British American Tobacco reaffirms FY26 guidance, sets 2030 margin goal for new categories
The company said adjusted earnings growth should stay within its 5-8% range while revenue growth lands near the bottom of the 2-5% band it has guided to
Published
At its half year results on July 30, 2026, British American Tobacco guided to FY26 revenue growth of 3-5% and said it then expected adjusted diluted earnings per share growth toward the middle of its 5-8% range, according to investor materials the company filed with the SEC. An earlier technical guidance update had already trimmed its assumption for new category revenue growth to the lower end of its medium term range, down from a previously higher forecast, the filing showed.
Because the figures repeat guidance already in place rather than change it, they largely confirm the market's existing base case for the year rather than shift it. Revenue growth at the low end of the 2-5% range is a mild disappointment against the top of that range, but the 5-8% earnings growth and the 30% new category margin target by 2030 both track prior expectations, leaving the overall setup unchanged. Damage to the company's Chernihiv plant, flagged separately earlier this month, remains a distinct operational risk that has not been folded into this guidance and should be weighed on its own rather than as a reason to revise the outlook. The net effect is neutral, with the revenue caveat offsetting an otherwise steady picture.