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Summary of British American Tobacco (BAT) 2026 Conference Call Company Overview - **Company**: British American Tobacco (NYSE: BTI) - **Event**: 2026 Conference Call held on February 18, 2026 - **Key Speakers**: Tadeu Marroco (CEO), David Waterfield (President of Reynolds American) Core Industry Insights - **Transformation Goal**: BAT aims to become predominantly smokeless by 2035, focusing on a smoke-free future while maintaining organic growth and shareholder returns [2][3] - **Market Growth**: The nicotine industry is projected to grow at a 4% CAGR over the next five years, driven by double-digit growth in new categories like nicotine pouches, which are expected to nearly triple in revenue by 2030 [3][4] - **Consumer Behavior**: There is a significant shift as smokers transition to less risky alternatives, with polyuse (using multiple nicotine products) doubling over the last five years [4][5] Financial Performance - **Cash Flow**: BAT has generated strong free cash flow, allowing for substantial shareholder returns through dividends and share buybacks [1] - **Revenue Growth Targets**: BAT aims for 3%-5% revenue growth, 4%-6% adjusted profit from operations growth, and 5%-8% adjusted diluted EPS growth in the midterm [25] Product Categories - **Nicotine Pouches**: Fastest-growing category, with VELO being a leading brand. VELO's consumer numbers, volume, and revenue have tripled over the last three years [9][11] - **Vapor Products**: Vuse is the global leader with a 39% market share, and the category is expected to grow significantly as regulatory environments improve [13][14] - **Heated Products**: The glo product line is positioned in a growing market, with a focus on premium segments [15][16] Regulatory Environment - **Regulatory Progress**: There are now 24 countries with regulatory frameworks for nicotine pouches, up from 4 in 2022. The FDA has initiated a pilot program to expedite the approval process for nicotine pouches [12][38] - **Enforcement Actions**: Increased enforcement against illegal products is crucial for the vapor market, with significant progress noted in 2025 [37][38] U.S. Market Focus - **U.S. Strategy**: The U.S. is a cornerstone of BAT's strategy, with Reynolds American positioned to capitalize on the evolving market. The U.S. nicotine revenue pool is projected to grow above a 4% CAGR through 2030 [26][28] - **Investment Commitment**: BAT is committing GBP 2.5 billion by 2030 to support U.S. growth, which is expected to create over 2,000 jobs [30][31] Competitive Positioning - **Market Leadership**: Reynolds is the number one choice for adult nicotine consumers, with nearly 22 million users. The company has seen growth in all product categories, particularly in smokeless and new categories [32][33] - **Value Share Growth**: Reynolds has increased its total nicotine volume share by over 100 basis points from December 2024 to December 2025, with significant contributions from smokeless categories [33][34] Conclusion - **Sustainable Value Creation**: BAT is focused on delivering sustainable value while preparing for future growth through a balanced portfolio of combustibles and new categories [42][43] - **Future Outlook**: The company is well-positioned to lead in the U.S. nicotine market, leveraging its multi-category portfolio and commitment to innovation and regulatory engagement [43][44]

Financial Data and Key Metrics Changes - Group revenue increased by 2.1%, adjusted profit rose by 3.4%, adjusted profit from operations grew by 2.3%, and adjusted diluted EPS was up by 3.4% [8][17] - The company delivered results at the top end of guidance, supported by accelerated momentum through the second half of the year [6][8] - Adjusted operating profit grew by nearly 10%, driven by operating leverage and efficiency gains in combustibles [12] Business Line Data and Key Metrics Changes - New categories revenue grew by 7%, driven by outstanding growth in Modern Oral, which was up strongly by 48%, while Heated Products increased by 1% [8][10] - Combustibles revenue grew by 1%, with volume decline more than offset by a robust price mix across markets [9][10] - Vapor revenue declined by nearly 9%, mainly due to continued illicit pressures in the U.S. and Canada [8][10] Market Data and Key Metrics Changes - In the U.S., combustibles revenue increased by 4.6%, with a value share increase of 30 basis points [10][11] - New category revenue in the U.S. grew nearly 20%, driven by the success of VELO+, which delivered over 300% growth [10][11] - In AME, revenue grew over 3%, with combustibles up more than 2%, supported by strong delivery in Brazil, Turkey, and Mexico [11][12] Company Strategy and Development Direction - The company aims to become a predominantly smokeless business by 2035, focusing on premium innovation and quality growth [20][21] - The Fit to Win program is expected to deliver GBP 600 million of annualized incremental savings by 2028, with a focus on optimizing processes and improving execution [15][16] - The company is committed to reinvesting savings to support further sustainable growth initiatives [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to the Midterm Algorithm in 2026, with expectations of 3%-5% revenue growth and 4%-6% adjusted profit from operations growth [18][19] - The company is optimistic about the growth potential in Modern Oral and the performance of VELO+ in the U.S. market [22][23] - Management acknowledged challenges in the APMEA region but expects stabilization in performance as regulatory headwinds lessen [13][14] Other Important Information - The company announced an increase in share buyback to GBP 1.3 billion for 2026 and a 2% increase in dividends [3][17] - The company has delivered GBP 1.2 billion in productivity savings since 2023, helping to offset inflationary pressures [15][14] - The company remains on track to generate more than GBP 50 billion in free cash flow by the end of 2030 [18][33] Q&A Session Questions and Answers Question: Expectations for Modern Oral performance in the U.S. for fiscal 2026 - Management believes that the strong retention rate of VELO+ and increasing average daily consumption indicate continued growth potential in the U.S. market [39][40] Question: Factors that could improve performance guidance for 2026 - Management highlighted the potential for improved enforcement in the vapor category and the expected growth in new categories as key factors for better performance [46][49] Question: Insights on heated tobacco share progression in 2026 - Management acknowledged the competitive landscape but expressed confidence in the revamped product offerings, including glo HYLO, to strengthen market position [47][48]

Financial Data and Key Metrics Changes - Group revenue increased by 2.1%, adjusted profit rose by 3.4%, adjusted profit from operations grew by 2.3%, and adjusted diluted EPS was up by 3.4% [8][17] - The company delivered results at the top end of guidance, supported by accelerated momentum through the second half of the year [8][18] - Adjusted profit was impacted by nearly GBP 1.6 billion in amortization related to U.S.-acquired trademarks and a net credit of GBP 524 million from the Canadian combustible industry outlook [6][7] Business Line Data and Key Metrics Changes - New categories revenue grew by 7%, driven by Modern Oral, which was up by 48%, while Heated Products increased by 1% [8][10] - Vapor revenue declined by nearly 9%, primarily due to illicit pressures in the U.S. and Canada [8][10] - Combustible revenue grew by 1%, with volume decline offset by robust price mix across markets [9][10] Market Data and Key Metrics Changes - In the U.S., combustibles revenue increased by 4.6%, with a value share increase of 30 basis points [10][11] - New category revenue in the U.S. grew nearly 20%, driven by VELO+, which delivered over 300% growth [10][11] - In AME, revenue grew over 3%, with combustibles up more than 2%, supported by strong delivery in Brazil, Turkey, and Mexico [11][12] Company Strategy and Development Direction - The company aims to become a predominantly smokeless business by 2035, focusing on premium innovation and quality growth [20][21] - The Fit to Win program is expected to deliver GBP 600 million of annualized incremental savings by 2028, with GBP 500 million expected by 2027 [15][16] - The company is committed to reinvesting savings to support further sustainable growth initiatives [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to the Midterm Algorithm in 2026, with expectations of 3%-5% revenue growth and 4%-6% adjusted profit from operations growth [18][19] - The company anticipates stabilization in performance in APMEA and continued investment in premium innovations [19][54] - Management highlighted the importance of regulatory improvements and enforcement in the vapor category, which is expected to support future growth [31][32] Other Important Information - The company announced a 2% increase in its dividend and a share buyback increase to GBP 1.3 billion for 2026 [17][18] - The operating margin remained broadly flat at 44%, successfully offsetting inflationary and FX pressures [14][15] - The company has a strong cash generation capability, aiming to deliver more than GBP 50 billion in free cash flow by 2030 [33][34] Q&A Session Summary Question: Expectations for Modern Oral performance in the U.S. for fiscal 2026 - Management believes that the strong retention rate of 70% for VELO+ indicates competitive potential for continued growth in the U.S. market [39][40] Question: Factors that could improve performance in 2026 - Management highlighted the expectation of less drag from Australia and continued investment in premium innovations as key factors for improved performance [45][52] Question: Which category offers the most growth potential - Management expressed that Modern Oral is the most exciting category due to its rapid growth and potential in emerging markets [58][59] Question: Concerns regarding the Australian market - Management acknowledged the challenges in Australia due to increasing illicit market share but noted that the drag will lessen over time [63][64]

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Financial Data and Key Metrics Changes - IDEXX reported a revenue increase of 13% as reported and 12% organically, with CAG Diagnostics' recurring revenues growing over 10% organically [4][5] - Earnings per share (EPS) for Q3 was $3.40, reflecting a 15% growth on a comparable basis [5][12] - The company increased its full-year revenue outlook to a range of $4,270 million to $4,300 million, representing an overall reported revenue growth of 9.6% to 10.3% [5][14] Business Line Data and Key Metrics Changes - CAG Diagnostics' recurring revenue growth was negatively impacted by a 1.2% decline in U.S. same-store clinical visits [4][6] - IDEXX VetLab Consumables revenues increased 16% organically, supported by the expansion of the premium instrument install base [9] - Global Rapid Assay revenues declined 5% organically due to a shift in testing to the Catalyst platform [10] Market Data and Key Metrics Changes - U.S. organic CAG Diagnostics' recurring revenues grew 8% in Q3, while international CAG Diagnostics' recurring revenue grew 14% organically [6][8] - Water revenues increased 7% organically, with strong growth in international regions [11] - Livestock, poultry, and dairy revenues increased 14% organically, with double-digit gains across most regions [11] Company Strategy and Development Direction - IDEXX aims to expand its CancerDx franchise in 2026, adding mass cell tumor detection and another high-impact cancer biomarker [19][29] - The company is focused on enhancing its commercial footprint in international markets, with plans to expand in three countries by early 2026 [22] - IDEXX's strategy includes continuous investment in innovation and commercial capabilities to drive growth and improve customer engagement [20][42] Management's Comments on Operating Environment and Future Outlook - Management noted that diagnostics remains the fastest-growing revenue stream within veterinary clinics, driven by increased testing frequency and utilization [18] - The company expects to see continued growth in clinical visits as the pet population ages, particularly among dogs and cats [51] - Management highlighted the importance of maintaining high customer retention levels and the ongoing demand for IDEXX's innovative solutions [20] Other Important Information - Free cash flow for Q3 was $371 million, with a net income to free cash flow conversion rate of 94% [12] - The company allocated $242 million for share repurchases during Q3, contributing to a 2.7% year-over-year reduction in diluted shares outstanding [14] Q&A Session Summary Question: Strength of consumables in the quarter - Management indicated that growth in VetLab consumables is broad-based, driven by a large install base and high-quality placements [33] Question: MU consumables and new contracting terms - The growth in consumables is attributed to the high-quality placements and the introduction of new tests that veterinarians prefer to perform at the point of care [34] Question: MU placements and backlog of customers - Management confirmed that they are on track with MU placements and expect most customers to utilize multiple testing use cases [35] Question: End market visit trends - Management noted that non-wellness visits were closer to flat in Q3, with pressures on wellness visits continuing [38] Question: International CAG diagnostic recurring revenue growth - Management highlighted that international markets are still developing, with significant opportunities for growth as the sales organization matures [49]

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Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the expected acceleration in the new tobacco sector for British American Tobacco in the second half of 2025, driven by strong performance in oral tobacco products and the phased launch of new products [2][6] - The 618 shopping festival is anticipated to boost domestic brands in personal care and outdoor sports, with significant growth potential for companies like Morning Glory and others leveraging IP strategies [2][6] Summary by Sections Home Furnishing - The home furnishing sector is expected to gradually recover as consumer confidence improves, with many companies currently valued at historical lows. Key players to watch include custom furniture leaders like Oppein and Sophia [6][10] Paper and Packaging - As of June 6, 2025, prices for various paper products remain stable, with white cardboard prices increasing slightly. The report suggests a cautious outlook due to overall weak terminal demand [6][54] - The paper industry saw a 1.6% year-on-year decline in revenue from January to April 2025, but fixed asset investment increased by 7.6% during the same period [66][68] Light Industry Consumption - The report notes that domestic brands in personal care are rapidly expanding their market presence, particularly through platforms like Douyin. Companies such as Dekang and Baiya are highlighted for their growth potential [6][8] Export Chain - The report indicates a robust outlook for export-oriented companies, with shipping costs rising due to increased demand for goods from China. Companies like Zhongxin and Zhejiang Nature are recommended for investment [6][8] New Tobacco - British American Tobacco's new tobacco segment is projected to see significant growth in the latter half of 2025, with a full-year growth expectation of mid-single digits, driven by strong performance in oral tobacco and the introduction of new products [6][8] Textile and Apparel - The textile and apparel sector has shown resilience, with notable sales increases during the 618 shopping festival. Brands like Anta and Li Ning are recommended for their strong performance [6][10]