London, March 13, 2026, 14:55 GMT
British American Tobacco p.l.c. shares traded around 4,515 pence by 1442 GMT on Friday, up about 1.5% on the day and roughly 5.3% over five sessions. Even after the recent climb, the stock remained below its 52-week high of 4,876.92 pence. 1
The move matters because it comes against a softer company outlook. Last month, BAT reiterated that 2026 revenue growth, adjusted profit from operations growth and adjusted diluted EPS — a per-share profit measure adjusted for certain items — were all likely to land at the lower end of its mid-term targets. 2
BAT said on Friday it bought 125,855 ordinary shares on March 12 at a volume-weighted average price of 4,414.2424 pence each, meaning the average paid across the day’s trades. The shares are due to be cancelled, and a February filing showed the current stage of the programme runs through April 22 to reduce the share count. 3
The company paired that with broader cash returns earlier this year. In February it reported 2025 revenue of 25.61 billion pounds, up 2.1% at constant exchange rates, said smokeless products made up 18.2% of group revenue, lifted the annual dividend 2% to 245.04 pence and set a 1.3 billion pound buyback for 2026. Chief executive Tadeu Marroco said the business had “accelerating momentum through 2025.” 4
But one of BAT’s U.S. regulatory bets has just gone the other way. The U.S. International Trade Commission on March 10 issued a final determination of no violation in Reynolds American’s case over certain disposable vaporizer devices, shutting one route BAT had hoped could help curb rival imports; Marroco told Reuters last month that a favorable import block could cut the unregulated U.S. vape market by as much as a third, though any full impact was “unlikely before 2027.” 5
A separate U.S. route is still open. The USITC on Feb. 26 instituted another Section 337 case — a trade-law process companies use to challenge allegedly unfair imports — covering certain disposable and other closed-system electronic nicotine delivery systems, or ENDS, after complaints from Reynolds entities. 6
Competitive pressure is not easing, either. Philip Morris International forecast stronger-than-expected 2026 profit in February even as it flagged heavier rivalry in nicotine pouches, a market where BAT is also trying to gain share. 7
Another risk sits in London. Reuters reported last week that BAT faces a shareholder lawsuit over allegations it failed to properly inform the market about historic breaches of U.S. sanctions linked to North Korea. BAT acknowledged the claim and declined further comment. 8
