LONDON, March 12, 2026, 15:01 GMT
Shares of British American Tobacco climbed in U.S. trading Thursday, following news of an additional buyback. By 14:46 UTC, BAT was trading at $59.60, a gain of 44 cents from its prior close. In London, the stock last changed hands at 4,368 pence on Wednesday—down 1.2% in delayed data.
BAT’s filing comes on the heels of the company putting shareholder returns back in the spotlight ahead of its April 15 annual meeting. In documents released this week, BAT is asking investors to sign off on renewing the authority to buy back up to 10% of its issued share capital. The group also noted it’s already in the middle of a £1.3 billion buyback for 2026. Buybacks—when a company purchases and cancels its own shares—can lift EPS, or earnings per share, by reducing share count.
BAT disclosed Thursday it picked up 126,605 ordinary shares on March 11, paying an average 4,388.0657 pence apiece, with plans to cancel the lot. That pushes the total number of voting shares down to 2,173,873,953.
On March 10, BAT announced it was sending out the notice for its 2026 AGM along with its annual and sustainability report, performance summary, and proxy materials. Shareholders are set to meet on April 15.
Buybacks offer some backing, but they don’t address the core issue for the stock. Back in February, BAT stuck to its guidance: by 2026, the company expects to hit the lower end of its constant-currency ranges—3% to 5% revenue growth, 4% to 6% growth in adjusted profit from operations, and 5% to 8% growth in adjusted diluted EPS.
Management is putting its weight behind a new lineup of nicotine products. Back in February, Chief Executive Tadeu Marroco said he was “extremely encouraged” by the performance of Velo in the U.S., where BAT has been grabbing pouch market share from both Philip Morris International’s Zyn and Altria’s On! brands. Philip Morris CEO Jacek Olczak has said his firm is set to roll out revamped versions of Zyn to ramp up the fight. Reuters
It’s a tough backdrop out there. By 1057 GMT on Thursday, Britain’s FTSE 100 had slipped 0.4% as oil ticked back up to $100 a barrel and traders eased off on wagers for Bank of England rate cuts. “The longer the disruption goes on,” warned AJ Bell’s Danni Hewson, “the greater the risk to energy prices, inflation and interest-rate expectations.” Reuters
It’s not all smooth sailing. Back in December, BAT warned that tougher competition and tighter rules in the U.S. vape space could push 2026 growth to the lower end of its forecasts. “Not quite what the share price needed,” Panmure Liberum analyst Rae Maile noted. On top of that, a London shareholder suit over BAT’s historic North Korea ties, brought this month, throws another wildcard into the mix. Reuters
BAT’s current pitch to investors is straightforward: think cash returns and fewer shares, set against muted growth prospects and ongoing legal, regulatory concerns. A buyback could lend some stability to the share price, though what matters next is whether its newer products can keep gaining U.S. market share without pinching margins.
