LONDON, March 9, 2026, 22:10 GMT
British American Tobacco p.l.c. disclosed Monday it repurchased 100,227 ordinary shares on March 6, paying an average of 4,300.2148 pence apiece—roughly 4.31 million pounds spent in this tranche of its ongoing buyback. Those shares are set for cancellation, trimming the total in issue to 2,174,255,596, not counting treasury stock.
It’s a modest buy, yet it comes as BAT dials up cash returns to placate shareholders. On Feb. 12, the group said it tapped Banco Santander to handle share purchases through April 22. Those shares will be cancelled, trimming the overall count.
That’s relevant now, given BAT has already flagged that 2026 figures will lean toward the second half and may land at the low end of its medium-term targets. In its Feb. 18 CAGNY deck, the company stuck with its guidance: revenue up 3% to 5%, adjusted profit up 4% to 6%, and adjusted diluted EPS climbing 5% to 8%.
BAT started this year in stronger shape than it did last year. In its annual report, the company behind Lucky Strike, Dunhill, and Vuse posted a 2.1% revenue increase for 2025 at constant currency. Sales for next-generation products—including vapes, nicotine pouches, and heated tobacco—climbed 7%, accounting for 18.2% of total group revenue.
Velo’s performance in the U.S. stands out. BAT said back in February the nicotine pouch had moved up to the No. 2 spot in U.S. market share, trailing only Philip Morris International’s Zyn, and pulling share from both Zyn and Altria’s On!. Chief Executive Tadeu Marroco described “plenty of opportunity” for further growth. Reuters
Cash keeps talking. Back in February, BAT put a 1.3 billion pound buyback on the table for 2026, and bumped its yearly dividend by 2%, now set at 245.04 pence per share. That payout comes split into four equal chunks.
The tougher challenge remains. Back in December, Marroco was careful about 2026, warning that about 70% of the U.S. vape market stayed unregulated. That’s despite stepped-up federal and state crackdowns, which began to give BAT’s Vuse business a lift.
Skepticism hasn’t lifted from the stock. After BAT’s December update, Rae Maile at Panmure Liberum sounded a note of restraint, saying the outlook was “not quite what the share price needed.” Buybacks may shore up sentiment, but they leave plenty unresolved—think illicit vapes, regulatory hurdles in places like Australia, or ongoing pressure in Bangladesh. Reuters
