London, March 3, 2026, 09:07 GMT — Regular session
- BAT shares barely budged in early London dealings, sticking close to their recent highs.
- A fresh batch of share buybacks was announced by the company, adding to its existing repurchase program.
- With the ex-dividend date set for March 26, investors are also tracking fresh developments in U.S. vaping rules.
British American Tobacco edged down just 2 pence to 4,616 pence by 0907 GMT after announcing a fresh buyback. Shares traded between 4,590 and 4,654 pence, holding near their 52-week high of 4,673. 1
The tape’s steadiness is key here—BAT’s buyback and its quarterly dividend are basically the only numbers investors can count on from day to day. Fewer shares from buybacks can nudge per-share figures higher, even if the business itself barely grows.
BAT reported it repurchased 92,891 ordinary shares on March 2, shelling out prices ranging from 4,613 pence up to 4,669 pence. The company pegged the volume-weighted average at 4,639.8420 pence per share. All shares will be cancelled, BAT added. 2
On Monday, BAT reported its voting share count had reached 2,174,922,198 as of Feb. 27, according to a fresh disclosure. The filing also listed 132,976,327 shares held in treasury—stock the company has repurchased and retains. Those treasury shares don’t usually come with voting rights, and companies often cancel them eventually. 3
BAT flagged that its share buyback programme, handled by Banco Santander, will take place between Feb. 12 and April 22. Trading happens independently, sticking to preset boundaries. All shares scooped up are destined for cancellation to cut share capital, according to the company. 4
The main question still centers on growth in “new categories”—think nicotine pouches and vaping—with BAT pushing hard for volume as regulatory pressure mounts. Back in February, CEO Tadeu Marroco called Velo’s U.S. performance “extremely encouraged,” and interim finance chief Javed Iqbal flagged that their AI-driven productivity program “will have an impact on the size of the organisation.” 5
But the risks are well known: unregulated vape sales continue to weigh on prices, enforcement lags, and decisions from regulators or courts could break the wrong way. BAT, for its part, has pointed to a full U.S. International Trade Commission ruling expected in March tied to efforts to block imports of some disposable vapes—a date traders still watch for headline jolts. 6
Income investors are eyeing BAT’s newly declared interim dividend: 245.04p a share for 2025, split across four quarters at 61.26p each. Shares go ex-dividend March 26, and the first payout for 2026 lines up for May 7. 7
Up ahead: keep an eye on March 26, the ex-dividend cut-off. After that, investors will be watching for fresh buyback disclosures, plus any details on the ITC’s March decision window.
