Arthneeti
All Q3 FY25 results →
BA

British American Tobacco p.l.c.

Q3 FY25Tobacco

British American Tobacco p.l.c. Q3 FY25 Results — Earnings Call Analysis

Q3 FY25 earnings call: what management said on revenue, margins and capex.

Price₹63
Market cap₹1.4L Cr
P/E13.8
Updated29 May 2026
Read4 min read

What the Q3 FY25 call signalled

1 of 3 strong

RevenueSlow growth
MarginMargins steady
CapexCapex planned

The short version

- Full year revenue expected at the top end of the 1% to 2% growth guidance for 2025. - Full year 2025 revenue is expected at the top end of the 1% to 2% guidance range. - Adjusted profit from operations (APFO) guidance for 2025 is maintained at 1.5% to 2.5%. - Midterm growth targets for 2026 and beyond are: - Revenue growth of 3% to 5% - Adjusted profit growth from operations of 4% to 6% - Earnings per share (EPS) increased by 1.7% in H1 2025; adjusted EPS to look for is around 162.1p on a constant basis. - The Fit2Win program aims to generate around GBP 500 million in annualized savings by 2028, supporting profit growth. - Continued strength expected from the U.S.

From British American Tobacco p.l.c.'s Q3 FY25 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth
  • Full year revenue expected at the top end of the 1% to 2% growth guidance for 2025.
  • Midterm targets anticipate 3% to 5% annual revenue growth and 4% to 6% adjusted profit from operations growth.
  • Continued strength in the U.S. market, led by combustibles and Velo Plus, is a key growth driver.
  • New category revenue is expected to move into mid-single-digit percentage growth for the full year.
  • Emerging markets like AME are showing solid volume share growth, especially in Modern Oral with 63% volume share in top markets.
  • Volume declines in some areas (e.g., combustibles industry-wide) are expected but partially offset by pricing and new product momentum.

2 more points from British American Tobacco p.l.c.'s call on revenue

Create a free account to keep reading this call

Profitability & Margins

See what British American Tobacco p.l.c. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned
  • The company is investing significantly in new categories and innovation rollouts, including Velo Plus in the U.S., glo Hilo, and Vuse Ultra.
  • Increased funding flexibility allows for additional investments behind these innovations into 2026.
  • A new Fit2Win program, a 3-year initiative beginning in 2025, is planned to generate around GBP 500 million in annual savings by 2028; it involves GBP 500 million in associated costs over two years (2025–2027), including GBP 350 million as adjusting costs.
  • Strategic partnerships, notably with Microsoft and Accenture, are enhancing digital transformation, data infrastructure, and operational efficiencies.
  • Selective bolt-on M&A is also part of the capital allocation to support transformation.

2 more points from British American Tobacco p.l.c.'s call on capex

Create a free account to keep reading this call

Fundraising & Capital Structure

See what British American Tobacco p.l.c. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

See what British American Tobacco p.l.c. said on order book & pipeline — free account, 30 seconds.

Continue your research

Compare:vs Turning Point Brands Inc. Common Stock

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Arthneeti Pro · Annual

British American Tobacco p.l.c. and 15K+ more earnings calls,
for less than your morning chai

a day

Every earnings call, ranking and concall Q&A across all four results seasons.

Secure Razorpay payment · instant access

Frequently Asked Questions

What were British American Tobacco p.l.c. Q3 FY25 results?

- Full year revenue expected at the top end of the 1% to 2% growth guidance for 2025. - Full year 2025 revenue is expected at the top end of the 1% to 2% guidance range. - Adjusted profit from operations (APFO) guidance for 2025 is maintained at 1.5% to 2.5%. - Midterm growth targets for 2026 and beyond are: - Revenue growth of 3% to 5% - Adjusted profit growth from operations of 4% to 6% - Earnings per share (EPS) increased by 1.7% in H1 2025; adjusted EPS to look for is around 162.1p on a constant basis. - The Fit2Win program aims to generate around GBP 500 million in annualized savings by 2028, supporting profit growth. - Continued strength expected from the U.S.

What is British American Tobacco p.l.c. share price analysis?

British American Tobacco p.l.c. currently shows a neutral. The stock trades at a P/E of 13.8 with a market cap of $137,282. Investors should review the full earnings analysis for detailed insights.

Is British American Tobacco p.l.c. planning capital expenditure?

- The company is investing significantly in new categories and innovation rollouts, including Velo Plus in the U.S., glo Hilo, and Vuse Ultra.

Keep British American Tobacco p.l.c. on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.