London, Feb 27, 2026, 09:27 GMT — Regular session.
- Shares of British American Tobacco slipped 0.5% early in London, following the company’s latest buyback filing.
- On Feb 26, the company purchased 93,317 shares and intends to cancel them.
- Shares go ex-dividend March 26, with the initial quarterly payout scheduled for May 7.
British American Tobacco p.l.c. (BATS.L) slipped 0.5% to 4,607 pence as of 0927 GMT in London, following news of fresh share buybacks. Shares remain close to their 52-week peak of 4,647.
Daily buyback announcements tend to fly under the radar, but the bigger story looms large. BAT relies heavily on cash returns, through dividends and buybacks, to hang on to long-term shareholders as it pushes deeper into nicotine pouches and vaping products.
The stock is hovering close to its highs for the year. Investors are tracking if demand holds up—and what that reveals about the board’s sense of value.
BAT picked up 93,317 shares on Feb 26, paying a volume-weighted average price (VWAP) of 4,618.6517 pence, according to a filing. Trades went through anywhere from 4,592 pence up to 4,646. The group’s cancelling the newly acquired stock, which will leave 2,174,828,881 shares outstanding and 132,976,327 in treasury—those don’t come with voting rights.
BAT’s buyback, which kicked off in 2024, is rolling straight through to 2026. Chief executive Tadeu Marroco, in results out this month, stuck to his script: “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.” Still, Marroco flagged trouble in the Vapour category, calling out “illicit proliferation” even as Vuse numbers pick up. BAT
BAT’s board signed off on an interim dividend of 245.04 pence per share for 2025, to be paid in four chunks of 61.26 pence each. Shares will trade ex-dividend in London starting March 26. The initial payout arrives May 7.
BAT is pushing deeper into “smokeless” lines as traditional cigarette sales decline, focusing efforts on nicotine pouches and heated tobacco. Earlier this month, the Financial Times reported that Velo’s rapid growth in the U.S. has left BAT trailing Philip Morris International’s Zyn in that space. Financial Times
Still, if regulators crack down on pricing or grey-market and illicit products keep grabbing share, that buyback boost could disappear in a hurry. A slip-up in smokeless, or new litigation headlines, and sentiment could quickly revert to the old-school tobacco script.
BAT is on the growing list of firms tying efficiency pushes to increased adoption of artificial intelligence—a trend that’s coming alongside broader job reductions, according to a Reuters analysis this week. The company hasn’t disclosed how many roles could be affected.
Traders are watching for fresh repurchase notices and the stock’s reaction heading into the March 26 ex-dividend date. Any word from the board’s spring meetings, especially on the buyback tempo, will keep the name in focus through next week.
