Innovation And InvestmentBAT notes an H2 acceleration in line with expectations, driven by New Categories innovation phasing, benefits of H1 investments in US combustibles commercial actions and an unwind of wholesaler inventory moves.
Profitability And DeleveragingBritish American Tobacco has improved profitability of new categories, taken action to address underperformance in US combustibles, and made progress on deleveraging enabling share buybacks to recommence.