London, February 6, 2026, 08:02 GMT — Regular session
- BAT shares slipped 0.2% early Friday, following a 1.4% gain in the previous session
- The company announced another tranche of share buybacks, confirming those shares will be cancelled.
- Investors are eyeing the February 12 results to gauge the 2026 outlook and potential cash returns
British American Tobacco shares edged down 0.2% to 4,548 pence in early London deals on Friday, following a 1.4% gain to 4,555 pence the day before. The stock kicked off at 4,560 pence, oscillating within a tight band of 4,546 to 4,567 pence. (Investing)
These shifts carry weight as BAT approaches its full-year results, a key test for its pricing power, non-cigarette growth, and shareholder returns. The company will release its 2025 preliminary results on Feb. 12, followed by a webcast that same morning with CEO Tadeu Marroco at the helm. (Bat)
On Friday, a stock exchange filing revealed BAT repurchased 121,668 shares from UBS on Feb. 5, paying a volume-weighted average price of 4,535.6560 pence each. The firm plans to cancel these shares, trimming its total share count. (Moneyweb)
On Feb. 4, BAT bought back 136,167 shares at a volume-weighted average price of 4,541.4024 pence, continuing the same programme. (Moneyweb)
Income remains a key factor in the trade. BAT handed out its most recent quarterly dividend of 60.06 pence per share on Feb. 4, per data from Hargreaves Lansdown. (Hargreaves Lansdown)
Back in December, BAT flagged that its 2026 results might just hit the bottom end of its mid-term targets, hit by tougher regulation and fierce competition in the U.S. vape sector. “I’m trying to be cautious for 2026,” Marroco said then. Rae Maile at Panmure Liberum described the update as “perhaps not quite what the share price needed.” (Reuters)
The downside scenario is straightforward: if the Feb. 12 figures reveal slowing momentum in vaping and oral nicotine, or a heavier blow from regulatory shifts and enforcement, investors might overlook the buyback and focus on the outlook instead.
Elsewhere in UK tobacco, Imperial Brands dipped roughly 0.5% in early trading, highlighting a more subdued mood in that sector. (Investing)
