Bat releases first-half growth report, boosting 2026 outlook confidence
British American Tobacco reported revenue of £12.24 billion in the first half of 2026, up 1.4% in nominal terms and at constant exchange rates2
British American Tobacco reported revenue of £12.24 billion in the first half of 2026, up 1.4% in nominal terms and 2.9% in constant currency terms, led by the US and AME (Americas, Middle East and Africa) markets. New Categories revenue grew 18% to £1.93 billion at constant exchange rates, driven by Modern Oral and a return to double-digit growth in US e-cigarettes (Vapor).
Smokeless products reached 35 million consumers, accounting for 19.8% of the group's total revenue, while the profit contribution of new tobacco increased by 54.7% to £257 million. U.S. market revenue grew 8.5%, with new tobacco revenue up 58.1%, AME market revenue up 0.9%, and APMEA (Asia Pacific, Middle East, and Africa) market down 6.3%.
Hyundai's tobacco revenue grew by 65.9% and its volume share of the core market reached 39.2%, further consolidating British American Tobacco's leadership position. Revenue from traditional cigarettes (Combustibles) grew 2.1%, continuing to fund the company's transformation. Adjusted diluted earnings per share (EPS) increased by 7.9% at constant exchange rates net of Canadian impact, while adjusted operating profit increased by 3.5%. British American Tobacco expects full-year adjusted diluted EPS growth to be close to its median guideline range of 5% to 8%, and plans to roll out Velo Max nationwide in the US in the second half of the year, as well as a selection of Vuse-flavored e-cigarettes for adult consumers.
Smokeless products reached 35 million consumers, accounting for 19.8% of the group's total revenue, while the profit contribution of new tobacco increased by 54.7% to £257 million. U.S. market revenue grew 8.5%, with new tobacco revenue up 58.1%, AME market revenue up 0.9%, and APMEA (Asia Pacific, Middle East, and Africa) market down 6.3%.
Hyundai's tobacco revenue grew by 65.9% and its volume share of the core market reached 39.2%, further consolidating British American Tobacco's leadership position. Revenue from traditional cigarettes (Combustibles) grew 2.1%, continuing to fund the company's transformation. Adjusted diluted earnings per share (EPS) increased by 7.9% at constant exchange rates net of Canadian impact, while adjusted operating profit increased by 3.5%. British American Tobacco expects full-year adjusted diluted EPS growth to be close to its median guideline range of 5% to 8%, and plans to roll out Velo Max nationwide in the US in the second half of the year, as well as a selection of Vuse-flavored e-cigarettes for adult consumers.
