British American Tobacco p.l.c. Business Summary

British American Tobacco p.l.c. (BTI) operates a global multi-category consumer goods business model primarily driven by the transactional sale of tobacco and nicotine products across more than 180 markets. The company’s revenue is bifurcated into two primary segments: Combustibles, featuring iconic cigarette brands such as Dunhill, Kent, Lucky Strike, and Pall Mall, and New Categories, which focuses on non-combustible reduced-risk products including Vuse (vapor), Glo (heated tobacco), and Velo (modern oral). As of February 2026, the company reported FY2025 revenues of £25.61 billion, with its New Categories segment now accounting for over 18% of total group turnover as part of its "A Better Tomorrow" strategic pivot toward a smokeless future. BTI maintains a dominant global market position, trailing only Philip Morris International in total valuation while competing directly with Altria Group and Imperial Brands in the race for next-generation product leadership. Originally founded in 1902 through a joint venture led by James Buchanan Duke, the company is currently managed by a veteran leadership team focused on digital and scientific transformation. Tadeu Marroco serves as the Chief Executive Officer, having joined the group in 1992 and ascending to the top role in May 2023 to accelerate the company's transition away from traditional cigarettes. The executive committee includes Javed Iqbal, who serves as the Interim Chief Financial Officer and Director of Digital and Information, and Luciano Comin as Chief Marketing Officer. The Board of Directors is led by Chair Luc Jobin, whose tenure was recently extended through 2028 to ensure stability during the group's ongoing restructuring. Notable board presence includes Karen Guerra, the Senior Independent Director designate, overseeing a governance structure that manages significant institutional holdings from major global investment firms.