British American Tobacco PLC

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British American Tobacco Earnings: Reduced-Risk Making Progress; Shares Fairly Valued

Kristoffer Inton

Jul 31, 2026

British American Tobacco announced that first-half revenue grew 3% in constant currency and that adjusted operating margin expanded 30 basis points to 43.7%. Reduced-risk revenue grew 17% (now 16% of total), primarily driven by its Velo nicotine pouch.

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British American Tobacco PLC

British American Tobacco Earnings: Reduced-Risk Making Progress; Shares Fairly Valued

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