BAT stock: British American Tobacco grows half-year revenue 2.90 percent

Published on 10/21/2026 at 16:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

New Categories revenue rose 18.00 percent in first-half 2026. BAT stock costs EUR 52.20 on October 21, 2026, down 0.76 percent versus Xetra close.

Half-year growth and valuation

British American Tobacco reported GBP 12.24 billion in first-half 2026 revenue on July 30, 2026.
New Categories revenue rose 18.00 percent to GBP 1.93 billion in first-half 2026.
BAT stock costs EUR 52.20 at Lang & Schwarz on October 21, 2026, down 0.76 percent versus the Xetra close of October 20, 2026.
The company guided for 3.00 to 5.00 percent revenue growth and 4.00 to 6.00 percent adjusted operating profit growth in fiscal year 2026.

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British American Tobacco reported GBP 12.24 billion in revenue for the six months ended June 30, 2026, up 2.90 percent from the comparable period. The company also upgraded adjusted diluted earnings per share growth toward the middle of its 5.00 to 8.00 percent range, according to its British American Tobacco presentation dated July 30, 2026. BAT stock was at EUR 52.20 at Lang & Schwarz on October 21, 2026 at 4:38 p.m. CEST, down 0.76 percent versus the Xetra close of October 20, 2026.

New Categories deliver the growth

The strongest operating contribution came from New Categories. Revenue in that division increased 18.00 percent year over year to GBP 1.93 billion in first-half 2026, while its contribution rose 55.00 percent to GBP 269.00 million. Smokeless products accounted for 19.80 percent of group revenue, an increase of 1.60 percentage points from the prior year period.

Velo and Vuse were central to the performance. Velo revenue rose 22.00 percent in the Americas, Europe and Africa, while U.S. Vuse revenue increased 20.00 percent. The figures show where BAT is seeking to offset pressure on traditional cigarette volumes.

Stock position and valuation

The euro quotation sits within a 52-week range of GBp 3,677.00 to GBp 5,368.00 for the London listing. MarketBeat reported a 14.37 P/E ratio and a market capitalization of GBP 89.92 billion on October 9, 2026, while its analyst summary listed a 4,875.00 GBp consensus target and four Buy, one Hold and one Sell rating.

Jefferies raised its target from GBp 5,500.00 to GBp 5,600.00 on October 1, 2026, while Deutsche Bank reaffirmed a Buy rating with a GBp 5,100.00 target, according to MarketBeat. The targets remain a valuation reference, but they do not change the companys current guidance.

Guidance and next date

For fiscal year 2026, BAT expects revenue growth of 3.00 to 5.00 percent and adjusted profit from operations growth of 4.00 to 6.00 percent, both at constant exchange rates. The company also targets leverage of 2.00 to 2.50 times by year end and a GBP 1.30 billion share buyback.

British American Tobacco is scheduled to report fiscal year 2026 results on February 11, 2027, according to the dated company-calendar information carried by Simply Wall St. The next report will test whether the New Categories momentum can support the lower end of the full-year growth outlook.

BAT stock stays in the trading range

The stock price places BAT below its October 20 Xetra close and below the latest London 52-week high. The operating picture is more differentiated: New Categories grew 18.00 percent in first-half 2026, while group revenue increased 2.90 percent.

BAT stock was trading at EUR 52.20 at Lang & Schwarz on October 21, 2026 at 4:38 p.m. CEST, down 0.76 percent versus the Xetra close of October 20, 2026 at EUR 52.60. The further course of trading is shown by the continuously updated real-time quote of BAT stock.