London, Feb 19, 2026, 08:55 (GMT) — Regular session
Shares of British American Tobacco BATS.L climbed in early London trading Thursday, picking up 45 pence, or roughly 1.0%, to reach 4,389 pence by about 0840 GMT. Investors responded to new guidance language and the latest buyback announcement. The stock moved between 4,359 and 4,403 pence, with prices on a 15-minute delay.
On Wednesday, the tobacco group reaffirmed its earlier guidance for 2026, saying it still sees results coming in at the lower end of its target ranges. The company is sticking to its forecast of 3%-5% revenue growth, 4%-6% adjusted profit from operations growth, and 5%-8% adjusted diluted earnings per share growth, all calculated in constant currency to smooth out exchange rate moves.
This is crucial now, since BAT’s investment case is built around steady cash returns, yet management continues to caution that hitting the upper range of its own guidance isn’t on the table. In a filing Thursday, BAT disclosed it had picked up 98,873 shares on Feb. 18 at an average price of 4,349.0199 pence apiece—shares it plans to cancel as part of the buyback program started in March 2024.
Chief Executive Tadeu Marroco, in remarks prepared for the Consumer Analyst Group of New York (CAGNY) conference, told investors that BAT is “transforming, driven by our ambition to be a predominately Smokeless business by 2035.” The company highlighted sharp momentum in nicotine pouches and now expects industry revenue in that segment to “nearly triple by 2030.” BAT
Others on the forum shared their perspectives, too. Philip Morris International noted plans to stick with its 2026 full-year guidance while its top executives spoke to investors at CAGNY.
Shares of BAT rose even as the broader market lost ground, with the FTSE 100 slipping roughly 0.4% as of this report.
BAT holders have their eyes on execution in smokeless products right now — with the U.S. vape market in particular drawing attention, as regulators and states push to crack down on illicit products and legal brands scramble for shelf space.
The road ahead isn’t smooth. Enforcement tends to be inconsistent, and changes to taxes, flavour restrictions, or import inspections can swing demand and prices in a heartbeat—further muddying an outlook for 2026 that’s already distinctly cautious at the “lower end.”
Now, the focus shifts to the U.S. legal and regulatory calendar. BAT’s CAGNY slides pointed out a key date: March 2026, when the U.S. International Trade Commission is set to deliver a final decision in a patent dispute. After that, a 60-day presidential review window would open in the second quarter.
