BAT H1 2026: Smokeless Hits 19.8% of Revenue, Adjusted EPS +5.9%, FII GLO Concluded
BTI sits 27% above its 52-week low of $49.88.
Summary
BAT's H1 2026 results show Smokeless revenue reaching 19.8% of the total, with adjusted EPS up 5.9% at constant currencies. The FII GLO litigation concluded, releasing a £410M net credit, while the Fit2Win restructuring programme is on track.
Key Events · Earnings and Guidance · BTI
-
H1 2026 Results
Revenue reached £12,235M, up 1.4% on a reported basis and 2.9% at constant currencies. Adjusted diluted EPS came in at 167.7p, a 5.9% constant-currency increase. New Categories revenue surged 18.0% at constant FX, with Modern Oral jumping 65.9% and Vapour rising 5.3%. Smokeless products now account for 19.8% of Group revenue.
-
FII GLO Litigation Concluded
The Franked Investment Income Group Litigation Order has reached its conclusion, resulting in an adjusting net credit to finance costs of £315M and a tax credit of £95M recognised in H1 2026.
-
Fit2Win Restructuring Update
Total expected one-off costs now stand at approximately £950M, comprising £330M in non-cash charges and £620M in cash outflows, with £370M recognised in H1 2026. The programme is expected to complete in 2027 and generate annualised cost efficiencies.
-
Share Buy-Back on Track
In H1 2026, £649M of shares were repurchased, keeping the full-year £1.3B buy-back programme on schedule. A total of 14.6M ordinary shares were repurchased and cancelled during the period.
Analysis · BTI · Manufacturing
British American Tobacco's half-year results show accelerating New Categories growth, with Smokeless products now nearly a fifth of revenue. Adjusted diluted EPS rose 5.9% at constant currencies, driven by strong U.S. performance and Modern Oral. The conclusion of the long-running FII GLO litigation released a £410M net credit, while the Fit2Win restructuring programme is on track to deliver £950M in total one-off costs. The reaffirmed guidance and £1.3B buyback provide stability, but net debt remains elevated at £32.6B. The results are a mixed bag: operational momentum is solid, but litigation and restructuring noise cloud the bottom line.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BTI was trading at $63.37 on NYSE in the Manufacturing sector, with a market capitalization of approximately $136.5B. The 52-week trading range was $49.88 to $67.30. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.