British American Tobacco p.l.c. (NYSE: BTI)

British American Tobacco p.l.c. is a leading multi-category consumer goods business that provides tobacco and nicotine products to millions of adult consumers worldwide. The Group operates a globally integrated supply chain and manufactures a diverse portfolio spanning combustibles, smokeless products, and oral nicotine offerings. Its core activities include the production, marketing, and distribution of cigarettes, heated tobacco products, vapour products, and modern and traditional oral nicotine products across over 140 markets.

British American Tobacco p.l.c. generates revenue primarily through the sale of its tobacco and nicotine product portfolio to adult consumers via retail channels globally. The company's revenue is derived from four main product categories: Combustibles, New Categories (which include Vapour, Heated Products, and Modern Oral), Traditional Oral, and Other. In 2025, Combustibles contributed £20,201 million or 78.9% of total revenue, New Categories generated £3,621 million or 14.1%, Traditional Oral amounted to £1,043 million or 4.1%, and Other accounted for £745 million or 2.9%, resulting in total revenue of £25,610 million.

British American Tobacco p.l.c. operates through the following segments: Combustibles, New Categories, Traditional Oral, and Other.

• Combustibles: This segment includes the manufacture and sale of cigarettes and other tobacco products such as cigarillos and fine cut tobacco. The Group sold 465 billion cigarette sticks and 12 billion other tobacco products (stick equivalents) in 2025. Its combustible brands include internationally recognised names such as Dunhill, Kent, Lucky Strike, Pall Mall, and Rothmans, along with regional and local brands tailored to specific markets.

• New Categories: This segment encompasses the Group’s smokeless and reduced-risk product portfolio, including Vapour, Heated Products (HPs), and Modern Oral products. Vapour products are led by the global brand Vuse, which is the #1 brand in the rechargeable closed system vapour category in tracked channels. Heated Products are centred around the flagship brand glo, with premium innovations like glo Hilo and glo Hilo Plus offering dual-heating technology. Modern Oral products are dominated by the Velo brand, including innovations such as Velo Plus and Velo Shift, which are nicotine pouches placed between the gum and upper lip.

• Traditional Oral: This segment focuses on snus and snuff products, which are moist forms of oral tobacco placed between the lip and gum for nicotine absorption. Traditional Oral products are available in loose form or as pouches and are marketed under specific regional brands. As of the date of the Form 20-F, Traditional Oral brands are currently available in 3 markets, reflecting the niche but established nature of this category in select regions.

• Other: This segment includes revenue from ancillary activities not directly tied to the core product categories, such as contract manufacturing, royalties, and other minor business lines. While specific brand names are not highlighted in this segment, it supports the Group’s overall operations through supplementary income streams. The Other segment contributed £745 million to total revenue in 2025, representing 2.9% of the Group’s overall sales.

British American Tobacco p.l.c. holds a leading position in the global tobacco and nicotine industry, ranking among the world’s largest tobacco companies by volume and revenue. The Group competes with major international players such as Philip Morris International, Japan Tobacco International, and Imperial Brands, while maintaining strong market positions in key geographies through its diversified portfolio. Its competitive advantages include a globally integrated supply chain, deep consumer insights, a broad brand portfolio spanning multiple price points and categories, and ongoing investment in reduced-risk products to align with evolving consumer preferences and regulatory trends.

British American Tobacco p.l.c. serves millions of adult consumers worldwide who use tobacco and nicotine products. The company’s customer base consists entirely of adult users of cigarettes, heated tobacco, vapour products, and oral nicotine products across its operating regions. While the filing does not disclose specific individual customer names due to the consumer-facing nature of its business, the Group distributes its products through retail outlets including convenience stores, supermarkets, tobacco specialists, and online channels in over 140 markets.