London, March 13, 2026, 14:55 GMT
British American Tobacco p.l.c. was changing hands near 4,515 pence at 1442 GMT Friday, picking up roughly 1.5% for the session and adding about 5.3% across the last five days. Still, shares have yet to revisit their 52-week high of 4,876.92 pence.
This shift lands as the company signals a weaker outlook. BAT, just last month, stuck by its 2026 guidance but warned that revenue, adjusted operating profit, and adjusted diluted EPS — its cleaned-up per-share earnings figure — are all tracking toward the bottom edge of its mid-term range.
British American Tobacco picked up 125,855 ordinary shares on March 12, paying an average 4,414.2424 pence apiece on a volume-weighted basis, the company said Friday. The shares, which are set for cancellation, are part of an ongoing buyback program slated to run until April 22, according to a February filing aimed at trimming BAT’s outstanding share count.
The company matched those broader cash returns earlier this year. Back in February, it posted 2025 revenue of 25.61 billion pounds, up 2.1% at constant exchange rates. Smokeless products accounted for 18.2% of group revenue. The annual dividend climbed 2% to 245.04 pence, and the board set a 1.3 billion pound buyback for 2026. Chief executive Tadeu Marroco pointed to “accelerating momentum through 2025.” Investegate
But BAT’s push with U.S. regulators has just hit a wall. On March 10, the U.S. International Trade Commission handed down a final ruling: no violation in Reynolds American’s case targeting certain disposable vaporizer devices. That closes off a legal avenue BAT was counting on to slow down competing imports. Last month, Marroco told Reuters that if they’d secured an import block, it could have slashed the unregulated U.S. vape market by up to a third—though he cautioned any sweeping effect was “unlikely before 2027.” Usitc
There’s still an active path in the U.S. The USITC kicked off another Section 337 investigation on Feb. 26, targeting some disposable and other closed-system electronic nicotine delivery systems, or ENDS, following complaints brought by Reynolds entities. Section 337 cases are a trade-law tool companies rely on to go after allegedly unfair imports.
Competitive heat remains high. Back in February, Philip Morris International raised its 2026 profit outlook, but the company noted intensifying battles over nicotine pouches—a segment where BAT is also scrambling for a bigger foothold.
London brings its own headache. According to a Reuters report last week, BAT is now staring down a shareholder lawsuit alleging it didn’t adequately alert the market to historic U.S. sanctions violations tied to North Korea. BAT has confirmed the legal action but wouldn’t say more.
