British American Tobacco PLC

BATS: XLON (GBR)

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BAT: Capital Markets Day Reaffirms Midterm Growth Algorithm, but Market Expects Far Worse

Kristoffer Inton

Sep 30, 2026

British American Tobacco presented an updated strategy at its capital markets day, but most of it was unchanged. BAT expects to drive growth from new categories while extracting robust free cash flow generation from its combustibles business.

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British American Tobacco PLC

BAT: Capital Markets Day Reaffirms Midterm Growth Algorithm, but Market Expects Far Worse

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