock Exchange at a volume‑weighted average price of 4,368.2661p, reflects ongoing implementation of the authority granted by shareholders at the 2025 AGM. The updated share count also provides a new reference point for investors monitoring their disclosure thresholds under the FCA’s transparency rules and signals continued balance sheet deployment toward buybacks in a mature, cash‑generative sector.

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.

Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
BAT files 2025 annual reports and flags rising illicit trade risk
Negative
Feb 13, 2026

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.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Buyback Shares
Positive
Feb 13, 2026

British American Tobacco has repurchased 100,428 of its ordinary shares from Banco Santander as part of the ongoing share buyback programme authorised by shareholders and announced in March 2024. The shares, bought on 12 February at a volume‑weighted average price of 4,361.3088p, will be cancelled, reducing the free float to 2,175,744,203 shares and leaving 132,976,327 shares held in treasury.

The transaction marginally increases earnings per share and underlines management’s continued focus on returning capital to shareholders through buybacks alongside dividends. The updated share count also provides a new reference point for investors assessing voting rights and disclosure thresholds under the UK’s transparency rules, reinforcing the company’s active management of its capital structure.

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.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Extends Share Buyback With New Santander Mandate to Cancel Shares
Positive
Feb 12, 2026

British American Tobacco has entered into an agreement with Banco Santander to continue its share buyback programme between 12 February and 22 April 2026, with Santander executing purchases independently. The move is aimed at reducing the company’s share capital, with all repurchased ordinary shares to be cancelled, reinforcing capital-return efforts within the regulatory parameters and shareholder authority granted at the 2025 AGM.

The purchases will be conducted under strict pre-set limits, including a cap linked to 105 per cent of the recent average market price and the highest independent bid or last trade price, in line with UK listing and market abuse regulations. By structuring the buyback in this way, BAT signals ongoing commitment to shareholder value while ensuring compliance with post-Brexit UK market rules on safe harbour and share repurchases.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
BAT cancels new tranche of buyback shares, trimming free float
Positive
Feb 12, 2026

British American Tobacco has repurchased 129,826 ordinary shares on 11 February 2026 under its ongoing share buyback programme, paying a volume‑weighted average price of 4,414.7794p. The company plans to cancel these shares, reducing the free float to 2,175,844,631 shares with voting rights and retaining 132,976,327 shares in treasury, a move that marginally enhances earnings per share and signals continued capital returns to shareholders.

The latest tranche, executed via UBS on the London Stock Exchange within the shareholder authority granted in April 2025, underscores management’s commitment to its previously announced capital allocation strategy. The shrinking share count may slightly increase existing investors’ ownership percentages and could support the share price, while requiring some holders to reassess disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
BAT Lifts Payouts as Smokeless and U.S. Combustibles Drive 2025 Gains
Positive
Feb 12, 2026

British American Tobacco reported a modest 2.1% rise in constant-currency revenue to £25.6 billion for 2025, as strong U.S. combustibles and rapid growth in its Velo Plus oral nicotine brand lifted performance, even as APMEA faced fiscal and regulatory headwinds. Smokeless products now generate 18.2% of group revenue, New Categories contributions jumped more than 77%, and profit from operations surged on a Canadian provision movement, allowing the group to lift its dividend, launch a £1.3 billion buy-back and reaffirm mid‑term growth targets, albeit expecting 2026 to land at the lower end of its guidance amid FX headwinds and continued investment in its transformation.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
BAT Cancels 149,546 Shares After Latest Buyback Transaction
Positive
Feb 11, 2026

British American Tobacco has repurchased 149,546 ordinary shares on 10 February 2026 under its ongoing share buyback programme, paying a volume‑weighted average price of about 4,373 pence per share. The shares, bought via UBS across the LSE and alternative trading platforms, are to be cancelled, marginally reducing the share count and potentially enhancing earnings per share and capital returns for investors.

Following this latest transaction and cancellation, the company will have 2,175,973,945 ordinary shares in issue with voting rights and will hold 132,976,327 shares in treasury. The updated capital structure figures are intended to help investors assess their disclosure obligations and underscore BAT’s continued use of buybacks as a tool for shareholder value management.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
BAT Extends Chair’s Tenure and Names New Senior Independent Director
Positive
Feb 10, 2026

British American Tobacco has extended the tenure of Chair Luc Jobin by up to two years, until its April 2028 AGM, after a comprehensive succession process concluded this was in the company’s best interests during a critical phase of its transformation. The board acknowledged this extension goes beyond the UK Corporate Governance Code’s nine-year guideline but argued it provides stability and flexibility to find a successor with the global leadership skills needed to steer BAT’s ongoing strategic shift.

Senior Independent Director Holly Keller Koeppel, who led the succession process, will step down at the 2026 AGM after nine years on the board, and current non-executive director Karen Guerra will become Senior Independent Director, subject to re-election. The planned changes aim to balance board refreshment with continuity, supporting an orderly transition in BAT’s top governance roles while the company continues to pursue its long-term transformation strategy.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Cancels New Tranche of Share Buybacks, Tightening Free Float
Positive
Feb 10, 2026

British American Tobacco has repurchased 149,812 ordinary shares on 9 February 2026 under its ongoing buyback programme, paying a volume-weighted average price of about 4,517 pence per share and planning to cancel the stock. Following this latest tranche, the group will have roughly 2.18 billion shares in issue with voting rights and nearly 133 million shares held in treasury, incrementally boosting earnings per share and tightening its free float for investors monitoring disclosure thresholds under U.K. transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Executive/Board ChangesRegulatory Filings and Compliance
BAT Discloses Deferred Stock Unit Award to Non-Executive Director
Neutral
Feb 9, 2026

British American Tobacco disclosed that non-executive director Holly Keller Koeppel received an automatic credit of additional Deferred Stock Units linked to the value of the company’s American Depositary Shares. The 472.19 DSUs were credited at no cash cost, reflecting dividends declared on the underlying ADSs under the Reynolds American Inc. deferred compensation plan, and the transaction was carried out outside a trading venue on 9 February 2026.

The notification underscores ongoing equity-based compensation for senior board members, aligning their interests with those of shareholders through instruments tied to dividend performance rather than direct share purchases. While the transaction does not involve new cash investment or market trading, it incrementally increases Koeppel’s exposure to the company’s equity-linked instruments and highlights the continued use of deferred stock units in the group’s remuneration structures.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Shares in Ongoing Buyback
Positive
Feb 9, 2026

British American Tobacco has repurchased 131,297 of its 25 pence ordinary shares on 6 February 2026 from UBS AG London Branch under its ongoing buyback programme, paying a volume-weighted average price of about 4,587.5 pence per share. The company plans to cancel these shares, leaving 2,176,273,303 ordinary shares in issue with voting rights and 132,976,327 shares held in treasury, a move that marginally reduces the free float and may slightly enhance earnings per share for remaining investors.

The latest transaction continues the buyback initiative authorised by shareholders at the April 2025 annual meeting and first announced in March 2024, underscoring management’s commitment to returning capital to shareholders. By shrinking the share count and maintaining a sizeable treasury position, the group reinforces its capital management strategy, which could support valuation metrics and signal confidence in its long-term cash-generation capacity.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Other
BAT Executives Reinvest Dividends Into Company Shares Under Incentive Plan
Neutral
Feb 6, 2026

British American Tobacco has disclosed that several senior executives, including Chief Executive Tadeu Marroco, Chief Operating Officer Johan Vandermeulen and other top managers, have acquired small quantities of ordinary shares through the reinvestment of dividend income under the company’s Share Incentive Plan. The routine London Stock Exchange transactions modestly increase management’s equity holdings and signal continued alignment of leadership with shareholder interests, but do not represent a material change in ownership or strategy for the group.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Other
BAT Executives Acquire Shares Through Dividend Reinvestment Plan
Neutral
Feb 6, 2026

British American Tobacco has disclosed a series of routine share transactions by senior executives resulting from the automatic reinvestment of dividend income through a Computershare Share Plan Account. On 4 February 2026, Interim Chief Financial Officer and Director of Digital and Information Javed Iqbal, Regional Director for Americas and Europe Fred Monteiro, Reynolds American Inc. President and CEO David Waterfield, and Director of Research and Science James Murphy each acquired small volumes of ordinary shares on the London Stock Exchange via dividend reinvestment, underscoring ongoing alignment of management interests with shareholders through increased equity exposure.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Executive/Board ChangesRegulatory Filings and Compliance
BAT CEO Receives Dividend-Linked Share Award Under Deferred Bonus Scheme
Neutral
Feb 6, 2026

British American Tobacco has disclosed that its Chief Executive, Tadeu Marroco, acquired 364 ordinary shares in the company through the receipt of quarterly dividend equivalent shares under the British American Tobacco Deferred Share Bonus Scheme. The off-market transaction, completed on 5 February 2026 at an equivalent price of £44.94 per share and a total value of £16,358.16, reflects routine incentive-based share awards for senior management and signals continued alignment of the CEO’s interests with those of shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Other
BAT Executives Add Shares Through HMRC-Approved Incentive Plan
Positive
Feb 6, 2026

British American Tobacco has disclosed that Chief Executive Tadeu Marroco and several other senior executives, including the Chief Marketing Officer, Chief Operating Officer and Interim Chief Financial Officer, each acquired a small number of ordinary shares in the company on 4 February 2026 through its HMRC-approved Share Incentive Plan. The routine purchases, executed on the London Stock Exchange under the Partnership Share Scheme, modestly increase management’s direct equity holdings and underscore ongoing alignment between key executives and shareholder interests.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Shares in Ongoing Buyback
Positive
Feb 6, 2026

British American Tobacco has continued its share buyback programme, repurchasing 121,668 ordinary shares on 5 February 2026 from UBS AG London Branch at a volume-weighted average price of 4,535.6560 pence per share. The company plans to cancel the repurchased stock, reducing the number of ordinary shares in issue with voting rights to 2,176,404,600, while holding 132,976,327 shares in treasury, a move that marginally enhances earnings per share and may affect shareholder notification thresholds under UK disclosure rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Feb 5, 2026

British American Tobacco has continued its ongoing share buyback programme, repurchasing 136,167 ordinary shares on 4 February 2026 from UBS at prices between 4,485p and 4,572p per share, with a volume-weighted average price of 4,541.4024p. The company plans to cancel these shares, reducing the number of ordinary shares in issue to 2,176,526,268 (excluding treasury shares) while holding 132,976,327 shares in treasury, a capital management move that is likely to enhance earnings per share and marginally increase existing shareholders’ voting stakes, and may prompt some investors to review their disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels Further Shares After Latest Buyback Tranche
Positive
Feb 3, 2026

British American Tobacco has bought back 108,725 of its own ordinary shares on 2 February 2026 under its previously announced share repurchase programme, paying a volume‑weighted average price of about 4,429 pence per share. The company will cancel the repurchased stock, leaving 2,176,779,980 ordinary shares in issue with voting rights and 132,976,327 shares held in treasury, a move that marginally reduces the free float and may affect shareholder disclosure thresholds under UK transparency rules while continuing to return capital to investors.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Regulatory Filings and Compliance
British American Tobacco Updates Market on Share Capital and Voting Rights
Neutral
Feb 2, 2026

British American Tobacco has reported that, as of 30 January 2026, its issued share capital comprised 2,177,145,903 ordinary shares of 25 pence each with voting rights, of which 132,976,327 shares were held in treasury. The disclosed voting rights figure provides the market and existing shareholders with the official denominator needed to assess and report any notifiable holdings or changes in voting interests under UK financial disclosure rules, reinforcing transparency around the company’s ownership structure.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Feb 2, 2026

British American Tobacco has repurchased 125,526 of its 25 pence ordinary shares on 30 January 2026 from UBS AG London Branch under its ongoing share buyback programme authorised by shareholders in April 2025 and launched in March 2024. The company intends to cancel the acquired shares, reducing the number of ordinary shares in issue with voting rights to 2,176,888,705 and leaving 132,976,327 shares held in treasury, a move that marginally enhances earnings per share and may affect investors’ disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Cancels New Tranche of Shares After Latest Buyback
Positive
Jan 30, 2026

British American Tobacco has repurchased 131,672 of its own ordinary shares as part of the share buyback programme launched in March 2024, paying a volume-weighted average price of 4,346.8597p per share. The company intends to cancel the shares, reducing the number of ordinary shares in issue with voting rights to about 2.18 billion and leaving nearly 133 million shares held in treasury, a move that marginally enhances earnings per share and underscores the group’s continued focus on returning capital to shareholders while providing updated figures for investors monitoring disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Continues Share Buyback, Cancels 135,000 Shares
Positive
Jan 29, 2026

British American Tobacco has repurchased 135,314 of its own ordinary shares on 28 January 2026 under the shareholder-approved buyback programme initiated in March 2024, paying a volume-weighted average price of about 4,335.86p per share through UBS. The company plans to cancel the repurchased shares, reducing the number of ordinary shares in issue with voting rights to 2,177,145,903 and holding 132,976,327 shares in treasury, a move that tightens the free float and may enhance capital returns and earnings per share for existing investors while signalling continued management commitment to shareholder-focused capital allocation.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
BAT Cancels 125,603 Shares in Ongoing Buyback Programme
Positive
Jan 28, 2026

British American Tobacco has repurchased 125,603 of its ordinary shares on 27 January 2026 under its ongoing share buyback programme, paying a volume-weighted average price of 4,332.79p per share, and intends to cancel the stock. Following this transaction, the company will have 2,177,280,557 ordinary shares in issue with voting rights and 132,976,327 shares held in treasury, a move that marginally enhances earnings per share and further signals management’s continued focus on capital returns to shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
British American Tobacco Cancels 137,150 Shares in Ongoing Buyback
Positive
Jan 27, 2026

British American Tobacco has repurchased 137,150 of its ordinary shares as part of its ongoing share buyback programme, with the highest price paid at 4,361p and a volume-weighted average price of 4,329.0339p per share. The company intends to cancel the repurchased stock, leaving 2,177,394,135 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally enhances earnings per share and reflects continued capital return to shareholders while slightly altering major investors’ disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Jan 26, 2026

British American Tobacco has repurchased 101,395 of its own ordinary shares on 23 January 2026 from UBS AG London Branch under its ongoing share buyback programme, paying a volume-weighted average price of 4,317.3259 pence per share. The company plans to cancel the repurchased shares, leaving 2,177,531,285 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally reduces the free float and can enhance earnings per share while providing shareholders with updated information for regulatory disclosure purposes under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Jan 22, 2026

British American Tobacco has repurchased 161,326 of its ordinary shares on 21 January 2026 under its ongoing share buyback programme, paying between 4,214p and 4,295p per share at a volume-weighted average of 4,251.0001p. The company plans to cancel the repurchased shares, reducing its number of ordinary shares in issue carrying voting rights to 2,177,632,680 and maintaining 132,988,352 shares in treasury, a move that tightens its share capital base and may enhance earnings per share while requiring some shareholders to reassess disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Shares in Ongoing Buyback
Positive
Jan 21, 2026

British American Tobacco has repurchased 160,365 of its ordinary shares on 20 January 2026 under its ongoing share buyback programme authorised by shareholders and conducted through UBS AG’s London branch. The company intends to cancel the purchased shares, reducing the number of ordinary shares in issue to 2,177,792,757 (excluding treasury shares) and leaving 132,988,352 shares held in treasury, a move that marginally enhances earnings per share and may signal continued capital returns discipline to investors while updating shareholders on voting rights and potential disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £5200.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels Latest Tranche of Share Buybacks
Positive
Jan 20, 2026

British American Tobacco has continued to execute its previously announced share buyback programme, repurchasing 108,254 ordinary shares on 19 January 2026 from UBS AG’s London branch at prices between 4,316p and 4,375p per share, with a volume-weighted average price of 4,363.4439p. The company intends to cancel these shares, reducing the number of ordinary shares in issue carrying voting rights to 2,177,953,122 and leaving 132,988,352 shares held in treasury, a move that marginally enhances earnings per share and signals ongoing capital returns to shareholders within the constraints of UK market and disclosure regulations.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4500.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Jan 19, 2026

British American Tobacco has continued its ongoing share buyback programme, repurchasing 138,086 ordinary shares on 16 January 2026 from UBS at prices ranging between 4,311p and 4,386p per share, with a volume-weighted average price of 4,336.3086p. The company intends to cancel the repurchased stock, reducing the number of shares in issue with voting rights to 2,178,061,376 and leaving 132,988,352 shares held in treasury, a move that incrementally enhances earnings per share and may support the share price while requiring some investors to reassess disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4500.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels Further Shares After Buyback
Positive
Jan 16, 2026

British American Tobacco has continued its previously announced share buyback programme with the repurchase of 100,090 ordinary shares on 15 January 2026 from UBS AG’s London branch, paying a volume-weighted average price of 4,316.1662 pence per share. The company intends to cancel the repurchased stock, reducing the number of shares in issue with voting rights to 2,178,199,462 and leaving 132,988,352 shares held in treasury, a move that marginally enhances earnings per share and underscores management’s ongoing focus on capital returns and balance-sheet efficiency for shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4500.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Cancels 118,000 Shares After Latest Buyback Transaction
Positive
Jan 15, 2026

British American Tobacco has repurchased 118,229 of its ordinary shares on 14 January 2026 under its ongoing share buyback programme and plans to cancel the stock, reducing the number of shares in issue and potentially enhancing earnings per share. Following this transaction, the group will have 2,178,299,552 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, an updated capital structure that investors may need to factor into regulatory disclosure calculations and which underscores the company’s continued focus on returning cash to shareholders.

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.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Further Shares After January Buyback
Positive
Jan 14, 2026

British American Tobacco has repurchased 110,393 of its own ordinary shares on 13 January 2026 under its ongoing share buyback programme, paying a volume‑weighted average price of 4,144.2212 pence per share, and intends to cancel the stock. Following this latest tranche, the company will have 2,178,417,781 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally reduces the free float and may enhance earnings per share while providing updated share capital information relevant for regulatory disclosure thresholds.

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.

Business Operations and StrategyStock Buyback
BAT Continues Share Buyback With Purchase and Cancellation of 110,393 Shares
Positive
Jan 14, 2026

British American Tobacco has repurchased 110,393 of its 25p ordinary shares on 13 January 2026 under its ongoing share buyback programme, at prices ranging between 4,115p and 4,201p per share and a volume-weighted average price of 4,144.2212p. The company plans to cancel the repurchased shares, leaving 2,178,417,781 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally reduces the free float and may enhance earnings per share while requiring some shareholders to review whether their notifiable interest thresholds under UK disclosure rules have been affected.

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.

Stock BuybackFinancial DisclosuresRegulatory Filings and Compliance
British American Tobacco Cancels 112,639 Shares After Latest Buyback Transaction
Positive
Jan 13, 2026

British American Tobacco has repurchased 112,639 of its own ordinary shares on 12 January 2026 from UBS AG London Branch under its previously announced share buyback programme, paying a volume-weighted average price of 4,107.9326 pence per share. The company plans to cancel the acquired shares, leaving 2,178,528,174 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally reduces the free float and may enhance earnings per share while providing updated share capital information for investors tracking their disclosure obligations.

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.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 132,817 Shares in Latest Buyback Tranche
Positive
Jan 12, 2026

British American Tobacco has repurchased 132,817 of its 25p ordinary shares on 9 January 2026 under its ongoing share buyback programme, paying a volume‑weighted average price of about 4,015p per share. The company plans to cancel these shares, reducing the number of shares in issue with voting rights to 2,178,640,813 and leaving 132,988,352 shares held in treasury, a move that marginally enhances earnings per share and continues its broader capital return policy while potentially affecting major shareholders’ disclosure thresholds under UK transparency rules.

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.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Buys Back and Cancels Over 127,000 Shares
Positive
Jan 9, 2026

British American Tobacco has continued its share buyback programme, repurchasing 127,066 ordinary shares on 8 January 2026 from UBS AG London Branch at a volume-weighted average price of 4,004.1873p per share, under the authority granted at its April 2025 AGM. The company intends to cancel these shares, leaving 2,178,773,630 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury, a move that marginally reduces the free float and can enhance earnings per share while requiring some shareholders to review whether their disclosure thresholds under UK transparency rules have been triggered.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and Strategy
BAT Executives Add to Holdings Through Share Incentive Plan
Positive
Jan 8, 2026

British American Tobacco has disclosed that its chief executive, Tadeu Marroco, along with several other senior executives including the chief marketing officer, chief operating officer, interim chief financial officer and other directors, have each purchased a small number of ordinary shares in the company through its HMRC-approved Share Incentive Plan. The transactions, executed on 7 January 2026 via the London Stock Exchange at £40.005 per share, reflect ongoing participation by top management in the Group’s share-based incentive arrangements, modestly increasing their direct equity exposure and aligning their interests further with those of shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Buys Back and Cancels 158,668 Shares
Positive
Jan 8, 2026

British American Tobacco has continued its share buyback programme, purchasing 158,668 ordinary shares on 7 January 2026 from UBS at prices between 3,961.00p and 4,011.00p per share, with a volume-weighted average price of 3,981.6961p. The company plans to cancel the repurchased shares, reducing the number of ordinary shares in issue with voting rights to 2,178,900,696 and leaving 132,988,352 shares held in treasury, a move that incrementally enhances earnings per share and underscores management’s ongoing use of buybacks as a tool for capital return and balance-sheet optimisation for shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels 128,000 Shares in Ongoing Buyback
Positive
Jan 7, 2026

British American Tobacco has repurchased 128,000 of its ordinary shares on 6 January 2026 under its ongoing share buyback programme, paying a volume‑weighted average price of about 4,056 pence per share. The company plans to cancel these shares, reducing the number of ordinary shares in issue with voting rights to 2,179,059,085 and leaving 132,988,352 shares held in treasury, a move that marginally tightens the share capital base and may support earnings per share and capital returns for investors.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Cancels 146,615 Shares After Latest Buyback
Positive
Jan 6, 2026

British American Tobacco has repurchased 146,615 of its own ordinary shares on 5 January 2026 under the shareholder-approved buyback programme, paying a volume-weighted average price of 4,101.3767 pence per share. The company plans to cancel these shares, reducing the number of ordinary shares in issue with voting rights to 2,179,187,085 and maintaining 132,988,352 shares in treasury, a move that marginally enhances earnings per share and may be viewed as a continued signal of capital return discipline to shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 132,449 Shares After Latest Buyback
Positive
Jan 5, 2026

British American Tobacco has repurchased 132,449 of its ordinary 25 pence shares on 2 January 2026 as part of its ongoing share buyback programme authorised by shareholders and conducted via UBS. The company intends to cancel the shares, reducing the number of ordinary shares in issue with voting rights to 2,179,333,700 and leaving 132,988,352 shares held in treasury, a move that marginally tightens the share capital structure and may enhance earnings per share while requiring some shareholders to review their disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Regulatory Filings and Compliance
BAT Confirms Year-End Share Capital and Voting Rights Structure
Neutral
Jan 2, 2026

British American Tobacco has reported that, as of 31 December 2025, its issued share capital comprised 2,179,466,149 ordinary shares with voting rights, of which 132,988,352 shares were held in treasury. The disclosed voting rights figure provides the official denominator for investors to calculate and report their shareholdings or changes in holdings under UK disclosure rules, ensuring transparency in the company’s ownership structure and regulatory compliance.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
BAT Completes £1.1bn 2025 Share Buyback Tranche
Positive
Dec 24, 2025

British American Tobacco has repurchased 111,960 ordinary shares from Goldman Sachs International as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,221.91p per share, and will cancel the shares, leaving 2,179,466,149 ordinary shares in issue with voting rights and 132,988,352 shares held in treasury. The transaction completes the company’s 2025 tranche of its buyback initiative, under which it has repurchased 30,282,076 shares for a total consideration of approximately £1.1bn, underscoring management’s continued commitment to capital returns ahead of the extension of the programme into 2026.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Regulatory Filings and Compliance
BAT Discloses Share Sale by Associate of Chief Corporate Officer
Neutral
Dec 23, 2025

British American Tobacco has disclosed a share transaction involving a person closely associated with senior management, in line with regulatory requirements for transparency. The company reported that Julia Wheaton, who is closely associated with Chief Corporate Officer Kingsley Wheaton, sold 17,850 ordinary shares in the group at a price of £42.27 each, for a total consideration of £754,519.50, in an off-venue transaction on 22 December 2025, underscoring ongoing monitoring and reporting of insider-related dealings for investors and regulators.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock BuybackFinancial DisclosuresRegulatory Filings and Compliance
British American Tobacco Cancels Further Shares After Buyback Transaction
Positive
Dec 23, 2025

British American Tobacco has continued its share buyback programme, repurchasing 153,353 ordinary shares on 22 December 2025 from Goldman Sachs International at a volume-weighted average price of 4,215.6p per share. The company plans to cancel the repurchased shares, reducing the number of shares in issue with voting rights to 2,179,578,109 and holding 132,988,352 shares in treasury, a move that marginally enhances earnings per share and underscores its ongoing commitment to capital returns for shareholders while providing updated figures for regulatory disclosure purposes.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 160,500 Shares Under Ongoing Buyback Programme
Positive
Dec 22, 2025

British American Tobacco has repurchased 160,500 of its ordinary shares from Goldman Sachs International on 19 December 2025 as part of its ongoing share buyback programme authorised by shareholders earlier in the year. The company intends to cancel these shares, reducing the number of ordinary shares in issue with voting rights to 2,179,731,462, while holding 132,988,352 shares in treasury, a move that tightens the free float and may enhance earnings per share and capital returns for investors, while also affecting shareholders’ disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 159,774 Shares After Latest Buyback Tranche
Positive
Dec 19, 2025

British American Tobacco has repurchased 159,774 of its own ordinary shares on 18 December 2025 from Goldman Sachs International under its ongoing share buyback programme authorised by shareholders earlier this year, paying a volume‑weighted average price of 4,265.90p per share. The company intends to cancel these shares, reducing the number of shares in issue with voting rights to 2,179,891,962 and maintaining 132,988,352 shares in treasury, a capital management move that marginally enhances earnings per share and may support the share price while affecting shareholders’ disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback and Cancellation Program
Neutral
Dec 18, 2025

British American Tobacco PLC announced the purchase of 145,000 ordinary shares as part of its ongoing share buyback program authorized by shareholders at its April 2025 AGM. The purchased shares will be canceled, reducing the total number of shares in issuance and maintaining its treasury holdings, aligning with strategic initiatives to manage equity structure, potentially impacting shareholder value in the near term.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 17, 2025

British American Tobacco has repurchased 145,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to cancel the purchased shares, reducing the total number of shares in issue and potentially impacting shareholder interests and market dynamics.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Executive/Board Changes
British American Tobacco Director Joins Société Bic Board
Neutral
Dec 16, 2025

British American Tobacco announced that Karen Guerra, a Non-Executive Director, has been appointed as an Independent Director of Société Bic S.A., a company listed on the Euronext Paris. This appointment could enhance the company’s strategic connections and influence within the European market, potentially impacting its industry positioning and stakeholder relations.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 16, 2025

British American Tobacco p.l.c. announced the repurchase of 145,000 ordinary shares as part of its ongoing buyback program. This transaction, conducted through Goldman Sachs International, is part of the company’s strategy to manage its share capital and potentially enhance shareholder value. The repurchased shares will be canceled, reducing the total number of shares in circulation, which may impact shareholder voting rights and interests.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 15, 2025

British American Tobacco announced the purchase of 145,000 of its ordinary shares as part of a buyback program, with the intention to cancel these shares. This transaction, executed through Goldman Sachs International, reflects the company’s ongoing strategy to manage its capital structure and potentially enhance shareholder value. Following the cancellation, the company will have 2,180,485,797 ordinary shares in issue, impacting shareholder notifications under regulatory guidelines.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Dividends
British American Tobacco Finalizes February 2026 Dividend Details
Neutral
Dec 15, 2025

British American Tobacco announced the finalization of its February 2026 dividend payment, which is part of the interim dividend declared for the year ending December 2024. Shareholders on the South Africa branch register will receive dividends in rand, with a conversion rate resulting in 1,356.46111 SA cents per share. The dividend is subject to a 20% South Africa Dividends Tax unless exemptions apply, impacting the net dividend received by shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback
Positive
Dec 12, 2025

British American Tobacco announced the repurchase of 132,000 of its ordinary shares as part of its ongoing buyback program. The shares were bought from Goldman Sachs International and will be canceled, reducing the total number of shares in circulation. This move is part of the company’s strategy to enhance shareholder value and may impact the company’s market positioning by potentially increasing earnings per share.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Executive/Board Changes
British American Tobacco Announces Audit Committee Change
Neutral
Dec 12, 2025

British American Tobacco has announced a change in its Audit Committee, with Non-Executive Director Holly Keller Koeppel stepping down effective December 31, 2025. This change in committee membership is part of the company’s ongoing governance adjustments, which may impact how the company manages its financial oversight and strategic decisions moving forward.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Executive/Board Changes
British American Tobacco’s Director Joins Shell’s Board
Neutral
Dec 11, 2025

British American Tobacco announced that Holly Keller Koeppel, a Non-Executive Director, will join Shell plc as a Non-Executive Director starting January 1, 2026. This move highlights the company’s strategic connections with other major corporations and may influence its governance dynamics and stakeholder relations.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Dec 11, 2025

British American Tobacco has executed a buyback of 140,000 ordinary shares at a volume-weighted average price of 4,343.89 pence per share as part of its ongoing share buyback program. This transaction, conducted through Goldman Sachs International, aims to reduce the number of shares in circulation, potentially enhancing shareholder value and adjusting the company’s capital structure.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 10, 2025

British American Tobacco announced the repurchase of 162,749 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company intends to cancel these shares, which will result in a reduction of the total number of shares in issue, potentially impacting shareholder interests and market dynamics.

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.

Business Operations and StrategyStock Buyback
British American Tobacco Extends Share Buyback Programme
Positive
Dec 10, 2025

British American Tobacco has announced an extension of its share buyback programme by up to £1.3 billion for 2026. This move aims to reduce the company’s share capital, with the repurchased shares being cancelled. The buyback will be executed independently by UBS AG London Branch during a closed period, adhering to regulatory guidelines. This strategic decision reflects the company’s commitment to enhancing shareholder value and optimizing its capital structure.

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.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Dec 9, 2025

British American Tobacco p.l.c. announced the purchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, conducted under the authority granted by shareholders, is aimed at reducing the number of shares in circulation, thereby potentially increasing the value of remaining shares and enhancing shareholder value.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4733.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock BuybackFinancial Disclosures
British American Tobacco Announces £1.3bn Share Buy-Back and Reaffirms 2026 Guidance
Positive
Dec 9, 2025

British American Tobacco announced a £1.3 billion share buy-back and reaffirmed its guidance for 2026, expecting a 2% growth in revenue and adjusted profit for FY25. The company is experiencing strong momentum in the U.S. market, driven by its combustibles and Velo Plus products, and is seeing improvements in its Vuse vapour products due to increased enforcement against illicit products. The company is focused on accelerating growth in its New Category segment, with Velo showing strong performance globally. Despite challenges in certain regions, BAT remains confident in its mid-term growth targets and is committed to reducing leverage and delivering shareholder value.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4733.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Announces Share Buyback
Positive
Dec 8, 2025

British American Tobacco p.l.c. has announced the purchase of 110,000 of its ordinary shares as part of its ongoing buyback program, which was approved by shareholders. The shares were acquired from Goldman Sachs International and will be canceled, reducing the total number of shares in issue. This move is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value. The transaction may also affect shareholders’ notification requirements under the FCA’s rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4733.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 5, 2025

British American Tobacco announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The purchased shares will be canceled, reducing the total number of shares in circulation, which may impact shareholder voting rights and interest notifications under regulatory guidelines.

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.

Business Operations and StrategyPrivate Placements and Financing
British American Tobacco Completes Block Trade of ITC Hotels Shares
Neutral
Dec 5, 2025

British American Tobacco has completed the block trade of 187.5 million shares in ITC Hotels, representing 9% of the hotel’s share capital, through an accelerated bookbuild process. The transaction generated net proceeds of INR 38.2 billion, which will be used to achieve BAT’s target leverage ratio by the end of 2026. Following this transaction, BAT retains a 6.3% stake in ITC Hotels, indicating a strategic move to optimize its financial position while maintaining a presence in the hospitality sector.

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.

Business Operations and Strategy
British American Tobacco Executives Acquire Shares Under Incentive Plan
Positive
Dec 4, 2025

British American Tobacco has announced that several of its executive directors and managerial staff have purchased ordinary shares in the company as part of the Partnership Share Scheme, a HMRC approved Share Incentive Plan. This move reflects the confidence of the company’s leadership in its future prospects and aligns their interests with those of the shareholders, potentially strengthening stakeholder trust and market positioning.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyM&A Transactions
BAT Plans Strategic Sale of ITC Hotels Shares
Neutral
Dec 4, 2025

British American Tobacco has announced plans to sell between 7% and 15.3% of its shares in ITC Hotels through an accelerated bookbuild process. The proceeds from this sale will help BAT progress towards its target leverage corridor by the end of 2026. This move is part of BAT’s strategy to optimize its financial position, as the direct stake in ITC Hotels is not considered strategic for the company.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Dec 4, 2025

British American Tobacco has repurchased 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and demonstrating confidence in the company’s financial health.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback to Boost Shareholder Value
Positive
Dec 3, 2025

British American Tobacco p.l.c. has announced the repurchase of 115,000 of its ordinary shares as part of its ongoing buyback programme. This transaction, executed through Goldman Sachs International, is part of the company’s strategy to manage its capital structure and enhance shareholder value. The repurchased shares will be canceled, reducing the total number of shares in issue and potentially impacting shareholder voting rights.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 2, 2025

British American Tobacco p.l.c. announced the purchase of 115,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, conducted under the authority granted by shareholders, reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value. The purchased shares are intended to be canceled, reducing the total number of shares in circulation and potentially impacting the company’s market dynamics and shareholder interests.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Regulatory Filings and Compliance
British American Tobacco Updates Share Capital and Voting Rights
Neutral
Dec 1, 2025

British American Tobacco has announced its issued share capital as of November 28, 2025, consisting of 2,181,845,074 ordinary shares with voting rights. The company also holds 132,988,352 shares in treasury. This information is crucial for shareholders to determine their voting rights interest in accordance with the FCA’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £49.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 28, 2025

British American Tobacco p.l.c. announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and reflecting the company’s commitment to returning value to shareholders.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £48.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 27, 2025

British American Tobacco has executed a buyback of 110,000 of its ordinary shares at prices ranging from 4,303.00p to 4,343.00p as part of its ongoing share repurchase program. This move, which involves the cancellation of the purchased shares, is expected to impact the company’s share capital structure and could influence shareholder value and market perception.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 26, 2025

British American Tobacco has executed a buyback of 130,000 of its ordinary shares from Goldman Sachs International as part of its ongoing share repurchase program. This transaction, authorized by shareholders, aims to enhance shareholder value by reducing the number of shares in circulation, thereby potentially increasing the value of remaining shares and improving earnings per share.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £4639.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Enhances Shareholder Value with Share Buyback
Positive
Nov 25, 2025

British American Tobacco has announced the repurchase of 130,000 of its ordinary shares as part of its ongoing buyback program. This transaction, conducted with Goldman Sachs International, reflects the company’s commitment to enhancing shareholder value. The repurchased shares will be canceled, reducing the total number of shares in circulation and potentially increasing the value of remaining shares. This move aligns with the company’s strategic financial management and may impact shareholders’ interests under the FCA’s rules.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £4639.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 21, 2025

British American Tobacco has executed a share buyback, purchasing 129,180 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company plans to cancel these shares, which will adjust the number of shares in issue and could impact shareholder interests and voting rights.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
British American Tobacco Announces Executive Share Acquisition
Neutral
Nov 20, 2025

British American Tobacco has announced a transaction involving its Chief Executive, Tadeu Marroco, and Luciana Franco Do Amaral, who is closely associated with him. The transaction involved the acquisition of ordinary shares through the reinvestment of dividend income, with a total value of £7,177.81, conducted on the London Stock Exchange. This move reflects the company’s ongoing financial activities and may impact its market positioning and stakeholder interests.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 20, 2025

British American Tobacco has executed a share buyback transaction, purchasing 131,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and consolidating the company’s market position.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 19, 2025

British American Tobacco has executed a buyback of 115,000 of its ordinary shares from Goldman Sachs International, as part of its ongoing share repurchase program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and impacting shareholder interests under the FCA’s rules.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and Strategy
British American Tobacco Announces Share Acquisition by Non-Executive Director
Neutral
Nov 18, 2025

British American Tobacco has announced a transaction involving the acquisition of shares by Serpil Timuray, a Non-Executive Director, and Abdurrahman Murat Timuray. This transaction, conducted through the reinvestment of dividend income, involved the purchase of 47 ordinary shares at a price of £42.222415 each, totaling £1,995.19. The transaction took place on November 7, 2025, at the London Stock Exchange. This move reflects the company’s ongoing engagement with its stakeholders and highlights the strategic financial decisions made by its leadership.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Business Operations and StrategyStock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Nov 18, 2025

British American Tobacco p.l.c. announced the repurchase of 138,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and enhancing shareholder returns. Following the cancellation of these shares, the company will have 2,182,709,115 ordinary shares in issue, excluding treasury shares, which carry voting rights. This move is part of the company’s strategy to optimize its capital structure and improve its market positioning.

The most recent analyst rating on (GB:BATS) stock is a Buy with a £4600.00 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 18, 2026