LONDON, Feb 15, 2026, 11:23 GMT — Market closed.
- BAT ended Friday at 4,354p, slipping 1.1%.
- The company released its 2025 annual report and filed its Form 20-F on Friday.
- Investors have their eyes on how quickly buybacks are happening, as well as whether cost-cutting promises are actually being executed.
British American Tobacco (BATS.L) closed off 1.1% at 4,354 pence on Friday. London’s markets stay closed Sunday; trading picks back up Monday. (Hargreaves Lansdown)
The company confirmed release of its 2025 annual report and submission of its Form 20-F to the U.S. SEC, providing a fuller breakdown of audited figures and risk factors. (Investegate)
BAT’s recent filings follow its announcement of an AI-driven productivity drive that might lead to workforce reductions, though interim finance chief Javed Iqbal said it’s “too early” to give specifics on potential layoffs. The company, in its full-year report, also highlighted robust U.S. demand for its Velo nicotine pouch. (Reuters)
BAT kicked off Friday at 4,472p, slid as low as 4,323p, and wrapped up the session at 4,354p. Trading volume hit roughly 7,686,412 shares, London Stock Exchange data showed. (Yahoo Finance)
Shares slipped even as London’s FTSE 100 added 0.4% Friday, marking its third week higher. According to Reuters, a dose of takeover chatter and hopes for lower rates cushioned the index against renewed AI jitters and earnings worries. (Reuters)
BAT reported picking up 100,428 shares on Feb. 12, shelling out a volume-weighted average of 4,361.3088p per share—that’s the average across all trades that day. The company plans to cancel these shares, putting the total in issue, not counting treasury stock, at 2,175,744,203. (Investegate)
BAT, in another filing, noted its ongoing buyback agreement with Banco Santander spans from Feb. 12 through the end of the trading day on April 22. The bank is handling trading on its own, though it has to stay within certain boundaries. (Investegate)
Chief Executive Tadeu Marroco on Thursday said he was “pleased with our accelerating momentum through 2025,” and confirmed the group is sticking with its 2026 shareholder-return targets, including a £1.3 billion buyback. (Bat)
Derren Nathan, head of equity research at Hargreaves Lansdown, called the 2025 numbers “a mixed picture.” Pricing gave some support against weaker volumes, but cash flow took a hit because of a $2.6 billion payout linked to Canada. BAT’s 2026 outlook, Nathan noted, leans toward the bottom of its medium-term goals. (Hargreaves Lansdown)
BAT keeps leaning hard into its “smokeless” lineup — think vapes, heated tobacco, nicotine pouches — and that’s shaping how investors see the stock. The company’s made noise about Velo picking up speed in the U.S., although it’s still behind Zyn from Philip Morris International over there. (Financial Times)
But the annual report throws a spotlight on a stubborn risk: the black market’s growing bite. BAT put illicit tobacco at just above 15% of total global volume for 2025, warning that those numbers might keep climbing through 2027. A swelling illegal trade cuts into legal sales and tends to invite tougher regulation; it also tends to jolt tobacco stocks without much warning. (Bat)
Investors have their eye on next week for more buyback updates and signs BAT is moving ahead with its cost program mentioned in the results. The company plans to send out its annual report and related shareholder papers on March 10. (Co)
