British American Tobacco p.l.c. (BTI) Q2 2026 Earnings Call Transcript

SA Transcripts 161.51K Followers Follow British American Tobacco p.l.c. ( BTI ) Q2 2026 Earnings Call July 29, 2026 8:00 PM EDT Company Participants Tadeu Marroco - CEO, Member of Management Board & Executive Director Syed Iqbal - Interim CFO, Director of Digital & Information and Member of Management Board Victoria Buxton - Head of Investor Relations Conference Call Participants Andrei Andon-Ionita - Jefferies LLC, Research Division Mirza Faham Baig - UBS Investment Bank, Research Division David Roux - Morgan Stanley, Research Division Damian McNeela - Deutsche Bank AG, Research Division Pallav Mittal - Barclays Bank PLC, Research Division Rey Wium - Anchor Stockbrokers Proprietary Limited, Research Division Richard Felton - Goldman Sachs Group, Inc., Research Division Presentation Tadeu Marroco CEO, Member of Management Board & Executive Director Good morning, everyone. I'm delighted to welcome you to our 2026 Interim Results Presentation. With me this morning is Javed Iqbal, Interim CFO; and Victoria Buxton, Group Head of Investor Relations. I will begin with our transformation highlights. Javed will then take you through our financial results in more detail. Finally, I will return to talk more about our performance outlook and why we are confident in the pathway ahead given the clear momentum we are building. We will then take your questions. With that, I'd like to draw your attention to the disclaimers on Slide 2 and 3. Let's begin by looking at our transformation momentum. Starting with some highlights from H1. Smokeless now represents 19.8% of group revenue, up 160 basis points versus last year. We added 4.1 million smokeless consumers over the last 12 months, taking the total to 35 million. This progress is mainly driven by Modern Oral industry growth, where the strength of the Velo brand continues to resonate strongly with consumers. Our first half results were in line with expectations, supported by a strong multi-category delivery in the U.S., excellent Velo momentum