British American Tobacco p.l.c.

- There is no explicit mention of any new fundraising through debt or equity in the provided transcript. - The company emphasizes strong cash generation and financial flexibility, focusing on deleveraging and rewarding shareholders through dividends and share buybacks (e.g., GBP 1.1 billion share buyback program). - The firm is prioritizing investments through internal funds—no indications of raising capital via new debt or equity issuance. - They plan to continue balancing deleveraging with progressive dividends and sustainable share buybacks. - Cost-saving initiatives like the Fit2Win program aim to generate savings to fund growth without external fundraising. - Overall, the strategy focuses on internal cash flow and optimizing capital structure rather than fresh fundraising in the near term.

- 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. - No upfront costs for the Fit2Win program will be incurred until 2026. - Focus remains on simplifying combustibles, scaling new categories, and delivering long-term growth with disciplined capital allocation.

- 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. - Efficiency programs and cost savings support profitable growth. - Growth in alternatives like Modern Oral and Heated Products is expected to drive future sustainable revenue gains.

- 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. combustibles and Modern Oral categories. - Management confident in delivering long-term sustainable growth and value creation with these building blocks.

The provided pages of the BAT H1 2025 Earnings Call transcript do not explicitly mention details about the current or expected orderbook or pending orders. The discussion focuses primarily on financial performance, growth in product categories (particularly Modern Oral and combustible products), market share, regulatory matters, digital transformation initiatives, and strategic outlook. No specific figures or commentary related to orderbook or pending orders are included in the excerpts from pages 1, 5, 6, 7, 9, 10, and 12. If you need detailed or specific orderbook/pending orders information, it might not be contained in these pages of the document. Please provide additional pages or specify other sections to review.