London, February 3, 2026, 08:20 GMT — Regular session
- BAT shares gained roughly 0.6% in early London trade
- Company announced an additional tranche of share repurchases as part of its ongoing buyback programme
- Upcoming catalysts include a dividend payment set for Feb. 4 and preliminary results due on Feb. 12
Shares of British American Tobacco edged up 0.6% to 4,459 pence by 0820 GMT after the company revealed it repurchased 108,725 shares on Feb. 2 as part of its ongoing buyback program. The average price paid was 4,429.4654 pence. The shares were acquired at prices ranging from 4,390p to 4,457p and will be cancelled, reducing the total share count (excluding treasury stock) to 2,176,779,980, the firm said.
The buyback update carries more weight for what lies ahead than for today’s trading. BAT’s shares have been driven by a blend of cash returns and the approach of annual results, and those deadlines are now fast approaching.
Part of the market’s attention zeroes in on mechanics: how quickly buybacks are happening and the dividend stream. Even in a sector where volume swings wildly, consistent cash payouts keep investors interested.
BAT will pay its next dividend on Feb. 4 to shareholders on the UK and South Africa registers. This forms part of the interim dividend, split into four quarterly payments of 60.06p per share, per the company’s dividend schedule. ADS holders on the New York Stock Exchange can expect their payment on Feb. 9.
The more significant challenge comes the next week. BAT plans to release its 2025 preliminary results on Feb. 12 at 0700 GMT, followed by a webcast at 0930 GMT featuring CEO Tadeu Marroco, Interim CFO Javed Iqbal, and investor relations chief Victoria Buxton.
In the previous session, BAT ended at 4,432 pence, having fluctuated between 4,388p and 4,460p. Trading volume reached roughly 5.4 million shares, based on data from Yahoo Finance.
A buyback happens when a company purchases its own shares on the market. If those shares are cancelled, the total share count drops, potentially boosting earnings per share over time—even if profits stay flat.
Investors are focused on whether BAT’s cash flow can keep up with buybacks, dividends, and investments in “new category” products like vapes and nicotine pouches. They’ll be listening closely to management’s take on pricing and volume trends in key markets. Clues about the growth pace and costs of these newer products often shift the discussion sharply.
The downside risk for tobacco stocks remains close at hand: regulation can clamp down fast, excise taxes can hit hard, and competition from nicotine alternatives can prove ruthless. Buybacks might prop up shares slightly, but they won’t shield against a bleak outlook or missteps in execution.
On Feb. 12, BAT will release preliminary results and commentary that will shape expectations for 2026 — and effectively determine how long investors view the buyback as a safety net.
