London, Feb 27, 2026, 09:27 GMT — Regular session.
- British American Tobacco shares down 0.5% in early London trade after a fresh buyback filing
- Company bought 93,317 shares on Feb 26 and plans to cancel them
- Next key date: shares set to trade ex-dividend on March 26; first quarterly payment due May 7
Shares of British American Tobacco p.l.c. (BATS.L) edged lower in early London trade on Friday after the company disclosed another round of share repurchases. The stock was down 0.5% at 4,607 pence by 0927 GMT, not far from a 52-week high of 4,647. 1
The daily buyback notices are small, but the theme is big. BAT leans on cash returns — dividends and repurchases — to keep long-term investors with it while it shifts further into nicotine pouches and vapes.
With the shares near their year highs, the market is watching whether the buying stays steady and what it says about the board’s view of value.
BAT bought 93,317 shares on Feb 26 at a volume-weighted average price (VWAP) — an average that weights bigger trades more — of 4,618.6517 pence, a filing showed. Prices ranged from 4,592 to 4,646 pence. The company plans to cancel the shares, leaving 2,174,828,881 shares in issue and 132,976,327 held in treasury, which do not carry voting rights. 2
The repurchase is part of a buyback programme BAT launched in 2024 and has continued into 2026. Chief executive Tadeu Marroco said in this month’s results statement: “I remain committed to delivering sustainable shareholder value through robust cash returns, with progressive dividends and sustainable share buy-backs, including £1.3 billion programme for 2026.” He also warned that “the Vapour category continues to be impacted by illicit proliferation” even as Vuse performance improves. 3
BAT said the board declared an interim dividend of 245.04 pence per share for 2025, payable in four equal quarterly instalments of 61.26 pence. The shares are set to go ex-dividend in London on March 26, with the first payment due May 7. 4
BAT has been leaning harder on “smokeless” products, chasing growth in nicotine pouches and heated tobacco while cigarette volumes slide. The Financial Times reported earlier this month that Velo’s U.S. surge has put BAT behind Philip Morris International’s Zyn in that market. 5
But the stock’s support from buybacks can fade fast if regulators tighten on pricing or if illicit and grey-market products keep taking share. Any stumble in smokeless execution, or fresh litigation noise, could drag sentiment back toward the old tobacco playbook.
BAT has also been flagged among companies that have linked efficiency drives to bigger use of artificial intelligence, part of a broader wave of job cuts, a Reuters analysis this week found. The company has not set out a headcount number. 6
For traders, the next tells are simple: more repurchase notices, and how the shares behave into the March 26 ex-dividend date. The board’s spring meetings — and any update on the buyback pace — will keep the stock on watch through next week.
