British American Tobacco Reports Q2 2026 Earnings with Mixed Performance Across Regions
British American Tobacco (BTI) posted a 2.9% revenue growth at constant currency for the second quarter of 2026, driven by strong performance in its New Category and U.S. markets. Adjusted diluted earnings per share increased by 7.9%, supported by lower net finance costs after debt repayment and higher earning kickers. New Category revenue grew by 18% globally, with Modern Oral products surging 66%. The Velo brand played a key role in this growth, particularly in emerging markets like Japan and Pakistan. However, heated product revenue declined by 12%, impacted by inventory movements and increased competition in value segments across Europe and Asia. The U.S. market saw robust performance with an 8.5% total revenue increase and a record Vuse brand share of nearly 56%. Meanwhile, the APMEA region faced challenges due to regulatory issues and illicit trade activity, leading to a 6.3% decline in revenue.
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Topics: eps_increase new_category_performance revenue_growth