WEBVTT

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I'm pleased that our First Half
performance is in line with expectations.

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We are building momentum as we transform
and I'm confident that we are firmly

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on track to deliver our
full-year 2026 guidance.

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Our global multi-category
portfolio of leading brands,

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combined with enhanced
commercial execution,

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continues to drive our transformation,
with our Smokeless products now

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accounting for 19.8% of Group revenue.

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I would like to share four key
takeaways from today's results.

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First, our New Categories
continue to gain momentum,

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and I'm delighted to report accelerating
top and bottom-line growth.

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We continue to expect mid-teens New
Category revenue growth for the full-year,

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driven by: excellent momentum
in Modern Oral performance

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across all three regions,
a return to growth in Vapour

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for the first time in two
years, led by the U.S.

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and continued traction from our
innovation rollouts across New Categories.

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Importantly, we remain focused
on Quality Growth, prioritising investment

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in our most profitable value
pools, enhancing returns and driving

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strong New Category contribution growth.

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Second, in the U.S., we delivered
strong revenue and profit growth.

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We are the fastest growing company
in total nicotine,

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reflecting the strength of our
multi-category portfolio and disciplined

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execution in the world's
largest value pool.

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This broad-based momentum, combined
with planned Modern Oral and Vapour

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portfolio expansion in the second half,
reinforces my confidence

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in our sustainable future delivery.

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Third, we continue to extend our clear
global Modern Oral leadership

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in the fastest growing New Category.

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In the U.S., we delivered
triple-digit volume and revenue growth,

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driven by the success of Velo Plus
and Grizzly Modern Oral.

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And, in both AME and APMEA,
Velo continued to drive strong

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growth and financial delivery.

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As a result, we further strengthened our
clear global volume share leadership,

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and Modern Oral has now become our
largest New Category by revenue.

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And finally, we continue to drive
value from combustibles

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to fund our transformation, while remaining
focused on volume share globally.

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In combustibles, revenue was up 2.1%,
led by the U.S. and AME,

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more than offsetting a slower
than expected recovery in APMEA.

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Category contribution was up 2.7%,
supported by our ongoing simplification

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and cost savings programmes.

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BAT continues to be highly cash generative
and we remain on track to generate

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more than £50 billion of free cash flow
before dividends by the end of 2030.

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We are making good progress towards
our year-end target leverage range

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of 2 to 2.5 times and
remain committed to delivering

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sustainable shareholder value
through robust cash returns.

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Finally, I would like to thank our BAT
colleagues around the world

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who continue to drive our
transformation with their passion,

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their innovation and their commitment.

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As I look ahead and reflect
on what's on the horizon for BAT,

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I'm excited by the growth opportunities
across our multi-category portfolio,

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and I'm confident in our ability
to deliver long-term profitable growth

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and sustainable value for shareholders.