BAT

The company operates a fast‑moving consumer goods model focused on nicotine products. It designs, manufactures and distributes combustible cigarettes and a portfolio of non‑combustible products including vapour systems, heated‑tobacco devices plus sticks, and tobacco‑free nicotine pouches. Devices are typically sold alongside proprietary consumables (pods, sticks, pouches) in a razor‑and‑blades structure designed to drive repeat purchases.

Value is created by offering regulated nicotine formats to adult consumers across price tiers and categories, then leveraging manufacturing scale, brand portfolios and global distribution networks. Revenue is reported by category (for example combustibles versus smokeless / new categories), allowing the group to manage product mix, pricing and margins across markets, while using acquisitions (such as US operators) to secure access to key geographies.

British American Tobacco p.l.c. is a UK‑headquartered global tobacco and nicotine products company. It manufactures and sells combustible cigarettes alongside non‑combustible products including vapour devices and pods, heated‑tobacco devices and sticks, and tobacco‑free nicotine pouches. The group operates at large scale with international distribution and listed securities in London and New York.

The company generates revenue by wholesaling and retailing fast‑moving consumer goods in regulated nicotine categories. It reports separate revenue streams for traditional combustibles and smokeless products, where smokeless products represented 17.5% of group revenue as of December 2024. Its customers are adult nicotine consumers reached via distributors, wholesalers, retailers and regional direct‑to‑consumer e‑commerce where permitted by law.