British American Tobacco (BATS.L, BTI) Stock: £1.3bn Buyback Meets Cautious 2026 Outlook as Vuse Fights Illicit Vapes
LONDON (20 December 2025) — British American Tobacco p.l.c. stock has spent the final stretch of 2025 doing what tobacco stocks do best: defying expectations, paying investors, and attracting arguments. On one side of the ring, BAT is leaning hard into shareholder returns and balance-sheet repair — including a £1.3 billion share buyback for 2026 and continued daily repurchases under its current programme. Bat+2Securities and Exchange Commission+2On the other side: management is telling investors to expect 2026 growth at the lower end of its medium‑term targets, with the biggest pressure point still the U.S. vapour market, where illicit competition has