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1 Accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in
conformity with the requirements of the UK Companies Act 2006 (UK Companies Act) and International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB). UK-adopted international accounting standards differ in certain
respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the
periods presented.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention except as
described in the accounting policy below on financial instruments. In performing its going concern assessment, management considered
forecasts and liquidity requirements covering a period of at least twelve months from the date of approval of the financial statements
and including the Group\u2019s ability to fund its operations and generate cash to pay for debt as it falls due and takes into account the
payments arising from the Master Settlement Agreement due in the U.S. in 2026, payments under the Approved Plans in Canada (refer
to note 24) and other known liabilities or future payments (including interim dividends), as they fall due. This assessment includes
consideration of geopolitical events and the general outlook in the global economy, as well as plausible downside scenarios after taking
into account the Group\u2019s Principal Risks and how they could impact the Group\u2019s operations. Any mitigating actions, should they be
required, are all within management\u2019s control and could include reductions in discretionary spending such as acquisitions and capital
expenditure, or drawdowns on committed facilities. After reviewing the Group\u2019s annual budget, plans and financing arrangements, the
Directors consider that the Group has adequate resources to continue operating and that it is therefore appropriate to continue to adopt
the going concern basis in preparing the Annual Report and Accounts.
In preparing the financial statements, management has considered the impact of climate change, particularly in the context of the risks
identified in the TCFD disclosure and determined that the\u00a0impact is not expected to be material:
\u2013 On the going concern and viability of the Group, over the\u00a0next three years;
\u2013 On the Group\u2019s assessment of future cash flows (including as related to the capital expenditure plans as related to the Group\u2019s Scope 1
and 2 GHG emission reduction commitments) as used in impairment assessments for the value in use of non-current assets including
goodwill (note\u00a0 12(b)); and
\u2013 In respect of factors including useful lives and residual values that\u00a0determine the carrying value of non-financial current assets.
There has been no material impact identified on the financial reporting judgements and estimates. Management is aware that the risks
related to climate change are developing and subject to frequent change. Accordingly, these judgements and estimates will be kept
under review as the future impacts of climate change on the Group\u2019s financial statements depend on environmental, regulatory and
other factors outside of the Group\u2019s control which are not all currently known.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial
statements. The key estimates and assumptions are set out in the accounting policies below, together with the related notes to the
accounts.
The critical accounting judgements include:
\u2013 the determination as to whether control (subsidiaries), joint control (joint arrangements), or significant influence (associates) exists in
relation to the investments held by the Group. This is assessed after taking into account the Group\u2019s ability to appoint Directors to the
entity\u2019s Board, its relative shareholding compared with other shareholders, any significant contracts or arrangements with the entity or
its other shareholders and other relevant facts and circumstances. The application of these policies to Group subsidiaries in certain
territories, including Canada, is\u00a0explained in note 32;
\u2013 the review of applicable exchange rates for transactions with and\u00a0translation of entities in territories where there are restrictions on
free access to foreign currency, or multiple exchange rates;
\u2013 the determination as to whether to recognise provisions and the exposures to contingent liabilities related to pending litigation or other
outstanding claims, as well as other contingent liabilities. Refer to note 24 for the provision associated with the Approved Plans in
Canada. The accounting policy on contingent liabilities, which are not provided for, is set out below and the contingent liabilities of the
Group are explained in note 31. Judgement is necessary to assess the likelihood that a pending claim is probable (more likely than not to
succeed), possible or remote;
\u2013 the determination as to whether perpetual hybrid bonds should be classified as equity instead of borrowings (note 22(d)); and
\u2013 the identification and quantification of adjusting items. These are separately disclosed as memorandum information as explained
below, and the impact of these on the calculation of adjusted earnings per share is described in note\u00a0 11.
The critical accounting estimates include:
\u2013 the review of intangible asset values, including goodwill and certain trademarks and similar intangibles. The key assumptions used in
respect of the impairment testing are the determination of cash-generating units, the budgeted and forecast cash flows of these units, the
long-term growth rate for cash flow projections and the rate used to discount the cash flow projections. These are described in note 12;
\u2013 the estimation of amounts to be recognised in respect of taxation and legal matters, and the estimation of other provisions for
liabilities and charges are subject to uncertain future events, may extend over several years and so the amount and/or timing may differ
from current assumptions. The accounting policy for taxation is explained below. The recognised deferred tax assets and liabilities,
together with a note of unrecognised amounts, are shown in note 16, and a contingent tax asset is explained in note 10(b). Other
provisions for liabilities and charges are as set out in note 24 including those in relation to Canada. Litigation related deposits are shown
in note 17. The application of these accounting policies to the payments made and credits recognised under the Master Settlement
Agreement by Reynolds American Inc. (Reynolds American) is described in note 6(b); and
\u2013 the estimation of and accounting for retirement benefit costs. The determination of the carrying value of assets and liabilities, as\u00a0well
as the charge for the year, and amounts recognised in other comprehensive income, involves judgements made in conjunction with
independent actuaries. These involve estimates about uncertain future events on a country-by-country basis, including life expectancy
of scheme members, salary and pension increases, inflation, as well as discount rates and asset values at the year-end. The
assumptions used by the Group and sensitivity analyses are described in note 15.
Such estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable in the
circumstances and constitute management\u2019s best judgement at the date of the financial statements. In the future, actual experience
may deviate from these estimates and assumptions, which could affect the financial statements as the original estimates and
assumptions are modified, as appropriate, in the year in which the circumstances change.
These consolidated financial statements were authorised for issue by the Board of Directors on 11\u00a0February 2026.
With effect from 1 January 2025, the Group has adopted an Amendment to IAS 21 The Effect of Changes In Exchange Rates in respect of
assessing whether a currency is exchangeable into another currency and, when it is not, in determining the exchange rate to use and the
disclosures to provide. The requirements of the Amendment are largely consistent with the Group\u2019s existing practice and the impact of
applying these amendments was not material.
With effect from 1 January 2024, the Group has adopted the Amendments to IAS 7 Cash Flow Statements and IFRS 7 Financial
Instruments: Disclosures in respect of disclosures relating to Supplier Financing Arrangements. Applying these amendments impacted
certain disclosures in the notes to the financial statements. In addition, Amendments to IAS 1 Presentation of\u00a0Financial Statements have
clarified certain aspects of the classification of liabilities as current or non-current. The impact of\u00a0these amendments was not material.
Basis of consolidation
The consolidated financial information includes the financial statements of British American Tobacco p.l.c. and its subsidiary
undertakings, collectively \u2018the Group\u2019, together with the Group\u2019s share of the results of its associates and joint arrangements.
A subsidiary is an entity controlled by the Group. Non-controlling interests represent the share of earnings or equity in subsidiaries that
is\u00a0not attributable, directly or indirectly, to shareholders of the Group.
Identifiable assets and liabilities acquired in a business combination are measured at fair value at the date of acquiring control. Disposals
of subsidiaries and businesses due to sale or market withdrawal are accounted for as disposals from the date of\u00a0losing control and may
be classified as held-for-sale disposal groups at the balance sheet date if specific tests under IFRS 5 Non-current Assets Held For Sale
and Discontinued Operations are met. Discontinued operations, where applicable, comprise material disposal groups representing a
significant geographical area of operations or business activities.
Associates comprise investments in undertakings, which are not subsidiary undertakings or joint arrangements, where the Group
exercises significant influence. They are accounted for using the equity method.
Joint arrangements comprise contractual arrangements where two or more parties have joint control and where decisions regarding the
relevant activities of the entity require unanimous consent. Joint ventures are accounted for using the equity method. The Group
accounts for its share of the assets, liabilities, income and expenses of joint operations.
Foreign currencies and hyperinflationary territories
The functional currency of the Parent Company is sterling and this is also the presentation currency of the Group. The income and cash
flow statements of Group undertakings expressed in currencies other than sterling are translated to sterling using exchange rates
applicable to the dates of the underlying transactions. Average rates of exchange in each year are used where the average rate
approximates the relevant exchange rate at the date of the underlying transactions. Assets and liabilities of Group undertakings are
translated at the applicable rates of exchange at the end of each year.
The results and net assets of the Group\u2019s foreign operations are predominantly denominated in currencies, including US dollars, Euros
and Canadian dollars, which are readily exchangeable into sterling or other freely convertible currencies.
The Group also operates in certain jurisdictions, including hyperinflationary jurisdictions such as Venezuela, where there are restrictions
on free access to foreign currency, or where multiple exchange rates may apply, and the applicable rates of exchange for Group
Reporting are regularly reviewed for these territories, with applicable exchange rates being estimated using observable data such as
inflation-adjusted exchange rates or based on premiums paid to obtain hard currency from financial institutions. The results and net
assets of subsidiaries operating in these territories are not material to the Group.
The differences arising on the retranslation to sterling of Group undertakings with functional currencies other than sterling are presented
as a separate component of equity in the Translation reserve within Other reserves, as shown in note 22. They are recognised in the
income statement when the gain or loss on disposal of a Group undertaking is recognised.
Transactional foreign exchange gains and losses on the revaluation or settlement of receivables and payables are recognised in the
income statement, except when deferred in equity on intercompany net investment loans, on qualifying net investment hedges, or as
qualifying cash flow hedges. Foreign exchange gains or losses recognised in the income statement are included in profit from operations
or net finance costs depending on the underlying transactions that gave rise to these exchange differences.
In addition, for hyperinflationary countries where the effect on the Group results would be significant, the financial statements in local
currency are adjusted to reflect the impact of local inflation prior to translation into sterling, in accordance with IAS 29 Financial
Reporting in Hyperinflationary Economies. Where applicable, IAS 29 requires all transactions to be indexed by an inflationary factor to the
balance sheet date, potentially leading to a monetary gain or loss on indexation. The results and balance sheets of operations in
hyperinflationary territories are translated at the period end rate.
Provisions, contingent liabilities and contingent assets
Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is
probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the
amount of the obligation.
Subsidiaries and associate companies are defendants in tobacco-related and other litigation. These exposures are regularly reviewed on
an on-going basis and provision for this litigation (including legal costs) is made at such time as an unfavourable outcome becomes
probable and the amount can be reasonably estimated.
Contingent assets are possible assets whose existence will only be confirmed by future events not wholly within the control of the entity
and are not recognised as assets until the realisation of income is virtually certain.
Where a provision has not been recognised, the Group records its external legal fees and other external defence costs for tobacco-
related and other litigation as these costs are incurred.
As explained in note 17, certain litigation-related deposits are recognised as assets within loans and other receivables where
management has determined that these payments represent a resource controlled by the entity. These deposits are held at the fair value
of consideration transferred less impairment, if applicable, and have not been discounted.
Taxation
Tax is chargeable on the profits for the period, together with deferred tax. The current income tax charge is calculated on the basis of tax
laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries, associates and joint
arrangements operate and generate taxable income.
Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or deferred tax liability is settled. A deferred tax asset is recognised only
to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or
directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity.
The Group has exposures in respect of the payment or recovery of taxes and the financial statements reflect the probable outcome with
estimated amounts determined based on the most likely amount or the expected value, depending on which method is expected to
better predict the resolution of the uncertainty.
Equity instruments
Instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements.
Instruments that cannot be settled in the Group\u2019s own equity instruments and that include no contractual obligation to deliver cash or
another financial asset are classified as equity. Equity instruments issued by the Group are recognised at the proceeds received, net of
issuance costs.
Goodwill
Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, net of impairment, where applicable. In respect of
associates and joint ventures, goodwill is included in the carrying value of the investment in the associated company or joint venture.
Intangible assets other than goodwill
The intangible assets shown on the Group balance sheet consist mainly of trademarks and similar intangibles, including certain
intellectual property, acquired by the Group\u2019s subsidiary undertakings and computer software.
Acquired trademarks and similar assets are carried at cost less accumulated amortisation and impairment. Trademarks with indefinite
lives are not amortised but are reviewed annually for impairment. Other trademarks and similar assets are amortised on\u00a0a straight-line
basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received, which previously did not
exceed 20 years. With effect from 1\u00a0January 2024, the Group\u2019s previously indefinite-lived combustible trademarks and similar assets are
amortised on a straight-lined basis over periods not exceeding 30 years. The revision in useful economic life reflects the\u00a0ongoing
challenging macro-economic conditions and revised forecasts in the U.S., with an expected increase in amortisation expense of
\u00a31.4\u00a0billion per\u00a0annum. In addition, with effect from 1 January 2025, Camel Snus was designated as a definite-lived intangible asset and
amortised on a straight-line basis with a remaining useful economic life of 20 years, increasing the annual amortisation charge for the
Group\u2019s brands and trademarks by \u00a322 million. The Group's other non-combustible trademarks will remain as indefinite-lived assets. Any
impairments of trademarks are recognised in the income statement, but increases in trademark values are not recognised.
Computer software is carried at cost less accumulated amortisation and impairment, and, with the exception of global software
solutions, is amortised on a straight-line basis over periods ranging from three years to five years. Global software solutions are software
assets designed to be implemented on a global basis and used as a standard solution by all of the operating companies in the Group.
Historically, these assets were amortised on a straight-line basis over periods not exceeding 13 years. With effect from 1 January 2023,
global software solutions are amortised on a straight-line basis over periods not exceeding 15 years. The revision in useful life is a result of
ongoing use of Global software solutions due to the extension of third-party supplier support.
Property, plant and equipment
Purchased property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated
on a straight-line basis to write off the assets over their useful economic life. Purchased freehold and leasehold property are depreciated
at rates between 2.0% and 4% per annum, and plant and equipment at rates between 5% and 25% per annum.
No depreciation is provided on freehold land or assets classified as\u00a0held-for-sale. Non-current assets are classified as held-for sale if their
carrying value will be recovered principally through a sale transaction rather than through continuing use and if all of the conditions of
IFRS 5 are met.
Leased assets and lease liabilities
The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets. Right-of-use assets are included
as part of property, plant and equipment in note 13, with the lease liabilities included as part of borrowings in note 23. Right-of-use lease
assets are initially recognised at an amount equal to the lease liability, adjusted for initial direct costs in relation to the assets, then
depreciated over the shorter of the lease term and their estimated useful lives. Lease liabilities are initially recognised at an amount equal
to the present value of estimated contractual lease payments at the inception of the lease, discounted using the interest rate implicit in
the lease if this can be readily determined, or the applicable incremental rate of borrowing, as appropriate.
The Group has adopted several practical expedients available under the Standard including not applying the requirements of IFRS 16 to
leases of intangible assets, and not applying the recognition and measurement requirements of IFRS 16 to leases of\u00a0less than 12 months
maximum duration or to leases of low-value assets. Except for property-related leases, non-lease components have not been separated
from lease components.
Impairment of non-financial assets
Assets are reviewed for impairment whenever events indicate that\u00a0the carrying amount of a cash-generating unit may not be
recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to
the extent that the carrying value exceeds the higher of the asset\u2019s fair value less costs to sell and its value-in-use.
A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash
flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating
unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill.
Retirement benefit schemes
The Group's subsidiary undertakings operate various funded and unfunded defined benefit schemes, including pension and post-
retirement healthcare schemes, as well as defined contribution schemes in various jurisdictions.
The liabilities arising in respect of defined benefit schemes are determined in accordance with the advice of independent, professionally
qualified actuaries, using the projected unit credit method. The net deficit or surplus for each defined benefit pension scheme is
calculated on the present value of the defined benefit obligation at the balance sheet date less the fair value of the scheme assets
adjusted, where appropriate, for any surplus restrictions or the effect of minimum funding requirements.
The costs of such plans are recognised in the Group income statement within operating profit as part of employment costs. Service
costs are spread systematically over the expected service lives of employees with past service costs or credits, the impact of
settlements and curtailments, and the net interest on the net defined benefit deficit or surplus recognised in the periods in which they
arise. Actuarial gains and losses and surplus restrictions are recognised immediately in other comprehensive income.
Benefits provided through defined contribution schemes are charged as an expense in employment costs as payments fall due.
Financial instruments
The Group\u2019s business model for managing financial assets aims: to\u00a0protect against the loss of principal, to maximise Group liquidity by
concentrating cash at the centre, to align the maturity profile of\u00a0external investments with that of the forecast liquidity profile, to\u00a0match the
interest rate profile of external investments to that of\u00a0debt maturities or fixings wherever practicable, and to optimise the investment yield
within the Group\u2019s investment parameters. The\u00a0majority of financial assets are held in order to collect contractual cash flows (typically cash
and cash equivalents and loans and other receivables), but some assets (typically investments) are\u00a0held for investment potential.
Financial assets and financial liabilities are recognised when the\u00a0Group becomes a party to the contractual provisions of the relevant
instrument and derecognised when it ceases to be a party to such provisions due to expiry, cancellation or payment. Financial liabilities
extinguished by payment are derecognised when funds are received by the counterparty.
Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments,
loans and receivables, or cash and cash equivalents and accounted for as follows:
\u2013 Investments: these are non-derivative financial assets that cannot be classified as loans and other receivables or cash and cash
equivalents. Dividend and interest income on these investments are included within finance income when the Group\u2019s right to receive
payments is established. This category includes financial assets at fair value through profit and loss and financial assets at fair value
through other comprehensive income.
\u2013 Loans and other receivables: these are non-derivative financial assets with fixed or determinable payments that are solely payments of
principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These
balances are measured at amortised cost, using the effective interest rate method, and stated net of allowances for credit losses, and
include trade and other receivables, and deposits with banks and other financial institutions which cannot be classified as cash and
cash equivalents. In addition, as explained in note 17, certain litigation related deposits are recognised as assets within loans and other
receivables where management has determined that these payments represent a resource controlled by the entity as a result of past
events. These deposits are held at the fair value of consideration transferred less impairment, if applicable, and have not been
discounted.
\u2013 Cash and cash equivalents: cash and cash equivalents include cash in hand and deposits held on call, together with other short-term
highly liquid investments including investments in certain money market funds.
Fair values for quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value
is established by using valuation techniques principally involving discounted cash flow analysis.
Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest
method. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Drawdowns and
repayments of short-term borrowings which have a maturity period of three months or less are stated net in the cash flow statement;
drawdowns and repayments on all other borrowings are stated gross in the cash flow statement. Current liabilities include amounts
where the entity does not have an unconditional right to defer settlement of the liability for at least 12\u00a0months after the balance sheet
date. As shown in note 23, certain borrowings are subject to fair value hedges, as defined below.
Derivative financial assets and liabilities are initially recognised, and subsequently measured, at fair value, which includes accrued
interest receivable and payable where relevant. Changes in their fair values are recognised as follows:
\u2013 for derivatives that are designated as cash flow hedges, the changes in their fair values are recognised directly in other comprehensive
income, to the extent that they are effective, with the ineffective portion being recognised in the income statement. Accumulated
gains and losses are reclassified to the\u00a0income statement in the same periods as the hedged item, unless the hedged item results in a
non-financial asset where the accumulated gains and losses are included in the initial carrying value of the asset (basis adjustment);
\u2013 for derivatives that are designated as fair value hedges, the carrying value of the hedged item is adjusted for the fair value changes
attributable to the risk being hedged, with the corresponding entry being made in the income statement. The\u00a0changes in fair value of
these derivatives are also recognised in the income statement;
\u2013 for derivatives that are designated as hedges of net investments in foreign operations, the changes in their fair values are recognised
directly in other comprehensive income, to the extent that they are effective, with the ineffective portion being recognised in the
income statement. Where non-derivatives such as foreign currency borrowings are designated as net investment hedges, the relevant
exchange differences are similarly recognised. The accumulated gains and losses are reclassified to the income statement when the
foreign operation is disposed of; and
\u2013 for derivatives that do not qualify for hedge accounting or are not\u00a0designated as hedges, the changes in their fair values are recognised
in the income statement in the period in which they\u00a0arise. These are referred to as \u2018held-for-trading\u2019.
In order to qualify for hedge accounting, the Group is required to demonstrate an assessment of the economic relationship between the
item being hedged and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This
effectiveness testing is re-performed periodically to ensure that the\u00a0hedge has remained, and is expected to remain, highly effective.
Hedge accounting is discontinued when a hedging instrument is\u00a0derecognised (e.g. through expiry or disposal), or no longer qualifies for
hedge accounting. Where the hedged item is a highly probable forecast transaction, the related gains and losses remain in equity until
the transaction takes place, when they are reclassified to the income statement in the same manner as for cash flow hedges as
described above. When a hedged future transaction is no longer expected to occur, any related gains and losses, previously recognised in
other comprehensive income, are\u00a0immediately reclassified to the income statement.
Derivative fair value changes recognised in the income statement are either reflected in arriving at profit from operations (if\u00a0the\u00a0hedged
item is similarly reflected) or in finance costs .
Impairment of financial assets held at amortised cost
Loss allowances for expected credit losses on financial assets which are held at amortised cost are recognised on initial recognition of
the underlying asset. As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of
revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses.
Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses.
Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases
significantly after initial recognition.
Revenue
Revenue principally comprises sales of cigarettes, other tobacco products, and nicotine products, to external customers. Revenue
excludes duty, excise and other taxes related to sales in the period and is stated after deducting rebates, returns and other similar
discounts and payments to direct and indirect customers.
For the vast majority of the Group\u2019s sales, revenue is recognised when control of the goods is transferred to a customer at a point in
time; this is usually evidenced by a transfer of the significant risks and rewards of ownership upon delivery to the customer, which in
terms of timing is not materially different to the date of shipping. The Group\u2019s e-commerce sales include revenue arising from
subscriptions where revenue is allocated to each component of the subscription, with revenue recognised as each component is
delivered to the customer. The Group\u2019s e-commerce sales are not material to the Group\u2019s results.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost incurred in acquiring
inventories and bringing them to their existing location and condition, which will include raw materials, direct labour and overheads,
where appropriate. Net realisable value is the estimated selling price less costs to completion and sale. Tobacco inventories which have
an operating cycle that exceeds 12 months are classified as current assets, consistent with recognised industry practice.
Segmental analysis
The Group is organised and managed on the basis of its geographic regions. These are the reportable segments for the Group as they
form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating decision maker, identified as the
Management Board, for assessing performance and allocating resources. While the Group has clearly differentiated brands, global
segmentation between a wide portfolio of brands is not part of the regular internally reported financial information. The results of New
Category products are reported as part of the results of each geographic region.
Adjusting items
Adjusting items are significant items of income or expense in revenue, profit from operations, net finance costs, taxation and the Group\u2019s
share of the post-tax results of associates and joint ventures which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and quantifying
adjusting items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as
adjusting. These items are separately disclosed in the segmental analyses or in the notes to the accounts as appropriate. In addition, an
amendment is made in the calculation of adjusted diluted earnings per share for part of the gain or loss recognised on the redemption of
perpetual hybrid bonds.
The Group believes that these items are useful to users of the Group financial statements in helping them to understand the underlying
business performance and are used to derive the Group\u2019s principal non-GAAP measures of adjusted gross profit, adjusted gross margin,
category contribution, category contribution margin, adjusted profit from operations, adjusted operating margin, adjusted diluted
earnings per share, adjusted EBITDA, adjusted net debt, operating cash flow conversion ratio, adjusted cash generated from operations
and free cash flow (before and after dividends), all of which are before the impact of adjusting items and which are reconciled from profit
from operations, profit for the year, diluted earnings per share, borrowings, cash conversion ratio and net cash generated from operating
activities.
Other accounting policies:
Share-based payments
\u2013 The Group has equity-settled and cash-settled share-based compensation plans.
\u2013 Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the
equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually
vest. For plans where vesting conditions are based on total shareholder returns, the fair value at date of grant reflects these conditions,
whereas earnings per share vesting conditions are reflected in the calculation of awards that will eventually vest over the vesting period.
\u2013 For cash-settled share-based payments, a liability equal to the portion of the services received is recognised at its current fair value
determined at each balance sheet date.
\u2013 Fair value is measured by the use of the Black-Scholes option pricing model, except where vesting is dependent on market conditions
when the Monte-Carlo option pricing model is used. The expected life used in the models has been adjusted, based on management\u2019s
best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
Research and development
Research expenditure is charged to profit or loss in the year in\u00a0which it is incurred. Development expenditure is charged to\u00a0profit or loss in
the year it is incurred, unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as\u00a0an intangible asset.
Capitalised interest
Borrowing costs which are directly attributable to the acquisition, construction or production of intangible assets or property, plant and
equipment that takes a substantial period of\u00a0time to get ready for its intended use or sale, are capitalised as\u00a0part of the cost of the asset.
Biological Assets
The investments in associates and joint ventures shown in\u00a0the\u00a0Group balance sheet include biological assets held by Organigram Global
Inc. In accordance with IAS 41 Agriculture, the Group measures biological assets at fair value less costs to sell up to the point of harvest,
at which point this becomes the basis for the cost of finished goods inventories after harvest with subsequent expenditures incurred on
these being capitalised, where applicable, in accordance with IAS 2 Inventories. Unrealised fair value gains and losses arising during the
growth of biological assets are recognised immediately in the income statement.
Dividends
The Company pays interim quarterly dividends, and the Group recognises the interim dividend in the period in which it is paid.
Repurchase of share capital
When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a deduction
from equity. Repurchased shares which are not cancelled, or shares purchased for the employee share ownership trusts, are classified as
treasury shares and presented as a deduction from total equity.
Future changes to accounting policies
Certain changes to IFRS will be applicable to the Group financial statements in future years, but are not expected to have a material
effect on reported profit or equity or on the disclosures in the financial statements.
The replacement to IAS 1 Presentation of Financial Statements, which is expected to change certain aspects of the Group\u2019s reporting of
the profit and loss account, balance sheet, cash flow statement, and certain notes to the accounts, was published by the IASB on 9 April
2024 as IFRS 18 Presentation and Disclosure in Financial Statements, and will be implemented with effect from 1 January 2027, with
retrospective application. The new Standard will introduce additional defined subtotals within the income statement and introduce new
principles for aggregation and disaggregation of financial information. In addition, certain non-GAAP measures meeting a new definition
of \u201cmanagement-defined performance measures\u201d will require disclosure, explanation and reconciliation within the audited financial
statements. The Group\u2019s evaluation of the effect of adopting IFRS 18 is ongoing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-796": { "value": "
Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in
conformity with the requirements of the UK Companies Act 2006 (UK Companies Act) and International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB). UK-adopted international accounting standards differ in certain
respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the
periods presented.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention except as
described in the accounting policy below on financial instruments. In performing its going concern assessment, management considered
forecasts and liquidity requirements covering a period of at least twelve months from the date of approval of the financial statements
and including the Group\u2019s ability to fund its operations and generate cash to pay for debt as it falls due and takes into account the
payments arising from the Master Settlement Agreement due in the U.S. in 2026, payments under the Approved Plans in Canada (refer
to note 24) and other known liabilities or future payments (including interim dividends), as they fall due. This assessment includes
consideration of geopolitical events and the general outlook in the global economy, as well as plausible downside scenarios after taking
into account the Group\u2019s Principal Risks and how they could impact the Group\u2019s operations. Any mitigating actions, should they be
required, are all within management\u2019s control and could include reductions in discretionary spending such as acquisitions and capital
expenditure, or drawdowns on committed facilities. After reviewing the Group\u2019s annual budget, plans and financing arrangements, the
Directors consider that the Group has adequate resources to continue operating and that it is therefore appropriate to continue to adopt
the going concern basis in preparing the Annual Report and Accounts.
In preparing the financial statements, management has considered the impact of climate change, particularly in the context of the risks
identified in the TCFD disclosure and determined that the\u00a0impact is not expected to be material:
\u2013 On the going concern and viability of the Group, over the\u00a0next three years;
\u2013 On the Group\u2019s assessment of future cash flows (including as related to the capital expenditure plans as related to the Group\u2019s Scope 1
and 2 GHG emission reduction commitments) as used in impairment assessments for the value in use of non-current assets including
goodwill (note\u00a0 12(b)); and
\u2013 In respect of factors including useful lives and residual values that\u00a0determine the carrying value of non-financial current assets.
There has been no material impact identified on the financial reporting judgements and estimates. Management is aware that the risks
related to climate change are developing and subject to frequent change. Accordingly, these judgements and estimates will be kept
under review as the future impacts of climate change on the Group\u2019s financial statements depend on environmental, regulatory and
other factors outside of the Group\u2019s control which are not all currently known.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial
statements. The key estimates and assumptions are set out in the accounting policies below, together with the related notes to the
accounts.
The critical accounting judgements include:
\u2013 the determination as to whether control (subsidiaries), joint control (joint arrangements), or significant influence (associates) exists in
relation to the investments held by the Group. This is assessed after taking into account the Group\u2019s ability to appoint Directors to the
entity\u2019s Board, its relative shareholding compared with other shareholders, any significant contracts or arrangements with the entity or
its other shareholders and other relevant facts and circumstances. The application of these policies to Group subsidiaries in certain
territories, including Canada, is\u00a0explained in note 32;
\u2013 the review of applicable exchange rates for transactions with and\u00a0translation of entities in territories where there are restrictions on
free access to foreign currency, or multiple exchange rates;
\u2013 the determination as to whether to recognise provisions and the exposures to contingent liabilities related to pending litigation or other
outstanding claims, as well as other contingent liabilities. Refer to note 24 for the provision associated with the Approved Plans in
Canada. The accounting policy on contingent liabilities, which are not provided for, is set out below and the contingent liabilities of the
Group are explained in note 31. Judgement is necessary to assess the likelihood that a pending claim is probable (more likely than not to
succeed), possible or remote;
\u2013 the determination as to whether perpetual hybrid bonds should be classified as equity instead of borrowings (note 22(d)); and
\u2013 the identification and quantification of adjusting items. These are separately disclosed as memorandum information as explained
below, and the impact of these on the calculation of adjusted earnings per share is described in note\u00a0 11.
The critical accounting estimates include:
\u2013 the review of intangible asset values, including goodwill and certain trademarks and similar intangibles. The key assumptions used in
respect of the impairment testing are the determination of cash-generating units, the budgeted and forecast cash flows of these units, the
long-term growth rate for cash flow projections and the rate used to discount the cash flow projections. These are described in note 12;
\u2013 the estimation of amounts to be recognised in respect of taxation and legal matters, and the estimation of other provisions for
liabilities and charges are subject to uncertain future events, may extend over several years and so the amount and/or timing may differ
from current assumptions. The accounting policy for taxation is explained below. The recognised deferred tax assets and liabilities,
together with a note of unrecognised amounts, are shown in note 16, and a contingent tax asset is explained in note 10(b). Other
provisions for liabilities and charges are as set out in note 24 including those in relation to Canada. Litigation related deposits are shown
in note 17. The application of these accounting policies to the payments made and credits recognised under the Master Settlement
Agreement by Reynolds American Inc. (Reynolds American) is described in note 6(b); and
\u2013 the estimation of and accounting for retirement benefit costs. The determination of the carrying value of assets and liabilities, as\u00a0well
as the charge for the year, and amounts recognised in other comprehensive income, involves judgements made in conjunction with
independent actuaries. These involve estimates about uncertain future events on a country-by-country basis, including life expectancy
of scheme members, salary and pension increases, inflation, as well as discount rates and asset values at the year-end. The
assumptions used by the Group and sensitivity analyses are described in note 15.
Such estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable in the
circumstances and constitute management\u2019s best judgement at the date of the financial statements. In the future, actual experience
may deviate from these estimates and assumptions, which could affect the financial statements as the original estimates and
assumptions are modified, as appropriate, in the year in which the circumstances change.
These consolidated financial statements were authorised for issue by the Board of Directors on 11\u00a0February 2026.
With effect from 1 January 2025, the Group has adopted an Amendment to IAS 21 The Effect of Changes In Exchange Rates in respect of
assessing whether a currency is exchangeable into another currency and, when it is not, in determining the exchange rate to use and the
disclosures to provide. The requirements of the Amendment are largely consistent with the Group\u2019s existing practice and the impact of
applying these amendments was not material.
With effect from 1 January 2024, the Group has adopted the Amendments to IAS 7 Cash Flow Statements and IFRS 7 Financial
Instruments: Disclosures in respect of disclosures relating to Supplier Financing Arrangements. Applying these amendments impacted
certain disclosures in the notes to the financial statements. In addition, Amendments to IAS 1 Presentation of\u00a0Financial Statements have
clarified certain aspects of the classification of liabilities as current or non-current. The impact of\u00a0these amendments was not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-797": { "value": "
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in
conformity with the requirements of the UK Companies Act 2006 (UK Companies Act) and International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB). UK-adopted international accounting standards differ in certain
respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the
periods presented.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-798": { "value": "
There has been no material impact identified on the financial reporting judgements and estimates. Management is aware that the risks
related to climate change are developing and subject to frequent change. Accordingly, these judgements and estimates will be kept
under review as the future impacts of climate change on the Group\u2019s financial statements depend on environmental, regulatory and
other factors outside of the Group\u2019s control which are not all currently known.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial
statements. The key estimates and assumptions are set out in the accounting policies below, together with the related notes to the
accounts.
The critical accounting judgements include:
\u2013 the determination as to whether control (subsidiaries), joint control (joint arrangements), or significant influence (associates) exists in
relation to the investments held by the Group. This is assessed after taking into account the Group\u2019s ability to appoint Directors to the
entity\u2019s Board, its relative shareholding compared with other shareholders, any significant contracts or arrangements with the entity or
its other shareholders and other relevant facts and circumstances. The application of these policies to Group subsidiaries in certain
territories, including Canada, is\u00a0explained in note 32;
\u2013 the review of applicable exchange rates for transactions with and\u00a0translation of entities in territories where there are restrictions on
free access to foreign currency, or multiple exchange rates;
\u2013 the determination as to whether to recognise provisions and the exposures to contingent liabilities related to pending litigation or other
outstanding claims, as well as other contingent liabilities. Refer to note 24 for the provision associated with the Approved Plans in
Canada. The accounting policy on contingent liabilities, which are not provided for, is set out below and the contingent liabilities of the
Group are explained in note 31. Judgement is necessary to assess the likelihood that a pending claim is probable (more likely than not to
succeed), possible or remote;
\u2013 the determination as to whether perpetual hybrid bonds should be classified as equity instead of borrowings (note 22(d)); and
\u2013 the identification and quantification of adjusting items. These are separately disclosed as memorandum information as explained
below, and the impact of these on the calculation of adjusted earnings per share is described in note\u00a0 11.
The critical accounting estimates include:
\u2013 the review of intangible asset values, including goodwill and certain trademarks and similar intangibles. The key assumptions used in
respect of the impairment testing are the determination of cash-generating units, the budgeted and forecast cash flows of these units, the
long-term growth rate for cash flow projections and the rate used to discount the cash flow projections. These are described in note 12;
\u2013 the estimation of amounts to be recognised in respect of taxation and legal matters, and the estimation of other provisions for
liabilities and charges are subject to uncertain future events, may extend over several years and so the amount and/or timing may differ
from current assumptions. The accounting policy for taxation is explained below. The recognised deferred tax assets and liabilities,
together with a note of unrecognised amounts, are shown in note 16, and a contingent tax asset is explained in note 10(b). Other
provisions for liabilities and charges are as set out in note 24 including those in relation to Canada. Litigation related deposits are shown
in note 17. The application of these accounting policies to the payments made and credits recognised under the Master Settlement
Agreement by Reynolds American Inc. (Reynolds American) is described in note 6(b); and
\u2013 the estimation of and accounting for retirement benefit costs. The determination of the carrying value of assets and liabilities, as\u00a0well
as the charge for the year, and amounts recognised in other comprehensive income, involves judgements made in conjunction with
independent actuaries. These involve estimates about uncertain future events on a country-by-country basis, including life expectancy
of scheme members, salary and pension increases, inflation, as well as discount rates and asset values at the year-end. The
assumptions used by the Group and sensitivity analyses are described in note 15.
Such estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable in the
circumstances and constitute management\u2019s best judgement at the date of the financial statements. In the future, actual experience
may deviate from these estimates and assumptions, which could affect the financial statements as the original estimates and
assumptions are modified, as appropriate, in the year in which the circumstances change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-799": { "value": "These consolidated financial statements were authorised for issue by the Board of Directors on 11\u00a0February 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-800": { "value": "
Basis of consolidation
The consolidated financial information includes the financial statements of British American Tobacco p.l.c. and its subsidiary
undertakings, collectively \u2018the Group\u2019, together with the Group\u2019s share of the results of its associates and joint arrangements.
A subsidiary is an entity controlled by the Group. Non-controlling interests represent the share of earnings or equity in subsidiaries that
is\u00a0not attributable, directly or indirectly, to shareholders of the Group.
Identifiable assets and liabilities acquired in a business combination are measured at fair value at the date of acquiring control. Disposals
of subsidiaries and businesses due to sale or market withdrawal are accounted for as disposals from the date of\u00a0losing control and may
be classified as held-for-sale disposal groups at the balance sheet date if specific tests under IFRS 5 Non-current Assets Held For Sale
and Discontinued Operations are met. Discontinued operations, where applicable, comprise material disposal groups representing a
significant geographical area of operations or business activities.
Associates comprise investments in undertakings, which are not subsidiary undertakings or joint arrangements, where the Group
exercises significant influence. They are accounted for using the equity method.
Joint arrangements comprise contractual arrangements where two or more parties have joint control and where decisions regarding the
relevant activities of the entity require unanimous consent. Joint ventures are accounted for using the equity method. The Group
accounts for its share of the assets, liabilities, income and expenses of joint operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-801": { "value": "
Foreign currencies and hyperinflationary territories
The functional currency of the Parent Company is sterling and this is also the presentation currency of the Group. The income and cash
flow statements of Group undertakings expressed in currencies other than sterling are translated to sterling using exchange rates
applicable to the dates of the underlying transactions. Average rates of exchange in each year are used where the average rate
approximates the relevant exchange rate at the date of the underlying transactions. Assets and liabilities of Group undertakings are
translated at the applicable rates of exchange at the end of each year.
The results and net assets of the Group\u2019s foreign operations are predominantly denominated in currencies, including US dollars, Euros
and Canadian dollars, which are readily exchangeable into sterling or other freely convertible currencies.
The Group also operates in certain jurisdictions, including hyperinflationary jurisdictions such as Venezuela, where there are restrictions
on free access to foreign currency, or where multiple exchange rates may apply, and the applicable rates of exchange for Group
Reporting are regularly reviewed for these territories, with applicable exchange rates being estimated using observable data such as
inflation-adjusted exchange rates or based on premiums paid to obtain hard currency from financial institutions. The results and net
assets of subsidiaries operating in these territories are not material to the Group.
The differences arising on the retranslation to sterling of Group undertakings with functional currencies other than sterling are presented
as a separate component of equity in the Translation reserve within Other reserves, as shown in note 22. They are recognised in the
income statement when the gain or loss on disposal of a Group undertaking is recognised.
Transactional foreign exchange gains and losses on the revaluation or settlement of receivables and payables are recognised in the
income statement, except when deferred in equity on intercompany net investment loans, on qualifying net investment hedges, or as
qualifying cash flow hedges. Foreign exchange gains or losses recognised in the income statement are included in profit from operations
or net finance costs depending on the underlying transactions that gave rise to these exchange differences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-802": { "value": "The functional currency of the Parent Company is sterling and this is also the presentation currency of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-803": { "value": "
In addition, for hyperinflationary countries where the effect on the Group results would be significant, the financial statements in local
currency are adjusted to reflect the impact of local inflation prior to translation into sterling, in accordance with IAS 29 Financial
Reporting in Hyperinflationary Economies. Where applicable, IAS 29 requires all transactions to be indexed by an inflationary factor to the
balance sheet date, potentially leading to a monetary gain or loss on indexation. The results and balance sheets of operations in
hyperinflationary territories are translated at the period end rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-805": { "value": "
Provisions, contingent liabilities and contingent assets
Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is
probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the
amount of the obligation.
Subsidiaries and associate companies are defendants in tobacco-related and other litigation. These exposures are regularly reviewed on
an on-going basis and provision for this litigation (including legal costs) is made at such time as an unfavourable outcome becomes
probable and the amount can be reasonably estimated.
Contingent assets are possible assets whose existence will only be confirmed by future events not wholly within the control of the entity
and are not recognised as assets until the realisation of income is virtually certain.
Where a provision has not been recognised, the Group records its external legal fees and other external defence costs for tobacco-
related and other litigation as these costs are incurred.
As explained in note 17, certain litigation-related deposits are recognised as assets within loans and other receivables where
management has determined that these payments represent a resource controlled by the entity. These deposits are held at the fair value
of consideration transferred less impairment, if applicable, and have not been discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-804": { "value": "
Provisions, contingent liabilities and contingent assets
Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is
probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the
amount of the obligation.
Subsidiaries and associate companies are defendants in tobacco-related and other litigation. These exposures are regularly reviewed on
an on-going basis and provision for this litigation (including legal costs) is made at such time as an unfavourable outcome becomes
probable and the amount can be reasonably estimated.
Contingent assets are possible assets whose existence will only be confirmed by future events not wholly within the control of the entity
and are not recognised as assets until the realisation of income is virtually certain.
Where a provision has not been recognised, the Group records its external legal fees and other external defence costs for tobacco-
related and other litigation as these costs are incurred.
As explained in note 17, certain litigation-related deposits are recognised as assets within loans and other receivables where
management has determined that these payments represent a resource controlled by the entity. These deposits are held at the fair value
of consideration transferred less impairment, if applicable, and have not been discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-807": { "value": "
Tax is chargeable on the profits for the period, together with deferred tax. The current income tax charge is calculated on the basis of tax
laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries, associates and joint
arrangements operate and generate taxable income.
Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or deferred tax liability is settled. A deferred tax asset is recognised only
to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or
directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity.
The Group has exposures in respect of the payment or recovery of taxes and the financial statements reflect the probable outcome with
estimated amounts determined based on the most likely amount or the expected value, depending on which method is expected to
better predict the resolution of the uncertainty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-806": { "value": "
Tax is chargeable on the profits for the period, together with deferred tax. The current income tax charge is calculated on the basis of tax
laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries, associates and joint
arrangements operate and generate taxable income.
Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or deferred tax liability is settled. A deferred tax asset is recognised only
to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or
directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity.
The Group has exposures in respect of the payment or recovery of taxes and the financial statements reflect the probable outcome with
estimated amounts determined based on the most likely amount or the expected value, depending on which method is expected to
better predict the resolution of the uncertainty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-808": { "value": "
Equity instruments
Instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements.
Instruments that cannot be settled in the Group\u2019s own equity instruments and that include no contractual obligation to deliver cash or
another financial asset are classified as equity. Equity instruments issued by the Group are recognised at the proceeds received, net of
issuance costs.
Financial instruments
The Group\u2019s business model for managing financial assets aims: to\u00a0protect against the loss of principal, to maximise Group liquidity by
concentrating cash at the centre, to align the maturity profile of\u00a0external investments with that of the forecast liquidity profile, to\u00a0match the
interest rate profile of external investments to that of\u00a0debt maturities or fixings wherever practicable, and to optimise the investment yield
within the Group\u2019s investment parameters. The\u00a0majority of financial assets are held in order to collect contractual cash flows (typically cash
and cash equivalents and loans and other receivables), but some assets (typically investments) are\u00a0held for investment potential.
Financial assets and financial liabilities are recognised when the\u00a0Group becomes a party to the contractual provisions of the relevant
instrument and derecognised when it ceases to be a party to such provisions due to expiry, cancellation or payment. Financial liabilities
extinguished by payment are derecognised when funds are received by the counterparty.
Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments,
loans and receivables, or cash and cash equivalents and accounted for as follows:
\u2013 Investments: these are non-derivative financial assets that cannot be classified as loans and other receivables or cash and cash
equivalents. Dividend and interest income on these investments are included within finance income when the Group\u2019s right to receive
payments is established. This category includes financial assets at fair value through profit and loss and financial assets at fair value
through other comprehensive income.
\u2013 Loans and other receivables: these are non-derivative financial assets with fixed or determinable payments that are solely payments of
principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These
balances are measured at amortised cost, using the effective interest rate method, and stated net of allowances for credit losses, and
include trade and other receivables, and deposits with banks and other financial institutions which cannot be classified as cash and
cash equivalents. In addition, as explained in note 17, certain litigation related deposits are recognised as assets within loans and other
receivables where management has determined that these payments represent a resource controlled by the entity as a result of past
events. These deposits are held at the fair value of consideration transferred less impairment, if applicable, and have not been
discounted.
\u2013 Cash and cash equivalents: cash and cash equivalents include cash in hand and deposits held on call, together with other short-term
highly liquid investments including investments in certain money market funds.
Fair values for quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value
is established by using valuation techniques principally involving discounted cash flow analysis.
Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest
method. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Drawdowns and
repayments of short-term borrowings which have a maturity period of three months or less are stated net in the cash flow statement;
drawdowns and repayments on all other borrowings are stated gross in the cash flow statement. Current liabilities include amounts
where the entity does not have an unconditional right to defer settlement of the liability for at least 12\u00a0months after the balance sheet
date. As shown in note 23, certain borrowings are subject to fair value hedges, as defined below.
Derivative financial assets and liabilities are initially recognised, and subsequently measured, at fair value, which includes accrued
interest receivable and payable where relevant. Changes in their fair values are recognised as follows:
\u2013 for derivatives that are designated as cash flow hedges, the changes in their fair values are recognised directly in other comprehensive
income, to the extent that they are effective, with the ineffective portion being recognised in the income statement. Accumulated
gains and losses are reclassified to the\u00a0income statement in the same periods as the hedged item, unless the hedged item results in a
non-financial asset where the accumulated gains and losses are included in the initial carrying value of the asset (basis adjustment);
\u2013 for derivatives that are designated as fair value hedges, the carrying value of the hedged item is adjusted for the fair value changes
attributable to the risk being hedged, with the corresponding entry being made in the income statement. The\u00a0changes in fair value of
these derivatives are also recognised in the income statement;
\u2013 for derivatives that are designated as hedges of net investments in foreign operations, the changes in their fair values are recognised
directly in other comprehensive income, to the extent that they are effective, with the ineffective portion being recognised in the
income statement. Where non-derivatives such as foreign currency borrowings are designated as net investment hedges, the relevant
exchange differences are similarly recognised. The accumulated gains and losses are reclassified to the income statement when the
foreign operation is disposed of; and
\u2013 for derivatives that do not qualify for hedge accounting or are not\u00a0designated as hedges, the changes in their fair values are recognised
in the income statement in the period in which they\u00a0arise. These are referred to as \u2018held-for-trading\u2019.
In order to qualify for hedge accounting, the Group is required to demonstrate an assessment of the economic relationship between the
item being hedged and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This
effectiveness testing is re-performed periodically to ensure that the\u00a0hedge has remained, and is expected to remain, highly effective.
Hedge accounting is discontinued when a hedging instrument is\u00a0derecognised (e.g. through expiry or disposal), or no longer qualifies for
hedge accounting. Where the hedged item is a highly probable forecast transaction, the related gains and losses remain in equity until
the transaction takes place, when they are reclassified to the income statement in the same manner as for cash flow hedges as
described above. When a hedged future transaction is no longer expected to occur, any related gains and losses, previously recognised in
other comprehensive income, are\u00a0immediately reclassified to the income statement.
Derivative fair value changes recognised in the income statement are either reflected in arriving at profit from operations (if\u00a0the\u00a0hedged
item is similarly reflected) or in finance costs .
Impairment of financial assets held at amortised cost
Loss allowances for expected credit losses on financial assets which are held at amortised cost are recognised on initial recognition of
the underlying asset. As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of
revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses.
Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses.
Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases
significantly after initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-809": { "value": "
Goodwill
Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, net of impairment, where applicable. In respect of
associates and joint ventures, goodwill is included in the carrying value of the investment in the associated company or joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-810": { "value": "
The intangible assets shown on the Group balance sheet consist mainly of trademarks and similar intangibles, including certain
intellectual property, acquired by the Group\u2019s subsidiary undertakings and computer software.
Acquired trademarks and similar assets are carried at cost less accumulated amortisation and impairment. Trademarks with indefinite
lives are not amortised but are reviewed annually for impairment. Other trademarks and similar assets are amortised on\u00a0a straight-line
basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received, which previously did not
exceed 20 years. With effect from 1\u00a0January 2024, the Group\u2019s previously indefinite-lived combustible trademarks and similar assets are
amortised on a straight-lined basis over periods not exceeding 30 years. The revision in useful economic life reflects the\u00a0ongoing
challenging macro-economic conditions and revised forecasts in the U.S., with an expected increase in amortisation expense of
\u00a31.4\u00a0billion per\u00a0annum. In addition, with effect from 1 January 2025, Camel Snus was designated as a definite-lived intangible asset and
amortised on a straight-line basis with a remaining useful economic life of 20 years, increasing the annual amortisation charge for the
Group\u2019s brands and trademarks by \u00a322 million. The Group's other non-combustible trademarks will remain as indefinite-lived assets. Any
impairments of trademarks are recognised in the income statement, but increases in trademark values are not recognised.
Computer software is carried at cost less accumulated amortisation and impairment, and, with the exception of global software
solutions, is amortised on a straight-line basis over periods ranging from three years to five years. Global software solutions are software
assets designed to be implemented on a global basis and used as a standard solution by all of the operating companies in the Group.
Historically, these assets were amortised on a straight-line basis over periods not exceeding 13 years. With effect from 1 January 2023,
global software solutions are amortised on a straight-line basis over periods not exceeding 15 years. The revision in useful life is a result of
ongoing use of Global software solutions due to the extension of third-party supplier support.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-811": { "value": "
Property, plant and equipment
Purchased property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated
on a straight-line basis to write off the assets over their useful economic life. Purchased freehold and leasehold property are depreciated
at rates between 2.0% and 4% per annum, and plant and equipment at rates between 5% and 25% per annum.
No depreciation is provided on freehold land or assets classified as\u00a0held-for-sale. Non-current assets are classified as held-for sale if their
carrying value will be recovered principally through a sale transaction rather than through continuing use and if all of the conditions of
IFRS 5 are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-812": { "value": "
Leased assets and lease liabilities
The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets. Right-of-use assets are included
as part of property, plant and equipment in note 13, with the lease liabilities included as part of borrowings in note 23. Right-of-use lease
assets are initially recognised at an amount equal to the lease liability, adjusted for initial direct costs in relation to the assets, then
depreciated over the shorter of the lease term and their estimated useful lives. Lease liabilities are initially recognised at an amount equal
to the present value of estimated contractual lease payments at the inception of the lease, discounted using the interest rate implicit in
the lease if this can be readily determined, or the applicable incremental rate of borrowing, as appropriate.
The Group has adopted several practical expedients available under the Standard including not applying the requirements of IFRS 16 to
leases of intangible assets, and not applying the recognition and measurement requirements of IFRS 16 to leases of\u00a0less than 12 months
maximum duration or to leases of low-value assets. Except for property-related leases, non-lease components have not been separated
from lease components.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-813": { "value": "
Impairment of non-financial assets
Assets are reviewed for impairment whenever events indicate that\u00a0the carrying amount of a cash-generating unit may not be
recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to
the extent that the carrying value exceeds the higher of the asset\u2019s fair value less costs to sell and its value-in-use.
A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash
flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating
unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-814": { "value": "
Retirement benefit schemes
The Group's subsidiary undertakings operate various funded and unfunded defined benefit schemes, including pension and post-
retirement healthcare schemes, as well as defined contribution schemes in various jurisdictions.
The liabilities arising in respect of defined benefit schemes are determined in accordance with the advice of independent, professionally
qualified actuaries, using the projected unit credit method. The net deficit or surplus for each defined benefit pension scheme is
calculated on the present value of the defined benefit obligation at the balance sheet date less the fair value of the scheme assets
adjusted, where appropriate, for any surplus restrictions or the effect of minimum funding requirements.
The costs of such plans are recognised in the Group income statement within operating profit as part of employment costs. Service
costs are spread systematically over the expected service lives of employees with past service costs or credits, the impact of
settlements and curtailments, and the net interest on the net defined benefit deficit or surplus recognised in the periods in which they
arise. Actuarial gains and losses and surplus restrictions are recognised immediately in other comprehensive income.
Benefits provided through defined contribution schemes are charged as an expense in employment costs as payments fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-815": { "value": "
Financial instruments
The Group\u2019s business model for managing financial assets aims: to\u00a0protect against the loss of principal, to maximise Group liquidity by
concentrating cash at the centre, to align the maturity profile of\u00a0external investments with that of the forecast liquidity profile, to\u00a0match the
interest rate profile of external investments to that of\u00a0debt maturities or fixings wherever practicable, and to optimise the investment yield
within the Group\u2019s investment parameters. The\u00a0majority of financial assets are held in order to collect contractual cash flows (typically cash
and cash equivalents and loans and other receivables), but some assets (typically investments) are\u00a0held for investment potential.
Financial assets and financial liabilities are recognised when the\u00a0Group becomes a party to the contractual provisions of the relevant
instrument and derecognised when it ceases to be a party to such provisions due to expiry, cancellation or payment. Financial liabilities
extinguished by payment are derecognised when funds are received by the counterparty.
Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments,
loans and receivables, or cash and cash equivalents and accounted for as follows:
\u2013 Investments: these are non-derivative financial assets that cannot be classified as loans and other receivables or cash and cash
equivalents. Dividend and interest income on these investments are included within finance income when the Group\u2019s right to receive
payments is established. This category includes financial assets at fair value through profit and loss and financial assets at fair value
through other comprehensive income.
\u2013 Loans and other receivables: these are non-derivative financial assets with fixed or determinable payments that are solely payments of
principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These
balances are measured at amortised cost, using the effective interest rate method, and stated net of allowances for credit losses, and
include trade and other receivables, and deposits with banks and other financial institutions which cannot be classified as cash and
cash equivalents. In addition, as explained in note 17, certain litigation related deposits are recognised as assets within loans and other
receivables where management has determined that these payments represent a resource controlled by the entity as a result of past
events. These deposits are held at the fair value of consideration transferred less impairment, if applicable, and have not been
discounted.
\u2013 Cash and cash equivalents: cash and cash equivalents include cash in hand and deposits held on call, together with other short-term
highly liquid investments including investments in certain money market funds.
Fair values for quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value
is established by using valuation techniques principally involving discounted cash flow analysis.
Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest
method. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Drawdowns and
repayments of short-term borrowings which have a maturity period of three months or less are stated net in the cash flow statement;
drawdowns and repayments on all other borrowings are stated gross in the cash flow statement. Current liabilities include amounts
where the entity does not have an unconditional right to defer settlement of the liability for at least 12\u00a0months after the balance sheet
date. As shown in note 23, certain borrowings are subject to fair value hedges, as defined below.
Derivative financial assets and liabilities are initially recognised, and subsequently measured, at fair value, which includes accrued
interest receivable and payable where relevant. Changes in their fair values are recognised as follows:
\u2013 for derivatives that are designated as cash flow hedges, the changes in their fair values are recognised directly in other comprehensive
income, to the extent that they are effective, with the ineffective portion being recognised in the income statement. Accumulated
gains and losses are reclassified to the\u00a0income statement in the same periods as the hedged item, unless the hedged item results in a
non-financial asset where the accumulated gains and losses are included in the initial carrying value of the asset (basis adjustment);
\u2013 for derivatives that are designated as fair value hedges, the carrying value of the hedged item is adjusted for the fair value changes
attributable to the risk being hedged, with the corresponding entry being made in the income statement. The\u00a0changes in fair value of
these derivatives are also recognised in the income statement;
\u2013 for derivatives that are designated as hedges of net investments in foreign operations, the changes in their fair values are recognised
directly in other comprehensive income, to the extent that they are effective, with the ineffective portion being recognised in the
income statement. Where non-derivatives such as foreign currency borrowings are designated as net investment hedges, the relevant
exchange differences are similarly recognised. The accumulated gains and losses are reclassified to the income statement when the
foreign operation is disposed of; and
\u2013 for derivatives that do not qualify for hedge accounting or are not\u00a0designated as hedges, the changes in their fair values are recognised
in the income statement in the period in which they\u00a0arise. These are referred to as \u2018held-for-trading\u2019.
In order to qualify for hedge accounting, the Group is required to demonstrate an assessment of the economic relationship between the
item being hedged and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This
effectiveness testing is re-performed periodically to ensure that the\u00a0hedge has remained, and is expected to remain, highly effective.
Hedge accounting is discontinued when a hedging instrument is\u00a0derecognised (e.g. through expiry or disposal), or no longer qualifies for
hedge accounting. Where the hedged item is a highly probable forecast transaction, the related gains and losses remain in equity until
the transaction takes place, when they are reclassified to the income statement in the same manner as for cash flow hedges as
described above. When a hedged future transaction is no longer expected to occur, any related gains and losses, previously recognised in
other comprehensive income, are\u00a0immediately reclassified to the income statement.
Derivative fair value changes recognised in the income statement are either reflected in arriving at profit from operations (if\u00a0the\u00a0hedged
item is similarly reflected) or in finance costs .
Impairment of financial assets held at amortised cost
Loss allowances for expected credit losses on financial assets which are held at amortised cost are recognised on initial recognition of
the underlying asset. As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of
revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses.
Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses.
Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases
significantly after initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-816": { "value": "
Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments,
loans and receivables, or cash and cash equivalents and accounted for as follows:
\u2013 Investments: these are non-derivative financial assets that cannot be classified as loans and other receivables or cash and cash
equivalents. Dividend and interest income on these investments are included within finance income when the Group\u2019s right to receive
payments is established. This category includes financial assets at fair value through profit and loss and financial assets at fair value
through other comprehensive income.
\u2013 Loans and other receivables: these are non-derivative financial assets with fixed or determinable payments that are solely payments of
principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These
balances are measured at amortised cost, using the effective interest rate method, and stated net of allowances for credit losses, and
include trade and other receivables, and deposits with banks and other financial institutions which cannot be classified as cash and
cash equivalents. In addition, as explained in note 17, certain litigation related deposits are recognised as assets within loans and other
receivables where management has determined that these payments represent a resource controlled by the entity as a result of past
events. These deposits are held at the fair value of consideration transferred less impairment, if applicable, and have not been
discounted.
\u2013 Cash and cash equivalents: cash and cash equivalents include cash in hand and deposits held on call, together with other short-term
highly liquid investments including investments in certain money market funds.
Fair values for quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value
is established by using valuation techniques principally involving discounted cash flow analysis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-817": { "value": "
Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest
method. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Drawdowns and
repayments of short-term borrowings which have a maturity period of three months or less are stated net in the cash flow statement;
drawdowns and repayments on all other borrowings are stated gross in the cash flow statement. Current liabilities include amounts
where the entity does not have an unconditional right to defer settlement of the liability for at least 12\u00a0months after the balance sheet
date. As shown in note 23, certain borrowings are subject to fair value hedges, as defined below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-818": { "value": "
Derivative financial assets and liabilities are initially recognised, and subsequently measured, at fair value, which includes accrued
interest receivable and payable where relevant. Changes in their fair values are recognised as follows:
\u2013 for derivatives that are designated as cash flow hedges, the changes in their fair values are recognised directly in other comprehensive
income, to the extent that they are effective, with the ineffective portion being recognised in the income statement. Accumulated
gains and losses are reclassified to the\u00a0income statement in the same periods as the hedged item, unless the hedged item results in a
non-financial asset where the accumulated gains and losses are included in the initial carrying value of the asset (basis adjustment);
\u2013 for derivatives that are designated as fair value hedges, the carrying value of the hedged item is adjusted for the fair value changes
attributable to the risk being hedged, with the corresponding entry being made in the income statement. The\u00a0changes in fair value of
these derivatives are also recognised in the income statement;
\u2013 for derivatives that are designated as hedges of net investments in foreign operations, the changes in their fair values are recognised
directly in other comprehensive income, to the extent that they are effective, with the ineffective portion being recognised in the
income statement. Where non-derivatives such as foreign currency borrowings are designated as net investment hedges, the relevant
exchange differences are similarly recognised. The accumulated gains and losses are reclassified to the income statement when the
foreign operation is disposed of; and
\u2013 for derivatives that do not qualify for hedge accounting or are not\u00a0designated as hedges, the changes in their fair values are recognised
in the income statement in the period in which they\u00a0arise. These are referred to as \u2018held-for-trading\u2019.
In order to qualify for hedge accounting, the Group is required to demonstrate an assessment of the economic relationship between the
item being hedged and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis. This
effectiveness testing is re-performed periodically to ensure that the\u00a0hedge has remained, and is expected to remain, highly effective.
Hedge accounting is discontinued when a hedging instrument is\u00a0derecognised (e.g. through expiry or disposal), or no longer qualifies for
hedge accounting. Where the hedged item is a highly probable forecast transaction, the related gains and losses remain in equity until
the transaction takes place, when they are reclassified to the income statement in the same manner as for cash flow hedges as
described above. When a hedged future transaction is no longer expected to occur, any related gains and losses, previously recognised in
other comprehensive income, are\u00a0immediately reclassified to the income statement.
Derivative fair value changes recognised in the income statement are either reflected in arriving at profit from operations (if\u00a0the\u00a0hedged
item is similarly reflected) or in finance costs", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-819": { "value": "
Impairment of financial assets held at amortised cost
Loss allowances for expected credit losses on financial assets which are held at amortised cost are recognised on initial recognition of
the underlying asset. As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of
revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses.
Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses.
Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases
significantly after initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-820": { "value": "
Revenue
Revenue principally comprises sales of cigarettes, other tobacco products, and nicotine products, to external customers. Revenue
excludes duty, excise and other taxes related to sales in the period and is stated after deducting rebates, returns and other similar
discounts and payments to direct and indirect customers.
For the vast majority of the Group\u2019s sales, revenue is recognised when control of the goods is transferred to a customer at a point in
time; this is usually evidenced by a transfer of the significant risks and rewards of ownership upon delivery to the customer, which in
terms of timing is not materially different to the date of shipping. The Group\u2019s e-commerce sales include revenue arising from
subscriptions where revenue is allocated to each component of the subscription, with revenue recognised as each component is
delivered to the customer. The Group\u2019s e-commerce sales are not material to the Group\u2019s results.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-821": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost incurred in acquiring
inventories and bringing them to their existing location and condition, which will include raw materials, direct labour and overheads,
where appropriate. Net realisable value is the estimated selling price less costs to completion and sale. Tobacco inventories which have
an operating cycle that exceeds 12 months are classified as current assets, consistent with recognised industry practice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-822": { "value": "
Segmental analysis
The Group is organised and managed on the basis of its geographic regions. These are the reportable segments for the Group as they
form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating decision maker, identified as the
Management Board, for assessing performance and allocating resources. While the Group has clearly differentiated brands, global
segmentation between a wide portfolio of brands is not part of the regular internally reported financial information. The results of New
Category products are reported as part of the results of each geographic region.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-823": { "value": "
\u2013 The Group has equity-settled and cash-settled share-based compensation plans.
\u2013 Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the
equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually
vest. For plans where vesting conditions are based on total shareholder returns, the fair value at date of grant reflects these conditions,
whereas earnings per share vesting conditions are reflected in the calculation of awards that will eventually vest over the vesting period.
\u2013 For cash-settled share-based payments, a liability equal to the portion of the services received is recognised at its current fair value
determined at each balance sheet date.
\u2013 Fair value is measured by the use of the Black-Scholes option pricing model, except where vesting is dependent on market conditions
when the Monte-Carlo option pricing model is used. The expected life used in the models has been adjusted, based on management\u2019s
best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-824": { "value": "
Research and development
Research expenditure is charged to profit or loss in the year in\u00a0which it is incurred. Development expenditure is charged to\u00a0profit or loss in
the year it is incurred, unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as\u00a0an intangible asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-825": { "value": "
Capitalised interest
Borrowing costs which are directly attributable to the acquisition, construction or production of intangible assets or property, plant and
equipment that takes a substantial period of\u00a0time to get ready for its intended use or sale, are capitalised as\u00a0part of the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-826": { "value": "
Biological Assets
The investments in associates and joint ventures shown in\u00a0the\u00a0Group balance sheet include biological assets held by Organigram Global
Inc. In accordance with IAS 41 Agriculture, the Group measures biological assets at fair value less costs to sell up to the point of harvest,
at which point this becomes the basis for the cost of finished goods inventories after harvest with subsequent expenditures incurred on
these being capitalised, where applicable, in accordance with IAS 2 Inventories. Unrealised fair value gains and losses arising during the
growth of biological assets are recognised immediately in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-827": { "value": "
Dividends
The Company pays interim quarterly dividends, and the Group recognises the interim dividend in the period in which it is paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-828": { "value": "
Repurchase of share capital
When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a deduction
from equity. Repurchased shares which are not cancelled, or shares purchased for the employee share ownership trusts, are classified as
treasury shares and presented as a deduction from total equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-829": { "value": "
Future changes to accounting policies
Certain changes to IFRS will be applicable to the Group financial statements in future years, but are not expected to have a material
effect on reported profit or equity or on the disclosures in the financial statements.
The replacement to IAS 1 Presentation of Financial Statements, which is expected to change certain aspects of the Group\u2019s reporting of
the profit and loss account, balance sheet, cash flow statement, and certain notes to the accounts, was published by the IASB on 9 April
2024 as IFRS 18 Presentation and Disclosure in Financial Statements, and will be implemented with effect from 1 January 2027, with
retrospective application. The new Standard will introduce additional defined subtotals within the income statement and introduce new
principles for aggregation and disaggregation of financial information. In addition, certain non-GAAP measures meeting a new definition
of \u201cmanagement-defined performance measures\u201d will require disclosure, explanation and reconciliation within the audited financial
statements. The Group\u2019s evaluation of the effect of adopting IFRS 18 is ongoing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-830": { "value": "
2 Segmental analyses
The chief operating decision maker, the Management Board, reviews the \u2018as adjusted for Canada profit from operations at constant
currencies\u2019 to evaluate segment performance and allocate resources to the overall business on a geographic region basis, including the
results of New Categories (comprising Vapour products, Heated Products and Modern Oral products), which are reported to the
Management Board as part of the results of each geographic region. The Management Board also reviews, at constant currencies,
revenues on a geographic region basis.
The Group is organised into three geographic regions as follows:
\u2013 The U.S.;
\u2013 Americas and Europe (AME), comprising markets operating in Europe, Latin America and Canada; and
\u2013 Asia-Pacific, Middle East and Africa (APMEA), comprising markets operating in Asia-Pacific, Middle East, Central Asia, Caucasus and
Africa.
The three geographic regions are the reportable segments for the Group as they form the focus of the Group\u2019s internal reporting
systems and are the basis used by the Management Board for assessing performance and allocating resources. Transactions between
Group subsidiaries are conducted on arm\u2019s length terms in accordance with appropriate transfer pricing rules and Organisation for
Economic Cooperation & Development (OECD) principles. Net finance costs (comprising interest income and interest expense), share
of\u00a0post-tax results of associates and joint ventures and taxation are centrally managed, and accordingly, such items are not presented
by\u00a0segment as they are excluded from the measure of segment profitability.
Regional Directors are responsible for delivering the operating and financial results of their Region inclusive of all product categories.
Therefore, the results of New Categories (comprising Vapour products, Heated Products and Modern Oral products) are reported to
the\u00a0Management Board as part of the results of each geographic region.
However, additional information has been provided to disaggregate revenue based on product category to enable investors to better
compare the Group\u2019s business performance across periods and by reference to the Group\u2019s investment activity.
For the purposes of management reporting, and reflecting how the Management Board assesses the performance of Canada on an
ongoing basis, a charge is recognised in the Group\u2019s income statement for management accounts purposes to reflect adjusted profit
from operations at constant currencies for AME and the Group. This charge is calculated in line with the Approved Plans in Canada and is
based on a percentage of ITCAN\u2019s net income after taxes generated from all sources, excluding New Categories. This charge will
continue until the aggregate settlement amount is paid. This charge reflects the settlement agreement, being an assumed 85% of profit
after interest and taxes from all sources, excluding New Categories, in Canada, reducing in future periods in line with the settlement
agreement. The Management Board believes that recognising a charge to the income statement in the year will reflect the financial
performance in Canada resulting from the decisions taken with respect to resource allocation. This approach ensures that the economic
delivery from Canada is comparable with other markets in the Group.
In respect of the U.S. region, all financial statements and financial information provided by or with respect to the U.S. business or
Reynolds American Inc. (RAI) (and/or RAI and its subsidiaries (collectively, the \u2018Reynolds Group\u2019)) are prepared on the basis of U.S. GAAP
and constitute the primary financial statements or financial information of the U.S. business or RAI (and/or the Reynolds Group). Solely for
the purpose of consolidation within the results of BAT p.l.c. and the BAT Group, this financial information is then converted to IFRS. To
the\u00a0extent any such financial information provided in these financial statements relates to the U.S. business or RAI (and/or the Reynolds
Group), it is provided as an explanation of the U.S. business\u2019s or RAI\u2019s (and/or the Reynolds Group\u2019s) primary U.S. GAAP based financial
statements and information.
The following table shows 2025 revenue at 2025 rates of exchange, and 2025 revenue translated using 2024 rates of exchange. The 2024
figures are stated at the 2024 rates of exchange.
2025
2024
Revenue at
constant
rates
\u00a3m
Translation
exchange
\u00a3m
Revenue at
current
rates
\u00a3m
Revenue at
current
rates
\u00a3m
U.S.
11,903
(369)
11,534
11,278
AME
9,548
(239)
9,309
9,241
APMEA
4,963
(196)
4,767
5,348
Revenue
26,414
(804)
25,610
25,867
The following table shows 2024 revenue at 2024 rates of exchange, and 2024 revenue translated using 2023 rates of exchange. The 2023
figures are stated at the 2023 rates of exchange.
2024
2023
Revenue at
constant
rates
\u00a3m
Translation
exchange
\u00a3m
Revenue at
current
rates
\u00a3m
Revenue at
current
rates
\u00a3m
U.S.
11,592
(314)
11,278
11,994
AME
9,764
(523)
9,241
9,791
APMEA
5,795
(447)
5,348
5,498
Revenue
27,151
(1,284)
25,867
27,283
The following table shows 2025 profit from operations and adjusted profit from operations at 2025 rates of exchange, and 2025 adjusted
profit from operations using 2024 rates of exchange and 2025 adjusted profit from operations adjusted for Canada using 2024 rates of
exchange.
2025
Adjusted
segment
results
adjusted for
Canada at
constant
rates
\u00a3m
Canada
adjustment
at constant
rates
\u00a3m
Adjusted*
segment
result at
constant
rates
\u00a3m
Translation
exchange
\u00a3m
Adjusted*
segment
result at
current
rates
\u00a3m
Adjusting*
items
\u00a3m
Segment
result at
current
rates
\u00a3m
U.S.
6,766
\u2014
6,766
(223)
6,543
(1,601)
4,942
AME
3,069
308
3,377
(72)
3,305
128
3,433
APMEA
1,793
\u2014
1,793
(69)
1,724
(102)
1,622
Profit from operations
11,628
308
11,936
(364)
11,572
(1,575)
9,997
Net finance costs
(1,819)
Share of post-tax results of associates
and joint ventures
1,681
Profit before taxation
9,859
Taxation on ordinary activities
(2,094)
Profit for the year
7,765
Note:
* The adjustments to profit from operations are explained in notes 3, 4, 6(c), 6(d), 6(g), 6(i), 6(j), 6(k) and 7.
The following table shows 2024 profit from operations and adjusted profit from operations at 2024 rates of exchange, and 2024 adjusted
profit from operations using 2023 rates of exchange and 2024 adjusted profit from operations adjusted for Canada using 2023 rates of
exchange.
2024
Adjusted
segment
results
adjusted for
Canada at
constant
rates
\u00a3m
Canada
adjustment
at constant
rates
\u00a3m
Adjusted*
segment
result at
constant
rates
\u00a3m
Translation
exchange
\u00a3m
Adjusted*
segment
result at
current rates
\u00a3m
Adjusting*
items
\u00a3m
Segment
result at
current rates
\u00a3m
U.S.
6,580
\u2014
6,580
(194)
6,386
(2,299)
4,087
AME
2,969
543
3,512
(192)
3,320
(6,784)
(3,464)
APMEA
2,347
\u2014
2,347
(163)
2,184
(71)
2,113
Profit from operations
11,896
543
12,439
(549)
11,890
(9,154)
2,736
Net finance costs
(1,098)
Share of post-tax results of associates
and joint ventures
1,900
Profit before taxation
3,538
Taxation on ordinary activities
(357)
Profit for the year
3,181
Note:
* The adjustments to profit from operations are explained in notes 4, 5(d), 6(c), 6(d), 6(g), 6(h) and 6(k).
The following table shows 2023 loss from operations, adjusted profit from operations and adjusted profit from operations adjusted for
Canada at the 2023 rates of exchange.
2023
Adjusted
segment
results
adjusted for
Canada
\u00a3m
Canada
adjustment
\u00a3m
Adjusted*
segment
result
\u00a3m
Adjusting*
items
\u00a3m
Segment
result
\u00a3m
U.S.
6,821
\u2014
6,821
(27,602)
(20,781)
AME
2,862
598
3,460
(266)
3,194
APMEA
2,184
\u2014
2,184
(348)
1,836
Profit/(loss) from operations
11,867
598
12,465
(28,216)
(15,751)
Net finance costs
(1,895)
Share of post-tax results of associates and joint ventures
585
Loss before taxation
(17,061)
Taxation on ordinary activities
2,872
Loss for the year
(14,189)
Note:
* The adjustments to profit from operations are explained in notes 3, 4, 5(c), 6(d), 6(f), 6(h), 6(j), 6(k) and 7.
Depreciation, amortisation and impairment charges
Adjusted profit from operations as adjusted for Canada at constant rates of exchange of \u00a311,628 million (2024 at constant rates: \u00a311,896
million; 2023 at current rates: \u00a311,867 million) excludes adjusting depreciation, amortisation and impairment charges as explained in note
4. These are excluded from segmental adjusted profit from operations as per the table below. 2025 and 2024 are disclosed at constant
rates of exchange and 2023 is disclosed at current rates of exchange.
2025
Adjusted
depreciation,
amortisation
and
impairment
at constant
rates
\u00a3m
Translation
exchange
\u00a3m
Adjusted
depreciation,
amortisation
and
impairment
at current
rates
\u00a3m
Adjusting
items
\u00a3m
Depreciation,
amortisation
and
impairment
at current
rates
\u00a3m
U.S.
222
(5)
217
1,542
1,759
AME
282
(5)
277
276
553
APMEA
180
(7)
173
62
235
684
(17)
667
1,880
2,547
2024
Adjusted
depreciation,
amortisation
and
impairment
at constant
rates
\u00a3m
Translation
exchange
\u00a3m
Adjusted
depreciation,
amortisation
and
impairment
at current
rates
\u00a3m
Adjusting
items
\u00a3m
Depreciation,
amortisation
and
impairment
at current
rates
\u00a3m
U.S.
210
(4)
206
2,284
2,490
AME
291
(12)
279
123
402
APMEA
160
(11)
149
60
209
661
(27)
634
2,467
3,101
2023
Adjusted
depreciation,
amortisation
and
impairment
\u00a3m
Adjusting
items
\u00a3m
Depreciation,
amortisation
and
impairment
\u00a3m
U.S.
218
27,518
27,736
AME
336
44
380
APMEA
205
293
498
759
27,855
28,614
Additional information by product category
Although the Group\u2019s operations are managed on a Regional basis, additional information for revenue is provided based on product
category as follows:
Revenue
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
New Categories
3,621
3,432
3,347
\u00a0 Vapour
1,542
1,721
1,812
\u00a0 HP
914
921
996
\u00a0 Modern Oral
1,165
790
539
Traditional Oral
1,043
1,092
1,163
Combustibles
20,201
20,685
22,108
Other
745
658
665
Revenue
25,610
25,867
27,283
External revenue and non-current assets other than financial instruments, deferred tax assets and retirement benefit assets are
analysed between the UK and all foreign countries at current rates of exchange as follows:
United Kingdom
All foreign countries
Group
Revenue is based on location of sale
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
External revenue
268
254
255
25,342
25,613
27,028
25,610
25,867
27,283
United Kingdom
All foreign countries
Group
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Intangible assets
442
417
86,492
93,859
86,934
94,276
Property, plant and equipment
272
265
4,211
4,114
4,483
4,379
Investments in associates and joint ventures
\u2014
\u2014
1,521
1,902
1,521
1,902
The consolidated results of the Reynolds Group operating in the U.S. met the criteria for separate disclosure under the requirements
of\u00a0IFRS 8 Operating Segments. Revenue arising from the operations of the Reynolds Group, inclusive of the sales made to fellow Group
companies, in 2025, 2024 and 2023, was \u00a311,649 million, \u00a311,302 million and \u00a311,985 million, respectively. The majority of sales are to
customers based in the U.S. Non-current assets attributable to the operations of the Reynolds Group were \u00a378,442 million (2024:
\u00a385,843 million).
The main acquisitions comprising the goodwill balance of \u00a338,917 million (2024: \u00a341,129 million), included in intangible assets, are
provided in note 12. Included in investments in associates and joint ventures are amounts of \u00a31,348 million (2024: \u00a31,762 million)
attributable to the investment in ITC Ltd. Further information is provided in notes 9 and 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-831": { "value": "
3 Employee benefit costs
Note
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
2,629
2,424
2,263
Social security costs
240
218
219
Other pension and retirement benefit costs
15
166
115
108
Share-based payments - equity and cash-settled
28
90
74
74
3,125
2,831
2,664
In 2025, included within employee benefit costs are expenses in relation to the Group\u2019s restructuring initiatives of \u00a326 million, as
explained in note 7, and an adjusting charge of \u00a328 million representing a premium on a buy-out transaction in the UK, as explained in
note 15.
In 2023, included within employee benefits costs is a credit of \u00a326 million in relation to the Group\u2019s restructuring initiatives, as explained
in note 7.
15 Retirement benefit schemes
The Group's subsidiary undertakings in multiple jurisdictions operate various funded and unfunded defined benefit schemes, including
pension and post-retirement healthcare schemes, and defined contribution pension schemes, with the Group\u2019s most significant
arrangements being in the U.S., the UK, Canada, Germany, Switzerland and the Netherlands. Together, schemes in these territories
account for over 90% of the total underlying obligations of the Group\u2019s defined benefit arrangements and over 60% of the current
service\u00a0cost.
Pension obligations consist mainly of final salary pension schemes which provide benefits to members in the form of a guaranteed level
of pension payable for life. The level of benefits provided depends on members\u2019 length of service and their salary in the final years leading
up to retirement. In addition, the Group operates several healthcare benefit schemes, of which the most significant are in the U.S. and
Canada. The majority of defined benefit schemes allow for the future accrual of benefits. With the exception of arrangements required
under local regulations, most of the Group\u2019s arrangements are closed to new entrants.
The liabilities arising in respect of defined benefit schemes are determined in accordance with the advice of independent, professionally
qualified actuaries, using the projected unit credit method. It is Group policy that all schemes are formally valued at least every three
years. The costs of such plans are recognised in the Group income statement within operating profit as part of employment costs.
Service costs are spread systematically over the expected service lives of employees with past service costs or credits, the impact of
settlements and curtailments, and the net interest on the net defined benefit deficit or surplus recognised in the periods in which they
arise. Actuarial gains and losses and surplus restrictions are recognised immediately in other comprehensive income. Benefits provided
through defined contribution schemes are charged as an expense as payments fall due.
Through its defined benefit pension schemes and healthcare benefit schemes, the Group is exposed to a number of risks, including:
\u2013 Asset volatility: The scheme liabilities are calculated using discount rates set by reference to bond yields. If scheme assets
underperform this yield, e.g. due to stock market volatility, this may create a deficit. However, most funded schemes hold a proportion
of assets which are expected to outperform bonds in the long-term, and the majority of schemes by value are subject to local
regulations regarding funding deficits. In addition, schemes in the UK and Canada have purchased insurance contracts which exactly
match the valuation volatility of all or part of the scheme liabilities.
\u2013 Changes in bond yields: A decrease in corporate bond yields will increase scheme liabilities, although this will be partially offset by an
increase in the value of the schemes\u2019 bond holdings, \u2018buy-in\u2019 insurance assets or other hedging instruments.
\u2013 Inflation risk: Some of the Group\u2019s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities, although
in \u00a0 most cases, caps on the level of inflationary increases are in place in the scheme rules, while some assets and derivatives provide
specific inflation protection.
\u2013 Life expectancy: The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the plans\u2019 liabilities. Assumptions regarding mortality and mortality improvements are regularly
reviewed in line with actuarial tables and scheme specific experience.
The Group has an internal body, the Pensions Executive Committee (PEC), that is chaired by the Group Finance Director. The PEC sets
and oversees a set of philosophies, policies and practices in respect of post-employment benefits including, but not limited to, design,
funding, investment strategy, risk management and governance. It also reviews significant changes to defined benefit schemes in the
countries with the most significant liabilities, and defined contribution schemes in the countries with the most significant costs.
Significant changes to defined benefit arrangements include scheme closures to future accrual and risk management exercises such as
the \u2018buy-in\u2019 and \u2018buy-out\u2019 transactions referred to below.
A \u2018buy-out\u2019 transaction is where a pension scheme derecognises all (or part) of its liabilities, removing it from the balance sheet, by
permanently transferring those obligations from the sponsoring employer to a third-party provider and eliminating all further legal
or\u00a0constructive obligation to the pension scheme or to the sponsoring employer. By contrast, with a \u2018buy-in\u2019 transaction the scheme
liabilities remain on the balance sheet and the sponsoring employer remains responsible for the fulfilment of the pension obligations.
However, these obligations are de-risked through the purchase of an insurance product designed to match the underlying cash flows
of\u00a0the pension liability reducing the risks associated with improved longevity and interest and discount rate movements. The Group
consequently benefits from the \u2018buy-in\u2019 as it reduces the individual scheme\u2019s reliance on the Group for future cash funding requirements.
All of the Group\u2019s arrangements, including funded schemes where formal trusts or equivalents are required, have been developed
and\u00a0are\u00a0operated in accordance with local practices and regulations where applicable in the countries concerned. Responsibility for
the\u00a0governance of these schemes, including specific investment decisions and funding contribution schedules, generally lies with
the\u00a0trustees, or equivalent bodies, of each arrangement. The trustees will usually consist of representatives appointed by both the
sponsoring company and the beneficiaries.
The funded arrangements in the Group have policies on investment management, including strategies over a preferred long-term
investment profile, and schemes in certain territories including Canada and the Netherlands manage their bond portfolios to match
the\u00a0weighted average duration of scheme liabilities. In addition, as noted below, certain arrangements in the UK, Canada and the
Netherlands have been de-risked through the purchase of insurance policies. The majority of funded schemes are subject to local
regulations regarding funding requirements. Contributions to defined benefit schemes are determined after consultation with the
respective trustees and actuaries of\u00a0the individual externally funded schemes, and after taking into account regulatory requirements in
each territory. The Group\u2019s contributions to funded defined benefit schemes in 2026 in total are expected to be \u00a322\u00a0million compared to
\u00a320\u00a0million in 2025.
U.S.
In the U.S., the main funded pension plan is the Reynolds and Affiliates Pension Plan (RAPP) which was formed at the end of 2022
through a merger of the Reynolds American Retirement Plan (PEP) and the Retirement Income Plan for Certain RAI Affiliates (Affiliates).
The only funded healthcare scheme is the Brown & Williamson Tobacco Corporation Welfare & Fringe Benefit Plan. Each of the above
were established with corporate trustees that are required to run the plan in accordance with the plan\u2019s rules and to comply with all
relevant legislation, including the Employee Retirement Income Security Act of 1974. The corporate trustees act as custodians with a
committee of local management acting in a fiduciary capacity with regard to investment decisions, risk mitigation and administration of
the arrangements. Contributions to the various funded plans are agreed with the named fiduciary, scheme actuaries and the committee
of local management after taking account of statutory requirements including the Pension Protection Act of 2006, as amended. Through
its U.S. subsidiaries, the Group may make contributions, either as required by statutory requirements or at the discretion of the Group. As
discussed further below, as of 31 December 2025, the Reynolds American Pension Plan was reporting a surplus and is greater than 100%
funded, with the aim of remaining fully funded in the long-term. During 2025, the Group contributed \u00a35\u00a0million (2024: \u00a310\u00a0million) to its
funded pension and post-retirement plans in\u00a0the\u00a0U.S. The Group does not expect to make significant contributions in 2026.
With effect from 31 December 2024, accrual has ceased for salaried U.S. employees who participate in the qualified (RAPP) and non-
qualified pension plans. A past service credit of \u00a318\u00a0million was recognised on the difference between the salary increase assumption for
active members and the inflation assumption for deferred members at the date of the plan amendment and curtailment of benefits.
For funded plans in the U.S., the trustees employ a risk mitigation strategy which seeks to balance pension plan returns with a reasonable
level of funded status volatility. Based on this framework, the asset allocation has two primary components. The first component is the
hedging portfolio, which primarily consists of extended duration fixed income holdings (typically U.S. Government and investment grade
corporate bonds) and, to a lesser extent, derivatives used to match the majority of the interest rate risk associated with the benefit
obligations, thereby reducing expected funded status volatility. The second component is the return-seeking portfolio, which is\u00a0designed
to enhance portfolio returns. The return-seeking portfolio is broadly diversified.
At 31 December 2025, the Reynolds and Affiliates Pension Plan was reporting a surplus under IAS 19 in total of \u00a3533\u00a0million (2024:
\u00a3507\u00a0million). Under the rules of this plan, after assuming the gradual settlement of the plan liabilities over the lives of the arrangements,
the majority of any surplus would be repurposed for other existing or replacement benefit plans. Residual amounts returnable to the
Group in\u00a0the event of a termination or other distribution would trigger an excise charge and, accordingly, a surplus restriction of \u00a354
million (2024: \u00a314 million) has been recognised.
In addition to the above, assets and liabilities of \u00a334\u00a0million and \u00a335\u00a0million, respectively, in relation to a legacy U.S. arrangement acquired
with the Imasco Limited transaction in 2000 were settled during the year.
United Kingdom
In the UK, the main pension arrangement is the British American Tobacco UK Pension Fund (UKPF), which is established under trust law
and has a corporate trustee (the UK Trustee) that is required to run the scheme in accordance with the UKPF\u2019s Trust Deed and Rules and
to comply with the Pension Scheme Act 1993, Pensions Act 1995, Pensions Act 2004 and all other relevant legislation. The UKPF was
closed to new members from 1 April 2005, and with effect from 1 July 2020, UKPF was closed to further accrual of benefits with all active
members becoming deferred members.
As part of its risk management strategy, on 31 May 2019, the UK Trustee entered into a buy-in agreement with Pension Insurance
Corporation plc (PIC) to acquire an insurance policy with the intent of matching a specific part of the UKPF\u2019s future cash flows arising
from the accrued pension liabilities of retired and deferred members and improving the security to the UKPF and its members. On 19
May 2021, the UK Trustee entered into an agreement with PIC to acquire a second buy-in policy with PIC, and on 26 October 2022, a third
and final buy-in policy was acquired with PIC. The premiums paid on each buy-in transaction were subject to a subsequent true-up
process to take account of data verification and changes in membership data and this process was concluded on 29 August 2025 with a
net payment to the UKPF of \u00a320\u00a0million which has been recognised within actuarial gains and losses on plan assets.
On 19 September 2025, the UK Trustee entered into a buy-out transaction with PIC with the premium of \u00a328\u00a0million being paid on 22
September 2025 by the UK Trustee from Fund assets at that time. A member communication, confirming the UK Trustee decisions
regarding the buy-out, proposed distribution of surplus assets to the Group and the initiation of a formal wind-up process, which is
supported by the Group, has been issued to scheme members. The second statutory surplus notice was issued to members in January
2026 confirming the UK Trustee decision to return the remaining surplus to the sponsoring employer less applicable tax. The Group will
have exposure to certain contingent risks as a result of the buy-out and wind-up process which are not considered to be material.
The buy-out process will not conclude until the liabilities of the UKPF have been formally extinguished by the issuance of individual
insurance contracts to all scheme members, which is scheduled for the first half of 2026. Consequently, the Group has continued to
report and value the liabilities of the UKPF at 31 December 2025. The value of the liabilities (and matching assets) at this date was
\u00a31,845\u00a0million. The settlement cost of these liabilities, represented by the additional premium, has been recognised as a charge and an
adjusting item in the current year.
On 16 March 2023, the Schedule of Contributions was amended to remove any funding commitment for the foreseeable future, which
was reconfirmed in the Schedule of Contributions dated 17 December 2023. Consequently, no contributions were made to the UKPF in
2025 or 2024 and given the proposed wind-up of the trust, no further contributions are expected in future.
The formal triennial actuarial valuation of the UKPF was last carried out with an effective date of 31 March 2023. This showed that UKPF
had a surplus of \u00a3111\u00a0million on a technical provisions basis, in accordance with the statutory funding objective. Under IAS 19, this was
reported as a net retirement benefit asset of \u00a3142\u00a0million (2024: \u00a3169\u00a0million). Under the UKPF scheme rules, the UK Trustee does not
have a\u00a0unilateral power to commence a wind up of the UKPF, and the Group has historically recognised a surplus as an unconditional
right to a refund assuming the gradual settlement of the UKPF liabilities over the life of the scheme with any future surplus returnable to
the Group at the end of the life of the scheme. Given the initiation of the wind-up process and the intention to distribute the surplus
assets to the Group once the buyout process is complete and the scheme liabilities are fully extinguished, the scheme assets not
represented by the value of the insurance contracts have been recognised at fair value. Under current tax legislation, a charge of 25%
(2024: 25%) would arise on the gross amount of any authorised surplus payment and the potential impact of this has been accounted for
as part of the Group\u2019s deferred tax liability. The surplus noted above is stated after a restriction for the estimated value of run-off and
wind-up costs due to be incurred, which has been estimated to be around \u00a35\u00a0million.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and Ors.
This\u00a0decision has potential but uncertain implications in the UK for the validity of certain amendments to contracted-out arrangements
between 1997 and 2016 where the requisite actuarial confirmation was not obtained at the time amendments were made. An amendment
to a contracted-out scheme without appropriate actuarial confirmation could be void. On 5 June 2025, the UK Government announced that
they intended to introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation
that historical benefit changes met the necessary standards.
On 2 September 2025, the UK Government published draft amendments to the Pensions Scheme Bill. The draft legislation will need to be
agreed by both Houses of Parliament before it passes into law. The timeframe for this legislation is unclear at present. In response to this,
the UK Trustee has undertaken limited investigation into this matter pending further developments and opinions from the Courts and the
UK Government. As at 31\u00a0December 2025 and 31\u00a0December 2024, management have not identified any benefit uncertainties for which the
potential impact would need to be considered and will continue to monitor developments during 2026 and beyond. Under the existing
insurance policies, any potential exposure arising from this issue would be uninsured and wholly borne by the Group.
Other territories
Payments made to pensioners by the operating companies in Germany, net of income on scheme assets, are deemed to be company
contributions to the Contractual Trust Arrangements and are anticipated to be around \u00a35\u00a0million in 2026 and \u00a338\u00a0million per annum for
the four years after that.\u00a0Contributions to pension schemes in Canada, Netherlands and Switzerland in total are anticipated to be around
\u00a35\u00a0million in 2026 and then also around \u00a32\u00a0million per annum for the four years after that.
For schemes in Germany reporting surpluses of \u00a3173\u00a0million (2024: \u00a3103\u00a0million), these surpluses have been recognised as an unconditional
right to a refund assuming the gradual settlement of the pension liabilities over the life of the scheme, with any future surplus returnable to
the Group at the end of the life of the scheme. For schemes in surplus in Canada of \u00a330\u00a0million (2024: \u00a334\u00a0million), the economic benefit has
been calculated as a combination of the expected level of administration expenses which may be charged to the plan assets in accordance
with\u00a0the plan rules, which economically represents a potential surplus refund, and the value of the employer reserve account as defined
in\u00a0legislation, which represents a potential reduction in contributions on an ongoing basis or a surplus refund at the end of the life of the
scheme.
On 8 May 2025, the main pension scheme in the Netherlands (Stichting Pensioenfonds British American Tobacco) carried out a partial
buy-in transaction as part of the Group\u2019s derisking strategy with Aegon Levensverzekering N.V. for an insurance contract which covers
the nominal pension entitlements at 30 April 2025 and future price inflation. In addition, future accruals of benefits will continue for the 11
active members up to the end of December 2027. The deal was fully financed by existing assets of \u20ac586\u00a0million (\u00a3498\u00a0million) of the
pension fund, realising a loss on transfer of assets of approximately \u20ac67\u00a0million (\u00a357\u00a0million) recognised as part of the actuarial loss on
the revaluation of scheme assets and liabilities in Other Comprehensive Income.
In addition, on 1 October 2024, the Group concluded a transaction to transfer all of the remaining assets and liabilities of the scheme
associated with the Group\u2019s Groningen factory, which closed in 2022, allowing the Group to fully settle these obligations by transfer to an
insurance company, Nationale-Nederlanden, in a buy-out arrangement. Approximately \u20ac235 million (\u00a3199\u00a0million) of plan assets and
liabilities were removed from the balance sheet.
On 14 November 2023, the Group through its Canadian subsidiaries entered into a buy-in agreement with two insurers to acquire
insurance policies that operate as assets of its second largest Canadian scheme, the Imperial Tobacco Corporate Pension Plan
(Corporate Plan), by transferring plan assets of CAD$194\u00a0million (\u00a3114\u00a0million). The transaction was met entirely from the pension plan
assets with no further funding required from the Group. The buy-in covered all the Corporate Plan\u2019s liabilities in relation to pensioners
and deferred members as well as the pensions accrued up to 31 December 2022 for active members. The Group consequently benefits
from the buy-in as it reduces the Corporate Plan\u2019s reliance on the Group for future cash funding requirements. Previously, on
2\u00a0September 2021, the Group entered into a buy-in agreement in respect of its largest Canadian scheme, the Imasco Pension Fund
Society Plan (Society Plan), by transferring plan assets of CAD$766\u00a0million (\u00a3451\u00a0million). The buy-in covered all the Society Plan\u2019s
liabilities in relation to pensioners and deferred members as well as the pensions accrued up to 31 December 2020 for active members.
Unfunded arrangements
The majority of benefit payments are from trustee administered funds, however, there are also a number of unfunded schemes where
the sponsoring company meets the benefit payment obligation as it falls due, including UK-based Defined Benefit and Defined
Contribution Unapproved Unfunded Retirement Benefit Schemes (DB UURBS and DC UURBS, respectively). The DC UURBS credits
accrued in the year are increased in line with the Company\u2019s Weighted Average Cost of Debt and the scheme is therefore treated as
a\u00a0defined benefit scheme under IAS 19. For unfunded pension schemes in the U.S. and UK, 54% of the liabilities reported at year-end are
expected to be settled by the Group within 10 years, 29% between 10 and 20 years, 12% between 20 and 30 years, and 5% thereafter.
For\u00a0unfunded healthcare schemes in the U.S. and Canada, 71% of the liabilities reported at year-end are expected to be settled by the
Group within 10 years, 23% between 10 and 20 years, 5% between 20 and 30 years, and 1% thereafter.
The amounts recognised in the balance sheet are determined as follows:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Present value of funded scheme liabilities
(5,266)
(5,560)
(138)
(145)
(5,404)
(5,705)
Fair value of funded scheme assets
6,175
6,472
127
140
6,302
6,612
909
912
(11)
(5)
898
907
Unrecognised funded scheme surpluses
(124)
(56)
\u2014
\u2014
(124)
(56)
785
856
(11)
(5)
774
851
Present value of unfunded scheme liabilities
(348)
(358)
(347)
(376)
(695)
(734)
437
498
(358)
(381)
79
117
The above net asset/(liability) is recognised in the balance sheet as follows:
\u2013 retirement benefit scheme liabilities
(436)
(434)
(365)
(386)
(801)
(820)
\u2013 retirement benefit scheme assets
873
932
7
5
880
937
437
498
(358)
(381)
79
117
The net assets of funded pension schemes by territory are as follows:
Liabilities
Assets
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
\u2013 U.S.
(1,255)
(1,380)
1,736
1,843
481
463
\u2013 UK
(1,871)
(1,942)
2,016
2,109
145
167
\u2013 Germany
(657)
(695)
830
798
173
103
\u2013 Canada
(462)
(499)
492
534
30
35
\u2013 Netherlands
(444)
(465)
450
542
6
77
\u2013 Switzerland
(232)
(243)
268
267
36
24
\u2013 Rest of Group
(345)
(336)
383
379
38
43
Funded schemes
(5,266)
(5,560)
6,175
6,472
909
912
Of the Group\u2019s unfunded pension schemes, 49% (2024: 47%) relate to arrangements in the UK and 37% (2024: 38%) relate to
arrangements in the U.S., while 86% (2024: 87%) of the Group\u2019s unfunded healthcare arrangements relate to arrangements in the U.S.
The amounts recognised in the income statement are as follows:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Defined benefit schemes
Service cost
\u2013 current service cost
26
37
1
1
27
38
\u2013 past service cost/(credit), curtailments
and settlements
32
(18)
\u2014
\u2014
32
(18)
Net interest on the net defined benefit
liability
\u2013 interest on scheme liabilities
283
288
26
28
309
316
\u2013 interest on scheme assets
(307)
(312)
(8)
(8)
(315)
(320)
\u2013 interest on unrecognised funded scheme
surpluses
3
3
\u2014
\u2014
3
3
37
(2)
19
21
56
19
Defined contribution schemes
110
96
\u2014
\u2014
110
96
Total amount recognised in the income
statement (note 3)
147
94
19
21
166
115
The above charges are recognised within employee benefit costs in note 3 and include a charge of \u00a328\u00a0million in 2025 in respect of
settlement costs which has been classified as an adjusting item. Included in current service cost in 2025 is \u00a37\u00a0million (2024: \u00a311\u00a0million) of
administration costs. Current service cost is stated after netting employee contributions, where applicable.
The movements in scheme liabilities are as follows:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Present value at 1 January
5,918
6,647
521
555
6,439
7,202
Differences on exchange
(36)
(127)
(32)
5
(68)
(122)
Current service cost
26
37
1
1
27
38
Past service (credit)/cost and settlements
(29)
(221)
\u2014
\u2014
(29)
(221)
Interest on scheme liabilities
283
288
26
28
309
316
Contributions by scheme members
2
2
\u2014
\u2014
2
2
Benefits paid
(430)
(470)
(52)
(54)
(482)
(524)
Actuarial losses/(gains)
\u2013 arising from changes in demographic
assumptions
16
(13)
\u2014
\u2014
16
(13)
\u2013 arising from changes in financial
assumptions
(131)
(239)
12
(6)
(119)
(245)
Experience (gains)/losses
(5)
14
9
(8)
4
6
Present value at 31 December
5,614
5,918
485
521
6,099
6,439
Changes in financial assumptions principally relate to discount rate movements and changes in inflation in both years. Experience
(gains)/losses relates to variations from previous assumptions for inflationary increases for pensions-in-payment and deferred pensions
as well as adjustments for membership data. Past service (credit)/cost and settlements in the table above in 2025 includes the impact of
the settlement of a legacy scheme in the U.S. of \u00a335 million, while for 2024 it includes amounts relating to the cessation of accruals for
salaried employees in the U.S. and the buy-out of the Groningen liabilities in the Netherlands.
Scheme liabilities by scheme membership:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Active members
545
582
22
22
567
604
Deferred members
632
756
1
1
633
757
Retired members
4,437
4,580
462
498
4,899
5,078
Present value at 31 December
5,614
5,918
485
521
6,099
6,439
Over 95% of scheme liabilities in both years relate to guaranteed benefits.
The movements in funded scheme assets are as follows:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Fair value of scheme assets
at 1 January
6,472
7,172
140
145
6,612
7,317
Differences on exchange
(50)
(128)
(9)
2
(59)
(126)
Settlements
(61)
(203)
\u2014
\u2014
(61)
(203)
Interest on scheme assets
307
312
8
8
315
320
Company contributions
20
30
\u2014
\u2014
20
30
Contributions by scheme members
2
2
\u2014
\u2014
2
2
Benefits paid
(403)
(442)
(15)
(15)
(418)
(457)
Actuarial (losses)/gains
(112)
(271)
3
\u2014
(109)
(271)
Fair value of scheme assets
at 31 December
6,175
6,472
127
140
6,302
6,612
The actuarial losses and gains in both years principally relate to movements in the fair values of scheme assets including revaluations
on\u00a0initial recognition and subsequent remeasurement of insurance assets acquired in the buy-in transactions referred to above, including
any adjustments to premiums paid for subsequent verification of membership data in relation to these policies. Actual returns are stated
net of applicable taxes and fund management fees.
Settlements in the table above in 2025 include the impact of the settlement of a legacy scheme in the U.S. of \u00a334 million and the
payment of a premium on a buy-out transaction in the UK of \u00a328\u00a0million which will conclude in 2026, and, in 2024, the value of assets
derecognised relating to the buy-out of the Groningen net liabilities in the Netherlands.
Scheme assets have been diversified into equities, bonds and other assets and are typically invested via fund investment managers into
both pooled and segregated mandates of listed and unlisted equities and bonds.
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Equities \u2012 listed
340
336
6
5
346
341
Equities \u2012 unlisted
641
688
\u2014
\u2014
641
688
Bonds \u2012 listed
877
1,180
23
25
900
1,205
Bonds \u2012 unlisted
794
777
79
98
873
875
Buy-in insurance policies
2,681
2,345
\u2014
\u2014
2,681
2,345
Other assets \u2012 listed
500
509
9
2
509
511
Other assets \u2012 unlisted
342
637
10
10
352
647
Fair value of scheme assets
at 31 December
6,175
6,472
127
140
6,302
6,612
In the above analysis, investments via equity-based investment funds are shown under listed equities, and investments via bond-based
investment funds are shown under listed bonds. Other assets include insurance contracts, cash and other deposits, derivatives and other
hedges, recoverable taxes, infrastructure investments and investment property. The fair values of listed scheme assets were derived
from observable data including quoted market prices and other market data, including market values of individual segregated
investments and of pooled investment funds where quoted.
The fair values of other unlisted assets were determined using an income approach that utilised cash flow models utilising observable
inputs and comparing these valuations to benchmark valuations of similar assets. In addition, the fair value of a proportion of the unlisted
bonds is estimated by reference to daily broker auctions.
In the U.S. pension plan, assets are invested using active investment strategies and multiple investment management firms. Managers
within each asset class cover a range of investment styles and approaches. Allowable investment types include public equity, fixed
income, real assets, private equity and hedge funds. The range of allowable investment types utilised for pension assets provides
enhanced returns and more widely diversifies the plan.
The fair values of insurance policies related to buy-in transactions in the UK, Canada and the Netherlands were estimated as the present
value of the underlying obligations covered by the insurance policy and consequently the valuation of these assets at each balance sheet
date is subject to the same measurement uncertainty as for the related scheme liabilities.
The insurance assets in relation to the UKPF of \u00a31,845\u00a0million included in the above table will be derecognised upon extinguishment of
the UKPF liabilities in the first quarter of 2026. Until the buy-out of the UKPF scheme takes effect in 2026, the insurance contract is
valued as a buy-in policy. The residual assets of UKPF of \u00a3148\u00a0million (2024: \u00a3169\u00a0million) predominantly consist of cash and a proportion
of illiquid investments, such as private equity and infrastructure investments. These assets are expected to be distributed to the Group
once the buy-out transaction referred to above is completed and the wind-up process of the UKPF is implemented.
The recognition of retirement benefit surpluses on the balance sheet is restricted where the economic benefit, in the form of a potential
refund or reduction in future contributions, has a present value which is less than the net assets of the scheme. The movements in the
unrecognised scheme surpluses, recognised in other comprehensive income, are as follows:
Pension schemes
Healthcare schemes
Total
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Unrecognised funded
scheme surpluses at
1 January
(56)
(40)
(60)
\u2014
\u2014
\u2014
(56)
(40)
(60)
Differences
on exchange
2
1
\u2014
\u2014
\u2014
\u2014
2
1
\u2014
Interest on
unrecognised funded
scheme surpluses
(3)
(3)
(4)
\u2014
\u2014
\u2014
(3)
(3)
(4)
Movement in year
(note 22)
(67)
(14)
24
\u2014
\u2014
\u2014
(67)
(14)
24
Unrecognised funded
scheme surpluses at
31 December
(124)
(56)
(40)
\u2014
\u2014
\u2014
(124)
(56)
(40)
The principal actuarial assumptions (weighted to reflect individual scheme differences) used in the following territories are shown below.
In both years, discount rates are determined by reference to normal yields on high quality corporate bonds at the balance sheet date.
2025
2024
U.S.
UK
Germany
Canada
Netherlands
Switzerland
U.S.
UK
Germany
Canada
Netherlands
Switzerland
Rate of increase in
salaries (%)
3.4
Nil
2.8
2.5
2.0
2.0
3.3
Nil
2.8
2.5
2.0
2.0
Rate of increase in
pensions in payment
(%)
2.5
3.0
2.0
Nil
2.0
\u2014
2.4
3.2
2.2
Nil
2.1
Nil
Rate of increase in
deferred pensions (%)
0.1
2.4
2.0
Nil
2.0
\u2014
0.1
2.8
2.2
Nil
2.1
\u2014
Discount rate (%)
5.3
5.5
4.1
4.7
4.1
1.2
5.6
5.5
3.5
4.6
3.5
0.9
General inflation (%)
2.5
3.0
2.0
2.0
2.0
1.1
2.5
3.2
2.2
2.0
2.0
1.1
2025
2024
U.S.
UK
Germany
Canada
Netherlands
Switzerland
U.S.
UK
Germany
Canada
Netherlands
Switzerland
Weighted average
duration of liabilities
(years)
9.6
11.2
10.2
9.0
12.5
10.5
9.6
11.4
10.6
9.0
13.6
10.9
For healthcare inflation in the U.S., the assumption is 7.0% for 2025 (2024: 7.0%) and in Canada, the assumption is 5.0% (2024: 5.0%).
Mortality assumptions are subject to regular review. The principal schemes used the following tables:
U.S.
Pri-2012 mortality table without collar or amount adjustments projected with MP-2021 generational projection. For
retirees in former PEP portion of RAPP, RP-2006 mortality table with white collar adjustments projected with MP-2021
generational projection (both years)
UK
S3PA (YOB) with the CMI (2024) improvement model (smoothing parameter of 7) and 15% weighting to the 2022 and
2023 data with a 1.25% long-term improvement rate (2024: S3NA (YOB) with the CMI (2023) improvement model
(smoothing parameter of 7) and 15% weighting to the 2022 and 2023 data with a 1.25% long-term improvement rate
applied from 2020 onwards)
Germany
RT Heubeck 2018 G (both years)
Canada
CPM-2014 Private Table (both years)
Netherlands
AG Prognosetafel 2024 (both years)
Switzerland
LPP/BVG 2020 base table with CMI projection factors for mortality improvements with a 1.5% long-term improvement
rate (both years)
Based on the above, the weighted average life expectancy, in years, for mortality tables used to determine benefit obligations is as\u00a0follows:
U.S.
UK
Germany
Canada
Netherlands
Switzerland
Male
Female
Male
Female
Male
Female
Male
Female
Male
Female
Male
Female
31 December 2025
Member age 65
(current\u00a0life\u00a0expectancy)
22.3
23.8
22.9
24.2
20.9
24.3
22.2
24.5
21.1
24.8
22.2
24.0
Member age 45
(life\u00a0expectancy at age 65)
22.4
24.3
24.4
26.2
23.6
26.5
23.2
25.4
23.3
26.6
24.2
25.9
31 December 2024
Member age 65
(current\u00a0life\u00a0expectancy)
22.2
23.7
22.6
24.1
20.8
24.2
22.1
24.5
21.0
24.7
22.1
23.9
Member age 45
(life\u00a0expectancy at age 65)
22.3
24.2
24.1
26.1
22.5
26.4
23.1
25.4
23.2
26.5
24.1
25.8
For the remaining territories, typical assumptions are that real salary increases will be from 0% to 12.0% (2024: 0% to 9.8%) per annum
and discount rates will be from 0% to 9.5% (2024: 0% to 8.7%) above inflation. Pension increases, where allowed for, are generally
assumed to be in line with inflation. Assumptions of life expectancy are in line with best practice in each territory. For countries where
there is not a deep market in such corporate bonds, the yield on government bonds is used.
The valuation of retirement benefit schemes involves judgements about uncertain future events. Sensitivities in respect of the key
assumptions used to measure the principal pension schemes as at 31 December 2025 are set out below. These sensitivities show the
hypothetical impact of a change in each of the listed assumptions in isolation, with the exception of the sensitivity to inflation which
incorporates the impact of certain correlating assumptions such as salary increases and pension increases. While each of these
sensitivities holds all other assumptions constant, in\u00a0practice such assumptions rarely change in isolation, while asset values also change,
and the impacts may offset to some extent.
1 year
increase
\u00a3m
1 year
decrease
\u00a3m
percentage
increase
\u00a3m
percentage
decrease
\u00a3m
Average life expectancy \u2013 increase/(decrease) of scheme liabilities
109
(110)
Rate of inflation (+/- 25bps) \u2013 increase/(decrease) of scheme liabilities
75
(72)
Discount rate (+/- 50bps) \u2013 (decrease)/increase of scheme liabilities
(252)
274
A one percent increase in healthcare inflation would increase healthcare scheme liabilities by \u00a317\u00a0million, and a one percent decrease
would decrease liabilities by \u00a314\u00a0million. The income statement effect of this change in assumption is not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-832": { "value": "
4 Depreciation, amortisation and impairment costs
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Intangibles \u2013 amortisation and impairment of trademarks and similar intangibles
1,610
2,298
23,232
\u2013 amortisation and impairment of computer software
116
129
125
\u2013 impairment of goodwill
277
39
4,614
Property, plant and equipment - depreciation and impairment
544
635
643
2,547
3,101
28,614
Enumerated below are movements in costs that have impacted depreciation, amortisation and impairment in 2025, 2024 and 2023.
These include changes in the Group's underlying business performance, as well as impact of adjusting items, as defined in note 1.
Intangibles \u2013 amortisation and impairment of trademarks and similar intangibles
Acquisitions have resulted in the capitalisation of trademarks and similar intangibles, including those which are\u00a0amortised over their
expected useful lives, which do not exceed 30 years. As mentioned in note 12, the amortisation and impairment of these acquired
trademarks and similar intangibles are charged to the income statement of which the adjusting element is \u00a31,584 million (2024: \u00a32,279
million; 2023: \u00a323,202 million).
Impairment of goodwill
The impairment of goodwill is charged to the income statement as adjusting.
The Group impaired \u00a3277 million of goodwill in Canada, Peru and Malaysia during 2025 and \u00a339 million of goodwill in Malaysia during
2024, as explained in notes 12(e)(v) and 12(e)(vii).
During 2023, the Group impaired \u00a34,614 million of goodwill in the U.S., South Africa and Peru.
Property, plant and equipment \u2013 depreciation and impairment
The following items are included within depreciation and impairment of property, plant and equipment:
\u2013 In 2025, restructuring and related depreciation costs were a net charge of \u00a319 million, including a charge of \u00a321 million in relation to
the Dhaka factory closure and a charge of \u00a314 million for accelerated depreciation in relation to the Heidelberg factory in South Africa,
which is proposed to be closed in 2026. This was partially offset by the reversal of part of the impairment for machinery in Reynolds
American companies recognised in 2023 as it was determined a portion of the machinery that was impaired would be put back into
production as a result of manufacturing footprint changes. The value of this reversal was \u00a316 million. All items have been treated as
adjusting items, as mentioned in note 7.
\u2013 In 2024, an impairment charge of \u00a375 million in respect of the Group's head office in London, as well as a \u00a374 million impairment
charge of fixed assets in relation to the Group's intention to seek an orderly exit from Cuba, were recognised. These have been treated
as an adjusting item.
\u2013 In 2023, restructuring related depreciation and impairment costs were a net charge of \u00a339 million. It included an impairment of \u00a346
million for machinery in Reynolds American Companies due to the adverse impact from macro-economic headwinds and industry
volume declines in the U.S., which was partially offset by depreciation and impairment costs and reversals resulting from obsolete
machines in relation to downsizing and factory rationalisation. These were treated as adjusting, as mentioned in note 7; and
\u2013 Gains and losses recognised on disposal of property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-833": { "value": "
Intangibles \u2013 amortisation and impairment of trademarks and similar intangibles
Acquisitions have resulted in the capitalisation of trademarks and similar intangibles, including those which are\u00a0amortised over their
expected useful lives, which do not exceed 30 years. As mentioned in note 12, the amortisation and impairment of these acquired
trademarks and similar intangibles are charged to the income statement of which the adjusting element is \u00a31,584 million (2024: \u00a32,279
million; 2023: \u00a323,202 million).
Impairment of goodwill
The impairment of goodwill is charged to the income statement as adjusting.
The Group impaired \u00a3277 million of goodwill in Canada, Peru and Malaysia during 2025 and \u00a339 million of goodwill in Malaysia during
2024, as explained in notes 12(e)(v) and 12(e)(vii).
During 2023, the Group impaired \u00a34,614 million of goodwill in the U.S., South Africa and Peru.
Property, plant and equipment \u2013 depreciation and impairment
The following items are included within depreciation and impairment of property, plant and equipment:
\u2013 In 2025, restructuring and related depreciation costs were a net charge of \u00a319 million, including a charge of \u00a321 million in relation to
the Dhaka factory closure and a charge of \u00a314 million for accelerated depreciation in relation to the Heidelberg factory in South Africa,
which is proposed to be closed in 2026. This was partially offset by the reversal of part of the impairment for machinery in Reynolds
American companies recognised in 2023 as it was determined a portion of the machinery that was impaired would be put back into
production as a result of manufacturing footprint changes. The value of this reversal was \u00a316 million. All items have been treated as
adjusting items, as mentioned in note 7.
\u2013 In 2024, an impairment charge of \u00a375 million in respect of the Group's head office in London, as well as a \u00a374 million impairment
charge of fixed assets in relation to the Group's intention to seek an orderly exit from Cuba, were recognised. These have been treated
as an adjusting item.
\u2013 In 2023, restructuring related depreciation and impairment costs were a net charge of \u00a339 million. It included an impairment of \u00a346
million for machinery in Reynolds American Companies due to the adverse impact from macro-economic headwinds and industry
volume declines in the U.S., which was partially offset by depreciation and impairment costs and reversals resulting from obsolete
machines in relation to downsizing and factory rationalisation. These were treated as adjusting, as mentioned in note 7; and
\u2013 Gains and losses recognised on disposal of property, plant and equipment.
(e) Impairment testing
(i) Overview
a. Estimation uncertainty
As described in note 1, the critical accounting estimates used in the preparation of the consolidated financial statements include the
review of asset values, especially indefinite-lived assets such as goodwill and certain definite-lived and indefinite-lived trademarks and
similar intangibles.
There is significant judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the
basis of the assessment of the recoverability of these assets, with the effect that the value-in-use and fair value calculations incorporate
estimation uncertainty, particularly for certain assets held in relation to the U.S. market.
b. Impact of climate change
The impact of climate change has been considered in preparation of the financial statements. For impairment testing and valuation
purposes, the Group have included certain climate-related costs within the discounted cash flow forecast for impairment assessment.
The Group also completed scenario analyses of the potential impact of climate change-related risks. This sensitised discounted cash
flow included chronic risks within the future cash flows and resulted in no material adverse impact to the impairment assessment.
(ii) Impairment testing - Trademarks and similar intangibles with indefinite lives (brands)
The trademarks and similar intangibles with indefinite lives (brands) have been tested for impairment with recoverable amounts
estimated on the basis of fair value less cost of disposal and classified as level 3 within the fair value hierarchy. The fair value calculation
uses cash flows based on detailed brand budgets prepared by management using projected sales volumes and pricing (net revenue) and
projected brand profitability covering a five-year horizon and, thereafter, grown into perpetuity. A tax amortisation benefit factor is then
applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate costs are
allocated to the brand budgets based on either specific allocation, where appropriate, or based on revenue. The discount rate and
terminal value growth rate applied to the brand fair value calculation have been determined by local management based on experience,
specific market and brand trends and pricing and cost expectations. As the trademarks and similar intangibles with indefinite lives relate
to the acquisition of Reynolds American, the brand budgets used in the fair value calculations have also been incorporated into the
budget information used in the impairment testing of Reynolds American goodwill.
The below table indicates the key assumptions used in assessing the indefinite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Indefinite-lived intangibles
Grizzly
8,728
5.0%
7.3
9,373
7.6%
7.6
Total
8,728
9,832
Note:
* Volume five-year CAGR is calculated by reference to the first five years annual volumes in the fair value less cost of disposal model against the 2025 baseline.
Refer to note 12(e)(vi) for more details on impairment testing.
(iii) Impairment testing - Trademarks and similar intangibles with definite lives (brands)
Whilst no impairment triggers were identified, as noted in note 12(e)(vi), the cash flow forecasts for the definite-lived brands have been
incorporated in the impairment test for the goodwill associated with the Reynolds cash-generating unit (CGU). These brands have
therefore been tested for impairment with recoverable amounts estimated on the basis of fair value less cost of disposal and classified
as level 3 within the fair value hierarchy. The fair value calculations use cash flows based on detailed brand budgets prepared by
management using projected sales volumes and pricing (net revenue) and projected brand profitability covering a five-year horizon.
Thereafter volume decline, pricing and margin assumptions are extrapolated over the remaining useful life. A tax amortisation benefit
factor is then applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate
costs are allocated to the brand budgets based on either specific allocations, where appropriate, or\u00a0based on revenue. The discount rates
applied to the definite-lived brand fair value calculations have been determined by local management based on experience, specific
market and brand trends and pricing and cost expectations.
The below table indicates the key assumptions used in assessing the key definite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Definite-lived intangibles
Newport
18,359
(11.3)%
8.6
20,421
(12.5)%
8.6
Camel
6,919
(11.9)%
8.3
7,696
(12.6)%
8.6
Pall Mall
2,225
4.7%
8.4
2,522
(3.0)%
8.8
Natural American Spirit
9,234
(7.8)%
7.8
10,272
(8.1)%
7.9
Total
36,737
40,911
Note:
* Volume five-year CAGR is calculated by reference to the first five years\u2019 annual volumes used in the discounted cash flow model against the 2025 baseline.
The above table indicates a marginal increase in volume five-year CAGR compared to the 2024 assessment, except for Pall Mall which
sees a greater improvement due to increased promotional support and growth within the branded value segment.
Refer to note 12(e)(vi) for more details on impairment testing in respect of these brands.
(iv) Cash generating units and information on goodwill impairment testing
In 2025, goodwill was allocated for impairment testing purposes to 17 (2024: 17) individual CGUs \u2013 one in the U.S. (2024: one), nine in AME
(2024: nine) and seven in APMEA (2024: seven).
For the purpose of impairment testing, goodwill has been attributed to the following CGUs:
2025
2024
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Cash-generating unit
Reynolds American
29,322
8.5
31,491
9.0
Europe
5,632
6.6
5,358
6.7
Canada
1,994
11.4
2,229
9.8
Australia
664
11.8
662
7.9
South Africa
197
8.7
186
10.7
Singapore
371
6.7
376
8.4
GTR
246
9.2
249
7.1
Malaysia
170
10.1
187
10.6
Peru
\u2014
N/A
74
8.7
Other
321
8.1
317
8.4
Total
38,917
41,129
Included within \u2018Other\u2019 above is goodwill arising on various acquisitions that have been allocated to eight CGUs which are, individually,
insignificant. The pre-tax discount rate represents the weighted average pre-tax discount rate.
During 2025, the Group recognised a total impairment charge to goodwill of \u00a3277 million (2024: \u00a339 million) of which \u00a372\u00a0million (2024:
nil) is in respect of Peru, \u00a321 million (2024: \u00a339\u00a0million) is in respect of Malaysia and \u00a3184 million (2024: nil) is in respect of Canada. For
more details, see notes 12(e)(v), 12(e)(vi) and 12(e)(vii) respectively.
The recoverable amounts of all CGUs have been determined on a value-in-use basis. The key assumptions for the recoverable amounts of all units
are the projected sales volumes and pricing (net revenues) and terminal value growth rates, which directly impact the cash flows, and the discount
rates used in the calculation. The terminal value growth rate is used purely for the impairment testing of goodwill under IAS 36 Impairment of
Assets and does not reflect long-term planning assumptions used by the Group for investment proposals or for any other assessments.
A post-tax discount rate is applied in the impairment testing, determined using an appropriate valuation methodology that incorporates both
internal data and externally sourced market information. This applies to all CGUs with the exception of Reynolds American, for which the discount
rate is independently determined based on a weighted average cost of capital in respect of the U.S. and U.S. market-related premiums. A similar
approach in respect of the discount rate has been applied for the impairment testing of the trademarks and similar intangibles. Valuations derived
from applying post-tax discount rates to post-tax cash flows are aligned to those that would arise from applying pre-tax discount rates to pre-tax
cash flows.
The terminal value growth rates and discount rates have been applied to the budgeted cash flows of each CGU. These cash flows have been
determined by local management based on experience, specific market and brand trends, as well as pricing and cost expectations. These have
been endorsed by Group management as part of the consolidated Group\u2019s approved budget.
(v) Impairment testing \u2013 Goodwill (excluding Reynolds American and Canada)
The value-in-use calculations use cash flows based on detailed financial budgets prepared by management covering a one-year period
extrapolated over a 10-year horizon with growth of 3% (2024: 3%) in years two to ten, after which a growth rate of 1% (2024: 1%) has been
assumed as the long-term volume decline is more than offset by pricing to drive revenue growth. A 10-year horizon is considered appropriate
based on the Group\u2019s history of profit and cash growth, its well-balanced portfolio of brands and the industry in which it operates.
For the Peru CGU, as a result of ongoing difficult trading conditions, an impairment trigger was identified at the half year and a full
impairment review was undertaken. The value-in-use calculation reflects the short- to medium-term plans spanning a period of five
years after which a terminal value growth rate of -4% has been assumed. As a result of the review, the goodwill associated with the CGU
was impaired in full with a charge of \u00a372 million (2024: nil) being recognised.
For the Malaysia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -1.4% has been assumed. The
Malaysian government announced new regulations under the Control of Smoking Products for Public Health Act 2024, which came into
effect in 2025 and has impacted the sale of tobacco and vapour products. As a result of the impact of the new regulations, the Group
exited the vapour market in Malaysia and, as a result, goodwill associated with the Malaysia CGU has been impaired by \u00a321\u00a0million (2024:
\u00a339\u00a0million). The carrying amount indicated in the table above in note 12(e)(iv) reflects the recoverable amount of the CGU, being its
value-in-use.
For the Australia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -0.8% has been assumed. For
2025, the discount rate disclosed in the table above is a weighted average rate applied across the different components that form the
Australian CGU.
Following the application of a reasonable range of sensitivities to all CGUs, there was no reasonably possible scenario identified that
would lead to a potential impairment charge.
(vi) Impairment testing \u2013 Reynolds American
Goodwill and the brand intangibles relating to Reynolds American
Subsequent to the FDA announcement on 28 April 2022 of a proposed product standard to prohibit menthol as a characterising flavour
in cigarettes, the FDA formally submitted the final product standard to the Office of Management and Budget on 18 October 2023.
Following delays, in January 2025, the new Trump Administration withdrew the rule from the Office of Management and Budget. The
Spring 2025 Unified Agenda was released on 4 September 2025 wherein the menthol ban rule was no longer listed on the Long-Term
Actions list and was instead designated as \u201cwithdrawn\u201d.
On 21 June 2022, the FDA announced plans to develop a proposed product standard that would establish a maximum nicotine level in
cigarettes and certain other combustible tobacco products to reduce addictiveness. On 15 January 2025, in the final days of the outgoing
Biden Administration, the FDA issued a proposed product standard whereby the agency would limit nicotine levels in cigarettes following
a two-year effective date from publication of any final rule. However, on 20 January 2025, President Trump issued a memorandum
entitled \u2018Regulatory Freeze Pending Review\u2019 which froze all rules and proposed rules pending review by the new Administration. The
Spring 2025 Unified Agenda was released on 4 September 2025. The rule was no longer listed on the Long-Term Actions list and was
instead designated as \u201cwithdrawn\u201d.
It is management\u2019s view that neither rule will be advanced during the Trump Administration ending in 2029, though the risk remains that
a future administration may do so. However, given the extensive rule making process, it would be unlikely that a rule would be
implemented within the five year discrete forecast period used for impairment testing. Management notes that the timetable for and
likelihood of any product standard in respect of either menthol as a characterising flavour or nicotine levels in cigarettes remains
uncertain. It is also noted that the Group has a long-standing track record of managing regulatory shifts and, in the event of regulatory
change, the Group remains confident in its ability to navigate that environment successfully.
Noting the above, for the intangibles impairment assessment, neither a federal menthol ban nor any rule limiting nicotine levels in
cigarettes was assumed in the cash flow forecast used as the basis for the valuations performed. The value-in-use calculation for the
total U.S. CGU and the fair value calculations for the brand intangibles have been determined based on a single cash flow forecast. This is
a change from the approach in 2022, 2023 and 2024 whereby the value-in-use calculation for the total U.S. CGU and the fair value
calculations for the brand intangibles were determined based on probability weighted scenarios, incorporating various assumptions on
the potential timing for a final product standard to prohibit menthol as a characterising flavour in cigarettes becoming effective, to derive
a risk-adjusted cash flow forecast applied within the valuations.
The cash flow forecast for the remaining indefinite-lived brand Grizzly, as mentioned in note 12(e)(ii) above, has been incorporated in the
cash flow forecast used in the Reynolds American goodwill model. Similarly, the model also incorporates a five-year cash flow forecast
for the definite-lived brands, based on detailed brand budgets prepared by management using projected sales volumes and pricing (net
revenue) and projected brand profitability. After this forecast, a terminal value growth rate of 1.0% (2024: 1.0%) has been assumed for the
Reynolds American cash-generating unit.
For the Grizzly brand impairment test, a terminal value growth rate of 1.0% (2024: 1.0%) is also applied. Following an update of the
recoverable amount based on the fair value less cost of disposal for Grizzly, management concluded that the carrying value of the brand
is supported by cash flows generated by the combined Traditional Oral and Grizzly Modern Oral product portfolio. There is significant
judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the basis of the fair
value calculation, and this is particularly true given the launch of the Grizzly Modern Oral product in 2024. A detailed external study was
commissioned in 2023 and updated in 2024 and 2025 to assist management with an independent view of the potential impacts on
volume forecasts of cross-category use of Modern Oral products by Traditional Oral consumers to inform our forecast for the evolution
of industry volumes for both Traditional Oral and Modern Oral and the potential share of market for the latter that a Grizzly product
offering can achieve.
As explained in note 12(e)(iii), the impairment test calculations for Newport, Camel, Pall Mall and Natural American Spirit use cash flows
based on detailed brand budgets prepared by management over a five-year horizon after which volume decline, pricing and margin
assumptions are extrapolated over the remaining useful life.
The excess of recoverable amount over the carrying value (headroom) of the Reynolds American cash-generating unit and the Newport,
Camel, Pall Mall, Natural American Spirit and Grizzly brand intangibles would be reduced to nil if the following individual changes were
made to the key assumptions used in the impairment model.
Reynolds
American
goodwill
Newport
Camel
Pall Mall
Natural
American
Spirit
Grizzly
Current headroom
\u00a3m
42,241
1,676
2,724
2,399
544
773
Assumptions:
Decrease in volume year-on-year in the discrete
period by an additional *
%
(0.9)
(3.6)
(9.6)
(0.5)
(1.6)
Increase in pre-tax discount rate by
%
4.1
1.4
5.9
16.6
0.7
0.5
Decrease in terminal value growth rate by**
%
(4.3)
(0.6)
Notes:
* Brand Intangibles only. Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to operating margin %. Fixed overhead cost allocations
remain flat. This demonstrates a year-on-year decrease in operating cash flow for the discrete forecast years for Grizzly and the remaining useful lives for other definite-lived
trademarks. Before sensitising, the CAGRs over the remaining useful lives following the discrete period are as follows \u2013 Newport: -10.9%, Camel: -10.7%, Pall Mall: -15.7% and Natural
American Spirit: -7.6%.
** Goodwill and Grizzly indefinite-lived brand intangible only.
(vii) Impairment testing \u2013 Canada
Goodwill relating to Imperial Tobacco Canada Ltd (ITCAN)
In March 2019, ITCAN obtained an Initial Order from the Ontario Superior Court of Justice granting it protection under the Companies\u2019
Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation process, ITCAN began the process of negotiating a
possible settlement of all of its outstanding tobacco litigation in Canada while continuing to run its business in the normal course. On 17
October 2024, the court-appointed mediator and monitor filed a proposed plan of compromise and arrangement in the Ontario Superior
Court of Justice. Substantially similar proposed plans were also filed for RBH and JTIM (collectively, the Proposed Plans).
Under the Proposed Plans, ITCAN, RBH and JTIM (the Companies) would pay an aggregate settlement amount of CAD$32.5\u00a0billion
(\u00a317.6\u00a0billion at 31 December 2025) (the Global Settlement Amount). This amount would be funded by:
\u2013 an upfront payment equal to all the Companies' cash and cash equivalents on hand (including investments held at fair value) plus
certain court deposits (subject to an aggregate industry holdback of CAD$750\u00a0million (\u00a3407\u00a0million)) plus 85% of any cash t ax refunds
that may be received by the Companies on account of the upfront payments; and
\u2013 annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies\u2019 net income after taxes, based on
amounts generated from all sources, excluding New Categories, until the aggregate settlement amount is paid. The performance of
ITCAN\u2019s New Categories (including vapour products and nicotine pouches) is not included in the basis for calculating the annual
payments.
On 31 October 2024, the court granted the Claims Procedure Orders and Meeting Orders. In\u00a0accordance with the Meeting Order, a
creditors' meeting was held on 12 December 2024 and the Proposed Plans were approved by the requisite majorities of the creditors. A
sanction hearing took place between 29-31 January 2025. During the sanction hearing, the court was asked to sanction the Proposed
Plans. Motions for orders to amend elements of the Proposed Plans were presented on 27 February 2025. The requested amendments
to the Proposed Plans resulted in allocating the cash holdback of CAD$750\u00a0million (\u00a3407\u00a0million at 31 December 2025 rate of exchange)
from the upfront payment to RBH. On 3 March 2025, the court approved that the Proposed Plans be amended accordingly (the
Amended Plans).
On 6 March 2025, the court sanctioned the Amended Plans, herein referred to as the Approved Plans. In this sanction order, the court
also extended the Stays of litigation up to the implementation date of the Approved Plans.
On 29 August 2025 following completion of a number of administrative steps, the Approved Plans were implemented and ITCAN exited
the CCAA process. In the second half of 2025, the anticipated upfront payment was paid into the Global Settlement Trust Account as the
Upfront Cash Contribution of the Global Settlement Amount. Refer to the \u2018Upfront payment\u2019 section in note 24 for more details.
The Approved Plan for ITCAN resolves all Canadian tobacco litigation and provides a full and comprehensive release to ITCAN, BAT p.l.c.
and all related companies for all past, present and future tobacco claims in Canada.
The value-in-use calculation for the Canada CGU has been prepared based on a five-year cash flow forecast, after which a terminal value
rate of decline of 3.65% (2024: decline of 3.65%) on the underlying business is assumed. In line with the requirements of IAS 36, the value-
in-use derived from the forecast cash flows has been adjusted to include the book value of the provision recognised in respect of the
Approved Plans and the liability is included within the carrying value of the Canada CGU for the purposes of the impairment test.
A pre-tax discount rate of 11.4% (2024: 9.8%) has been assumed. Further details on\u00a0the provision for the liability associated with the
Approved Plans and the discount rate applied to such provision, which differs to that applied for the impairment assessment, can be
found in note 24.
As a result of a rebasing of forecasts reflecting the current difficult trading environment, an impairment charge of \u00a3184\u00a0million has been
recognised in respect of goodwill associated with the Canada CGU. The remaining carrying value, as disclosed in note 12(e)(iv), reflects
the recoverable amount, being the value-in-use of the CGU.
The table below indicates the additional amount of impairment that would be required if the following individual changes were made to
key assumptions within the value-in-use model.
Additional
impairment
\u00a3m
Assumptions
Decrease in volume by 3% year-on-year*
(355)
Decrease in five-year pricing CAGR by additional 1%
(110)
Increase in pre-tax discount rate by 100 bps
(116)
Note:
* Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to other operating costs which remain flat. This demonstrates a year-on-year
decrease in operating cash flow for the forecast years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-834": { "value": "
5 Other operating income
Other operating income of \u00a3192 million (2024: \u00a3340 million; 2023: \u00a3432 million) comprises income that is associated with the Group\u2019s
normal activities, but which falls outside the definition of revenue and includes gains on one-off transactions, such as capital profits
arising from the disposals of fixed assets, recoveries of indirect taxation and levies paid, litigation settlement received and transfers of
trademark rights.
(a) Global strategic partnership
On 30 July 2025, the Group announced that it had entered into a global strategic partnership with Accenture. At the same time, a similar
agreement was entered into with System Limited for support services in Pakistan. The partnership will transfer certain activities and
functions of the Group\u2019s shared services (GBS) to Accenture and Systems Limited as Business Process Outsourcers under a sale and
asset purchase agreement (SAPA) with the Group subsequently obtaining the provision of similar support services under a 10-year
Master Service Agreement to enable the Group to continue its current operations without interruption. The transfer is being
implemented in two waves. The first wave occurred in November 2025 with the transfer of c.1,000 roles, while the second wave will take
place in the first half of 2026 with the anticipated transfer of c.2,000 roles. The majority of roles transferred were on the basis of
continuing employment terms. Included in other operating income above is a gain of \u00a335 million in relation to services transferred to the
Business Process Outsourcers in the first wave as part of the SAPA. The gain is stated net of the impact of the Group disposing of two
GBS entities in Mexico and Pakistan.
(b) Sale and leaseback
In 2024, the Group recognised \u00a334 million of gains arising from sale and leaseback transactions on excess offices and warehousing
capacity in Singapore and Nigeria. Consideration received for the Nigeria transaction included an investment in a property management
vehicle, Rising Sun Partners LP, as mentioned in note 18.
In 2023, the Group recognised \u00a315 million of gains arising from a sale and leaseback transaction on excess warehousing capacity
in\u00a0Argentina.
(c) Brazil tax matters
In 2023, in Brazil, \u00a3150 million of income was recognised in respect of excise on social contributions, as well as \u00a319 million in respect of
historical VAT on social contributions in Brazil. Both items were treated as adjusting items.
(d) Other
In 2025, an income of \u00a324 million has been recognised in respect of the sale of the investment in Surya Nepal Pvt. Limited and brand
rights in certain jurisdictions to ITC, as mentioned in note 30.
In addition, in 2025, \u00a322 million (2024: \u00a328 million; 2023: \u00a385 million) of income has been recognised in respect of the transfer of non-
strategic trademark rights, which had not previously been capitalised, to third parties.
In 2024, a credit of \u00a3132 million has been recognised in respect of the settlement of historical litigation related to the Fox River in the U.S.
This has been treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-835": { "value": "
6 Other operating expenses
(a) Items included within other operating expenses
The following items are included within other operating expenses:
Notes
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Other operating expenses
5,895
13,093
7,538
The following items are included within other operating expenses:
Master Settlement Agreement and State Settlement Agreements
6(b),(d)
1,543
1,689
2,023
The Approved Plans in Canada*
6(c)
(708)
6,203
\u2014
Charges in respect of compliance with the Approved Plans in Canada*
6(c)
3
\u2014
\u2014
Inventory write-offs
20
217
134
250
Research and development expenses (excluding employee benefit costs
and depreciation)
6(e)
133
174
181
Loss on disposal of businesses*
6(f)
\u2014
\u2014
546
Partial disposal of shares in ITC*
6(g)
3
6
\u2014
Charges in respect of DOJ and OFAC investigation*
6(h)
\u2014
4
75
Losses in Ukraine due to escalation of Russian offensive*
6(i)
39
\u2014
\u2014
Charges/(reversals) in respect of assets held-for-sale*
6(j)
235
\u2014
(195)
(Credits)/ charges in respect of Romania and Brazil other taxes*
6(k)
(15)
449
49
Marketing costs in operating expenses
6(l)
1,092
1,111
1,152
Exchange differences
13
11
17
Hedge ineffectiveness within operating profit
11
5
(12)
Expenses relating to short-term leases
8
8
13
Expenses relating to leases of low-value assets
1
1
1
Auditor\u2019s remuneration
6(m)
31
30
29
Note:
* Recognised and reported as an adjusting item. In addition to these captions, as set out in note 6(d), certain litigation costs are treated as adjusting items.
Sustainability costs are included in other operating expenses and reported in a separate note, refer to note 33 for further information.
(b) Master Settlement Agreement and State Settlement Agreements
In 1998, the major U.S. cigarette manufacturers (including the R.J. Reynolds Tobacco Company, Lorillard and Brown & Williamson,
businesses which are now part of the Reynolds Group) entered into the Master Settlement Agreement (MSA) with attorneys general
representing most U.S. states and territories. The MSA imposes a perpetual stream of future payment obligations on the major U.S.
cigarette manufacturers. The amounts of money that the participating manufacturers are required to annually contribute are based upon,
amongst other things, the volume of cigarettes sold and market share (based on cigarette shipments in that year). The MSA has been
subject to certain adjustments since 1998, including agreements related to the Non-Participating Manufacturer (NPM) adjustment under
the MSA reached with various U.S. states between 2012 and 2025.
The amounts payable by Group companies under the arrangement accrue as and when shipments of tobacco products are made.
Adjustments to amounts due in relation to past payments are typically received in the form of credits offsettable only against current or
future performance obligations. Credits in respect of future years\u2019 payments and the NPM adjustment claims would be accounted for in
the applicable year and will not be treated as adjusting items. Only credits in respect of prior year payments are included as adjusting
items.
The charge in each reporting period and the cashflow impact in the same period are not directly related, as the MSA is generally settled
once a year in April of the following year.
The BAT Group is subject to substantial payment obligations under the MSA and the state settlement agreements (SSA) with the States
of Mississippi, Florida, Texas and Minnesota (such settlement agreements, collectively State Settlement Agreements). Reynolds Group\u2019s
operating subsidiaries\u2019 expenses and payments under the MSA and the State Settlement Agreements for 2025 amounted to
US$2,037\u00a0million (2024: US$2,160\u00a0million; 2023: US$2,516\u00a0million) in respect of settlement expenses net of credits and US$2,140\u00a0million
(2024: US$2,535\u00a0million; 2023: US$2,874\u00a0million) in respect of settlement cash payments.
Note
US$m
2025
\u00a3m
US$m
2024
\u00a3m
US$m
2023
\u00a3m
Opening MSA and SSA liability
25
1,904
1,520
2,279
1,788
2,637
2,193
Settlement expense
31
2,037
1,543
2,160
1,689
2,516
2,023
Cash paid
31
(2,140)
(1,622)
(2,535)
(1,983)
(2,874)
(2,311)
Difference on exchange
\u2014
(103)
\u2014
26
\u2014
(117)
Closing MSA and SSA liability
25
1,801
1,338
1,904
1,520
2,279
1,788
Non-Participating Manufacturer adjustments
Beginning in 2012, R.J. Reynolds Tobacco Company, Santa Fe Natural Tobacco Company (SFNTC), various other tobacco manufacturers, 17
states, the District of Columbia and Puerto Rico reached an agreement related to the Non-Participating Manufacturer (NPM) adjustment
under the MSA. Under this agreement and its successor agreement executed in 2017 referred to as the \u2018NPM Adjustment Settlement
Agreement\u2019, additional states have subsequently joined and R.J. Reynolds Tobacco Company has received credits of more than US$1\u00a0billion
in respect of its NPM adjustment claims related to various states over certain periods.
Under these agreements, R.J. Reynolds Tobacco Company reached agreements to settle disputes with newly joining states, including (for
the years 2022-2025) the following:
- In 2022, resulting in a credit of US$130\u00a0million for settled periods through 2018, over a five-year period from 2022;
- In 2023, resulting in an estimated credit of US$29\u00a0million for settled periods through 2018, over a five-year period from 2024;
- In 2024, resulting in an estimated credit of US$11\u00a0million for settled periods through 2018, over a five-year period from 2024 and an
estimated credit of US$69\u00a0million for settled periods through 2011, over a five-year period from 2026; and
- In 2025, resulting in an estimated credit of US$99 million for settled periods through 2019, over a five-year period from 2025.
In 2023, 2024 and 2025, R.J. Reynolds Tobacco Company received total credits (including applicable credits described above) of
US$224\u00a0million, US$224\u00a0million and US$285\u00a0million, respectively, under all respective settlement agreements.
State Settlement Agreements
In 2020, R.J. Reynolds Tobacco Company recognised additional expenses under the state settlement agreements in the States
of\u00a0Mississippi, Florida, Texas and Minnesota. R.J. Reynolds Tobacco Company recognised US$241\u00a0million of expense for payment
obligations to the State of Florida for the ITG Brands, LLC acquired brands from the date of divestiture, 12 June 2015, as a result of
an\u00a0unfavourable judgment. In addition, R.J. Reynolds Tobacco Company recognised US$264\u00a0million related to the resolution of claims
against it in the States of Texas, Minnesota and Mississippi for payment obligations to those states for the ITG Brands, LLC acquired
brands from the date of divestiture. Finally, R.J. Reynolds Tobacco Company settled certain related claims with Phillip Morris USA
under\u00a0the state settlement agreements in the states of Mississippi, Texas and Minnesota for US$8\u00a0million. During 2021, an additional
US$17\u00a0million expense was recognised in relation to the final resolution of the Texas and Minnesota claims. Additional information related
to the resolution of these claims is included in note 31. In 2022, R.J. Reynolds Tobacco Company recognised US$37\u00a0million in\u00a0additional
expenses related to a settlement with Philip Morris USA resolving prior operating profit disputes under the\u00a0MSA related to\u00a0the ITG
Brands, LLC acquired brands. In 2025, R.J. Reynolds Tobacco Company recognised US$44\u00a0million in additional expenses related to a
settlement with the State of Mississippi resolving prior operating profit disputes.
(c) The Approved Plans in Canada
In March 2019, Imperial Tobacco Canada Limited and Imperial Tobacco Company Limited (together, ITCAN), Group subsidiaries, obtained
creditor protection under the Canadian Companies\u2019 Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation
process, ITCAN began negotiating a possible settlement of all of its outstanding tobacco litigation in Canada while continuing to run its
business in the normal course.
On 17 October 2024, ITCAN\u2019s court-appointed mediator and monitor filed a proposed plan of compromise and arrangement in the
Ontario Superior Court of Justice. Substantially similar proposed plans were also filed for Rothmans, Benson & Hedges Inc. ((RBH) a
subsidiary of Philip Morris International Inc.) and JTI-Macdonald Corp. ((JTIM) a subsidiary of Japan Tobacco International) (collectively,
the Proposed Plans).
On 31 October 2024, the court granted certain orders pursuant to which the Proposed Plans were accepted for filing. On 12 December
2024, the Proposed Plans were approved by the requisite majorities of the creditors.
The Proposed Plans would require ITCAN, RBH and JTI to collectively pay an aggregate settlement amount of CAD$32.5\u00a0billion
(\u00a317.6\u00a0billion at 31 December 2025 rate of exchange). This amount would be funded by:
\u2013 an upfront payment equal to all the Companies' cash and cash equivalents on hand (including investments held at fair value) plus
certain court deposits (subject to an aggregate industry holdback of CAD$750\u00a0million (\u00a3407\u00a0million)) plus 85% of any cash t ax refunds
that may be received by the Companies on account of the upfront payments; and
\u2013 annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies\u2019 net income after taxes, based on
amounts generated from all sources, excluding New Categories, until the aggregate settlement amount is paid. The performance of
ITCAN\u2019s New Categories (including vapour products and nicotine pouches) is not included in the basis for calculating the annual
payments.
A provision of \u00a36,203\u00a0million was recognised in 2024 in relation to the above liabilities and included in other operating expenses as an
adjusting item.
During the sanction hearing, the court was asked to sanction the Proposed Plans. Motions for orders to amend elements of the
Proposed Plans were presented on 27 February 2025. The requested amendments to the Proposed Plans resulted in allocating the cash
holdback of CAD$750\u00a0million from the upfront payment to RBH. On 3 March 2025, the court approved that the Proposed Plans be
amended accordingly (the Amended Plans).
On 6 March 2025, the court sanctioned the Amended Plans, herein referred to as the Approved Plans. The Approved Plan for ITCAN
resolves all Canadian tobacco litigation and provides a full and comprehensive release to ITCAN, BAT p.l.c. and all related companies for
all past, present and future tobacco claims in Canada.
Under the Approved Plans, ITCAN is required to make annual payments based on a percentage of net income after tax generated from all
sources, excluding New Categories, until the aggregate settlement amount is paid. During 2025, based on revisions to the provision,
\u00a3708 million was credited to the income statement as an adjusting item (see note 24). In addition, ITCAN incurred charges of \u00a33\u00a0million in
respect of compliance with its Approved Plan in Canada.
(d) Litigation costs
Included in other operating expenses and reported in various accounts based on the nature of the expense are costs that are collectively
analysed as litigation costs. Certain litigation costs are reported as adjusting items and predominantly relate to health-related claims,
including Engle progeny. These litigation costs were \u00a363\u00a0million (2024: \u00a3157\u00a0million; 2023: \u00a396\u00a0million). Included in 2025 is a NPM credit of
\u00a317\u00a0million recognised for the settlement with the state of Washington, a credit of \u00a316\u00a0million for the settlement with the state of
Massachusetts and a credit of \u00a319\u00a0million recognised in relation to the Missouri portion of the 2004 NPM adjustment award.
In 2024, a NPM credit of \u00a32\u00a0million was recognised for the settlement with the state of Idaho and a credit of \u00a318\u00a0million was recognised in
relation to the Washington portion of the 2004 NPM adjustment award.
In 2023,\u00a0an\u00a0NPM credit of \u00a36\u00a0million was recognised for the settlement with the state of Iowa.
(e) Research and development
Total research and development costs, including employee benefit costs and depreciation, are \u00a3358\u00a0million (2024: \u00a3380\u00a0million; 2023:
\u00a3408\u00a0million).
(f) Loss on disposal of businesses
BAT Russia and BAT Belarus
On 13 September 2023, the Group disposed of its Russian and Belarusian businesses in compliance with international and local laws. The
Group had two subsidiaries in Russia (BAT Russia), being JSC British American Tobacco-SPb and JSC 'International Tobacco Marketing
Services', and one subsidiary in Belarus, International Tobacco Marketing Services BY. As explained in note 27(d)(ii), net held-for-sale
assets of \u00a3770\u00a0million were disposed of for proceeds of \u00a3425\u00a0million, with an impairment charge of \u00a3345\u00a0million recorded at that time.
As discussed in note 6(j), the impairment charge recognised in 2022 of \u00a3554\u00a0million (net of \u00a314\u00a0million utilised during the year) was
reversed and offset by the above mentioned \u00a3345\u00a0million recorded at the date of sale, with a net reversal of impairment recognised of
\u00a3195\u00a0million.
The loss on disposal of businesses included within other operating expenses and recognised as an adjusting item in 2023 was a charge of
\u00a3548\u00a0million and included \u00a3554\u00a0million of foreign exchange reclassified from other comprehensive income (note 22(c)(i)) and associated
costs of \u00a33\u00a0million partially offset by a realised foreign exchange gain on the proceeds received of \u00a39\u00a0million.
The total net impact after the partial reversal and loss on disposal recognised in 2023 was therefore \u00a3353\u00a0million.
BAT Pars
On 6 August 2021, the Group disposed of its Iranian subsidiary, B.A.T. Pars Company PJSC (BAT Pars). In 2023, a credit of \u00a32\u00a0million arising
from the revaluation of the deferred proceeds receivable was recognised within other operating expenses as an adjusting item.
(g) Partial disposal of shares in ITC
On 28 May 2025, the Group announced the divestment of 10% (2024: 12% divested on 13 March 2024) of its equity stake in ITC Limited
(ITC). Income and expenses associated with the divestment of these shares have been recognised as adjusting items within the relevant
financial statement caption. Included within other operating expenses is \u00a33\u00a0million (2024: \u00a36\u00a0million) of foreign exchange losses arising
from the conversion of the net proceeds from Indian rupee to sterling which were repatriated to the UK in a series of foreign exchange
transactions in the days following the sale. Refer to note 27(b)(i) for further details.
(h) Charges in respect of DOJ and OFAC investigations
On 25 April 2023, the Group announced that it had reached an agreement with the DOJ and OFAC to resolve previously disclosed
investigations into suspicions of sanctions breaches. These concerned business activities relating to the Democratic People\u2019s Republic
of\u00a0Korea between 2007 and 2017. The Company entered into a three-year deferred prosecution agreement (DPA) with the DOJ and a civil
settlement agreement with OFAC. The DOJ\u2019s charges against the Company \u2212 one count of conspiring to commit bank fraud and one
count of conspiring to violate sanctions laws \u2212 were filed and will later be dismissed if the Company abides by the terms of the DPA.
In\u00a0addition, a BAT subsidiary in Singapore, British-American Tobacco Marketing (Singapore) Private Limited, pleaded guilty to the same
charges. The total amount payable to the U.S. authorities was US$635\u00a0million plus interest.
Having recognised an initial provision of \u00a3450\u00a0million (US$540\u00a0million) in 2022, the Group recognised additional charges of \u00a375\u00a0million in
2023 and \u00a34\u00a0million in 2024. All charges were included within other operating expenses and recognised as adjusting items.
(i) Losses in Ukraine due to escalation of Russian offensive
On 5 October 2025, an intensification of Russian missile and drone attacks into Western Ukraine resulted in the destruction of a
warehouse in the Lviv Oblast region, which was operated by a third-party logistics supplier of LLC British American Tobacco Sales and
Marketing Ukraine (BAT Ukraine). A portion of BAT Ukraine\u2019s finished goods inventory was stored in the warehouse and was lost in the
incident with a total inventory value of \u00a339\u00a0million. In this context, the Group has recognised a charge in 2025 of \u00a339\u00a0million within other
operating expenses, as an adjusting item.
(j) Charges/(reversals) in respect of assets held-for-sale
Brascuba
On 19 December 2025, the Group entered into an agreement to sell its 50% shareholding in Brascuba Cigarrillos S.A. (Brascuba) to
Tabagest S.A., a company incorporated in the Republic of Cuba and an existing investor in Brascuba.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the assets and liabilities of Brascuba have
been classified as held-for-sale at 31 December 2025 and presented as such on the balance sheet at an estimated fair value less costs to
sell. An impairment charge of \u00a3231\u00a0million and associated costs of \u00a34 million have been recognised in other operating expenses as
adjusting items. Refer to note 27(d)(i) for further details.
BAT Russia and BAT Belarus
On 11 March 2022, the Group announced the intention to transfer its Russian business in full compliance with international and local laws.
At\u00a0that time, the Group had two subsidiaries in Russia (BAT Russia), being JSC British American Tobacco-SPb and JSC International
Tobacco Marketing Services. In September 2023, the Group formally entered into an agreement to sell the Group's Russian and
Belarusian businesses to a consortium led by then members of BAT Russia\u2019s management team, in compliance with local and
international laws. As previously announced, due to operational dependencies between BAT Russia and the Group\u2019s subsidiary in Belarus
(International Tobacco Marketing Services BY) (BAT Belarus), the Belarusian business was included in the sale. The transaction was
completed on 13 September 2023 and, since completion, the buyer consortium has wholly owned both businesses. These businesses
are\u00a0now known as the ITMS Group.
In accordance with IFRS 5 Non-current Assets Held For Sale and Discontinued Operations, the assets and liabilities of these subsidiaries
were classified as held-for-sale at 31 December 2022 and presented as such on the balance sheet at an estimated fair value less costs to
sell. An impairment charge of \u00a3554\u00a0million (and associated costs of \u00a358\u00a0million) was recognised in other operating expenses as adjusting
items in 2022. During 2023, the previously recognised impairment was reversed (net of \u00a314\u00a0million impairment utilised), offset by the net
\u00a3345\u00a0million (being the impairment arising on disposal of \u00a3770\u00a0million net assets for sales proceeds of \u00a3425\u00a0million). This resulted in a net
partial reversal of \u00a3195\u00a0million. This has been treated as a non-cash adjusting item. Further information on the sale of the Russian and
Belarusian businesses can be found in note 6(f) and note 27(d)(ii).
(k) Romania and Brazil other taxes
BAT Romania
On 5 November 2024, British-American Tobacco (Romania) Investment S.R.L. (BATRI) was issued with a final assessment by the Romanian
tax authority in respect of an excise audit of activities undertaken in the Ploiesti factory during the period January 2017 to February 2023.
On\u00a012 November 2024, BATRI paid the assessed amount under the provisions of Ordinance 107/2024, which provides for cancellation of
past and ongoing penalties, interest, and surcharges (ancillary obligations) if the principal amount is paid in full. The ancillary obligations have
been duly cancelled. BATRI has filed an administrative appeal with the Romanian Tax Authority in respect of the findings of the audit and in
June 2025 received a negative decision. In December 2025, BATRI filed a judicial appeal to the Ploiesti Court of Appeal. Additionally, after
filing the judicial appeal, BATRI filed a separate challenge against the Romanian Government in respect of the lawfulness of certain
Romanian statutory excise instruments.
In 2024, the Group recognised a charge of \u00a3449 million in other operating expenses as an adjusting item, of which \u00a3390\u00a0million was paid in
2024 and a provision recognised for the remaining \u00a359\u00a0million. During 2025, \u00a38\u00a0million of the provision was released against actual costs
incurred and a further \u00a315 million was released as a credit to other operating expenses as an adjusting item, resulting in a remaining
provision of \u00a336\u00a0million. Refer to note 24.
BAT Brazil
Since 2017, Souza Cruz LTDA (BAT Brazil) has been involved in a legal case over whether a 10% tax imposed on a tax benefit associated
with investment grants by the Rio de Janeiro State was constitutional. In October 2023, the Supreme Court concluded on the leading
case\u2019s trial, recognising that the tax was constitutional. This decision has binding effects on all taxpayers. BAT Brazil\u2019s individual lawsuit
has not yet concluded. However, given the decision in the leading case, in 2023, \u00a347\u00a0million was recognised in other operating expenses,
as an adjusting item, to reflect the probability of an unfavourable decision. Out of the \u00a347\u00a0million, \u00a340\u00a0million was reported as provisions
(note 24) and \u00a37\u00a0million was reported as trade and other payables.
In addition, in 2023, a charge of \u00a32\u00a0million has been recognised in other operating expenses, as an adjusting item, in respect of social
contributions relating to the Brazil excise case, as mentioned in note 5(c).
(l) Marketing costs in operating expenses
Certain marketing activities, such as discounts or allowances provided to customers, are required to be deducted from revenue as
explained in note 1. Other marketing expenses, such as point of sale and promotional materials, media advertising and sponsorship,
and\u00a0consumer research, are reported as operating expenses and have been shown in the table above.
(m) Auditor's remuneration
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Auditor\u2019s remuneration
Total expense for audit services :
- fees to KPMG LLP for Parent Company and Group audit
9.0
12.0
11.4
- fees to KPMG LLP and associates for audit of the accounts of subsidiaries
13.2
9.6
9.4
Total audit fees expense - KPMG LLP and associates
22.2
21.6
20.8
Audit fees expense to other firms
0.1
0.1
0.2
Total audit fees expense
22.3
21.7
21.0
Fees to KPMG LLP and associates for other services:
\u2013 audit related assurance services
7.1
6.8
6.9
\u2013 other assurance services
1.4
0.7
0.9
\u2013 tax advisory services
\u2014
\u2014
\u2014
\u2013 tax compliance
\u2014
\u2014
\u2014
\u2013 audit of defined benefit schemes
0.1
0.3
0.2
\u2013 other non-audit services
\u2014
\u2014
\u2014
8.6
7.8
8.0
The total auditor\u2019s remuneration to KPMG LLP and associates included above are \u00a330.8\u00a0million (2024: \u00a329.4\u00a0million; 2023: \u00a328.8\u00a0million).
Under SEC regulations, the remuneration to KPMG LLP and associates of \u00a330.8\u00a0million in 2025 (2024: \u00a329.4\u00a0million; 2023: \u00a328.8\u00a0million)
is\u00a0required to be presented as follows: audit fees \u00a330.0\u00a0million (2024: \u00a328.4\u00a0million; 2023: \u00a327.7\u00a0million), audit related fees \u00a30.1\u00a0million
(2024: \u00a30.3\u00a0million; 2023: \u00a30.2\u00a0million), tax fees nil (2024: nil; 2023: nil) and all other fees \u00a30.7\u00a0million (2024: \u00a30.7\u00a0million; 2023: \u00a30.9\u00a0million).
Audit related fees are in respect of services provided to associated pension schemes. All other fees are in respect of other assurance
services, including those provided over information derived from the financial information systems subject to audit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-836": { "value": "
(e) Research and development
Total research and development costs, including employee benefit costs and depreciation, are \u00a3358\u00a0million (2024: \u00a3380\u00a0million; 2023:
\u00a3408\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-837": { "value": "
(j) Charges/(reversals) in respect of assets held-for-sale
Brascuba
On 19 December 2025, the Group entered into an agreement to sell its 50% shareholding in Brascuba Cigarrillos S.A. (Brascuba) to
Tabagest S.A., a company incorporated in the Republic of Cuba and an existing investor in Brascuba.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the assets and liabilities of Brascuba have
been classified as held-for-sale at 31 December 2025 and presented as such on the balance sheet at an estimated fair value less costs to
sell. An impairment charge of \u00a3231\u00a0million and associated costs of \u00a34 million have been recognised in other operating expenses as
adjusting items. Refer to note 27(d)(i) for further details.
BAT Russia and BAT Belarus
On 11 March 2022, the Group announced the intention to transfer its Russian business in full compliance with international and local laws.
At\u00a0that time, the Group had two subsidiaries in Russia (BAT Russia), being JSC British American Tobacco-SPb and JSC International
Tobacco Marketing Services. In September 2023, the Group formally entered into an agreement to sell the Group's Russian and
Belarusian businesses to a consortium led by then members of BAT Russia\u2019s management team, in compliance with local and
international laws. As previously announced, due to operational dependencies between BAT Russia and the Group\u2019s subsidiary in Belarus
(International Tobacco Marketing Services BY) (BAT Belarus), the Belarusian business was included in the sale. The transaction was
completed on 13 September 2023 and, since completion, the buyer consortium has wholly owned both businesses. These businesses
are\u00a0now known as the ITMS Group.
In accordance with IFRS 5 Non-current Assets Held For Sale and Discontinued Operations, the assets and liabilities of these subsidiaries
were classified as held-for-sale at 31 December 2022 and presented as such on the balance sheet at an estimated fair value less costs to
sell. An impairment charge of \u00a3554\u00a0million (and associated costs of \u00a358\u00a0million) was recognised in other operating expenses as adjusting
items in 2022. During 2023, the previously recognised impairment was reversed (net of \u00a314\u00a0million impairment utilised), offset by the net
\u00a3345\u00a0million (being the impairment arising on disposal of \u00a3770\u00a0million net assets for sales proceeds of \u00a3425\u00a0million). This resulted in a net
partial reversal of \u00a3195\u00a0million. This has been treated as a non-cash adjusting item. Further information on the sale of the Russian and
Belarusian businesses can be found in note 6(f) and note 27(d)(ii).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-838": { "value": "
(m) Auditor's remuneration
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Auditor\u2019s remuneration
Total expense for audit services :
- fees to KPMG LLP for Parent Company and Group audit
9.0
12.0
11.4
- fees to KPMG LLP and associates for audit of the accounts of subsidiaries
13.2
9.6
9.4
Total audit fees expense - KPMG LLP and associates
22.2
21.6
20.8
Audit fees expense to other firms
0.1
0.1
0.2
Total audit fees expense
22.3
21.7
21.0
Fees to KPMG LLP and associates for other services:
\u2013 audit related assurance services
7.1
6.8
6.9
\u2013 other assurance services
1.4
0.7
0.9
\u2013 tax advisory services
\u2014
\u2014
\u2014
\u2013 tax compliance
\u2014
\u2014
\u2014
\u2013 audit of defined benefit schemes
0.1
0.3
0.2
\u2013 other non-audit services
\u2014
\u2014
\u2014
8.6
7.8
8.0
The total auditor\u2019s remuneration to KPMG LLP and associates included above are \u00a330.8\u00a0million (2024: \u00a329.4\u00a0million; 2023: \u00a328.8\u00a0million).
Under SEC regulations, the remuneration to KPMG LLP and associates of \u00a330.8\u00a0million in 2025 (2024: \u00a329.4\u00a0million; 2023: \u00a328.8\u00a0million)
is\u00a0required to be presented as follows: audit fees \u00a330.0\u00a0million (2024: \u00a328.4\u00a0million; 2023: \u00a327.7\u00a0million), audit related fees \u00a30.1\u00a0million
(2024: \u00a30.3\u00a0million; 2023: \u00a30.2\u00a0million), tax fees nil (2024: nil; 2023: nil) and all other fees \u00a30.7\u00a0million (2024: \u00a30.7\u00a0million; 2023: \u00a30.9\u00a0million).
Audit related fees are in respect of services provided to associated pension schemes. All other fees are in respect of other assurance
services, including those provided over information derived from the financial information systems subject to audit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-839": { "value": "
7 Restructuring costs
Restructuring costs represent additional expenses incurred that are not related to the normal business and day-to-day activities. In 2025,
the Group commenced the Fit2Win programme, a structured time-bound programme to review processes, ways of working including
use of data and automation, route to market, overhead costs and organisational design. The programme will deliver efficiencies and
facilitate faster, more agile and effective decision-making. Until 2023, restructuring costs were associated with Quantum, a programme
focused on a review of the Group's organisational structure that simplified the business to create a more efficient, agile and focused
company. The costs of the Group\u2019s initiatives are included in profit from operations under the following headings:
Notes
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Employee benefit costs
3
26
\u2014
(26)
Depreciation, amortisation and impairment costs
4
19
\u2014
39
Other operating expenses
21
\u2014
(15)
66
\u2014
(2)
The adjusting charge reported in employee benefit costs in 2025 includes the cost of employee packages in respect of Fit2Win.
In January 2026, the Group announced its intention to close the Heidelberg factory in South Africa and end domestic production in South
Africa by the end of 2026. The depreciation, amortisation and impairment costs in 2025 include a \u00a314 million charge related to the
accelerated depreciation of the plant and equipment in the Heidelberg factory and impairment costs of \u00a321 million associated with the
Dhaka factory closure in Bangladesh. The depreciation and impairment charge has been partially offset by an adjusting credit of \u00a316 million
in relation to the reversal of a machinery impairment in Reynolds American Companies as explained in note 4.
The restructuring costs reported in other operating expenses in 2025 include costs related to the Dhaka factory closure.
In 2023, following the completion of the Quantum programme, a credit of \u00a326\u00a0million was recognised due to the reversal of restructuring
provisions recognised in respect of employee packages. In addition, a credit of \u00a37\u00a0million was recognised in 2023 in relation to impairment
reversals associated with the Quantum programme. Included in this was an impairment reversal of \u00a34\u00a0million in relation to machinery in
South Africa as the asset can be used by another market in the Group.
In addition, in 2023, an adjusting impairment charge of \u00a346\u00a0million was recognised for machinery in Reynolds American Companies due
to the adverse impact from macro-economic headwinds and industry volume decline in the U.S. In 2025, \u00a316\u00a0million of this charge was
reversed as explained above.
The reversal recognised in other operating expenses in 2023 of\u00a0\u00a315\u00a0million included unutilised Quantum provisions along with \u00a33\u00a0million
relating to the release of a provision originally raised in 2007 relating to site clean up costs in Canada. As no further work is required on the
site the remaining provision was reversed.
33 Sustainability costs
Notes
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Sustainability expenditures
Recycling/waste costs
49
66
27
Renewable energy attribute certificates
2
2
2
Severe weather events and other natural conditions
\u2014
10
9
Sustainability costs \u2013 expenses to the income statement*
51
78
38
Sustainability capital expenditures
8
30
34
Sustainability costs \u2013 capital expenditures
13(a)
8
30
34
Recycling/waste costs
The Group incurs recycling costs in relation to its Take-Back schemes as well as waste collection costs mandated by Extended Producer
Responsibility (EPR) schemes and similar schemes. EPR schemes are where the producer\u2019s responsibility for a product is extended
to\u00a0the\u00a0post-consumer stage of a product\u2019s life cycle. In 2025, these costs amount to \u00a349 million (2024: \u00a366 million).
Renewable energy attribute certificates
The Group purchases renewable energy and associated renewable energy attribute certificates. The costs of these certificates are
\u00a32 million (2024: \u00a32 million). Most of the certificates are purchased at the same time as the electricity and therefore the costs are booked
as an expense to the income statement.
Severe weather events and other natural conditions
In 2024, a severe weather event damaged machinery equipment. The impact of the impairment and repair costs in relation to these
machines was \u00a311 million. This is partially offset by a reversal of prior year write-offs of \u00a31 million as some of the inventory was salvaged.
In 2023, a severe weather event caused the destruction of a stock of tobacco leaves in a warehouse. The impact of the write-off of this
inventory was \u00a39 million.
Sustainability capital expenditures
The sustainability capital expenditures mentioned above are investments directed towards equipment to drive energy efficiency and
renewable energy generation, water recycling and efficiency projects, waste reduction, and product innovation-led specification
improvements to drive recyclability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-842": { "value": "
8 Net finance costs
(a) Net finance costs/(income)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest expense
1,658
1,704
1,786
Interest expense on lease liabilities
40
38
30
Facility fees
17
17
19
Impact of the early repurchase of bonds (note 8(b))
\u2014
(590)
29
Interest related to adjusting tax payables (note 8(b))
117
80
71
Fair value changes on derivative financial instruments, hedged items and investments
521
90
599
Fair value change on other financial items (note 8(b))
4
19
(4)
The Approved Plans in Canada (note 8(b))
112
\u2014
\u2014
Venezuela net gain on monetary items (note 8(b))
(63)
\u2014
\u2014
Exchange differences
(373)
(9)
(449)
Finance costs
2,033
1,349
2,081
Interest income under the effective interest method
(214)
(251)
(186)
Finance income
(214)
(251)
(186)
Net finance costs
1,819
1,098
1,895
The Group manages foreign exchange gains and losses and fair value changes on a net basis excluding adjusting items, which are
explained in note 8(b). The derivatives that generate the fair value changes are explained in note 19.
Facility fees principally relate to the Group\u2019s central banking facilities.
Finance income includes income on cash and cash equivalents of which \u00a350\u00a0million (2024: \u00a3112\u00a0million; 2023: \u00a397\u00a0million) relates to
restricted cash balances (see note 21).
(b) Adjusting items included in net finance costs
Adjusting items are significant items in net finance costs which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance.
The Group recognised interest on adjusting tax payables of \u00a3117\u00a0million (2024: \u00a380\u00a0million; 2023: \u00a371\u00a0million), which included:
\u2013 interest of\u00a0\u00a330\u00a0million (2024: \u00a361\u00a0million; 2023: \u00a360\u00a0million) in relation to the Franked Investment Income Group Litigation Order
(FII\u00a0GLO) (note\u00a010(b));
\u2013 interest of \u00a366\u00a0million (2024: \u00a38\u00a0million; 2023: \u00a316\u00a0million) in relation to a tax provision in the Netherlands;
\u2013 a charge of \u00a311\u00a0million (2024: \u00a314\u00a0million; 2023: nil) in relation to a tax case in Brazil; and
\u2013 a further \u00a310\u00a0million (2024: \u00a311\u00a0million; 2023: nil) interest charge recorded on government liability balances accumulated during CCAA
protection.
In prior periods, the interest on adjusting tax payables also included, in 2024, \u00a311\u00a0million on a tax provision in Indonesia and a release of
\u00a325\u00a0million of interest on a tax provision in Canada in relation to a settlement agreement with local authorities, and, in 2023, included a
\u00a33\u00a0million credit from the reversal of interest on a tax provision in relation to the factory closure in Switzerland and a \u00a32\u00a0million credit
from the reversal of interest on tax provisions related to\u00a0Russia.
Adjusting items associated with the Approved Plans in Canada relate to the unwinding of discount on the associated provision of
\u00a3112\u00a0million (refer to note 24).
The net gain on monetary items of \u00a363\u00a0million in Venezuela results from the application of hyperinflation accounting under IAS29
Financial Reporting in Hyperinflationary Economies.
Included within fair value changes on other financial items is a fair value loss of \u00a34\u00a0million (2024: \u00a319\u00a0million; 2023: nil) on embedded
derivatives related to associates.
In 2024, in relation to the early repurchase of bonds, the Group incurred a fair value loss of \u00a39\u00a0million (2023: \u00a3151\u00a0million) on debt-related
derivatives, realised a gain of \u00a3602\u00a0million (2023: \u00a3129\u00a0million", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-841": { "value": "
8 Net finance costs
(a) Net finance costs/(income)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest expense
1,658
1,704
1,786
Interest expense on lease liabilities
40
38
30
Facility fees
17
17
19
Impact of the early repurchase of bonds (note 8(b))
\u2014
(590)
29
Interest related to adjusting tax payables (note 8(b))
117
80
71
Fair value changes on derivative financial instruments, hedged items and investments
521
90
599
Fair value change on other financial items (note 8(b))
4
19
(4)
The Approved Plans in Canada (note 8(b))
112
\u2014
\u2014
Venezuela net gain on monetary items (note 8(b))
(63)
\u2014
\u2014
Exchange differences
(373)
(9)
(449)
Finance costs
2,033
1,349
2,081
Interest income under the effective interest method
(214)
(251)
(186)
Finance income
(214)
(251)
(186)
Net finance costs
1,819
1,098
1,895
The Group manages foreign exchange gains and losses and fair value changes on a net basis excluding adjusting items, which are
explained in note 8(b). The derivatives that generate the fair value changes are explained in note 19.
Facility fees principally relate to the Group\u2019s central banking facilities.
Finance income includes income on cash and cash equivalents of which \u00a350\u00a0million (2024: \u00a3112\u00a0million; 2023: \u00a397\u00a0million) relates to
restricted cash balances (see note 21).
(b) Adjusting items included in net finance costs
Adjusting items are significant items in net finance costs which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance.
The Group recognised interest on adjusting tax payables of \u00a3117\u00a0million (2024: \u00a380\u00a0million; 2023: \u00a371\u00a0million), which included:
\u2013 interest of\u00a0\u00a330\u00a0million (2024: \u00a361\u00a0million; 2023: \u00a360\u00a0million) in relation to the Franked Investment Income Group Litigation Order
(FII\u00a0GLO) (note\u00a010(b));
\u2013 interest of \u00a366\u00a0million (2024: \u00a38\u00a0million; 2023: \u00a316\u00a0million) in relation to a tax provision in the Netherlands;
\u2013 a charge of \u00a311\u00a0million (2024: \u00a314\u00a0million; 2023: nil) in relation to a tax case in Brazil; and
\u2013 a further \u00a310\u00a0million (2024: \u00a311\u00a0million; 2023: nil) interest charge recorded on government liability balances accumulated during CCAA
protection.
In prior periods, the interest on adjusting tax payables also included, in 2024, \u00a311\u00a0million on a tax provision in Indonesia and a release of
\u00a325\u00a0million of interest on a tax provision in Canada in relation to a settlement agreement with local authorities, and, in 2023, included a
\u00a33\u00a0million credit from the reversal of interest on a tax provision in relation to the factory closure in Switzerland and a \u00a32\u00a0million credit
from the reversal of interest on tax provisions related to\u00a0Russia.
Adjusting items associated with the Approved Plans in Canada relate to the unwinding of discount on the associated provision of
\u00a3112\u00a0million (refer to note 24).
The net gain on monetary items of \u00a363\u00a0million in Venezuela results from the application of hyperinflation accounting under IAS29
Financial Reporting in Hyperinflationary Economies.
Included within fair value changes on other financial items is a fair value loss of \u00a34\u00a0million (2024: \u00a319\u00a0million; 2023: nil) on embedded
derivatives related to associates.
In 2024, in relation to the early repurchase of bonds, the Group incurred a fair value loss of \u00a39\u00a0million (2023: \u00a3151\u00a0million) on debt-related
derivatives, realised a gain of \u00a3602\u00a0million (2023: \u00a3129\u00a0million", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-840": { "value": "
8 Net finance costs
(a) Net finance costs/(income)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest expense
1,658
1,704
1,786
Interest expense on lease liabilities
40
38
30
Facility fees
17
17
19
Impact of the early repurchase of bonds (note 8(b))
\u2014
(590)
29
Interest related to adjusting tax payables (note 8(b))
117
80
71
Fair value changes on derivative financial instruments, hedged items and investments
521
90
599
Fair value change on other financial items (note 8(b))
4
19
(4)
The Approved Plans in Canada (note 8(b))
112
\u2014
\u2014
Venezuela net gain on monetary items (note 8(b))
(63)
\u2014
\u2014
Exchange differences
(373)
(9)
(449)
Finance costs
2,033
1,349
2,081
Interest income under the effective interest method
(214)
(251)
(186)
Finance income
(214)
(251)
(186)
Net finance costs
1,819
1,098
1,895
The Group manages foreign exchange gains and losses and fair value changes on a net basis excluding adjusting items, which are
explained in note 8(b). The derivatives that generate the fair value changes are explained in note 19.
Facility fees principally relate to the Group\u2019s central banking facilities.
Finance income includes income on cash and cash equivalents of which \u00a350\u00a0million (2024: \u00a3112\u00a0million; 2023: \u00a397\u00a0million) relates to
restricted cash balances (see note 21).
(b) Adjusting items included in net finance costs
Adjusting items are significant items in net finance costs which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance.
The Group recognised interest on adjusting tax payables of \u00a3117\u00a0million (2024: \u00a380\u00a0million; 2023: \u00a371\u00a0million), which included:
\u2013 interest of\u00a0\u00a330\u00a0million (2024: \u00a361\u00a0million; 2023: \u00a360\u00a0million) in relation to the Franked Investment Income Group Litigation Order
(FII\u00a0GLO) (note\u00a010(b));
\u2013 interest of \u00a366\u00a0million (2024: \u00a38\u00a0million; 2023: \u00a316\u00a0million) in relation to a tax provision in the Netherlands;
\u2013 a charge of \u00a311\u00a0million (2024: \u00a314\u00a0million; 2023: nil) in relation to a tax case in Brazil; and
\u2013 a further \u00a310\u00a0million (2024: \u00a311\u00a0million; 2023: nil) interest charge recorded on government liability balances accumulated during CCAA
protection.
In prior periods, the interest on adjusting tax payables also included, in 2024, \u00a311\u00a0million on a tax provision in Indonesia and a release of
\u00a325\u00a0million of interest on a tax provision in Canada in relation to a settlement agreement with local authorities, and, in 2023, included a
\u00a33\u00a0million credit from the reversal of interest on a tax provision in relation to the factory closure in Switzerland and a \u00a32\u00a0million credit
from the reversal of interest on tax provisions related to\u00a0Russia.
Adjusting items associated with the Approved Plans in Canada relate to the unwinding of discount on the associated provision of
\u00a3112\u00a0million (refer to note 24).
The net gain on monetary items of \u00a363\u00a0million in Venezuela results from the application of hyperinflation accounting under IAS29
Financial Reporting in Hyperinflationary Economies.
Included within fair value changes on other financial items is a fair value loss of \u00a34\u00a0million (2024: \u00a319\u00a0million; 2023: nil) on embedded
derivatives related to associates.
In 2024, in relation to the early repurchase of bonds, the Group incurred a fair value loss of \u00a39\u00a0million (2023: \u00a3151\u00a0million) on debt-related
derivatives, realised a gain of \u00a3602\u00a0million (2023: \u00a3129\u00a0million", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-845": { "value": "
9 Associates and joint ventures
2025
2024
2023
Total
\u00a3m
Group\u2019s
share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Revenue
9,708
2,416
9,936
2,635
9,412
2,630
Profit from operations
3,752
952
2,662
715
2,596
783
Net finance income
(2)
\u2014
5
2
15
4
Profit on ordinary activities
before taxation
3,750
952
2,667
717
2,611
787
Taxation on ordinary activities
(659)
(162)
(639)
(172)
(664)
(194)
Profit on ordinary activities after taxation
3,091
790
2,028
545
1,947
593
Non-controlling interests
(27)
(7)
(27)
(6)
(28)
(8)
Post-tax results of associates and joint
ventures
3,064
783
2,001
539
1,919
585
Gain from partial divestment of shares in
ITC
\u2014
898
\u2014
1,361
\u2014
\u2014
Total post-tax results of associates and
joint ventures
3,064
1,681
2,001
1,900
1,919
585
Enumerated below are movements that have impacted the post-tax results of associates and joint ventures in 2025, 2024 and 2023. The
amounts below were reported as adjusting items under the share of profit from associates in the income statement.
(a) Adjusting items
In 2025, the Group\u2019s interest in ITC, an associate of the Group in India, decreased from 25.45% to 22.91% (2024: 29.02% to\u00a025.45%; 2023:
29.19% to 29.02%) as a result of ITC issuing ordinary shares under the ITC Employee Share Option Scheme and the Group's partial
divestment of shares held in ITC.
The issue of\u00a0these shares under the ITC Employee Option Scheme and related change in the Group\u2019s share of ITC resulted in a
gain\u00a0of\u00a0\u00a36\u00a0million (2024: \u00a318\u00a0million gain; 2023: \u00a340\u00a0million gain), which is treated as a deemed partial disposal and included in the
income\u00a0statement.
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). A gain of \u00a3898\u00a0million has been recognised in the Group\u2019s share of post-tax results
of associates and joint ventures and includes a foreign exchange loss of \u00a347\u00a0million reclassified to the income statement and previously
recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In addition, in 2025, as part of the demerger accounting (refer to note 14), ITC recognised the excess of the fair value over the carrying
value of the hotels business as an adjusting item. The Group\u2019s share of this adjusted gain amounted to \u00a3333 million (net of tax).
During the year, VST Industries Limited recognised an adjusting gain in relation to a sale of land and buildings. The Group's share of this
gain is \u00a33 million.
Organigram Global Inc. (Organigram) acquired Motifs Lab Ltd on 6 December 2024 and the consideration included CAD$40 million of
common shares in Organigram which diluted BAT's ownership from 35.09% to 30.60% and resulted in a loss on dilution of \u00a31\u00a0million.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). A gain of \u00a31,361\u00a0million has been recognised in the Group\u2019s share of post-tax
results of associates and joint ventures and includes a foreign exchange loss of \u00a343\u00a0million reclassified to the income statement and
previously recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In 2023, ITC recognised a credit in respect of the proceeds received in partial settlement of the insurance claim towards the cost of leaf
tobacco stocks destroyed in a third-party warehouse fire, the Group\u2019s share of which was \u00a32\u00a0million.
In 2023, the Group impaired the investment in\u00a0Organigram by \u00a334\u00a0million (net of tax), driven by the decrease in Organigram\u2019s share price.
In 2024 and 2025, no further impairment was required.
(b) Other financial information
The Group\u2019s share of the results of associates and joint ventures (excluding the gain from partial divestment of shares in ITC) is shown
in\u00a0the table below.
2025
2024
2023
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Profit on ordinary activities after taxation
\u2013 attributable to owners of the parent
783
539
585
Other comprehensive income/(expense):
Items that may be reclassified to profit and loss
(133)
(13)
(107)
Items that will not be reclassified to profit and loss
(4)
33
(5)
Total comprehensive income
646
559
473
Summarised financial information of the Group\u2019s associates and joint ventures is shown below.
2025
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,921
2,787
9,708
Profit/(loss) on ordinary activities before taxation
3,765
(15)
3,750
Post-tax results of associates and joint ventures
3,082
(18)
3,064
Other comprehensive expense
(761)
(14)
(775)
Total comprehensive income/(expense)
2,321
(32)
2,289
2024
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
7,265
2,671
9,936
Profit/(loss) on ordinary activities before taxation
2,680
(13)
2,667
Post-tax results of associates and joint ventures
2,025
(24)
2,001
Other comprehensive income/(expense)
98
(15)
83
Total comprehensive income/(expense)
2,123
(39)
2,084
2023
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,805
2,607
9,412
Profit/(loss) on ordinary activities before taxation
2,813
(202)
2,611
Post-tax results of associates and joint ventures
2,121
(202)
1,919
Other comprehensive expense
(368)
(20)
(388)
Total comprehensive income/(expense)
1,753
(222)
1,531
14 Investments in associates and joint ventures
2025
\u00a3m
2024
\u00a3m
1 January
1,902
1,970
Total comprehensive income (note 9)
646
559
Dividends
(386)
(447)
Additions (note 27(b)(ii))
34
48
Disposals (note 27(b)(i))
(167)
(227)
Changes in associate\u2019s business undertakings \u2013 demerger of ITC Hotels
(533)
\u2014
Other equity movements
25
(1)
31 December
1,521
1,902
Non-current assets
947
1,230
Current assets
1,056
1,205
Non-current liabilities
(98)
(97)
Current liabilities
(384)
(436)
1,521
1,902
ITC Ltd. (Group\u2019s share of the market value is \u00a39,558 million (2024: \u00a314,357 million))
1,348
1,762
Other listed associates (Group\u2019s share of the market value is \u00a3184 million (2024: \u00a3224 million))
127
98
Unlisted associates
46
42
1,521
1,902
The principal associate undertaking of the Group is ITC Ltd. (ITC). Included within the dividends amount of \u00a3386 million (2024: \u00a3447
million) are \u00a3376 million (2024: \u00a3434 million) attributable to dividends declared by ITC.
ITC Ltd.
ITC is an Indian conglomerate based in Kolkata with interests in cigarettes, paper and packaging, agri-business, other fast-moving goods (e.g.
confectionery, branded apparel, personal care, stationery and safety matches) and, up until the date of demerger (as described below), hotels.
BAT\u2019s interest in ITC is\u00a022.91%.
ITC prepares accounts on a quarterly basis with a 31 March year-end. As permitted by IAS 28 Investments in associates and joint ventures,
results up to 30 September 2025 have been used in applying the equity method. This is driven by the availability of information at the half-year,
to be consistent with the treatment in the Group\u2019s interim accounts. Any further information available after the date used for reporting
purposes is reviewed and any material items adjusted for in the final results. The latest published information available is at 31 December 2025.
2025
\u00a3m
2024
\u00a3m
Non-current assets
3,605
4,456
Current assets
3,872
4,152
Non-current liabilities
(304)
(306)
Current liabilities
(1,287)
(1,376)
5,886
6,926
Group\u2019s share of ITC Ltd. (2025: 22.91%; 2024: 25.45%)
1,348
1,762
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 24 July 2023, ITC announced a proposed demerger of its \u2018Hotels Business\u2019 under a scheme of arrangement by which 60% of the newly
incorporated entity would be held directly by ITC's shareholders proportionate to their shareholding in ITC. In January 2025, ITC Hotels
Limited (ITC Hotels) was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).
The Group\u2019s direct stake in ITC Hotels was 15% at that time and was recognised as an investment held at fair value (refer to note 18).
Organigram Global Inc.
On 11 March 2021, the Group announced a strategic collaboration agreement with Organigram Inc., a wholly owned subsidiary of publicly
traded Organigram Global Inc. (collectively, Organigram). Under the terms of the transaction, a Group subsidiary acquired a 19.90%
equity stake in Organigram Global Inc. (listed on both the Nasdaq and Toronto Stock Exchange under the\u00a0symbol \u2018OGI\u2019) to become its
largest shareholder. Due to subsequent acquisitions carried out by Organigram and the Group\u2019s additional investments, referred to
below, the Group\u2019s effective interest in Organigram for equity accounting purposes at the end of 2025 was 36.77% (2024: 35.09%) of
which common shares accounted for 26.90% (2024: 27.82%) and preferred shares for 9.87% (2024: 7.27%). Organigram prepares
accounts on a quarterly basis with a 30\u00a0September year-end. As permitted by IAS 28, results up to 30 September 2025 have been used in
applying the equity method.
No impairment has been recognised during the year and the carrying value of this investment as at 31 December 2025 was \u00a394\u00a0million
(2024:\u00a0\u00a365\u00a0million). Management will continue to monitor the carrying value, in line with IAS 36, over the course of future periods.
In November 2023, the Group announced the signing of an agreement for a further investment in Organigram. At\u00a031\u00a0December 2023, the
proposed investment of CAD$125\u00a0million (\u00a374\u00a0million) was subject to customary conditions, including necessary approvals by the
shareholders of Organigram, which was given on 18 January 2024. On 24 January 2024, BAT made the first tranche investment of
CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 12,893,175 common shares of Organigram at a price of CAD$3.22 per share. On 30
August 2024, BAT made the second tranche investment of CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 4,429,740 common shares
and 8,463,435 preferred shares of Organigram at a price of CAD$3.22 per share. Goodwill of \u00a35\u00a0million was recognised following these
investments which has been recognised net of fair value of the embedded derivative in relation to the investment agreement. On 28
February 2025, the Group made the third and final tranche investment in Organigram for CAD$42\u00a0million (\u00a323\u00a0million) subscribing for
7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches. Under the terms of the
agreement, the Group\u2019s voting rights are restricted to 30%.
Charlotte\u2019s Web Holdings Inc.
In November 2022, the Group announced a \u00a348 million investment in Charlotte\u2019s Web Holdings, Inc. (Charlotte's Web). Based in
Colorado, USA, and listed on the Toronto Stock Exchange, Charlotte\u2019s Web holds a prominent position in innovative hemp extract
wellness products. The Group\u2019s investment has been made via a seven-year convertible debenture which is convertible at the Group\u2019s
discretion into a non-controlling equity stake in Charlotte\u2019s Web of around 19.9%. As part of the investment agreement, the Group has
the right to appoint directors to the board of Charlotte\u2019s Web. However, given the investment does not give the Group any current right
to a share of the earnings or net assets of the investee, the investment has been classified as an investment at fair value through profit
and loss (see note 18). On conversion of the loan note, the Group would equity account for its investment.
Other
During the year, the Group further invested \u00a33 million in Awake Corporation (Awake) increasing our interest to 41.6%. Previous to the
additional investment, the Group classified the investment as fair value through other comprehensive income. Following the additional
investment, the Group applied equity accounting and the carrying value of Awake as at 31 December 2025 is \u00a311 million of which goodwill
is \u00a310 million.
In 2025, the Group fully impaired its investment in Steady State LLC resulting to a loss of \u00a36 million.
In December 2025, the Group disposed of its fully written off investment in Samfruit JSC for consideration of nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-844": { "value": "
9 Associates and joint ventures
2025
2024
2023
Total
\u00a3m
Group\u2019s
share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Revenue
9,708
2,416
9,936
2,635
9,412
2,630
Profit from operations
3,752
952
2,662
715
2,596
783
Net finance income
(2)
\u2014
5
2
15
4
Profit on ordinary activities
before taxation
3,750
952
2,667
717
2,611
787
Taxation on ordinary activities
(659)
(162)
(639)
(172)
(664)
(194)
Profit on ordinary activities after taxation
3,091
790
2,028
545
1,947
593
Non-controlling interests
(27)
(7)
(27)
(6)
(28)
(8)
Post-tax results of associates and joint
ventures
3,064
783
2,001
539
1,919
585
Gain from partial divestment of shares in
ITC
\u2014
898
\u2014
1,361
\u2014
\u2014
Total post-tax results of associates and
joint ventures
3,064
1,681
2,001
1,900
1,919
585
Enumerated below are movements that have impacted the post-tax results of associates and joint ventures in 2025, 2024 and 2023. The
amounts below were reported as adjusting items under the share of profit from associates in the income statement.
(a) Adjusting items
In 2025, the Group\u2019s interest in ITC, an associate of the Group in India, decreased from 25.45% to 22.91% (2024: 29.02% to\u00a025.45%; 2023:
29.19% to 29.02%) as a result of ITC issuing ordinary shares under the ITC Employee Share Option Scheme and the Group's partial
divestment of shares held in ITC.
The issue of\u00a0these shares under the ITC Employee Option Scheme and related change in the Group\u2019s share of ITC resulted in a
gain\u00a0of\u00a0\u00a36\u00a0million (2024: \u00a318\u00a0million gain; 2023: \u00a340\u00a0million gain), which is treated as a deemed partial disposal and included in the
income\u00a0statement.
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). A gain of \u00a3898\u00a0million has been recognised in the Group\u2019s share of post-tax results
of associates and joint ventures and includes a foreign exchange loss of \u00a347\u00a0million reclassified to the income statement and previously
recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In addition, in 2025, as part of the demerger accounting (refer to note 14), ITC recognised the excess of the fair value over the carrying
value of the hotels business as an adjusting item. The Group\u2019s share of this adjusted gain amounted to \u00a3333 million (net of tax).
During the year, VST Industries Limited recognised an adjusting gain in relation to a sale of land and buildings. The Group's share of this
gain is \u00a33 million.
Organigram Global Inc. (Organigram) acquired Motifs Lab Ltd on 6 December 2024 and the consideration included CAD$40 million of
common shares in Organigram which diluted BAT's ownership from 35.09% to 30.60% and resulted in a loss on dilution of \u00a31\u00a0million.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). A gain of \u00a31,361\u00a0million has been recognised in the Group\u2019s share of post-tax
results of associates and joint ventures and includes a foreign exchange loss of \u00a343\u00a0million reclassified to the income statement and
previously recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In 2023, ITC recognised a credit in respect of the proceeds received in partial settlement of the insurance claim towards the cost of leaf
tobacco stocks destroyed in a third-party warehouse fire, the Group\u2019s share of which was \u00a32\u00a0million.
In 2023, the Group impaired the investment in\u00a0Organigram by \u00a334\u00a0million (net of tax), driven by the decrease in Organigram\u2019s share price.
In 2024 and 2025, no further impairment was required.
(b) Other financial information
The Group\u2019s share of the results of associates and joint ventures (excluding the gain from partial divestment of shares in ITC) is shown
in\u00a0the table below.
2025
2024
2023
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Profit on ordinary activities after taxation
\u2013 attributable to owners of the parent
783
539
585
Other comprehensive income/(expense):
Items that may be reclassified to profit and loss
(133)
(13)
(107)
Items that will not be reclassified to profit and loss
(4)
33
(5)
Total comprehensive income
646
559
473
Summarised financial information of the Group\u2019s associates and joint ventures is shown below.
2025
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,921
2,787
9,708
Profit/(loss) on ordinary activities before taxation
3,765
(15)
3,750
Post-tax results of associates and joint ventures
3,082
(18)
3,064
Other comprehensive expense
(761)
(14)
(775)
Total comprehensive income/(expense)
2,321
(32)
2,289
2024
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
7,265
2,671
9,936
Profit/(loss) on ordinary activities before taxation
2,680
(13)
2,667
Post-tax results of associates and joint ventures
2,025
(24)
2,001
Other comprehensive income/(expense)
98
(15)
83
Total comprehensive income/(expense)
2,123
(39)
2,084
2023
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,805
2,607
9,412
Profit/(loss) on ordinary activities before taxation
2,813
(202)
2,611
Post-tax results of associates and joint ventures
2,121
(202)
1,919
Other comprehensive expense
(368)
(20)
(388)
Total comprehensive income/(expense)
1,753
(222)
1,531
14 Investments in associates and joint ventures
2025
\u00a3m
2024
\u00a3m
1 January
1,902
1,970
Total comprehensive income (note 9)
646
559
Dividends
(386)
(447)
Additions (note 27(b)(ii))
34
48
Disposals (note 27(b)(i))
(167)
(227)
Changes in associate\u2019s business undertakings \u2013 demerger of ITC Hotels
(533)
\u2014
Other equity movements
25
(1)
31 December
1,521
1,902
Non-current assets
947
1,230
Current assets
1,056
1,205
Non-current liabilities
(98)
(97)
Current liabilities
(384)
(436)
1,521
1,902
ITC Ltd. (Group\u2019s share of the market value is \u00a39,558 million (2024: \u00a314,357 million))
1,348
1,762
Other listed associates (Group\u2019s share of the market value is \u00a3184 million (2024: \u00a3224 million))
127
98
Unlisted associates
46
42
1,521
1,902
The principal associate undertaking of the Group is ITC Ltd. (ITC). Included within the dividends amount of \u00a3386 million (2024: \u00a3447
million) are \u00a3376 million (2024: \u00a3434 million) attributable to dividends declared by ITC.
ITC Ltd.
ITC is an Indian conglomerate based in Kolkata with interests in cigarettes, paper and packaging, agri-business, other fast-moving goods (e.g.
confectionery, branded apparel, personal care, stationery and safety matches) and, up until the date of demerger (as described below), hotels.
BAT\u2019s interest in ITC is\u00a022.91%.
ITC prepares accounts on a quarterly basis with a 31 March year-end. As permitted by IAS 28 Investments in associates and joint ventures,
results up to 30 September 2025 have been used in applying the equity method. This is driven by the availability of information at the half-year,
to be consistent with the treatment in the Group\u2019s interim accounts. Any further information available after the date used for reporting
purposes is reviewed and any material items adjusted for in the final results. The latest published information available is at 31 December 2025.
2025
\u00a3m
2024
\u00a3m
Non-current assets
3,605
4,456
Current assets
3,872
4,152
Non-current liabilities
(304)
(306)
Current liabilities
(1,287)
(1,376)
5,886
6,926
Group\u2019s share of ITC Ltd. (2025: 22.91%; 2024: 25.45%)
1,348
1,762
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 24 July 2023, ITC announced a proposed demerger of its \u2018Hotels Business\u2019 under a scheme of arrangement by which 60% of the newly
incorporated entity would be held directly by ITC's shareholders proportionate to their shareholding in ITC. In January 2025, ITC Hotels
Limited (ITC Hotels) was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).
The Group\u2019s direct stake in ITC Hotels was 15% at that time and was recognised as an investment held at fair value (refer to note 18).
Organigram Global Inc.
On 11 March 2021, the Group announced a strategic collaboration agreement with Organigram Inc., a wholly owned subsidiary of publicly
traded Organigram Global Inc. (collectively, Organigram). Under the terms of the transaction, a Group subsidiary acquired a 19.90%
equity stake in Organigram Global Inc. (listed on both the Nasdaq and Toronto Stock Exchange under the\u00a0symbol \u2018OGI\u2019) to become its
largest shareholder. Due to subsequent acquisitions carried out by Organigram and the Group\u2019s additional investments, referred to
below, the Group\u2019s effective interest in Organigram for equity accounting purposes at the end of 2025 was 36.77% (2024: 35.09%) of
which common shares accounted for 26.90% (2024: 27.82%) and preferred shares for 9.87% (2024: 7.27%). Organigram prepares
accounts on a quarterly basis with a 30\u00a0September year-end. As permitted by IAS 28, results up to 30 September 2025 have been used in
applying the equity method.
No impairment has been recognised during the year and the carrying value of this investment as at 31 December 2025 was \u00a394\u00a0million
(2024:\u00a0\u00a365\u00a0million). Management will continue to monitor the carrying value, in line with IAS 36, over the course of future periods.
In November 2023, the Group announced the signing of an agreement for a further investment in Organigram. At\u00a031\u00a0December 2023, the
proposed investment of CAD$125\u00a0million (\u00a374\u00a0million) was subject to customary conditions, including necessary approvals by the
shareholders of Organigram, which was given on 18 January 2024. On 24 January 2024, BAT made the first tranche investment of
CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 12,893,175 common shares of Organigram at a price of CAD$3.22 per share. On 30
August 2024, BAT made the second tranche investment of CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 4,429,740 common shares
and 8,463,435 preferred shares of Organigram at a price of CAD$3.22 per share. Goodwill of \u00a35\u00a0million was recognised following these
investments which has been recognised net of fair value of the embedded derivative in relation to the investment agreement. On 28
February 2025, the Group made the third and final tranche investment in Organigram for CAD$42\u00a0million (\u00a323\u00a0million) subscribing for
7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches. Under the terms of the
agreement, the Group\u2019s voting rights are restricted to 30%.
Charlotte\u2019s Web Holdings Inc.
In November 2022, the Group announced a \u00a348 million investment in Charlotte\u2019s Web Holdings, Inc. (Charlotte's Web). Based in
Colorado, USA, and listed on the Toronto Stock Exchange, Charlotte\u2019s Web holds a prominent position in innovative hemp extract
wellness products. The Group\u2019s investment has been made via a seven-year convertible debenture which is convertible at the Group\u2019s
discretion into a non-controlling equity stake in Charlotte\u2019s Web of around 19.9%. As part of the investment agreement, the Group has
the right to appoint directors to the board of Charlotte\u2019s Web. However, given the investment does not give the Group any current right
to a share of the earnings or net assets of the investee, the investment has been classified as an investment at fair value through profit
and loss (see note 18). On conversion of the loan note, the Group would equity account for its investment.
Other
During the year, the Group further invested \u00a33 million in Awake Corporation (Awake) increasing our interest to 41.6%. Previous to the
additional investment, the Group classified the investment as fair value through other comprehensive income. Following the additional
investment, the Group applied equity accounting and the carrying value of Awake as at 31 December 2025 is \u00a311 million of which goodwill
is \u00a310 million.
In 2025, the Group fully impaired its investment in Steady State LLC resulting to a loss of \u00a36 million.
In December 2025, the Group disposed of its fully written off investment in Samfruit JSC for consideration of nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-843": { "value": "
9 Associates and joint ventures
2025
2024
2023
Total
\u00a3m
Group\u2019s
share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Total
\u00a3m
Group's share
\u00a3m
Revenue
9,708
2,416
9,936
2,635
9,412
2,630
Profit from operations
3,752
952
2,662
715
2,596
783
Net finance income
(2)
\u2014
5
2
15
4
Profit on ordinary activities
before taxation
3,750
952
2,667
717
2,611
787
Taxation on ordinary activities
(659)
(162)
(639)
(172)
(664)
(194)
Profit on ordinary activities after taxation
3,091
790
2,028
545
1,947
593
Non-controlling interests
(27)
(7)
(27)
(6)
(28)
(8)
Post-tax results of associates and joint
ventures
3,064
783
2,001
539
1,919
585
Gain from partial divestment of shares in
ITC
\u2014
898
\u2014
1,361
\u2014
\u2014
Total post-tax results of associates and
joint ventures
3,064
1,681
2,001
1,900
1,919
585
Enumerated below are movements that have impacted the post-tax results of associates and joint ventures in 2025, 2024 and 2023. The
amounts below were reported as adjusting items under the share of profit from associates in the income statement.
(a) Adjusting items
In 2025, the Group\u2019s interest in ITC, an associate of the Group in India, decreased from 25.45% to 22.91% (2024: 29.02% to\u00a025.45%; 2023:
29.19% to 29.02%) as a result of ITC issuing ordinary shares under the ITC Employee Share Option Scheme and the Group's partial
divestment of shares held in ITC.
The issue of\u00a0these shares under the ITC Employee Option Scheme and related change in the Group\u2019s share of ITC resulted in a
gain\u00a0of\u00a0\u00a36\u00a0million (2024: \u00a318\u00a0million gain; 2023: \u00a340\u00a0million gain), which is treated as a deemed partial disposal and included in the
income\u00a0statement.
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). A gain of \u00a3898\u00a0million has been recognised in the Group\u2019s share of post-tax results
of associates and joint ventures and includes a foreign exchange loss of \u00a347\u00a0million reclassified to the income statement and previously
recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In addition, in 2025, as part of the demerger accounting (refer to note 14), ITC recognised the excess of the fair value over the carrying
value of the hotels business as an adjusting item. The Group\u2019s share of this adjusted gain amounted to \u00a3333 million (net of tax).
During the year, VST Industries Limited recognised an adjusting gain in relation to a sale of land and buildings. The Group's share of this
gain is \u00a33 million.
Organigram Global Inc. (Organigram) acquired Motifs Lab Ltd on 6 December 2024 and the consideration included CAD$40 million of
common shares in Organigram which diluted BAT's ownership from 35.09% to 30.60% and resulted in a loss on dilution of \u00a31\u00a0million.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). A gain of \u00a31,361\u00a0million has been recognised in the Group\u2019s share of post-tax
results of associates and joint ventures and includes a foreign exchange loss of \u00a343\u00a0million reclassified to the income statement and
previously recognised in associates other comprehensive income. Refer to note 27(b)(i) for further details.
In 2023, ITC recognised a credit in respect of the proceeds received in partial settlement of the insurance claim towards the cost of leaf
tobacco stocks destroyed in a third-party warehouse fire, the Group\u2019s share of which was \u00a32\u00a0million.
In 2023, the Group impaired the investment in\u00a0Organigram by \u00a334\u00a0million (net of tax), driven by the decrease in Organigram\u2019s share price.
In 2024 and 2025, no further impairment was required.
(b) Other financial information
The Group\u2019s share of the results of associates and joint ventures (excluding the gain from partial divestment of shares in ITC) is shown
in\u00a0the table below.
2025
2024
2023
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Group\u2019s
share
\u00a3m
Profit on ordinary activities after taxation
\u2013 attributable to owners of the parent
783
539
585
Other comprehensive income/(expense):
Items that may be reclassified to profit and loss
(133)
(13)
(107)
Items that will not be reclassified to profit and loss
(4)
33
(5)
Total comprehensive income
646
559
473
Summarised financial information of the Group\u2019s associates and joint ventures is shown below.
2025
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,921
2,787
9,708
Profit/(loss) on ordinary activities before taxation
3,765
(15)
3,750
Post-tax results of associates and joint ventures
3,082
(18)
3,064
Other comprehensive expense
(761)
(14)
(775)
Total comprehensive income/(expense)
2,321
(32)
2,289
2024
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
7,265
2,671
9,936
Profit/(loss) on ordinary activities before taxation
2,680
(13)
2,667
Post-tax results of associates and joint ventures
2,025
(24)
2,001
Other comprehensive income/(expense)
98
(15)
83
Total comprehensive income/(expense)
2,123
(39)
2,084
2023
ITC
\u00a3m
Others
\u00a3m
Total
\u00a3m
Revenue
6,805
2,607
9,412
Profit/(loss) on ordinary activities before taxation
2,813
(202)
2,611
Post-tax results of associates and joint ventures
2,121
(202)
1,919
Other comprehensive expense
(368)
(20)
(388)
Total comprehensive income/(expense)
1,753
(222)
1,531
14 Investments in associates and joint ventures
2025
\u00a3m
2024
\u00a3m
1 January
1,902
1,970
Total comprehensive income (note 9)
646
559
Dividends
(386)
(447)
Additions (note 27(b)(ii))
34
48
Disposals (note 27(b)(i))
(167)
(227)
Changes in associate\u2019s business undertakings \u2013 demerger of ITC Hotels
(533)
\u2014
Other equity movements
25
(1)
31 December
1,521
1,902
Non-current assets
947
1,230
Current assets
1,056
1,205
Non-current liabilities
(98)
(97)
Current liabilities
(384)
(436)
1,521
1,902
ITC Ltd. (Group\u2019s share of the market value is \u00a39,558 million (2024: \u00a314,357 million))
1,348
1,762
Other listed associates (Group\u2019s share of the market value is \u00a3184 million (2024: \u00a3224 million))
127
98
Unlisted associates
46
42
1,521
1,902
The principal associate undertaking of the Group is ITC Ltd. (ITC). Included within the dividends amount of \u00a3386 million (2024: \u00a3447
million) are \u00a3376 million (2024: \u00a3434 million) attributable to dividends declared by ITC.
ITC Ltd.
ITC is an Indian conglomerate based in Kolkata with interests in cigarettes, paper and packaging, agri-business, other fast-moving goods (e.g.
confectionery, branded apparel, personal care, stationery and safety matches) and, up until the date of demerger (as described below), hotels.
BAT\u2019s interest in ITC is\u00a022.91%.
ITC prepares accounts on a quarterly basis with a 31 March year-end. As permitted by IAS 28 Investments in associates and joint ventures,
results up to 30 September 2025 have been used in applying the equity method. This is driven by the availability of information at the half-year,
to be consistent with the treatment in the Group\u2019s interim accounts. Any further information available after the date used for reporting
purposes is reviewed and any material items adjusted for in the final results. The latest published information available is at 31 December 2025.
2025
\u00a3m
2024
\u00a3m
Non-current assets
3,605
4,456
Current assets
3,872
4,152
Non-current liabilities
(304)
(306)
Current liabilities
(1,287)
(1,376)
5,886
6,926
Group\u2019s share of ITC Ltd. (2025: 22.91%; 2024: 25.45%)
1,348
1,762
On 28 May 2025, the Group announced the divestment of 313,000,000 ordinary shares held in ITC, representing 10% of the Group's equity
stake (the equivalent of 2.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 13 March 2024, the Group announced the divestment of 436,851,457 ordinary shares held in ITC, representing 12% of the Group's
equity stake (the equivalent of 3.5% of ITC's ordinary shares). Refer to note 27(b)(i) for further details.
On 24 July 2023, ITC announced a proposed demerger of its \u2018Hotels Business\u2019 under a scheme of arrangement by which 60% of the newly
incorporated entity would be held directly by ITC's shareholders proportionate to their shareholding in ITC. In January 2025, ITC Hotels
Limited (ITC Hotels) was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).
The Group\u2019s direct stake in ITC Hotels was 15% at that time and was recognised as an investment held at fair value (refer to note 18).
Organigram Global Inc.
On 11 March 2021, the Group announced a strategic collaboration agreement with Organigram Inc., a wholly owned subsidiary of publicly
traded Organigram Global Inc. (collectively, Organigram). Under the terms of the transaction, a Group subsidiary acquired a 19.90%
equity stake in Organigram Global Inc. (listed on both the Nasdaq and Toronto Stock Exchange under the\u00a0symbol \u2018OGI\u2019) to become its
largest shareholder. Due to subsequent acquisitions carried out by Organigram and the Group\u2019s additional investments, referred to
below, the Group\u2019s effective interest in Organigram for equity accounting purposes at the end of 2025 was 36.77% (2024: 35.09%) of
which common shares accounted for 26.90% (2024: 27.82%) and preferred shares for 9.87% (2024: 7.27%). Organigram prepares
accounts on a quarterly basis with a 30\u00a0September year-end. As permitted by IAS 28, results up to 30 September 2025 have been used in
applying the equity method.
No impairment has been recognised during the year and the carrying value of this investment as at 31 December 2025 was \u00a394\u00a0million
(2024:\u00a0\u00a365\u00a0million). Management will continue to monitor the carrying value, in line with IAS 36, over the course of future periods.
In November 2023, the Group announced the signing of an agreement for a further investment in Organigram. At\u00a031\u00a0December 2023, the
proposed investment of CAD$125\u00a0million (\u00a374\u00a0million) was subject to customary conditions, including necessary approvals by the
shareholders of Organigram, which was given on 18 January 2024. On 24 January 2024, BAT made the first tranche investment of
CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 12,893,175 common shares of Organigram at a price of CAD$3.22 per share. On 30
August 2024, BAT made the second tranche investment of CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 4,429,740 common shares
and 8,463,435 preferred shares of Organigram at a price of CAD$3.22 per share. Goodwill of \u00a35\u00a0million was recognised following these
investments which has been recognised net of fair value of the embedded derivative in relation to the investment agreement. On 28
February 2025, the Group made the third and final tranche investment in Organigram for CAD$42\u00a0million (\u00a323\u00a0million) subscribing for
7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches. Under the terms of the
agreement, the Group\u2019s voting rights are restricted to 30%.
Charlotte\u2019s Web Holdings Inc.
In November 2022, the Group announced a \u00a348 million investment in Charlotte\u2019s Web Holdings, Inc. (Charlotte's Web). Based in
Colorado, USA, and listed on the Toronto Stock Exchange, Charlotte\u2019s Web holds a prominent position in innovative hemp extract
wellness products. The Group\u2019s investment has been made via a seven-year convertible debenture which is convertible at the Group\u2019s
discretion into a non-controlling equity stake in Charlotte\u2019s Web of around 19.9%. As part of the investment agreement, the Group has
the right to appoint directors to the board of Charlotte\u2019s Web. However, given the investment does not give the Group any current right
to a share of the earnings or net assets of the investee, the investment has been classified as an investment at fair value through profit
and loss (see note 18). On conversion of the loan note, the Group would equity account for its investment.
Other
During the year, the Group further invested \u00a33 million in Awake Corporation (Awake) increasing our interest to 41.6%. Previous to the
additional investment, the Group classified the investment as fair value through other comprehensive income. Following the additional
investment, the Group applied equity accounting and the carrying value of Awake as at 31 December 2025 is \u00a311 million of which goodwill
is \u00a310 million.
In 2025, the Group fully impaired its investment in Steady State LLC resulting to a loss of \u00a36 million.
In December 2025, the Group disposed of its fully written off investment in Samfruit JSC for consideration of nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-846": { "value": "
10 Taxation on ordinary activities
(a) Summary of taxation on ordinary activities
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK corporation tax
17
24
32
Comprising:
\u00a0\u2013 current year tax expense
15
15
20
\u00a0\u2013 adjustments in respect of prior periods
2
9
12
Overseas tax
2,059
2,679
2,779
Comprising:
\u00a0\u2013 current year tax expense
2,355
2,571
2,804
\u00a0\u2013 adjustments in respect of prior periods
(296)
108
(25)
Current tax
2,076
2,703
2,811
Pillar Two income tax (note 10(h))
82
79
\u2014
Total current tax
2,158
2,782
2,811
Deferred tax
(64)
(2,425)
(5,683)
Comprising:
\u00a0\u2013 deferred tax relating to origination and reversal of temporary differences
138
(2,176)
(5,577)
\u00a0\u2013 deferred tax relating to changes in tax rates
(202)
(249)
(106)
2,094
357
(2,872)
(b) Franked Investment Income Group Litigation Order
The Group is the principal test claimant in an action in the United Kingdom against HM Revenue and Customs (HMRC) in the Franked
Investment Income Group Litigation Order (FII GLO). There were 14 corporate groups in the FII GLO as at 31 December 2025. The case
concerns the treatment for UK corporate tax purposes of profits earned overseas and distributed to the UK.
The original claim was filed in 2003. The trial of the claim was split broadly into issues of liability and quantification. The main liability
issues were heard by the High Court, Court of Appeal and Supreme Court in the UK and the European Court of Justice in the period to
November 2012. The detailed technical issues of the quantification mechanics of the claim were heard by the High Court during May and
June 2014 and the judgment handed down on 18 December 2014. The High Court determined that in respect of issues concerning the
calculation of unlawfully charged corporation tax and advance corporation tax, the law of restitution including the defence on change of
position and questions concerning the calculation of overpaid interest, the approach of the Group was broadly preferred. The conclusion
reached by the High Court would, if upheld, produce an estimated receivable of \u00a31.2\u00a0billion for the Group. Appeals on a majority of the
issues were made to the Court of Appeal, which heard the arguments in June 2016. The Court of Appeal determined in November 2016
on the majority of issues that the conclusion reached by the High Court should be upheld. The Supreme Court gave permission for a
number of issues to be appealed in two separate hearings. The first, in February 2020, concerned the time limit for bringing claims. In its
application for permission HMRC sought to reverse established House of Lords\u2019 authorities on which those earlier judgments were
based. They were granted permission to do so by the Supreme Court who divided the appeal into two hearings, the first on the issue of
time limits and the second on the issue of interest and related topics. In November 2020, the Supreme Court handed down its judgment
on the first stage of that appeal. The Supreme Court agreed to overturn its existing case law partially but introduced a new test for
determining whether claims of this type are in time. The case was then remitted to the High Court to apply that new test to the facts.
The judgment from the second hearing was handed down in July 2021. Applying that judgment reduces the value of BAT's FII claim to
approximately \u00a30.3\u00a0billion, mainly as the result of the application of simple interest and the limitation to claims for advance corporation
tax offset against lawful corporation tax charges, which is subject to the determination of the remitted timing issue by the High Court
and any subsequent appeal. BAT\u2019s claim currently comprises interest of \u00a30.2 billion and tax of \u00a30.1\u00a0billion. The High Court hearing on time
limits was heard in late November 2023 with judgment handed down in February 2024. The High Court determined that claims should
have been filed within 6 years of June 2000 meaning that BAT\u2019s claims are in time. HMRC appealed the judgment, and the appeal was
heard in the Court of Appeal in May 2025. The Court of Appeal handed down its judgment in October 2025 and dismissed HMRC\u2019s
appeal against the High Court\u2019s judgment preserving the claims BAT made on a timely basis. HMRC sought permission from the Court of
Appeal to appeal the\u00a0 limitation and a computational issue to the Supreme Court. The Court of Appeal refused permission to appeal on
both issues after which HMRC sought permission to appeal directly from the Supreme Court. Whilst in January 2026 the Supreme Court
refused permission to hear HMRC\u2019s appeal on limitation, they are still considering HMRC's further application on the computational issue
which could impact BAT\u2019s claim.
During 2015, HMRC paid to the Group a gross amount of \u00a31,224\u00a0million in two separate payments. The payments made by HMRC
have\u00a0been made without any admission of liability and are subject to refund were HMRC to succeed on appeal. The second payment
in\u00a0November 2015 followed the introduction of a new 45% tax on the interest component of restitution claims against HMRC. HMRC
held back \u00a3261\u00a0million from the second payment contending that it represents the new 45% tax on that payment, leading to total cash
received by the Group of \u00a3963\u00a0million. Actions challenging the legality of the withholding of the 45% tax have been lodged by the Group.
The First Tier Tribunal found in favour of HMRC in July 2017 and the Group\u2019s appeal to the Upper Tribunal was heard in July 2018. In
February 2025, the Group reached agreement with HMRC that the 45% tax should not apply to the reduced value of Group\u2019s claim
(\u00a30.3\u00a0billion as mentioned above). This does not impact the repayment agreement referred to below, with the legal challenge on this
issue now concluded.
Due to the uncertainty of the amounts and eventual outcome, the Group has not recognised any impact in the Income Statement in the
current or prior period. The receipt, net of the deduction by HMRC, is held within trade and other payables as disclosed in note 25. Any future
recognition as income will be treated as an adjusting item, due to the size of the amount, with interest of \u00a330\u00a0million for the 12\u00a0months to
31\u00a0December 2025 (2024: \u00a361\u00a0million; 2023: \u00a360\u00a0million) accruing on the balance, which was also treated as an adjusting item.
The Group made interim repayments to HMRC of \u00a3479\u00a0million in 2025, following the agreement with HMRC to repay \u00a30.8 billion (being
the difference between the amounts received plus accrued interest and the amount determined in the July 2021 judgment (\u00a30.3\u00a0billion)).
The Group had previously made annual payments of \u00a350 million in 2024, 2023 and 2022.
The schedule for the remaining repayments is:
\u2013 \u00a3222\u00a0million in 2026; and
\u2013 \u00a341\u00a0million in 2027.
(c) Factors affecting the taxation charge
The taxation charge differs from the standard rate of corporation tax in the UK of 25.0% for 2025, 25.0% for 2024 and 23.5% for 2023.
The\u00a0major causes of this difference are listed below:
2025
2024
2023
\u00a3m
%
\u00a3m
%
\u00a3m
%
Profit/(loss) before tax
9,859
3,538
(17,061)
Less: share of post-tax results of associates and joint
ventures (see note 9)
(1,681)
(1,900)
(585)
8,178
1,638
(17,646)
Tax at 25% (2024: 25.0%; 2023: 23.5%) on the above
2,044
25.0
410
25.0
(4,147)
23.5
Factors affecting the tax rate:
Tax at standard rates other than UK corporation tax rate
(109)
(1.3)
395
24.1
619
(3.5)
Other national tax charges
248
3.0
277
16.9
310
(1.8)
Pillar Two income taxes
82
1.0
79
4.8
\u2014
\u2014
Permanent differences
(127)
(1.6)
(71)
(4.3)
845
(4.8)
Overseas withholding taxes
182
2.2
168
10.3
179
(1.0)
Double taxation relief on UK profits
(38)
(0.5)
(30)
(1.8)
(46)
0.3
Unutilised/(utilised) tax losses
(29)
(0.4)
33
2.0
(15)
0.1
Adjustments in respect of prior periods
(294)
(3.5)
117
7.1
(13)
0.1
Deferred tax relating to changes in tax rates
(202)
(2.5)
(249)
(15.2)
(106)
0.6
Additional net deferred tax charges/(credits)
337
4.2
(772)
(47.1)
(498)
2.8
2,094
25.6
357
21.8
(2,872)
16.3
Additional net deferred tax charges and adjustment in respect of prior periods reflect the adjustments arising from the upfront cash
payment in relation to the Approved Plans in Canada described further in notes 24 and 31.
Additional net deferred tax credits in 2024 mainly reflect the Canadian provincial tax consequences of the Proposed Plans in Canada,
described further in notes 24 and 31.
The Group's reported 2023 tax rate is significantly impacted by the impairment of intangible assets as described in note 12.
\u2013 Permanent differences in 2023 consist mainly of the tax impact of the goodwill impairment (for which no tax relief is available).
\u2013 Additional net deferred tax (credits)/charges in 2023 consist mainly of the U.S. state deferred tax impact of the trademark impairment
(please see further in note 16).
(d) Adjusting items included in taxation
In 2025, adjusting items in taxation included a net credit of \u00a3104\u00a0million mainly relating to an additional tax charge pertaining to the Dutch
litigation following the Court of Appeal judgment received in September 2025 (described further in note 31) offset by the revaluation of
deferred tax liabilities arising on trademarks recognised in the Reynolds American acquisition due to changes in U.S. state effective tax
rates and the partial release of a provision for tax exposure in Indonesia.
In 2024, adjusting items in taxation included a net credit of \u00a3157\u00a0million mainly relating to Brazilian Federal Tax Authority challenges
regarding the treatment of Rio de Janeiro VAT incentives (described further in note 31) and a provision for potential tax exposures in
Indonesia, offset by the revaluation of deferred tax liabilities arising on trademarks recognised in the Reynolds American acquisition in
2017 due to changes in U.S. state tax rates and the reversal of a tax provision in Canada following a settlement agreement with local
authorities.
In 2023, adjusting items in taxation included a net credit of \u00a373\u00a0million relating to the revaluation of deferred tax liabilities arising on
trademarks recognised in the Reynolds American acquisition in 2017 due to changes in U.S. state tax rates, the reversal of provisions for
Russia tax risks and a potential clawback of\u00a0tax reliefs arising on the closure of the Group's factory in Switzerland offset by a provision for
potential tax exposures in the Netherlands and the tax impact in Brazil of the legal case regarding Rio de Janeiro VAT incentives
(described further in note 6(k)).
(e) Tax on adjusting items
In addition, the tax on adjusting items, separated between the different categories, as per note 11, amounted to \u00a3240\u00a0million (2024:
\u00a32,049\u00a0million; 2023: \u00a35,415\u00a0million). The adjustment to the adjusted earnings per share (note 11) also includes \u00a3125\u00a0million (2024:
\u00a338\u00a0million; 2023: \u00a31\u00a0million) in respect of the non-controlling interests\u2019 share of the adjusting items net of tax.
(f) Tax on items recognised directly in other comprehensive income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Current tax
(5)
(6)
(5)
Deferred tax
(8)
(18)
12
(Charged)/credited to other comprehensive income
(13)
(24)
7
(g) Tax on items recognised directly in equity
In relation to the perpetual hybrid bonds issued on 27 September 2021 (note 22(d)), tax relief of \u00a314\u00a0million (2024: \u00a314\u00a0million;
2023:\u00a0\u00a314\u00a0million) has been recognised, principally in relation to the coupon incurred.
(h) Global minimum tax
In December 2021, the OECD released model rules for a new global minimum corporate tax framework applicable to multinational
enterprise groups with global revenues of over \u20ac750\u00a0million (Pillar Two rules). The UK substantively enacted legislation implementing
these rules on 20\u00a0June 2023 and the rules apply to the Group as of 1 January 2024. The impact is shown in notes 10(a) and 10(c) above.
The Group continues to review this legislation together with developing guidance. The Group is also monitoring the status of
implementation of the Pillar Two rules outside of\u00a0the UK to assess the potential impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-847": { "value": "
11 Earnings per share
Earnings used in the basic, diluted and headline earnings per share calculation represent the profit attributable to the ordinary equity
shareholders after deducting amounts representing the coupon on perpetual hybrid bonds on a pro-rata basis regardless of whether or
not coupons have been declared and paid in the period, as required by IAS 33 Earnings per Share. In addition, as explained in note 22(d),
during 2025, the Group redeemed its \u20ac1\u00a0billion 3% perpetual hybrid bonds from the holders of the securities. As required by IAS 33, the
loss on redemption is required to be deducted from Group earnings in the earnings per share calculation. The loss on redemption of
these bonds includes a redemption premium net of tax of \u00a32 million, issuance and discount costs capitalised in 2021 net of tax of \u00a38
million, as well as \u00a329 million in relation to the difference in spot rates between issuance and redemption. The latter component has been
treated as an adjusting item for the purpose of calculating the Group\u2019s adjusted earnings per share below. Below is a reconciliation of the
earnings used to calculate earnings per share:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Earnings/(loss) attributable to owners of the parent
7,764
3,068
(14,367)
Coupon on perpetual hybrid bonds
(64)
(56)
(59)
Tax on coupon on perpetual hybrid bonds
16
14
14
Loss on redemption of perpetual hybrid bonds
(39)
\u2014
\u2014
Earnings/(loss)
7,677
3,026
(14,412)
In 2023, the Group reported a loss for the year. Following the requirements of IAS 33 Earnings per Share, the impact of share options
would be antidilutive and are excluded from the calculation of diluted earnings per share. Below is a reconciliation from basic to diluted
earnings per share for 2025 and 2024:
2025
2024
2023
Earnings
\u00a3m
Weighted
average
number\u00a0of
shares
m
Earnings
per\u00a0share
pence
Earnings
\u00a3m
Weighted
average
number\u00a0of
shares
m
Earnings
per\u00a0share
pence
Loss
\u00a3m
Weighted
average
number\u00a0of
shares
m
Loss
per\u00a0share
pence
Basic earnings/(loss) per share
(ordinary shares of 25p each)
7,677
2,187
351.0
3,026
2,214
136.7
(14,412)
2,229
(646.6)
Share options
\u2014
12
(1.9)
\u2014
11
(0.7)
\u2014
\u2014
\u2014
Diluted earnings/(loss) per share*
7,677
2,199
349.1
3,026
2,225
136.0
(14,412)
2,229
(646.6)
Note:
* In 2023, the Group reported a loss for the year. Following the requirements of IAS 33, the impact of share options would be antidilutive and is therefore excluded, for 2023, from the
calculation of diluted earnings per share, calculated in accordance with IFRS. For remuneration purposes, and reflective of the Group's positive earnings on an adjusted basis,
management included the dilutive effect of share options in calculating adjusted diluted earnings per share. There were 8\u00a0million share options on a weighted average basis in 2023.
Adjusted earnings per share calculation
Earnings have been affected by a number of adjusting items, which are described in notes 3 to 10. Adjusting items are significant items
in\u00a0the profit from operations, net finance costs, taxation and the Group\u2019s share of the post-tax results of associates and joint ventures
which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group\u2019s underlying financial performance. In
addition, in relation to the redemption of the Euro perpetual hybrid bonds, the impact of the difference in spot rates between issuance
and redemption has been treated as an adjusting item. The Group believes that these items are useful to users of the Group financial
statements in helping them to understand the underlying business performance. To illustrate the impact of these items, an adjusted
earnings per share calculation is shown below.
Basic
2025
2024
2023
Notes
Earnings
\u00a3m
Earnings
per share
pence
Earnings
\u00a3m
Earnings
per share
pence
(Loss)/
earnings
\u00a3m
(Loss)/
Earnings
per share
pence
Basic earnings/(loss) per share
7,677
351.0
3,026
136.7
(14,412)
(646.6)
Effect of amortisation and impairment of goodwill,
trademarks and similar intangibles
4
1,861
85.2
2,318
104.7
27,816
1,247.9
Tax and non-controlling interests on amortisation and
impairment of goodwill, trademarks and similar intangibles
10(e)
(362)
(16.6)
(522)
(23.6)
(5,390)
(241.8)
Effect of impairment charges in respect of the Group's
head office
4
\u2014
\u2014
75
3.4
\u2014
\u2014
Tax on impairment charges in respect of the Group's
head office
10(e)
\u2014
\u2014
(10)
(0.5)
\u2014
\u2014
Effect of impairment charges in respect of the Group's
operations in Cuba
4
\u2014
\u2014
74
3.3
\u2014
\u2014
Non-controlling interests on impairment charges in
respect of the Group's operations in Cuba
10(e)
\u2014
\u2014
(38)
(1.7)
\u2014
\u2014
Effect of settlement of historical litigation in relation to
the Fox River
5(d)
\u2014
\u2014
(132)
(6.0)
\u2014
\u2014
Tax on settlement of historical litigation in relation to the
Fox River
10(e)
\u2014
\u2014
22
1.0
\u2014
\u2014
Net effect of excise and VAT cases
5(c), 6(k)
\u2014
\u2014
\u2014
\u2014
(167)
(7.5)
Tax on excise and VAT cases
10(e)
\u2014
\u2014
\u2014
\u2014
41
1.8
Effect of the changes in provision in relation to the Approved
Plans in Canada and associated costs
6(c)
(705)
(32.1)
6,203
280.2
\u2014
\u2014
Tax on the changes in provision in relation to the
Approved Plans in Canada and associated costs
10(e)
182
8.3
(1,644)
(74.3)
\u2014
\u2014
Effect of disposal of subsidiaries
6(f)
\u2014
\u2014
\u2014
\u2014
546
24.5
Effect of charges in respect of DOJ and OFAC
investigations
6(h)
\u2014
\u2014
4
0.2
75
3.4
Effect of impairment of held-for-sale assets and
associated costs
6(j)
235
10.7
\u2014
\u2014
\u2014
\u2014
Non-controlling interests on impairment of held-for-sale
assets
10(e)
(115)
(5.3)
\u2014
\u2014
\u2014
\u2014
Effect of planned disposal of subsidiaries
6(j)
\u2014
\u2014
\u2014
\u2014
(195)
(8.7)
Effect of Romania and Brazil other taxes
6(k)
(15)
(0.7)
449
20.3
47
2.1
Tax on Romania and Brazil other taxes
10(e)
1
\u2014
(2)
(0.1)
(16)
(0.7)
Effect of restructuring costs
7
66
3.0
\u2014
\u2014
(2)
(0.1)
Tax and non-controlling interests on restructuring costs
10(e)
(26)
(1.2)
\u2014
\u2014
(3)
(0.1)
Other adjusting items
3, 6(d),6(g),6(i)
133
6.1
163
7.4
96
4.3
Tax effect on other adjusting items
10(e)
(19)
(0.9)
(44)
(2.0)
(22)
(1.0)
Effect of early repurchase of bonds
8(b)
\u2014
\u2014
(590)
(26.6)
29
1.3
Tax effect of early repurchase of bonds
10(e)
\u2014
\u2014
141
6.4
(8)
(0.4)
Effect of adjusting net finance costs
8(b)
170
7.8
99
4.5
67
3.0
Tax effect of adjusting net finance costs
10(e)
(61)
(2.8)
(26)
(1.2)
(18)
(0.8)
Effect of gains related to the partial divestment of shares
held in ITC
9(a)
(898)
(41.0)
(1,361)
(61.5)
\u2014
\u2014
Capital gains tax and deferred tax associated with the
partial divestment of shares held in ITC and hotels
business demerger
10(e)
35
1.6
36
1.6
\u2014
\u2014
Effect of associates' adjusting items net of tax
9(a)
(341)
(15.6)
(18)
(0.8)
(8)
(0.4)
Deferred tax relating to changes in tax rates
10(d)
(203)
(9.3)
(267)
(12.1)
(97)
(4.4)
Adjusting items in tax
10(d)
99
4.5
110
5.0
24
1.2
Redemption of perpetual hybrid bond - difference in spot
rates
22(d)
29
1.3
\u2014
\u2014
\u2014
\u2014
Adjusted earnings per share (basic)
7,743
354.0
8,066
364.3
8,403
377.0
Diluted
2025
2024
2023
Notes
Earnings
\u00a3m
Earnings
per share
pence
Earnings
\u00a3m
Earnings
per share
pence
(Loss)/
earnings
\u00a3m
(Loss)/
Earnings
per share
pence
Diluted earnings/(loss) per share
7,677
349.1
3,026
136.0
(14,412)
(646.6)
Effect of amortisation and impairment of goodwill,
trademarks and similar intangibles
4
1,861
84.7
2,318
104.2
27,816
1,247.9
Tax and non-controlling interests on amortisation and
impairment of goodwill, trademarks and similar intangibles
10(e)
(362)
(16.5)
(522)
(23.5)
(5,390)
(241.8)
Effect of impairment charges in respect of the Group's
head office
4
\u2014
\u2014
75
3.4
\u2014
\u2014
Tax on impairment charges in respect of the Group's head office
10(e)
\u2014
\u2014
(10)
(0.5)
\u2014
\u2014
Effect of impairment charges in respect of the Group's
operations in Cuba
4
\u2014
\u2014
74
3.3
\u2014
\u2014
Non-controlling interests on impairment charges in respect
of the Group's operations in Cuba
10(e)
\u2014
\u2014
(38)
(1.7)
\u2014
\u2014
Effect of settlement of historical litigation in relation to
the Fox River
5(d)
\u2014
\u2014
(132)
(5.9)
\u2014
\u2014
Tax on settlement of historical litigation in relation to the
Fox River
10(e)
\u2014
\u2014
22
1.0
\u2014
\u2014
Net effect of excise and VAT cases
5(c), 6(k)
\u2014
\u2014
\u2014
\u2014
(167)
(7.5)
Tax on excise and VAT cases
10(e)
\u2014
\u2014
\u2014
\u2014
41
1.8
Effect of the changes in provision in relation to the Approved
Plans in Canada and associated costs
6(c)
(705)
(32.0)
6,203
278.9
\u2014
\u2014
Tax on the changes in provision in relation to the
Approved Plans in Canada and associated costs
10(e)
182
8.3
(1,644)
(73.9)
\u2014
\u2014
Effect of disposal of subsidiaries
6(f)
\u2014
\u2014
\u2014
\u2014
546
24.5
Effect of charges in respect of DOJ and OFAC investigations
6(h)
\u2014
\u2014
4
0.2
75
3.4
Effect of impairment of held-for-sale assets and
associated costs
6(j)
235
10.7
\u2014
\u2014
\u2014
\u2014
Non-controlling interests on impairment of held-for-sale assets
10(e)
(115)
(5.2)
\u2014
\u2014
\u2014
\u2014
Effect of planned disposal of subsidiaries
6(j)
\u2014
\u2014
\u2014
\u2014
(195)
(8.7)
Effect of Romania and Brazil other taxes
6(k)
(15)
(0.7)
449
20.2
47
2.1
Tax on Romania and Brazil other taxes
10(e)
1
\u2014
(2)
(0.1)
(16)
(0.7)
Effect of restructuring costs
7
66
3.0
\u2014
\u2014
(2)
(0.1)
Tax and non-controlling interests on restructuring costs
10(e)
(26)
(1.2)
\u2014
\u2014
(3)
(0.1)
Other adjusting items
3, 6(d)6(g),6(i)
133
6.0
163
7.3
96
4.3
Tax effect on other adjusting items
10(e)
(19)
(0.9)
(44)
(2.0)
(22)
(1.0)
Effect of early repurchase of bonds
8(b)
\u2014
\u2014
(590)
(26.5)
29
1.3
Tax effect of early repurchase of bonds
10(e)
\u2014
\u2014
141
6.3
(8)
(0.4)
Effect of adjusting net finance costs
8(b)
170
7.7
99
4.4
67
3.0
Tax effect of adjusting net finance costs
10(e)
(61)
(2.8)
(26)
(1.2)
(18)
(0.8)
Effect of gains related to the partial divestment of shares
held in ITC
9(a)
(898)
(40.8)
(1,361)
(61.1)
\u2014
\u2014
Capital gains tax and deferred tax associated with the
partial divestment of shares held in ITC and hotels
business demerger
10(e)
35
1.6
36
1.6
\u2014
\u2014
Effect of associates' adjusting items net of tax
9(a)
(341)
(15.5)
(18)
(0.8)
(8)
(0.4)
Deferred tax relating to changes in tax rates
10(d)
(203)
(9.2)
(267)
(12.0)
(97)
(4.4)
Adjusting items in tax
10(d)
99
4.5
110
4.9
24
1.2
Redemption of perpetual hybrid bond - difference in spot rates
22(d)
29
1.3
\u2014
\u2014
\u2014
\u2014
Impact of dilution*
(1.4)
Adjusted diluted earnings per share
7,743
352.1
8,066
362.5
8,403
375.6
Note:* In 2023, the Group reported a loss for the year. Following the requirements of IAS 33, the impact of share options would be antidilutive and is therefore excluded, for 2023, from the
calculation of diluted earnings per share, calculated in accordance with IFRS. For remuneration purposes, and reflective of the Group's positive earnings on an adjusted basis, management
included the dilutive effect of share options in calculating adjusted diluted earnings per share.
Headline earnings per share as required by the JSE Limited
The presentation of headline earnings per share, as an alternative measure of earnings per share, is mandated under the JSE Listing Requirements.
It is calculated in accordance with Circular 1/2023 \u2018Headline Earnings\u2019, as issued by the South African Institute of Chartered Accountants.
Basic
2025
2024
2023
Earnings
\u00a3m
Earnings
per share
pence
Earnings
\u00a3m
Earnings
per share
pence
(Loss)/
earnings
\u00a3m
(Loss)/
Earnings
per share
pence
Basic earnings per share
7,677
351.0
3,026
136.7
(14,412)
(646.6)
Effect of impairment of intangibles, property, plant and
equipment, associates and assets held-for-sale
320
14.6
875
39.5
27,800
1,247.2
Tax and non-controlling interests on intangibles, property,
plant and equipment, associates and assets held-for-sale
(22)
(1.0)
(203)
(9.2)
(5,430)
(243.6)
Effect of gains on disposal of property, plant and equipment,
trademarks, held-for-sale assets, partial/full termination of
IFRS 16 leases, and sale and leaseback
(93)
(4.3)
(129)
(5.8)
(125)
(5.6)
Tax and non-controlling interests on disposal of property,
plant and equipment, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback
6
0.3
32
1.4
27
1.2
Effect of losses on disposal of businesses, non-current
investments and brands
2
0.1
\u2014
\u2014
\u2014
\u2014
Effect of impairment of subsidiaries transferred to held-for-
sale and associated costs
235
10.8
\u2014
\u2014
(203)
(9.1)
Non-controlling interests on impairment of subsidiaries and
associated costs
(115)
(5.3)
\u2014
\u2014
\u2014
\u2014
Effect of foreign exchange reclassification from reserves to
the income statement
- Subsidiaries
(1)
\u2014
\u2014
\u2014
552
24.8
- Associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Issue of shares and change in shareholding of an associate
(5)
(0.2)
(18)
(0.8)
(40)
(1.8)
Gain on partial disposal of an associate and associated
capital gains tax, including foreign exchange reclassified
(835)
(38.2)
(1,307)
(59.0)
\u2014
\u2014
Headline earnings per share (basic)
7,169
327.8
2,276
102.8
8,169
366.5
Diluted
2025
2024
2023
Earnings
\u00a3m
Earnings
per share
pence
Earnings
\u00a3m
Earnings
per share
pence
(Loss)/
earnings
\u00a3m
(Loss)/
Earnings
per share
pence
Diluted earnings per share
7,677
349.1
3,026
136.0
(14,412)
(646.6)
Effect of impairment of intangibles, property, plant and
equipment, associates and assets held-for-sale
320
14.5
875
39.3
27,800
1,247.2
Tax and non-controlling interests on intangibles, property,
plant and equipment, associates and assets held-for-sale
(22)
(1.0)
(203)
(9.1)
(5,430)
(243.6)
Effect of gains on disposal of property, plant and equipment,
trademarks, held-for-sale assets, partial/full termination of
IFRS 16 leases, and sale and leaseback
(93)
(4.2)
(129)
(5.8)
(125)
(5.6)
Tax and non-controlling interests on disposal of property,
plant and equipment, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback
6
0.3
32
1.4
27
1.2
Effect of losses on disposal of businesses, non-current
investments and brands
2
0.1
\u2014
\u2014
\u2014
\u2014
Effect of impairment of subsidiaries transferred to held-for-
sale and associated costs
235
10.6
\u2014
\u2014
(203)
(9.1)
Non-controlling interests on impairment of subsidiaries and
associated costs
(115)
(5.2)
\u2014
\u2014
\u2014
\u2014
Effect of foreign exchange reclassification from reserves to
the income statement
- Subsidiaries
(1)
\u2014
\u2014
\u2014
552
24.8
- Associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Issue of shares and change in shareholding of an associate
(5)
(0.2)
(18)
(0.8)
(40)
(1.8)
Gain on partial disposal of an associate and associated
capital gains tax, including foreign exchange reclassified
(835)
(38.0)
(1,307)
(58.7)
\u2014
\u2014
Headline earnings per share (diluted)
7,169
326.0
2,276
102.3
8,169
366.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-849": { "value": "
12 Intangible assets
(a) Overview of intangible assets
2025
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 1 January
52,713
41,129
270
164
94,276
Differences on exchange
(3,592)
(1,935)
(2)
\u2014
(5,529)
Additions
\u2013 internal development
\u2014
\u2014
\u2014
92
92
\u2013 acquisitions (note 27)
8
\u2014
\u2014
\u2014
8
\u2013 separately acquired
35
\u2014
\u2014
55
90
Reallocations
61
\u2014
127
(188)
\u2014
Amortisation charge
(1,605)
\u2014
(119)
\u2014
(1,724)
Impairment
(5)
(277)
3
\u2014
(279)
31 December
Cost
74,813
43,936
1,417
124
120,290
Accumulated amortisation and impairment
(27,198)
(5,019)
(1,138)
(1)
(33,356)
Net book value at 31 December
47,615
38,917
279
123
86,934
2024
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
78,848
46,021
1,408
110
126,387
Accumulated amortisation and impairment
(24,847)
(4,930)
(1,048)
\u2014
(30,825)
Net book value at 1 January
54,001
41,091
360
110
95,562
Differences on exchange
915
77
(1)
(1)
990
Additions
\u2013 internal development
\u2014
\u2014
\u2014
80
80
\u2013 separately acquired
95
\u2014
\u2014
15
110
Reallocations
\u2014
\u2014
40
(40)
\u2014
Amortisation charge
(1,652)
\u2014
(120)
\u2014
(1,772)
Impairment
(646)
(39)
(9)
\u2014
(694)
31 December
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 31 December
52,713
41,129
270
164
94,276
(b) Goodwill
Goodwill of \u00a338,917\u00a0million (2024: \u00a341,129\u00a0million) is included in intangible assets in the balance sheet, of which the following are the
significant acquisitions: Reynolds American \u00a329,322\u00a0million (2024: \u00a331,491\u00a0million); Rothmans Group \u00a34,208\u00a0million (2024: \u00a34,091\u00a0million);
Imperial Tobacco Canada \u00a31,994\u00a0million (2024: \u00a32,229\u00a0million); ETI (Italy) \u00a31,438\u00a0million (2024: \u00a31,363\u00a0million) and ST (principally
Scandinavia) \u00a31,080\u00a0million (2024: \u00a31,024\u00a0million). The principal allocations of goodwill in the Rothmans acquisition are to the cash-
generating units of Europe and South Africa, with the remainder relating to operations in APMEA.
During 2025, there was \u00a3277\u00a0million goodwill impairment (2024: \u00a339\u00a0million) as explained in note 12(e)(v) and 12(e)(vii) below.
(c) Trademarks and similar intangibles
Trademarks and similar intangibles with indefinite lives
The net book value of trademarks and similar intangibles with indefinite lives is \u00a38,728\u00a0million (2024: \u00a39,832\u00a0million) and relates to the
acquisition of Reynolds American. Following the redesignation of Newport, Camel, Natural American Spirit and Pall Mall as definite-lived
from 1 January 2024, and Camel Snus from 1 January 2025, the remaining indefinite-lived brand is Grizzly. The Grizzly trademark is a key
focus brand within the U.S. oral business, with products in both the Traditional and Modern Oral categories, and receives significant
support in the form of dedicated internal resources, forecasting and, where appropriate, marketing investment. The Grizzly trademark has
significant market share and positive cash flow expectations. There are no regulatory or contractual restrictions on the use of the
trademark, and there are no plans by management to significantly redirect resources elsewhere.
Trademarks and similar intangibles with definite lives
The majority of trademarks and similar intangibles with definite lives relate to trademarks acquired in previous years. These trademarks
are amortised on a straight-line basis over their expected useful lives, which do not exceed 30 years. Included in the net book value of
trademarks and similar intangibles with definite lives are trademarks relating to the acquisition of Reynolds American totalling
\u00a338,590\u00a0million (2024: \u00a342,605\u00a0million) including Camel Snus which was redesignated as definite-lived from 1\u00a0January 2025
(2024:\u00a0indefinite-lived) with an estimated life of 20 years. These trademarks are part of the Group\u2019s Strategic Portfolio of key brands and
form the core focus of the U.S. combustibles business. These trademarks receive significant support in the form of dedicated internal
resources, forecasting and, where appropriate, marketing investment and have significant market share and positive cash flow
expectations. There are no regulatory or contractual restrictions on the use of the trademarks, and there are no plans by\u00a0management to
significantly redirect resources elsewhere.
The below table shows the change in carrying value for the key definite-lived brands relating to the acquisition of Reynolds American.
Carrying amount
1 January
\u00a3m
Differences on
exchange
\u00a3m
Amortisation
Charge
\u00a3m
Carrying amount
31 December
\u00a3m
Definite-lived intangibles
Newport
20,421
(1,393)
(669)
18,359
Camel
7,696
(525)
(252)
6,919
Pall Mall
2,522
(171)
(126)
2,225
Natural American Spirit
10,272
(702)
(336)
9,234
Other
2,153
(145)
(155)
1,853
Total
43,064
(2,936)
(1,538)
38,590
(d) Computer software and assets in the course of development
Included in computer software and assets in the course of development are internally developed assets with a carrying value of
\u00a3374\u00a0million (2024: \u00a3398\u00a0million). The costs of internally developed assets include capitalised expenses of employees working full time
on\u00a0software development projects, third-party consultants and software licence fees from third-party suppliers.
The Group has \u00a36\u00a0million of future contractual commitments (2024: \u00a35\u00a0million) related to intangible assets.
(e) Impairment testing
(i) Overview
a. Estimation uncertainty
As described in note 1, the critical accounting estimates used in the preparation of the consolidated financial statements include the
review of asset values, especially indefinite-lived assets such as goodwill and certain definite-lived and indefinite-lived trademarks and
similar intangibles.
There is significant judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the
basis of the assessment of the recoverability of these assets, with the effect that the value-in-use and fair value calculations incorporate
estimation uncertainty, particularly for certain assets held in relation to the U.S. market.
b. Impact of climate change
The impact of climate change has been considered in preparation of the financial statements. For impairment testing and valuation
purposes, the Group have included certain climate-related costs within the discounted cash flow forecast for impairment assessment.
The Group also completed scenario analyses of the potential impact of climate change-related risks. This sensitised discounted cash
flow included chronic risks within the future cash flows and resulted in no material adverse impact to the impairment assessment.
(ii) Impairment testing - Trademarks and similar intangibles with indefinite lives (brands)
The trademarks and similar intangibles with indefinite lives (brands) have been tested for impairment with recoverable amounts
estimated on the basis of fair value less cost of disposal and classified as level 3 within the fair value hierarchy. The fair value calculation
uses cash flows based on detailed brand budgets prepared by management using projected sales volumes and pricing (net revenue) and
projected brand profitability covering a five-year horizon and, thereafter, grown into perpetuity. A tax amortisation benefit factor is then
applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate costs are
allocated to the brand budgets based on either specific allocation, where appropriate, or based on revenue. The discount rate and
terminal value growth rate applied to the brand fair value calculation have been determined by local management based on experience,
specific market and brand trends and pricing and cost expectations. As the trademarks and similar intangibles with indefinite lives relate
to the acquisition of Reynolds American, the brand budgets used in the fair value calculations have also been incorporated into the
budget information used in the impairment testing of Reynolds American goodwill.
The below table indicates the key assumptions used in assessing the indefinite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Indefinite-lived intangibles
Grizzly
8,728
5.0%
7.3
9,373
7.6%
7.6
Total
8,728
9,832
Note:
* Volume five-year CAGR is calculated by reference to the first five years annual volumes in the fair value less cost of disposal model against the 2025 baseline.
Refer to note 12(e)(vi) for more details on impairment testing.
(iii) Impairment testing - Trademarks and similar intangibles with definite lives (brands)
Whilst no impairment triggers were identified, as noted in note 12(e)(vi), the cash flow forecasts for the definite-lived brands have been
incorporated in the impairment test for the goodwill associated with the Reynolds cash-generating unit (CGU). These brands have
therefore been tested for impairment with recoverable amounts estimated on the basis of fair value less cost of disposal and classified
as level 3 within the fair value hierarchy. The fair value calculations use cash flows based on detailed brand budgets prepared by
management using projected sales volumes and pricing (net revenue) and projected brand profitability covering a five-year horizon.
Thereafter volume decline, pricing and margin assumptions are extrapolated over the remaining useful life. A tax amortisation benefit
factor is then applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate
costs are allocated to the brand budgets based on either specific allocations, where appropriate, or\u00a0based on revenue. The discount rates
applied to the definite-lived brand fair value calculations have been determined by local management based on experience, specific
market and brand trends and pricing and cost expectations.
The below table indicates the key assumptions used in assessing the key definite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Definite-lived intangibles
Newport
18,359
(11.3)%
8.6
20,421
(12.5)%
8.6
Camel
6,919
(11.9)%
8.3
7,696
(12.6)%
8.6
Pall Mall
2,225
4.7%
8.4
2,522
(3.0)%
8.8
Natural American Spirit
9,234
(7.8)%
7.8
10,272
(8.1)%
7.9
Total
36,737
40,911
Note:
* Volume five-year CAGR is calculated by reference to the first five years\u2019 annual volumes used in the discounted cash flow model against the 2025 baseline.
The above table indicates a marginal increase in volume five-year CAGR compared to the 2024 assessment, except for Pall Mall which
sees a greater improvement due to increased promotional support and growth within the branded value segment.
Refer to note 12(e)(vi) for more details on impairment testing in respect of these brands.
(iv) Cash generating units and information on goodwill impairment testing
In 2025, goodwill was allocated for impairment testing purposes to 17 (2024: 17) individual CGUs \u2013 one in the U.S. (2024: one), nine in AME
(2024: nine) and seven in APMEA (2024: seven).
For the purpose of impairment testing, goodwill has been attributed to the following CGUs:
2025
2024
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Cash-generating unit
Reynolds American
29,322
8.5
31,491
9.0
Europe
5,632
6.6
5,358
6.7
Canada
1,994
11.4
2,229
9.8
Australia
664
11.8
662
7.9
South Africa
197
8.7
186
10.7
Singapore
371
6.7
376
8.4
GTR
246
9.2
249
7.1
Malaysia
170
10.1
187
10.6
Peru
\u2014
N/A
74
8.7
Other
321
8.1
317
8.4
Total
38,917
41,129
Included within \u2018Other\u2019 above is goodwill arising on various acquisitions that have been allocated to eight CGUs which are, individually,
insignificant. The pre-tax discount rate represents the weighted average pre-tax discount rate.
During 2025, the Group recognised a total impairment charge to goodwill of \u00a3277 million (2024: \u00a339 million) of which \u00a372\u00a0million (2024:
nil) is in respect of Peru, \u00a321 million (2024: \u00a339\u00a0million) is in respect of Malaysia and \u00a3184 million (2024: nil) is in respect of Canada. For
more details, see notes 12(e)(v), 12(e)(vi) and 12(e)(vii) respectively.
The recoverable amounts of all CGUs have been determined on a value-in-use basis. The key assumptions for the recoverable amounts of all units
are the projected sales volumes and pricing (net revenues) and terminal value growth rates, which directly impact the cash flows, and the discount
rates used in the calculation. The terminal value growth rate is used purely for the impairment testing of goodwill under IAS 36 Impairment of
Assets and does not reflect long-term planning assumptions used by the Group for investment proposals or for any other assessments.
A post-tax discount rate is applied in the impairment testing, determined using an appropriate valuation methodology that incorporates both
internal data and externally sourced market information. This applies to all CGUs with the exception of Reynolds American, for which the discount
rate is independently determined based on a weighted average cost of capital in respect of the U.S. and U.S. market-related premiums. A similar
approach in respect of the discount rate has been applied for the impairment testing of the trademarks and similar intangibles. Valuations derived
from applying post-tax discount rates to post-tax cash flows are aligned to those that would arise from applying pre-tax discount rates to pre-tax
cash flows.
The terminal value growth rates and discount rates have been applied to the budgeted cash flows of each CGU. These cash flows have been
determined by local management based on experience, specific market and brand trends, as well as pricing and cost expectations. These have
been endorsed by Group management as part of the consolidated Group\u2019s approved budget.
(v) Impairment testing \u2013 Goodwill (excluding Reynolds American and Canada)
The value-in-use calculations use cash flows based on detailed financial budgets prepared by management covering a one-year period
extrapolated over a 10-year horizon with growth of 3% (2024: 3%) in years two to ten, after which a growth rate of 1% (2024: 1%) has been
assumed as the long-term volume decline is more than offset by pricing to drive revenue growth. A 10-year horizon is considered appropriate
based on the Group\u2019s history of profit and cash growth, its well-balanced portfolio of brands and the industry in which it operates.
For the Peru CGU, as a result of ongoing difficult trading conditions, an impairment trigger was identified at the half year and a full
impairment review was undertaken. The value-in-use calculation reflects the short- to medium-term plans spanning a period of five
years after which a terminal value growth rate of -4% has been assumed. As a result of the review, the goodwill associated with the CGU
was impaired in full with a charge of \u00a372 million (2024: nil) being recognised.
For the Malaysia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -1.4% has been assumed. The
Malaysian government announced new regulations under the Control of Smoking Products for Public Health Act 2024, which came into
effect in 2025 and has impacted the sale of tobacco and vapour products. As a result of the impact of the new regulations, the Group
exited the vapour market in Malaysia and, as a result, goodwill associated with the Malaysia CGU has been impaired by \u00a321\u00a0million (2024:
\u00a339\u00a0million). The carrying amount indicated in the table above in note 12(e)(iv) reflects the recoverable amount of the CGU, being its
value-in-use.
For the Australia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -0.8% has been assumed. For
2025, the discount rate disclosed in the table above is a weighted average rate applied across the different components that form the
Australian CGU.
Following the application of a reasonable range of sensitivities to all CGUs, there was no reasonably possible scenario identified that
would lead to a potential impairment charge.
(vi) Impairment testing \u2013 Reynolds American
Goodwill and the brand intangibles relating to Reynolds American
Subsequent to the FDA announcement on 28 April 2022 of a proposed product standard to prohibit menthol as a characterising flavour
in cigarettes, the FDA formally submitted the final product standard to the Office of Management and Budget on 18 October 2023.
Following delays, in January 2025, the new Trump Administration withdrew the rule from the Office of Management and Budget. The
Spring 2025 Unified Agenda was released on 4 September 2025 wherein the menthol ban rule was no longer listed on the Long-Term
Actions list and was instead designated as \u201cwithdrawn\u201d.
On 21 June 2022, the FDA announced plans to develop a proposed product standard that would establish a maximum nicotine level in
cigarettes and certain other combustible tobacco products to reduce addictiveness. On 15 January 2025, in the final days of the outgoing
Biden Administration, the FDA issued a proposed product standard whereby the agency would limit nicotine levels in cigarettes following
a two-year effective date from publication of any final rule. However, on 20 January 2025, President Trump issued a memorandum
entitled \u2018Regulatory Freeze Pending Review\u2019 which froze all rules and proposed rules pending review by the new Administration. The
Spring 2025 Unified Agenda was released on 4 September 2025. The rule was no longer listed on the Long-Term Actions list and was
instead designated as \u201cwithdrawn\u201d.
It is management\u2019s view that neither rule will be advanced during the Trump Administration ending in 2029, though the risk remains that
a future administration may do so. However, given the extensive rule making process, it would be unlikely that a rule would be
implemented within the five year discrete forecast period used for impairment testing. Management notes that the timetable for and
likelihood of any product standard in respect of either menthol as a characterising flavour or nicotine levels in cigarettes remains
uncertain. It is also noted that the Group has a long-standing track record of managing regulatory shifts and, in the event of regulatory
change, the Group remains confident in its ability to navigate that environment successfully.
Noting the above, for the intangibles impairment assessment, neither a federal menthol ban nor any rule limiting nicotine levels in
cigarettes was assumed in the cash flow forecast used as the basis for the valuations performed. The value-in-use calculation for the
total U.S. CGU and the fair value calculations for the brand intangibles have been determined based on a single cash flow forecast. This is
a change from the approach in 2022, 2023 and 2024 whereby the value-in-use calculation for the total U.S. CGU and the fair value
calculations for the brand intangibles were determined based on probability weighted scenarios, incorporating various assumptions on
the potential timing for a final product standard to prohibit menthol as a characterising flavour in cigarettes becoming effective, to derive
a risk-adjusted cash flow forecast applied within the valuations.
The cash flow forecast for the remaining indefinite-lived brand Grizzly, as mentioned in note 12(e)(ii) above, has been incorporated in the
cash flow forecast used in the Reynolds American goodwill model. Similarly, the model also incorporates a five-year cash flow forecast
for the definite-lived brands, based on detailed brand budgets prepared by management using projected sales volumes and pricing (net
revenue) and projected brand profitability. After this forecast, a terminal value growth rate of 1.0% (2024: 1.0%) has been assumed for the
Reynolds American cash-generating unit.
For the Grizzly brand impairment test, a terminal value growth rate of 1.0% (2024: 1.0%) is also applied. Following an update of the
recoverable amount based on the fair value less cost of disposal for Grizzly, management concluded that the carrying value of the brand
is supported by cash flows generated by the combined Traditional Oral and Grizzly Modern Oral product portfolio. There is significant
judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the basis of the fair
value calculation, and this is particularly true given the launch of the Grizzly Modern Oral product in 2024. A detailed external study was
commissioned in 2023 and updated in 2024 and 2025 to assist management with an independent view of the potential impacts on
volume forecasts of cross-category use of Modern Oral products by Traditional Oral consumers to inform our forecast for the evolution
of industry volumes for both Traditional Oral and Modern Oral and the potential share of market for the latter that a Grizzly product
offering can achieve.
As explained in note 12(e)(iii), the impairment test calculations for Newport, Camel, Pall Mall and Natural American Spirit use cash flows
based on detailed brand budgets prepared by management over a five-year horizon after which volume decline, pricing and margin
assumptions are extrapolated over the remaining useful life.
The excess of recoverable amount over the carrying value (headroom) of the Reynolds American cash-generating unit and the Newport,
Camel, Pall Mall, Natural American Spirit and Grizzly brand intangibles would be reduced to nil if the following individual changes were
made to the key assumptions used in the impairment model.
Reynolds
American
goodwill
Newport
Camel
Pall Mall
Natural
American
Spirit
Grizzly
Current headroom
\u00a3m
42,241
1,676
2,724
2,399
544
773
Assumptions:
Decrease in volume year-on-year in the discrete
period by an additional *
%
(0.9)
(3.6)
(9.6)
(0.5)
(1.6)
Increase in pre-tax discount rate by
%
4.1
1.4
5.9
16.6
0.7
0.5
Decrease in terminal value growth rate by**
%
(4.3)
(0.6)
Notes:
* Brand Intangibles only. Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to operating margin %. Fixed overhead cost allocations
remain flat. This demonstrates a year-on-year decrease in operating cash flow for the discrete forecast years for Grizzly and the remaining useful lives for other definite-lived
trademarks. Before sensitising, the CAGRs over the remaining useful lives following the discrete period are as follows \u2013 Newport: -10.9%, Camel: -10.7%, Pall Mall: -15.7% and Natural
American Spirit: -7.6%.
** Goodwill and Grizzly indefinite-lived brand intangible only.
(vii) Impairment testing \u2013 Canada
Goodwill relating to Imperial Tobacco Canada Ltd (ITCAN)
In March 2019, ITCAN obtained an Initial Order from the Ontario Superior Court of Justice granting it protection under the Companies\u2019
Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation process, ITCAN began the process of negotiating a
possible settlement of all of its outstanding tobacco litigation in Canada while continuing to run its business in the normal course. On 17
October 2024, the court-appointed mediator and monitor filed a proposed plan of compromise and arrangement in the Ontario Superior
Court of Justice. Substantially similar proposed plans were also filed for RBH and JTIM (collectively, the Proposed Plans).
Under the Proposed Plans, ITCAN, RBH and JTIM (the Companies) would pay an aggregate settlement amount of CAD$32.5\u00a0billion
(\u00a317.6\u00a0billion at 31 December 2025) (the Global Settlement Amount). This amount would be funded by:
\u2013 an upfront payment equal to all the Companies' cash and cash equivalents on hand (including investments held at fair value) plus
certain court deposits (subject to an aggregate industry holdback of CAD$750\u00a0million (\u00a3407\u00a0million)) plus 85% of any cash t ax refunds
that may be received by the Companies on account of the upfront payments; and
\u2013 annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies\u2019 net income after taxes, based on
amounts generated from all sources, excluding New Categories, until the aggregate settlement amount is paid. The performance of
ITCAN\u2019s New Categories (including vapour products and nicotine pouches) is not included in the basis for calculating the annual
payments.
On 31 October 2024, the court granted the Claims Procedure Orders and Meeting Orders. In\u00a0accordance with the Meeting Order, a
creditors' meeting was held on 12 December 2024 and the Proposed Plans were approved by the requisite majorities of the creditors. A
sanction hearing took place between 29-31 January 2025. During the sanction hearing, the court was asked to sanction the Proposed
Plans. Motions for orders to amend elements of the Proposed Plans were presented on 27 February 2025. The requested amendments
to the Proposed Plans resulted in allocating the cash holdback of CAD$750\u00a0million (\u00a3407\u00a0million at 31 December 2025 rate of exchange)
from the upfront payment to RBH. On 3 March 2025, the court approved that the Proposed Plans be amended accordingly (the
Amended Plans).
On 6 March 2025, the court sanctioned the Amended Plans, herein referred to as the Approved Plans. In this sanction order, the court
also extended the Stays of litigation up to the implementation date of the Approved Plans.
On 29 August 2025 following completion of a number of administrative steps, the Approved Plans were implemented and ITCAN exited
the CCAA process. In the second half of 2025, the anticipated upfront payment was paid into the Global Settlement Trust Account as the
Upfront Cash Contribution of the Global Settlement Amount. Refer to the \u2018Upfront payment\u2019 section in note 24 for more details.
The Approved Plan for ITCAN resolves all Canadian tobacco litigation and provides a full and comprehensive release to ITCAN, BAT p.l.c.
and all related companies for all past, present and future tobacco claims in Canada.
The value-in-use calculation for the Canada CGU has been prepared based on a five-year cash flow forecast, after which a terminal value
rate of decline of 3.65% (2024: decline of 3.65%) on the underlying business is assumed. In line with the requirements of IAS 36, the value-
in-use derived from the forecast cash flows has been adjusted to include the book value of the provision recognised in respect of the
Approved Plans and the liability is included within the carrying value of the Canada CGU for the purposes of the impairment test.
A pre-tax discount rate of 11.4% (2024: 9.8%) has been assumed. Further details on\u00a0the provision for the liability associated with the
Approved Plans and the discount rate applied to such provision, which differs to that applied for the impairment assessment, can be
found in note 24.
As a result of a rebasing of forecasts reflecting the current difficult trading environment, an impairment charge of \u00a3184\u00a0million has been
recognised in respect of goodwill associated with the Canada CGU. The remaining carrying value, as disclosed in note 12(e)(iv), reflects
the recoverable amount, being the value-in-use of the CGU.
The table below indicates the additional amount of impairment that would be required if the following individual changes were made to
key assumptions within the value-in-use model.
Additional
impairment
\u00a3m
Assumptions
Decrease in volume by 3% year-on-year*
(355)
Decrease in five-year pricing CAGR by additional 1%
(110)
Increase in pre-tax discount rate by 100 bps
(116)
Note:
* Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to other operating costs which remain flat. This demonstrates a year-on-year
decrease in operating cash flow for the forecast years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-848": { "value": "
12 Intangible assets
(a) Overview of intangible assets
2025
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 1 January
52,713
41,129
270
164
94,276
Differences on exchange
(3,592)
(1,935)
(2)
\u2014
(5,529)
Additions
\u2013 internal development
\u2014
\u2014
\u2014
92
92
\u2013 acquisitions (note 27)
8
\u2014
\u2014
\u2014
8
\u2013 separately acquired
35
\u2014
\u2014
55
90
Reallocations
61
\u2014
127
(188)
\u2014
Amortisation charge
(1,605)
\u2014
(119)
\u2014
(1,724)
Impairment
(5)
(277)
3
\u2014
(279)
31 December
Cost
74,813
43,936
1,417
124
120,290
Accumulated amortisation and impairment
(27,198)
(5,019)
(1,138)
(1)
(33,356)
Net book value at 31 December
47,615
38,917
279
123
86,934
2024
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
78,848
46,021
1,408
110
126,387
Accumulated amortisation and impairment
(24,847)
(4,930)
(1,048)
\u2014
(30,825)
Net book value at 1 January
54,001
41,091
360
110
95,562
Differences on exchange
915
77
(1)
(1)
990
Additions
\u2013 internal development
\u2014
\u2014
\u2014
80
80
\u2013 separately acquired
95
\u2014
\u2014
15
110
Reallocations
\u2014
\u2014
40
(40)
\u2014
Amortisation charge
(1,652)
\u2014
(120)
\u2014
(1,772)
Impairment
(646)
(39)
(9)
\u2014
(694)
31 December
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 31 December
52,713
41,129
270
164
94,276
(b) Goodwill
Goodwill of \u00a338,917\u00a0million (2024: \u00a341,129\u00a0million) is included in intangible assets in the balance sheet, of which the following are the
significant acquisitions: Reynolds American \u00a329,322\u00a0million (2024: \u00a331,491\u00a0million); Rothmans Group \u00a34,208\u00a0million (2024: \u00a34,091\u00a0million);
Imperial Tobacco Canada \u00a31,994\u00a0million (2024: \u00a32,229\u00a0million); ETI (Italy) \u00a31,438\u00a0million (2024: \u00a31,363\u00a0million) and ST (principally
Scandinavia) \u00a31,080\u00a0million (2024: \u00a31,024\u00a0million). The principal allocations of goodwill in the Rothmans acquisition are to the cash-
generating units of Europe and South Africa, with the remainder relating to operations in APMEA.
During 2025, there was \u00a3277\u00a0million goodwill impairment (2024: \u00a339\u00a0million) as explained in note 12(e)(v) and 12(e)(vii) below.
(iv) Cash generating units and information on goodwill impairment testing
In 2025, goodwill was allocated for impairment testing purposes to 17 (2024: 17) individual CGUs \u2013 one in the U.S. (2024: one), nine in AME
(2024: nine) and seven in APMEA (2024: seven).
For the purpose of impairment testing, goodwill has been attributed to the following CGUs:
2025
2024
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Pre-tax
discount rate
%
Cash-generating unit
Reynolds American
29,322
8.5
31,491
9.0
Europe
5,632
6.6
5,358
6.7
Canada
1,994
11.4
2,229
9.8
Australia
664
11.8
662
7.9
South Africa
197
8.7
186
10.7
Singapore
371
6.7
376
8.4
GTR
246
9.2
249
7.1
Malaysia
170
10.1
187
10.6
Peru
\u2014
N/A
74
8.7
Other
321
8.1
317
8.4
Total
38,917
41,129
Included within \u2018Other\u2019 above is goodwill arising on various acquisitions that have been allocated to eight CGUs which are, individually,
insignificant. The pre-tax discount rate represents the weighted average pre-tax discount rate.
During 2025, the Group recognised a total impairment charge to goodwill of \u00a3277 million (2024: \u00a339 million) of which \u00a372\u00a0million (2024:
nil) is in respect of Peru, \u00a321 million (2024: \u00a339\u00a0million) is in respect of Malaysia and \u00a3184 million (2024: nil) is in respect of Canada. For
more details, see notes 12(e)(v), 12(e)(vi) and 12(e)(vii) respectively.
The recoverable amounts of all CGUs have been determined on a value-in-use basis. The key assumptions for the recoverable amounts of all units
are the projected sales volumes and pricing (net revenues) and terminal value growth rates, which directly impact the cash flows, and the discount
rates used in the calculation. The terminal value growth rate is used purely for the impairment testing of goodwill under IAS 36 Impairment of
Assets and does not reflect long-term planning assumptions used by the Group for investment proposals or for any other assessments.
A post-tax discount rate is applied in the impairment testing, determined using an appropriate valuation methodology that incorporates both
internal data and externally sourced market information. This applies to all CGUs with the exception of Reynolds American, for which the discount
rate is independently determined based on a weighted average cost of capital in respect of the U.S. and U.S. market-related premiums. A similar
approach in respect of the discount rate has been applied for the impairment testing of the trademarks and similar intangibles. Valuations derived
from applying post-tax discount rates to post-tax cash flows are aligned to those that would arise from applying pre-tax discount rates to pre-tax
cash flows.
The terminal value growth rates and discount rates have been applied to the budgeted cash flows of each CGU. These cash flows have been
determined by local management based on experience, specific market and brand trends, as well as pricing and cost expectations. These have
been endorsed by Group management as part of the consolidated Group\u2019s approved budget.
(v) Impairment testing \u2013 Goodwill (excluding Reynolds American and Canada)
The value-in-use calculations use cash flows based on detailed financial budgets prepared by management covering a one-year period
extrapolated over a 10-year horizon with growth of 3% (2024: 3%) in years two to ten, after which a growth rate of 1% (2024: 1%) has been
assumed as the long-term volume decline is more than offset by pricing to drive revenue growth. A 10-year horizon is considered appropriate
based on the Group\u2019s history of profit and cash growth, its well-balanced portfolio of brands and the industry in which it operates.
For the Peru CGU, as a result of ongoing difficult trading conditions, an impairment trigger was identified at the half year and a full
impairment review was undertaken. The value-in-use calculation reflects the short- to medium-term plans spanning a period of five
years after which a terminal value growth rate of -4% has been assumed. As a result of the review, the goodwill associated with the CGU
was impaired in full with a charge of \u00a372 million (2024: nil) being recognised.
For the Malaysia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -1.4% has been assumed. The
Malaysian government announced new regulations under the Control of Smoking Products for Public Health Act 2024, which came into
effect in 2025 and has impacted the sale of tobacco and vapour products. As a result of the impact of the new regulations, the Group
exited the vapour market in Malaysia and, as a result, goodwill associated with the Malaysia CGU has been impaired by \u00a321\u00a0million (2024:
\u00a339\u00a0million). The carrying amount indicated in the table above in note 12(e)(iv) reflects the recoverable amount of the CGU, being its
value-in-use.
For the Australia CGU, as a result of regulatory and macro-economic conditions, the above assumptions were amended to reflect the
short- to medium-term plans spanning a period of five years after which a terminal value growth rate of -0.8% has been assumed. For
2025, the discount rate disclosed in the table above is a weighted average rate applied across the different components that form the
Australian CGU.
Following the application of a reasonable range of sensitivities to all CGUs, there was no reasonably possible scenario identified that
would lead to a potential impairment charge.
(vi) Impairment testing \u2013 Reynolds American
Goodwill and the brand intangibles relating to Reynolds American
Subsequent to the FDA announcement on 28 April 2022 of a proposed product standard to prohibit menthol as a characterising flavour
in cigarettes, the FDA formally submitted the final product standard to the Office of Management and Budget on 18 October 2023.
Following delays, in January 2025, the new Trump Administration withdrew the rule from the Office of Management and Budget. The
Spring 2025 Unified Agenda was released on 4 September 2025 wherein the menthol ban rule was no longer listed on the Long-Term
Actions list and was instead designated as \u201cwithdrawn\u201d.
On 21 June 2022, the FDA announced plans to develop a proposed product standard that would establish a maximum nicotine level in
cigarettes and certain other combustible tobacco products to reduce addictiveness. On 15 January 2025, in the final days of the outgoing
Biden Administration, the FDA issued a proposed product standard whereby the agency would limit nicotine levels in cigarettes following
a two-year effective date from publication of any final rule. However, on 20 January 2025, President Trump issued a memorandum
entitled \u2018Regulatory Freeze Pending Review\u2019 which froze all rules and proposed rules pending review by the new Administration. The
Spring 2025 Unified Agenda was released on 4 September 2025. The rule was no longer listed on the Long-Term Actions list and was
instead designated as \u201cwithdrawn\u201d.
It is management\u2019s view that neither rule will be advanced during the Trump Administration ending in 2029, though the risk remains that
a future administration may do so. However, given the extensive rule making process, it would be unlikely that a rule would be
implemented within the five year discrete forecast period used for impairment testing. Management notes that the timetable for and
likelihood of any product standard in respect of either menthol as a characterising flavour or nicotine levels in cigarettes remains
uncertain. It is also noted that the Group has a long-standing track record of managing regulatory shifts and, in the event of regulatory
change, the Group remains confident in its ability to navigate that environment successfully.
Noting the above, for the intangibles impairment assessment, neither a federal menthol ban nor any rule limiting nicotine levels in
cigarettes was assumed in the cash flow forecast used as the basis for the valuations performed. The value-in-use calculation for the
total U.S. CGU and the fair value calculations for the brand intangibles have been determined based on a single cash flow forecast. This is
a change from the approach in 2022, 2023 and 2024 whereby the value-in-use calculation for the total U.S. CGU and the fair value
calculations for the brand intangibles were determined based on probability weighted scenarios, incorporating various assumptions on
the potential timing for a final product standard to prohibit menthol as a characterising flavour in cigarettes becoming effective, to derive
a risk-adjusted cash flow forecast applied within the valuations.
The cash flow forecast for the remaining indefinite-lived brand Grizzly, as mentioned in note 12(e)(ii) above, has been incorporated in the
cash flow forecast used in the Reynolds American goodwill model. Similarly, the model also incorporates a five-year cash flow forecast
for the definite-lived brands, based on detailed brand budgets prepared by management using projected sales volumes and pricing (net
revenue) and projected brand profitability. After this forecast, a terminal value growth rate of 1.0% (2024: 1.0%) has been assumed for the
Reynolds American cash-generating unit.
For the Grizzly brand impairment test, a terminal value growth rate of 1.0% (2024: 1.0%) is also applied. Following an update of the
recoverable amount based on the fair value less cost of disposal for Grizzly, management concluded that the carrying value of the brand
is supported by cash flows generated by the combined Traditional Oral and Grizzly Modern Oral product portfolio. There is significant
judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the basis of the fair
value calculation, and this is particularly true given the launch of the Grizzly Modern Oral product in 2024. A detailed external study was
commissioned in 2023 and updated in 2024 and 2025 to assist management with an independent view of the potential impacts on
volume forecasts of cross-category use of Modern Oral products by Traditional Oral consumers to inform our forecast for the evolution
of industry volumes for both Traditional Oral and Modern Oral and the potential share of market for the latter that a Grizzly product
offering can achieve.
As explained in note 12(e)(iii), the impairment test calculations for Newport, Camel, Pall Mall and Natural American Spirit use cash flows
based on detailed brand budgets prepared by management over a five-year horizon after which volume decline, pricing and margin
assumptions are extrapolated over the remaining useful life.
The excess of recoverable amount over the carrying value (headroom) of the Reynolds American cash-generating unit and the Newport,
Camel, Pall Mall, Natural American Spirit and Grizzly brand intangibles would be reduced to nil if the following individual changes were
made to the key assumptions used in the impairment model.
Reynolds
American
goodwill
Newport
Camel
Pall Mall
Natural
American
Spirit
Grizzly
Current headroom
\u00a3m
42,241
1,676
2,724
2,399
544
773
Assumptions:
Decrease in volume year-on-year in the discrete
period by an additional *
%
(0.9)
(3.6)
(9.6)
(0.5)
(1.6)
Increase in pre-tax discount rate by
%
4.1
1.4
5.9
16.6
0.7
0.5
Decrease in terminal value growth rate by**
%
(4.3)
(0.6)
Notes:
* Brand Intangibles only. Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to operating margin %. Fixed overhead cost allocations
remain flat. This demonstrates a year-on-year decrease in operating cash flow for the discrete forecast years for Grizzly and the remaining useful lives for other definite-lived
trademarks. Before sensitising, the CAGRs over the remaining useful lives following the discrete period are as follows \u2013 Newport: -10.9%, Camel: -10.7%, Pall Mall: -15.7% and Natural
American Spirit: -7.6%.
** Goodwill and Grizzly indefinite-lived brand intangible only.
(vii) Impairment testing \u2013 Canada
Goodwill relating to Imperial Tobacco Canada Ltd (ITCAN)
In March 2019, ITCAN obtained an Initial Order from the Ontario Superior Court of Justice granting it protection under the Companies\u2019
Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation process, ITCAN began the process of negotiating a
possible settlement of all of its outstanding tobacco litigation in Canada while continuing to run its business in the normal course. On 17
October 2024, the court-appointed mediator and monitor filed a proposed plan of compromise and arrangement in the Ontario Superior
Court of Justice. Substantially similar proposed plans were also filed for RBH and JTIM (collectively, the Proposed Plans).
Under the Proposed Plans, ITCAN, RBH and JTIM (the Companies) would pay an aggregate settlement amount of CAD$32.5\u00a0billion
(\u00a317.6\u00a0billion at 31 December 2025) (the Global Settlement Amount). This amount would be funded by:
\u2013 an upfront payment equal to all the Companies' cash and cash equivalents on hand (including investments held at fair value) plus
certain court deposits (subject to an aggregate industry holdback of CAD$750\u00a0million (\u00a3407\u00a0million)) plus 85% of any cash t ax refunds
that may be received by the Companies on account of the upfront payments; and
\u2013 annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies\u2019 net income after taxes, based on
amounts generated from all sources, excluding New Categories, until the aggregate settlement amount is paid. The performance of
ITCAN\u2019s New Categories (including vapour products and nicotine pouches) is not included in the basis for calculating the annual
payments.
On 31 October 2024, the court granted the Claims Procedure Orders and Meeting Orders. In\u00a0accordance with the Meeting Order, a
creditors' meeting was held on 12 December 2024 and the Proposed Plans were approved by the requisite majorities of the creditors. A
sanction hearing took place between 29-31 January 2025. During the sanction hearing, the court was asked to sanction the Proposed
Plans. Motions for orders to amend elements of the Proposed Plans were presented on 27 February 2025. The requested amendments
to the Proposed Plans resulted in allocating the cash holdback of CAD$750\u00a0million (\u00a3407\u00a0million at 31 December 2025 rate of exchange)
from the upfront payment to RBH. On 3 March 2025, the court approved that the Proposed Plans be amended accordingly (the
Amended Plans).
On 6 March 2025, the court sanctioned the Amended Plans, herein referred to as the Approved Plans. In this sanction order, the court
also extended the Stays of litigation up to the implementation date of the Approved Plans.
On 29 August 2025 following completion of a number of administrative steps, the Approved Plans were implemented and ITCAN exited
the CCAA process. In the second half of 2025, the anticipated upfront payment was paid into the Global Settlement Trust Account as the
Upfront Cash Contribution of the Global Settlement Amount. Refer to the \u2018Upfront payment\u2019 section in note 24 for more details.
The Approved Plan for ITCAN resolves all Canadian tobacco litigation and provides a full and comprehensive release to ITCAN, BAT p.l.c.
and all related companies for all past, present and future tobacco claims in Canada.
The value-in-use calculation for the Canada CGU has been prepared based on a five-year cash flow forecast, after which a terminal value
rate of decline of 3.65% (2024: decline of 3.65%) on the underlying business is assumed. In line with the requirements of IAS 36, the value-
in-use derived from the forecast cash flows has been adjusted to include the book value of the provision recognised in respect of the
Approved Plans and the liability is included within the carrying value of the Canada CGU for the purposes of the impairment test.
A pre-tax discount rate of 11.4% (2024: 9.8%) has been assumed. Further details on\u00a0the provision for the liability associated with the
Approved Plans and the discount rate applied to such provision, which differs to that applied for the impairment assessment, can be
found in note 24.
As a result of a rebasing of forecasts reflecting the current difficult trading environment, an impairment charge of \u00a3184\u00a0million has been
recognised in respect of goodwill associated with the Canada CGU. The remaining carrying value, as disclosed in note 12(e)(iv), reflects
the recoverable amount, being the value-in-use of the CGU.
The table below indicates the additional amount of impairment that would be required if the following individual changes were made to
key assumptions within the value-in-use model.
Additional
impairment
\u00a3m
Assumptions
Decrease in volume by 3% year-on-year*
(355)
Decrease in five-year pricing CAGR by additional 1%
(110)
Increase in pre-tax discount rate by 100 bps
(116)
Note:
* Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to other operating costs which remain flat. This demonstrates a year-on-year
decrease in operating cash flow for the forecast years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-850": { "value": "
12 Intangible assets
(a) Overview of intangible assets
2025
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 1 January
52,713
41,129
270
164
94,276
Differences on exchange
(3,592)
(1,935)
(2)
\u2014
(5,529)
Additions
\u2013 internal development
\u2014
\u2014
\u2014
92
92
\u2013 acquisitions (note 27)
8
\u2014
\u2014
\u2014
8
\u2013 separately acquired
35
\u2014
\u2014
55
90
Reallocations
61
\u2014
127
(188)
\u2014
Amortisation charge
(1,605)
\u2014
(119)
\u2014
(1,724)
Impairment
(5)
(277)
3
\u2014
(279)
31 December
Cost
74,813
43,936
1,417
124
120,290
Accumulated amortisation and impairment
(27,198)
(5,019)
(1,138)
(1)
(33,356)
Net book value at 31 December
47,615
38,917
279
123
86,934
2024
Trademarks
and similar
intangibles
\u00a3m
Goodwill
\u00a3m
Computer
software
\u00a3m
Assets in
the course of
development
\u00a3m
Total
\u00a3m
1 January
Cost
78,848
46,021
1,408
110
126,387
Accumulated amortisation and impairment
(24,847)
(4,930)
(1,048)
\u2014
(30,825)
Net book value at 1 January
54,001
41,091
360
110
95,562
Differences on exchange
915
77
(1)
(1)
990
Additions
\u2013 internal development
\u2014
\u2014
\u2014
80
80
\u2013 separately acquired
95
\u2014
\u2014
15
110
Reallocations
\u2014
\u2014
40
(40)
\u2014
Amortisation charge
(1,652)
\u2014
(120)
\u2014
(1,772)
Impairment
(646)
(39)
(9)
\u2014
(694)
31 December
Cost
80,277
46,169
1,299
165
127,910
Accumulated amortisation and impairment
(27,564)
(5,040)
(1,029)
(1)
(33,634)
Net book value at 31 December
52,713
41,129
270
164
94,276
(c) Trademarks and similar intangibles
Trademarks and similar intangibles with indefinite lives
The net book value of trademarks and similar intangibles with indefinite lives is \u00a38,728\u00a0million (2024: \u00a39,832\u00a0million) and relates to the
acquisition of Reynolds American. Following the redesignation of Newport, Camel, Natural American Spirit and Pall Mall as definite-lived
from 1 January 2024, and Camel Snus from 1 January 2025, the remaining indefinite-lived brand is Grizzly. The Grizzly trademark is a key
focus brand within the U.S. oral business, with products in both the Traditional and Modern Oral categories, and receives significant
support in the form of dedicated internal resources, forecasting and, where appropriate, marketing investment. The Grizzly trademark has
significant market share and positive cash flow expectations. There are no regulatory or contractual restrictions on the use of the
trademark, and there are no plans by management to significantly redirect resources elsewhere.
Trademarks and similar intangibles with definite lives
The majority of trademarks and similar intangibles with definite lives relate to trademarks acquired in previous years. These trademarks
are amortised on a straight-line basis over their expected useful lives, which do not exceed 30 years. Included in the net book value of
trademarks and similar intangibles with definite lives are trademarks relating to the acquisition of Reynolds American totalling
\u00a338,590\u00a0million (2024: \u00a342,605\u00a0million) including Camel Snus which was redesignated as definite-lived from 1\u00a0January 2025
(2024:\u00a0indefinite-lived) with an estimated life of 20 years. These trademarks are part of the Group\u2019s Strategic Portfolio of key brands and
form the core focus of the U.S. combustibles business. These trademarks receive significant support in the form of dedicated internal
resources, forecasting and, where appropriate, marketing investment and have significant market share and positive cash flow
expectations. There are no regulatory or contractual restrictions on the use of the trademarks, and there are no plans by\u00a0management to
significantly redirect resources elsewhere.
The below table shows the change in carrying value for the key definite-lived brands relating to the acquisition of Reynolds American.
Carrying amount
1 January
\u00a3m
Differences on
exchange
\u00a3m
Amortisation
Charge
\u00a3m
Carrying amount
31 December
\u00a3m
Definite-lived intangibles
Newport
20,421
(1,393)
(669)
18,359
Camel
7,696
(525)
(252)
6,919
Pall Mall
2,522
(171)
(126)
2,225
Natural American Spirit
10,272
(702)
(336)
9,234
Other
2,153
(145)
(155)
1,853
Total
43,064
(2,936)
(1,538)
38,590
(d) Computer software and assets in the course of development
Included in computer software and assets in the course of development are internally developed assets with a carrying value of
\u00a3374\u00a0million (2024: \u00a3398\u00a0million). The costs of internally developed assets include capitalised expenses of employees working full time
on\u00a0software development projects, third-party consultants and software licence fees from third-party suppliers.
The Group has \u00a36\u00a0million of future contractual commitments (2024: \u00a35\u00a0million) related to intangible assets.
(e) Impairment testing
(i) Overview
a. Estimation uncertainty
As described in note 1, the critical accounting estimates used in the preparation of the consolidated financial statements include the
review of asset values, especially indefinite-lived assets such as goodwill and certain definite-lived and indefinite-lived trademarks and
similar intangibles.
There is significant judgement with regard to assumptions and estimates involved in the forecasting of future cash flows, which form the
basis of the assessment of the recoverability of these assets, with the effect that the value-in-use and fair value calculations incorporate
estimation uncertainty, particularly for certain assets held in relation to the U.S. market.
b. Impact of climate change
The impact of climate change has been considered in preparation of the financial statements. For impairment testing and valuation
purposes, the Group have included certain climate-related costs within the discounted cash flow forecast for impairment assessment.
The Group also completed scenario analyses of the potential impact of climate change-related risks. This sensitised discounted cash
flow included chronic risks within the future cash flows and resulted in no material adverse impact to the impairment assessment.
(ii) Impairment testing - Trademarks and similar intangibles with indefinite lives (brands)
The trademarks and similar intangibles with indefinite lives (brands) have been tested for impairment with recoverable amounts
estimated on the basis of fair value less cost of disposal and classified as level 3 within the fair value hierarchy. The fair value calculation
uses cash flows based on detailed brand budgets prepared by management using projected sales volumes and pricing (net revenue) and
projected brand profitability covering a five-year horizon and, thereafter, grown into perpetuity. A tax amortisation benefit factor is then
applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate costs are
allocated to the brand budgets based on either specific allocation, where appropriate, or based on revenue. The discount rate and
terminal value growth rate applied to the brand fair value calculation have been determined by local management based on experience,
specific market and brand trends and pricing and cost expectations. As the trademarks and similar intangibles with indefinite lives relate
to the acquisition of Reynolds American, the brand budgets used in the fair value calculations have also been incorporated into the
budget information used in the impairment testing of Reynolds American goodwill.
The below table indicates the key assumptions used in assessing the indefinite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Indefinite-lived intangibles
Grizzly
8,728
5.0%
7.3
9,373
7.6%
7.6
Total
8,728
9,832
Note:
* Volume five-year CAGR is calculated by reference to the first five years annual volumes in the fair value less cost of disposal model against the 2025 baseline.
Refer to note 12(e)(vi) for more details on impairment testing.
(iii) Impairment testing - Trademarks and similar intangibles with definite lives (brands)
Whilst no impairment triggers were identified, as noted in note 12(e)(vi), the cash flow forecasts for the definite-lived brands have been
incorporated in the impairment test for the goodwill associated with the Reynolds cash-generating unit (CGU). These brands have
therefore been tested for impairment with recoverable amounts estimated on the basis of fair value less cost of disposal and classified
as level 3 within the fair value hierarchy. The fair value calculations use cash flows based on detailed brand budgets prepared by
management using projected sales volumes and pricing (net revenue) and projected brand profitability covering a five-year horizon.
Thereafter volume decline, pricing and margin assumptions are extrapolated over the remaining useful life. A tax amortisation benefit
factor is then applied to incorporate the additional value a market participant would derive in an asset acquisition scenario. Corporate
costs are allocated to the brand budgets based on either specific allocations, where appropriate, or\u00a0based on revenue. The discount rates
applied to the definite-lived brand fair value calculations have been determined by local management based on experience, specific
market and brand trends and pricing and cost expectations.
The below table indicates the key assumptions used in assessing the key definite-lived brands for impairment.
2025
2024
Carrying
amount
\u00a3m
Volume 5 Year
CAGR*
Pre-tax
discount rate
%
Carrying
amount
\u00a3m
Volume 5 Year
CAGR
Pre-tax
discount rate
%
Definite-lived intangibles
Newport
18,359
(11.3)%
8.6
20,421
(12.5)%
8.6
Camel
6,919
(11.9)%
8.3
7,696
(12.6)%
8.6
Pall Mall
2,225
4.7%
8.4
2,522
(3.0)%
8.8
Natural American Spirit
9,234
(7.8)%
7.8
10,272
(8.1)%
7.9
Total
36,737
40,911
Note:
* Volume five-year CAGR is calculated by reference to the first five years\u2019 annual volumes used in the discounted cash flow model against the 2025 baseline.
The above table indicates a marginal increase in volume five-year CAGR compared to the 2024 assessment, except for Pall Mall which
sees a greater improvement due to increased promotional support and growth within the branded value segment.
Refer to note 12(e)(vi) for more details on impairment testing in respect of these brands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-851": { "value": "
13 Property, plant and equipment
(a) Overview of property, plant and equipment, including right-of-use assets
2025
Freehold
property
\u00a3m
Leasehold
property
\u00a3m
Plant,
equipment and
other owned
\u00a3m
Plant,
equipment and
other leased
\u00a3m
Assets in the
course of
construction
\u00a3m
Total
\u00a3m
1 January
Cost
1,360
888
5,566
437
601
8,852
Accumulated depreciation and impairment
(493)
(431)
(3,293)
(256)
(4,473)
Net book value at 1 January
867
457
2,273
181
601
4,379
Differences on exchange
1
3
(17)
(5)
5
(13)
Additions
\u2013 right-of-use assets
\u2014
60
\u2014
77
\u2014
137
\u2013 separately acquired
\u2014
\u2014
17
\u2014
543
560
Reallocations
51
28
431
(3)
(507)
\u2014
Depreciation
(36)
(96)
(307)
(82)
\u2014
(521)
Impairment
(1)
(11)
(33)
\u2014
10
(35)
Right-of-use assets \u2212 reassessments,
\u2014
(2)
\u2014
(3)
\u2014
(5)
Disposals
(3)
(2)
(10)
(1)
\u2014
(16)
Net reclassifications as held-for-sale
\u2014
(1)
\u2014
\u2014
(2)
(3)
31 December
Cost
1,402
883
5,909
432
650
9,276
Accumulated depreciation and impairment
(523)
(447)
(3,555)
(268)
(4,793)
Net book value at 31 December
879
436
2,354
164
650
4,483
2024
Freehold
property
\u00a3m
Leasehold
property
\u00a3m
Plant,
equipment and
other owned
\u00a3m
Plant,
equipment and
other leased
\u00a3m
Assets in the
course of
construction
\u00a3m
Total
\u00a3m
1 January
Cost
1,418
895
5,702
375
654
9,044
Accumulated depreciation and impairment
(437)
(443)
(3,360)
(221)
(4,461)
Net book value at 1 January
981
452
2,342
154
654
4,583
Differences on exchange
(29)
(26)
(139)
(4)
(37)
(235)
Additions
\u2013 right-of-use assets
\u2014
152
\u2014
105
\u2014
257
\u2013 separately acquired
\u2014
\u2014
23
\u2014
469
492
Reallocations
87
13
385
\u2014
(485)
\u2014
Depreciation
(35)
(97)
(291)
(74)
\u2014
(497)
Impairment
(89)
(41)
(41)
(2)
\u2014
(173)
Right-of-use assets \u2212 reassessments,
\u2014
8
\u2014
2
\u2014
10
Disposals
(48)
(3)
(6)
\u2014
\u2014
(57)
Net reclassifications as held-for-sale
\u2014
(1)
\u2014
\u2014
\u2014
(1)
31 December
Cost
1,360
888
5,566
437
601
8,852
Accumulated depreciation and impairment
(493)
(431)
(3,293)
(256)
(4,473)
Net book value at 31 December
867
457
2,273
181
601
4,379
Refer to notes 4 and 7 for more information on property, plant and equipment impairments, except for assets in the course of
construction.
Included in additions in 2025 is an amount of \u00a38 million (2024: \u00a330 million) related to sustainability as explained in note 33. Also in 2025,
an impairment of \u00a312 million for some assets in the course of construction was reversed as a use for these assets could be found
elsewhere. The \u00a33 million of assets classified as held-for-sale in 2025 relates to Brascuba, as discussed in note 27(d)(i).
As discussed in note 5(b), in 2024, the Group completed certain sale and leaseback transactions. The cash flow effect of these
transactions was \u00a337\u00a0million.
The Group has \u00a372 million of future contractual commitments (2024: \u00a367 million) related to property, plant and equipment.
(b) Right-of-use assets
In accordance with IFRS 16 Leases, the right-of-use assets related to leased properties have been included in the asset class \u2018Leasehold
Property\u2019 (note 13(c)) and other right-of-use assets have been reported under \u2018Plant, equipment and other leased\u2019.
The Group leases various offices, warehouses, retail spaces, equipment and vehicles through its subsidiaries across the globe.
Arrangements are entered into in the ordinary course of business, and lease terms are negotiated on an individual basis and contain a
wide range of different terms and conditions reflecting local commercial practice. The lease agreements do not impose any covenants
other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing
purposes.
Assets representing \u2018plant, equipment and other leased\u2019 relate to leases of various assets including industrial equipment and distribution
vehicles in Brazil, Canada, China, Italy, Mexico, Pakistan, Romania, the UK, the U.S. and other countries.
(c) Leasehold property
As of 31 December 2025, the Group holds \u00a3111 million (2024: \u00a395 million) of leasehold properties acquired and another \u00a3325 million (2024:
\u00a3362 million) of right-of-use leased properties.
Assets representing \u2018leasehold property\u2019 relate to leases in respect of offices, retail space, warehouses and manufacturing facilities
occupied by Group subsidiaries and include property leases with lease terms of more than five years in Bangladesh, Brazil, China,
Germany, Italy, Nigeria, Pakistan, Singapore, the U.S. and Vietnam, amongst other countries. In addition, capitalised expenditure
representing leasehold improvements is included in this asset class.
2025
\u00a3m
2024
\u00a3m
Leasehold land and property comprises
\u2013 net book value of long leasehold
21
22
\u2013 net book value of short leasehold
415
435
436
457
2025
Leasehold property net book value movements for the year
ended 31 December 2025
Net book value
at 1 January
\u00a3m
Differences on
exchange
\u00a3m
Depreciation
and impairment
\u00a3m
Other net
movements *
\u00a3m
Net book value
at 31 December
\u00a3m
\u2013 Property acquired (IAS 16)
95
7
(14)
23
111
\u2013 Right-of-use properties (IFRS 16)
362
(4)
(93)
60
325
457
3
(107)
83
436
2024
Leasehold property net book value movements for the year
ended 31 December 2024
Net book value
at 1 January
\u00a3m
Differences on
exchange
\u00a3m
Depreciation and
impairment
\u00a3m
Other net
movements*
\u00a3m
Net book value
at 31 December
\u00a3m
\u2013 Property acquired (IAS 16)
147
(7)
(50)
5
95
\u2013 Right-of-use properties (IFRS 16)
305
(19)
(88)
164
362
452
(26)
(138)
169
457
Note:
* Property acquired (IAS 16 Property, plant and equipment) other net movements for leasehold improvements represent additions (directly acquired and/or transferred from assets in the
course of construction) net of disposals, whereas other net movements for right-of-use properties (IFRS 16) relate to new leases net of reassessments, modifications and terminations
as reported in the Property, plant and equipment movement table in note 13(a).
(d) Freehold property
As of 31 December 2025, the Group owns freehold property amounting to \u00a3879 million (2024: \u00a3867 million), representing factories,
warehouses and office buildings, together with adjoining land, mainly in the U.S., the UK, Bangladesh, Indonesia and Croatia.
2025
\u00a3m
2024
\u00a3m
Cost of freehold land within freehold property on which no depreciation is provided
147
151
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-852": { "value": "
16 Deferred tax
Net deferred tax (liabilities)/assets comprise:
Stock
relief
\u00a3m
Excess of
capital
allowances
over
depreciation
\u00a3m
Tax
losses
\u00a3m
Undistributed
earnings of
associates and
subsidiaries
\u00a3m
Retirement
benefits
\u00a3m
Trademarks
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
1 January 2025
7
26
378
(197)
22
(11,928)
2,586
(9,106)
Differences on exchange
10
7
\u2014
15
(1)
809
(101)
739
Credited/(charged) to the
income statement
(13)
(4)
311
32
(22)
354
(796)
(138)
Credited relating
to changes in tax rates
2
2
\u2014
\u2014
\u2014
206
(8)
202
Credited/(charged) to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
5
\u2014
(13)
(8)
31 December 2025
6
31
689
(150)
4
(10,559)
1,668
(8,311)
1 January 2024
32
(21)
373
(221)
39
(12,486)
1,003
(11,281)
Differences on exchange
(5)
3
(1)
3
(1)
(227)
(4)
(232)
(Charged)/credited to the
income statement
(24)
42
6
21
(21)
517
1,635
2,176
Credited/(charged) relating
to changes in tax rates
4
2
\u2014
\u2014
\u2014
268
(25)
249
Credited/(charged) to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
5
\u2014
(23)
(18)
Net reclassifications as
held-for-sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
31 December 2024
7
26
378
(197)
22
(11,928)
2,586
(9,106)
The net deferred tax liabilities are reflected in the Group balance sheet as follows: deferred tax asset of \u00a32,032\u00a0million and deferred tax
liability of \u00a310,343\u00a0million (2024: deferred tax asset of \u00a32,573\u00a0million and deferred tax liability of \u00a311,679\u00a0million), after offsetting assets and
liabilities where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred income taxes relate
to\u00a0the same fiscal authority.
The upfront cash payment in relation to the Approved Plans in Canada\u00a0 described further in notes 24 and 31 gave rise to a tax loss in
Canada. This tax loss is partially carried back to offset taxable profits of prior years and the remainder of the tax loss is carried forward to
be utilised against future taxable income. The movement in other temporary difference during 2025 primarily relates to the utilisation of
the deferred tax asset established in 2024 in relation to the Approved Plans and the movement in tax losses during 2025 includes
recognition of deferred tax asset on losses available to be carried forward.
The Group net deferred tax liability of \u00a38,311\u00a0million includes a net deferred tax asset of \u00a3727\u00a0million (2024: \u00a3551\u00a0million) in relation to UK
Group companies, which relates mainly to tax losses (\u00a3501\u00a0million; 2024: \u00a3394\u00a0million) and the excess of capital allowances over
depreciation (\u00a3221\u00a0million; 2024: \u00a3215\u00a0million). The tax losses are expected to be utilised in future periods as a result of increased
profitability in UK Group companies which is expected to follow from improved efficiency in the delivery of business activities. Based on
current forecasts UK group companies are expected to generate taxable profits from 2028, from which time it is expected that the tax
losses will start to reduce. The losses are forecast to be fully utilised within 7 years thereafter, accounting for a 10% increase or decrease
in the total profits of UK group companies.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes in accordance with IAS 12 Income Taxes.
At the balance sheet date, the Group has not recognised a deferred tax asset in respect of unused tax losses of \u00a3366\u00a0million (2024:
\u00a3365\u00a0million) which have no expiry date and unused tax losses of \u00a3156\u00a0million (2024: \u00a3201\u00a0million) which will expire within the next 20 years.
In 2025 and 2024 the Group has not recognised any deferred tax asset in respect of deductible temporary differences which have no
expiry date and has not recognised any deferred tax asset (2024: nil) in respect of deductible temporary differences which will expire
within the next 10\u00a0years.
At the balance sheet date, the Group has unused tax credits of \u00a380\u00a0million (2024: \u00a380\u00a0million) which have no expiry date. No amount
of\u00a0deferred tax has been recognised in respect of these unused tax credits.
At the balance sheet date, the aggregate amount of undistributed earnings of subsidiaries which would be subject to dividend
withholding tax and for which no withholding tax liability has been recognised was \u00a30.8\u00a0billion (2024: \u00a31.2\u00a0billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-853": { "value": "
17 Trade and other receivables
2025
\u00a3m
2024
\u00a3m
Trade receivables
3,082
2,855
Loans and other receivables
639
689
Prepayments and accrued income
369
342
4,090
3,886
Current
3,802
3,604
Non-current
288
282
4,090
3,886
Trade receivables
The majority of receivables are held in order to collect contractual cash flows, in accordance with the Group\u2019s business model for
managing financial assets, and hence are measured at amortised cost. In certain countries, however, the Group has entered into
factoring arrangements and periodically sells certain trade receivables to banks and other financial institutions, without recourse, for
cash. These trade receivables have been derecognised from the balance sheet to reflect the transfer by the Group of substantially all of
the risks and rewards of the receivables, including credit risk. Consequently, the cash inflows have been recognised within operating cash
flows. Typically in these arrangements, the Group also acts as a collection agent for the bank. At 31 December 2025, the value of trade
receivables derecognised through the factoring arrangements where the Group acts as a collection agent was \u00a3629\u00a0million
(2024:\u00a0\u00a3535\u00a0million) and where the Group does not act as a collection agent was \u00a314\u00a0million (2024: \u00a37\u00a0million). Included in trade
receivables above is \u00a376\u00a0million (2024: \u00a3213\u00a0million) of trade debtor balances which were available for factoring under these
arrangements. In addition, the Group participates in certain supply chain finance programmes utilised by its customers allowing the
Group to receive payment for\u00a0invoices earlier than the agreed due date at a discounted value. At 31 December 2025, the value of trade
receivables derecognised through these arrangements was \u00a3226\u00a0million (2024: \u00a3172\u00a0million).
A number of Group companies have entered into arrangements with certain customers. Under these agreements the Group enters into
an agreement with a financial institution and/or a customer. The agreement allows the customer to obtain finance from the financial
institution in order to pay invoices due to the Group. The customer repays the financial institution based on an agreed maturity date
independently agreed between the customer and financial institution. Under these agreements there is normally no recourse to the Group
in the event of credit default by customers. However, the Group is subject to various performance obligations under the arrangement
including notifying the financial institution of credit default or of changes to, or termination of, the customer supply agreement. The
amount derecognised from trade receivables at 31 December 2025 in relation to these arrangements is \u00a310\u00a0million (2024: \u00a320\u00a0million). The
cash flows have been recognised within operating cash flows.
The Group also participates in agreements with customers where the Group can request early payment of invoices at a discount.
The\u00a0discount is recognised as a deduction against revenue. At 31 December, \u00a313\u00a0million was received in advance of the invoice due date
(2024: \u00a382\u00a0million).
Loans and other receivables
Included in loans and other receivables are \u00a3135\u00a0million of litigation related deposits (2024: \u00a3113\u00a0million). Management has determined that
these payments represent a resource controlled by the entity, as a result of past events and from which future economic benefits are
expected to flow to the entity either by being recoverable on conclusion of ongoing appeal processes or by reducing amounts potentially
payable should the appeal process fail. These deposits are held at the fair value of consideration transferred and are offset against
provisions, if applicable, only once funds have transferred out from the deposit account. The effect of discounting would be immaterial.
Loans and other receivables include \u00a352\u00a0million (2024: \u00a357\u00a0million) as a current receivable in relation to outstanding proceeds from the
sale of the Group\u2019s Iranian subsidiary in 2021. Given the ongoing political situation, heightened sanctions and other uncertainties coupled
with the passage of time the receivable has been outstanding, during 2023, the Group recognised an expected credit loss of \u00a328\u00a0million.
Also included in loans and other receivables are deposits that do not meet the definition of cash and cash equivalents as well as loans
provided to farmers. The cash flows arising from these transactions are included in investing activities and have been reconciled,
in\u00a0note\u00a018, to the cash flow statement.
Prepayments and accrued income
Prepayments and accrued income include \u00a329\u00a0million (2024: \u00a316\u00a0million) of accrued income primarily in relation to rebates and royalties.
Other disclosures
Amounts receivable from related parties including associated undertakings are shown in note 30.
Trade and other receivables have been reported in the balance sheet net of allowances as follows:
2025
\u00a3m
2024
\u00a3m
Trade receivables \u2013 gross
3,128
2,900
Trade receivables \u2013 allowance
(46)
(45)
Loans and other receivables \u2013 gross
667
717
Loans and other receivables \u2013 allowance
(28)
(28)
Prepayments and accrued income
369
342
Net trade and other receivables per balance sheet
4,090
3,886
The movements in the allowance account are as follows:
2025
2024
Trade
receivables
\u00a3m
Loans
and other
receivables
\u00a3m
Total
\u00a3m
Trade
receivables
\u00a3m
Loans
and other
receivables
\u00a3m
Total
\u00a3m
1 January
45
28
73
70
28
98
Differences on exchange
\u2014
\u2014
\u2014
(3)
\u2014
(3)
Provided in the year*
13
\u2014
13
8
\u2014
8
Utilised
(12)
\u2014
(12)
(30)
\u2014
(30)
31 December
46
28
74
45
28
73
Note: * Amounts provided above are shown net of reversals of unused allowances, which include reversals of \u00a36\u00a0million (2024: \u00a318\u00a0million).
As permitted by IFRS 9, the loss allowance on trade receivables arising from the recognition of revenue under IFRS 15 is initially measured
at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount
equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the
credit risk on the receivables increases significantly after initial recognition.
The Group holds bank guarantees, other guarantees and credit insurance in respect of some of the past due debtor balances.
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings apart from the
following: US dollar: 2.6% (2024: 3.3%), Euro: 4.3% (2024: 5.5%) and other currencies: 1.0% (2024: 1.8%).
There is no material difference between the above amounts for trade and other receivables and their fair value due to the short-term
duration of the majority of trade and other receivables as determined using discounted cash flow analysis. There is no concentration
of\u00a0credit risk with respect to trade receivables as the Group has a large number of internationally dispersed customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-855": { "value": "
18 Investments held at fair value
2025
2024
Fair value
through P&L
\u00a3m
Fair value
through OCI
\u00a3m
Total
\u00a3m
Fair value
through P&L
\u00a3m
Fair value
through OCI
\u00a3m
Total
\u00a3m
1 January
594
65
659
652
67
719
Difference on exchange
(20)
(1)
(21)
(40)
\u2014
(40)
Additions
24
11
35
210
4
214
ITC Hotels \u2013 demerger from ITC Ltd
\u2014
533
533
\u2014
\u2014
\u2014
Disposals
(517)
(318)
(835)
(288)
\u2014
(288)
Reclassifications
\u2014
(11)
(11)
\u2014
\u2014
\u2014
Other fair value movements
(9)
(2)
(11)
60
(6)
54
31 December
72
277
349
594
65
659
Current
16
\u2014
16
513
\u2014
513
Non-current
56
277
333
81
65
146
72
277
349
594
65
659
The Group\u2019s investments principally consist of non-derivative financial assets that cannot be classified as loans and other receivables or
cash and cash equivalents, as well as investments made by the Group\u2019s corporate venture capital unit, Btomorrow Ventures, and other
Group companies.
In addition, as a result of ITC\u2019s demerger of its hotel business in January 2025, the Group received a 15% stake in the newly incorporated
ITC Hotels in the form of a dividend in specie of \u00a3533\u00a0million. This has been recognised as a non-cash addition in investments at fair value
through other comprehensive income (OCI). In December 2025, around 59% of the Group\u2019s investment in ITC Hotels was sold to
investors by way of an accelerated bookbuild process. Net proceeds from the sale amounted to \u00a3318\u00a0million. Following completion of the
sale, the Group retains a c.6.3% holding in ITC Hotels.
Btomorrow Ventures (BTV) has completed 29 investments since its launch in 2020, and continues to invest in innovative, consumer-led
brands, new sciences and technologies, and sustainability to support the Group\u2019s transformational strategy for A Better Tomorrow\u2122.
Throughout 2025, BTV has continued to support its portfolio of companies with a number of follow-on investment rounds, and new
investments including a UK based venture builder focussed on addressing climate change, Carbon 13, a Cayman Islands fund that targets
carbon mitigation, CM Venture Capital Carbon Mitigation Evergreen Fund, a U.S.-based natural beverages company, Caliwater and a
Swiss chemical producer, Bloom Biorenewables SA. During 2024, BTV supported its portfolio of companies with a number of follow-on
investment rounds, and new investments including a U.S.-based adaptogens and nootropics beverage company, Hop Wtr Inc., and a
German AI-powered sustainable packaging company, one.five.
Investments held at fair value through OCI relate to equity investments in ITC Hotels and various strategic businesses.
Investments held at fair value through profit and loss principally consist of government securities, indexed deposits, treasury bills or other
treasury products with maturities of more than three months which, if held for less than 12 months, form part of the Group\u2019s definition of
net debt. Investments held at fair value through profit and loss include other strategic investments which do not meet the definition of
equity investments. Balances held at 31 December 2024 included \u00a3437\u00a0million in respect of investments held by subsidiaries in CCAA
protection (note 32). These investments were liquidated and paid into the Global Settlement Trust Account as part of the Upfront Cash
Contribution in the second half of 2025.
As at 31 December 2025, investments held at fair value included restricted amounts of nil (2024: \u00a360\u00a0million) subject to potential
exchange control restrictions.
During 2024, as part of the sale and leaseback transaction in Nigeria, referred to in note 5(b), the Group obtained a 40% interest in Rising
Sun Partners LP, a\u00a0property management company as part of the consideration receivable. As a limited partner, the Group has no voting
rights or influence over the entity and has classified the interest as an investment at fair value through profit and loss. The fair value of
the investment was \u00a310\u00a0million and was derived as a share of the market value of the property owned and managed by Rising Sun
Partners LP. As the investment was a non-cash addition it was excluded from the cash flow reconciliation below.
Investments held at fair value are predominantly denominated in the functional currencies of subsidiary undertakings with less than 16%
in other currencies (2024: less than 7% in other currencies). There is no material difference between the investments held at fair value
and their gross contractual values.
The classification of these investments under the IFRS 13 Fair Value Measurement fair value hierarchy is given in note 26. Fair values for
quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value is established
by using valuation techniques, including discounted cash flow analyses and share of net assets. The fair value of the seven-year
convertible debenture in Charlotte\u2019s Web has been determined using a binomial option pricing model.
Included in the values in the table above are \u00a3138\u00a0million (2024: \u00a3212\u00a0million) of level 3 assets. Movements in these assets in 2025
included \u00a335\u00a0million (2024: \u00a3128\u00a0million) of additions, \u00a371\u00a0million (2024: \u00a3114\u00a0million) of disposals and \u00a338\u00a0million of net fair value loss
(2024: \u00a36\u00a0million net fair value gain).
Below is a reconciliation of the fair value investments cash flows to the cash flow statement \u2013 investing activities:
2025
\u00a3m
2024
\u00a3m
Cash outflow from investments held at fair value
35
204
Cash outflow from loans and other receivables
19
12
Cash outflows from investments per cash flow statement
54
216
Cash inflow from investments held at fair value
(835)
(288)
Cash inflow from loans and other receivables
(13)
(11)
Cash inflows from investments per cash flow statement
(848)
(299)
Fair value estimation
The fair values of financial assets and liabilities with maturities of\u00a0less than one year, other than derivatives, are assumed to approximate
their book values. For other financial instruments which are measured at fair value in the balance sheet, the basis for\u00a0fair values is
described below.
Fair value hierarchy
In accordance with IFRS 13 classification hierarchy, the following table presents the Group\u2019s financial assets and liabilities that are
measured at fair value:
2025
2024
Notes
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets at fair value
Investment held at fair value
18
211
\u2014
138
349
447
\u2014
212
659
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
44
\u2014
44
\u2014
11
\u2014
11
\u2013 cross-currency swaps
19
\u2014
105
\u2014
105
\u2014
100
\u2014
100
\u2013 forward foreign currency contracts
19
\u2014
148
\u2014
148
\u2014
185
\u2014
185
Assets at fair value
211
297
138
646
447
296
212
955
Liabilities at fair value
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
92
\u2014
92
\u2014
270
\u2014
270
\u2013 cross-currency swaps
19
\u2014
5
\u2014
5
\u2014
16
\u2014
16
\u2013 forward foreign currency contracts
19
\u2014
118
\u2014
118
\u2014
131
\u2014
131
\u2013 embedded derivative relating to
associates
19
\u2014
\u2014
\u2014
\u2014
\u2014
7
\u2014
7
Liabilities at fair value
\u2014
215
\u2014
215
\u2014
424
\u2014
424
Level 2 financial instruments are not traded in an active market, but the fair values are based on quoted market prices, broker/dealer
quotations, or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include
OTC derivatives.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-854": { "value": "
18 Investments held at fair value
2025
2024
Fair value
through P&L
\u00a3m
Fair value
through OCI
\u00a3m
Total
\u00a3m
Fair value
through P&L
\u00a3m
Fair value
through OCI
\u00a3m
Total
\u00a3m
1 January
594
65
659
652
67
719
Difference on exchange
(20)
(1)
(21)
(40)
\u2014
(40)
Additions
24
11
35
210
4
214
ITC Hotels \u2013 demerger from ITC Ltd
\u2014
533
533
\u2014
\u2014
\u2014
Disposals
(517)
(318)
(835)
(288)
\u2014
(288)
Reclassifications
\u2014
(11)
(11)
\u2014
\u2014
\u2014
Other fair value movements
(9)
(2)
(11)
60
(6)
54
31 December
72
277
349
594
65
659
Current
16
\u2014
16
513
\u2014
513
Non-current
56
277
333
81
65
146
72
277
349
594
65
659
The Group\u2019s investments principally consist of non-derivative financial assets that cannot be classified as loans and other receivables or
cash and cash equivalents, as well as investments made by the Group\u2019s corporate venture capital unit, Btomorrow Ventures, and other
Group companies.
In addition, as a result of ITC\u2019s demerger of its hotel business in January 2025, the Group received a 15% stake in the newly incorporated
ITC Hotels in the form of a dividend in specie of \u00a3533\u00a0million. This has been recognised as a non-cash addition in investments at fair value
through other comprehensive income (OCI). In December 2025, around 59% of the Group\u2019s investment in ITC Hotels was sold to
investors by way of an accelerated bookbuild process. Net proceeds from the sale amounted to \u00a3318\u00a0million. Following completion of the
sale, the Group retains a c.6.3% holding in ITC Hotels.
Btomorrow Ventures (BTV) has completed 29 investments since its launch in 2020, and continues to invest in innovative, consumer-led
brands, new sciences and technologies, and sustainability to support the Group\u2019s transformational strategy for A Better Tomorrow\u2122.
Throughout 2025, BTV has continued to support its portfolio of companies with a number of follow-on investment rounds, and new
investments including a UK based venture builder focussed on addressing climate change, Carbon 13, a Cayman Islands fund that targets
carbon mitigation, CM Venture Capital Carbon Mitigation Evergreen Fund, a U.S.-based natural beverages company, Caliwater and a
Swiss chemical producer, Bloom Biorenewables SA. During 2024, BTV supported its portfolio of companies with a number of follow-on
investment rounds, and new investments including a U.S.-based adaptogens and nootropics beverage company, Hop Wtr Inc., and a
German AI-powered sustainable packaging company, one.five.
Investments held at fair value through OCI relate to equity investments in ITC Hotels and various strategic businesses.
Investments held at fair value through profit and loss principally consist of government securities, indexed deposits, treasury bills or other
treasury products with maturities of more than three months which, if held for less than 12 months, form part of the Group\u2019s definition of
net debt. Investments held at fair value through profit and loss include other strategic investments which do not meet the definition of
equity investments. Balances held at 31 December 2024 included \u00a3437\u00a0million in respect of investments held by subsidiaries in CCAA
protection (note 32). These investments were liquidated and paid into the Global Settlement Trust Account as part of the Upfront Cash
Contribution in the second half of 2025.
As at 31 December 2025, investments held at fair value included restricted amounts of nil (2024: \u00a360\u00a0million) subject to potential
exchange control restrictions.
During 2024, as part of the sale and leaseback transaction in Nigeria, referred to in note 5(b), the Group obtained a 40% interest in Rising
Sun Partners LP, a\u00a0property management company as part of the consideration receivable. As a limited partner, the Group has no voting
rights or influence over the entity and has classified the interest as an investment at fair value through profit and loss. The fair value of
the investment was \u00a310\u00a0million and was derived as a share of the market value of the property owned and managed by Rising Sun
Partners LP. As the investment was a non-cash addition it was excluded from the cash flow reconciliation below.
Investments held at fair value are predominantly denominated in the functional currencies of subsidiary undertakings with less than 16%
in other currencies (2024: less than 7% in other currencies). There is no material difference between the investments held at fair value
and their gross contractual values.
The classification of these investments under the IFRS 13 Fair Value Measurement fair value hierarchy is given in note 26. Fair values for
quoted investments are based on observable market prices. If there is no active market for a financial asset, the fair value is established
by using valuation techniques, including discounted cash flow analyses and share of net assets. The fair value of the seven-year
convertible debenture in Charlotte\u2019s Web has been determined using a binomial option pricing model.
Included in the values in the table above are \u00a3138\u00a0million (2024: \u00a3212\u00a0million) of level 3 assets. Movements in these assets in 2025
included \u00a335\u00a0million (2024: \u00a3128\u00a0million) of additions, \u00a371\u00a0million (2024: \u00a3114\u00a0million) of disposals and \u00a338\u00a0million of net fair value loss
(2024: \u00a36\u00a0million net fair value gain).
Below is a reconciliation of the fair value investments cash flows to the cash flow statement \u2013 investing activities:
2025
\u00a3m
2024
\u00a3m
Cash outflow from investments held at fair value
35
204
Cash outflow from loans and other receivables
19
12
Cash outflows from investments per cash flow statement
54
216
Cash inflow from investments held at fair value
(835)
(288)
Cash inflow from loans and other receivables
(13)
(11)
Cash inflows from investments per cash flow statement
(848)
(299)
19 Derivative financial instruments
The fair values of derivatives are determined based on market data (primarily yield curves, implied volatilities and exchange rates) to
calculate the present value of all estimated flows associated with each derivative at the balance sheet date. In the absence of sufficient
market data, fair values would be based on the quoted market price of similar derivatives. The classification of these derivative assets
and\u00a0liabilities under the IFRS\u00a013 fair value hierarchy is given in note 26.
2025
2024
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Fair value hedges
\u2013 interest rate swaps
44
92
11
270
\u2013 cross-currency swaps
\u2014
5
19
\u2014
Cash flow hedges
\u2013 cross-currency swaps
105
\u2014
81
16
\u2013 forward foreign currency contracts
61
43
71
33
Net investment hedges
\u2013 forward foreign currency contracts
65
18
35
67
Held-for-trading*
\u2013 forward foreign currency contracts
22
57
79
31
Embedded derivative relating to associates (note 14)
\u2014
\u2014
\u2014
7
Total
297
215
296
424
Current
162
91
186
156
Non-current
135
124
110
268
297
215
296
424
Derivatives
\u2013 in respect of net debt **
158
146
184
297
\u2013 other
139
69
112
127
297
215
296
424
Notes:
* Derivatives which do not meet the tests for hedge accounting under IFRS 9 or which are not designated as hedging instruments are referred to as \u2018held-for-trading\u2019. These derivatives
principally consist of forward foreign currency contracts which have not been designated as hedges due to their value changes offsetting with other components of net finance costs
relating to financial assets and financial liabilities. The Group does not use derivatives for speculative purposes. All derivatives are undertaken for risk management purposes.
** Derivatives in respect of net debt are in a net asset position of \u00a312\u00a0million as at 31 December 2025 (2024: net liability position of \u00a3113\u00a0million). The Group\u2019s net debt is presented
in\u00a0note\u00a023.
For cash flow hedges, the timing of expected cash flows is as follows: assets of \u00a3166\u00a0million (2024: \u00a3152\u00a0million) of which \u00a358\u00a0million
(2024: \u00a365\u00a0million) is expected within one year and nil (2024: nil) beyond five years and liabilities of \u00a343\u00a0million (2024:\u00a0\u00a349\u00a0million) of which
\u00a342\u00a0million (2024: \u00a348\u00a0million) is expected within one year and nil (2024: nil) beyond five years.
The Group\u2019s cash flow hedges are principally in respect of sales or purchases of inventory and certain debt instruments. A certain
number of forward foreign currency contracts were used to manage the currency profile of external borrowings and are reflected in the
currency table in note 23. Interest rate swaps have been used to manage the interest rate profile of external borrowings and are reflected
in the re-pricing table in note 23.
The table below sets out the maturities of the Group\u2019s derivative financial instruments (excluding the embedded derivative relating to
associates) on an undiscounted contractual basis, based on\u00a0spot rates.
The maturity dates of gross-settled derivative financial instruments are as follows:
2025
2024
Assets
Liabilities
Assets
Liabilities
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Within one year
\u2013 forward foreign currency
contracts
7,208
(7,067)
9,580
(9,703)
9,748
(9,556)
6,952
(7,075)
\u2013 interest rate swaps
100
(101)
174
(246)
\u2014
(9)
117
(224)
\u2013 cross-currency swaps
7
(12)
57
(54)
34
(40)
306
(323)
Between one and two years
\u2013 forward foreign currency
contracts
771
(756)
96
(98)
377
(365)
199
(202)
\u2013 interest rate swaps
120
(106)
624
(617)
18
(14)
231
(316)
\u2013 cross-currency swaps
581
(467)
57
(52)
34
(38)
\u2014
\u2014
Between two and three years
\u2013 interest rate swaps
120
(112)
136
(139)
19
(15)
229
(249)
\u2013 cross-currency swaps
\u2014
\u2014
57
(54)
594
(492)
\u2014
\u2014
Between three and four years
\u2013 interest rate swaps
120
(117)
136
(145)
19
(16)
196
(218)
\u2013 cross-currency swaps
\u2014
\u2014
994
(1,018)
27
(25)
\u2014
\u2014
Between four and five years
\u2013 interest rate swaps
101
(100)
136
(149)
19
(17)
196
(218)
\u2013 cross-currency swaps
\u2014
\u2014
\u2014
\u2014
473
(454)
\u2014
\u2014
Beyond five years
\u2013 interest rate swaps
291
(293)
279
(331)
279
\u2014
1,217
(685)
9,419
(9,131)
12,326
(12,606)
11,641
(11,041)
9,643
(9,510)
The Group's net-settled derivative financial instruments are all due within one year with assets inflow of \u00a39\u00a0million (2024: \u00a31\u00a0million
inflow) and liabilities outflow of \u00a31\u00a0million (2024: \u00a38\u00a0million outflow).
The items designated as hedging instruments are as follows:
2025
2024
Nominal\u00a0
amount of
hedging
instrument
\u00a3m
Changes\u00a0in\u00a0
fair value used for
calculating hedge
ineffectiveness
\u00a3m
Nominal\u00a0
amount of hedging
instrument
\u00a3m
Changes\u00a0in\u00a0
fair value used for
calculating hedge
ineffectiveness
\u00a3m
Interest rate risk exposure:
Fair value hedges
\u2013 interest rate swaps
7,108
144
6,509
(58)
\u2013 cross-currency swaps
427
(26)
459
(2)
Cash flow hedges
\u2013 cross-currency swaps
563
(22)
833
18
Foreign currency risk exposure:
Cash flow hedges
\u2013 forward foreign currency contracts
2,542
21
3,023
39
Net investment hedges (derivative related)
\u2013 forward foreign currency contracts
5,961
48
4,569
(33)
Net investment hedges (non-derivative related)
\u2013 debt (carrying value) in borrowings designated as net
investment hedges of net assets
383
(20)
363
17
Fair value estimation
The fair values of financial assets and liabilities with maturities of\u00a0less than one year, other than derivatives, are assumed to approximate
their book values. For other financial instruments which are measured at fair value in the balance sheet, the basis for\u00a0fair values is
described below.
Fair value hierarchy
In accordance with IFRS 13 classification hierarchy, the following table presents the Group\u2019s financial assets and liabilities that are
measured at fair value:
2025
2024
Notes
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets at fair value
Investment held at fair value
18
211
\u2014
138
349
447
\u2014
212
659
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
44
\u2014
44
\u2014
11
\u2014
11
\u2013 cross-currency swaps
19
\u2014
105
\u2014
105
\u2014
100
\u2014
100
\u2013 forward foreign currency contracts
19
\u2014
148
\u2014
148
\u2014
185
\u2014
185
Assets at fair value
211
297
138
646
447
296
212
955
Liabilities at fair value
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
92
\u2014
92
\u2014
270
\u2014
270
\u2013 cross-currency swaps
19
\u2014
5
\u2014
5
\u2014
16
\u2014
16
\u2013 forward foreign currency contracts
19
\u2014
118
\u2014
118
\u2014
131
\u2014
131
\u2013 embedded derivative relating to
associates
19
\u2014
\u2014
\u2014
\u2014
\u2014
7
\u2014
7
Liabilities at fair value
\u2014
215
\u2014
215
\u2014
424
\u2014
424
Level 2 financial instruments are not traded in an active market, but the fair values are based on quoted market prices, broker/dealer
quotations, or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include
OTC derivatives.
Netting arrangements of derivative financial instruments
The gross fair value of derivative financial instruments as presented in the Group balance sheet, together with the Group\u2019s rights
of\u00a0offset associated with recognised financial assets and recognised financial liabilities subject to enforceable master netting
arrangements and similar agreements, is summarised as follows:
2025
2024
Amount
presented in
the Group
balance
sheet*
\u00a3m
Related
amounts not
offset in the
Group
balance
sheet
\u00a3m
Net amount
\u00a3m
Amount
presented in
the Group
balance
sheet*
\u00a3m
Related
amounts not
offset in the
Group
balance
sheet
\u00a3m
Net amount
\u00a3m
Financial assets
\u2013 Derivative financial instruments (note 19)
297
(151)
146
296
(184)
112
Financial liabilities
\u2013 Derivative financial instruments (note 19)
(215)
151
(64)
(424)
184
(240)
82
\u2014
82
(128)
\u2014
(128)
Note:
* No financial instruments have been offset in the Group balance sheet.
The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives.
The master netting arrangements determine the proceedings should either party default on their obligations. In case of any event
of\u00a0default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts owed to
it\u00a0by the defaulting party. If that sum exceeds the amounts owed to the defaulting party, the defaulting party will pay the balance to the
non-defaulting party. If the sum is less than the amounts owed to the defaulting party, the non-defaulting party will pay the balance to
the defaulting party.
The hedged items by risk category are presented below:
2025
Carrying\u00a0amount of
the hedged item
\u00a3m
Accumulated amount
of fair value hedge
adjustments on the
hedged item included
in the carrying
amount of the
hedged\u00a0item
\u00a3m
Line item in the
statement of
financial position
where the hedged
item is included
Changes in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Cash flow hedge
reserve (gross
of\u00a0tax)
\u00a3m
Fair value hedges
Interest rate risk
\u2013 borrowings (liabilities)
7,844
44
Borrowings
(120)
\u2014
Cash flow hedges
Interest rate risk
\u2013 borrowings (liabilities)
562
\u2014
Borrowings
22
(224)
2024
Carrying amount of
the hedged item
\u00a3m
Accumulated amount
of fair value hedge
adjustments on the
hedged item included
in the carrying
amount\u00a0of the
hedged\u00a0item
\u00a3m
Line item in the
statement of
financial position
where the hedged
item is included
Changes in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Cash flow hedge
reserve (gross
of\u00a0tax)
\u00a3m
Fair value hedges
Interest rate risk
\u2013 borrowings (liabilities)
8,750
215
Borrowings
63
\u2014
Cash flow hedges
Interest rate risk
\u2013 borrowings (liabilities)
734
\u2014
Borrowings
(18)
(268)
\u00a3383\u00a0million (2024: \u00a3363\u00a0million) of the Group\u2019s borrowings are designated as net investment hedge instruments of the Group\u2019s net
investments in foreign operations. In line with the Group\u2019s risk management policies, the net investment hedge relationships are
reviewed periodically. The change in the value used for calculating hedge ineffectiveness for hedged items designated under net
investment hedge relationships is \u00a320\u00a0million (2024: \u00a317\u00a0million).
As at 31 December 2025, the accumulated balance of the cash flow hedge reserve was a loss of \u00a356\u00a0million (2024: loss of \u00a384\u00a0million)
including an accumulated loss of \u00a3224\u00a0million (2024: loss of \u00a3268\u00a0million) in relation to interest rate exposure and foreign currency
exposure arising from borrowings held by the Group, and an accumulated gain of \u00a341\u00a0million (2024: gain of \u00a354\u00a0million) in relation to
deferred tax arising from cash flow hedges. The remainder related to the Group\u2019s foreign currency exposure on forecasted transactions
and cost of hedging (note 22(c)(ii)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-856": { "value": "
19 Derivative financial instruments
The fair values of derivatives are determined based on market data (primarily yield curves, implied volatilities and exchange rates) to
calculate the present value of all estimated flows associated with each derivative at the balance sheet date. In the absence of sufficient
market data, fair values would be based on the quoted market price of similar derivatives. The classification of these derivative assets
and\u00a0liabilities under the IFRS\u00a013 fair value hierarchy is given in note 26.
2025
2024
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Fair value hedges
\u2013 interest rate swaps
44
92
11
270
\u2013 cross-currency swaps
\u2014
5
19
\u2014
Cash flow hedges
\u2013 cross-currency swaps
105
\u2014
81
16
\u2013 forward foreign currency contracts
61
43
71
33
Net investment hedges
\u2013 forward foreign currency contracts
65
18
35
67
Held-for-trading*
\u2013 forward foreign currency contracts
22
57
79
31
Embedded derivative relating to associates (note 14)
\u2014
\u2014
\u2014
7
Total
297
215
296
424
Current
162
91
186
156
Non-current
135
124
110
268
297
215
296
424
Derivatives
\u2013 in respect of net debt **
158
146
184
297
\u2013 other
139
69
112
127
297
215
296
424
Notes:
* Derivatives which do not meet the tests for hedge accounting under IFRS 9 or which are not designated as hedging instruments are referred to as \u2018held-for-trading\u2019. These derivatives
principally consist of forward foreign currency contracts which have not been designated as hedges due to their value changes offsetting with other components of net finance costs
relating to financial assets and financial liabilities. The Group does not use derivatives for speculative purposes. All derivatives are undertaken for risk management purposes.
** Derivatives in respect of net debt are in a net asset position of \u00a312\u00a0million as at 31 December 2025 (2024: net liability position of \u00a3113\u00a0million). The Group\u2019s net debt is presented
in\u00a0note\u00a023.
For cash flow hedges, the timing of expected cash flows is as follows: assets of \u00a3166\u00a0million (2024: \u00a3152\u00a0million) of which \u00a358\u00a0million
(2024: \u00a365\u00a0million) is expected within one year and nil (2024: nil) beyond five years and liabilities of \u00a343\u00a0million (2024:\u00a0\u00a349\u00a0million) of which
\u00a342\u00a0million (2024: \u00a348\u00a0million) is expected within one year and nil (2024: nil) beyond five years.
The Group\u2019s cash flow hedges are principally in respect of sales or purchases of inventory and certain debt instruments. A certain
number of forward foreign currency contracts were used to manage the currency profile of external borrowings and are reflected in the
currency table in note 23. Interest rate swaps have been used to manage the interest rate profile of external borrowings and are reflected
in the re-pricing table in note 23.
The table below sets out the maturities of the Group\u2019s derivative financial instruments (excluding the embedded derivative relating to
associates) on an undiscounted contractual basis, based on\u00a0spot rates.
The maturity dates of gross-settled derivative financial instruments are as follows:
2025
2024
Assets
Liabilities
Assets
Liabilities
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Inflow
\u00a3m
Outflow
\u00a3m
Within one year
\u2013 forward foreign currency
contracts
7,208
(7,067)
9,580
(9,703)
9,748
(9,556)
6,952
(7,075)
\u2013 interest rate swaps
100
(101)
174
(246)
\u2014
(9)
117
(224)
\u2013 cross-currency swaps
7
(12)
57
(54)
34
(40)
306
(323)
Between one and two years
\u2013 forward foreign currency
contracts
771
(756)
96
(98)
377
(365)
199
(202)
\u2013 interest rate swaps
120
(106)
624
(617)
18
(14)
231
(316)
\u2013 cross-currency swaps
581
(467)
57
(52)
34
(38)
\u2014
\u2014
Between two and three years
\u2013 interest rate swaps
120
(112)
136
(139)
19
(15)
229
(249)
\u2013 cross-currency swaps
\u2014
\u2014
57
(54)
594
(492)
\u2014
\u2014
Between three and four years
\u2013 interest rate swaps
120
(117)
136
(145)
19
(16)
196
(218)
\u2013 cross-currency swaps
\u2014
\u2014
994
(1,018)
27
(25)
\u2014
\u2014
Between four and five years
\u2013 interest rate swaps
101
(100)
136
(149)
19
(17)
196
(218)
\u2013 cross-currency swaps
\u2014
\u2014
\u2014
\u2014
473
(454)
\u2014
\u2014
Beyond five years
\u2013 interest rate swaps
291
(293)
279
(331)
279
\u2014
1,217
(685)
9,419
(9,131)
12,326
(12,606)
11,641
(11,041)
9,643
(9,510)
The Group's net-settled derivative financial instruments are all due within one year with assets inflow of \u00a39\u00a0million (2024: \u00a31\u00a0million
inflow) and liabilities outflow of \u00a31\u00a0million (2024: \u00a38\u00a0million outflow).
The items designated as hedging instruments are as follows:
2025
2024
Nominal\u00a0
amount of
hedging
instrument
\u00a3m
Changes\u00a0in\u00a0
fair value used for
calculating hedge
ineffectiveness
\u00a3m
Nominal\u00a0
amount of hedging
instrument
\u00a3m
Changes\u00a0in\u00a0
fair value used for
calculating hedge
ineffectiveness
\u00a3m
Interest rate risk exposure:
Fair value hedges
\u2013 interest rate swaps
7,108
144
6,509
(58)
\u2013 cross-currency swaps
427
(26)
459
(2)
Cash flow hedges
\u2013 cross-currency swaps
563
(22)
833
18
Foreign currency risk exposure:
Cash flow hedges
\u2013 forward foreign currency contracts
2,542
21
3,023
39
Net investment hedges (derivative related)
\u2013 forward foreign currency contracts
5,961
48
4,569
(33)
Net investment hedges (non-derivative related)
\u2013 debt (carrying value) in borrowings designated as net
investment hedges of net assets
383
(20)
363
17
Hedge accounting
In order to qualify for hedge accounting, the Group is required to document prospectively the economic relationship between the item being
hedged and the hedging instrument. The Group is also required to demonstrate an assessment of the economic relationship between the
hedged item and the hedging instrument, which shows that the hedge will be highly effective on\u00a0an ongoing basis. This effectiveness testing
is repeated periodically to ensure that the hedge has remained, and is expected to remain, highly effective. The prospective effectiveness
testing determines that an economic relationship between the hedged item and the hedging instrument exists.
In accordance with the Group Treasury Policy, the exact hedge ratios and profile of a hedge relationship will depend on several factors,
including the desired degree of certainty and reduced volatility of net interest costs and market conditions, trends and expectations in the
relevant markets. The sources of ineffectiveness include spot and forward differences, impact of time value and timing differences between
periods in the hedged item and hedging instrument.
The Group\u2019s risk management strategy has been explained in further detail under the interest rate risk and currency risk sections of this note.
Netting arrangements of derivative financial instruments
The gross fair value of derivative financial instruments as presented in the Group balance sheet, together with the Group\u2019s rights
of\u00a0offset associated with recognised financial assets and recognised financial liabilities subject to enforceable master netting
arrangements and similar agreements, is summarised as follows:
2025
2024
Amount
presented in
the Group
balance
sheet*
\u00a3m
Related
amounts not
offset in the
Group
balance
sheet
\u00a3m
Net amount
\u00a3m
Amount
presented in
the Group
balance
sheet*
\u00a3m
Related
amounts not
offset in the
Group
balance
sheet
\u00a3m
Net amount
\u00a3m
Financial assets
\u2013 Derivative financial instruments (note 19)
297
(151)
146
296
(184)
112
Financial liabilities
\u2013 Derivative financial instruments (note 19)
(215)
151
(64)
(424)
184
(240)
82
\u2014
82
(128)
\u2014
(128)
Note:
* No financial instruments have been offset in the Group balance sheet.
The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives.
The master netting arrangements determine the proceedings should either party default on their obligations. In case of any event
of\u00a0default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts owed to
it\u00a0by the defaulting party. If that sum exceeds the amounts owed to the defaulting party, the defaulting party will pay the balance to the
non-defaulting party. If the sum is less than the amounts owed to the defaulting party, the non-defaulting party will pay the balance to
the defaulting party.
The hedged items by risk category are presented below:
2025
Carrying\u00a0amount of
the hedged item
\u00a3m
Accumulated amount
of fair value hedge
adjustments on the
hedged item included
in the carrying
amount of the
hedged\u00a0item
\u00a3m
Line item in the
statement of
financial position
where the hedged
item is included
Changes in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Cash flow hedge
reserve (gross
of\u00a0tax)
\u00a3m
Fair value hedges
Interest rate risk
\u2013 borrowings (liabilities)
7,844
44
Borrowings
(120)
\u2014
Cash flow hedges
Interest rate risk
\u2013 borrowings (liabilities)
562
\u2014
Borrowings
22
(224)
2024
Carrying amount of
the hedged item
\u00a3m
Accumulated amount
of fair value hedge
adjustments on the
hedged item included
in the carrying
amount\u00a0of the
hedged\u00a0item
\u00a3m
Line item in the
statement of
financial position
where the hedged
item is included
Changes in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Cash flow hedge
reserve (gross
of\u00a0tax)
\u00a3m
Fair value hedges
Interest rate risk
\u2013 borrowings (liabilities)
8,750
215
Borrowings
63
\u2014
Cash flow hedges
Interest rate risk
\u2013 borrowings (liabilities)
734
\u2014
Borrowings
(18)
(268)
\u00a3383\u00a0million (2024: \u00a3363\u00a0million) of the Group\u2019s borrowings are designated as net investment hedge instruments of the Group\u2019s net
investments in foreign operations. In line with the Group\u2019s risk management policies, the net investment hedge relationships are
reviewed periodically. The change in the value used for calculating hedge ineffectiveness for hedged items designated under net
investment hedge relationships is \u00a320\u00a0million (2024: \u00a317\u00a0million).
As at 31 December 2025, the accumulated balance of the cash flow hedge reserve was a loss of \u00a356\u00a0million (2024: loss of \u00a384\u00a0million)
including an accumulated loss of \u00a3224\u00a0million (2024: loss of \u00a3268\u00a0million) in relation to interest rate exposure and foreign currency
exposure arising from borrowings held by the Group, and an accumulated gain of \u00a341\u00a0million (2024: gain of \u00a354\u00a0million) in relation to
deferred tax arising from cash flow hedges. The remainder related to the Group\u2019s foreign currency exposure on forecasted transactions
and cost of hedging (note 22(c)(ii)).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-857": { "value": "
20 Inventories
2025
\u00a3m
2024
\u00a3m
Raw materials and consumables
2,022
2,056
Finished goods and work in progress
2,254
2,434
Goods purchased for resale
106
126
4,382
4,616
Write-offs taken to other operating expenses in the Group income statement were \u00a3217\u00a0million (2024: \u00a3134\u00a0million; 2023: \u00a3250\u00a0million).
As mentioned in note 33, in 2023, this includes a write-off of stock of leaf following an extreme weather event. Goods purchased for
resale include Group brands produced under third-party contract manufacturing arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-858": { "value": "
21 Cash and cash equivalents
2025
\u00a3m
2024
\u00a3m
Cash and bank balances
1,915
3,428
Cash equivalents
1,912
1,869
3,827
5,297
The carrying value of cash and cash equivalents approximates their fair value.
Cash and cash equivalents are denominated in the functional currency of the subsidiary undertaking or other currencies as shown below:
2025
\u00a3m
2024
\u00a3m
Functional currency
3,111
4,392
US dollar
565
651
Euro
87
115
Other currencies
64
139
3,827
5,297
In the Group cash flow statement, net cash and cash equivalents are shown after deducting bank overdrafts and accrued interest where
applicable, as follows:
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents as above
3,827
5,297
Less overdrafts and accrued interest
(40)
(193)
Net cash and cash equivalents
3,787
5,104
Cash and cash equivalents also include \u00a324\u00a0million (2024: \u00a349\u00a0million) of cash that is held as a hedging instrument.
Accrued interest of \u00a33 million (2024: \u00a355 million) was driven by lower cash and cash equivalent balances in certain markets.
Restricted cash
Cash and cash equivalents include restricted amounts of \u00a3268\u00a0million (2024: \u00a32,072\u00a0million) in respect of ITCAN which was previously
in\u00a0CCAA protection (note\u00a032 and note 24). Accumulated cash and cash equivalents were paid into the Global Settlement Trust Account
as part of the Upfront Cash Contribution (each as defined in the Approved Plans, see note 24) in the second half of 2025. Due to ongoing
restrictions associated with the Approved Plans in Canada, cash and cash equivalents held by ITCAN continue to be considered
restricted. As at 31 December 2025, further restricted cash and cash equivalents of \u00a367\u00a0million (2024: \u00a3339\u00a0million) were principally due
to exchange control restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-859": { "value": "
Restricted cash
Cash and cash equivalents include restricted amounts of \u00a3268\u00a0million (2024: \u00a32,072\u00a0million) in respect of ITCAN which was previously
in\u00a0CCAA protection (note\u00a032 and note 24). Accumulated cash and cash equivalents were paid into the Global Settlement Trust Account
as part of the Upfront Cash Contribution (each as defined in the Approved Plans, see note 24) in the second half of 2025. Due to ongoing
restrictions associated with the Approved Plans in Canada, cash and cash equivalents held by ITCAN continue to be considered
restricted. As at 31 December 2025, further restricted cash and cash equivalents of \u00a367\u00a0million (2024: \u00a3339\u00a0million) were principally due
to exchange control restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-860": { "value": "
22 Capital and reserves
(a) Share capital
Ordinary
shares of 25p each
Number of shares
\u00a3m
Allotted and fully paid
1 January 2025
2,342,825,304
585
Changes during the year
\u2013 share option schemes
89,960
\u2014
\u2013 shares bought back and cancelled
(30,460,763)
(8)
31 December 2025
2,312,454,501
577
Allotted and fully paid
1 January 2024
2,456,941,909
614
Changes during the year
\u2013 share option schemes
275,824
\u2014
\u2013 shares bought back and cancelled
(27,392,429)
(7)
\u2013 treasury shares cancelled
(87,000,000)
(22)
31 December 2024
2,342,825,304
585
Allotted and fully paid
1 January 2023
2,456,867,420
614
Changes during the year
\u2013 share option schemes
74,489
\u2014
31 December 2023
2,456,941,909
614
Share capital
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be required by the Company from the
shareholders.\u00a0All ordinary shares rank equally with regard to participation in dividends and to share in the proceeds of the Company\u2019s
residual assets upon a winding up of the Company. Shareholders may, by ordinary resolution, declare final dividends, but not in excess
of\u00a0the amount recommended by the Directors. Holders of ordinary shares have no pre-emptive rights.
On a show of hands every shareholder who is present in person at a general meeting is entitled to one vote regardless of the number
of\u00a0shares held by the shareholder, unless a poll is demanded. On a poll, every shareholder who is present in person or by proxy has one
vote for every share held by the shareholder. The Company\u2019s Annual General Meeting voting is undertaken by way of a poll.
All rights attached to the Company\u2019s shares held by the Group as treasury shares are suspended until those shares are reissued.
(b) Share premium account, capital redemption reserves and merger reserves comprise:
Share
premium
account
\u00a3m
Capital
redemption
reserves
\u00a3m
Merger
reserves
\u00a3m
Total
\u00a3m
31 December 2025
123
138
26,414
26,675
31 December 2024
121
130
26,414
26,665
31 December 2023
115
101
26,414
26,630
Share premium account
The share premium account includes the difference between the value of shares issued and their nominal value. The share premium
increase includes \u00a32\u00a0million (2024: \u00a36\u00a0million; 2023: \u00a32\u00a0million) in respect of ordinary shares issued under the Company\u2019s share option
schemes.
Capital redemption account
On the purchase of own shares as part of the share buy-back programme for shares which are cancelled, a transfer is made from
retained earnings to the capital redemption reserve equivalent to the nominal value of shares purchased. Purchased shares which are
not cancelled are classified as treasury shares and presented as a deduction from total equity. During 2024, 87 million shares purchased
under previous share buy-back programmes were cancelled.
Merger reserve account
The merger reserve comprises:
a. In 1999, shares were issued for the acquisition of the Rothmans International B.V. Group and the difference between the fair value
of\u00a0shares issued and their nominal value of \u00a33,748\u00a0million was credited to merger reserves; and
b. On 25 July 2017, the Group announced the completion of the acquisition of the remaining 57.8% of the Reynolds Group not already
owned by the Group. Shares were issued for the acquisition and the difference between the fair value of shares issued and their
nominal value of \u00a322,666\u00a0million was credited to merger reserves.
(c) Equity attributed to owners of the parent \u2212 movements in other reserves and retained earnings (which are after deducting
treasury shares) comprise:
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2025
(1,615)
(84)
45
179
573
(902)
(4,408)
26,018
Comprehensive income and expense
Profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
7,764
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign\u00a0operations
(3,310)
(3,310)
\u2013 reclassified and reported in profit for the year
2
2
\u2013 net investment hedges \u2212 net fair value
gains on derivatives
151
\u2014
\u2014
\u2014
\u2014
151
\u2014
\u2014
\u2013 net investment hedges \u2212 differences on exchange
on borrowings
(20)
\u2014
\u2014
\u2014
\u2014
(20)
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
\u2014
3
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
16
\u2014
\u2014
\u2014
16
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(13)
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value losses
\u2014
\u2014
(2)
\u2014
\u2014
(2)
\u2014
\u2014
\u2013 reclassified and reported in retained earnings
\u2014
\u2014
(4)
\u2014
\u2014
(4)
\u2014
4
Associates
\u2212 share of OCI, net of tax (note 9)
(134)
1
\u2014
\u2014
\u2014
(133)
\u2014
\u2014
\u2212 differences on exchange reclassified to profit or loss (note 9)
47
\u2014
\u2014
\u2014
\u2014
47
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial losses (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(10)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(66)
Associates \u2212 share of OCI, net of tax (note 9)
\u2014
\u2014
(4)
\u2014
\u2014
(4)
\u2014
\u2014
Other changes in equity
Cash flow hedges reclassified and
reported in total assets
\u2014
21
\u2014
\u2014
\u2014
21
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
83
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
(9)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,240)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(61)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1,114)
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(55)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
\u2013 redemption of perpetual hybrid bonds, net of costs
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(31)
\u2013 reclassification of issuance costs. net of tax
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(8)
Non-controlling interests \u2013 acquisitions (note 27(c))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(15)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
77
(23)
31 December 2025
(4,879)
(56)
35
179
573
(4,148)
(4,383)
27,312
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2024
(1,470)
(194)
18
179
573
(894)
(7,096)
31,627
Comprehensive income and expense
Profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,068
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign operations
(193)
\u2014
\u2014
\u2014
\u2014
(193)
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 net investment hedges \u2013 net fair value gains on
derivatives
20
\u2014
\u2014
\u2014
\u2014
20
\u2014
\u2014
\u2013 net investment hedges \u2013 differences on exchange
on borrowings
17
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
65
\u2014
\u2014
\u2014
65
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
36
\u2014
\u2014
\u2014
36
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value losses
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
\u2014
Associates
\u2212 share of OCI, net of tax (note 9)
(32)
19
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
\u2212 differences on exchange reclassified to profit or
loss (note 9 )
43
\u2014
\u2014
\u2014
\u2014
43
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial losses (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(14)
\u2013 tax on actuarial gains in respect of subsidiaries
(note 10(f))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
Associates \u2212 share of OCI, net of tax (note 9)
\u2014
\u2014
33
\u2014
\u2014
33
\u2014
\u2014
Other changes in equity
Cash flow hedges reclassified and reported in
total\u00a0assets
\u2014
13
\u2014
\u2014
\u2014
13
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
70
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8
(8)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,209)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(94)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(698)
Treasury shares cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,685
(2,685)
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(56)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
Reclassification of equity in respect of assets
classified as held-for-sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
89
(71)
31 December 2024
(1,615)
(84)
45
179
573
(902)
(4,408)
26,018
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2023
2,200
(327)
30
179
573
2,655
(7,116)
51,197
Comprehensive income and expense
Loss for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(14,367)
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign operations
(4,007)
\u2014
\u2014
\u2014
\u2014
(4,007)
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
552
\u2014
\u2014
\u2014
\u2014
552
\u2014
\u2014
\u2013 net investment hedges \u2013 net fair value
loss on derivatives
236
\u2014
\u2014
\u2014
\u2014
236
\u2014
\u2014
\u2013 net investment hedges \u2013 differences on exchange
on borrowings
9
\u2014
\u2014
\u2014
\u2014
9
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
59
\u2014
\u2014
\u2014
59
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
12
\u2014
\u2014
\u2014
12
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value gains
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
\u2014
Associates \u2013 share of OCI, net of tax (note 9)
(165)
58
\u2014
\u2014
\u2014
(107)
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial gains (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(106)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
24
\u2013 tax on actuarial gains in respect of subsidiaries
(note 10(f))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
30
Associates \u2013 share of OCI, net of tax (note 9)
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
1
Other changes in equity
Cash flow hedges reclassified and reported in total
assets
\u2014
27
\u2014
\u2014
\u2014
27
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
71
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
(14)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,071)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(110)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(58)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
Non-controlling interests \u2212 acquisitions (note 27(c))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of equity in respect of assets
classified as held-for-sale
(295)
\u2014
\u2014
\u2014
\u2014
(295)
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
116
(94)
31 December 2023
(1,470)
(194)
18
179
573
(894)
(7,096)
31,627
(i) Translation reserve:
The translation reserve is explained in the accounting policy on foreign currencies in note 1. The Group\u2019s principal exchange rates used to
convert the results of the Group\u2019s foreign operations to sterling for the purposes of consolidation within the Group\u2019s financial statements
are the US dollar, Euro, Australian dollar, Bangladeshi taka, Brazilian real, Canadian dollar, Chilean peso, Danish krone, Indian rupee,
Indonesian rupiah, Japanese yen, Romanian leu, Singaporean dollar, South African rand and Swiss franc and are readily exchangeable into
sterling or other freely convertible currencies. In certain other markets, where there is a lack of exchangeability, the exchange rate is
estimated using observable data such as inflation-adjusted exchange rates or premiums paid to obtain hard currency from financial
institutions.
In 2025, included within the differences on exchange from translation of foreign operations is \u00a32\u00a0million (2024: nil; 2023: \u00a3552\u00a0million)
which has been reclassified from reserves to the income statement and recognised in other operating expenses. In 2023, this foreign
exchange reclassified to the income statement was recognised as an adjusting item. This was in relation to \u00a3554\u00a0million in respect of the
sale of the Russian and Belarusian subsidiaries and a loss of \u00a32\u00a0million in respect of the move to above market business models and
Quantum-related initiatives.
In 2025, the Group divested 10% of its equity stake in ITC and \u00a347\u00a0million was reclassified from reserves to the income statement and
recognised in share of post-tax results of associates and joint ventures. In 2024, the Group divested 12% of its equity stake in ITC and
\u00a343\u00a0million was reclassified from reserves to the income statement and recognised in the share of post-tax results of associates and
joint ventures. In both years, the reclassification to the income statement was recognised as an adjusting item.
(ii) Hedging reserve:
The hedging reserve is explained in the accounting policy on financial instruments in note 1.
Of the amounts reclassified from the hedging reserve and reported in profit for the year, a loss of \u00a329\u00a0million (2024: \u00a333\u00a0million loss; 2023:
\u00a351\u00a0million loss) and a loss of \u00a34\u00a0million (2024: \u00a36\u00a0million gain; 2023: \u00a34\u00a0million loss) were reported within revenue and raw materials and
consumables, respectively, together with a gain of \u00a31\u00a0million (2024: \u00a36\u00a0million loss; 2023: \u00a317\u00a0million loss) reported in other operating
expenses, and a gain of \u00a348\u00a0million (2024: \u00a369\u00a0million gain; 2023: \u00a384\u00a0million gain) reported within net finance costs.
The Group hedges certain foreign currency denominated borrowings with cross-currency interest rate swaps. As permitted by IFRS 9
Financial Instruments, the foreign currency basis spreads have been separated from the hedging instrument and are recognised in
reserves as a \u2018cost of hedging\u2019 and are reclassified to the income statement in the same period in which profit and loss is affected by the
hedged expected cash flows as a component of the associated interest expense. The basis spreads are included within hedging reserves
as they are not material. Included within the balance of hedging reserves at 31 December 2025 is an accumulated amount of nil (2024:
\u00a32\u00a0million loss; 2023: \u00a36\u00a0million loss) in respect of the cost of hedging.
(iii) Fair value reserve:
The fair value reserve is explained in the accounting policy on financial instruments in note 1. Fair value gains and losses arising from
investments held at fair value through other comprehensive income are recognised in this reserve.
As a result of ITC\u2019s demerger of its hotel business in January 2025, the Group received a 15% stake in the newly incorporated ITC Hotels in
the form of a dividend in specie of \u00a3533 million. In December 2025, around 59% of the Group\u2019s investment in ITC Hotels was sold to
investors by way of an accelerated bookbuild process. The fair value gains associated with the investment disposed of were transferred
from the fair value reserve into the profit and loss reserve. Refer to note 18 for further information.
(iv) Revaluation reserve:
The revaluation reserve relates to the acquisition of the cigarette and snus business of Skandinavisk Tobakskompagni in 2008.
(v) Other reserves:
Other reserves comprise:
a. \u00a3483\u00a0million which arose in 1998 from merger accounting in a Scheme of Arrangement and Reconstruction whereby British American
Tobacco p.l.c. acquired the entire share capital of B.A.T Industries p.l.c. and the share capital of that company\u2019s principal financial
services subsidiaries was distributed, so effectively demerging them; and
b. In the 1999 Rothmans transaction, convertible redeemable preference shares were issued as part of the consideration. The discount on
these shares was amortised by crediting other reserves and charging retained earnings. The \u00a390\u00a0million balance in other reserves
comprises the accumulated balance in respect of the preference shares converted during 2004.
(vi) Treasury shares:
Total equity attributable to owners of the parent is stated after deducting the cost of treasury shares which include \u00a34,105\u00a0million (2024:
\u00a34,114\u00a0million; 2023: \u00a36,807\u00a0million) for shares repurchased and not cancelled and \u00a3278\u00a0million (2024: \u00a3294\u00a0million; 2023: \u00a3289\u00a0million) in
respect of the cost of own shares held in employee share ownership trusts.
On 18 March 2024, the Group announced a \u00a31.6\u00a0billion share buy-back programme starting with \u00a3700\u00a0million in 2024 and with the
remaining \u00a3900\u00a0million in 2025. The purpose of this programme is to reduce the issued share capital of the Company and the shares
were cancelled on purchase. Following the partial sale of ITC shares on 28 May 2025, the Group announced an extension of the share
buy-back programme of \u00a3200\u00a0million, taking the total amount repurchased in 2025 to \u00a31.1\u00a0billion. On 9 December 2025, the Group
announced an increase to the share buy-back programme of \u00a31.3\u00a0billion commencing in 2026.
In respect of the share buy-back programme announced in 2024 and 2025, during the year the Group bought back and cancelled
30,460,763 (2024: 27,392,429) shares, for a total consideration of \u00a31,114\u00a0million (2024: \u00a3698\u00a0million) inclusive of transaction costs of
\u00a36\u00a0million (2024: \u00a33\u00a0million) that have been deducted from equity. Additionally, in 2024, 87\u00a0million shares held in the Company\u2019s treasury
share account previously purchased under prior year share buy-back programmes were cancelled.
As at 31 December 2025, treasury shares include 6,132,171 (2024: 7,113,821; 2023: 5,951,979) shares held in trust and 132,988,352 (2024:
133,266,206; 2023: 220,533,855) shares repurchased and not cancelled as part of the Company\u2019s share buy-back programme. From
March 2020, the Company has utilised shares acquired in the share buy-back programme to satisfy share-based payment awards made
to certain employees.
(d) Perpetual hybrid bonds
The Group issues perpetual hybrid bonds and, as the Group has the unconditional right to avoid transferring cash or another financial
asset in relation to these bonds, they are classified as equity instruments in the consolidated financial statements. Issuance costs
associated with these bonds are also recognised within equity.
The coupons associated with perpetual hybrid bonds are fixed and would reset to rates determined by the contractual terms of each
instrument on certain dates. The bonds are perpetual in nature and do not have maturity dates for the repayment of principal. The
contractual terms of the perpetual hybrid bonds allow the Group to defer coupon payments, however certain contingent events could
trigger mandatory payments of such deferred coupons, including the payment of dividends on, and the repurchase of, ordinary shares,
subject to certain exceptions in each case. The full terms and conditions of such events can be found in the relevant prospectus which is
available under the debt facilities section of the Group\u2019s debt microsite (www.bat.com/content/dam/batcom/global/main-nav/
investors-and-reporting/debt-investors/debt-facilities/2025_-_Hybrid_Standalone_Prospectus.pdf).
On 27 September 2021, the Group issued two \u20ac1\u00a0billion perpetual hybrid bonds amounting to \u00a31,703\u00a0million, which have been classified
as\u00a0equity. Issuance costs of these bonds, amounting to \u20ac26\u00a0million (\u00a322\u00a0million), have been recognised within equity, net of \u00a34\u00a0million of
tax on issuance costs.
These bonds include an optional par redemption feature, exercisable at the Group\u2019s discretion, from September 2026 to December 2026
(the 3% perpetual hybrid bond) and June 2029 to September 2029 (the 3.75% perpetual hybrid bond), as well as on specified dates
thereafter, or in\u00a0the\u00a0event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each
issue. On 21 October 2025, the Group announced a tender offer to purchase any and all of its outstanding \u20ac1\u00a0billion 3% perpetual hybrid
bonds from the holders of the securities. On 29 October 2025, the Group announced the final results of the tender offer, confirming that
holders of \u20ac807\u00a0million in aggregate principal amount of the securities (representing c. 81% of the total outstanding principal amount)
had validly tendered their securities, which were accepted for purchase and redeemed at a premium of \u00a33 million. As the aggregate
principal amount of the securities validly tendered and accepted for purchase pursuant to the offer exceeded the 75% threshold
specified in the terms and conditions of the securities, the Group exercised its Substantial Repurchase Event Redemption Option and on
10 November 2025 redeemed the remaining c. 19% at their principal amount. The cash paid in respect of the redemption of the \u20ac1\u00a0billion
3% perpetual hybrid bond was \u00a3883\u00a0million (inclusive of redemption costs) and all of these securities have been cancelled. Included
within the redemption of perpetual hybrid bonds equity movement of \u00a339 million is \u00a329 million in relation to the difference in spot rates
between issuance and redemption. This has been treated as an adjusting item for the purposes of calculating the Group\u2019s adjusted
earnings per share in note 11.
On 30 October 2025, the Group issued two series of \u20ac600\u00a0million perpetual hybrid bonds amounting to \u00a31,057\u00a0million. Issuance costs of
the bonds amounting to \u20ac8\u00a0million (\u00a37\u00a0million), have been recognised within equity, net of \u00a32\u00a0million of tax on issuance costs. These
bonds include an optional par redemption feature exercisable at the Group\u2019s discretion from October 2030 to January 2031 (the 4.2%
perpetual hybrid bond) and July 2033 to October 2033 (the 4.75% perpetual hybrid bond), or in the event of specific circumstances (such
as a change in IFRS or tax regime) as set out in the individual terms of each issue.
During the year, the Group did not defer any eligible coupon payments and paid a coupon of \u00a333\u00a0million in September 2025
(September\u00a02024: \u00a331\u00a0million; September\u00a02023: \u00a333\u00a0million) on the 3.75% September 2029 bond and \u00a322\u00a0million in October and
November\u00a0 2025 (December 2024: \u00a325\u00a0million; December 2023: \u00a326\u00a0million) on\u00a0the 3% December 2026 bond which have been
recognised within equity.
Differences between the coupon recognised in the capital and reserves statement and the coupon paid on perpetual hybrid bonds
in\u00a0the\u00a0cash flow statement are due to foreign exchange arising on short timing differences between recognition and settlement.
The fair value of these bonds at 31 December 2025 is \u00a31,926\u00a0million (2024: \u00a31,211\u00a0million; 2023: \u00a31,512\u00a0million).
(e) Non-controlling interests
Movements in non-controlling interests primarily relate to profit for the year and dividends (reported as a movement in retained
earnings) and differences on exchange arising from the translation into sterling (reported as a movement in other reserves). Information
on subsidiaries with non-controlling interests is provided in note 32. At 31 December 2025, the non-controlling interest in Brascuba
amounts to a loss of \u00a333 million.
(f) Dividends and other appropriations
The interim quarterly dividend payment for the year ended 31 December 2024 of 240.24p per ordinary share (31 December 2023: 235.52p
per ordinary share) was payable in four equal instalments: amounts payable in May 2025 of \u00a31,314\u00a0million (May 2024: \u00a31,316\u00a0million),
August 2025 of \u00a31,317\u00a0million (August 2024: \u00a31,303\u00a0million), November 2025 of \u00a31,313\u00a0million (November 2024: \u00a31,302\u00a0million) and
February 2026 of \u00a31,308\u00a0million (February 2025: \u00a31,296\u00a0million), respectively. The total dividends recognised as an appropriation from
reserves in 2025 was \u00a35,240\u00a0million (2024: \u00a35,209\u00a0million; 2023: \u00a35,071\u00a0million).
The Board has declared an interim dividend of 245.04p per ordinary share of 25p, for the year ended 31 December 2025, payable in four
equal quarterly instalments of 61.26p per ordinary share in May 2026, August 2026, November 2026 and February 2027. These payments
will be recognised as appropriations from reserves in 2026 and 2027. The total amount payable is estimated to be\u00a0\u00a35,341\u00a0million based on
the number of shares outstanding at the date of these accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-861": { "value": "
(a) Share capital
Ordinary
shares of 25p each
Number of shares
\u00a3m
Allotted and fully paid
1 January 2025
2,342,825,304
585
Changes during the year
\u2013 share option schemes
89,960
\u2014
\u2013 shares bought back and cancelled
(30,460,763)
(8)
31 December 2025
2,312,454,501
577
Allotted and fully paid
1 January 2024
2,456,941,909
614
Changes during the year
\u2013 share option schemes
275,824
\u2014
\u2013 shares bought back and cancelled
(27,392,429)
(7)
\u2013 treasury shares cancelled
(87,000,000)
(22)
31 December 2024
2,342,825,304
585
Allotted and fully paid
1 January 2023
2,456,867,420
614
Changes during the year
\u2013 share option schemes
74,489
\u2014
31 December 2023
2,456,941,909
614
Share capital
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be required by the Company from the
shareholders.\u00a0All ordinary shares rank equally with regard to participation in dividends and to share in the proceeds of the Company\u2019s
residual assets upon a winding up of the Company. Shareholders may, by ordinary resolution, declare final dividends, but not in excess
of\u00a0the amount recommended by the Directors. Holders of ordinary shares have no pre-emptive rights.
On a show of hands every shareholder who is present in person at a general meeting is entitled to one vote regardless of the number
of\u00a0shares held by the shareholder, unless a poll is demanded. On a poll, every shareholder who is present in person or by proxy has one
vote for every share held by the shareholder. The Company\u2019s Annual General Meeting voting is undertaken by way of a poll.
All rights attached to the Company\u2019s shares held by the Group as treasury shares are suspended until those shares are reissued.", "dimensions": { "concept": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-862": { "value": "
(b) Share premium account, capital redemption reserves and merger reserves comprise:
Share
premium
account
\u00a3m
Capital
redemption
reserves
\u00a3m
Merger
reserves
\u00a3m
Total
\u00a3m
31 December 2025
123
138
26,414
26,675
31 December 2024
121
130
26,414
26,665
31 December 2023
115
101
26,414
26,630
Share premium account
The share premium account includes the difference between the value of shares issued and their nominal value. The share premium
increase includes \u00a32\u00a0million (2024: \u00a36\u00a0million; 2023: \u00a32\u00a0million) in respect of ordinary shares issued under the Company\u2019s share option
schemes.
Capital redemption account
On the purchase of own shares as part of the share buy-back programme for shares which are cancelled, a transfer is made from
retained earnings to the capital redemption reserve equivalent to the nominal value of shares purchased. Purchased shares which are
not cancelled are classified as treasury shares and presented as a deduction from total equity. During 2024, 87 million shares purchased
under previous share buy-back programmes were cancelled.
Merger reserve account
The merger reserve comprises:
a. In 1999, shares were issued for the acquisition of the Rothmans International B.V. Group and the difference between the fair value
of\u00a0shares issued and their nominal value of \u00a33,748\u00a0million was credited to merger reserves; and
b. On 25 July 2017, the Group announced the completion of the acquisition of the remaining 57.8% of the Reynolds Group not already
owned by the Group. Shares were issued for the acquisition and the difference between the fair value of shares issued and their
nominal value of \u00a322,666\u00a0million was credited to merger reserves.
(c) Equity attributed to owners of the parent \u2212 movements in other reserves and retained earnings (which are after deducting
treasury shares) comprise:
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2025
(1,615)
(84)
45
179
573
(902)
(4,408)
26,018
Comprehensive income and expense
Profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
7,764
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign\u00a0operations
(3,310)
(3,310)
\u2013 reclassified and reported in profit for the year
2
2
\u2013 net investment hedges \u2212 net fair value
gains on derivatives
151
\u2014
\u2014
\u2014
\u2014
151
\u2014
\u2014
\u2013 net investment hedges \u2212 differences on exchange
on borrowings
(20)
\u2014
\u2014
\u2014
\u2014
(20)
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
\u2014
3
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
16
\u2014
\u2014
\u2014
16
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(13)
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value losses
\u2014
\u2014
(2)
\u2014
\u2014
(2)
\u2014
\u2014
\u2013 reclassified and reported in retained earnings
\u2014
\u2014
(4)
\u2014
\u2014
(4)
\u2014
4
Associates
\u2212 share of OCI, net of tax (note 9)
(134)
1
\u2014
\u2014
\u2014
(133)
\u2014
\u2014
\u2212 differences on exchange reclassified to profit or loss (note 9)
47
\u2014
\u2014
\u2014
\u2014
47
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial losses (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(10)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(66)
Associates \u2212 share of OCI, net of tax (note 9)
\u2014
\u2014
(4)
\u2014
\u2014
(4)
\u2014
\u2014
Other changes in equity
Cash flow hedges reclassified and
reported in total assets
\u2014
21
\u2014
\u2014
\u2014
21
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
83
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
(9)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,240)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(61)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1,114)
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(55)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
\u2013 redemption of perpetual hybrid bonds, net of costs
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(31)
\u2013 reclassification of issuance costs. net of tax
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(8)
Non-controlling interests \u2013 acquisitions (note 27(c))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(15)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
77
(23)
31 December 2025
(4,879)
(56)
35
179
573
(4,148)
(4,383)
27,312
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2024
(1,470)
(194)
18
179
573
(894)
(7,096)
31,627
Comprehensive income and expense
Profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,068
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign operations
(193)
\u2014
\u2014
\u2014
\u2014
(193)
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 net investment hedges \u2013 net fair value gains on
derivatives
20
\u2014
\u2014
\u2014
\u2014
20
\u2014
\u2014
\u2013 net investment hedges \u2013 differences on exchange
on borrowings
17
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
65
\u2014
\u2014
\u2014
65
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
36
\u2014
\u2014
\u2014
36
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value losses
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
\u2014
Associates
\u2212 share of OCI, net of tax (note 9)
(32)
19
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
\u2212 differences on exchange reclassified to profit or
loss (note 9 )
43
\u2014
\u2014
\u2014
\u2014
43
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial losses (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(14)
\u2013 tax on actuarial gains in respect of subsidiaries
(note 10(f))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
Associates \u2212 share of OCI, net of tax (note 9)
\u2014
\u2014
33
\u2014
\u2014
33
\u2014
\u2014
Other changes in equity
Cash flow hedges reclassified and reported in
total\u00a0assets
\u2014
13
\u2014
\u2014
\u2014
13
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
70
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8
(8)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,209)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(94)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(698)
Treasury shares cancelled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,685
(2,685)
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(56)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
Reclassification of equity in respect of assets
classified as held-for-sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
89
(71)
31 December 2024
(1,615)
(84)
45
179
573
(902)
(4,408)
26,018
Retained earnings
Translation
reserve
(i)
\u00a3m
Hedging
reserve
(ii)
\u00a3m
Fair
value
reserve
(iii)
\u00a3m
Revaluation
reserve
(iv)
\u00a3m
Other
(v)
\u00a3m
Total
other
reserves
\u00a3m
Treasury
shares
(vi)
\u00a3m
Other
\u00a3m
1 January 2023
2,200
(327)
30
179
573
2,655
(7,116)
51,197
Comprehensive income and expense
Loss for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(14,367)
Foreign currency translation and hedges of net
investments in foreign operations
\u2013 differences on exchange from translation of
foreign operations
(4,007)
\u2014
\u2014
\u2014
\u2014
(4,007)
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
552
\u2014
\u2014
\u2014
\u2014
552
\u2014
\u2014
\u2013 net investment hedges \u2013 net fair value
loss on derivatives
236
\u2014
\u2014
\u2014
\u2014
236
\u2014
\u2014
\u2013 net investment hedges \u2013 differences on exchange
on borrowings
9
\u2014
\u2014
\u2014
\u2014
9
\u2014
\u2014
Cash flow hedges
\u2013 net fair value gains
\u2014
59
\u2014
\u2014
\u2014
59
\u2014
\u2014
\u2013 reclassified and reported in profit for the year
\u2014
12
\u2014
\u2014
\u2014
12
\u2014
\u2014
\u2013 tax on net fair value gains in respect of cash flow
hedges (note 10(f))
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
\u2014
Investments held at fair value
\u2013 net fair value gains
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
\u2014
Associates \u2013 share of OCI, net of tax (note 9)
(165)
58
\u2014
\u2014
\u2014
(107)
\u2014
\u2014
Retirement benefit schemes
\u2013 net actuarial gains (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(106)
\u2013 surplus recognition (note 15)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
24
\u2013 tax on actuarial gains in respect of subsidiaries
(note 10(f))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
30
Associates \u2013 share of OCI, net of tax (note 9)
\u2014
\u2014
(6)
\u2014
\u2014
(6)
\u2014
1
Other changes in equity
Cash flow hedges reclassified and reported in total
assets
\u2014
27
\u2014
\u2014
\u2014
27
\u2014
\u2014
Employee share options
\u2013 value of employee services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
71
\u2013 treasury shares used for share option schemes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
(14)
Dividends and other appropriations
\u2013 ordinary shares
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(5,071)
Purchase of own shares
\u2013 held in employee share ownership trusts
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(110)
\u2014
\u2013 share buy-back programme
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Perpetual hybrid bonds
\u2013 coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(58)
\u2013 tax on coupons paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
Non-controlling interests \u2212 acquisitions (note 27(c))
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of equity in respect of assets
classified as held-for-sale
(295)
\u2014
\u2014
\u2014
\u2014
(295)
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
116
(94)
31 December 2023
(1,470)
(194)
18
179
573
(894)
(7,096)
31,627
(i) Translation reserve:
The translation reserve is explained in the accounting policy on foreign currencies in note 1. The Group\u2019s principal exchange rates used to
convert the results of the Group\u2019s foreign operations to sterling for the purposes of consolidation within the Group\u2019s financial statements
are the US dollar, Euro, Australian dollar, Bangladeshi taka, Brazilian real, Canadian dollar, Chilean peso, Danish krone, Indian rupee,
Indonesian rupiah, Japanese yen, Romanian leu, Singaporean dollar, South African rand and Swiss franc and are readily exchangeable into
sterling or other freely convertible currencies. In certain other markets, where there is a lack of exchangeability, the exchange rate is
estimated using observable data such as inflation-adjusted exchange rates or premiums paid to obtain hard currency from financial
institutions.
In 2025, included within the differences on exchange from translation of foreign operations is \u00a32\u00a0million (2024: nil; 2023: \u00a3552\u00a0million)
which has been reclassified from reserves to the income statement and recognised in other operating expenses. In 2023, this foreign
exchange reclassified to the income statement was recognised as an adjusting item. This was in relation to \u00a3554\u00a0million in respect of the
sale of the Russian and Belarusian subsidiaries and a loss of \u00a32\u00a0million in respect of the move to above market business models and
Quantum-related initiatives.
In 2025, the Group divested 10% of its equity stake in ITC and \u00a347\u00a0million was reclassified from reserves to the income statement and
recognised in share of post-tax results of associates and joint ventures. In 2024, the Group divested 12% of its equity stake in ITC and
\u00a343\u00a0million was reclassified from reserves to the income statement and recognised in the share of post-tax results of associates and
joint ventures. In both years, the reclassification to the income statement was recognised as an adjusting item.
(ii) Hedging reserve:
The hedging reserve is explained in the accounting policy on financial instruments in note 1.
Of the amounts reclassified from the hedging reserve and reported in profit for the year, a loss of \u00a329\u00a0million (2024: \u00a333\u00a0million loss; 2023:
\u00a351\u00a0million loss) and a loss of \u00a34\u00a0million (2024: \u00a36\u00a0million gain; 2023: \u00a34\u00a0million loss) were reported within revenue and raw materials and
consumables, respectively, together with a gain of \u00a31\u00a0million (2024: \u00a36\u00a0million loss; 2023: \u00a317\u00a0million loss) reported in other operating
expenses, and a gain of \u00a348\u00a0million (2024: \u00a369\u00a0million gain; 2023: \u00a384\u00a0million gain) reported within net finance costs.
The Group hedges certain foreign currency denominated borrowings with cross-currency interest rate swaps. As permitted by IFRS 9
Financial Instruments, the foreign currency basis spreads have been separated from the hedging instrument and are recognised in
reserves as a \u2018cost of hedging\u2019 and are reclassified to the income statement in the same period in which profit and loss is affected by the
hedged expected cash flows as a component of the associated interest expense. The basis spreads are included within hedging reserves
as they are not material. Included within the balance of hedging reserves at 31 December 2025 is an accumulated amount of nil (2024:
\u00a32\u00a0million loss; 2023: \u00a36\u00a0million loss) in respect of the cost of hedging.
(iii) Fair value reserve:
The fair value reserve is explained in the accounting policy on financial instruments in note 1. Fair value gains and losses arising from
investments held at fair value through other comprehensive income are recognised in this reserve.
As a result of ITC\u2019s demerger of its hotel business in January 2025, the Group received a 15% stake in the newly incorporated ITC Hotels in
the form of a dividend in specie of \u00a3533 million. In December 2025, around 59% of the Group\u2019s investment in ITC Hotels was sold to
investors by way of an accelerated bookbuild process. The fair value gains associated with the investment disposed of were transferred
from the fair value reserve into the profit and loss reserve. Refer to note 18 for further information.
(iv) Revaluation reserve:
The revaluation reserve relates to the acquisition of the cigarette and snus business of Skandinavisk Tobakskompagni in 2008.
(v) Other reserves:
Other reserves comprise:
a. \u00a3483\u00a0million which arose in 1998 from merger accounting in a Scheme of Arrangement and Reconstruction whereby British American
Tobacco p.l.c. acquired the entire share capital of B.A.T Industries p.l.c. and the share capital of that company\u2019s principal financial
services subsidiaries was distributed, so effectively demerging them; and
b. In the 1999 Rothmans transaction, convertible redeemable preference shares were issued as part of the consideration. The discount on
these shares was amortised by crediting other reserves and charging retained earnings. The \u00a390\u00a0million balance in other reserves
comprises the accumulated balance in respect of the preference shares converted during 2004.
(vi) Treasury shares:
Total equity attributable to owners of the parent is stated after deducting the cost of treasury shares which include \u00a34,105\u00a0million (2024:
\u00a34,114\u00a0million; 2023: \u00a36,807\u00a0million) for shares repurchased and not cancelled and \u00a3278\u00a0million (2024: \u00a3294\u00a0million; 2023: \u00a3289\u00a0million) in
respect of the cost of own shares held in employee share ownership trusts.
On 18 March 2024, the Group announced a \u00a31.6\u00a0billion share buy-back programme starting with \u00a3700\u00a0million in 2024 and with the
remaining \u00a3900\u00a0million in 2025. The purpose of this programme is to reduce the issued share capital of the Company and the shares
were cancelled on purchase. Following the partial sale of ITC shares on 28 May 2025, the Group announced an extension of the share
buy-back programme of \u00a3200\u00a0million, taking the total amount repurchased in 2025 to \u00a31.1\u00a0billion. On 9 December 2025, the Group
announced an increase to the share buy-back programme of \u00a31.3\u00a0billion commencing in 2026.
In respect of the share buy-back programme announced in 2024 and 2025, during the year the Group bought back and cancelled
30,460,763 (2024: 27,392,429) shares, for a total consideration of \u00a31,114\u00a0million (2024: \u00a3698\u00a0million) inclusive of transaction costs of
\u00a36\u00a0million (2024: \u00a33\u00a0million) that have been deducted from equity. Additionally, in 2024, 87\u00a0million shares held in the Company\u2019s treasury
share account previously purchased under prior year share buy-back programmes were cancelled.
As at 31 December 2025, treasury shares include 6,132,171 (2024: 7,113,821; 2023: 5,951,979) shares held in trust and 132,988,352 (2024:
133,266,206; 2023: 220,533,855) shares repurchased and not cancelled as part of the Company\u2019s share buy-back programme. From
March 2020, the Company has utilised shares acquired in the share buy-back programme to satisfy share-based payment awards made
to certain employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-863": { "value": "
(vi) Treasury shares:
Total equity attributable to owners of the parent is stated after deducting the cost of treasury shares which include \u00a34,105\u00a0million (2024:
\u00a34,114\u00a0million; 2023: \u00a36,807\u00a0million) for shares repurchased and not cancelled and \u00a3278\u00a0million (2024: \u00a3294\u00a0million; 2023: \u00a3289\u00a0million) in
respect of the cost of own shares held in employee share ownership trusts.
On 18 March 2024, the Group announced a \u00a31.6\u00a0billion share buy-back programme starting with \u00a3700\u00a0million in 2024 and with the
remaining \u00a3900\u00a0million in 2025. The purpose of this programme is to reduce the issued share capital of the Company and the shares
were cancelled on purchase. Following the partial sale of ITC shares on 28 May 2025, the Group announced an extension of the share
buy-back programme of \u00a3200\u00a0million, taking the total amount repurchased in 2025 to \u00a31.1\u00a0billion. On 9 December 2025, the Group
announced an increase to the share buy-back programme of \u00a31.3\u00a0billion commencing in 2026.
In respect of the share buy-back programme announced in 2024 and 2025, during the year the Group bought back and cancelled
30,460,763 (2024: 27,392,429) shares, for a total consideration of \u00a31,114\u00a0million (2024: \u00a3698\u00a0million) inclusive of transaction costs of
\u00a36\u00a0million (2024: \u00a33\u00a0million) that have been deducted from equity. Additionally, in 2024, 87\u00a0million shares held in the Company\u2019s treasury
share account previously purchased under prior year share buy-back programmes were cancelled.
As at 31 December 2025, treasury shares include 6,132,171 (2024: 7,113,821; 2023: 5,951,979) shares held in trust and 132,988,352 (2024:
133,266,206; 2023: 220,533,855) shares repurchased and not cancelled as part of the Company\u2019s share buy-back programme. From
March 2020, the Company has utilised shares acquired in the share buy-back programme to satisfy share-based payment awards made
to certain employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-864": { "value": "
(e) Non-controlling interests
Movements in non-controlling interests primarily relate to profit for the year and dividends (reported as a movement in retained
earnings) and differences on exchange arising from the translation into sterling (reported as a movement in other reserves). Information
on subsidiaries with non-controlling interests is provided in note 32
(c) Non-controlling interests
During 2025, the Group acquired a further 2.60% in JSC JV \u201cUZBAT A.O.\u201d at a cost of \u00a316\u00a0million. In addition, the Group acquired 5% of
British American Tobacco Mozambique Limitada for \u00a33\u00a0million.
During 2023, the Group acquired a further 1.31% in Hrvatski Duhani d.d., at a cost of less than \u00a31\u00a0million, following the acquisitions in
2022 (3.3% at a cost of \u00a31 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-865": { "value": "
(f) Dividends and other appropriations
The interim quarterly dividend payment for the year ended 31 December 2024 of 240.24p per ordinary share (31 December 2023: 235.52p
per ordinary share) was payable in four equal instalments: amounts payable in May 2025 of \u00a31,314\u00a0million (May 2024: \u00a31,316\u00a0million),
August 2025 of \u00a31,317\u00a0million (August 2024: \u00a31,303\u00a0million), November 2025 of \u00a31,313\u00a0million (November 2024: \u00a31,302\u00a0million) and
February 2026 of \u00a31,308\u00a0million (February 2025: \u00a31,296\u00a0million), respectively. The total dividends recognised as an appropriation from
reserves in 2025 was \u00a35,240\u00a0million (2024: \u00a35,209\u00a0million; 2023: \u00a35,071\u00a0million).
The Board has declared an interim dividend of 245.04p per ordinary share of 25p, for the year ended 31 December 2025, payable in four
equal quarterly instalments of 61.26p per ordinary share in May 2026, August 2026, November 2026 and February 2027. These payments
will be recognised as appropriations from reserves in 2026 and 2027. The total amount payable is estimated to be\u00a0\u00a35,341\u00a0million based on
the number of shares outstanding at the date of these accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-866": { "value": "2.4024", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-867": { "value": "2.4504", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-868": { "value": "5341000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-869": { "value": "
23 Borrowings
Currency
Maturity dates
Interest rates
2025
\u00a3m
2024
\u00a3m
Eurobonds
Euro
2027 to 2045
1.3% to 5.4%
4,931
5,236
UK sterling
2026 to 2055
2.3% to 6.0%
1,993
2,291
Swiss franc
2026
1.4%
236
221
Bonds issued pursuant to rules under the
U.S. Securities Act (as amended)
US dollar
2026 to 2055
1.7% to 8.1%
26,655
28,268
Bonds and notes
33,815
36,016
Bank loans
689
211
Bank overdrafts
37
138
Lease liabilities
529
585
35,070
36,950
Perpetual hybrid bonds issued by the Group have been classified as equity (note 22(d)) and are therefore excluded from borrowings.
Current borrowings per the balance sheet include interest payable of \u00a3571\u00a0million at 31 December 2025 (2024: \u00a3565\u00a0million). Included
within borrowings are \u00a37,844\u00a0million (2024: \u00a38,750\u00a0million) of borrowings subject to fair value hedges where their amortised cost has
been decreased by \u00a344\u00a0million (2024: \u00a3215\u00a0million decrease).
The fair value of borrowings is estimated to be \u00a333,717\u00a0million (2024: \u00a334,596\u00a0million) of which \u00a332,462\u00a0million (2024: \u00a333,663\u00a0million) has
been calculated using quoted market prices and is within level 1 of the fair value hierarchy and \u00a31,255\u00a0million (2024: \u00a3933\u00a0million) has been
calculated based on discounted cash flow analysis and is within level 3 of the fair value hierarchy.
Amounts secured on Group assets including property, plant and equipment, inventory and receivables as at 31 December 2025 are nil
(2024: nil). The majority of lease liabilities are secured against the associated assets.
Borrowings are repayable as follows:
Per balance sheet
Contractual gross maturities
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Within one year
3,362
4,312
4,246
5,276
Between one and two years
2,973
2,644
4,444
4,084
Between two and three years
3,813
3,012
5,103
4,522
Between three and four years
1,695
3,435
2,879
4,695
Between four and five years
2,647
1,725
3,749
2,899
Beyond five years
20,580
21,822
30,225
32,232
35,070
36,950
50,646
53,708
The contractual gross maturities in each year include the borrowings maturing in that year together with forecast interest payments
on\u00a0all borrowings which are outstanding for all or part of that year.
Borrowings are denominated in the functional currency of the subsidiary undertaking or other currencies as shown below:
Functional
currency
\u00a3m
US
dollar
\u00a3m
UK
sterling
\u00a3m
Euro
\u00a3m
Other
currencies
\u00a3m
Total
\u00a3m
31 December 2025
Total borrowings
28,201
3,134
\u2014
3,460
275
35,070
Effect of derivative financial instruments
\u2013 cross-currency swaps
909
(427)
\u2014
(563)
\u2014
(81)
\u2013 forward foreign currency contracts
(564)
(562)
\u2014
764
360
(2)
28,546
2,145
\u2014
3,661
635
34,987
31 December 2024
Total borrowings
28,830
3,754
302
3,800
264
36,950
Effect of derivative financial instruments
\u2013 cross-currency swaps
609
(148)
\u2014
(533)
\u2014
(72)
\u2013 forward foreign currency contracts
68
(901)
\u2014
435
395
(3)
29,507
2,705
302
3,702
659
36,875
The exposure to interest rate changes when borrowings are re-priced is as follows:
Within
1 year
\u00a3m
Between
1-2 years
\u00a3m
Between
2-3 years
\u00a3m
Between
3-4 years
\u00a3m
Between
4-5 years
\u00a3m
Beyond
5 years
\u00a3m
Total
\u00a3m
31 December 2025
Total borrowings
3,362
2,973
3,813
1,695
2,647
20,580
35,070
Effect of derivative financial instruments
\u2013 interest rate swaps
7,108
(1,690)
\u2014
\u2014
(830)
(4,588)
\u2014
\u2013 cross-currency swaps
448
(102)
\u2014
(427)
\u2014
\u2014
(81)
10,918
1,181
3,813
1,268
1,817
15,992
34,989
31 December 2024
Total borrowings
4,312
2,644
3,012
3,435
1,725
21,822
36,950
Effect of derivative financial instruments
\u2013 interest rate swaps
6,494
\u2014
(1,815)
\u2014
\u2014
(4,679)
\u2014
\u2013 cross-currency swaps
459
\u2014
(72)
\u2014
(459)
\u2014
(72)
11,265
2,644
1,125
3,435
1,266
17,143
36,878
Lease liabilities are repayable as follows:
Per balance sheet
Contractual gross maturities
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Within one year
153
141
189
171
Between one and two years
113
133
135
165
Between two and three years
66
87
82
103
Between three and four years
48
49
60
61
Between four and five years
34
38
44
47
Beyond five years
115
137
168
176
529
585
678
723
For more information on leasing arrangements, refer to note 13.
As at 31 December 2025, the Group\u2019s undrawn committed borrowing facilities (note 26) amount to \u00a37,695\u00a0million (2024: \u00a37,748\u00a0million)
with \u00a35,195\u00a0million maturing within one year (2024: \u00a35,056\u00a0million maturing within one year), nil maturing between one and two years
(2024: \u00a3154\u00a0million maturing between one and two years), nil maturing between two and three years (2024: \u00a32,538\u00a0million maturing
between two and three years), nil maturing between three and four years (2024: nil maturing between three and four years) and \u00a32,500
million maturing between four and five years (2024: nil maturing between four and five years).
The Group\u2019s composition and movements in net debt are presented below along with a reconciliation to the financing activities in the
Group Cash Flow Statement:
2025
\u00a3m
Notes
Opening
balance
Cash flow
Foreign
exchange
Fair value,
accrued
interest and
other
Held for Sale
Closing
balance
Borrowings (excluding lease liabilities) *
36,365
(218)
(1,799)
193
\u2014
34,541
Lease liabilities
585
(177)
(11)
132
\u2014
529
Derivatives in respect of net debt
19
113
(313)
535
(347)
\u2014
(12)
Cash and cash equivalents
21
(5,297)
1,130
138
(6)
208
(3,827)
Current investments held at fair value
18
(513)
494
16
(13)
\u2014
(16)
31,253
916
(1,121)
(41)
208
31,215
2024
\u00a3m
Notes
Opening
balance
Cash flow
Foreign
exchange
Fair value,
accrued
interest and
other
Held for Sale
Closing
balance
Borrowings (excluding lease liabilities) *
39,232
(2,387)
231
(711)
\u2014
36,365
Lease liabilities
498
(165)
(27)
279
\u2014
585
Derivatives in respect of net debt
19
170
(133)
106
(30)
\u2014
113
Cash and cash equivalents
21
(4,659)
(907)
323
(54)
\u2014
(5,297)
Current investments held at fair value
18
(601)
99
41
(52)
\u2014
(513)
34,640
(3,493)
674
(568)
\u2014
31,253
Note:
* Borrowings as at 31 December 2025 include \u00a3591 million (2024: \u00a3670\u00a0million) in respect of the purchase price adjustments relating to the acquisition of Reynolds American.
In the table above, movements in accrued interest relate to the net movement year-on-year and cash flows related to interest payments
are not included.
Fair value, accrued interest and other movements in lease liabilities in 2025 mainly comprise additions of \u00a3132\u00a0million (2024: \u00a3279\u00a0million)
(net of reassessments, modifications and terminations), see note 13(a). In 2024, included in the \u00a3279\u00a0million were new lease liabilities of
\u00a312\u00a0million, mainly arising from sale and leaseback transactions. The movement of \u00a313\u00a0million (2024:\u00a0\u00a352\u00a0million) in current investments
held at fair value represents the fair value gains for these investments.
2025
\u00a3m
2024
\u00a3m
Cash flows per net debt statement
916
(3,493)
Non-financing cash flows included in net debt
(1,524)
773
Interest paid
(1,631)
(1,703)
Interest element of lease liabilities
(40)
(37)
Remaining cash flows relating to derivative financial instruments
(67)
5
Purchases of own shares held in employee share ownership trusts
(61)
(94)
Purchase of own shares
(1,112)
(698)
Proceeds from issue of perpetual hybrid bonds
1,050
\u2014
Redemption of perpetual hybrid bonds, net of costs
(883)
\u2014
Coupon paid on perpetual hybrid bonds
(54)
(56)
Dividends paid to owners of the parent
(5,238)
(5,213)
Capital injection from and purchase of non-controlling interests
(19)
\u2014
Dividends paid to non-controlling interests
(100)
(121)
Other
1
5
Net cash used in financing activities per cash flow statement
(8,762)
(10,632)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-870": { "value": "
24 Provisions for liabilities
Restructuring
of existing
businesses
\u00a3m
Employee-
related
benefits
\u00a3m
Fox River
\u00a3m
Approved
Plans in
Canada
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
1 January 2025
65
42
44
6,203
761
7,115
Differences on exchange
2
(3)
\u2014
(168)
7
(162)
Provided in respect of the year*
24
8
\u2014
(708)
229
(447)
Transferred to Canada Settlement Payable
(Note 25)
\u2014
\u2014
\u2014
(85)
\u2014
(85)
Discounting
\u2014
\u2014
\u2014
112
3
115
Utilised during the year
(36)
(12)
(3)
(2,560)
(156)
(2,767)
31 December 2025
55
35
41
2,794
844
3,769
Analysed on the balance sheet as
\u2013 current
37
11
3
\u2014
557
608
\u2013 non-current
18
24
38
2,794
287
3,161
55
35
41
2,794
844
3,769
Restructuring
of existing
businesses
\u00a3m
Employee-
related
benefits
\u00a3m
Fox River
\u00a3m
The Approved
Plans in Canada
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
1 January 2024
139
42
44
\u2014
774
999
Differences on exchange
(5)
(2)
\u2014
\u2014
(57)
(64)
Provided in respect of the year*
(15)
15
\u2014
6,203
111
6,314
Utilised during the year
(54)
(13)
\u2014
\u2014
(67)
(134)
31 December 2024
65
42
44
6,203
761
7,115
Analysed on the balance sheet as
\u2013 current
33
11
2
2,456
542
3,044
\u2013 non-current
32
31
42
3,747
219
4,071
65
42
44
6,203
761
7,115
Note:
* Amounts provided above are shown net of reversals of unused provisions which include reversals of \u00a329\u00a0million (2024: \u00a321\u00a0million) for restructuring of existing businesses, \u00a314\u00a0million
(2024: \u00a312\u00a0million) for employee benefits, \u00a3919\u00a0million for the Approved Plans in Canada (2024: nil) and \u00a3193\u00a0million (2024: \u00a3412\u00a0million) for other provisions. Included in the \u00a3412\u00a0million in
2024 was an amount of \u00a3270\u00a0million related to interest provision for FII GLO which was reclassified to trade and other payables in 2024.
Restructuring of existing businesses
The restructuring provisions relate to the restructuring costs incurred and reported as adjusting items. The principal restructuring
activities in 2025 are described in note 7 and primarily include the cost of employee packages and other operating expenses associated
with the Dhaka factory closure in Bangladesh. Provisions associated with redundancy packages are determined based on termination
packages offered in each country. Restructuring of existing businesses provisions also include long-term social plans associated with
redundancy programmes from previous years, mainly in relation to Quantum. The long-term social plans primarily relate to social plans in
Germany, which span over several years and are based on actuarial calculations. These are discounted to present value using Central Bank
rates. We do not consider the effect of discounting to be material. The provisions for long-term social plans include future payments
related to contracts that are already fixed. Given that there is little or no variability expected in the timing and amount of the payments,
no\u00a0additional risk has been incorporated in the discounting. While some elements of the non-current provisions of \u00a318\u00a0million will unwind
over several years, as termination payments are made over extended periods in some countries, it is estimated that approximately 99%
of\u00a0these non-current provisions will unwind within five years.
Employee-related benefits
Employee-related benefits mainly relate to employee benefits other than post-employment benefits. The principal components of these
provisions are gratuity and termination awards, \u2018jubilee\u2019 payments due after a certain service period and expected payments associated
with long-term disability. The majority of these provisions are calculated by actuaries. It is estimated that approximately 59% of the non-
current provisions of \u00a324\u00a0million will unwind within five years.
Fox River
A provision of \u00a3274\u00a0million was made in 2011 for a potential claim under a 1998 settlement agreement entered into by a Group subsidiary
in\u00a0respect of the clean-up of sediment in the Fox River. On 30 September 2014, the Group, NCR, Appvion and Windward Prospects
entered into a funding agreement; the details of this agreement are explained in note 31. Under this agreement, no payments were made
in 2025 (2024: payments of less than \u00a31\u00a0million). In 2025, the Group incurred legal costs of \u00a33\u00a0million which were also charged against the
provision. It is expected that the non-current provision will unwind within five years.
The Approved Plans in Canada
CCAA Proceedings
In March 2019, ITCAN obtained an Initial Order from the Ontario Superior Court of Justice granting it protection under the Companies\u2019
Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation process, ITCAN began the process of negotiating a
possible settlement of all of its outstanding tobacco litigation in Canada while continuing to run its business in the normal course. On 17
October 2024, the court-appointed mediator and monitor filed a proposed plan of compromise and arrangement in the Ontario Superior
Court of Justice. Substantially similar proposed plans were also filed for RBH and JTIM (collectively, the Proposed Plans).
Under the Proposed Plans, ITCAN, RBH and JTIM (the Companies) would pay an aggregate settlement amount of CAD$32.5\u00a0billion
(\u00a317.6\u00a0billion at 31 December 2025 rate of exchange) (the Global Settlement Amount). This amount would be funded by:
\u2013 an upfront payment equal to all the Companies' cash and cash equivalents on hand (including investments held at fair value) plus
certain court deposits (subject to an aggregate industry holdback of CAD$750\u00a0million (\u00a3407\u00a0million at 31 December 2025 rate of
exchange)) plus 85% of any cash t ax refunds that may be received by the Companies on account of the upfront payments; and
\u2013 annual payments based on a percentage (initially 85%, reducing over time) of each of the Companies\u2019 net income after taxes, based on
amounts generated from all sources, excluding New Categories, until the aggregate settlement amount is paid. The performance of
ITCAN\u2019s New Categories (including vapour products and nicotine pouches) is not included in the basis for calculating the annual
payments.
On 31 October 2024, the court granted the Claims Procedure Orders and Meeting Orders. In\u00a0accordance with the Meeting Order, a
creditors' meeting was held on 12 December 2024 and the Proposed Plans were approved by the requisite majorities of the creditors. A
sanction hearing took place between 29-31 January 2025. During the sanction hearing, the court was asked to sanction the Proposed
Plans. Motions for orders to amend elements of the Proposed Plans were presented on 27 February 2025. The requested amendments
to the Proposed Plans resulted in allocating the cash holdback of CAD$750\u00a0million (\u00a3407\u00a0million at 31 December 2025 rate of exchange)
from the upfront payment to RBH. On 3 March 2025, the court approved that the Proposed Plans be amended accordingly (the
Amended Plans).
On 6 March 2025, the court sanctioned the Amended Plans, herein referred to as the Approved Plans. In this sanction order, the court
also extended the Stays of litigation up to the implementation date of the Approved Plans.
On 29 August 2025 following completion of a number of administrative steps, the Approved Plans were implemented and ITCAN exited
the CCAA process. In the second half of 2025, the anticipated upfront payment was paid into the Global Settlement Trust Account as the
Upfront Cash Contribution of the Global Settlement Amount. Refer to the \u2018Upfront payments\u2019 section below for further information.
The Approved Plan for ITCAN resolves all Canadian tobacco litigation and provides a full and comprehensive release to ITCAN, BAT p.l.c.
and all related companies for all past, present and future tobacco claims in Canada.
Upfront payment
As outlined in the Approved Plan, ITCAN is required to pay into the Global Settlement Trust Account, cash and cash equivalents on hand
and investments held at fair value in Canada plus certain court deposits. At 31 December 2024, a provision of CAD$4,423\u00a0million
(\u00a32,456\u00a0million) was recognised in relation to this liability. As a result of the Approved Plan for ITCAN being sanctioned, the provision was
increased and CAD$4,768\u00a0million (\u00a32,560\u00a0million) was paid in the second half of 2025. In addition, CAD$758\u00a0million (\u00a3411\u00a0million at 31
December 2025 rate of exchange) previously paid into escrow between 2015 and 2017 and expensed by the Group in 2019 was
transferred, and CAD$6\u00a0million (\u00a33\u00a0million) in insurance settlements were also paid into the Global Settlement Trust Account. The total
ITCAN Upfront Cash Contribution deducted from the Global Settlement Amount of CAD$32.5\u00a0billion (\u00a317.6 billion at 31 December 2025
rate of exchange), including amounts previously paid into escrow, is therefore CAD$5,532\u00a0million (\u00a33,000 million).
Future payments
As the terms of the Approved Plans dictate, there is no predetermined amount that ITCAN or any of the Companies individually are
required to pay. ITCAN and the other Companies are required to make annual payments based on a percentage of net income after tax
generated from all sources, excluding New Categories, until the Companies settle the liability in full. In accordance with IAS 37, a
provision has been recognised to reflect management's best estimate of ITCAN's total payments under the Approved Plans. The
provision is based on management\u2019s best estimate using a five-year cash flow forecast that incorporates certain assumptions used in
the value-in-use model and which are used to support the carrying value of the Canadian CGU for goodwill impairment testing purposes,
such as the rate at which volumes will decline, future pricing plans and terminal decline. In addition, certain assumptions specific to the
provision have been incorporated including the future financial performance of each of the Companies (excluding New Categories),
enacted tax laws and the pre-tax discount rate. A pre-tax discount rate of 3.86% (2024: 3.27%) reflecting the risk free rate specific to
Canada and aligned with the anticipated timeline for the payments has been used to calculate the present value of the provision. At 31
December 2025, the provision is CAD$5,152\u00a0million (\u00a32,794\u00a0million) (2024: CAD$6,750\u00a0million (\u00a33,747\u00a0million)).
Management uses judgement to determine the key assumptions used to calculate the present value of the provision. Changes to key
assumptions can significantly impact the amount expected to be paid and the years over which payments are expected to be made.
During 2025, based on revisions to the provision, a net credit of \u00a3708\u00a0million was recognised as an adjusting item in profit from
operations in the income statement. In light of the revised forecast of the Canadian business to reflect the current difficult trading
environment, the\u00a0key assumptions used to calculate the provision are the rate at which volumes will decline, future pricing plans and the
discount rate. The impact of reasonably possible changes to these key assumptions on an individual basis, based on the liability at 31
December 2025, has been outlined below:
\u2013 Rate at which volumes will decline: If the rate at which volumes decline increases by a further 3% the provision is expected to decrease
by \u00a3415\u00a0million. However, if the rate of volume decline is 3% lower than management\u2019s current forecast the provision would be
expected to increase by \u00a3282\u00a0million;
\u2013 Execution of future pricing plans: ITCAN\u2019s future pricing plans are incorporated into the calculation of the provision. Pricing delivery
is\u00a0subject to competitive actions and the relative pricing positions of brands and may vary depending on the competitive market
conditions. If ITCAN\u2019s pricing delivery is between 60% to 120% of the base assumptions, the provision would decrease by \u00a3244\u00a0million
or increase by \u00a394\u00a0million, respectively; and
\u2013 Discount rate: If the discount rate used to calculate the present value of the provision decreased by 1% then the provision would
increase by \u00a3330\u00a0million. However, if the discount rate increased by 1%, the provision would decrease by \u00a3273\u00a0million.
The above sensitivities have been considered in isolation and a combination of changes in several assumptions, including the future
financial performance of each of the Companies (excluding New Categories), may materially impact the provision.
The first payment of the annual contribution has been calculated using the 2025 financial results of ITCAN (from 1 August to 31 December
2025) and a payable of CAD$156\u00a0million (\u00a385\u00a0million) has been recognised with a corresponding release of the provision. The annual
contribution payable will be settled on 30 July 2026. The payments will continue until the aggregate settlement amount is paid. It is
expected that payments will continue for at least 40 years.
The provision is reviewed on a bi-annual basis and revised to reflect changes resulting from reversals, the unwinding of the discount and
changes in assumptions. The revisions of the provision are recognised in the income statement as an adjusting item.
Refer to note 31 for further information in relation to Canada litigation.
Other
Other provisions comprise balances set up in the ordinary course of general business that cannot be classified within the other
categories, such as sales returns and amounts in respect of supplier, excise and other disputes. The\u00a0nature of the amounts provided in
respect of disputes is such that the extent and timing of cash flows are difficult to estimate and\u00a0the ultimate liability may vary from the
amounts provided.
In accordance with IFRS 15 Revenue from Contracts with Customers, sales return provisions are recognised based on a reasonable
estimate of likely returns. In 2025, the sales return provision, included in other provisions, was \u00a3104 million (2024: \u00a3106 million).
Included in other provisions there is a provision of \u00a382 million (2024: \u00a351 million) for deferred consideration in relation with the acquisition
of Beni Oral Nicotine LLC. The consideration is up to US$200 million (\u00a3160\u00a0million), deferred for five years and subject to the achievement
of certain milestones. The fair value of the contingent consideration has been determined using a Monte Carlo simulation for the
different scenarios and discounted. Refer to note 27(a) for more details.
Other provisions also include:
(i) provisions of \u00a3240 million (2024: \u00a3113 million) for interest on tax exposures;
(ii) a provision of \u00a354 million recognised by BAT Brazil (2024: \u00a377 million) in relation to litigation-related deposits as explained in note 17
and an amount of \u00a345 million (2024: \u00a337 million) recognised by BAT Brazil in relation to a legal case over whether a 10% tax imposed
on\u00a0a\u00a0tax benefit associated with investment grants by the Rio de Janeiro State was constitutional (as explained in note 6(k)); and
(iii) a provision of \u00a336 million (2024: \u00a359 million) related to an excise assessment of activities undertaken in the Ploiesti factory in Romania.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-871": { "value": "
25 Trade and other payables
2025
\u00a3m
2024
\u00a3m
Trade payables
1,814
1,709
Master settlement agreement (U.S.) (note 6(b))
1,338
1,520
Duty, excise and other taxes
2,985
2,893
Accrued charges and deferred income
2,644
2,725
FII GLO (note 10(b))
671
1,118
Social security and other taxation
42
34
Approved Plans in Canada payable (note 24)
85
\u2014
Sundry payables
233
236
9,812
10,235
Current
9,328
9,550
Non-current
484
685
9,812
10,235
Supplier Financing Arrangements
The Group has certain supplier financing arrangements or \u2018reverse factoring\u2019 arrangements in place. The principal purpose of these
arrangements is to provide the supplier with the option to access liquidity earlier through the sale of its receivables due from the Group
to a bank or other financial institution prior to their due date. Management has determined that the Group\u2019s payables to these suppliers
have neither been extinguished nor have the liabilities been significantly modified by these arrangements. The value of amounts payable,
invoice due dates and other terms and conditions applicable, from the Group\u2019s perspective, remain unaltered, with only the ultimate
payee being changed. Non-cash movements were immaterial. The cash outflows in respect of these arrangements have been
recognised within operating cash flows.
2025
\u00a3m
2024
\u00a3m
Supplier Financing Arrangements
Total
Amounts available for financing reported within trade payables
296
180
Amounts accepted by financial institutions for early financing
287
179
Amounts for which suppliers have received payment
274
157
Analysed as:
Leaf payables
Amounts available for financing reported within trade payables
188
90
Amounts accepted by financial institution for early financing
182
90
Amounts for which suppliers have received payment
180
84
Other payables
Amounts available for financing reported within trade payables
108
90
Amounts accepted by financial institution for early financing
105
89
Amounts for which suppliers have received payment
94
73
2025
2024
Range of payment due dates*
Lower
Upper
Lower
Upper
Leaf suppliers (note 1)
Trade payables part of the arrangement
90 days
150 days
90 days
150 days
Trade payables that are not part of the arrangement
1 day
120 days
1 day
120 days
Logistics suppliers
Trade payables part of the arrangement
45 days
120 days
45 days
135 days
Trade payables that are not part of the arrangement
1 day
120 days
1 day
180 days
Raw materials and consumables
suppliers (excl. leaf)
Trade payables part of the arrangement
60 days
180 days
60 days
180 days
Trade payables that are not part of the arrangement
1 day
240 days
1 day
240 days
Other suppliers (note 2)
Trade payables part of the arrangement
30 days
180 days
30 days
180 days
Trade payables that are not part of the arrangement
1 day
150 days
1 day
270 days
Notes:
* Suppliers are subject to various payment due dates depending on the jurisdiction and standard practices. The Group\u2019s payment terms commence from the invoice date. However,
for\u00a0certain categories of external suppliers, payment terms begin from the date a valid invoice is received.
1. Leaf suppliers are subject to various payment due dates depending on the jurisdiction and standard practices. In certain countries, the leaf suppliers who are not part of supplier
financing arrangements are paid in advance or on the next working day.
2. The decrease in the upper limit for trade payables that are not part of the supplier financing arrangement (other suppliers) was due to a change in IT service provider.
Accrued charges and deferred income
Accrued charges and deferred income include \u00a321 million of deferred income (2024: \u00a320 million) relating to certain customer deposits
in\u00a0advance of shipments and \u00a325 million (2024: \u00a329 million) in respect of interest payable mainly related to tax matters.
FII GLO
FII GLO includes\u00a0\u00a3336 million (2024: \u00a3813 million) relating to receipts in 2015, in respect of the Franked Investment Income Government
Litigation Order (note 10(b)).
During 2024, as a result of the Group agreeing to repay \u00a30.8 billion to HMRC, as mentioned in note 10(b), interest accrued has been
transferred from provisions to payables. The interest accrued at 31 December 2024 was \u00a3305 million and when combined with the current
year interest charge of \u00a330 million (refer to note 8(b)), the total interest payable recognised in relation to FII GLO is \u00a3335 million. The interest
is calculated based on the UK central bank base rate plus 2%, has been charged to net finance costs and will be payable from 2026.
In line with the repayment schedule, \u00a3222 million (2024: \u00a3479 million) of FII GLO has been recognised as a current payable.
Approved Plans in Canada payable
Refer to note 24 for further information on the Approved Plans in Canada.
Sundry payables
As explained in note 17, the Group acts as a collection agent for banks and other financial institutions in certain debtor factoring
arrangements. The cash collected in respect of these arrangements that has not yet been remitted amounts to \u00a3112 million (2024: \u00a3124
million) and is included in sundry payables.
Other
There is no material difference between the above amounts for trade and other payables and their fair value due to the short-term
duration of the majority of trade and other payables, as determined using discounted cash flow analysis.
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings with less than 7%
in\u00a0other currencies (2024: less than 7% in other currencies).
Amounts payable to related parties including associated undertakings are shown in note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-872": { "value": "
26 Financial instruments and risk management
Management of financial risks
One of the principal responsibilities of Treasury is to manage the financial risks arising from the Group\u2019s underlying operations.
Specifically, Treasury manages, within an overall policy framework set by the Group\u2019s Main Board and Corporate Finance
Committee (CFC), the Group\u2019s exposure to funding and liquidity, interest rate, foreign exchange and counterparty risks. The
Group\u2019s treasury position is monitored by the CFC which meets regularly throughout the year and is chaired by the Chief Financial Officer.
The approach is one of risk reduction within an overall framework of delivering total shareholder return.
The Group defines capital as net debt (note 23) and equity (note 22). There are no externally imposed capital requirements for the Group.
Group policies include a set of financing principles that provide a framework within which the Group\u2019s capital base is managed and, in
particular, the policies on dividends (as a percentage of long-term sustainable earnings) and share buy-back are decided. The key
objective of the financing principles is to appropriately balance the interests of equity and debt holders in driving an efficient financing
mix for the Group. The Group\u2019s average cost of debt in 2025 is 5.0% (2024: 4.9%).
The Group manages its financial risks in line with the classification of its financial assets and liabilities in the Group\u2019s balance sheet and
related notes. The Group\u2019s management of specific risks is dealt with as follows:
Liquidity risk
It is the policy of the Group to maximise financial flexibility and minimise refinancing risk by issuing debt with a range of maturities,
generally matching the projected cash flows of the Group and obtaining this financing from a wide range of sources. The Group has a
target average centrally managed debt maturity of at least five years with no more than 20% of centrally managed debt maturing in a
single rolling year. As at 31 December 2025, the\u00a0average centrally managed debt maturity was 9.5 years (2024: 9.5\u00a0years) and the highest
proportion of centrally managed debt maturing in a single rolling year was 15.1% (2024: 14.8%). Perpetual hybrid bonds are treated as
equity (note 22(d)) and therefore not included within the debt maturity analysis.
The Group utilises cash pooling and zero balancing bank account structures in addition to intercompany loans and borrowings to
mobilise cash efficiently within the Group. The key objectives of Treasury in respect of cash and cash equivalents are to protect their
principal value, to concentrate cash at the centre, to minimise the required debt issuance and to optimise the yield earned. The amount
of debt issued by the Group is determined by forecasting the net debt requirement after the mobilisation of cash.
The Group continues to target a solid investment-grade credit rating. Moody\u2019s, S&P's and Fitch's current ratings for the Group are\u00a0Baa1
(stable outlook), BBB+ (stable outlook), BBB+ (stable outlook), respectively. The Group is confident of its continued ability to successfully
access the debt capital markets for future refinancing requirements.
As part of its short-term cash management, the Group invests in a range of cash and cash equivalents, including money market funds
and deposits with banks, which are regarded as highly liquid and are not exposed to significant changes in fair value. These are kept
under continuous review as described in the credit risk section below. At 31 December 2025, the\u00a0Group had \u00a3855\u00a0million invested in
money market funds (2024:\u00a0\u00a3433\u00a0million) and \u00a3475\u00a0million in deposits with banks (2024: nil).
As part of its working capital management, in certain countries, the Group has entered into factoring arrangements and supply chain
financing arrangements. These are explained in further detail in note 17 and note 25.
Subsidiary companies are funded by share capital and retained earnings, loans from the central finance companies on commercial terms,
or through local borrowings by the subsidiaries in appropriate currencies to predominantly fund short- to medium-term working capital
requirements.
Available facilities in current year:
It is Group policy that short-term sources of funds (including drawings under both the Group US$4\u00a0billion U.S. commercial paper (U.S.
CP) programme and the Group \u00a33\u00a0billion euro commercial paper (ECP) programme) are backed by undrawn committed lines of credit
and cash. Commercial paper is issued by B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and B.A.T Capital
Corporation and guaranteed by British American Tobacco p.l.c. At 31 December 2025, commercial paper of nil was outstanding
(2024:\u00a0nil). Cash flows relating to commercial paper that have maturity periods of three months or less are presented on a net basis in
the Group\u2019s cash flow statement.
At 31 December 2025, the Group had access to a \u00a35.0\u00a0billion revolving credit facility. This facility was undrawn at 31 December 2025. In
November 2025, the Group refinanced its existing \u00a35.2\u00a0billion facility at the reduced amount of \u00a35.0\u00a0billion comprising (i) a \u00a32.5\u00a0billion
364-day tranche with two one-year extension options and a one-year term out option and (ii) a \u00a32.5\u00a0billion five-year tranche with two
one-year extension options.
During 2025, the Group refinanced or extended short-term bilateral facilities totalling \u00a32.7\u00a0billion. As at 31 December 2025, nil was drawn
on a short-term basis with \u00a32.7\u00a0billion undrawn and still available under such bilateral facilities. Cash flows relating to bilateral facilities that
have maturity periods of three months or less are presented on a net basis in the Group\u2019s cash flow statement.
In January 2025, the Group entered into a medium-term facility of \u00a3468\u00a0million (equivalent), which was fully drawn as at 31 December 2025.
Issuance, drawdowns and repayments in current year:
\u2013 In March 2025, the Group repaid a \u20ac650\u00a0million bond at maturity and accessed the US dollar market under the SEC Shelf Programme,
raising a total of US$2.5\u00a0billion across three tranches;
\u2013 In June 2025, the Group repaid two bonds totalling an aggregate amount of US$3.0\u00a0billion at maturity;
\u2013 In August 2025, the Group repaid a \u00a3300 million bond at maturity;
\u2013 In September 2025, the Group accessed the US dollar market under the SEC Shelf Programme, raising US$750 million; and
\u2013 In October 2025, the Group issued two series of perpetual hybrid bonds, each in an aggregate principal amount of \u20ac600\u00a0million, and
concurrently launched a tender offer for its outstanding \u20ac1.0 billion 3% perpetual hybrid bond (first callable in 2026). As a result,
approximately 80.7% of the existing 3% perpetual hybrid notes were repurchased at a slight premium, with the remaining 19.3%
redeemed at their principal value in November 2025. Refer to note 22(d) for further details.
Available facilities in prior year:
At 31 December 2024, the Group had access to a \u00a35.4 billion revolving credit facility. With effect from March 2024, the Group exercised
the first of the one-year extension options on the \u00a32.5\u00a0billion 364-day tranche of the revolving credit facility, with the second one-year
extension subsequently exercised in February 2025. Effective March 2025, therefore, the \u00a32.5\u00a0billion 364-day tranche was extended to
March 2026. Additionally, \u00a32.85\u00a0billion of the five-year tranche remained available until March 2025, with \u00a32.7\u00a0billion extended to March
2026 and \u00a32.5\u00a0billion extended to March 2027.
During 2024, the Group extended short-term bilateral facilities totalling \u00a32.4 billion. As at 31 December 2024, nil was drawn on a short-
term basis with \u00a32.4 billion undrawn and still available under such bilateral facilities. Cash flows relating to bilateral facilities that have
maturity periods of three months or less are presented on a net basis in the Group\u2019s cash flow statement.
Issuance, drawdowns and repayments in prior year:
\u2013 In February 2024, the Group accessed the US dollar market under the SEC Shelf Programme, raising a total of US$1.7\u00a0billion across two
tranches;
\u2013 In March 2024, the Group repaid a \u00a3229\u00a0million bond at maturity;
\u2013 In April 2024, the Group accessed the Euro market under its EMTN Programme, raising a total of \u20ac900\u00a0million;
\u2013 To optimise the Group\u2019s debt capital structure using available liquidity and to reduce gross and net debt, the Group completed capped
cash debt tender offers in May 2024, targeting series of low-priced, long-dated GBP-, EUR- and USD-denominated bonds, pursuant to
which the Group repurchased bonds prior to their maturity in a principal amount of \u00a31.8\u00a0billion (equivalent); and
\u2013 In August, September and October 2024, the Group repaid US$1.9\u00a0billion, US$1\u00a0billion and \u20ac850\u00a0million of bonds at maturity, respectively.
Currency risk
The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting
currency, sterling. The Group\u2019s primary balance sheet translation exposures are to the US dollar, Euro, Australian dollar, Canadian dollar,
Danish krone, Indian rupee, Indonesian rupiah, Singaporean dollar, South African rand and Swiss franc. These exposures are kept under
continuous review. The Group\u2019s policy on borrowings is to broadly match the currency of these borrowings with the currency of cash
flows arising from the Group\u2019s underlying operations. Within this overall policy, the Group aims to\u00a0minimise all balance sheet translation
exposure where it is practicable and cost-effective to do so through matching currency assets with currency borrowings. The main
objective of these policies is to protect shareholder value by increasing certainty and minimising volatility in earnings per share. At 31
December 2025, the currency profile of the Group\u2019s gross debt, after taking into account derivative contracts, was 75% US dollar (2024:
74%), 14% euro (2024: 14%), 7% sterling (2024: 8%) and 4% other currencies (2024: 4%).
The Group faces currency exposures arising from the translation of profits earned in foreign currency subsidiaries and associates and
joint arrangements; these exposures are not normally hedged. Exposures also arise from:
(i) foreign currency denominated trading transactions undertaken by subsidiaries. These exposures comprise committed and highly
probable forecast sales and purchases, which are offset wherever possible. The remaining exposures are hedged within the Treasury
policies and procedures with forward foreign exchange contracts and options, which are designated as hedges of the foreign exchange
risk of the identified future transactions; and
(ii) forecast dividend flows from subsidiaries to the centre. To ensure cash flow certainty, the Group enters into forward foreign exchange
contracts which are designated as net investment hedges of the foreign exchange risk arising from the investments in these subsidiaries.
IFRS 7 Financial Instruments: Disclosures requires a sensitivity analysis that shows the impact on the\u00a0income statement and on\u00a0items
recognised directly in other comprehensive income of\u00a0hypothetical changes of exchange rates in respect of non-functional currency
financial assets and liabilities held across the Group. All other variables are held constant although, in practice, market rates rarely change
in isolation. Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and
liabilities and translation risk, are not included in the analysis. The Group considers a 10% strengthening or weakening of the functional
currency against the non-functional currency of its subsidiaries as\u00a0a reasonably possible change. The impact is calculated with reference
to the financial asset or liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being \u00a370\u00a0million lower
(2024: \u00a394\u00a0million lower; 2023: \u00a361\u00a0million lower) and items recognised directly in other comprehensive income being \u00a3467\u00a0million higher
(2024: \u00a3342\u00a0million higher; 2023: \u00a3273\u00a0million higher). A\u00a010%\u00a0weakening of functional currencies against non-functional currencies would
result in pre-tax profit being \u00a385\u00a0million higher (2024: \u00a3114\u00a0million higher; 2023: \u00a372\u00a0million higher) and items recognised directly in other
comprehensive income being \u00a3572\u00a0million lower (2024: \u00a3418\u00a0million lower; 2023: \u00a3333\u00a0million lower).
The exchange sensitivities on items recognised directly in other comprehensive income relate to hedging of certain net asset currency
positions in the Group, as well as on cash flow hedges in\u00a0respect of future transactions, but do not include sensitivities in\u00a0respect of
exchange on non-financial assets or liabilities.
Interest rate risk
The objectives of the Group\u2019s interest rate risk management policy are to lessen the impact of adverse interest rate movements on the
earnings, cash flow and economic value of the Group. Additional objectives are to minimise the cost of hedging and the associated
counterparty risk.
In order to manage its interest rate risk, the Group maintains both floating rate and fixed rate debt. The Group sets targets (within overall
guidelines) for the desired ratio of floating to fixed rate debt on a net basis (at least 50% fixed on a net basis in the short- to medium-
term) as a result of regular reviews of market conditions and strategy by the Corporate Finance Committee and the board of the main
central finance company. Underlying borrowings are arranged on both a fixed rate and a floating rate basis and, where appropriate, the
Group uses derivatives, primarily interest rate swaps to vary the fixed and floating mix, or forward starting swaps to manage the
refinancing risk. The interest rate profile of liquid assets included in net debt are considered to offset floating rate debt and are taken into
account in determining the net interest rate exposure. At 31 December 2025, the relevant ratio of floating to fixed rate borrowings after
the impact of derivatives was 24:76 (2024: 22:78). On a net debt basis, after offsetting liquid assets and excluding cash and other liquid
assets (including investments held at fair value) in Canada, which were subject to certain restrictions under CCAA protection in 2024
(and were subsequently paid into the Global Settlement Trust Account as part of the Upfront Cash Contribution in the second half of
2025), the ratio of floating to fixed rate borrowings was 14:86 (2024: 13:87).
IFRS 7 requires a sensitivity analysis that shows the impact on the\u00a0income statement and on items recognised directly in other
comprehensive income of hypothetical changes of interest rates in\u00a0respect of financial assets and liabilities of the Group. All other
variables are held constant although, in practice, market rates rarely change in isolation. For the purposes of this sensitivity analysis,
financial assets and liabilities with fixed interest rates are\u00a0not included. The Group considers a 100 basis point change in\u00a0interest rates a
reasonably possible change except where rates are less than 100 basis points. In these instances, it is assumed that the interest rates
increase by 100 basis points and decrease to zero for the purpose of performing the sensitivity analysis. The\u00a0impact is calculated with
reference to the financial asset or\u00a0liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 100 basis point increase in interest rates would result in pre-tax profit being \u00a327\u00a0million lower (2024: \u00a313\u00a0million higher; 2023: \u00a35\u00a0million
lower). A 100 basis point decrease in interest rates, or less where applicable, would result in pre-tax profit being \u00a327\u00a0million higher (2024:
\u00a313\u00a0million lower; 2023: \u00a35\u00a0million higher). The effect of these interest rate changes on items recognised directly in other comprehensive
income is not material in either year.
Following the decision taken by global regulators in 2018 to replace Interbank Offered Rates with alternative nearly risk-free rates,
such\u00a0benchmark rates were expected to be largely discontinued after 2021.
The Group is party to the ISDA fallback protocol and in January 2022, it automatically replaced the GBP LIBOR with economically
equivalent interest rate derivatives referencing SONIA on their\u00a0reset date with the impacted derivatives maturing in October\u00a02023.
Credit risk
The Group has no significant concentrations of customer credit risk. Subsidiaries have policies in place requiring appropriate credit
checks on potential customers before sales commence. The process for monitoring and managing credit risk once sales to customers
have been made varies depending on local practice in\u00a0the countries concerned.
Certain territories have bank guarantees, other guarantees or credit insurance provided in the Group\u2019s favour in respect of Group trade
receivables, the issuance and terms of which are dependent on local practices in the countries concerned. All derivatives are subject to
ISDA agreements or equivalent documentation.
Cash deposits and other financial instruments give rise to credit risk on the amounts due from the related counterparties. Generally, the
Group aims to transact with counterparties with strong investment grade credit ratings. However, the Group recognises that due to the
need to operate over a large geographic footprint, this will not always be possible. Counterparty credit risk is managed on a global basis
by limiting the aggregate amount and duration of exposure to any one counterparty, taking into account its credit rating. The credit
ratings of all counterparties are reviewed regularly.
The Group ensures that it has sufficient counterparty credit capacity of requisite quality to undertake all anticipated transactions
throughout its geographic footprint, while at the same time ensuring that there is no geographic concentration in\u00a0the location of
counterparties.
With the following exceptions, the maximum exposure to the credit risk of financial assets at the balance sheet date is reflected by the
carrying values included in the Group\u2019s balance sheet. The Group has entered into short-term risk participation agreements in relation to
certain leaf supply arrangements and the maximum exposure under these would be nil\u00a0 (2024: \u00a352\u00a0million). In\u00a0addition, the Group has
entered into a guarantee arrangement to support a short-term bank credit facility with a supply chain partner. The maximum exposure
under the arrangement would be\u00a0\u00a31\u00a0million (2024: \u00a31\u00a0million).
Price risk
The Group is exposed to price risk on investments held by the Group, which are included in investments held at fair value on
the\u00a0consolidated balance sheet, but the quantum of such is not\u00a0material.
Hedge accounting
In order to qualify for hedge accounting, the Group is required to document prospectively the economic relationship between the item being
hedged and the hedging instrument. The Group is also required to demonstrate an assessment of the economic relationship between the
hedged item and the hedging instrument, which shows that the hedge will be highly effective on\u00a0an ongoing basis. This effectiveness testing
is repeated periodically to ensure that the hedge has remained, and is expected to remain, highly effective. The prospective effectiveness
testing determines that an economic relationship between the hedged item and the hedging instrument exists.
In accordance with the Group Treasury Policy, the exact hedge ratios and profile of a hedge relationship will depend on several factors,
including the desired degree of certainty and reduced volatility of net interest costs and market conditions, trends and expectations in the
relevant markets. The sources of ineffectiveness include spot and forward differences, impact of time value and timing differences between
periods in the hedged item and hedging instrument.
The Group\u2019s risk management strategy has been explained in further detail under the interest rate risk and currency risk sections of this note.
Fair value estimation
The fair values of financial assets and liabilities with maturities of\u00a0less than one year, other than derivatives, are assumed to approximate
their book values. For other financial instruments which are measured at fair value in the balance sheet, the basis for\u00a0fair values is
described below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-873": { "value": "
Liquidity risk
It is the policy of the Group to maximise financial flexibility and minimise refinancing risk by issuing debt with a range of maturities,
generally matching the projected cash flows of the Group and obtaining this financing from a wide range of sources. The Group has a
target average centrally managed debt maturity of at least five years with no more than 20% of centrally managed debt maturing in a
single rolling year. As at 31 December 2025, the\u00a0average centrally managed debt maturity was 9.5 years (2024: 9.5\u00a0years) and the highest
proportion of centrally managed debt maturing in a single rolling year was 15.1% (2024: 14.8%). Perpetual hybrid bonds are treated as
equity (note 22(d)) and therefore not included within the debt maturity analysis.
The Group utilises cash pooling and zero balancing bank account structures in addition to intercompany loans and borrowings to
mobilise cash efficiently within the Group. The key objectives of Treasury in respect of cash and cash equivalents are to protect their
principal value, to concentrate cash at the centre, to minimise the required debt issuance and to optimise the yield earned. The amount
of debt issued by the Group is determined by forecasting the net debt requirement after the mobilisation of cash.
The Group continues to target a solid investment-grade credit rating. Moody\u2019s, S&P's and Fitch's current ratings for the Group are\u00a0Baa1
(stable outlook), BBB+ (stable outlook), BBB+ (stable outlook), respectively. The Group is confident of its continued ability to successfully
access the debt capital markets for future refinancing requirements.
As part of its short-term cash management, the Group invests in a range of cash and cash equivalents, including money market funds
and deposits with banks, which are regarded as highly liquid and are not exposed to significant changes in fair value. These are kept
under continuous review as described in the credit risk section below. At 31 December 2025, the\u00a0Group had \u00a3855\u00a0million invested in
money market funds (2024:\u00a0\u00a3433\u00a0million) and \u00a3475\u00a0million in deposits with banks (2024: nil).
As part of its working capital management, in certain countries, the Group has entered into factoring arrangements and supply chain
financing arrangements. These are explained in further detail in note 17 and note 25.
Subsidiary companies are funded by share capital and retained earnings, loans from the central finance companies on commercial terms,
or through local borrowings by the subsidiaries in appropriate currencies to predominantly fund short- to medium-term working capital
requirements.
Available facilities in current year:
It is Group policy that short-term sources of funds (including drawings under both the Group US$4\u00a0billion U.S. commercial paper (U.S.
CP) programme and the Group \u00a33\u00a0billion euro commercial paper (ECP) programme) are backed by undrawn committed lines of credit
and cash. Commercial paper is issued by B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and B.A.T Capital
Corporation and guaranteed by British American Tobacco p.l.c. At 31 December 2025, commercial paper of nil was outstanding
(2024:\u00a0nil). Cash flows relating to commercial paper that have maturity periods of three months or less are presented on a net basis in
the Group\u2019s cash flow statement.
At 31 December 2025, the Group had access to a \u00a35.0\u00a0billion revolving credit facility. This facility was undrawn at 31 December 2025. In
November 2025, the Group refinanced its existing \u00a35.2\u00a0billion facility at the reduced amount of \u00a35.0\u00a0billion comprising (i) a \u00a32.5\u00a0billion
364-day tranche with two one-year extension options and a one-year term out option and (ii) a \u00a32.5\u00a0billion five-year tranche with two
one-year extension options.
During 2025, the Group refinanced or extended short-term bilateral facilities totalling \u00a32.7\u00a0billion. As at 31 December 2025, nil was drawn
on a short-term basis with \u00a32.7\u00a0billion undrawn and still available under such bilateral facilities. Cash flows relating to bilateral facilities that
have maturity periods of three months or less are presented on a net basis in the Group\u2019s cash flow statement.
In January 2025, the Group entered into a medium-term facility of \u00a3468\u00a0million (equivalent), which was fully drawn as at 31 December 2025.
Issuance, drawdowns and repayments in current year:
\u2013 In March 2025, the Group repaid a \u20ac650\u00a0million bond at maturity and accessed the US dollar market under the SEC Shelf Programme,
raising a total of US$2.5\u00a0billion across three tranches;
\u2013 In June 2025, the Group repaid two bonds totalling an aggregate amount of US$3.0\u00a0billion at maturity;
\u2013 In August 2025, the Group repaid a \u00a3300 million bond at maturity;
\u2013 In September 2025, the Group accessed the US dollar market under the SEC Shelf Programme, raising US$750 million; and
\u2013 In October 2025, the Group issued two series of perpetual hybrid bonds, each in an aggregate principal amount of \u20ac600\u00a0million, and
concurrently launched a tender offer for its outstanding \u20ac1.0 billion 3% perpetual hybrid bond (first callable in 2026). As a result,
approximately 80.7% of the existing 3% perpetual hybrid notes were repurchased at a slight premium, with the remaining 19.3%
redeemed at their principal value in November 2025. Refer to note 22(d) for further details.
Available facilities in prior year:
At 31 December 2024, the Group had access to a \u00a35.4 billion revolving credit facility. With effect from March 2024, the Group exercised
the first of the one-year extension options on the \u00a32.5\u00a0billion 364-day tranche of the revolving credit facility, with the second one-year
extension subsequently exercised in February 2025. Effective March 2025, therefore, the \u00a32.5\u00a0billion 364-day tranche was extended to
March 2026. Additionally, \u00a32.85\u00a0billion of the five-year tranche remained available until March 2025, with \u00a32.7\u00a0billion extended to March
2026 and \u00a32.5\u00a0billion extended to March 2027.
During 2024, the Group extended short-term bilateral facilities totalling \u00a32.4 billion. As at 31 December 2024, nil was drawn on a short-
term basis with \u00a32.4 billion undrawn and still available under such bilateral facilities. Cash flows relating to bilateral facilities that have
maturity periods of three months or less are presented on a net basis in the Group\u2019s cash flow statement.
Issuance, drawdowns and repayments in prior year:
\u2013 In February 2024, the Group accessed the US dollar market under the SEC Shelf Programme, raising a total of US$1.7\u00a0billion across two
tranches;
\u2013 In March 2024, the Group repaid a \u00a3229\u00a0million bond at maturity;
\u2013 In April 2024, the Group accessed the Euro market under its EMTN Programme, raising a total of \u20ac900\u00a0million;
\u2013 To optimise the Group\u2019s debt capital structure using available liquidity and to reduce gross and net debt, the Group completed capped
cash debt tender offers in May 2024, targeting series of low-priced, long-dated GBP-, EUR- and USD-denominated bonds, pursuant to
which the Group repurchased bonds prior to their maturity in a principal amount of \u00a31.8\u00a0billion (equivalent); and
\u2013 In August, September and October 2024, the Group repaid US$1.9\u00a0billion, US$1\u00a0billion and \u20ac850\u00a0million of bonds at maturity, respectively.
Currency risk
The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting
currency, sterling. The Group\u2019s primary balance sheet translation exposures are to the US dollar, Euro, Australian dollar, Canadian dollar,
Danish krone, Indian rupee, Indonesian rupiah, Singaporean dollar, South African rand and Swiss franc. These exposures are kept under
continuous review. The Group\u2019s policy on borrowings is to broadly match the currency of these borrowings with the currency of cash
flows arising from the Group\u2019s underlying operations. Within this overall policy, the Group aims to\u00a0minimise all balance sheet translation
exposure where it is practicable and cost-effective to do so through matching currency assets with currency borrowings. The main
objective of these policies is to protect shareholder value by increasing certainty and minimising volatility in earnings per share. At 31
December 2025, the currency profile of the Group\u2019s gross debt, after taking into account derivative contracts, was 75% US dollar (2024:
74%), 14% euro (2024: 14%), 7% sterling (2024: 8%) and 4% other currencies (2024: 4%).
The Group faces currency exposures arising from the translation of profits earned in foreign currency subsidiaries and associates and
joint arrangements; these exposures are not normally hedged. Exposures also arise from:
(i) foreign currency denominated trading transactions undertaken by subsidiaries. These exposures comprise committed and highly
probable forecast sales and purchases, which are offset wherever possible. The remaining exposures are hedged within the Treasury
policies and procedures with forward foreign exchange contracts and options, which are designated as hedges of the foreign exchange
risk of the identified future transactions; and
(ii) forecast dividend flows from subsidiaries to the centre. To ensure cash flow certainty, the Group enters into forward foreign exchange
contracts which are designated as net investment hedges of the foreign exchange risk arising from the investments in these subsidiaries.
IFRS 7 Financial Instruments: Disclosures requires a sensitivity analysis that shows the impact on the\u00a0income statement and on\u00a0items
recognised directly in other comprehensive income of\u00a0hypothetical changes of exchange rates in respect of non-functional currency
financial assets and liabilities held across the Group. All other variables are held constant although, in practice, market rates rarely change
in isolation. Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and
liabilities and translation risk, are not included in the analysis. The Group considers a 10% strengthening or weakening of the functional
currency against the non-functional currency of its subsidiaries as\u00a0a reasonably possible change. The impact is calculated with reference
to the financial asset or liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being \u00a370\u00a0million lower
(2024: \u00a394\u00a0million lower; 2023: \u00a361\u00a0million lower) and items recognised directly in other comprehensive income being \u00a3467\u00a0million higher
(2024: \u00a3342\u00a0million higher; 2023: \u00a3273\u00a0million higher). A\u00a010%\u00a0weakening of functional currencies against non-functional currencies would
result in pre-tax profit being \u00a385\u00a0million higher (2024: \u00a3114\u00a0million higher; 2023: \u00a372\u00a0million higher) and items recognised directly in other
comprehensive income being \u00a3572\u00a0million lower (2024: \u00a3418\u00a0million lower; 2023: \u00a3333\u00a0million lower).
The exchange sensitivities on items recognised directly in other comprehensive income relate to hedging of certain net asset currency
positions in the Group, as well as on cash flow hedges in\u00a0respect of future transactions, but do not include sensitivities in\u00a0respect of
exchange on non-financial assets or liabilities.
Interest rate risk
The objectives of the Group\u2019s interest rate risk management policy are to lessen the impact of adverse interest rate movements on the
earnings, cash flow and economic value of the Group. Additional objectives are to minimise the cost of hedging and the associated
counterparty risk.
In order to manage its interest rate risk, the Group maintains both floating rate and fixed rate debt. The Group sets targets (within overall
guidelines) for the desired ratio of floating to fixed rate debt on a net basis (at least 50% fixed on a net basis in the short- to medium-
term) as a result of regular reviews of market conditions and strategy by the Corporate Finance Committee and the board of the main
central finance company. Underlying borrowings are arranged on both a fixed rate and a floating rate basis and, where appropriate, the
Group uses derivatives, primarily interest rate swaps to vary the fixed and floating mix, or forward starting swaps to manage the
refinancing risk. The interest rate profile of liquid assets included in net debt are considered to offset floating rate debt and are taken into
account in determining the net interest rate exposure. At 31 December 2025, the relevant ratio of floating to fixed rate borrowings after
the impact of derivatives was 24:76 (2024: 22:78). On a net debt basis, after offsetting liquid assets and excluding cash and other liquid
assets (including investments held at fair value) in Canada, which were subject to certain restrictions under CCAA protection in 2024
(and were subsequently paid into the Global Settlement Trust Account as part of the Upfront Cash Contribution in the second half of
2025), the ratio of floating to fixed rate borrowings was 14:86 (2024: 13:87).
IFRS 7 requires a sensitivity analysis that shows the impact on the\u00a0income statement and on items recognised directly in other
comprehensive income of hypothetical changes of interest rates in\u00a0respect of financial assets and liabilities of the Group. All other
variables are held constant although, in practice, market rates rarely change in isolation. For the purposes of this sensitivity analysis,
financial assets and liabilities with fixed interest rates are\u00a0not included. The Group considers a 100 basis point change in\u00a0interest rates a
reasonably possible change except where rates are less than 100 basis points. In these instances, it is assumed that the interest rates
increase by 100 basis points and decrease to zero for the purpose of performing the sensitivity analysis. The\u00a0impact is calculated with
reference to the financial asset or\u00a0liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 100 basis point increase in interest rates would result in pre-tax profit being \u00a327\u00a0million lower (2024: \u00a313\u00a0million higher; 2023: \u00a35\u00a0million
lower). A 100 basis point decrease in interest rates, or less where applicable, would result in pre-tax profit being \u00a327\u00a0million higher (2024:
\u00a313\u00a0million lower; 2023: \u00a35\u00a0million higher). The effect of these interest rate changes on items recognised directly in other comprehensive
income is not material in either year.
Following the decision taken by global regulators in 2018 to replace Interbank Offered Rates with alternative nearly risk-free rates,
such\u00a0benchmark rates were expected to be largely discontinued after 2021.
The Group is party to the ISDA fallback protocol and in January 2022, it automatically replaced the GBP LIBOR with economically
equivalent interest rate derivatives referencing SONIA on their\u00a0reset date with the impacted derivatives maturing in October\u00a02023.
Credit risk
The Group has no significant concentrations of customer credit risk. Subsidiaries have policies in place requiring appropriate credit
checks on potential customers before sales commence. The process for monitoring and managing credit risk once sales to customers
have been made varies depending on local practice in\u00a0the countries concerned.
Certain territories have bank guarantees, other guarantees or credit insurance provided in the Group\u2019s favour in respect of Group trade
receivables, the issuance and terms of which are dependent on local practices in the countries concerned. All derivatives are subject to
ISDA agreements or equivalent documentation.
Cash deposits and other financial instruments give rise to credit risk on the amounts due from the related counterparties. Generally, the
Group aims to transact with counterparties with strong investment grade credit ratings. However, the Group recognises that due to the
need to operate over a large geographic footprint, this will not always be possible. Counterparty credit risk is managed on a global basis
by limiting the aggregate amount and duration of exposure to any one counterparty, taking into account its credit rating. The credit
ratings of all counterparties are reviewed regularly.
The Group ensures that it has sufficient counterparty credit capacity of requisite quality to undertake all anticipated transactions
throughout its geographic footprint, while at the same time ensuring that there is no geographic concentration in\u00a0the location of
counterparties.
With the following exceptions, the maximum exposure to the credit risk of financial assets at the balance sheet date is reflected by the
carrying values included in the Group\u2019s balance sheet. The Group has entered into short-term risk participation agreements in relation to
certain leaf supply arrangements and the maximum exposure under these would be nil\u00a0 (2024: \u00a352\u00a0million). In\u00a0addition, the Group has
entered into a guarantee arrangement to support a short-term bank credit facility with a supply chain partner. The maximum exposure
under the arrangement would be\u00a0\u00a31\u00a0million (2024: \u00a31\u00a0million).
Price risk
The Group is exposed to price risk on investments held by the Group, which are included in investments held at fair value on
the\u00a0consolidated balance sheet, but the quantum of such is not\u00a0material.
Hedge accounting
In order to qualify for hedge accounting, the Group is required to document prospectively the economic relationship between the item being
hedged and the hedging instrument. The Group is also required to demonstrate an assessment of the economic relationship between the
hedged item and the hedging instrument, which shows that the hedge will be highly effective on\u00a0an ongoing basis. This effectiveness testing
is repeated periodically to ensure that the hedge has remained, and is expected to remain, highly effective. The prospective effectiveness
testing determines that an economic relationship between the hedged item and the hedging instrument exists.
In accordance with the Group Treasury Policy, the exact hedge ratios and profile of a hedge relationship will depend on several factors,
including the desired degree of certainty and reduced volatility of net interest costs and market conditions, trends and expectations in the
relevant markets. The sources of ineffectiveness include spot and forward differences, impact of time value and timing differences between
periods in the hedged item and hedging instrument.
The Group\u2019s risk management strategy has been explained in further detail under the interest rate risk and currency risk sections of this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-874": { "value": "
Currency risk
The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting
currency, sterling. The Group\u2019s primary balance sheet translation exposures are to the US dollar, Euro, Australian dollar, Canadian dollar,
Danish krone, Indian rupee, Indonesian rupiah, Singaporean dollar, South African rand and Swiss franc. These exposures are kept under
continuous review. The Group\u2019s policy on borrowings is to broadly match the currency of these borrowings with the currency of cash
flows arising from the Group\u2019s underlying operations. Within this overall policy, the Group aims to\u00a0minimise all balance sheet translation
exposure where it is practicable and cost-effective to do so through matching currency assets with currency borrowings. The main
objective of these policies is to protect shareholder value by increasing certainty and minimising volatility in earnings per share. At 31
December 2025, the currency profile of the Group\u2019s gross debt, after taking into account derivative contracts, was 75% US dollar (2024:
74%), 14% euro (2024: 14%), 7% sterling (2024: 8%) and 4% other currencies (2024: 4%).
The Group faces currency exposures arising from the translation of profits earned in foreign currency subsidiaries and associates and
joint arrangements; these exposures are not normally hedged. Exposures also arise from:
(i) foreign currency denominated trading transactions undertaken by subsidiaries. These exposures comprise committed and highly
probable forecast sales and purchases, which are offset wherever possible. The remaining exposures are hedged within the Treasury
policies and procedures with forward foreign exchange contracts and options, which are designated as hedges of the foreign exchange
risk of the identified future transactions; and
(ii) forecast dividend flows from subsidiaries to the centre. To ensure cash flow certainty, the Group enters into forward foreign exchange
contracts which are designated as net investment hedges of the foreign exchange risk arising from the investments in these subsidiaries.
IFRS 7 Financial Instruments: Disclosures requires a sensitivity analysis that shows the impact on the\u00a0income statement and on\u00a0items
recognised directly in other comprehensive income of\u00a0hypothetical changes of exchange rates in respect of non-functional currency
financial assets and liabilities held across the Group. All other variables are held constant although, in practice, market rates rarely change
in isolation. Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and
liabilities and translation risk, are not included in the analysis. The Group considers a 10% strengthening or weakening of the functional
currency against the non-functional currency of its subsidiaries as\u00a0a reasonably possible change. The impact is calculated with reference
to the financial asset or liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being \u00a370\u00a0million lower
(2024: \u00a394\u00a0million lower; 2023: \u00a361\u00a0million lower) and items recognised directly in other comprehensive income being \u00a3467\u00a0million higher
(2024: \u00a3342\u00a0million higher; 2023: \u00a3273\u00a0million higher). A\u00a010%\u00a0weakening of functional currencies against non-functional currencies would
result in pre-tax profit being \u00a385\u00a0million higher (2024: \u00a3114\u00a0million higher; 2023: \u00a372\u00a0million higher) and items recognised directly in other
comprehensive income being \u00a3572\u00a0million lower (2024: \u00a3418\u00a0million lower; 2023: \u00a3333\u00a0million lower).
The exchange sensitivities on items recognised directly in other comprehensive income relate to hedging of certain net asset currency
positions in the Group, as well as on cash flow hedges in\u00a0respect of future transactions, but do not include sensitivities in\u00a0respect of
exchange on non-financial assets or liabilities.
Interest rate risk
The objectives of the Group\u2019s interest rate risk management policy are to lessen the impact of adverse interest rate movements on the
earnings, cash flow and economic value of the Group. Additional objectives are to minimise the cost of hedging and the associated
counterparty risk.
In order to manage its interest rate risk, the Group maintains both floating rate and fixed rate debt. The Group sets targets (within overall
guidelines) for the desired ratio of floating to fixed rate debt on a net basis (at least 50% fixed on a net basis in the short- to medium-
term) as a result of regular reviews of market conditions and strategy by the Corporate Finance Committee and the board of the main
central finance company. Underlying borrowings are arranged on both a fixed rate and a floating rate basis and, where appropriate, the
Group uses derivatives, primarily interest rate swaps to vary the fixed and floating mix, or forward starting swaps to manage the
refinancing risk. The interest rate profile of liquid assets included in net debt are considered to offset floating rate debt and are taken into
account in determining the net interest rate exposure. At 31 December 2025, the relevant ratio of floating to fixed rate borrowings after
the impact of derivatives was 24:76 (2024: 22:78). On a net debt basis, after offsetting liquid assets and excluding cash and other liquid
assets (including investments held at fair value) in Canada, which were subject to certain restrictions under CCAA protection in 2024
(and were subsequently paid into the Global Settlement Trust Account as part of the Upfront Cash Contribution in the second half of
2025), the ratio of floating to fixed rate borrowings was 14:86 (2024: 13:87).
IFRS 7 requires a sensitivity analysis that shows the impact on the\u00a0income statement and on items recognised directly in other
comprehensive income of hypothetical changes of interest rates in\u00a0respect of financial assets and liabilities of the Group. All other
variables are held constant although, in practice, market rates rarely change in isolation. For the purposes of this sensitivity analysis,
financial assets and liabilities with fixed interest rates are\u00a0not included. The Group considers a 100 basis point change in\u00a0interest rates a
reasonably possible change except where rates are less than 100 basis points. In these instances, it is assumed that the interest rates
increase by 100 basis points and decrease to zero for the purpose of performing the sensitivity analysis. The\u00a0impact is calculated with
reference to the financial asset or\u00a0liability held as at the year-end, unless this is unrepresentative of the position during the year.
A 100 basis point increase in interest rates would result in pre-tax profit being \u00a327\u00a0million lower (2024: \u00a313\u00a0million higher; 2023: \u00a35\u00a0million
lower). A 100 basis point decrease in interest rates, or less where applicable, would result in pre-tax profit being \u00a327\u00a0million higher (2024:
\u00a313\u00a0million lower; 2023: \u00a35\u00a0million higher). The effect of these interest rate changes on items recognised directly in other comprehensive
income is not material in either year.
Following the decision taken by global regulators in 2018 to replace Interbank Offered Rates with alternative nearly risk-free rates,
such\u00a0benchmark rates were expected to be largely discontinued after 2021.
The Group is party to the ISDA fallback protocol and in January 2022, it automatically replaced the GBP LIBOR with economically
equivalent interest rate derivatives referencing SONIA on their\u00a0reset date with the impacted derivatives maturing in October\u00a02023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-875": { "value": "
Credit risk
The Group has no significant concentrations of customer credit risk. Subsidiaries have policies in place requiring appropriate credit
checks on potential customers before sales commence. The process for monitoring and managing credit risk once sales to customers
have been made varies depending on local practice in\u00a0the countries concerned.
Certain territories have bank guarantees, other guarantees or credit insurance provided in the Group\u2019s favour in respect of Group trade
receivables, the issuance and terms of which are dependent on local practices in the countries concerned. All derivatives are subject to
ISDA agreements or equivalent documentation.
Cash deposits and other financial instruments give rise to credit risk on the amounts due from the related counterparties. Generally, the
Group aims to transact with counterparties with strong investment grade credit ratings. However, the Group recognises that due to the
need to operate over a large geographic footprint, this will not always be possible. Counterparty credit risk is managed on a global basis
by limiting the aggregate amount and duration of exposure to any one counterparty, taking into account its credit rating. The credit
ratings of all counterparties are reviewed regularly.
The Group ensures that it has sufficient counterparty credit capacity of requisite quality to undertake all anticipated transactions
throughout its geographic footprint, while at the same time ensuring that there is no geographic concentration in\u00a0the location of
counterparties.
With the following exceptions, the maximum exposure to the credit risk of financial assets at the balance sheet date is reflected by the
carrying values included in the Group\u2019s balance sheet. The Group has entered into short-term risk participation agreements in relation to
certain leaf supply arrangements and the maximum exposure under these would be nil\u00a0 (2024: \u00a352\u00a0million). In\u00a0addition, the Group has
entered into a guarantee arrangement to support a short-term bank credit facility with a supply chain partner. The maximum exposure
under the arrangement would be\u00a0\u00a31\u00a0million (2024: \u00a31\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-876": { "value": "
Fair value estimation
The fair values of financial assets and liabilities with maturities of\u00a0less than one year, other than derivatives, are assumed to approximate
their book values. For other financial instruments which are measured at fair value in the balance sheet, the basis for\u00a0fair values is
described below.
Fair value hierarchy
In accordance with IFRS 13 classification hierarchy, the following table presents the Group\u2019s financial assets and liabilities that are
measured at fair value:
2025
2024
Notes
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets at fair value
Investment held at fair value
18
211
\u2014
138
349
447
\u2014
212
659
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
44
\u2014
44
\u2014
11
\u2014
11
\u2013 cross-currency swaps
19
\u2014
105
\u2014
105
\u2014
100
\u2014
100
\u2013 forward foreign currency contracts
19
\u2014
148
\u2014
148
\u2014
185
\u2014
185
Assets at fair value
211
297
138
646
447
296
212
955
Liabilities at fair value
Derivatives relating to
\u2013 interest rate swaps
19
\u2014
92
\u2014
92
\u2014
270
\u2014
270
\u2013 cross-currency swaps
19
\u2014
5
\u2014
5
\u2014
16
\u2014
16
\u2013 forward foreign currency contracts
19
\u2014
118
\u2014
118
\u2014
131
\u2014
131
\u2013 embedded derivative relating to
associates
19
\u2014
\u2014
\u2014
\u2014
\u2014
7
\u2014
7
Liabilities at fair value
\u2014
215
\u2014
215
\u2014
424
\u2014
424
Level 2 financial instruments are not traded in an active market, but the fair values are based on quoted market prices, broker/dealer
quotations, or alternative pricing sources with reasonable levels of price transparency. The Group\u2019s level 2 financial instruments include
OTC derivatives.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-877": { "value": "
27 Changes in the Group
The Group acquired certain businesses and other assets as noted below. The financial impact of these transactions to the Group were
immaterial individually and in aggregate. Except as noted, there were no material differences between the fair value and book values of
net assets acquired in business combinations.
(a) Acquisitions
Intellectual Property acquired from Charlie\u2019s Holdings Inc.
In August 2025, the Group acquired certain intellectual property rights associated with PMTA applications for certain vapour products
and related recipes, formulas, and product specifications relating to synthetic nicotine e-liquids from Charlie\u2019s Holdings Inc. The total
consideration for this transaction was US$7.5 million (\u00a36\u00a0million) payable on closing, and up to US$4.2\u00a0million (\u00a33\u00a0million) in contingent
consideration relating to post-acquisition earnouts.
Beni Oral Nicotine LLC
On 15 July 2024, the Group acquired Beni Oral Nicotine LLC, a U.S. company owning rights to a portfolio of tobacco-free oral use
synthetic nicotine pouches, for upfront consideration of US$30\u00a0million (\u00a323\u00a0million), and deferred payments of contingent consideration
of up to US$200 million (\u00a3160\u00a0million) deferred for 5 years, subject to the achievement of certain milestones. The transaction has been
accounted for as an asset acquisition, rather than as a business combination, as the intellectual property acquired does not represent an
integrated set of activities required by IFRS for business combination accounting. Consequently, the best estimate of consideration
payable has been allocated to the acquired assets by relative fair value.
(b) Associated undertakings
(i) ITC Limited
On 28 May 2025, the Group announced the divestment of 10% of its equity stake in ITC Limited (the equivalent of 2.5% of ITC's ordinary
shares) to institutional investors by way of an accelerated bookbuild process (Block Trade). The Block Trade sale generated net proceeds
after transaction costs and taxes of INR121.0\u00a0billion (\u00a31.0\u00a0billion) which were then repatriated to the UK in a series of foreign exchange
transactions in the days following the sale. The transaction was subject to applicable tax laws in India and the UK, and proceeds were
remitted net of withheld Indian Capital Gains Tax of INR7.3\u00a0billion (\u00a363\u00a0million). Following completion of the transaction, BAT has
remained a significant shareholder of ITC, with a 22.91% shareholding, and has continued to account for ITC as an associated undertaking
using the equity method of accounting.
On 13 March 2024, the Group announced the divestment of 12% of\u00a0its equity stake in ITC Limited (the equivalent of 3.5% of ITC's ordinary
shares at the time) by way of a Block Trade sale which generated net proceeds of INR166.9\u00a0billion (\u00a31.6\u00a0billion). The proceeds were
remitted net of withheld Indian Capital Gains Tax of INR5.7\u00a0billion (\u00a354\u00a0million).
On 24 July 2023, ITC announced a proposed demerger of its \u2018Hotels Business\u2019 under a scheme of arrangement by which 60% of the
newly incorporated entity would be held directly by ITC's shareholders proportionate to their shareholding in ITC. In January 2025, ITC
Hotels Limited was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).
The Group\u2019s direct stake in ITC Hotels Limited at the time of the demerger was 15% and the investment was recognised as an
investment held at fair value through other comprehensive income. In December 2025, around 59% of the Group\u2019s investment in ITC
Hotels was sold to investors by way of an accelerated bookbuild process. Net proceeds from the sale amounted to \u00a3318\u00a0million. Following
completion of the sale, the Group retains a c.6.3% holding in ITC Hotels.
During 2025, ITC made several acquisitions including Ample Foods (Prasuma and Meatigo), M/s. Sresta Natural Bioproducts (24 Mantra
Organic Foods), Mother Sparsh (premium ayurvedic and natural baby care) and Century Pulp & Paper. These acquisitions did not
materially impact the Group\u2019s investment in ITC.
(ii) Organigram Global Inc
On 11 March 2021, the Group announced a strategic collaboration agreement with Organigram Inc., a wholly owned subsidiary of publicly
traded Organigram Global Inc. (collectively, Organigram). Under the terms of the transaction, a Group subsidiary acquired a 19.9% equity
stake in Organigram to become the largest shareholder, with the ability to appoint two directors and representation on its investment
committee. The Group accounts for the investment as an associate.
In 2023, the Group announced the signing of an agreement for a further investment of CAD$125\u00a0million (\u00a374\u00a0million) in Organigram,
subject to customary conditions, including necessary approvals by the shareholders of Organigram, which was given on 18 January 2024.
On 24 January 2024, BAT made the first tranche investment of CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 12,893,175 common
shares of Organigram at a\u00a0price of CAD$3.22 per share. On 30 August 2024, BAT made the second tranche investment of
CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 4,429,740 common shares and 8,463,435 preferred shares of Organigram at a price of
CAD$3.22 per share.
On 6 December 2024, Organigram announced the 100% acquisition of Motif Labs Ltd. and the consideration included CAD$40\u00a0million
of\u00a0Organigram common shares. As a result, the Group's interest in\u00a0Organigram reduced to c.30.6%.
On 28 February 2025, the Group made the third and final tranche investment in Organigram for CAD$42\u00a0million (\u00a323\u00a0million), subscribing
for 7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches. Under the terms of the
agreement, the Group\u2019s voting rights are restricted to 30%.
(iii) Other investments Since 2021, the Group has invested in Awake Corporation, a Canadian Chocolate company in the Wellbeing &
Stimulation sector, and has participated in several funding rounds since making its initial investment, previously accounting for the
interest as an investment at fair value through Other Comprehensive Income. In June 2025, the Group participated in another funding
round, increasing the Group\u2019s stake. The Group now accounts for the investment as an associate and currently owns 41.6%.
In April 2023, the Group announced a strategic joint venture agreement between a Group subsidiary, AJNA BioSciences PBC, and
Charlotte\u2019s Web. Under the terms of the transaction, a Group subsidiary acquired a 19.9% stake in the new entity, DeFloria, Inc, at\u00a0a cost
of \u00a38 million (US$10\u00a0million). During 2024, the Group made a further investment of \u00a34 million in the form of a convertible loan note.
In 2022, the Group made an investment in Steady State LLC (trading as Open Book Extracts) for \u00a34\u00a0million, followed by a second
investment of \u00a34\u00a0million in May 2023. The Group accounts for the investment as\u00a0an associate. A further investment of \u00a38\u00a0million was
made in October 2023 by way of a convertible loan note, which is currently accounted for as an investment at fair value through profit and
loss.
(c) Non-controlling interests
During 2025, the Group acquired a further 2.60% in JSC JV \u201cUZBAT A.O.\u201d at a cost of \u00a316\u00a0million. In addition, the Group acquired 5% of
British American Tobacco Mozambique Limitada for \u00a33\u00a0million.
During 2023, the Group acquired a further 1.31% in Hrvatski Duhani d.d., at a cost of less than \u00a31\u00a0million, following the acquisitions in
2022 (3.3% at a cost of \u00a31 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-878": { "value": "
(d) Assets held for sale and business disposals
(i) Brascuba Cigarrillos S.A.
On 19 December 2025, the Group entered into an agreement to sell its 50% shareholding in Brascuba Cigarrillos S.A. (Brascuba) to
Tabagest S.A. (Tabagest), a company incorporated in the Republic of Cuba and an existing investor in Brascuba. As part of the agreement,
outstanding trading balances between Brascuba and the Group\u2019s Brazilian subsidiaries at the completion date will also be sold and assigned
to Tabagest.
Completion of the business disposal and sale and assignment of trading balances is conditional on receipt of formal government approval
and there being no regulatory, compliance or other impediments to completion. Consideration for the shares in Brascuba held by the Group,
which represents a 50% shareholding, will be US$25\u00a0million (\u00a319\u00a0million) and in addition, US$35\u00a0million (\u00a326\u00a0million) is expected to be
received for the sale and assignment of the intercompany balances referred to above, with both amounts settled in Euros.
Upon completion, the Group will no longer have a presence in Cuba. As a result of a sale of its shares, the Group will have neither voting
rights nor the ability or means to direct day-to-day activities, appoint management, or make business decisions, and will not have any
exposure to future returns from the business. Consequently, management have classified the entirety of the assets and liabilities of the
Cuban business, excluding intercompany balances, as a disposal group as at 31 December 2025 in accordance with IFRS 5.
At 31 December 2025, \u00a312\u00a0million of property, plant and equipment and other non-current assets, \u00a323\u00a0million of trade and other receivables,
\u00a3208\u00a0million of cash and cash equivalents and \u00a313\u00a0million of other current assets principally relating to inventories, have been classified as
held-for-sale and presented as such on the balance sheet at an estimated fair value less costs to sell. In addition, \u00a36\u00a0million of trade creditors
and other liabilities have been classified as held-for-sale at 31 December 2025. Impairment charges of \u00a3231\u00a0million and associated costs of
\u00a34\u00a0million have been recognised in the Income Statement as adjusting items.
An estimated charge of \u00a39\u00a0million in respect of foreign exchange previously recognised in other comprehensive income will be reclassified
to the income statement on completion of the transaction. In addition, an estimated loss of \u00a358 million will be recognised on the sale and
assignment of intercompany balances on completion.
The following is a reconciliation between the total assets available for sale and their estimated recoverable value (fair value less costs to sell):
31 December 2025
\u00a3m
Total assets held-for-sale
256
Impairment of non-current assets held-for-sale - Brascuba
(12)
244
Excess impairment beyond non-current assets held-for-sale - Brascuba
(219)
25
(ii) BAT Russia and BAT Belarus On 11 March 2022, the Group announced the intention to transfer its Russian business in full compliance with
international and local laws. At that time, the Group had two subsidiaries in Russia (BAT Russia), being JSC British American Tobacco-SPb and
JSC International Tobacco Marketing Services. In September 2023, the Group formally entered into an agreement to sell the Group's Russian
and Belarusian businesses to a consortium led by then members of BAT Russia\u2019s management team, in compliance with local and international
laws. As previously announced, due to operational dependencies between BAT Russia and the Group\u2019s subsidiary in Belarus (International Tobacco
Marketing Services BY) (BAT Belarus), the Belarusian business was included in the sale. The transaction was completed on 13 September 2023
and, since completion, the buyer consortium has wholly owned both businesses. These businesses are\u00a0now known as the ITMS Group.
In accordance with IFRS, the assets and liabilities of the subsidiaries comprising BAT Russia and BAT Belarus were classified as held-for-sale as of
31 December 2022 and presented as such on the balance sheet at an estimated recoverable value. Impairment charges of \u00a3554\u00a0million and
associated costs of \u00a358\u00a0million were recognised in 2022 as adjusting items. Upon completion, the businesses were deconsolidated from the
Group's balance sheet. Proceeds of \u00a3425\u00a0million were received in 2023, resulting in a partial reversal of \u00a3195\u00a0million of the previously recognised
impairment. In\u00a0addition to this, \u00a3554\u00a0million of foreign exchange previously recognised in the statement of other comprehensive income was
reclassified to the income statement upon completion of the transaction. This resulted in a net charge to the income statement of \u00a3353\u00a0million
which included disposal-related costs of\u00a0\u00a33\u00a0million and \u00a39\u00a0million of foreign exchange gains on proceeds received. Management concluded that
the disposal of the Russian and Belarusian businesses did not qualify to be presented as discontinued operations.
As part of the disposal agreements, the Group held call options to reacquire the ITMS Group entities which expired on the second anniversary of
the completion of the transaction. No value was ascribed to these options as they could not be sold or transferred outside the BAT Group, and
sanctions and counter sanctions would have restricted the ability of the Group to exercise these options. In addition, no value has been ascribed to
the options the Group holds to reacquire certain trademarks and brands utilised by the ITMS businesses which only expire after 100 years. The
likelihood of exercise of these options within the foreseeable future is remote, and assuming the higher returns that any market participant would
require given the perceived risk of investing in Russia going forwards, and a consequent high discount rate, any value associated with exercising the
options would be immaterial.
(iii) KBio Holdings Limited
With effect from 30 April 2025, the Group ceased operations at KBio Holdings Limited (a UK company) and its U.S. Subsidiary KBio Inc
(collectively KBio) and exited the Biotech space. Subsequently, on 3 November 2025, the Group accepted an offer of c.\u00a34 million for KBio from the
former CEO of KBio, Barry Bratcher, working with a co-investor.
(iv) FE 'Samfruit' JSC
On 18 December 2025, the Group completed the sale of an associate in Uzbekistan, FE \u201cSamfruit\u201d JSC, by transfer of its 45.4% interest
to the majority shareholder in return for nominal consideration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-879": { "value": "
28 Share-based payments
The Group operates a number of share-based payment arrangements of which the three principal ones are:
Performance Share Plan (PSP): Since 2020, performance-related conditional awards under which shares are released automatically
following a three-year vesting period (five-year period for the Executive Directors).
For awards granted in 2021 and 2020 vesting is subject to performance conditions measured over a three-year period (for all awards),
based on earnings per share (40% of grant), operating cash flow (20% of grant), total shareholder return (20% of grant) and net turnover
(20% of grant). Total shareholder return combines the share price and dividend performance of the Company by reference to a
comparator group.
For 2024, 2023 and 2022 awards, the performance conditions are based on earnings per share (30% of grant), operating cash flow (20%
of grant), total shareholder return (20% of grant), net turnover (15% of grant) and New Categories revenue growth (15% of grant).
Performance measurements are tested based on performance during the three-year period beginning on 1 January in the year of grant.
For 2025 awards, the performance conditions are based on earnings per share (25% of grant), operating cash flow (20% of grant), total
shareholder return (20% of grant), return on capital employed (15% of grant), New Categories contribution margin (10% of grant) and
Smokeless net turnover (10% of grant).
Participants are not entitled to dividends prior to the vesting or exercise of the awards. A cash equivalent dividend accrues through the
vesting period (other than for the Executive Directors where additional shares are delivered in lieu of cash) and is paid on vesting after
three years from the grant date. Both equity and cash-settled PSP awards are granted in March and September each year.
In the U.S., PSP awards are made over BAT American Depository Shares (ADSs).
Restricted Share Plan (RSP):
Introduced in 2020, conditional awards under which shares are released up to three years from date of grant, subject to a continuous
employment condition during the vesting period. Participants are not entitled to dividends prior to shares vesting. A cash equivalent
dividend accrues through the vesting period and is paid on vesting. Both equity and cash settled RSP awards are granted in\u00a0March or
September.
In the U.S., RSP awards are made over BAT American Depository Shares (ADSs).
Deferred Share Bonus Scheme (DSBS):
Granted in connection with annual bonuses, conditional awards under which shares are released three years from date of grant subject
to a continuous employment condition during the three-year vesting period. A cash equivalent dividend accrues through the vesting
period and is paid quarterly (other than for the Executive Directors where additional shares are delivered in lieu of cash). Both equity
and\u00a0cash-settled DSBS awards are granted in March each year.
The Group also has a number of other arrangements which are not material for the Group which include:
Sharesave Scheme (SAYE)
The UK tax advantaged scheme where options are granted in March each year by invitation at a 20% discount to the market price.
Options under this equity-settled scheme are exercisable at the end of a three-year or five-year savings contract. Participants are not
entitled to dividends prior to the exercise of\u00a0the options. The maximum amount that can be saved by a participant in this way is \u00a36,000 in
any tax year. All UK employees at the time of invitation are eligible to participate.
Share Reward Scheme (SRS)
The UK tax advantaged scheme where free shares are granted in April each year (up to an equivalent of \u00a33,600 in any year) under the
equity-settled schemes and are subject to\u00a0a three-year holding period. Participants receive dividends during the holding period which are
reinvested to buy further shares. The\u00a0shares are held in a UK-based trust and are normally capable of transfer to participants tax-free
after a five-year holding period. All UK employees employed as at 1 December in the year prior to grant are eligible to participate.
International Share Reward Scheme (ISRS)
Conditional shares are granted in April each year (up to an equivalent of \u00a33,600 in any year) subject to a three-year vesting period. Dividend
equivalents accrue through the vesting period and additional shares are delivered at vesting. Awards may be equity or cash-settled.
Partnership Share Scheme
The UK tax advantaged scheme where employees can allocate part of their pre-tax salary to purchase shares in British American
Tobacco p.l.c. (maximum \u00a31,800 in any year). The shares purchased are held in a UK-based trust and are normally capable of transfer to
participants tax-free after a five-year holding\u00a0period. All UK employees are eligible to participate.
The amounts recognised in the income statement in respect of share-based payments were as follows:
2025
2024
2023
Notes
Equity-
settled
\u00a3m
Cash-
settled
\u00a3m
Equity-
settled
\u00a3m
Cash-
settled
\u00a3m
Equity-
settled
\u00a3m
Cash-
settled
\u00a3m
PSP & RSP
28(a)
52
4
34
2
27
2
DSBS
28(b)
24
3
30
2
38
1
Other schemes
7
\u2014
6
\u2014
6
\u2014
Total recognised in the income statement
3
83
7
70
4
71
3
Share-based payment liability
The Group issues to certain employees cash-settled share-based payments that require the Group to pay the intrinsic value of these
share-based payments to the employee at the date of exercise. The Group has recorded liabilities in respect of vested and unvested
grants at the end of 2025 and 2024:
2025
2024
Vested
\u00a3m
Unvested
\u00a3m
Vested
\u00a3m
Unvested
\u00a3m
PSP & RSP
\u2014
4.1
(0.9)
2.0
DSBS
\u2014
3.2
\u2014
3.0
Total liability
\u2014
7.3
(0.9)
5.0
(a) PSP & RSP
Details of the movements for the equity- and cash-settled LTI schemes during the years ended 31 December 2025 and 31 December
2024, were as follows:
2025
2024
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Outstanding at start of year
9,948
214
7,806
198
Granted during the period
4,225
104
5,128
135
Exercised during the period
(1,792)
(38)
(1,765)
(64)
Forfeited during the period
(1,188)
(36)
(1,221)
(55)
Outstanding at end of year
11,193
244
9,948
214
Exercisable at end of year
129
\u2014
369
11
As at 31 December 2025, the Group has 11,193,000 shares (2024: 9,948,000 shares) outstanding which includes 1,914,647 shares
(2024:\u00a01,804,531 shares) which are related to Reynolds American LTI awards from which nil shares (2024: nil shares) are exercisable at\u00a0the
end of the year.
The weighted average British American Tobacco p.l.c. share price at the date of exercise for share options exercised during the period
was \u00a332.79 (2024: \u00a324.56; 2023: \u00a327.65) for equity-settled and \u00a333.11 (2024: \u00a324.51; 2023: \u00a325.85) for cash-settled options.
The weighted average British American Tobacco p.l.c. share price for ADS on the New York Stock Exchange at the date of exercise for
share options exercised during the period relating to equity-settled Reynolds American LTIP awards was US$35.93 (2024: US$35.68;
2023: US$39.39).
The outstanding shares for the year ended 31 December 2025 had a weighted average remaining contractual life of 1.4 years
(2024:\u00a01.5\u00a0years; 2023: 1.5 years) for the equity-settled scheme, 1.8 years for Reynolds American equity-settled scheme (2024: 1.8 years;
2023: 1.8\u00a0years) and 1.4 years (2024: 1.6 years; 2023: 1.5 years) for the cash-settled share-based payment arrangements.
(b) Deferred Share Bonus Scheme
Details of the movements for the equity- and cash-settled DSBS scheme during the years ended 31 December 2025 and 31 December
2024, were as follows:
2025
2024
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Outstanding at start of year
3,536
185
3,851
261
Granted during the period
665
19
1,053
48
Exercised during the period
(1,318)
(84)
(1,287)
(103)
Forfeited during the period
(39)
(7)
(81)
(21)
Outstanding at end of year
2,844
113
3,536
185
Exercisable at end of year
\u2014
\u2014
\u2014
1
The weighted average British American Tobacco p.l.c. share price at the date of exercise for share options exercised during the financial
year was \u00a332.48 (2024: \u00a324.57; 2023: \u00a327.39) for equity-settled and \u00a334.68 (2024: \u00a324.47; 2023: \u00a325.56) for cash-settled options.
The outstanding shares for the year ended 31 December 2025 had a weighted average remaining contractual life of 1.0 years
(2024:\u00a01.2\u00a0years; 2023: 1.3 years) for the equity-settled scheme and 0.9 years (2024: 1.2 years; 2023: 1.3 years) for the cash-settled scheme.
Valuation assumptions
Assumptions used in the Black-Scholes models to determine the fair value of share options at grant date were as follows:
2025
2024
PSP & RSP
DSBS
PSP & RSP
DSBS
Expected volatility (%)
23.0
23.0
25.0
25.0
Average expected term to exercise (years)
3.0
3.0
3.0
3.0
Risk-free rate (%)
4.2
4.2
4.0
4.0
Expected dividend yield (%)
7.5
7.5
9.8
9.8
Share price at date of grant (\u00a3)
31.79
31.79
23.84
23.84
Fair value at grant date (\u00a3) *
23.44 / 25.37
25.37
15.92/17.75
17.75
Fair value at grant date (\u00a3) * \u2013 Management Board
20.61 / 25.37
25.37
13.38/17.75
17.75
Note:
* Where two figures have been quoted for the Long-Term Incentive Plan, the numbers relate to PSP and RSP awards, respectively.
Market condition features were incorporated into the Monte-Carlo models for the total shareholder return elements of the PSP,
in\u00a0determining fair value at grant date. Assumptions used in these models were as follows:
2025
2024
PSP
PSP
Average share price volatility FMCG comparator group (%)
22
24
Average correlation FMCG comparator group (%)
27
30
Fair values determined from the Black-Scholes and Monte-Carlo models use assumptions revised at the end of each reporting period
for\u00a0cash-settled share-based payment arrangements.
The expected British American Tobacco p.l.c. share price volatility was determined taking account of the return index (the share price
index plus the dividend reinvested) over a five-year period. The FMCG share price volatility and correlation was also determined over
the\u00a0same periods. The average expected term to exercise used in the models has been adjusted, based on management\u2019s best estimate,
for the effects of non-transferability, exercise restrictions and behavioural conditions, forfeiture and historical experience.
The risk-free rate has been determined from market yield curves for government gilts with outstanding terms equal to the average
expected term to exercise for each relevant grant. The expected dividend yield was determined by calculating the yield from the last two
declared dividends divided by the grant share price.
In addition to these valuation assumptions, LTI awards, excluding RSP, contain earnings per share performance conditions. As these are
non-market performance conditions they are not included in the determination of fair value of share options at the grant date, however,
they are used to estimate the number of awards expected to vest. This payout calculation is based on expectations published in
analysts\u2019\u00a0forecasts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-880": { "value": "
29 Group employees
The average number of persons employed by the Group and its associates during the year, including Directors, was 74,583 (2024: 74,617).
2025
Number
2024
Number
U.S.
4,377
4,021
AME
32,747
31,090
APMEA
13,166
13,098
Subsidiary undertakings
50,290
48,209
Associates
24,293
26,408
74,583
74,617
Included within the employee numbers for AME are certain employees in the UK in respect of central functions. Some of the costs
of\u00a0these employees are allocated or charged to the various regions and markets in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-881": { "value": "
30 Related party disclosures
The Group has a number of transactions and relationships with related parties, as defined in IAS 24 Related Party Disclosures, all
of\u00a0which\u00a0are undertaken in the normal course of business. Transactions with CTBAT International Limited (a joint operation) are not
included in these disclosures as the results are immaterial to the Group.
Intercompany transactions and balances are eliminated on consolidation and therefore are not disclosed.
Transactions and balances with associates relate mainly to the sale and purchase of cigarettes and tobacco leaf and the provision of IT
services. Included in the purchase of goods and services below is \u00a3144\u00a0million (2024: \u00a3116\u00a0million; 2023: \u00a3145\u00a0million) relating to the
purchase of leaf. Investments in associates, in the form of convertible loan notes, are not included in the table below. The Group\u2019s share
of\u00a0dividends from associates, primarily received from ITC and included in other income in the table below, were dividends received in
cash of \u00a3386\u00a0million (2024: \u00a3447\u00a0million; 2023: \u00a3559\u00a0million) as well as \u00a3533\u00a0million from ITC received in the form of shares in ITC Hotels
as explained below.
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Transactions
\u2013 gross revenue*
500
492
523
\u2013 purchase of goods and services
(221)
(192)
(184)
\u2013 other income
945
448
560
Amounts receivable at 31 December
92
39
48
Amounts payable at 31 December
(2)
(12)
(4)
Note:
* Gross revenue is based on the invoice issued to the related party.
In addition, the following related party transactions occurred in 2025, 2024 and 2023.
Transactions with associates
ITC
Hotel demerger:
On 24 July 2023, ITC announced a proposed demerger of its \u2018Hotels Business\u2019 under a scheme of arrangement by which 60% of the
newly incorporated entity would be held directly by ITC's shareholders proportionate to their shareholding in ITC. In January 2025, ITC
Hotels was listed and commenced trading on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). The
Group\u2019s direct stake in ITC Hotels was initially 15% and has been recognised as an investment held at fair value (refer to note 18).
Partial sale of shares:
On 28 May 2025, the Group completed the divestment of 10% of its equity stake in ITC (the equivalent of 2.5% of ITC's ordinary shares) to
institutional investors by way of an accelerated bookbuild process which generated net proceeds after transaction costs and taxes of
INR121.0 billion (\u00a31.0 billion). Following completion of the transaction, the Group has continued to account for ITC as an associated
undertaking using the equity method of accounting.
On 13 March 2024, the Group announced the divestment of 12% of its equity stake in ITC (the equivalent of 3.5% of ITC's ordinary shares)
to institutional investors by way of an accelerated bookbuild process which generated net proceeds after transaction costs and taxes of
INR166.9 billion (\u00a31.6 billion).
Sale of brands and investment:
During 2025, the Group sold its 2% investment in Surya Nepal Pvt. Limited and brand rights in certain jurisdictions to ITC for \u00a324 million.
Organigram
In 2023, the Group announced the signing of an agreement for a further investment of CAD$125\u00a0million (\u00a374\u00a0million) in Organigram,
subject to customary conditions, including necessary approvals by the shareholders of Organigram, which was given on 18\u00a0January 2024.
On 24 January 2024, the Group made the first tranche investment of CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 12,893,175 common
shares of Organigram at a\u00a0price of CAD$3.22 per share. On 30 August 2024, the Group made the second tranche investment of
CAD$42\u00a0million (\u00a324\u00a0million) acquiring a further 4,429,740 common shares and 8,463,435 preferred shares of Organigram at a price of
CAD$3.22 per share. On 28 February 2025, the Group made the third and final tranche investment in Organigram for CAD$42\u00a0million
(\u00a323\u00a0million) subscribing for 7,562,447 common shares and 5,330,728 preferred shares at the same price as the previous two tranches.
Under the terms of the agreement, the Group\u2019s voting rights are restricted to 30%.
The Group and Organigram also have a Product Development Collaboration Agreement following which a Centre of Excellence was
established to focus on developing the next generation of cannabis products with an initial focus on cannabidiol (CBD).
Other associates
The following transactions occurred during 2025:
\u2013 On 18 December 2025, the Group sold its 45.40% investment in FE \"Samfruit\" JSC for less than \u00a31\u00a0million.
The following transaction occurred during 2024:
\u2013 On 11 September 2024, VST Industries Ltd (VST) allotted 154,419,200 equity shares of INR10 each as fully paid-up bonus equity shares.
The bonus equity shares were allotted in the proportion of 10 new fully paid-up equity shares for every one existing fully paid up equity
share. The Group's interest in VST remains unchanged at 32.16%.
The following transactions occurred during 2023, when the Group:
\u2013 acquired 19.9% of DeFloria, Inc for \u00a38\u00a0million; and
\u2013 increased its ownership in Steady State LLC (trading as Open Book Extracts) from 5.76% to 10.8% for \u00a34\u00a0million along with a further
investment of \u00a38\u00a0million by way of a convertible loan note.
Non-controlling interests
During 2025, the Group acquired 2.60% of JSC JV \u201cUZBAT A.O.\u201d for \u00a316\u00a0million, increasing the ownership to 99.99%. In addition, the
Group acquired 5% of British American Tobacco Mozambique Limitada for \u00a33\u00a0million, increasing the ownership to 100%.
During 2023, the Group acquired 1.31% in Hrvatski Duhani d.d., at a cost of less than \u00a31\u00a0million.
Other related party transactions
In 2022, the Group provided a temporary liquidity facility to the main UK pension fund. The facility was undrawn as\u00a0at 31 December 2023
and on 28 March 2024 the facility was cancelled.
As a result of the implementation of the EU Single-Use Plastic Directive in certain EU countries, the Group, along with other tobacco
manufacturers, established Producer Responsibility Organisations for the management of the Extended Producer Responsibility
obligations relating to tobacco product butt filter waste collection. The costs incurred by the Group in relation to this waste disposal
is\u00a0included in note 33.
The key management personnel of British American Tobacco consist of the members of the Board of Directors of British American
Tobacco p.l.c. and the members of the Management Board. No such person had any material interest during the year in a contract of
significance (other than a service contract) with the Company or any subsidiary company. The term key management personnel in this
context includes their close family members.
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
The total compensation for key management personnel, including Directors, was:
\u2013 salaries and other short-term employee benefits
26
21
17
\u2013 post-employment benefits
1
1
1
\u2013 share-based payments
18
12
13
45
34
31
The following table, which is not part of IAS 24 disclosures, shows the aggregate emoluments of the Directors of the Company.
Executive Directors
Chair
Non-Executive Directors
Total
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
Salary; fees; benefits;
incentives
\u2013 salary
1,935
1,907
1,644
1,935
1,907
1,644
\u2013 fees
736
711
688
1,083
1,112
1,059
1,819
1,823
1,747
\u2013 taxable benefits
606
617
395
19
17
17
394
79
31
1,019
713
443
\u2013 short-term incentives
3,560
3,496
1,650
3,560
3,496
1,650
\u2013 long-term incentives
1,954
1,474
1,371
1,954
1,474
1,371
\u2013 buy-out
\u2014
2,969
\u2014
\u2014
2,969
\u2014
Sub-total
8,055
10,463
5,060
755
728
705
1,477
1,191
1,090
10,287
12,382
6,855
Pension; other
emoluments
\u2013 pension
281
276
248
281
276
248
\u2013 other emoluments
8
6
2
8
6
2
Sub-total
289
282
250
289
282
250
Total emoluments
8,344
10,745
5,310
755
728
705
1,477
1,191
1,090
10,576
12,664
7,105
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-882": { "value": "
The key management personnel of British American Tobacco consist of the members of the Board of Directors of British American
Tobacco p.l.c. and the members of the Management Board. No such person had any material interest during the year in a contract of
significance (other than a service contract) with the Company or any subsidiary company. The term key management personnel in this
context includes their close family members.
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
The total compensation for key management personnel, including Directors, was:
\u2013 salaries and other short-term employee benefits
26
21
17
\u2013 post-employment benefits
1
1
1
\u2013 share-based payments
18
12
13
45
34
31
The following table, which is not part of IAS 24 disclosures, shows the aggregate emoluments of the Directors of the Company.
Executive Directors
Chair
Non-Executive Directors
Total
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
2025
\u00a3'000
2024
\u00a3'000
2023
\u00a3'000
Salary; fees; benefits;
incentives
\u2013 salary
1,935
1,907
1,644
1,935
1,907
1,644
\u2013 fees
736
711
688
1,083
1,112
1,059
1,819
1,823
1,747
\u2013 taxable benefits
606
617
395
19
17
17
394
79
31
1,019
713
443
\u2013 short-term incentives
3,560
3,496
1,650
3,560
3,496
1,650
\u2013 long-term incentives
1,954
1,474
1,371
1,954
1,474
1,371
\u2013 buy-out
\u2014
2,969
\u2014
\u2014
2,969
\u2014
Sub-total
8,055
10,463
5,060
755
728
705
1,477
1,191
1,090
10,287
12,382
6,855
Pension; other
emoluments
\u2013 pension
281
276
248
281
276
248
\u2013 other emoluments
8
6
2
8
6
2
Sub-total
289
282
250
289
282
250
Total emoluments
8,344
10,745
5,310
755
728
705
1,477
1,191
1,090
10,576
12,664
7,105
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-884": { "value": "
31 Contingent liabilities and financial commitments
1. The Group is subject to contingencies pursuant to requirements that it complies with relevant laws, regulations and standards.
2. Failure to comply could result in restrictions in operations, damages, fines, increased tax, increased cost of compliance, interest
charges, reputational damage or other sanctions. These matters are inherently difficult to quantify. In cases where the Group has an
obligation as a result of a past event existing at the balance sheet date, if it is probable that an outflow of economic resources will be
required to settle the obligation and if the amount of the obligation can be reliably estimated, a provision will be recognised based on
best estimates and management judgment.
3. There are, however, contingent liabilities in respect of litigation, taxes in some countries and guarantees for which no provisions have
been made.
General Litigation Overview
4. There are a number of legal and regulatory actions, proceedings and claims against Group companies related to tobacco and New
Category products that are pending in a number of jurisdictions. These proceedings include, among other things, claims for personal
injury (both individual claims and class actions) and claims for economic loss arising from the treatment of smoking- and health-
related diseases (such as medical recoupment claims brought by local governments).
5. The plaintiffs in these cases seek recovery on a variety of legal theories, including negligence, strict liability in tort, design defect,
failure to warn, fraud, misrepresentation, violations of unfair and deceptive trade practices statutes, conspiracy, public nuisance,
medical monitoring and violations of competition and antitrust laws. The plaintiffs seek various forms of relief, including
compensatory and, where available, punitive damages, treble or multiple damages and statutory damages and penalties, creation of
medical monitoring and smoking cessation funds, disgorgement of profits, attorneys\u2019 fees, and injunctive and other equitable relief.
6. Although alleged damages often are not determinable from a complaint, and the law governing the pleading and calculation
of\u00a0damages varies from jurisdiction to jurisdiction, compensatory and punitive damages have been specifically pleaded in a number
of cases, sometimes in amounts ranging into the hundreds of millions and even hundreds of billions of pounds sterling.
7. The Group has successfully managed tobacco-related litigation, and a very high percentage of the tobacco-related litigation claims
brought against Group companies, including Engle progeny cases, continue to be dismissed at or before trial. Based on their
experience in tobacco-related litigation and the strength of the defences available to them in such litigation, the Group\u2019s companies
believe that their successful defence of tobacco-related litigation in the past will continue in the future.
8. It is the policy of the Group to defend tobacco-related litigation claims vigorously. However, Group companies may enter into
settlement discussions in certain cases, if they believe it is in their best interests to do so. Group companies, for example, may enter
into settlement discussions in particular cases, actions taken pursuant to \u2018offer of judgment\u2019 statutes and Filter Cases, as defined
below. An \u2018offer of judgment,\u2019 if rejected by the plaintiff, preserves the Group\u2019s right to recover attorneys\u2019 fees under certain statutes
in the event of a verdict favourable to the Group. Such offers are sometimes made through court-ordered mediations. Other
settlements by Group companies include the State Settlement Agreements (as defined in paragraph 39 below), the funding by
various tobacco companies of a US$5.2 billion (\u00a33.9\u00a0billion) trust fund contemplated by the Master Settlement Agreement (as
described in paragraph 39 below) to benefit tobacco growers, the original Broin flight attendant case (as described in paragraph 38,
note 31(o) below), and most of the Engle progeny cases pending in U.S. federal court (as described in paragraph 27 et seq. below),
after the initial docket of over 4,000 such cases was reduced to approximately 400 cases. The Group believes that the
circumstances surrounding these claims are readily distinguishable from the current categories of tobacco-related litigation claims
involving Group companies.
9. Although the Group intends to defend all pending cases vigorously and believes that the Group\u2019s companies have valid bases for
appeals of adverse verdicts, valid defences to all actions, and that an outflow of resources related to any individual case is not
considered probable, litigation is subject to many uncertainties, and generally, it is not possible to predict the outcome of any
particular litigation pending against Group companies or to reasonably estimate the amount or range of any possible loss.
Furthermore, a number of political, legislative, regulatory and other developments relating to the tobacco industry and cigarette
smoking have received wide media attention. These developments may negatively affect the outcomes of tobacco-related legal
actions and encourage the commencement of additional similar litigation. Therefore, the Group does not provide estimates of the
financial effect of the contingent liabilities represented by such litigation, as such estimates are not practicable.
10. The following table lists the categories of the tobacco-related actions pending against Group companies as at 31 December 2025
and the increase or decrease from the number of cases pending against Group companies as at 31\u00a0December 2024. Details of the
quantum of past judgments awarded against Group companies, the majority of which are under appeal, are also identified along
with any settlements reached during the relevant period. Given the volume and more active nature of the Engle progeny cases and
the Filter Cases in the U.S. described below, and the fluctuation in the number of such cases and amounts awarded from year to
year, the Group presents judgment or settlement figures for these cases on a\u00a0three-year basis. Where no quantum is identified,
either no\u00a0judgment has been awarded against a Group company, or\u00a0where a verdict has been reached no quantification of damages
has been given, or no settlement has been entered into. Further details on the judgments, damages quantification and settlements
are included within the case narratives below. For a discussion of the non-tobacco related litigation pending against the Group, see
note 31, paragraph\u00a076, et seq below.
Case Type
Notes
Case Numbers as at
31 December 2025
(note 31(a))
Case Numbers as at
31 December 2024
(note 31(a))
Change in Number
Increase/(decrease)
U.S. tobacco-related actions
Medical reimbursement cases
31(b)
1
2
(1)
Class actions
31(c)
19
19
No change
Individual smoking and health cases
31(d)
194
197
(3)
Engle Progeny Cases
31(e)
33
91
(58)
Broin II Cases
31(f)
1
69
(68)
Filter Cases
31(g)
31
29
2
State Settlement Agreements \u2013 Enforcement and Validity
31(h)
4
5
(1)
Non-U.S. tobacco-related actions
Medical reimbursement cases
8
18
(10)
Class actions
31(i)
2
12
(10)
Individual smoking and health cases
31(j)
42
50
(8)
(Note 31(a)) This includes cases to which the Reynolds American Inc. (Reynolds American) group companies were a party at such date.
(Note 31(b)) This category of cases includes the Department of Justice action. See note 31, paragraphs 20 to 23.
(Note 31(c)) See note 31, paragraphs 24 to 36.
(Note 31(d)) See note 31, paragraphs 37 to 38.
(Note 31(e)) See note 31, paragraphs 27 to 36.
(Note 31(f)) See note 31, paragraph 38.
(Note 31(g)) See note 31, paragraph 38.
(Note 31(h)) See note 31, paragraphs 39 to 57.
(Note 31(i)) Outside the United States, there were two class actions being brought against Group companies as at 31 December 2025.
These\u00a0include one class action in Canada and one class action in Venezuela. For a description of the Group companies\u2019 non-U.S. class
actions, see note 31, paragraphs 71 to 74. All outstanding tobacco litigation in Canada prior to the implementation of the Approved Plans
on 29 August 2025 has been resolved and all relevant Group companies have been provided releases in full for all historical tobacco-
related claims in Canada, although the procedural dismissal of the proceedings is ongoing. See note 31, paragraph 62.
(Note 31(j)) As at 31 December 2025, the jurisdictions with the most active individual cases against Group companies were, in descending
order: Chile (20), Brazil (seven), Italy (five), Argentina (five), Ireland (two), and T\u00fcrkiye (two). There was a further jurisdiction with one active
case only. For further information, see note 31, paragraph 75.
11. Certain terms and phrases used in this note 31 may require some explanation.
a)\u2018Judgment\u2019 or \u2018final judgment\u2019 refers to the final decision of the court resolving the dispute and determining the rights and
obligations of the parties. At the trial court level, for example, a final judgment generally is entered by the court after a jury verdict
and after post-verdict motions have been decided. In most cases, the losing party can appeal a verdict only after a final judgment
has been entered by the trial court.
b)\u2018Damages\u2019 refers to the amount of money sought by a plaintiff in a complaint, or awarded to a party by a jury or, in some cases,
by a judge. \u2018Compensatory damages\u2019 are awarded to compensate the prevailing party for actual losses suffered, if liability is
proved. In cases in which there is a finding that a defendant has acted wilfully, maliciously or fraudulently, generally based on
a\u00a0higher burden of proof than is required for a finding of liability for compensatory damages, a plaintiff also may be awarded
\u2018punitive damages\u2019. Although damages may be awarded at the trial court stage, a losing party may be protected from paying
any\u00a0damages until all appellate avenues have been exhausted by posting a supersedeas bond. The amount of such a bond is
governed by the law of the relevant jurisdiction and generally is set at the amount of damages plus some measure of statutory
interest, modified at the discretion of the appropriate court or subject to limits set by a court or statute.
c)\u2018Settlement\u2019 refers to certain types of cases in which cigarette manufacturers, including R. J. Reynolds Tobacco Co. (RJRT),
Brown & Williamson Tobacco Corporation (now known as Brown & Williamson Holdings, Inc.) (B&W), and Lorillard Tobacco
Company (Lorillard Tobacco), have agreed to resolve disputes with certain plaintiffs without resolving the cases through trial
and/or appeal.
d)
U.S. Tobacco Litigation
12. Group companies, notably RJRT (individually and as successor by merger to Lorillard Tobacco) and B&W as well as other leading
cigarette manufacturers, are defendants in a number of product liability cases. In a number of these cases, the amounts of
compensatory and punitive damages sought are significant.
13. The total number of U.S. tobacco product liability cases pending as at 31 December 2025 involving RJRT, B&W, Santa Fe Natural
Tobacco Company, Inc. (SFNTC) and/or Lorillard Tobacco was approximately 297.
14. Since many of these pending cases seek unspecified damages, it is not possible to quantify the total amounts being claimed, but the
aggregate amounts involved in such litigation are significant, possibly totalling billions of US dollars. The cases fall into four broad
categories: medical reimbursement cases; class actions; individual cases; and other claims.
15. RJRT (individually and as successor by merger to Lorillard Tobacco), American Snuff Co., SFNTC, R.J. Reynolds Vapor Company
(RJR\u00a0Vapor), Reynolds American, Lorillard Inc., other Reynolds American affiliates and indemnitees, including but not limited to B&W
(collectively, the Reynolds Defendants), believe that they have valid defences to the tobacco-related litigation claims against them,
as well as valid bases for appeal of adverse verdicts against them. The Reynolds Defendants have, through their counsel, filed
pleadings and memoranda in\u00a0pending tobacco-related litigation that set forth and discuss a number of grounds and defences that
they and their counsel believe have a valid basis in law and fact.
16. Scheduled trials. Trial schedules are subject to change, and many cases are dismissed before trial. In the U.S., as at 31 December
2025, there are 37\u00a0cases, exclusive of Engle progeny cases, scheduled for trial through 31 December 2026, for the Reynolds
Defendants: 30 individual smoking and health cases, three Filter Cases and four other cases. Thereafter, as of 15 January 2026, two
additional Filter Cases were scheduled for trial through 31 December 2026, bringing the Filter Cases total to five scheduled trials
through 31 December 2026. There are also approximately 11 Engle progeny cases against RJRT (individually and as successor to
Lorillard Tobacco) and B&W scheduled for trial through 31 December 2026. It is not known how many of these cases will actually be tried.
17. Trial results. From 1 January 2023 through 31 December 2025, 43\u00a0trials occurred in individual smoking and health, Engle progeny, and
other cases in which the Reynolds Defendants were defendants, including 10 trials where mistrials were declared. Verdicts in favour
of the Reynolds Defendants and, in some cases, other defendants, were returned in 17 cases, tried in Florida (eight), Oregon (one),
Massachusetts (four), Illinois (one), Delaware (one) and New Mexico (two). Verdicts in favour of the\u00a0plaintiffs were returned in 16
cases, tried in Florida (six), Massachusetts (seven), New Mexico (one), and Hawaii (two).
(a) Medical Reimbursement Cases
18. These civil actions seek to recover amounts spent by government entities and other third-party providers on healthcare and welfare
costs claimed to result from illnesses associated with smoking.
19. As at 31 December 2025, one U.S. medical reimbursement suit\u00a0(Crow Creek Sioux Tribe v. American Tobacco Co., filed in 1997) was
pending against RJRT, B&W and Lorillard Tobacco in a Native American tribal court in South Dakota. The plaintiffs seek to recover
actual and punitive damages, restitution, funding of a clinical cessation programme, funding\u00a0of a corrective public education
programme, and disgorgement of unjust profits from sales to minors. There has been no recent activity in this case, and no other
medical reimbursement suits are pending against these companies by\u00a0county or other political subdivisions of the states.
U.S. Department of Justice Action
20. On 22 September 1999, the U.S. Department of Justice (DOJ) brought an action in the U.S. District Court for the District of Columbia
against various industry members, including RJRT, B&W, Lorillard Tobacco, B.A.T Industries p.l.c. (Industries) and British American
Tobacco (Investments) Limited (Investments) (United States v. Philip Morris USA Inc.). The\u00a0DOJ initially sought (i) recovery of certain
federal funds expended in\u00a0providing health care to smokers who developed alleged smoking-related diseases and (ii) equitable relief
under the civil provisions of the Racketeer Influenced and Corrupt Organizations Act (RICO), including (a) disgorgement of roughly
US$280 billion (\u00a3208.2\u00a0billion) in profits allegedly earned from a purported racketeering \u2018enterprise\u2019 \u2013 a\u00a0remedy the U.S. Court of
Appeals for the District Court Circuit (the DC Circuit) ruled in February 2005 was not available \u2013 and (b) certain \u2018corrective
communications\u2019. In September 2000, the district court dismissed Industries for lack of personal jurisdiction and dismissed the
health care cost recovery claims.
21. After a roughly nine-month non-jury trial of the remaining RICO claims, the district court issued its Final Judgment and Remedial
Order (the Remedial Order) on 17 August 2006. The Remedial Order found certain defendants, including RJRT, B&W, Lorillard
Tobacco and Investments, had violated RICO, imposed financial penalties and enjoined the defendants from committing future
racketeering acts, participating in certain trade organisations, making misrepresentations concerning smoking and health and youth
marketing, and using certain brand descriptors such as \u2018low tar\u2019, \u2018light\u2019, \u2018ultra-light\u2019, \u2018mild\u2019 and \u2018natural\u2019. The Remedial Order also
required the defendants to issue \u2018corrective communications\u2019 on five subjects, including smoking and health and addiction, and
to\u00a0comply with further undertakings, including maintaining websites of historical corporate documents and disseminating certain
marketing information on a confidential basis to the government. In addition, the district court placed restrictions on the defendants\u2019
ability to dispose of certain assets for use in the United States, unless the transferee agrees to abide by the terms of the district
court\u2019s order.
22. The parties appealed and cross-appealed and, on 22 May 2009, the DC Circuit affirmed the district court\u2019s RICO liability\u00a0judgment
but vacated the Remedial Order in part and\u00a0remanded for further factual findings and clarification as\u00a0to whether liability should be
imposed against B&W, based\u00a0on changes in the nature of B&W\u2019s business operations (including the extent of B&W\u2019s control over
tobacco operations). The DC Circuit also remanded three other discrete issues relating to the injunctive remedies, including for the
district court \u2018to reformulate\u2019 the injunction on the use of low-tar descriptors \u2018to exempt foreign activities that have no substantial,
direct, and foreseeable domestic effects,\u2019 and\u00a0for the district court to evaluate whether corrective communications could be
required at point-of-sale displays (which requirement the DC Circuit vacated). On 28 June 2010, the U.S. Supreme Court denied the
parties\u2019 petitions for further review.
23. On 22 December 2010, the district court dismissed B&W from the litigation. Due to intervening changes in controlling law, on\u00a028
March 2011, the district court ruled that the Remedial Order no longer applied to Investments prospectively, and for this reason,
Investments would not have to comply with any of\u00a0the remaining injunctive remedies. In November 2012, the\u00a0district court entered
an order setting forth the text of the corrective statements and directed the parties to engage in discussions with the special
master appointed by the district court to implement them. After\u00a0various proceedings and appeals, the district court in\u00a0October\u00a02017
ordered RJRT and the other U.S. tobacco company defendants to fund the publication of compelled public statements in various U.S.
media outlets, including in newspapers, on television, on the companies\u2019 websites, and in\u00a0onserts on cigarette packaging.
The\u00a0compelled public statements in newspapers and on television were completed in 2018 and in package onserts in mid-2020. The
compelled public statements now also appear on RJRT websites. The final issue regarding corrective statements was their display at
retail point of sale. On 6\u00a0December 2022, the district court entered a consent order requiring the tobacco company defendants to
have the compelled public statements posted at retail point of sale. Installation of the statements began in July 2023, and the
statements remained in stores through June 2025. The now-concluded corrective statements at retail were the last remaining
remedy of the litigation to be implemented.
(b) Class Actions
24. As at 31 December 2025, (1) RJRT, B&W and Lorillard Tobacco were named as defendants in one action asserting claims on\u00a0behalf of
putative classes of persons allegedly injured or financially impacted by their smoking, (2) one action asserting claims on behalf of
putative classes of persons allegedly injured or financially impacted by RJRT\u2019s marketing practices, and (3) as detailed in the next
paragraph, RJRT, and SFNTC (a subsidiary of Reynolds American) were named in 17 putative class actions relating to the use of the
words \u2018natural\u2019, \u2018100% additive-free\u2019 or \u2018organic\u2019 in Natural American Spirit (NAS) brand advertising and promotional materials. If the
classes are or remain certified, separate trials may be needed to assess individual plaintiffs\u2019 damages. Among the pending class
actions, 16 specified the amount of the claim in the complaint and alleged that the plaintiffs were seeking in excess of US$5\u00a0million
(\u00a33.7\u00a0million) and one alleged that the plaintiffs were seeking less than US$75,000 (\u00a355,760) per class member plus unspecified
punitive damages.
No Additive/Natural/Organic Claim Cases
25. A total of 17 pending putative class actions were filed in nine U.S. federal district courts against Reynolds American, RJRT and
SFNTC, which cases generally allege, in various combinations, violations of state deceptive and unfair trade practice statutes and
claim state common law fraud, negligent misrepresentation and unjust enrichment based on the use of descriptors such as \u2018natural\u2019,
\u2018organic\u2019 and \u2018100% additive-free\u2019 in the marketing, labelling, advertising and promotion of SFNTC\u2019s NAS brand cigarettes. In these
actions, the plaintiffs allege that the use of\u00a0these terms suggests that NAS brand cigarettes are less harmful than other cigarettes
and, for that reason, violated state consumer protection statutes or amounted to fraud or a negligent or intentional
misrepresentation. The actions seek various categories of recovery, including economic damages, injunctive relief (including medical
monitoring and cessation programmes), interest, restitution, disgorgement, treble and punitive damages, and attorneys\u2019 fees and
costs. In April 2016, the U.S. Judicial Panel on Multidistrict Litigation (JPML) consolidated the 16 cases pending at that time for pre-
trial purposes before a federal district court in New Mexico, and a later-filed case was transferred there for pre-trial purposes in
2018. On 21\u00a0December 2017, that court granted the defendants\u2019 motion to dismiss in part, dismissing a number of claims with
prejudice, and denied it in part. The district court conducted a five-day hearing on the motion for class certification and on the
motion challenging the admissibility of expert opinion testimony in December 2020. On 1 September 2023, the district court entered
an order certifying a subset of the plaintiffs\u2019 proposed classes covering purchasers of NAS menthol cigarettes in six states and
declining to certify the other proposed classes. The defendants and plaintiffs both appealed from that order to the U.S. Court of
Appeals for the Tenth Circuit. Briefing is complete and oral argument occurred on 16 July 2025. A decision is pending.
Other Putative Class Actions
26. Young v. American Tobacco Co. is a putative class action filed in November 1997 in the Circuit Court, Orleans Parish, Louisiana
against various U.S. cigarette manufacturers, including RJRT, B&W, Lorillard Tobacco and certain parent companies. This action was
brought on behalf of a putative class of Louisiana residents who, though not themselves cigarette smokers, have been exposed to
second-hand smoke from cigarettes manufactured by the defendants, and who allegedly suffered injury as a result of that exposure.
The action seeks an unspecified amount of compensatory and punitive damages. In March 2016, the court entered an order staying
the case, including all discovery, pending the completion of an ongoing smoking cessation programme ordered by the court in a
now-concluded Louisiana state court certified class action, Scott v. American Tobacco Co. The stay remains in place.
Engle Class Action and Engle Progeny Cases (Florida)
27. In July 1998, trial began in Engle v. R. J. Reynolds Tobacco Co., a\u00a0then-certified class action filed in Circuit Court, Miami-Dade County,
Florida, against U.S. cigarette manufacturers, including RJRT, B&W, Lorillard Tobacco and Lorillard Inc. The then-certified class
consisted of Florida citizens and residents, and their survivors, who suffered from smoking-related diseases that first manifested
between 5 May 1990, and 21\u00a0November 1996, and were caused by an addiction to cigarettes. In July 1999, the jury in this Phase I
found against RJRT, B&W, Lorillard Tobacco, Lorillard Inc. and the other defendants on common issues relating to the defendants\u2019
conduct, general causation, the addictiveness of cigarettes, and entitlement to punitive damages.
28. In July 2000, the jury in Phase II awarded the class a total of approximately US$145\u00a0billion (approximately \u00a3107.8\u00a0billion) in punitive
damages, apportioned US$36.3\u00a0billion (\u00a327\u00a0billion) to RJRT, US$17.6\u00a0billion (\u00a313.1\u00a0billion) to B&W, and US$16.3\u00a0billion (\u00a312.1\u00a0billion) to
Lorillard Tobacco and Lorillard Inc. The three class representatives in the Engle class action were awarded US$13\u00a0million
(\u00a39.7\u00a0million) in compensatory damages.
29. This decision was appealed and ultimately resulted in the Florida Supreme Court in December 2006 decertifying the class and
allowing judgments entered for only two of the three Engle class representatives to stand and setting aside the punitive damages
award. The court preserved certain of the jury\u2019s Phase I findings, including that cigarettes can cause certain diseases, nicotine is
addictive, and defendants placed defective cigarettes on the market, breached duties of care, concealed health-related information
and conspired. Putative Engle class members were permitted to file individual lawsuits, deemed \u2018Engle progeny cases\u2019, against
the\u00a0Engle defendants, within one year of the Supreme Court\u2019s decision (subsequently extended to 11\u00a0January 2008).
30. During 2015, RJRT and Lorillard Tobacco, together with Philip Morris USA Inc. (PM USA), settled virtually all of the Engle progeny
cases then pending against them in federal district court. The total amount of the settlement was US$100\u00a0million (approximately
\u00a374.3\u00a0million) divided as follows: RJRT US$42.5\u00a0million (\u00a331.6\u00a0million); PM USA US$42.5\u00a0million (\u00a331.6\u00a0million); and Lorillard Tobacco
US$15\u00a0million (\u00a311.2\u00a0million). The settlement covered more than 400 federal Engle progeny cases but did not cover 12 federal progeny
cases previously tried to verdict and then pending on post-trial motions or appeal, and two federal progeny cases filed by different
lawyers from the ones who negotiated the settlement for the plaintiffs.
31. As at 31 December 2025, there were approximately 33 Engle progeny cases pending in which RJRT, B&W and/or Lorillard Tobacco
have all been named as defendants and served. These cases include claims by or on behalf of 50 plaintiffs. The number of pending
cases fluctuates for a variety of reasons, including voluntary and involuntary dismissals. Voluntary dismissals include cases in which
a plaintiff accepts an \u2018offer of judgment\u2019 from RJRT and/or RJRT\u2019s affiliates and indemnitees.
32. 15 trials occurred in Engle progeny cases in Florida state courts against RJRT, B&W and/or Lorillard Tobacco from 1\u00a0January 2023
through 31 December 2025, and additional state court trials are scheduled for 2026.
33. The following chart identifies the number of trials in Engle progeny cases as at 31 December 2025 and additional information about
the adverse judgments entered:
Trials/verdicts/judgments of individual Engle progeny cases from 1 January 2023 through 31 December 2025:
Total number of trials
15
Number of trials resulting in plaintiffs\u2019 verdicts
7*
Total damages awarded in final judgments against RJRT
US$58,210,000 (\u00a343.3 million)
Amount of overall damages comprising \u2018compensatory
damages\u2019 (approximately)
US$32,462,000 (of overall US$58,210,000 )
(\u00a324.1 million of \u00a343.3 million)
Amount of overall damages comprising \u2018punitive damages\u2019 (approximately)
US$25,748,000 (of overall US$58,210,000)
(\u00a319.1 million of \u00a343.3 million)
Note:
* Of the 7 trials resulting in plaintiffs\u2019 verdicts 1 January 2023 to 31 December 2025 (note 31(k)):
Number of adverse judgments appealed by RJRT (note 31(l))
4
Number of adverse judgments, in which RJRT still has time to file an appeal
0
Number of adverse judgments in which an appeal was not, and can no longer be, sought
3
(Note 31(k)) The 15 trials include two cases with two punitive damages retrials, both within the time period and both prior to the time
period (Ledo v R. J. Reynolds Tobacco Co. and Spurlock v. R. J. Reynolds Tobacco Co.).
(Note 31(l)) Of the four adverse verdicts appealed by RJRT as a result of judgments arising in the period from 1 January 2023 to 31
December 2025:
a. one appeal remains undecided in the District Court of Appeal;
b. one judgment was affirmed and paid;
c. one case was reversed and a new trial ordered; and
d. one case was resolved after the appeal was filed.
34. By statute, Florida applies a US$200\u00a0million (\u00a3148.7\u00a0million) bond cap to all Engle progeny cases in the aggregate. Individual bond
caps for any given Engle progeny case vary depending on the number of judgments in effect at a given time. Judicial attempts by
several plaintiffs in the Engle progeny cases to challenge the bond cap as violating the Florida Constitution have failed. In addition,
bills have been introduced in sessions of the Florida legislature that would eliminate the Engle progeny bond cap, but those bills have
not been enacted as at 31 December 2025.
35. In 2025, RJRT paid judgments in three Engle progeny cases. Those payments totalled approximately US$16\u00a0million (approximately
\u00a311.9\u00a0million) in compensatory or punitive damages. Additional costs were paid in respect of attorneys\u2019 fees and statutory interest.
36. In addition, accruals for damages and statutory interests for two pre-trial case resolutions and the remaining amounts of one
resolution bundle were recorded in Reynolds American\u2019s consolidated balance sheet as at 31 December 2025 to the value of
approximately US$4.8\u00a0million (approximately \u00a33.6\u00a0million).
37. As at 31 December 2025, 194 individual cases were pending in the United States against RJRT, B&W and/or Lorillard Tobacco.
This\u00a0category of cases includes smoking and health cases alleging personal injuries caused by tobacco use or exposure brought
by\u00a0or on behalf of individual plaintiffs based on theories of negligence, strict liability in tort, design defect, failure to warn, fraud,
misrepresentation, breach of express or implied warranty, violations of state deceptive trade practices or consumer protection
statutes, and conspiracy. The plaintiffs seek to recover compensatory damages, attorneys\u2019 fees and costs, and punitive damages.
The category does not include the Engle progeny cases, Broin II cases, and Filter Cases discussed above and below. Three of the
individual cases are brought by or on behalf of an individual or his/her survivors alleging personal injury as a result of exposure to
Environmental Tobacco Smoke (ETS).
38. The following chart identifies the number of individual cases pending as at 31 December 2025 as against the number pending as at
31\u00a0December 2024, along with the number of Engle progeny cases, Broin II cases, and Filter Cases, which are discussed further below.
Case Type
U.S.
Case Numbers
31 December
2025
U.S.
Case Numbers
31 December
2024
Change in
Number
Increase /
(Decrease)
Individual Smoking and Health Cases (note 31(m))
194
197
(3)
Engle Progeny Cases (Number of Plaintiffs) (note 31(n))
33 (50)
91 (125)
(58) (75)
Broin II Cases (note 31(o))
1
69
(68)
Filter Cases (note 31(p))
31
29
2
(Note 31(m)) Out of the 194 pending individual smoking and health cases, eight have received adverse verdicts or judgments in
the\u00a0court of\u00a0first instance or on appeal, and the total amount of those verdicts or judgments is approximately US$260 million
(approximately \u00a3193.3\u00a0million), of which US$87\u00a0million (\u00a364.7\u00a0million) is the result of the jury\u2019s verdict in Penza v. R. J. Reynolds
Tobacco Co. and US$89 million (\u00a366.2 million) is the result of the jury\u2019s verdict in Marvin Manious v. R.J. Reynolds Tobacco Co. In
addition, accruals for four individual smoking and health pre-trial case resolutions and three resolution bundles were recorded in
Reynolds American\u2019s consolidated balance sheet as at 31 December 2025 to the value of approximately US$6.3 million
(approximately \u00a34.7 million).
(Note 31(n)) The number of Engle progeny cases will fluctuate as cases are dismissed or if any of the dismissed cases are appealed.
Please see earlier table in paragraph 33.
(Note 31(o)) Broin v. Philip Morris, Inc. was a class action filed in Circuit Court in Miami-Dade County, Florida in 1991 and brought on
behalf of flight attendants alleged to have suffered from diseases or ailments caused by exposure to ETS in airplane cabins. In October
1997, RJRT, B&W, Lorillard Tobacco and other cigarette manufacturer defendants settled Broin, agreeing to pay a total of
US$300\u00a0million (\u00a3223\u00a0million) in three annual US$100\u00a0million (\u00a374.3\u00a0million) instalments, allocated among the companies by\u00a0market
share, to fund research on the early detection and cure of diseases associated with tobacco smoke. It also required those companies
to pay a total of US$49\u00a0million (\u00a336.4\u00a0million) for the plaintiffs\u2019 counsel\u2019s fees and expenses. RJRT\u2019s portion of these payments was
approximately US$86\u00a0million (approximately \u00a363.9\u00a0million); B&W\u2019s was approximately US$57\u00a0million (approximately \u00a342.4\u00a0million); and
Lorillard Tobacco\u2019s was approximately US$31\u00a0million (approximately \u00a323\u00a0million). The settlement agreement, among other things,
limits the types of claims class members may bring and eliminates claims for punitive damages. The settlement agreement also
provides that, in individual cases by class members that are referred to as Broin II lawsuits, the defendants will bear the burden of
proof with respect to whether ETS can cause certain specifically enumerated diseases, referred to as \u2018general causation\u2019. With
respect to\u00a0all other liability issues, including whether an individual plaintiff\u2019s disease was caused by his or her exposure to ETS in
airplane cabins, referred to as \u2018specific causation\u2019, individual plaintiffs will bear the burden of proof. On 7 September 1999, the Florida
Supreme Court approved the settlement. There have been no Broin II trials since 2007. There have been periodic efforts to activate
cases and the Group expects this to continue over time. In 2025, RJRT resolved the remaining Broin II cases due to inactivity on the
files, except for one case which remains pending as of 31 December 2025.
(Note 31(p)) Includes claims brought against Lorillard Tobacco and Lorillard Inc. by individuals who seek damages resulting from
their\u00a0alleged exposure to asbestos fibres that were incorporated into filter material used in one brand of cigarettes manufactured
by\u00a0a\u00a0predecessor to Lorillard Tobacco for a limited period of time ending more than 60 years ago. Pursuant to a 1952 agreement
between P.\u00a0Lorillard Company and H&V Specialties Co., Inc. (the manufacturer of the filter material), Lorillard Tobacco is required to
indemnify Hollingsworth & Vose for legal fees, expenses, judgments and resolutions in cases and claims alleging injury from finished
products sold by P. Lorillard Company that contained the filter material. As of 31 December 2025, Lorillard Tobacco and/or Lorillard
Inc. was a defendant in 31 Filter Cases. Since 1 January 2023, Lorillard Tobacco and RJRT have paid, or have reached agreement to pay,
a total of\u00a0approximately US$19.1\u00a0million (approximately \u00a314.2\u00a0million) in settlements to resolve 80 Filter Cases. In addition, an accrual
for the resolution of eight of the 80 Filter Cases was recognised as at 31 December 2025 to the value of approximately US$3.3
million (approximately \u00a32.5 million).
(d) State Settlement Agreements
39. In November 1998, the major U.S. cigarette manufacturers, including RJRT, B&W and Lorillard Tobacco, entered into the Master
Settlement Agreement (MSA) with attorneys general representing 46 U.S. states, the District of Columbia and certain U.S. territories
and possessions. These cigarette manufacturers had previously settled four other cases, brought on behalf of Mississippi, Florida,
Texas and Minnesota, by separate agreements with each state (collectively and with the MSA, the \u2018State Settlement Agreements\u2019).
40. These State Settlement Agreements settled all health care cost recovery actions brought by, or on behalf of, the settling jurisdictions;
released the defending major U.S. cigarette manufacturers from various additional present and potential future claims; imposed
future payment obligations in perpetuity on RJRT, B&W, Lorillard Tobacco and other major U.S. cigarette manufacturers; and placed
significant restrictions on their ability to market and sell cigarettes and smokeless tobacco products. In accordance with the MSA,
various tobacco companies agreed to fund a US$5.2\u00a0billion (\u00a33.9\u00a0billion) trust fund to be used to address the possible adverse
economic impact of the MSA on tobacco growers.
41. RJRT and SFNTC are subject to substantial payment obligations under the State Settlement Agreements. Payments under the State
Settlement Agreements are subject to various adjustments for, among other things, the volume of cigarettes sold, relative market
share, operating profit, net operating profit (NOP) and inflation. Reynolds American\u2019s operating subsidiaries\u2019 expenses and payments
under the State Settlement Agreements for 2023, 2024 and 2025 and the projected expenses and payments for 2026 and onwards
are set forth below (in millions of US dollars)*:
2023
2024
2025
2026
2027 and
thereafter
Settlement expenses
$2,516
$2,160
$2,037
Settlement cash payments
$2,874
$2,535
$2,140
Projected settlement expenses
>$2,000
>$2,000
Projected settlement cash payments
>$2,000
>$2,000
Note:
*\u00a0 Subject to adjustments for changes in sales volume, operating profit, NOP, inflation and other factors. Payments are allocated among the settling companies on the basis of relative
market share or other methods.
42. The State Settlement Agreements have materially adversely affected RJRT\u2019s shipment volumes. Reynolds American believes that
these settlement obligations may materially adversely affect the results of operations, cash flows or financial position of Reynolds
American and RJRT in future periods. The degree of the adverse impact will depend, among other things, on the rate of decline
in\u00a0U.S. cigarette sales in the premium and value categories, RJRT\u2019s share of the domestic premium and value cigarette categories,
and the effect of any resulting cost advantage of manufacturers not subject to the State Settlement Agreements.
43. In addition, the MSA includes an adjustment that potentially reduces the annual payment obligations of RJRT, Lorillard Tobacco and\u00a0the
other signatories to the MSA, known as \u2018Participating Manufacturers\u2019 (PMs). Certain requirements, collectively referred to\u00a0as the
\u2018Adjustment Requirements\u2019, must be satisfied before the adjustment for a given year is available: (i) an independent auditor must
determine that the PMs have experienced a market share loss, beyond a triggering threshold, to those manufacturers that do not
participate in the MSA (such non-participating manufacturers being referred to as NPMs); and (ii) in a binding arbitration proceeding, a
firm of independent economic consultants must find that the disadvantages of the MSA were a significant factor contributing to the loss
of market share. This finding is known as a significant factor determination, and the adjustment is referred to as the NPM Adjustment.
44. When the Adjustment Requirements are satisfied, the MSA provides that the NPM Adjustment applies to reduce the annual
payment obligation of the PMs. However, an individual settling state may avoid its share of the NPM Adjustment if it had in place
and diligently enforced during the entirety of the relevant year a \u2018Qualifying Statute\u2019 that imposes escrow obligations on NPMs that
are comparable to what the NPMs would have owed if they had joined the MSA. In such event, the state\u2019s share of the NPM
Adjustment is reallocated to other settling states, if any, that did not have in place and diligently enforce a Qualifying Statute.
45. RJRT, Lorillard Tobacco and SFNTC are or were involved in the NPM Adjustment proceedings concerning the years 2003 to 2025.
In\u00a02012, RJRT, Lorillard Tobacco, and SFNTC entered into an agreement (the Term Sheet) with certain settling states that resolved
accrued and future NPM Adjustments. Since that time, additional states have joined the NPM Adjustment Settlement Agreement
(which incorporates the Term Sheet). In 2015, an additional state, New York, entered a separate settlement of the NPM Adjustment
dispute covering the years 2004 to 2014 and setting forth a procedure for calculating RJRT payment credits based on the number of
NPM packs sold on or through a Native American reservation in New York for 2015 onwards. In 2020, an additional state, Montana,
entered a separate settlement of the NPM Adjustment dispute covering the years 2005 to 2030. In 2024, an additional state,
Massachusetts, entered a separate settlement of the NPM Adjustment dispute covering the years 2005 to 2011. In 2025, an
additional state, Washington, entered a separate agreement of the NPM Adjustment dispute with RJRT and certain Subsequent
Participating Manufacturers (SPMs) covering the years 2005 to 2023.
46. Arbitration panels ruled in September 2021 and September 2022 that Missouri and New Mexico, respectively, had not diligently
enforced their respective Qualifying Statutes in the year 2004. In September 2021 and December 2023, arbitration panels ruled that
Washington had also not diligently enforced its Qualifying Statute in the years 2004 through 2007.
After a motion by Missouri to vacate the 2004 NPM Adjustment arbitration panel\u2019s award in November 2021, which was denied by
the Missouri Circuit Court in 2024, the 2004 NPM Adjustment award was confirmed on 14 January 2025. Missouri filed a notice of
appeal, but the Missouri Court of Appeals affirmed the order denying Missouri\u2019s motion to vacate the 2004 award in September
2025. An application for transfer to the Supreme Court of Missouri was denied in November 2025. This matter is now closed.
On 30 August 2023, the New Mexico District Court vacated the arbitration panel\u2019s decision with respect to New Mexico and an
appeal was filed by the PMs in September 2023. On 15 January 2026, the New Mexico Court of Appeals reversed the lower court\u2019s
order and reinstated the award finding New Mexico non-diligent in 2004.
On 28 March 2024, Washington filed a motion to vacate the arbitration panel\u2019s award determining it was non-diligent in 2005, 2006,
and 2007. Following a series of filings by RJRT and the state, on 7 April 2025, the state, RJRT and certain other SPMs settled the NPM
Adjustment dispute for 2005 through 2023. Pursuant to such settlement, Washington agreed to dismiss its appeal as to RJRT and
those other settling SPMs. On 2 May 2025, Washington, RJRT, and the settling SPMs filed a joint motion to dismiss the appeal, which
was granted on 27 May 2025. PM USA objected to the settlement, but the independent auditor implemented the settlement in April
2025. On 21 April 2025, PM USA served on RJRT an arbitration demand seeking to arbitrate the validity of the settlement. On 4 June
2025, RJRT and the settling SPMs filed a complaint in Washington\u2019s MSA court requesting a declaration that PM USA\u2019s arbitration
demand is invalid and fails to raise an arbitrable dispute. On 24 June 2025, PM USA filed a motion to compel arbitration and to dismiss
the complaint. The motion to compel arbitration was granted in September 2025 against RJRT\u2019s filed opposition. The case has been
stayed pending arbitration. On 12 September 2025, RJRT and the SPMs served on PM USA an arbitration demand alleging PM USA
had breached the 2017 NPM Adjustment Settlement Agreement by interfering with RJRT\u2019s and the SPMs\u2019 separate resolution of their
individual NPM Adjustment disputes with Washington, RJRT and PM USA filed arbitration demands, which were later consolidated,
with Judicial Arbitration and Mediation Services, Inc. (JAMS) on 6 October 2025 and 7 October 2025, respectively. The parties are in
the process of selecting arbitrators. On 30 October 2025, Washington and PM USA settled the NPM Adjustment dispute for 2005
through 2015. NPM proceedings are ongoing and could result in further reductions of the companies\u2019 MSA-related payments.
47. On 22 March 2024, New Mexico filed a complaint with the New Mexico District Court seeking a declaratory judgment interpreting
the term \u201cdiligently enforce\u201d as used in the MSA. RJRT filed a motion to compel arbitration and to dismiss the complaint on 19 April
2024. On 23 September 2024, the New Mexico District Court granted RJRT\u2019s motion to compel arbitration and dismissed the
complaint from the bench. The New Mexico District Court issued an order to that effect on 13 November 2024. New Mexico filed a
notice of appeal on 9 December 2024. Briefing is complete and the appeal is pending.
48. On 23 February 2024, PM USA sent New Mexico a 30-day notice of intent to initiate a proceeding against New Mexico, giving notice
that it intends to bring an action in the New Mexico District Court seeking an enforcement order compelling New Mexico to
participate in a proceeding before a firm to resolve a dispute over whether New Mexico\u2019s statutes requiring escrow deposits on
certain cigarettes sold in New Mexico constitute a Qualifying Statute pursuant to the MSA.
49. Currently there are four proceedings in four jurisdictions (Delaware (see paragraph 53), New Mexico (see paragraph 55), Texas (see
paragraph 56) and Minnesota (see paragraph 57)) under or in connection with the State Settlement Agreements (other than the
ones described above).
50. In January 2017, the State of Florida sought an order declaring that RJRT and Imperial Tobacco Group, PLC (ITG), a wholly owned
subsidiary of Imperial Brands plc that was later joined into the enforcement action, are in breach of the Florida State Settlement
Agreement and are required, jointly and severally, to pay approximately US$45\u00a0million (approximately \u00a333.5\u00a0million) and make annual
payments to the state under the Florida State Settlement Agreement with respect to the four brands (Winston, Salem, Kool and
Maverick) that were sold to ITG in the divestiture of certain assets, on 12 June 2015, by subsidiaries or affiliates of Reynolds American
and Lorillard (the Divestiture), referred to as the \u2018Acquired Brands\u2019. The motion also claimed future annual losses of approximately
US$30\u00a0million per year (approximately \u00a322.3\u00a0million) absent the court\u2019s enforcement of the Florida State Settlement Agreement.
51. On 27 December 2017, the court entered an\u00a0order holding RJRT (not ITG) liable for annual settlement payments for the Acquired
Brands, finding that ITG did not assume liability for annual settlement payments related to the\u00a0Acquired Brands under the terms of
the asset purchase agreement relating to the Divestiture. On 15 August 2018, the court entered a final judgment in the action (the
Final Judgment). On 29 July 2020, Florida's Fourth District Court of Appeal affirmed the Final Judgment on appeal. RJRT\u2019s motion for
rehearing or certification and its motion for review were denied by the Florida Supreme Court in September 2020 and December
2020, respectively. On 5 October 2020, RJRT satisfied the Final Judgment (approximately US$193\u00a0million (approximately
\u00a3143.4\u00a0million)) and paid approximately US$3.2\u00a0million (approximately \u00a32.4\u00a0million) of Florida\u2019s attorneys\u2019 fees. As explained below,
RJRT has secured an\u00a0order in the Delaware action requiring ITG to indemnify it\u00a0for amounts paid under the Final Judgment.
52. In February 2017, ITG filed an action in the Delaware Court of Chancery seeking declaratory relief against Reynolds American and
RJRT on various matters related to its rights and obligations under the asset purchase agreement (and related documents) relating
to the Divestiture with respect to\u00a0the subject of the Florida enforcement litigation described above. Reynolds American and RJRT
filed counterclaims on the same issues. Following summary judgments in September 2022 and October 2023, the court entered an
implementing order on 15 November 2023 providing that ITG shall indemnify Reynolds American and RJRT for every settlement
payment that they make in the future to Florida under the Final Judgment in the Florida litigation, based on ITG\u2019s sales of Acquired
Brands cigarettes, with the question of whether the indemnification obligation should be reduced to account for how NOP
adjustment (NOP Adjustment) payments would have been allocated if ITG had joined the Florida State Settlement Agreement to be
deferred to trial. Following a trial in 2024, the judge entered an order in March 2025 and a final order and judgment in April 2025
awarding Reynolds American and RJRT approximately US$370 million (\u00a3275.1 million) against ITG for prior settlement payments with
interest. ITG appealed this decision. On 15 December 2025, the Delaware Supreme Court affirmed the judgment of the Court of
Chancery. On 31 December 2025, the Delaware Supreme Court issued a mandate closing the case. Effective 30 January 2026, ITG,
Reynolds American and RJRT entered into a confidential Delaware Judgment Settlement Agreement. PM USA previously moved to
intervene in the case to assert that Reynolds American, RJRT and/or ITG were unjustly enriched by Florida settlement payments
borne by PM USA. The court denied PM USA\u2019s motion to intervene as untimely. PM USA had appealed but then voluntarily
dismissed its appeal. This matter is now closed.
53. On 4 February 2026, PM USA brought an action against Reynolds American and RJRT in the Court of Chancery of the State of
Delaware alleging unjust enrichment arising from the Delaware rulings in favour of the companies against ITG. PM USA claims
Reynolds avoided certain settlement payments in Florida because ITG did not join the Florida settlement. PM USA claims these
savings were at its expense and seeks restitution and damages for the alleged unjust enrichment in an amount to be determined by
the court, interest, and attorneys\u2019 fees and costs.
54. On 3 December 2019, the State of Mississippi filed a notice of violation and motion to enforce the Mississippi State Settlement
Agreement in\u00a0the Chancery Court of Jackson County, Mississippi against RJRT, PM USA and ITG, seeking a declaration that the base
year 1997 NOP to be used in calculating the NOP Adjustment was not affected by the change in the federal corporate tax rate
in\u00a02018 from 35% to 21% (the Tax Rate Change), and an order requiring RJRT to\u00a0pay the approximately US$5\u00a0million (approximately
\u00a33.7\u00a0million) difference in its 2018 payment because of this issue. Determination of the issue of the Tax Rate Change may affect
RJRT\u2019s annual payment thereafter. On 10 June 2022, the Mississippi Chancery Court granted the state\u2019s motion to enforce, ruling for
the state and denying RJRT\u2019s appeal. Following a hearing on damages, including interest and attorneys' fees, on 13 February 2024,
the\u00a0Chancery Court awarded the state attorneys\u2019 fees of approximately US$1.3\u00a0million (approximately \u00a31 million). On\u00a07\u00a0May 2024, the
court entered a final judgment awarding the state compensatory damages of approximately US$23.5\u00a0million (approximately \u00a317.5
million) plus 8% prejudgment interest, and approximately US$1\u00a0million (approximately \u00a3743,467) in additional attorneys\u2019 fees against
RJRT. In June 2024, the state and RJRT filed notices of appeal. PM USA also filed an appeal, which was dismissed (along with the
state\u2019s appeal as it related to PM USA) following a settlement between those parties in October 2024. On 19 August 2025, RJRT and
the state entered into a settlement. On 27 August 2025, the Mississippi Supreme Court dismissed RJRT\u2019s appeal and the State\u2019s
appeal. This matter is now closed.
55. On 29 November 2022, the State of New Mexico filed a complaint or, in the alternative, a motion to enforce its uniform consent
decree entered in connection with the MSA against the PMs asserting, among other things, claims for breach of contract and
violations of New Mexico\u2019s Unfair Practices Act. New Mexico seeks compensatory damages in an amount to be determined at\u00a0trial,
as well as treble damages, punitive damages, and declaratory and injunctive relief. On 10\u00a0February 2023, the PMs filed a motion to
compel arbitration or, in the alternative, motion to dismiss New Mexico\u2019s complaint and alternative motion to enforce. On
29\u00a0December 2023, the New Mexico District Court granted\u00a0the PMs\u2019 motion to compel arbitration. On 29 January 2024, New
Mexico filed a notice of appeal. Briefing is complete and the appeal is pending. On\u00a029 March 2024, RJRT filed a motion to dismiss
New Mexico\u2019s appeal. RJRT\u2019s motion to dismiss is held in abeyance pending submission of the appeal to a panel of judges.
56. On 2 March 2023, the State of Texas issued a demand letter to RJRT, PM USA and ITG, pursuant to the Texas State Settlement
Agreement, for underpaid sums owed to\u00a0Texas for the years 2019 through 2022 and a change in the calculation going forward,
asserting that RJRT, PM\u00a0USA and\u00a0ITG issued payments to Texas that were based on unauthorized changes to the base year 1997
NOP by incorporating into their calculations the Tax Rate Change. The parties filed cross-motions and, on 15 March 2024, the court
granted the state\u2019s cross-motion to enforce and denied the motion to enforce filed by PM USA and RJRT. On 28 March 2025, the
court ordered the parties to comply with calculations requiring RJRT to pay to Texas approximately US$104\u00a0million (\u00a377.3\u00a0million),
plus pre-judgment interest from 30 April 2019 through 14 March 2024, and post-judgment interest from 15 March 2024 until
payment. On 25 April 2025, each of RJRT and PM USA filed a notice of appeal with the Fifth Circuit Court of Appeals. Briefing is
complete and the appeal is pending.
57. On 2 July 2024, the State of Minnesota filed a motion to enforce the Minnesota State Settlement Agreement on the basis that the
NOP Adjustment due to Minnesota for the years 2018 and after be based on the value fixed in the Mississippi decision that found
the base year 1997 NOP to be used in calculating the NOP Adjustment was not affected by the Tax Rate Change, which motion was
granted on 9\u00a0December 2024. The Minnesota court requested the parties to meet and confer on the issue of damages, interest, and
civil penalties including attorneys\u2019 fees and directed that, within 30 days, the independent accounting firm retained by the parties to
calculate the settlement payments, PricewaterhouseCoopers LLC, shall calculate all future Minnesota NOP Adjustments using
US$3,115.1\u00a0million (approximately \u00a32,316 million) as the base NOP. After the parties informed the court that they had not resolved all
remaining issues within the prescribed time frame, the court directed the parties to mediation of the remaining issues. RJRT and PM
USA mediated on 10 April 2025 but did not reach a resolution of their dispute over allocation of the damages between them for 2018
and 2019. RJRT and PM USA each filed motions regarding the allocation of damages on 17 June 2025. After a hearing in October
2025, the court granted PM USA\u2019s motion related to the allocation of payments and ordered that ITG Brands, LLC be included in the
recalculation of payments from 2018 going forward. On 5 January 2026, the district court issued the judgment against RJRT and PM
USA. On 6 January 2026, the district court entered a Notice of Entry of Judgment against RJRT for US$71.1 million (approximately
\u00a352.9 million
Tobacco-Related Litigation Outside the U.S.
58. As at 31 December 2025:
a)medical reimbursement actions are being brought in\u00a0Angola, Brazil, Nigeria and South Korea;
b) class actions are being brought in Canada and Venezuela; and
c) active tobacco product liability claims against the Group\u2019s companies existed in 11 markets outside the U.S. The only markets
with five or more claims were Argentina, Brazil, Chile and Italy.
(a) Medical reimbursement cases
Angola
59. In November 2016, BAT Angola affiliate Sociedade Unificada de Tabacos de Angola (SUT) was served with a collective action filed in
the Provincial Court of Luanda, 2nd Civil Section, by the consumer association Associa\u00e7\u00e3o Angolana dos Direitos do Consumidor
(AADIC). The lawsuit seeks damages of AOA800\u00a0million (approximately \u00a3644,369) allegedly incurred by the Angolan Instituto
Nacional do Controlo do Cancro (INCC) for the cost of treating tobacco-related disease, non-material damages allegedly suffered by
certain individual smokers on the rolls of INCC, and the mandating of certain cigarette package warnings. SUT filed its answer to the
claim on 5 December 2016. The case remains pending.
Canada
60. In Canada, following the implementation of legislation enabling provincial governments to recover healthcare costs directly from
tobacco manufacturers, a separate action for recovery of healthcare costs arising from the treatment of smoking and health-related
diseases was commenced in each of the ten provinces (the Provincial Actions). Damages were not quantified by all ten provinces;
however, the industry-wide damages claimed in certain of the Provincial Actions ranged between CAD$10 billion (\u00a35.4 billion) and
CAD$118 billion (\u00a364 billion), and the province of Ontario delivered expert reports quantifying its damages in the range of CAD$280
billion (\u00a3151.9 billion) and CAD$630 billion (\u00a3341.7 billion) in 2016/2017 dollars plus an additional CAD$9.4 billion (\u00a35.1 billion) and
CAD$10.9 billion (\u00a35.9 billion) in damages in respect of environmental tobacco smoke, with the province\u2019s amended statement of
claim seeking damages of CAD$330 billion (\u00a3179 billion). In addition to the actions commenced by the provincial governments,
numerous class actions against Group companies were launched (see paragraphs 71 to 73).
61. Following a judgment by the Qu\u00e9bec Court of Appeal in March 2019 in the Qu\u00e9bec class actions, JTI-MacDonald Corp ((JTIM) a
subsidiary of Japan Tobacco International (JTI) and a co-defendant in the cases), Imperial Tobacco Canada Limited (Imperial) and
Imperial Tobacco Company Limited (together with Imperial, ITCAN) and Rothmans, Benson & Hedges Inc. ((RBH) a subsidiary of
Philip Morris International Inc. and a co-defendant in the cases) each filed for creditor protection under the Companies\u2019 Creditors
Arrangement Act (CCAA), and court ordered stays (the Stays) of all tobacco litigation in Canada against all\u00a0defendants (including all
Group companies that were defendants in the Canadian tobacco litigation, including (i) ITCAN, British American Tobacco p.l.c.,
British American Tobacco (Investments) Limited, B.A.T. Industries p.l.c. and Carreras Rothmans Limited) and (ii) R.J. Reynolds
Tobacco Company (RJRT) and R.J. Reynolds Tobacco International Inc. (which RJR Companies, pursuant to the terms of the 1999 sale
of RJRT\u2019s international tobacco business to JTI, benefit from an indemnification by JTI for all liabilities and obligations (including
litigation costs) arising in respect of the Canadian recoupment actions and on behalf of which RJR Companies, subject to a
reservation of rights, JTI had assumed the defence in these actions).
62. Following (i) the filing of proposed plans of compromise (collectively, the Proposed Plans) by the court-appointed mediators and
monitors for each of ITCAN, RBH and JTIM in the Ontario Superior Court of Justice (the Court) in October 2024, (ii) subsequent
amendments, (iii) creditor approval in December 2024 and (iv) a sanction hearing in January 2025, the Court ultimately issued an
order on 6 March 2025 finding each of the Proposed Plans fair, reasonable, and in the public interest, and sanctioned the Proposed
Plans (hereinafter referred to as the Approved Plans). The Approved Plans were implemented on 29 August 2025, as a result of
which all outstanding tobacco litigation in Canada against the defendants has been resolved and all relevant Group companies have
been provided releases in full for all historical tobacco-related claims in Canada.
63. On implementation, each of ITCAN, RBH and JTIM was required to pay into the settlement fund cash and cash equivalents on hand
(including investments held at fair value) (other than, in the case of RBH, a holdback amount) plus certain court deposits. If any cash
tax refunds are later received on account of these upfront payments, 85% of these refund amounts will also be payable towards the
settlement. Going forward, each of ITCAN, RBH and JTIM will also be required to make annual payments based on a percentage
(initially 85%, reducing over time to 70%) of net income after tax based on amounts generated from all sources, excluding New
Categories, until they settle the liability (CAD$32.5\u00a0billion (approximately \u00a317.6\u00a0billion)) in full. The performance of ITCAN\u2019s New
Categories (including Vapour products and nicotine pouches) is not included in the basis for calculating the annual payments. The
Group has recognised a provision to reflect management\u2019s best estimate of ITCAN\u2019s total payment obligations under the Approved
Plans (see note 24).
Nigeria
64. British American Tobacco (Nigeria) Limited (BAT Nigeria), the Company and Investments have been named as defendants in a
medical reimbursement action by the federal government of Nigeria, filed on 6 November 2007 in the Federal High Court, and in
similar actions filed by the Nigerian states of Kano (9\u00a0May 2007), Oyo (30 May 2007), Lagos (13 March 2008), Ogun (26 February
2008), and Gombe (17 October 2008) commenced in their respective High Courts. In the five cases that remain active, the plaintiffs
seek a total of approximately NGN10.6\u00a0trillion (approximately \u00a35.4\u00a0billion) in damages, including special, anticipatory and punitive
damages, restitution and disgorgement of profits, as well as declaratory and injunctive relief.
65. The suits claim that the state and federal government plaintiffs incurred costs related to the treatment of smoking-related illnesses resulting
from allegedly tortious conduct by the defendants in the manufacture, marketing, and sale of tobacco products in Nigeria, and assert that the
plaintiffs are entitled to reimbursement for such costs. The plaintiffs assert causes of action for negligence, negligent design, fraud and deceit,
fraudulent concealment, breach of express and implied warranty, public nuisance, conspiracy, strict liability, indemnity, restitution, unjust
enrichment, voluntary assumption of a special undertaking, and performance of\u00a0another\u2019s duty to the public.
66. The Company and Investments have made a number of challenges to the jurisdiction of the Nigerian courts. Such challenges are still
pending (on appeal) against the federal government and the states of Kano, Gombe and Ogun. These cases are stayed or adjourned
pending the final outcome of these jurisdictional challenges. In the Lagos action, the Nigerian Supreme Court denied the Company\u2019s
appeal on 25 November 2025 and the case will be remanded to the trial court. Investment\u2019s appeal in the Lagos action remains
pending. In the state of Oyo, on 13 November 2015, and 24 February 2017, respectively, the Company\u2019s and Investments\u2019 jurisdictional
challenges were successful in the Court of Appeal and the issuance of\u00a0the\u00a0writ of summons was set aside.
South Korea
67. In April 2014, Korea\u2019s National Health Insurance Service (NHIS) filed a healthcare recoupment action against KT&G (a Korean tobacco
company), PM Korea and BAT Korea (including BAT Korea Manufacturing). The NHIS is seeking damages of roughly KRW54\u00a0billion
(approximately \u00a327.9\u00a0million exclusive of interest) in respect of health care costs allegedly incurred by the NHIS treating patients
with lung (small cell and squamous cell) and laryngeal (squamous cell) cancer between 2003 and 2012. Court hearings in the case,
which constitute the trial, commenced in\u00a0September 2014. On 20 November 2020, the court issued a\u00a0judgment in favour of the
defendants and dismissing all of the plaintiff\u2019s claims. The NHIS filed an appeal of the judgment on 11 December 2020. Appellate
proceedings commenced in\u00a0June 2021. On 15 January 2026, the Seoul High Court dismissed the NHIS\u2019s appeal and fully upheld the
first instance judgment, dismissing all claims against all defendants. The NHIS has indicated that it intends to appeal to the Korean
Supreme Court. On 3 February 2026, the NHIS filed a notice of appeal of the Seoul High Court\u2019s ruling to the Supreme Court of
Korea.
Brazil
68. On 21 May 2019, the Federal Attorney\u2019s Office (AGU) in Brazil filed an action in the Federal Court of Rio Grande do Sul against the
Company, the BAT Group\u2019s Brazilian subsidiary Souza Cruz LTDA (Souza Cruz), Philip Morris International, Philip Morris Brazil
Ind\u00fastria e Com\u00e9rcio LTDA and Philip Morris Brasil S/A (collectively, PMB), asserting claims for medical reimbursement for funds
allegedly expended by the federal government as public health care expenses to treat 26\u00a0tobacco-related diseases over the last five
years from the\u00a0filing date and that will be expended in perpetuity during future years, including diseases allegedly caused both by
cigarette smoking and exposure to ETS. The action includes a\u00a0claim for moral damages allegedly suffered by Brazilian society to be
paid into a public welfare fund. The action is for\u00a0an unspecified amount of monetary compensation, as the\u00a0AGU seeks a bifurcated
action in which liability would be determined in the first phase followed by an evidentiary phase to ascertain damages.
69. Following proceedings in 2019 and 2020 in\u00a0both the trial and appellate courts challenging the issue of service on the Company, the court ruled
that service of the Company via its Brazilian subsidiary Souza Cruz constituted proper service, and ordered that defences be filed. The
Company and Souza Cruz (which was served with the complaint on 7 August 2019) filed their respective defences on 12\u00a0May 2020.
70. The court permitted the Associa\u00e7\u00e3o de Controle do Tabagismo, Promo\u00e7\u00e3o da Sa\u00fade (ACT), a Brazilian non-governmental
organisation, and the Funda\u00e7\u00e3o Oswaldo Cruz (FIOCRUZ), a research and development arm of the Brazilian Ministry of Health, to
intervene in the case as amicus curiae (on 13 May 2022 and 24 March 2025, respectively), over the objections of Souza Cruz, PMB
and the Company, limiting ACT and FIOCRUZ's rights as amicus curiae to presenting technical and scientific opinions and
participating in court hearings. The AGU submitted its reply to the defences on\u00a05\u00a0July 2022, and Souza Cruz, the Company and PMB
submitted responses to the AGU's reply on 26 August 2022. On 30 May 2025, FIOCRUZ submitted its statement as amicus curiae.
On 19 May 2020, notice was sent to the Public Prosecutor\u2019s Office (MPF) regarding the AGU\u2019s request that the MPF join the action
as a plaintiff. The\u00a0MPF, via its response filed on 10 July 2020, declined to join the action as party, but will act as an \u2018inspector of the
law\u2019, which enables MPF to express its opinion on case matters. On\u00a010\u00a0October 2022, the MPF submitted an opinion on preliminary
issues and evidence, which called for rejection of the defendants\u2019 preliminary defences and the majority of the evidence requested
by AGU and defendants. The defendants, including the Company and Souza Cruz have filed responses to the MPF\u2019s opinion.
On 24 March 2025, the court issued a preliminary decision on preliminary matters and evidence. The analysis of all preliminary
matters raised by the defendants was postponed to the final ruling, all the evidence requested by the parties was rejected. Souza
Cruz and PMB filed, on 9 April 2025 and 10 April 2025, respectively, motions for clarification of or adjustment to the preliminary
decision, to which the AGU responded on 30 May 2025. The motions remain pending.
(b) Class Actions
Canada
71. As described in paragraph 62, all Canadian tobacco litigation has been resolved and all relevant Group companies have been
provided release in full for all tobacco-related claims in Canada following implementation of the Approved Plans.
72. This includes resolution of the 11 class actions brought in Canada against Group companies for a variety of claims, including
deceptive marketing of light and mild cigarettes, failure to pay the agreed domestic contract price to tobacco growers used in
products manufactured for the export market and which were ultimately smuggled back into Canada, and smoking and health-
related claims, including claims based on fraud, fraudulent concealment, breach of warranty of merchantability, and of fitness for a
particular purpose, failure to warn, design defects, negligence, breach of\u00a0a \u2018special duty\u2019 to children and adolescents, conspiracy,
concert of action, unjust enrichment, market share liability and violations of various trade practices and competition statutes.
Damages sought were not quantified in most cases; however in respect of the two class actions in Qu\u00e9bec, the amount of the
judgment was CAD$13.7 billion (\u00a37.4 billion), of which CAD$9.2 billion (\u00a35 billion) was ITCAN\u2019s share and the amount sought in the
tobacco growers class action was CAD$50 million (\u00a327.1 million).
73. A proposed national class action was filed in the British Columbia Supreme Court by Danver Bauman (via his litigation guardian) on
21 December 2023 against Imperial Tobacco Company Ltd., Imperial, and Nicoventures Trading Limited (Nicoventures) alleging
numerous statutory and common law causes of action in connection with the design, marketing and sale of Zonnic. The action was
issued in violation of the Stays, and has not been validly served. Thereafter, on 26 September 2025, the plaintiffs\u2019 firm that had
attempted to commence the Bauman action issued a nearly duplicative class proceeding with a new representative plaintiff, Daniel
Maynard. The Maynard action seeks certification of a national class of Canadian consumers who purchased Zonnic for \u201cprimarily
personal, family or household use\u201d, and alleges that the defendants engaged in \u201cdeceptive and misleading design, regulatory
approval, labelling, advertising, marketing, promotion, distribution, and sale\u201d of its Zonnic products. The plaintiffs seek an unspecified
quantum of damages for unjust enrichment, common law breaches (including failure to warn and negligence), and breaches of
various provincial and federal statutes related to advertising and promotion, as well as punitive damages. The supporting
certification record has not yet been delivered by the plaintiffs, such that the action has not progressed.
Venezuela
74. In April 2008, the Venezuelan Federation of Associations of\u00a0Users and Consumers (FEVACU) and Wolfang Cardozo Espinel and
Giorgio Di Muro Di Nunno, acting as individuals, filed a class action against the Venezuelan government. The\u00a0class action seeks
regulatory controls on tobacco and recovery of medical expenses for future expenses of treating smoking-related illnesses in
Venezuela. Both C.A Cigarrera Bigott Sucs. (Cigarrera Bigott), a Group subsidiary, and ASUELECTRIC, represented by its president
Giorgio Di Muro Di Nunno (who had previously filed as an individual), have been admitted as third parties by the Constitutional
Chamber of the Supreme Court of Justice. A hearing date for the action is yet to be scheduled. On 25 April 2017 and on 23\u00a0January
2018, Cigarrera Bigott requested the court to declare the lapsing of the class action due to no proceedings taking place in the case in
over a year. A ruling on the matter is yet to be issued.
(c) Individual Tobacco-Related Personal Injury Claims
75. As at 31 December 2025, the jurisdictions with the most active individual cases against Group companies were, in descending order:
Chile (20), Brazil (seven), Italy (five), Argentina (five), Ireland (two) and T\u00fcrkiye (two). There was a further jurisdiction with one active
case only. Out of these 42 active individual cases, as at 31 December 2025 there were two cases in Argentina that have resulted in
pending unfavourable judgments. In one case, damages were awarded totalling ARS685,976 (approximately \u00a3351) in compensatory
damages and ARS2,500,000 (approximately \u00a31,280) in punitive damages, plus post-judgment interest. This judgment was reversed
via an appellate court ruling issued 19 September 2023. The plaintiff\u2019s petition for leave to appeal to the Argentina Supreme Court
was denied on 29 November 2023. The plaintiff filed an extraordinary appeal to the Argentina Supreme Court on 7\u00a0December 2023,
which appeal remains pending. In the other case, compensatory damages were awarded totalling ARS2,850,000 (approximately
\u00a31,460), with\u00a0post-judgment interest totalling approximately ARS338,089,193 (approximately \u00a3173,165). This judgment is currently on
appeal. In addition, on 25 August 2023, an adverse written judgment was served in an individual action in T\u00fcrkiye awarding
TRY10,000 (approximately \u00a3173) in compensatory damages against British American Tobacco T\u00fct\u00fcn Mam. San. ve Tic. A.\u015e (BAT T\u00fcrkiye)
and Philip Morris Sabanc\u0131 Pazarlama ve Sat\u0131\u015f A.\u015e, now known as Philip Morris Pazarlama ve Sat\u0131\u015f A.\u015e (PMP). The judgment was reversed
against BAT T\u00fcrkiye via an appellate court ruling served on 7 January 2025, on the basis that BAT T\u00fcrkiye does not have standing to be
sued. The judgment was upheld against PMP, with the amount of the award increased to TRY500,000 (approximately \u00a38,652). PMP has
appealed the judgment against it, and the plaintiff has appealed both rulings. The appeals remain pending.
Croatian Distributor Dispute
76. BAT Hrvatska d.o.o u likvidaciji and British American Tobacco Investments (Central and Eastern Europe) Limited are named as
defendants in a claim by Mr Perica received on 22\u00a0August 2017 and brought before the commercial court of Zagreb, Croatia. Mr
Perica seeks damages of HRK408\u00a0million (\u20ac54.1\u00a0million / \u00a347.2\u00a0million) relating to a BAT Standard Distribution Agreement dating
from 2005. BAT Hrvatska d.o.o and British American Tobacco Investments (Central and Eastern Europe) Ltd filed a reply to the
statement of claim on 6 October 2017. A hearing had been scheduled to take place on 10 May 2018, but it was postponed due to a
change of the judge hearing the case. The Commercial Court in Zagreb declared they do not have jurisdiction and that the
competent court to hear this case is the Municipal Court in Zagreb. TDR d.o.o. is also named as the defendant in a claim by
Mr\u00a0Perica received on 30 April 2018 and brought before the commercial court of Zagreb, Croatia. Mr. Perica seeks payment in the
amount of HRK408\u00a0million (\u20ac54.1\u00a0million / \u00a347.2\u00a0million) claiming that BAT Hrvatska d.o.o. transferred a business unit to TDR d.o.o,
thus giving rise to a liability of TDR d.o.o. for the debts incurred by BAT Hrvatska d.o.o, on the basis of the provisions of Croatian civil
obligations law. A response to the statement of claim was filed on 30\u00a0May 2018. The Commercial Court in Zagreb declared they do
not have jurisdiction and that the competent court to hear this case is the Municipal Court in Pula. Mr Perica filed an appeal against
this decision which was rejected by the High Commercial Court of The Republic of Croatia confirming therewith that the competent
court to hear this case is the Municipal Court in Pula. The Municipal Court in Zagreb decided that the claims by Mr Perica initiated
on 22\u00a0August 2017 and 30 April 2018 shall be heard as one case in front of the Municipal Court of Zagreb. After the two hearings
were held, the Municipal Court of Zagreb appointed the court financial and auditing appraisal to determine the value of Mr\u00a0Perica\u2019s
claim, which it determined in the amount of \u20ac15,850,579 (\u00a313.8\u00a0million). BAT Hrvatska d.o.o, British American Tobacco Investments
(Central and Eastern Europe) Ltd and TDR d.o.o, are able to challenge this valuation as part of the legal proceedings.
Florence Proceedings
77. British American Tobacco Italia SpA has been charged with administrative offences in Florence, Italy in a case against a large
number of individual and corporate defendants. This relates to potential allegations of failure to supervise or take appropriate steps
to prevent alleged corruption by two (now former) employees. The charges were dismissed at the preliminary hearing, concluded in
December 2024, along with the charges against all other defendants. The prosecutor has filed an\u00a0appeal against the decision
relating to British American Tobacco Italia SpA and some of the other defendants. The appeal has not\u00a0yet been scheduled.
Patents and Trademark Litigation
78. Certain Group companies are party to a number of patent litigation cases and procedural challenges concerning the validity of
patents owned by or licensed to them and/or the alleged infringement of third parties\u2019 patents.
79. On 20 September 2023, Healthier Choices Management Corp. (HCMC) commenced proceedings against RJR Vapor before the U.S.
District Court for the Middle District of North Carolina against the Vapour product Vuse Alto alleging infringement of U.S. Patent
9,538,788. On 17 November 2023, RJR Vapor filed a motion to dismiss the action in its entirety. On 18 September 2024, RJR Vapor
filed an inter partes review (IPR) challenging the patentability of the \u2018788 patent\u2019 before the U.S. Patent Trial and Appeal Board
(PTAB). On 27 November 2024, the court granted RJR Vapor\u2019s motion to stay the litigation pending the PTAB\u2019s institution decision in
the IPR. On 12 March 2025, the PTAB instituted an IPR of the \u2018788 patent\u2019. A final written decision on the IPR is expected in March
2026.
80. On 28 May 2020, Altria Client Services LLC (Altria) and U.S. Smokeless Tobacco Company LLC commenced proceedings against
RJR\u00a0Vapor before the U.S. District Court for the Middle District of North Carolina against the vapour products Vuse Vibe and Vuse
Alto, and the tin used in the Modern Oral product Velo. Nine patents in total were asserted: two against Vibe, four against Alto and
three against Velo. On 5\u00a0January 2021, Altria filed an Amended Complaint adding Modoral Brands Inc. as a defendant with respect to
the Velo product claims. A claim construction hearing was held on 28\u00a0April 2021, and the court issued its claim construction ruling on
12\u00a0May 2021. All asserted patent claims against Vibe and Velo as well as one of the four patents asserted against Alto were dropped
prior to trial, leaving three patents asserted against Alto for trial. Trial was held from 29 August 2022 to 7\u00a0September 2022. The jury
found infringement by all accused products and awarded approximately US$95\u00a0million (approximately \u00a370.6\u00a0million) in\u00a0damages. On
27\u00a0January 2023, the court rejected Altria's request to double the jury's awarded royalty rate for post-trial sales and set the royalty rate
applicable to post-trial sales to the jury's awarded rate of\u00a05.25%. Altria did not request entry of an injunction and has stipulated it will
not enforce the monetary judgment until all appeals are exhausted, including RJR Vapor\u2019s pending motion for relief from judgment. On
10 February 2023, RJR Vapor noticed its appeal to\u00a0the United States Court of Appeals for\u00a0the\u00a0Federal Circuit. On\u00a019\u00a0December 2024,
the Federal Circuit affirmed the lower court\u2019s judgment. RJR Vapor filed a request for rehearing with the Federal Circuit on 4 February
2025. The request for rehearing was denied on 4 March 2025. On 7 August 2025, RJR Vapor filed a petition for certiorari with the
United States Supreme Court. The Supreme Court issued an order denying the petition for certiorari on 6 October 2025. On 3 July
2024, RJR Vapor moved for relief from judgment and the ongoing royalty order due to RJR Vapor\u2019s obtaining a sublicense to Altria\u2019s
patents on 13 December 2023. The judge denied that motion as to royalties prior to RJR Vapor\u2019s obtaining the sublicense, and RJR
Vapor\u2019s appeal of that ruling is currently held in abeyance at the United States Court of Appeals for the Federal Circuit. RJR Vapor\u2019s
motion to vacate ongoing royalties after it obtained the sublicense remains pending, and an evidentiary hearing is likely to be held in
H1 2026 in the district court.
Mozambican IP Litigation
81. On 19 April 2017, Sociedade Agr\u00edcola de Tabacos, Limitada (SAT) (a BAT Group company in Mozambique) filed a complaint to the
National Inspectorate for Economic Activities (INAE), the\u00a0government body under the Ministry of Industry and Trade, regarding
alleged infringements of its registered trademark (GT) by GS Tobacco SA (GST). INAE subsequently seized the allegedly infringing
products (GS cigarettes) and fined and ordered GST to discontinue manufacturing products that could infringe SAT\u2019s intellectual
property rights. Following INAE\u2019s decision, in July 2017 and March 2018, SAT sought damages via the Judicial Court of Nampula, from
GST in the amount of MZN46,811,700 (\u00a3544,604) as well as\u00a0a permanent restraint order in connection with the manufacturing and
selling of the allegedly infringing products. The Judicial Court of Nampula (Tribunal Judicial de Nampula) granted the order on an
interim basis on 7\u00a0August 2017. After hearing the parties, on 5 September 2017, the court found that no alleged infringement by GST
had occurred and removed the interim restraint order, and rejected the damages claim. This decision was appealed by SAT
(Infringement Appeal). GST filed an application for review against INAE\u2019s initial decision directly to the Minister of\u00a0Trade and Industry,
which reversed the decision of INAE. On\u00a031\u00a0December 2018, SAT was notified of GST\u2019s counterclaim against SAT at the Judicial Court
of Nampula for damages allegedly sustained as a result of SAT\u2019s complaint to INAE (and\u00a0INAE\u2019s decision). GST is seeking damages in
the amount of approximately MZN14.5\u00a0billion (approximately \u00a3168.7\u00a0million). On 31 January 2019, SAT filed a formal response to the
counterclaim. A preliminary hearing was held on 2 April 2019, when the court heard arguments on the validity of GST\u2019s counterclaim.
On 2 September 2019, SAT received notification of an order which provided that (i) SAT\u2019s invalidity arguments had been dismissed by
the court; and (ii) the GST counterclaim would proceed to trial. On 9\u00a0September 2019, SAT responded to the order by appealing the
dismissal of the SAT invalidity arguments (Invalidity Appeal). SAT was notified in December 2021 that the trial of the counterclaim
was to take place on 24 February 2022. SAT subsequently submitted a complaint related to that trial to the court, on the basis that
prior to any further step being taken in relation to the trial the process should be submitted to the superior court for analysis, as per
the appeals previously submitted in the proceedings. SAT\u2019s complaint has been appreciated favourably and the process was
remitted to the High Court of Appeal for Nampula. The Court of Appeal handed down its judgment in respect of SAT\u2019s Infringement
Appeal and SAT\u2019s Invalidity Appeal. In respect of the Invalidity Appeal, the Court found that the requirements for GST\u2019s counterclaim
had not been met, and accordingly found that the counterclaim could not proceed. In respect of the Infringement Appeal, the Court
partially upheld the main appeal brought by SAT, finding that there had been a partial reproduction of SAT\u2019s trademarks by GST.
Consequently, it ordered GST to abstain from producing and commercialising products using packaging similar to that of SAT.
However, as regards SAT\u2019s claim for compensation for damage caused by the conduct of GST the Court found that this loss had not
been proven. GST has submitted an appeal on both the main process and counterclaim. The process is now pending before the
Supreme Court.
Malawi Group Action
82. In December 2020, the Company and British American Tobacco (GLP) Limited (GLP) were named as defendants in\u00a0a\u00a0claim made
in\u00a0the English High Court by around 7,500\u00a0Malawian tobacco farmers and their family members. The claim also names Imperial
Brands plc and five affiliates as\u00a0defendants. The claimants allege they were subjected to unlawful and exploitative working
conditions on tobacco farms from which it is alleged that the defendants indirectly acquire tobacco. They seek unquantified
damages (including aggravated and exemplary damages) for the torts of negligence and conversion and unquantified personal and
proprietary remedies for restitution of unjust enrichment. They also seek an injunction to restrain the commission of further torts of
conversion or negligence by the defendants. In January 2022, the Company and GLP were served with a similar claim by around a
further 3,500 claimants. The Company and GLP intend vigorously to defend the claims.
Middle East Litigation
83. In late December 2023, B.A.T. (U.K. and Export) Limited (BAT UKE) received a request for arbitration proceedings from a customer/
distributor in\u00a0the\u00a0Middle East, seeking damages in the range of US$117.7\u00a0million (approximately \u00a387.5\u00a0million) to US$119.8 million
(approximately \u00a389.1 million). In April 2024, British American Tobacco ME DMCC (BAT ME DMCC) was joined to the arbitration
proceedings on request of the claimants. The claimants have since amended the quantum of their claim and now seek damages in
the range of US$112.6 million (approximately \u00a383.7 million) to US$116.9 million (approximately \u00a386.9 million). The final merits hearing
will take place in Q1 2026.
Asbestos Litigation
84. As of 31 December 2025, there were four active asbestos personal injury cases served and pending against BATUS Holdings Inc.
(Horsfield, Temperley, Chimento, and McGuigan). During the\u00a0financial year 2025, BATUS Holdings Inc. was served with five new
asbestos personal injury cases (Colwell, Ward, Temperley, Chimento, and McGuigan), and was voluntarily dismissed from
six\u00a0asbestos personal injury cases (Harshberger, Lowis, Colwell, Ward, Weber, and Hardaway). The plaintiffs in each of the active
cases allege exposure to the defendants\u2019 asbestos and asbestos-containing talcum powder and cosmetics products, and assert
claims under state law, including for negligence, breach of warranty, strict liability, conspiracy, fraud and wrongful death. The plaintiffs
seek unspecified compensatory and punitive damages. Of the four active cases, Horsfield and Temperley were filed in state court in
Florida (Miami-Dade County and Broward County, respectively), Chimento was filed in state court in Louisiana (Orleans Parish), and
McGuigan was filed in state court in Pennsylvania (Philadelphia County Court of Common Pleas). BATUS Holdings Inc. has filed
motions to dismiss each of the four active cases for lack of personal jurisdiction, which motions remain pending.
Cigarette Filter Litter Litigation
85. On 21 November 2022, the Mayor and City Council of Baltimore, Maryland, filed a lawsuit in the Circuit Court for Baltimore City naming
the Company and RJRT, as well as PM\u00a0USA, Altria Group, Liggett Group LLC and a Maryland-based distributor, as\u00a0defendants. The
plaintiff, a municipality, alleges that the defendants manufactured, distributed and sold non-biodegradable cigarette filters with
knowledge that consumers would discard used filters on public property owned by the plaintiff, and further alleges that the defendants
failed to warn consumers of\u00a0the alleged environmental impacts of littered filters. The plaintiff asserts causes of action for alleged
violation of\u00a0state and municipal civil and criminal anti-littering and dumping laws, trespass, strict liability and negligent design defect,
public nuisance, and strict liability and negligent failure to warn. The\u00a0plaintiff seeks, among other relief, unspecified damages (including
punitive damages) for costs allegedly incurred removing discarded cigarette filters from public property, and for alleged damage to land
and natural resources and property value diminution, along with fines under state and municipal laws. On 3\u00a0February 2023, PM\u00a0USA
filed a notice of removal of\u00a0the litigation to the Federal District Court in Baltimore, Maryland. The plaintiff moved to remand the action
back to the Circuit Court for Baltimore City on 20\u00a0March 2023. The federal court, following briefing on the motion, issued an order on
19\u00a0January 2024 remanding the action back to the Circuit Court for Baltimore City. On 19 March 2024, the Company filed a motion to
dismiss the complaint for lack of personal jurisdiction and for failure to state a\u00a0legal claim. That same date, defendants RJRT, PM USA,
Liggett Group LLC, and a Maryland-based distributor moved to dismiss the complaint for failure to\u00a0state a legal claim. The Company
was voluntarily dismissed from the action without prejudice via a stipulation of dismissal filed on 2 May 2024. Briefing on those
defendants\u2019 pending motion to dismiss is completed, oral argument was held on 17\u00a0July 2024. On 21 July 2025, the trial court granted
the defendants\u2019 motion to dismiss in part, dismissing a number of claims with prejudice, and denied it in part. The Circuit Court
dismissed the five criminal counts for various procedural and substantive deficiencies. The Circuit Court additionally determined that
the plaintiff failed to sufficiently allege a continuing trespass under Maryland law and dismissed that claim as well. The Circuit Court
allowed the plaintiff\u2019s design defect (strict liability and negligence), public nuisance, and failure to warn (strict liability and negligence)
claims to proceed. On 5 August 2025, the defendants filed a joint motion to stay the Baltimore litigation pending the Maryland Supreme
Court\u2019s decision in an appeal in unrelated climate change litigation relating to the scope of Maryland\u2019s common law of public nuisance.
The Supreme Court\u2019s decision is expected in Q1 2026. On 12 September 2025, the Circuit Court denied the defendants\u2019 motion for a
stay and ordered (as alternatively requested) a two-year fact and expert discovery schedule. The Group will continue to monitor the
Maryland Supreme Court and its pending decision in the unrelated climate change litigation relating to the scope of the state\u2019s public
nuisance law and its potential impact on the nuisance claim in the Baltimore litigation against the Company and RJRT. On 17 November
2025, the state of Maryland filed a motion to intervene in the Circuit Court case, seeking to file a complaint for declaratory relief to
adjudicate the parties\u2019 rights and liabilities under the MSA. On 17 December 2025, the Court granted the state\u2019s motion. The
defendants will answer the state\u2019s complaint in intervention in due course.
Carbon Neutral Litigation
86. On 28 May 2025, plaintiffs Vanessa Bell, Destiney Murrah and Sean Nugent filed a putative class action lawsuit in federal court in California,
naming as defendants RJR Vapor, RJRT, Reynolds American and the Company. The plaintiffs allege that certain Vuse-brand vaporiser devices
and consumable products were falsely marketed to consumers as \u201ccarbon neutral,\u201d based on the defendants\u2019 allegedly false statements that
the production and use of the Vuse products resulted in no net addition of carbon dioxide to the atmosphere due to reductions of carbon
emissions in their production, with remaining emissions offset through the purchase of carbon credits. The plaintiffs assert claims for violation
of state consumer protection, unfair competition and false advertising statutes, breach of express and implied warranties, and unjust
enrichment, and seek, among other relief, unspecified compensatory, statutory, treble and punitive damages. Plaintiffs filed an amended
complaint on 30 September 2025. The Company and Reynolds American moved to dismiss the amended complaint for lack of personal
jurisdiction, and RJR Vapor and RJRT moved to dismiss the amended complaint for failure to state a claim on 10 October 2025. The plaintiffs
opposed the motions filed by the Company, RJR Vapor and RJRT. Reynolds American was voluntarily dismissed from the action without
prejudice on 20 January 2026. A hearing on the dismissal motions was held on 3 February 2026 and the court reserved the decision.
Nahadi Litigation
87. On 29 January 2026, a claim was filed in the U.S. District Court for the Eastern District of Virginia against the Company and British-
American Tobacco Marketing (Singapore) Private Limited (BATMS). The claimants are 196 U.S. nationals and family members who
claim unquantified civil damages under the U.S. Anti-Terrorism Act. The substance of the allegations relate to matters previously
disclosed in relation to historic business activities in the Democratic People\u2019s Republic of Korea which resulted in the Company\u2019s
April 2023 entry into a three-year deferred prosecution agreement (DPA) with the DOJ, with BATMS pleading guilty to the same
charges, and a civil settlement agreement with OFAC. The Company and BATMS intend to vigorously defend the claim.
Fox River
Background to environmental liabilities arising out of contamination of the Fox River:
88. U.S. authorities identified potentially responsible parties (PRPs), including NCR Corporation (now called NCR Voyix Corporation)
(NCR), to fund the clean-up of polluted sediments in the Lower Fox River, Wisconsin. Discharges of Polychlorinated Biphenyls (PCBs)
from paper mills and other facilities operating close to the river caused the pollution. Industries\u2019 involvement with the environmental
liabilities arises out of (i) indemnity arrangements which it became party to due to various transactions that took place from the
late-1970s onwards and (ii) subsequent litigation brought by NCR against Industries and Appvion Inc. (Appvion) (a former Group
subsidiary) in relation to those arrangements.
89. Following substantial litigation in the United States regarding the responsibility for the costs of the clean-up operations (estimated
to amount to US$1,346\u00a0million (\u00a31,001\u00a0million) (including natural resource damages)), and enforcement proceedings brought by the
U.S. Government against NCR and Appvion to ensure compliance with regulatory orders made relating to the Fox River clean-up,
the\u00a0District Court of Wisconsin approved two forms of settlement with the U.S. Government known as consent decrees on (i) 23
August 2017, pursuant to which NCR was obliged to perform and fund all of the remaining Fox River remediation work by itself and
(ii) on 14 March 2019 that concluded all remaining litigation relating to the Fox River.
90. On 3 October 2022, the United States Environmental Protection Agency issued a Certificate of Completion in respect of remedial
action for the Lower Fox River.
Industries\u2019 involvement with environmental liabilities arising out\u00a0of\u00a0the contamination of the Fox River:
91. NCR's position is that, under the terms of a 1998 Confidential Settlement Agreement (CSA) between it, Appvion, and Industries, and
a 2005 arbitration award, Industries and Appvion had a joint and several obligation to bear 60% of the Fox River environmental
remediation costs imposed on NCR and of any amounts NCR has to pay in respect of other Fox River PRPs\u2019 contribution claims.
Industries has not acknowledged any such liability to NCR and has defences to such claims.
92. Until May 2012, Appvion and Windward Prospects Limited (Windward) (another former Group subsidiary which indemnified
Industries) paid a 60% share of the clean-up costs incurred by NCR. Around that time, Appvion refused to continue to pay clean-up
costs, and NCR demanded that Industries pay a 60% share of those costs. Industries resisted NCR's demand and commenced
indemnification proceedings against Windward and Appvion, which were settled by entering into an agreement between Industries,
Windward, Appvion, NCR and BTI 2014 LLC (BTI) (a wholly owned subsidiary of Industries) in September 2014 (the Funding
Agreement). Under the Funding Agreement, the parties agreed, among other things, a framework through which they would
together fund the ongoing costs of the Fox River clean-up including an agreement to accept funding by Industries at a level of 50%
of NCR\u2019s share of ongoing clean-up related costs (rather than 60%), subject to the ability of NCR or Industries to litigate at a later
stage the extent of Industries\u2019 liability (if any) in relation to the clean-up costs (including in respect of the 50% paid by Industries to
date under the express reservation). Appvion entered Chapter 11 bankruptcy protection on 1 October 2017.
93. Under the Funding Agreement, BTI was assigned a claim commenced by Windward in the High Court of England & Wales (the High
Court) against Sequana S.A. (Sequana) and the former Windward directors (the Windward Dividend Claims), which related to
dividend payments made by Windward to Sequana of around \u20ac443\u00a0million (approximately \u00a3386.8\u00a0million) in 2008 and \u20ac135\u00a0million
(\u00a3117.9\u00a0million) in 2009 (the Dividend Payments).
94. In addition, Industries commenced an action directly against Sequana to recover the value of the Dividend Payments alleging that
the dividends were paid for the purpose of putting assets beyond the reach of Windward\u2019s creditors (including Industries) (the
Section 423 Claims). The Section 423 Claims and Windward Claims were heard together.
95. The High Court upheld the Section 423 Claims but dismissed the Windward Dividend Claims.
96. The High Court ordered that Sequana pay to BTI an amount up to the full value of the 2009 Dividend Payment plus interest, equating
to around US$185\u00a0million (approximately \u00a3137.5\u00a0million). Upon the parties\u2019 cross appeals, the Court of Appeal substantially upheld the
decision of the High Court. The subsequent appeal by BTI to the Supreme Court in respect of the Windward Dividend Claims against
the former Windward Directors was dismissed on 5 October 2022.
97. On 15 May 2019, the Nanterre Commercial Court made an order placing Sequana into formal liquidation proceedings, staying
execution of the judgment, under which, to\u00a0date, no payments have been made to Industries.
98. BTI brought claims against Windward\u2019s former auditors and advisers (which claims were also assigned to BTI under the Funding
Agreement). BTI commenced a claim against PricewaterhouseCoopers LLP (PwC) in the High Court in respect of its role as
Windward\u2019s auditor at the time of the Dividend Payments. Trial commenced on 4 June 2024. The claims were settled on 21 June
2024, pursuant to the terms set out in a confidential settlement agreement entered into by BTI, PwC and the joint administrators of
Windward (who were a nominal party to the proceedings). An agreed stay is presently in place in respect of BTI\u2019s separate assigned
claim against Freshfields Bruckhaus Deringer.
99. The sums Industries has paid under the Funding Agreement are subject to the express reservation set out in paragraph 92 above
and ongoing adjustment. Clean-up costs can only be estimated in advance of the work being carried out and certain sums payable
are the subject of ongoing U.S. litigation. Industries is potentially liable for further costs associated with the clean-up. Industries has
a provision of \u00a341 million which represents the current best estimate of its further exposure, see note 24.
Kalamazoo
100. Georgia-Pacific, a designated PRP in respect of the Kalamazoo River in Michigan, also pursued NCR in relation to\u00a0remediation costs
caused by PCBs released into that river. On 26 September 2013, the United States District Court, Michigan held that NCR was liable
as a PRP on the basis that it had arranged for the disposal of hazardous material for the purposes of the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA).
101. Following further litigation, on 11 December 2019, NCR announced that it had entered into a consent decree with the\u00a0U.S. Government
and the State of Michigan (subsequently approved by the court on 2 December 2020), pursuant to which it assumed liability for certain
remediation work at the Kalamazoo River. The payments to be made on the face of the consent decree in respect of such work total
approximately US$245\u00a0million (approximately \u00a3182.1\u00a0million). The consent decree also provides for the payment by NCR of\u00a0an
outstanding judgment against it of approximately US$20\u00a0million (approximately \u00a314.9\u00a0million) to Georgia-Pacific.
102. The quantum of the clean-up costs for the Kalamazoo River is\u00a0presently unclear. It seems likely to exceed the amounts payable on
the face of the consent decree.
103. On 10 February 2023, NCR filed a complaint in the United States District Court for the Southern District of New York against
Industries, seeking a declaration that Industries must compensate NCR for 60% of costs NCR incurred and incurs relating to the
Kalamazoo River site on the asserted basis that the Kalamazoo River constitutes a \u2018Future Site\u2019 for the purposes of the CSA. The
Funding Agreement described above does not resolve these claims. On 23 June 2023, Industries filed its defence and counterclaims
in the proceedings. After a motion by NCR, on 14 September 2024, the court issued a judgment, striking out one of Industries\u2019 eight
affirmative defences and dismissing three of Industries\u2019 five counterclaims against NCR\u2019s complaint. The proceedings are ongoing.
Other environmental matters
104. Reynolds American and its subsidiaries are subject to federal, state and local environmental laws and regulations concerning the
discharge, storage, handling and disposal of hazardous or toxic substances. Such laws and regulations provide for significant fines,
penalties and liabilities, sometimes without regard to whether the owner or operator of the property or facility knew of, or was
responsible for, the\u00a0release or presence of hazardous or toxic substances. In\u00a0addition, third parties may make claims against owners
or\u00a0operators of properties for personal injuries and property damage associated with releases of hazardous or toxic substances. In
the past, RJRT has been named a PRP with third parties under CERCLA with respect to several superfund sites. Reynolds American
and its subsidiaries are not aware of any current environmental matters that are expected to have a material adverse effect on the
business, results of operations or financial position of Reynolds American or its subsidiaries.
Investigations
105. The Group investigates, and becomes aware of governmental authorities\u2019 investigations into, allegations of misconduct, including
alleged breaches of sanctions and allegations of corruption at Group companies. Some of these allegations are currently being
investigated. The Group cooperates with the authorities, where appropriate.
106. On 25 April 2023, the Group announced that it had reached agreement with DOJ and the United States Department of the
Treasury\u2019s Office of Foreign Assets Controls (OFAC) to resolve previously disclosed investigations into suspicions of\u00a0sanctions
breaches. These concerned business activities relating to the Democratic People\u2019s Republic of Korea between 2007 and 2017. The
Company entered into a three-year deferred prosecution agreement (DPA) with DOJ and a civil settlement agreement with OFAC.
DOJ\u2019s charges against the Company\u2014one count of conspiring to commit bank fraud and one count of conspiring to violate
sanctions laws\u2014were filed and will later be dismissed if the Company abides by the terms of the DPA. In addition, a BAT subsidiary in
Singapore, British-American Tobacco Marketing (Singapore) Private Limited, pleaded guilty to the same charges. The\u00a0total amount
payable to the U.S. authorities is approximately US$635\u00a0million (approximately \u00a3472.3 million) plus interest, which has been paid by
the Company.
107. Competition Investigations: There are instances where the Group investigates or where Group companies are cooperating with
relevant national competition authorities in relation to competition law investigations and/or engaged in legal proceedings at the
appellate level, including (amongst others) in Belgium and Brazil.
In regards to the previously disclosed consent order entered into with the Nigerian Federal Competition and Consumer Protection
Commission (FCCPC) by British American Tobacco (Holdings) Limited, British American Tobacco (Nigeria) Limited and British
American Tobacco Marketing (Nigeria) Limited in December 2022, the monitors appointed under the order remained in place until
Q4 2025.
108. Marketing Activities: In addition, the Group is, and may in the future be, subject to investigations or legal proceedings in relation to,
among other things, its marketing, promotion or distribution activities in respect of its products. This includes, but is not limited to,
allegations that such activities, whether undertaken through traditional channels, digital platforms, third parties, or distribution
applications, do not comply with applicable laws or regulations. As such, the Group or Group companies, could be subject to liability
and costs associated with any damages, fines, or penalties brought in connection with these allegations.
Closed litigation matters
109. The following matters on which the Company reported in the contingent liabilities and financial commitments note 31 to the
Company\u2019s 2024 financial statements have been dismissed, concluded or resolved as noted below and shall not be included in
future\u00a0reports:
Matter
Jurisdiction
Companies named as Defendants
Description
Disposition
Lowis, Colwell, Weber,
Ward, Hardaway and
Harshberger
U.S.
BATUS Holdings Inc.
Asbestos Litigation
Voluntary dismissal by
plaintiffs
Netherlands Competition
Investigation
Netherlands
British American Tobacco
Nederland B.V.
British American Tobacco
International (Holdings) B.V.
Competition
Fine issued against
British American
Tobacco International
(Holdings) B.V.
U.S. Department of
Justice Action
U.S.
RJRT
RICO
Posting of corrective
communication signage
at retail is complete
State Settlement
Agreement: Missouri
U.S.
RJRT, SFNTC
State Settlement
Agreements-Enforcement
and Validity
Arbitration award
finding Missouri failed to
diligently enforce
upheld, resulting in
credits to RJRT\u2019s MSA
settlement payments
State Settlement
Agreement: Mississippi
U.S.
RJRT
State Settlement
Agreements-Enforcement
and Validity
Settlement
State Settlement
Agreement: Delaware
U.S.
RJRT, Reynolds American
State Settlement
Agreements-Enforcement
and Validity
Settlement
General Litigation Conclusion
110. While it is impossible to be certain of the outcome of any particular case or of the amount of any possible adverse verdict, the Group
believes that the defences of the Group\u2019s companies to all these various claims are meritorious on both the law and the facts, and
a\u00a0vigorous defence is being made everywhere.
111. If adverse judgments are entered against any of the Group\u2019s companies in any case, avenues of appeal will be pursued. Such appeals
could require the appellants to post appeal bonds or substitute security in amounts which could in some cases equal or exceed the
amount of the judgment.
112. At least in the aggregate, and despite the quality of defences available to the Group, it\u00a0is\u00a0possible that the Group\u2019s results of
operations or cash flows in any particular period could be materially adversely affected by the impact of a significant increase in
litigation, difficulties in obtaining the bonding required to stay execution of judgments on\u00a0appeal, or any final outcome of any
particular litigation, or governmental investigation.
113. Having regard to all these matters, with the exception of the\u00a0Approved Plans and Fox River (see note 24), the Group does not
consider it appropriate to make any provision in respect of any\u00a0pending litigation because the likelihood of any resulting material loss,
on an individual case basis, is not considered probable and/or the amount of any such loss cannot be reasonably estimated. In
addition, the Group accrues for damages, attorneys' fees and/or statutory interest, including in respect of certain Engle Progeny
cases, certain U.S. individual smoking and health cases and the DOJ medical reimbursement/corrective statement case.
Other contingencies
114. JTI Indemnities. By a purchase agreement dated 9\u00a0March 1999, amended and restated as at 11 May 1999, referred to as\u00a0the 1999
Purchase Agreement, R.J. Reynolds Tobacco Holdings, Inc. (RJR) and RJRT sold their international tobacco business to JTI. Under the
1999 Purchase Agreement, RJR and RJRT retained certain liabilities relating to the international tobacco business sold to JTI, and
agreed to indemnify JTI against: (i) any liabilities, costs and expenses arising out of the\u00a0imposition or assessment of any tax with
respect to the international tobacco business arising prior to the sale, other than as reflected on the closing balance sheet; (ii) any
liabilities, costs and expenses that JTI or any of its affiliates, including the acquired entities, may incur after the sale with respect to
any of RJR\u2019s or RJRT\u2019s employee benefit and welfare plans; and (iii) any liabilities, costs and expenses incurred by JTI or any of its
affiliates arising out of certain activities of Northern Brands.
115. RJRT has received claims for indemnification from JTI, and several of these have been resolved. Although RJR and RJRT recognise
that, under certain circumstances, they may have other unresolved indemnification obligations to JTI under the\u00a01999 Purchase
Agreement, RJR and RJRT disagree what circumstances described in such claims give rise to any indemnification obligations by RJR
and RJRT and the nature and extent of any such obligation. RJR and RJRT have conveyed their position to JTI, and the parties have
agreed to\u00a0resolve their differences at a later date.
116. ITG Indemnity. In the purchase agreement relating to the Divestiture as amended, Reynolds American agreed to defend and indemnify,
subject to certain conditions and limitations, ITG in connection with claims relating to the purchase or use of one or more of the Winston, Kool,
Salem or Maverick cigarette brands on or before 12 June 2015, as well as in actions filed before 13\u00a0June 2025, relating to the purchase or use of
one or more of the Winston, Kool, Salem or Maverick cigarette brands. In the purchase agreement relating to the Divestiture, ITG agreed
to\u00a0defend and indemnify, subject to certain conditions and limitations, Reynolds American and its affiliates in connection with claims relating
to the purchase or use of \u2018blu\u2019 brand e-cigarettes. ITG also agreed to defend and indemnify, subject to certain conditions and limitations,
Reynolds American and its affiliates in actions filed after 12\u00a0June 2025, relating to the purchase or use of one or more of the Winston, Kool,
Salem or Maverick cigarette brands after 12 June 2015. ITG has tendered a number of actions to Reynolds American under the terms of this
indemnity, and Reynolds American has, subject to a reservation of rights, agreed to defend and indemnify ITG pursuant to the terms of the
indemnity. Reynolds American has tendered an action to ITG under the terms of this indemnity, and ITG has, subject to a reservation of rights,
agreed to defend and indemnify Reynolds American and its affiliates pursuant to the terms of the indemnity.
These claims are substantially similar in nature and extent to claims asserted directly against RJRT in similar actions.
117. Loews Indemnity. In 2008, Loews Corporation (Loews), entered into an agreement with Lorillard Inc., Lorillard Tobacco, and certain
of their affiliates, which agreement is referred to as the \u2018Separation Agreement\u2019. In the Separation Agreement, Lorillard agreed to
indemnify Loews and its officers, directors, employees and agents against all costs and expenses arising out of third-party claims
(including, without limitation, attorneys\u2019 fees, interest, penalties and costs of investigation or preparation of defence), judgments,
fines, losses, claims, damages, liabilities, taxes, demands, assessments, and amounts paid in settlement based on, arising out of or
resulting from, among other things, Loews\u2019 ownership of or the operation of Lorillard and its assets and properties, and its operation
or conduct of its businesses at any time prior to or following the separation of Lorillard and Loews (including with respect to any
product liability claims). Loews is a defendant in three pending product liability actions, each of which is a putative class action.
Pursuant to the Separation Agreement, Lorillard is required to indemnify Loews for the amount of any losses and any legal or other
fees with respect to such cases. Following the closing of the Lorillard merger, RJRT assumed Lorillard\u2019s obligations under the
Separation Agreement as was required under the Separation Agreement.
118. SFRTI Indemnity. In connection with the 13 January 2016 sale by Reynolds American of the international rights to the NAS brand
name and associated trademarks, along with SFR Tobacco International GmbH (SFRTI) and other international companies that
distributed and marketed the brand outside the United States, to JT\u00a0International Holding BV (JTI Holding), each of SFNTC,
R.\u00a0J.\u00a0Reynolds Global Products, Inc., and R.\u00a0J.\u00a0Reynolds Tobacco B.V. agreed to indemnify JTI Holding against, among other things, any
liabilities, costs, and expenses relating to actions (i)\u00a0commenced on or before (a)\u00a013\u00a0January 2019, to the extent relating to alleged
personal injuries, and (b) in all other cases, 13 January 2021; (ii) brought by (a) a governmental authority to enforce legislation
implementing European Union Directive 2001/37/EC or\u00a0European Directive 2014/40/EU or (b)\u00a0consumers or a consumer association;
and (iii) arising out of any statement or\u00a0claim (a) made on or before 13 January 2016, (b) by any company sold to JTI Holding in the
transaction, (c) concerning NAS brand products consumed or intended to be consumed outside of the United States and (d) that the
NAS brand product is natural, organic, or additive-free.
119. Indemnification of Distributors and Retailers. RJRT, Lorillard Tobacco, SFNTC, American Snuff Co. and RJR Vapor have entered into
agreements to indemnify certain distributors and retailers from liability and related defence costs arising out of the sale or
distribution of their products. Additionally, SFNTC has entered into an agreement to indemnify a supplier from liability and related
defence costs arising out of the sale or use of SFNTC\u2019s products. The cost has been, and is expected to be, insignificant. RJRT,
SFNTC, American Snuff Co. and RJR Vapor believe that the indemnified claims are substantially similar in nature and extent to the
claims that they are already exposed to by virtue of their having manufactured those products.
120. Except as otherwise noted above, Reynolds American is not able to estimate the maximum potential of future payments, if\u00a0any,
related to these indemnification obligations.
Tax disputes
The Group has exposures in respect of the payment or recovery of a number of taxes. The Group is and has been subject to a number of
tax audits covering, amongst others, excise tax, value added taxes, sales taxes, corporate taxes, withholding taxes and payroll\u00a0taxes.
The estimated costs of known tax obligations have been provided in these accounts in accordance with the Group\u2019s accounting policies.
In some countries, tax law requires that full or part payment of disputed tax assessments be made pending resolution of the dispute. To
the extent that such payments exceed the estimated obligation, they would not be recognised as an expense. While the amounts that
may be payable or receivable in relation to tax disputes could be material to the results or cash flows of the Group in the period in which
they are recognised, the Board does not expect these amounts to have a material effect on the Group\u2019s financial condition.
The following matters are in or may proceed to litigation:
Corporate taxes
Brazil
Profits of overseas subsidiaries. The Brazilian Federal Tax Authority has filed claims against Souza Cruz seeking to reassess the profits of overseas
subsidiaries to corporate income tax and social contribution tax. The reassessments are for the years 2004 until and including 2012 for a total
amount of BRL1,645\u00a0million (\u00a3223\u00a0million) to cover tax, interest and penalties.
Souza Cruz appealed all reassessments. The Administrative Court stage has concluded and all judgments have been appealed to the Judicial
Courts. Regarding the first assessments (2004-2006), Souza Cruz\u2019s appeals were rejected by the ultimate Administrative Court after which Souza
Cruz filed two lawsuits with the Judicial Court to appeal the reassessments. The judgment in respect of the reassessment of corporate income tax
and social contribution have been decided in favour of Souza Cruz by the first level of the Judicial Court. These cases are awaiting trial on the
second level of the Judicial Court. The appeal against the second assessments (2007 and 2008) was upheld at the second tier tribunal and was
closed. In 2015, a further reassessment for the same period (2007 and 2008) was raised after the five-year statute of limitation which has been
appealed against. Regarding the 2007\u20132008 period, Souza Cruz is still awaiting a decision from the first level of the Judicial Court. Souza Cruz
received further reassessments in 2014 for the 2009 calendar year and in 2015 an assessment for the 2010 calendar year. Souza Cruz appealed
both the reassessments in full. In December 2016, assessments were received for the calendar years 2011 and 2012 which have also been appealed.
In April 2025 a favourable decision was received for the 2009\u20132012 cases in the first level of the Judicial Court, with the Brazilian Tax Authorities\u2019
appeal currently pending.
Rio de Janeiro VAT Incentives. The Brazilian Federal Tax authority has challenged the treatment of Rio de Janeiro VAT incentives. In October 2021, in
respect of the 2016-2021 calendar years, the authorities' position was upheld at the lower Judicial Court. Souza Cruz has appealed in full against the
Judgment. In June 2024, the Brazilian tax authorities initiated a tax audit specifically focused on the exclusion of the VAT incentives from corporate
income tax. Consideration of the defence strategy led management to file a petition to withdraw its judicial claims in order to be able to defend the
company\u2019s position in the administrative courts. The Brazilian Federal Tax authority filed an appeal challenging the withdrawal of the judicial claim.
The Brazil Tax Authorities' appeal was unsuccessful and they have confirmed that they do not intend to appeal further. This has resulted in a
reversal of the benefit recognised for the company\u2019s claim for the period 2016-2019 of BRL327\u00a0million (\u00a344\u00a0million) and a provision for potential
exposure to tax, interest and penalties of BRL1,047\u00a0million (\u00a3142\u00a0million) for the 2020-2023 period, reflecting the tax assessment received and a
binding Supreme Court decision which reduces the value of these incentives by 10% (as described in note 6(k)).
Indonesia
Indonesia\u2019s Directorate General of Taxes has filed assessments against Bentoel group companies mainly relating to domestic and other
intra-group transactions during the years 2016-2021. Objection letters have been filed with the Tax Office and these assessments are
being challenged at various levels in court. During 2025 a number of these disputes were resolved, and other cases have moved from
lower courts to the Supreme Court. Provisions totalling IDR1,632\u00a0billion (\u00a373 million) have been made in respect of claims totalling
IDR6,054\u00a0billion (\u00a3270 million) including interest and penalties.
Netherlands
The Dutch tax authority has issued a number of assessments on various issues across the years 2003-2016 in relation to various intra-
group transactions. The assessments amount to an aggregate net potential liability across these periods of \u00a31,082\u00a0million covering tax,
interest and penalties. The Group appealed against the assessments in full.
In relation to the periods from 2003-2007 (with an aggregate potential net liability of \u00a36\u00a0million), the Amsterdam Court of Appeal issued
judgments on 8 October 2024. The appeal against the assessments was upheld, with the court finding for the Group. The Dutch tax
authority have appealed to the Supreme Court. In June 2025, the Advocate General of the Supreme Court upheld the judgment of the
Court of Appeal and the appeal is now with the Supreme Court to decide whether to follow the Advocate General.
In relation to the periods from 2008-2016 (with an aggregate potential net liability of \u00a31,076\u00a0million), the District Court of North Holland
issued judgments on 17 October 2022 and 15 December 2023, resulting in findings against the Group on a number of issues. On the issue
of mark to market losses on external bonds of British American Tobacco Holdings (The Netherlands) B.V., the appeal against the
assessments was upheld in full, with the court finding for the Group. In relation to other intra-group transactions, including the
termination of licence rights, the court found against the Group and upheld a fine of \u00a392\u00a0million for the filing of an intentionally incorrect
tax return. The appeals against these judgments were heard in the Amsterdam Court of Appeal in 2024.
On 11 September 2025, the Court of Appeal issued its judgment, rescinding the \u00a392\u00a0million fine and reducing the adjustments relating to
the termination of licence rights. The Court of Appeal largely upheld the District Court\u2019s findings on the other intra-group transactions.
Both the Group and the Dutch Tax Authorities have issued pro-forma appeals to the Supreme Court.
Having considered the judgment and the Dutch judicial and international proceedings available to it, the Group recognised a further
adjusting charge of \u00a3171\u00a0million in 2025, with a total provision of \u00a3326\u00a0million recognised at 31 December 2025.
The Group believes that its companies have meritorious defences in law and fact in each of the above matters and intends to pursue
each dispute through the judicial system as necessary.
Indirect and other taxes
Bangladesh
In January 2019, a competitor filed a writ petition against the government and the National Board of Revenue (NBR) by which it initially challenged
the failure of Government to implement the closing budget speech of the Honourable Finance Minister dated 27 June 2018 and reserving low
segment for local brands. Thereafter, the competitor instead challenged the exclusion of protection given to local brands of cigarette
manufactured by local manufacturers and sought a direction to continue the protection so granted to the local manufacturers of cigarettes in
pursuance of a 2017 Special Order. The competitor further challenged the legality of a 2018 Special Order of the NBR through which the said
protection was revoked. British American Tobacco Bangladesh Company Limited (BAT Bangladesh) was initially not a party to the writ petition,
subsequently it became a party through an addition of party application. Upon hearing on multiple occasions, the High Court passed judgment in
the matter on 21 September 2020. BAT Bangladesh filed an appeal against the High Court order and obtained a stay on 4 October 2020. By holding
the prospective portion of the 2018 Special Order legal, the Court did not allow the discriminatory regime to continue. However, by holding illegal
the retrospective portion of the 2018 Special Order, the Court revived the discriminatory regime for only one year, that is from 1 June 2017 to 6 June
2018 and held that any shortfall of revenue under the 2017 Special Order may be recovered from any party or manufacturer during the period of 1
June 2017 to 6 June 2018. Subsequently, the Large Taxpayers\u2019 Unit (LTU) VAT issued a show cause notice dated 24 September 2020 following the
High Court judgment claiming unpaid VAT & Supplementary Duty (SD) of BDT24,371\u00a0million (\u00a3148\u00a0million) from 1 June 2017 to 6 June 2018. BAT
Bangladesh appealed against the High Court judgment before the Appellate Division and obtained an order of stay. Since the High Court judgment
is stayed, the LTU proceeding shall also be deemed to have been stayed.
In addition, BAT Bangladesh has received a memo from the NBR claiming BDT20,540\u00a0million (\u00a3125\u00a0million). This claim is related to VAT and SD
allegedly owed by BAT Bangladesh due to the production of an extra 18 billion cigarettes. The allegation is based on an undisclosed purchase
of local leaf, which is apparently inferred from a discrepancy found in BAT Bangladesh's 2016 Annual Report and VAT-1 records. NBR has
reopened the matter and sent a memo to LTU cancelling the earlier order of the LTU Commissioner which was in favour of BAT Bangladesh
and directing LTU to make the demand to BAT Bangladesh claiming the above-mentioned VAT and SD. Subsequently, BAT Bangladesh has
received an official demand for payment related to this claim from LTU. BAT Bangladesh has challenged the memo of NBR and obtained a
Rule in this regard. It has also challenged the demand letter of LTU and prayed for issuance of a supplementary rule and stayed the demand
letter. The matter is currently pending before the High Court.
BAT Bangladesh has also received show cause notices from the NBR alleging that the company has avoided excise payment amounting to
BDT3,794\u00a0million (\u00a323\u00a0million) during 2020 to 2024. The notices claimed that the excise avoidance occurred due to the supply of
cigarettes stored in BAT Bangladesh\u2019s warehouse to its distributors at increased prices. BAT Bangladesh formally responded to the show
cause notices, asserting that it has always acted within the law and hence the basis of the allegation and claim is unfounded. A hearing
took place regarding the first show cause notice for BDT1,687\u00a0million (\u00a310\u00a0million) on 13 November 2024 following which the NBR has
issued a demand for the \u00a310\u00a0million. Subsequently, on 13 January 2025, BAT Bangladesh filed a writ in the High Court, challenging the demand on
point of law. BAT Bangladesh has appealed the tax demand before the NBR Appellate Tribunal and deposited 10% of the amount. At the hearing on
22 July 2025, BAT Bangladesh plans to request an adjournment, as a related application is pending before the Supreme Court to remove a remark
made by the High Court suggesting BAT Bangladesh had an \u201culterior motive.\u201d BAT Bangladesh believes this remark is unfair and could affect the
outcome of the Tribunal hearing. The remaining show cause notices are currently pending hearing. The NBR Appellate Tribunal hearing concluded
during 2025 and the pronouncement of order is expected following a subsequent court hearing in June 2026.
In another matter, VAT rebate claims of BAT Bangladesh for the period July 2022 and October 2023 were denied and an assessment of
BDT5,137\u00a0million (\u00a331\u00a0million) was received. There are four disputes concerning this same matter, which is the availability of evidence to
show the disposal of production materials on which VAT input tax has been incurred into the finished products. The disputes are
currently subject to an administrative appeal. The High Court directed the disputes back to the Tax Tribunal to hear all four appeals
together. The Tax Tribunal heard the cases on 4 December 2025, and again on\u00a0 25 January 2026. The verdict is outstanding and expected
sometime in Q1 2026. If the verdict is unfavourable, BATB will appeal to the High Court.
Finally, in October 2025, the NBR issued show cause notices to BAT Bangladesh wherein the NBR asserted that local raw tobacco leaf
purchases in the 2022 to 2023 financial years were subject to VAT. A hearing between BAT Bangladesh and the NBR was held in
November 2025, and the NBR issued a demand notice for BDT2,515\u00a0million (\u00a315\u00a0million) on 7 January 2026. The matter is now in litigation,
and BAT is expected to make an appeal at the Appellate Tribunal of the NBR before the 7 April 2026 deadline. The same challenge has
previously been brought by the NBR in respect of the 2010 to 2015 financial years (demand for BDT1,572\u00a0million (\u00a310\u00a0million)), and
Alternate Dispute Resolution resulted in a full withdrawal of the NBR\u2019s claim. Similarly, the same challenge was brought in respect of the
2015 to 2018 financial years (BDT1,235\u00a0million (\u00a38\u00a0million)), and the High Court granted a stay order on the NBR\u2019s demand which is still in
place. Show cause notices have been received in respect of the same matter covering the 2021 and 2024 financial years (BDT953\u00a0million
(\u00a36\u00a0million) and BDT1,917\u00a0million (\u00a312\u00a0million), respectively), with no final demand received yet.
Brazil
Court proceedings are underway related to an assessment of VAT arising from the allocation of sales tax between different states. The
amount involved is BRL142\u00a0million (\u00a319\u00a0million). The assessment was issued by the S\u00e3o Paulo state authorities on the grounds that, in the
period up to 2018, BAT treated local operations as interstate ones to reduce the VAT paid in S\u00e3o Paulo.
This assessment was appealed to the courts of first and second instance. In both cases, the decisions were unfavourable. In 2023, BAT
filed an appeal to the Superior Court which is awaiting a court hearing.
South Korea
In 2016, the Board of Audit and Inspection of Korea (BAI) concluded its tax assessment in relation to the 2014 year-end tobacco inventory,
and imposed additional national excise, local excise, VAT taxes and penalties. This resulted in the recognition of a KRW80.7\u00a0billion
(\u00a342\u00a0million) charge by Group subsidiaries, Rothmans Far East B.V. Korea Branch Office and BAT Korea Manufacturing Ltd. Management
deems the tax to be unfounded and has appealed to the tax tribunal against the assessment. On grounds of materiality and the likelihood
of the tax being reversed in future, the Group classified the tax and penalties charge as an adjusting item in 2016. All amounts have been
paid and expensed in the both the Group and local financial statements.
For the VAT portion of the assessments of KRW6.7\u00a0billion (\u00a33\u00a0million), the trial court ruled in favour of Rothmans Far East B.V. Korea Branch
Office in 2019. The Korean government appealed the ruling immediately thereafter but the appellate court affirmed the ruling of the trial
court. The decision was finally affirmed by the Supreme Court in 2021 and Rothmans Far East B.V. Korea Branch Office duly received the
amount litigated (VAT portion) including statutory interests shortly thereafter in 2021.
For the local and national excise portion of the assessments, the trial court ruled in favour of the Korean government in June 2020 and the
decision was affirmed by the appellate court in September 2023. British American Tobacco Korea Manufacturing Ltd. appealed to the
Supreme Court in\u00a0October 2023. The Supreme Court has not set a hearing date yet and the case is currently pending at the Supreme Court.
Commitments in relation to service contracts, non-capitalised leases
The total future minimum payments under non-cancellable service contracts based on when payments fall due:
2025
\u00a3m
2024
\u00a3m
Service contracts
Within one year
72
63
Between one and five years
18
30
90
93
Financial commitments arising from short-term leases and leases of low-value assets that are not capitalised under IFRS 16 Leases are
\u00a37\u00a0million (2024: \u00a310\u00a0million) for property and \u00a31\u00a0million (2024: \u00a32\u00a0million) for plant, equipment and other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-883": { "value": "
31 Contingent liabilities and financial commitments
1. The Group is subject to contingencies pursuant to requirements that it complies with relevant laws, regulations and standards.
2. Failure to comply could result in restrictions in operations, damages, fines, increased tax, increased cost of compliance, interest
charges, reputational damage or other sanctions. These matters are inherently difficult to quantify. In cases where the Group has an
obligation as a result of a past event existing at the balance sheet date, if it is probable that an outflow of economic resources will be
required to settle the obligation and if the amount of the obligation can be reliably estimated, a provision will be recognised based on
best estimates and management judgment.
3. There are, however, contingent liabilities in respect of litigation, taxes in some countries and guarantees for which no provisions have
been made.
General Litigation Overview
4. There are a number of legal and regulatory actions, proceedings and claims against Group companies related to tobacco and New
Category products that are pending in a number of jurisdictions. These proceedings include, among other things, claims for personal
injury (both individual claims and class actions) and claims for economic loss arising from the treatment of smoking- and health-
related diseases (such as medical recoupment claims brought by local governments).
5. The plaintiffs in these cases seek recovery on a variety of legal theories, including negligence, strict liability in tort, design defect,
failure to warn, fraud, misrepresentation, violations of unfair and deceptive trade practices statutes, conspiracy, public nuisance,
medical monitoring and violations of competition and antitrust laws. The plaintiffs seek various forms of relief, including
compensatory and, where available, punitive damages, treble or multiple damages and statutory damages and penalties, creation of
medical monitoring and smoking cessation funds, disgorgement of profits, attorneys\u2019 fees, and injunctive and other equitable relief.
6. Although alleged damages often are not determinable from a complaint, and the law governing the pleading and calculation
of\u00a0damages varies from jurisdiction to jurisdiction, compensatory and punitive damages have been specifically pleaded in a number
of cases, sometimes in amounts ranging into the hundreds of millions and even hundreds of billions of pounds sterling.
7. The Group has successfully managed tobacco-related litigation, and a very high percentage of the tobacco-related litigation claims
brought against Group companies, including Engle progeny cases, continue to be dismissed at or before trial. Based on their
experience in tobacco-related litigation and the strength of the defences available to them in such litigation, the Group\u2019s companies
believe that their successful defence of tobacco-related litigation in the past will continue in the future.
8. It is the policy of the Group to defend tobacco-related litigation claims vigorously. However, Group companies may enter into
settlement discussions in certain cases, if they believe it is in their best interests to do so. Group companies, for example, may enter
into settlement discussions in particular cases, actions taken pursuant to \u2018offer of judgment\u2019 statutes and Filter Cases, as defined
below. An \u2018offer of judgment,\u2019 if rejected by the plaintiff, preserves the Group\u2019s right to recover attorneys\u2019 fees under certain statutes
in the event of a verdict favourable to the Group. Such offers are sometimes made through court-ordered mediations. Other
settlements by Group companies include the State Settlement Agreements (as defined in paragraph 39 below), the funding by
various tobacco companies of a US$5.2 billion (\u00a33.9\u00a0billion) trust fund contemplated by the Master Settlement Agreement (as
described in paragraph 39 below) to benefit tobacco growers, the original Broin flight attendant case (as described in paragraph 38,
note 31(o) below), and most of the Engle progeny cases pending in U.S. federal court (as described in paragraph 27 et seq. below),
after the initial docket of over 4,000 such cases was reduced to approximately 400 cases. The Group believes that the
circumstances surrounding these claims are readily distinguishable from the current categories of tobacco-related litigation claims
involving Group companies.
9. Although the Group intends to defend all pending cases vigorously and believes that the Group\u2019s companies have valid bases for
appeals of adverse verdicts, valid defences to all actions, and that an outflow of resources related to any individual case is not
considered probable, litigation is subject to many uncertainties, and generally, it is not possible to predict the outcome of any
particular litigation pending against Group companies or to reasonably estimate the amount or range of any possible loss.
Furthermore, a number of political, legislative, regulatory and other developments relating to the tobacco industry and cigarette
smoking have received wide media attention. These developments may negatively affect the outcomes of tobacco-related legal
actions and encourage the commencement of additional similar litigation. Therefore, the Group does not provide estimates of the
financial effect of the contingent liabilities represented by such litigation, as such estimates are not practicable.
10. The following table lists the categories of the tobacco-related actions pending against Group companies as at 31 December 2025
and the increase or decrease from the number of cases pending against Group companies as at 31\u00a0December 2024. Details of the
quantum of past judgments awarded against Group companies, the majority of which are under appeal, are also identified along
with any settlements reached during the relevant period. Given the volume and more active nature of the Engle progeny cases and
the Filter Cases in the U.S. described below, and the fluctuation in the number of such cases and amounts awarded from year to
year, the Group presents judgment or settlement figures for these cases on a\u00a0three-year basis. Where no quantum is identified,
either no\u00a0judgment has been awarded against a Group company, or\u00a0where a verdict has been reached no quantification of damages
has been given, or no settlement has been entered into. Further details on the judgments, damages quantification and settlements
are included within the case narratives below. For a discussion of the non-tobacco related litigation pending against the Group, see
note 31, paragraph\u00a076, et seq below.
Case Type
Notes
Case Numbers as at
31 December 2025
(note 31(a))
Case Numbers as at
31 December 2024
(note 31(a))
Change in Number
Increase/(decrease)
U.S. tobacco-related actions
Medical reimbursement cases
31(b)
1
2
(1)
Class actions
31(c)
19
19
No change
Individual smoking and health cases
31(d)
194
197
(3)
Engle Progeny Cases
31(e)
33
91
(58)
Broin II Cases
31(f)
1
69
(68)
Filter Cases
31(g)
31
29
2
State Settlement Agreements \u2013 Enforcement and Validity
31(h)
4
5
(1)
Non-U.S. tobacco-related actions
Medical reimbursement cases
8
18
(10)
Class actions
31(i)
2
12
(10)
Individual smoking and health cases
31(j)
42
50
(8)
(Note 31(a)) This includes cases to which the Reynolds American Inc. (Reynolds American) group companies were a party at such date.
(Note 31(b)) This category of cases includes the Department of Justice action. See note 31, paragraphs 20 to 23.
(Note 31(c)) See note 31, paragraphs 24 to 36.
(Note 31(d)) See note 31, paragraphs 37 to 38.
(Note 31(e)) See note 31, paragraphs 27 to 36.
(Note 31(f)) See note 31, paragraph 38.
(Note 31(g)) See note 31, paragraph 38.
(Note 31(h)) See note 31, paragraphs 39 to 57.
(Note 31(i)) Outside the United States, there were two class actions being brought against Group companies as at 31 December 2025.
These\u00a0include one class action in Canada and one class action in Venezuela. For a description of the Group companies\u2019 non-U.S. class
actions, see note 31, paragraphs 71 to 74. All outstanding tobacco litigation in Canada prior to the implementation of the Approved Plans
on 29 August 2025 has been resolved and all relevant Group companies have been provided releases in full for all historical tobacco-
related claims in Canada, although the procedural dismissal of the proceedings is ongoing. See note 31, paragraph 62.
(Note 31(j)) As at 31 December 2025, the jurisdictions with the most active individual cases against Group companies were, in descending
order: Chile (20), Brazil (seven), Italy (five), Argentina (five), Ireland (two), and T\u00fcrkiye (two). There was a further jurisdiction with one active
case only. For further information, see note 31, paragraph 75.
11. Certain terms and phrases used in this note 31 may require some explanation.
a)\u2018Judgment\u2019 or \u2018final judgment\u2019 refers to the final decision of the court resolving the dispute and determining the rights and
obligations of the parties. At the trial court level, for example, a final judgment generally is entered by the court after a jury verdict
and after post-verdict motions have been decided. In most cases, the losing party can appeal a verdict only after a final judgment
has been entered by the trial court.
b)\u2018Damages\u2019 refers to the amount of money sought by a plaintiff in a complaint, or awarded to a party by a jury or, in some cases,
by a judge. \u2018Compensatory damages\u2019 are awarded to compensate the prevailing party for actual losses suffered, if liability is
proved. In cases in which there is a finding that a defendant has acted wilfully, maliciously or fraudulently, generally based on
a\u00a0higher burden of proof than is required for a finding of liability for compensatory damages, a plaintiff also may be awarded
\u2018punitive damages\u2019. Although damages may be awarded at the trial court stage, a losing party may be protected from paying
any\u00a0damages until all appellate avenues have been exhausted by posting a supersedeas bond. The amount of such a bond is
governed by the law of the relevant jurisdiction and generally is set at the amount of damages plus some measure of statutory
interest, modified at the discretion of the appropriate court or subject to limits set by a court or statute.
c)\u2018Settlement\u2019 refers to certain types of cases in which cigarette manufacturers, including R. J. Reynolds Tobacco Co. (RJRT),
Brown & Williamson Tobacco Corporation (now known as Brown & Williamson Holdings, Inc.) (B&W), and Lorillard Tobacco
Company (Lorillard Tobacco), have agreed to resolve disputes with certain plaintiffs without resolving the cases through trial
and/or appeal.
d)
U.S. Tobacco Litigation
12. Group companies, notably RJRT (individually and as successor by merger to Lorillard Tobacco) and B&W as well as other leading
cigarette manufacturers, are defendants in a number of product liability cases. In a number of these cases, the amounts of
compensatory and punitive damages sought are significant.
13. The total number of U.S. tobacco product liability cases pending as at 31 December 2025 involving RJRT, B&W, Santa Fe Natural
Tobacco Company, Inc. (SFNTC) and/or Lorillard Tobacco was approximately 297.
14. Since many of these pending cases seek unspecified damages, it is not possible to quantify the total amounts being claimed, but the
aggregate amounts involved in such litigation are significant, possibly totalling billions of US dollars. The cases fall into four broad
categories: medical reimbursement cases; class actions; individual cases; and other claims.
15. RJRT (individually and as successor by merger to Lorillard Tobacco), American Snuff Co., SFNTC, R.J. Reynolds Vapor Company
(RJR\u00a0Vapor), Reynolds American, Lorillard Inc., other Reynolds American affiliates and indemnitees, including but not limited to B&W
(collectively, the Reynolds Defendants), believe that they have valid defences to the tobacco-related litigation claims against them,
as well as valid bases for appeal of adverse verdicts against them. The Reynolds Defendants have, through their counsel, filed
pleadings and memoranda in\u00a0pending tobacco-related litigation that set forth and discuss a number of grounds and defences that
they and their counsel believe have a valid basis in law and fact.
16. Scheduled trials. Trial schedules are subject to change, and many cases are dismissed before trial. In the U.S., as at 31 December
2025, there are 37\u00a0cases, exclusive of Engle progeny cases, scheduled for trial through 31 December 2026, for the Reynolds
Defendants: 30 individual smoking and health cases, three Filter Cases and four other cases. Thereafter, as of 15 January 2026, two
additional Filter Cases were scheduled for trial through 31 December 2026, bringing the Filter Cases total to five scheduled trials
through 31 December 2026. There are also approximately 11 Engle progeny cases against RJRT (individually and as successor to
Lorillard Tobacco) and B&W scheduled for trial through 31 December 2026. It is not known how many of these cases will actually be tried.
17. Trial results. From 1 January 2023 through 31 December 2025, 43\u00a0trials occurred in individual smoking and health, Engle progeny, and
other cases in which the Reynolds Defendants were defendants, including 10 trials where mistrials were declared. Verdicts in favour
of the Reynolds Defendants and, in some cases, other defendants, were returned in 17 cases, tried in Florida (eight), Oregon (one),
Massachusetts (four), Illinois (one), Delaware (one) and New Mexico (two). Verdicts in favour of the\u00a0plaintiffs were returned in 16
cases, tried in Florida (six), Massachusetts (seven), New Mexico (one), and Hawaii (two).
(a) Medical Reimbursement Cases
18. These civil actions seek to recover amounts spent by government entities and other third-party providers on healthcare and welfare
costs claimed to result from illnesses associated with smoking.
19. As at 31 December 2025, one U.S. medical reimbursement suit\u00a0(Crow Creek Sioux Tribe v. American Tobacco Co., filed in 1997) was
pending against RJRT, B&W and Lorillard Tobacco in a Native American tribal court in South Dakota. The plaintiffs seek to recover
actual and punitive damages, restitution, funding of a clinical cessation programme, funding\u00a0of a corrective public education
programme, and disgorgement of unjust profits from sales to minors. There has been no recent activity in this case, and no other
medical reimbursement suits are pending against these companies by\u00a0county or other political subdivisions of the states.
U.S. Department of Justice Action
20. On 22 September 1999, the U.S. Department of Justice (DOJ) brought an action in the U.S. District Court for the District of Columbia
against various industry members, including RJRT, B&W, Lorillard Tobacco, B.A.T Industries p.l.c. (Industries) and British American
Tobacco (Investments) Limited (Investments) (United States v. Philip Morris USA Inc.). The\u00a0DOJ initially sought (i) recovery of certain
federal funds expended in\u00a0providing health care to smokers who developed alleged smoking-related diseases and (ii) equitable relief
under the civil provisions of the Racketeer Influenced and Corrupt Organizations Act (RICO), including (a) disgorgement of roughly
US$280 billion (\u00a3208.2\u00a0billion) in profits allegedly earned from a purported racketeering \u2018enterprise\u2019 \u2013 a\u00a0remedy the U.S. Court of
Appeals for the District Court Circuit (the DC Circuit) ruled in February 2005 was not available \u2013 and (b) certain \u2018corrective
communications\u2019. In September 2000, the district court dismissed Industries for lack of personal jurisdiction and dismissed the
health care cost recovery claims.
21. After a roughly nine-month non-jury trial of the remaining RICO claims, the district court issued its Final Judgment and Remedial
Order (the Remedial Order) on 17 August 2006. The Remedial Order found certain defendants, including RJRT, B&W, Lorillard
Tobacco and Investments, had violated RICO, imposed financial penalties and enjoined the defendants from committing future
racketeering acts, participating in certain trade organisations, making misrepresentations concerning smoking and health and youth
marketing, and using certain brand descriptors such as \u2018low tar\u2019, \u2018light\u2019, \u2018ultra-light\u2019, \u2018mild\u2019 and \u2018natural\u2019. The Remedial Order also
required the defendants to issue \u2018corrective communications\u2019 on five subjects, including smoking and health and addiction, and
to\u00a0comply with further undertakings, including maintaining websites of historical corporate documents and disseminating certain
marketing information on a confidential basis to the government. In addition, the district court placed restrictions on the defendants\u2019
ability to dispose of certain assets for use in the United States, unless the transferee agrees to abide by the terms of the district
court\u2019s order.
22. The parties appealed and cross-appealed and, on 22 May 2009, the DC Circuit affirmed the district court\u2019s RICO liability\u00a0judgment
but vacated the Remedial Order in part and\u00a0remanded for further factual findings and clarification as\u00a0to whether liability should be
imposed against B&W, based\u00a0on changes in the nature of B&W\u2019s business operations (including the extent of B&W\u2019s control over
tobacco operations). The DC Circuit also remanded three other discrete issues relating to the injunctive remedies, including for the
district court \u2018to reformulate\u2019 the injunction on the use of low-tar descriptors \u2018to exempt foreign activities that have no substantial,
direct, and foreseeable domestic effects,\u2019 and\u00a0for the district court to evaluate whether corrective communications could be
required at point-of-sale displays (which requirement the DC Circuit vacated). On 28 June 2010, the U.S. Supreme Court denied the
parties\u2019 petitions for further review.
23. On 22 December 2010, the district court dismissed B&W from the litigation. Due to intervening changes in controlling law, on\u00a028
March 2011, the district court ruled that the Remedial Order no longer applied to Investments prospectively, and for this reason,
Investments would not have to comply with any of\u00a0the remaining injunctive remedies. In November 2012, the\u00a0district court entered
an order setting forth the text of the corrective statements and directed the parties to engage in discussions with the special
master appointed by the district court to implement them. After\u00a0various proceedings and appeals, the district court in\u00a0October\u00a02017
ordered RJRT and the other U.S. tobacco company defendants to fund the publication of compelled public statements in various U.S.
media outlets, including in newspapers, on television, on the companies\u2019 websites, and in\u00a0onserts on cigarette packaging.
The\u00a0compelled public statements in newspapers and on television were completed in 2018 and in package onserts in mid-2020. The
compelled public statements now also appear on RJRT websites. The final issue regarding corrective statements was their display at
retail point of sale. On 6\u00a0December 2022, the district court entered a consent order requiring the tobacco company defendants to
have the compelled public statements posted at retail point of sale. Installation of the statements began in July 2023, and the
statements remained in stores through June 2025. The now-concluded corrective statements at retail were the last remaining
remedy of the litigation to be implemented.
(b) Class Actions
24. As at 31 December 2025, (1) RJRT, B&W and Lorillard Tobacco were named as defendants in one action asserting claims on\u00a0behalf of
putative classes of persons allegedly injured or financially impacted by their smoking, (2) one action asserting claims on behalf of
putative classes of persons allegedly injured or financially impacted by RJRT\u2019s marketing practices, and (3) as detailed in the next
paragraph, RJRT, and SFNTC (a subsidiary of Reynolds American) were named in 17 putative class actions relating to the use of the
words \u2018natural\u2019, \u2018100% additive-free\u2019 or \u2018organic\u2019 in Natural American Spirit (NAS) brand advertising and promotional materials. If the
classes are or remain certified, separate trials may be needed to assess individual plaintiffs\u2019 damages. Among the pending class
actions, 16 specified the amount of the claim in the complaint and alleged that the plaintiffs were seeking in excess of US$5\u00a0million
(\u00a33.7\u00a0million) and one alleged that the plaintiffs were seeking less than US$75,000 (\u00a355,760) per class member plus unspecified
punitive damages.
No Additive/Natural/Organic Claim Cases
25. A total of 17 pending putative class actions were filed in nine U.S. federal district courts against Reynolds American, RJRT and
SFNTC, which cases generally allege, in various combinations, violations of state deceptive and unfair trade practice statutes and
claim state common law fraud, negligent misrepresentation and unjust enrichment based on the use of descriptors such as \u2018natural\u2019,
\u2018organic\u2019 and \u2018100% additive-free\u2019 in the marketing, labelling, advertising and promotion of SFNTC\u2019s NAS brand cigarettes. In these
actions, the plaintiffs allege that the use of\u00a0these terms suggests that NAS brand cigarettes are less harmful than other cigarettes
and, for that reason, violated state consumer protection statutes or amounted to fraud or a negligent or intentional
misrepresentation. The actions seek various categories of recovery, including economic damages, injunctive relief (including medical
monitoring and cessation programmes), interest, restitution, disgorgement, treble and punitive damages, and attorneys\u2019 fees and
costs. In April 2016, the U.S. Judicial Panel on Multidistrict Litigation (JPML) consolidated the 16 cases pending at that time for pre-
trial purposes before a federal district court in New Mexico, and a later-filed case was transferred there for pre-trial purposes in
2018. On 21\u00a0December 2017, that court granted the defendants\u2019 motion to dismiss in part, dismissing a number of claims with
prejudice, and denied it in part. The district court conducted a five-day hearing on the motion for class certification and on the
motion challenging the admissibility of expert opinion testimony in December 2020. On 1 September 2023, the district court entered
an order certifying a subset of the plaintiffs\u2019 proposed classes covering purchasers of NAS menthol cigarettes in six states and
declining to certify the other proposed classes. The defendants and plaintiffs both appealed from that order to the U.S. Court of
Appeals for the Tenth Circuit. Briefing is complete and oral argument occurred on 16 July 2025. A decision is pending.
Other Putative Class Actions
26. Young v. American Tobacco Co. is a putative class action filed in November 1997 in the Circuit Court, Orleans Parish, Louisiana
against various U.S. cigarette manufacturers, including RJRT, B&W, Lorillard Tobacco and certain parent companies. This action was
brought on behalf of a putative class of Louisiana residents who, though not themselves cigarette smokers, have been exposed to
second-hand smoke from cigarettes manufactured by the defendants, and who allegedly suffered injury as a result of that exposure.
The action seeks an unspecified amount of compensatory and punitive damages. In March 2016, the court entered an order staying
the case, including all discovery, pending the completion of an ongoing smoking cessation programme ordered by the court in a
now-concluded Louisiana state court certified class action, Scott v. American Tobacco Co. The stay remains in place.
Engle Class Action and Engle Progeny Cases (Florida)
27. In July 1998, trial began in Engle v. R. J. Reynolds Tobacco Co., a\u00a0then-certified class action filed in Circuit Court, Miami-Dade County,
Florida, against U.S. cigarette manufacturers, including RJRT, B&W, Lorillard Tobacco and Lorillard Inc. The then-certified class
consisted of Florida citizens and residents, and their survivors, who suffered from smoking-related diseases that first manifested
between 5 May 1990, and 21\u00a0November 1996, and were caused by an addiction to cigarettes. In July 1999, the jury in this Phase I
found against RJRT, B&W, Lorillard Tobacco, Lorillard Inc. and the other defendants on common issues relating to the defendants\u2019
conduct, general causation, the addictiveness of cigarettes, and entitlement to punitive damages.
28. In July 2000, the jury in Phase II awarded the class a total of approximately US$145\u00a0billion (approximately \u00a3107.8\u00a0billion) in punitive
damages, apportioned US$36.3\u00a0billion (\u00a327\u00a0billion) to RJRT, US$17.6\u00a0billion (\u00a313.1\u00a0billion) to B&W, and US$16.3\u00a0billion (\u00a312.1\u00a0billion) to
Lorillard Tobacco and Lorillard Inc. The three class representatives in the Engle class action were awarded US$13\u00a0million
(\u00a39.7\u00a0million) in compensatory damages.
29. This decision was appealed and ultimately resulted in the Florida Supreme Court in December 2006 decertifying the class and
allowing judgments entered for only two of the three Engle class representatives to stand and setting aside the punitive damages
award. The court preserved certain of the jury\u2019s Phase I findings, including that cigarettes can cause certain diseases, nicotine is
addictive, and defendants placed defective cigarettes on the market, breached duties of care, concealed health-related information
and conspired. Putative Engle class members were permitted to file individual lawsuits, deemed \u2018Engle progeny cases\u2019, against
the\u00a0Engle defendants, within one year of the Supreme Court\u2019s decision (subsequently extended to 11\u00a0January 2008).
30. During 2015, RJRT and Lorillard Tobacco, together with Philip Morris USA Inc. (PM USA), settled virtually all of the Engle progeny
cases then pending against them in federal district court. The total amount of the settlement was US$100\u00a0million (approximately
\u00a374.3\u00a0million) divided as follows: RJRT US$42.5\u00a0million (\u00a331.6\u00a0million); PM USA US$42.5\u00a0million (\u00a331.6\u00a0million); and Lorillard Tobacco
US$15\u00a0million (\u00a311.2\u00a0million). The settlement covered more than 400 federal Engle progeny cases but did not cover 12 federal progeny
cases previously tried to verdict and then pending on post-trial motions or appeal, and two federal progeny cases filed by different
lawyers from the ones who negotiated the settlement for the plaintiffs.
31. As at 31 December 2025, there were approximately 33 Engle progeny cases pending in which RJRT, B&W and/or Lorillard Tobacco
have all been named as defendants and served. These cases include claims by or on behalf of 50 plaintiffs. The number of pending
cases fluctuates for a variety of reasons, including voluntary and involuntary dismissals. Voluntary dismissals include cases in which
a plaintiff accepts an \u2018offer of judgment\u2019 from RJRT and/or RJRT\u2019s affiliates and indemnitees.
32. 15 trials occurred in Engle progeny cases in Florida state courts against RJRT, B&W and/or Lorillard Tobacco from 1\u00a0January 2023
through 31 December 2025, and additional state court trials are scheduled for 2026.
33. The following chart identifies the number of trials in Engle progeny cases as at 31 December 2025 and additional information about
the adverse judgments entered:
Trials/verdicts/judgments of individual Engle progeny cases from 1 January 2023 through 31 December 2025:
Total number of trials
15
Number of trials resulting in plaintiffs\u2019 verdicts
7*
Total damages awarded in final judgments against RJRT
US$58,210,000 (\u00a343.3 million)
Amount of overall damages comprising \u2018compensatory
damages\u2019 (approximately)
US$32,462,000 (of overall US$58,210,000 )
(\u00a324.1 million of \u00a343.3 million)
Amount of overall damages comprising \u2018punitive damages\u2019 (approximately)
US$25,748,000 (of overall US$58,210,000)
(\u00a319.1 million of \u00a343.3 million)
Note:
* Of the 7 trials resulting in plaintiffs\u2019 verdicts 1 January 2023 to 31 December 2025 (note 31(k)):
Number of adverse judgments appealed by RJRT (note 31(l))
4
Number of adverse judgments, in which RJRT still has time to file an appeal
0
Number of adverse judgments in which an appeal was not, and can no longer be, sought
3
(Note 31(k)) The 15 trials include two cases with two punitive damages retrials, both within the time period and both prior to the time
period (Ledo v R. J. Reynolds Tobacco Co. and Spurlock v. R. J. Reynolds Tobacco Co.).
(Note 31(l)) Of the four adverse verdicts appealed by RJRT as a result of judgments arising in the period from 1 January 2023 to 31
December 2025:
a. one appeal remains undecided in the District Court of Appeal;
b. one judgment was affirmed and paid;
c. one case was reversed and a new trial ordered; and
d. one case was resolved after the appeal was filed.
34. By statute, Florida applies a US$200\u00a0million (\u00a3148.7\u00a0million) bond cap to all Engle progeny cases in the aggregate. Individual bond
caps for any given Engle progeny case vary depending on the number of judgments in effect at a given time. Judicial attempts by
several plaintiffs in the Engle progeny cases to challenge the bond cap as violating the Florida Constitution have failed. In addition,
bills have been introduced in sessions of the Florida legislature that would eliminate the Engle progeny bond cap, but those bills have
not been enacted as at 31 December 2025.
35. In 2025, RJRT paid judgments in three Engle progeny cases. Those payments totalled approximately US$16\u00a0million (approximately
\u00a311.9\u00a0million) in compensatory or punitive damages. Additional costs were paid in respect of attorneys\u2019 fees and statutory interest.
36. In addition, accruals for damages and statutory interests for two pre-trial case resolutions and the remaining amounts of one
resolution bundle were recorded in Reynolds American\u2019s consolidated balance sheet as at 31 December 2025 to the value of
approximately US$4.8\u00a0million (approximately \u00a33.6\u00a0million).
(c) Individual Cases
37. As at 31 December 2025, 194 individual cases were pending in the United States against RJRT, B&W and/or Lorillard Tobacco.
This\u00a0category of cases includes smoking and health cases alleging personal injuries caused by tobacco use or exposure brought
by\u00a0or on behalf of individual plaintiffs based on theories of negligence, strict liability in tort, design defect, failure to warn, fraud,
misrepresentation, breach of express or implied warranty, violations of state deceptive trade practices or consumer protection
statutes, and conspiracy. The plaintiffs seek to recover compensatory damages, attorneys\u2019 fees and costs, and punitive damages.
The category does not include the Engle progeny cases, Broin II cases, and Filter Cases discussed above and below. Three of the
individual cases are brought by or on behalf of an individual or his/her survivors alleging personal injury as a result of exposure to
Environmental Tobacco Smoke (ETS).
38. The following chart identifies the number of individual cases pending as at 31 December 2025 as against the number pending as at
31\u00a0December 2024, along with the number of Engle progeny cases, Broin II cases, and Filter Cases, which are discussed further below.
Case Type
U.S.
Case Numbers
31 December
2025
U.S.
Case Numbers
31 December
2024
Change in
Number
Increase /
(Decrease)
Individual Smoking and Health Cases (note 31(m))
194
197
(3)
Engle Progeny Cases (Number of Plaintiffs) (note 31(n))
33 (50)
91 (125)
(58) (75)
Broin II Cases (note 31(o))
1
69
(68)
Filter Cases (note 31(p))
31
29
2
(Note 31(m)) Out of the 194 pending individual smoking and health cases, eight have received adverse verdicts or judgments in
the\u00a0court of\u00a0first instance or on appeal, and the total amount of those verdicts or judgments is approximately US$260 million
(approximately \u00a3193.3\u00a0million), of which US$87\u00a0million (\u00a364.7\u00a0million) is the result of the jury\u2019s verdict in Penza v. R. J. Reynolds
Tobacco Co. and US$89 million (\u00a366.2 million) is the result of the jury\u2019s verdict in Marvin Manious v. R.J. Reynolds Tobacco Co. In
addition, accruals for four individual smoking and health pre-trial case resolutions and three resolution bundles were recorded in
Reynolds American\u2019s consolidated balance sheet as at 31 December 2025 to the value of approximately US$6.3 million
(approximately \u00a34.7 million).
(Note 31(n)) The number of Engle progeny cases will fluctuate as cases are dismissed or if any of the dismissed cases are appealed.
Please see earlier table in paragraph 33.
(Note 31(o)) Broin v. Philip Morris, Inc. was a class action filed in Circuit Court in Miami-Dade County, Florida in 1991 and brought on
behalf of flight attendants alleged to have suffered from diseases or ailments caused by exposure to ETS in airplane cabins. In October
1997, RJRT, B&W, Lorillard Tobacco and other cigarette manufacturer defendants settled Broin, agreeing to pay a total of
US$300\u00a0million (\u00a3223\u00a0million) in three annual US$100\u00a0million (\u00a374.3\u00a0million) instalments, allocated among the companies by\u00a0market
share, to fund research on the early detection and cure of diseases associated with tobacco smoke. It also required those companies
to pay a total of US$49\u00a0million (\u00a336.4\u00a0million) for the plaintiffs\u2019 counsel\u2019s fees and expenses. RJRT\u2019s portion of these payments was
approximately US$86\u00a0million (approximately \u00a363.9\u00a0million); B&W\u2019s was approximately US$57\u00a0million (approximately \u00a342.4\u00a0million); and
Lorillard Tobacco\u2019s was approximately US$31\u00a0million (approximately \u00a323\u00a0million). The settlement agreement, among other things,
limits the types of claims class members may bring and eliminates claims for punitive damages. The settlement agreement also
provides that, in individual cases by class members that are referred to as Broin II lawsuits, the defendants will bear the burden of
proof with respect to whether ETS can cause certain specifically enumerated diseases, referred to as \u2018general causation\u2019. With
respect to\u00a0all other liability issues, including whether an individual plaintiff\u2019s disease was caused by his or her exposure to ETS in
airplane cabins, referred to as \u2018specific causation\u2019, individual plaintiffs will bear the burden of proof. On 7 September 1999, the Florida
Supreme Court approved the settlement. There have been no Broin II trials since 2007. There have been periodic efforts to activate
cases and the Group expects this to continue over time. In 2025, RJRT resolved the remaining Broin II cases due to inactivity on the
files, except for one case which remains pending as of 31 December 2025.
(Note 31(p)) Includes claims brought against Lorillard Tobacco and Lorillard Inc. by individuals who seek damages resulting from
their\u00a0alleged exposure to asbestos fibres that were incorporated into filter material used in one brand of cigarettes manufactured
by\u00a0a\u00a0predecessor to Lorillard Tobacco for a limited period of time ending more than 60 years ago. Pursuant to a 1952 agreement
between P.\u00a0Lorillard Company and H&V Specialties Co., Inc. (the manufacturer of the filter material), Lorillard Tobacco is required to
indemnify Hollingsworth & Vose for legal fees, expenses, judgments and resolutions in cases and claims alleging injury from finished
products sold by P. Lorillard Company that contained the filter material. As of 31 December 2025, Lorillard Tobacco and/or Lorillard
Inc. was a defendant in 31 Filter Cases. Since 1 January 2023, Lorillard Tobacco and RJRT have paid, or have reached agreement to pay,
a total of\u00a0approximately US$19.1\u00a0million (approximately \u00a314.2\u00a0million) in settlements to resolve 80 Filter Cases. In addition, an accrual
for the resolution of eight of the 80 Filter Cases was recognised as at 31 December 2025 to the value of approximately US$3.3
million (approximately \u00a32.5 million).
(d) State Settlement Agreements
39. In November 1998, the major U.S. cigarette manufacturers, including RJRT, B&W and Lorillard Tobacco, entered into the Master
Settlement Agreement (MSA) with attorneys general representing 46 U.S. states, the District of Columbia and certain U.S. territories
and possessions. These cigarette manufacturers had previously settled four other cases, brought on behalf of Mississippi, Florida,
Texas and Minnesota, by separate agreements with each state (collectively and with the MSA, the \u2018State Settlement Agreements\u2019).
40. These State Settlement Agreements settled all health care cost recovery actions brought by, or on behalf of, the settling jurisdictions;
released the defending major U.S. cigarette manufacturers from various additional present and potential future claims; imposed
future payment obligations in perpetuity on RJRT, B&W, Lorillard Tobacco and other major U.S. cigarette manufacturers; and placed
significant restrictions on their ability to market and sell cigarettes and smokeless tobacco products. In accordance with the MSA,
various tobacco companies agreed to fund a US$5.2\u00a0billion (\u00a33.9\u00a0billion) trust fund to be used to address the possible adverse
economic impact of the MSA on tobacco growers.
41. RJRT and SFNTC are subject to substantial payment obligations under the State Settlement Agreements. Payments under the State
Settlement Agreements are subject to various adjustments for, among other things, the volume of cigarettes sold, relative market
share, operating profit, net operating profit (NOP) and inflation. Reynolds American\u2019s operating subsidiaries\u2019 expenses and payments
under the State Settlement Agreements for 2023, 2024 and 2025 and the projected expenses and payments for 2026 and onwards
are set forth below (in millions of US dollars)*:
2023
2024
2025
2026
2027 and
thereafter
Settlement expenses
$2,516
$2,160
$2,037
Settlement cash payments
$2,874
$2,535
$2,140
Projected settlement expenses
>$2,000
>$2,000
Projected settlement cash payments
>$2,000
>$2,000
Note:
*\u00a0 Subject to adjustments for changes in sales volume, operating profit, NOP, inflation and other factors. Payments are allocated among the settling companies on the basis of relative
market share or other methods.
42. The State Settlement Agreements have materially adversely affected RJRT\u2019s shipment volumes. Reynolds American believes that
these settlement obligations may materially adversely affect the results of operations, cash flows or financial position of Reynolds
American and RJRT in future periods. The degree of the adverse impact will depend, among other things, on the rate of decline
in\u00a0U.S. cigarette sales in the premium and value categories, RJRT\u2019s share of the domestic premium and value cigarette categories,
and the effect of any resulting cost advantage of manufacturers not subject to the State Settlement Agreements.
43. In addition, the MSA includes an adjustment that potentially reduces the annual payment obligations of RJRT, Lorillard Tobacco and\u00a0the
other signatories to the MSA, known as \u2018Participating Manufacturers\u2019 (PMs). Certain requirements, collectively referred to\u00a0as the
\u2018Adjustment Requirements\u2019, must be satisfied before the adjustment for a given year is available: (i) an independent auditor must
determine that the PMs have experienced a market share loss, beyond a triggering threshold, to those manufacturers that do not
participate in the MSA (such non-participating manufacturers being referred to as NPMs); and (ii) in a binding arbitration proceeding, a
firm of independent economic consultants must find that the disadvantages of the MSA were a significant factor contributing to the loss
of market share. This finding is known as a significant factor determination, and the adjustment is referred to as the NPM Adjustment.
44. When the Adjustment Requirements are satisfied, the MSA provides that the NPM Adjustment applies to reduce the annual
payment obligation of the PMs. However, an individual settling state may avoid its share of the NPM Adjustment if it had in place
and diligently enforced during the entirety of the relevant year a \u2018Qualifying Statute\u2019 that imposes escrow obligations on NPMs that
are comparable to what the NPMs would have owed if they had joined the MSA. In such event, the state\u2019s share of the NPM
Adjustment is reallocated to other settling states, if any, that did not have in place and diligently enforce a Qualifying Statute.
45. RJRT, Lorillard Tobacco and SFNTC are or were involved in the NPM Adjustment proceedings concerning the years 2003 to 2025.
In\u00a02012, RJRT, Lorillard Tobacco, and SFNTC entered into an agreement (the Term Sheet) with certain settling states that resolved
accrued and future NPM Adjustments. Since that time, additional states have joined the NPM Adjustment Settlement Agreement
(which incorporates the Term Sheet). In 2015, an additional state, New York, entered a separate settlement of the NPM Adjustment
dispute covering the years 2004 to 2014 and setting forth a procedure for calculating RJRT payment credits based on the number of
NPM packs sold on or through a Native American reservation in New York for 2015 onwards. In 2020, an additional state, Montana,
entered a separate settlement of the NPM Adjustment dispute covering the years 2005 to 2030. In 2024, an additional state,
Massachusetts, entered a separate settlement of the NPM Adjustment dispute covering the years 2005 to 2011. In 2025, an
additional state, Washington, entered a separate agreement of the NPM Adjustment dispute with RJRT and certain Subsequent
Participating Manufacturers (SPMs) covering the years 2005 to 2023.
46. Arbitration panels ruled in September 2021 and September 2022 that Missouri and New Mexico, respectively, had not diligently
enforced their respective Qualifying Statutes in the year 2004. In September 2021 and December 2023, arbitration panels ruled that
Washington had also not diligently enforced its Qualifying Statute in the years 2004 through 2007.
After a motion by Missouri to vacate the 2004 NPM Adjustment arbitration panel\u2019s award in November 2021, which was denied by
the Missouri Circuit Court in 2024, the 2004 NPM Adjustment award was confirmed on 14 January 2025. Missouri filed a notice of
appeal, but the Missouri Court of Appeals affirmed the order denying Missouri\u2019s motion to vacate the 2004 award in September
2025. An application for transfer to the Supreme Court of Missouri was denied in November 2025. This matter is now closed.
On 30 August 2023, the New Mexico District Court vacated the arbitration panel\u2019s decision with respect to New Mexico and an
appeal was filed by the PMs in September 2023. On 15 January 2026, the New Mexico Court of Appeals reversed the lower court\u2019s
order and reinstated the award finding New Mexico non-diligent in 2004.
On 28 March 2024, Washington filed a motion to vacate the arbitration panel\u2019s award determining it was non-diligent in 2005, 2006,
and 2007. Following a series of filings by RJRT and the state, on 7 April 2025, the state, RJRT and certain other SPMs settled the NPM
Adjustment dispute for 2005 through 2023. Pursuant to such settlement, Washington agreed to dismiss its appeal as to RJRT and
those other settling SPMs. On 2 May 2025, Washington, RJRT, and the settling SPMs filed a joint motion to dismiss the appeal, which
was granted on 27 May 2025. PM USA objected to the settlement, but the independent auditor implemented the settlement in April
2025. On 21 April 2025, PM USA served on RJRT an arbitration demand seeking to arbitrate the validity of the settlement. On 4 June
2025, RJRT and the settling SPMs filed a complaint in Washington\u2019s MSA court requesting a declaration that PM USA\u2019s arbitration
demand is invalid and fails to raise an arbitrable dispute. On 24 June 2025, PM USA filed a motion to compel arbitration and to dismiss
the complaint. The motion to compel arbitration was granted in September 2025 against RJRT\u2019s filed opposition. The case has been
stayed pending arbitration. On 12 September 2025, RJRT and the SPMs served on PM USA an arbitration demand alleging PM USA
had breached the 2017 NPM Adjustment Settlement Agreement by interfering with RJRT\u2019s and the SPMs\u2019 separate resolution of their
individual NPM Adjustment disputes with Washington, RJRT and PM USA filed arbitration demands, which were later consolidated,
with Judicial Arbitration and Mediation Services, Inc. (JAMS) on 6 October 2025 and 7 October 2025, respectively. The parties are in
the process of selecting arbitrators. On 30 October 2025, Washington and PM USA settled the NPM Adjustment dispute for 2005
through 2015. NPM proceedings are ongoing and could result in further reductions of the companies\u2019 MSA-related payments.
47. On 22 March 2024, New Mexico filed a complaint with the New Mexico District Court seeking a declaratory judgment interpreting
the term \u201cdiligently enforce\u201d as used in the MSA. RJRT filed a motion to compel arbitration and to dismiss the complaint on 19 April
2024. On 23 September 2024, the New Mexico District Court granted RJRT\u2019s motion to compel arbitration and dismissed the
complaint from the bench. The New Mexico District Court issued an order to that effect on 13 November 2024. New Mexico filed a
notice of appeal on 9 December 2024. Briefing is complete and the appeal is pending.
48. On 23 February 2024, PM USA sent New Mexico a 30-day notice of intent to initiate a proceeding against New Mexico, giving notice
that it intends to bring an action in the New Mexico District Court seeking an enforcement order compelling New Mexico to
participate in a proceeding before a firm to resolve a dispute over whether New Mexico\u2019s statutes requiring escrow deposits on
certain cigarettes sold in New Mexico constitute a Qualifying Statute pursuant to the MSA.
49. Currently there are four proceedings in four jurisdictions (Delaware (see paragraph 53), New Mexico (see paragraph 55), Texas (see
paragraph 56) and Minnesota (see paragraph 57)) under or in connection with the State Settlement Agreements (other than the
ones described above).
50. In January 2017, the State of Florida sought an order declaring that RJRT and Imperial Tobacco Group, PLC (ITG), a wholly owned
subsidiary of Imperial Brands plc that was later joined into the enforcement action, are in breach of the Florida State Settlement
Agreement and are required, jointly and severally, to pay approximately US$45\u00a0million (approximately \u00a333.5\u00a0million) and make annual
payments to the state under the Florida State Settlement Agreement with respect to the four brands (Winston, Salem, Kool and
Maverick) that were sold to ITG in the divestiture of certain assets, on 12 June 2015, by subsidiaries or affiliates of Reynolds American
and Lorillard (the Divestiture), referred to as the \u2018Acquired Brands\u2019. The motion also claimed future annual losses of approximately
US$30\u00a0million per year (approximately \u00a322.3\u00a0million) absent the court\u2019s enforcement of the Florida State Settlement Agreement.
51. On 27 December 2017, the court entered an\u00a0order holding RJRT (not ITG) liable for annual settlement payments for the Acquired
Brands, finding that ITG did not assume liability for annual settlement payments related to the\u00a0Acquired Brands under the terms of
the asset purchase agreement relating to the Divestiture. On 15 August 2018, the court entered a final judgment in the action (the
Final Judgment). On 29 July 2020, Florida's Fourth District Court of Appeal affirmed the Final Judgment on appeal. RJRT\u2019s motion for
rehearing or certification and its motion for review were denied by the Florida Supreme Court in September 2020 and December
2020, respectively. On 5 October 2020, RJRT satisfied the Final Judgment (approximately US$193\u00a0million (approximately
\u00a3143.4\u00a0million)) and paid approximately US$3.2\u00a0million (approximately \u00a32.4\u00a0million) of Florida\u2019s attorneys\u2019 fees. As explained below,
RJRT has secured an\u00a0order in the Delaware action requiring ITG to indemnify it\u00a0for amounts paid under the Final Judgment.
52. In February 2017, ITG filed an action in the Delaware Court of Chancery seeking declaratory relief against Reynolds American and
RJRT on various matters related to its rights and obligations under the asset purchase agreement (and related documents) relating
to the Divestiture with respect to\u00a0the subject of the Florida enforcement litigation described above. Reynolds American and RJRT
filed counterclaims on the same issues. Following summary judgments in September 2022 and October 2023, the court entered an
implementing order on 15 November 2023 providing that ITG shall indemnify Reynolds American and RJRT for every settlement
payment that they make in the future to Florida under the Final Judgment in the Florida litigation, based on ITG\u2019s sales of Acquired
Brands cigarettes, with the question of whether the indemnification obligation should be reduced to account for how NOP
adjustment (NOP Adjustment) payments would have been allocated if ITG had joined the Florida State Settlement Agreement to be
deferred to trial. Following a trial in 2024, the judge entered an order in March 2025 and a final order and judgment in April 2025
awarding Reynolds American and RJRT approximately US$370 million (\u00a3275.1 million) against ITG for prior settlement payments with
interest. ITG appealed this decision. On 15 December 2025, the Delaware Supreme Court affirmed the judgment of the Court of
Chancery. On 31 December 2025, the Delaware Supreme Court issued a mandate closing the case. Effective 30 January 2026, ITG,
Reynolds American and RJRT entered into a confidential Delaware Judgment Settlement Agreement. PM USA previously moved to
intervene in the case to assert that Reynolds American, RJRT and/or ITG were unjustly enriched by Florida settlement payments
borne by PM USA. The court denied PM USA\u2019s motion to intervene as untimely. PM USA had appealed but then voluntarily
dismissed its appeal. This matter is now closed.
53. On 4 February 2026, PM USA brought an action against Reynolds American and RJRT in the Court of Chancery of the State of
Delaware alleging unjust enrichment arising from the Delaware rulings in favour of the companies against ITG. PM USA claims
Reynolds avoided certain settlement payments in Florida because ITG did not join the Florida settlement. PM USA claims these
savings were at its expense and seeks restitution and damages for the alleged unjust enrichment in an amount to be determined by
the court, interest, and attorneys\u2019 fees and costs.
54. On 3 December 2019, the State of Mississippi filed a notice of violation and motion to enforce the Mississippi State Settlement
Agreement in\u00a0the Chancery Court of Jackson County, Mississippi against RJRT, PM USA and ITG, seeking a declaration that the base
year 1997 NOP to be used in calculating the NOP Adjustment was not affected by the change in the federal corporate tax rate
in\u00a02018 from 35% to 21% (the Tax Rate Change), and an order requiring RJRT to\u00a0pay the approximately US$5\u00a0million (approximately
\u00a33.7\u00a0million) difference in its 2018 payment because of this issue. Determination of the issue of the Tax Rate Change may affect
RJRT\u2019s annual payment thereafter. On 10 June 2022, the Mississippi Chancery Court granted the state\u2019s motion to enforce, ruling for
the state and denying RJRT\u2019s appeal. Following a hearing on damages, including interest and attorneys' fees, on 13 February 2024,
the\u00a0Chancery Court awarded the state attorneys\u2019 fees of approximately US$1.3\u00a0million (approximately \u00a31 million). On\u00a07\u00a0May 2024, the
court entered a final judgment awarding the state compensatory damages of approximately US$23.5\u00a0million (approximately \u00a317.5
million) plus 8% prejudgment interest, and approximately US$1\u00a0million (approximately \u00a3743,467) in additional attorneys\u2019 fees against
RJRT. In June 2024, the state and RJRT filed notices of appeal. PM USA also filed an appeal, which was dismissed (along with the
state\u2019s appeal as it related to PM USA) following a settlement between those parties in October 2024. On 19 August 2025, RJRT and
the state entered into a settlement. On 27 August 2025, the Mississippi Supreme Court dismissed RJRT\u2019s appeal and the State\u2019s
appeal. This matter is now closed.
55. On 29 November 2022, the State of New Mexico filed a complaint or, in the alternative, a motion to enforce its uniform consent
decree entered in connection with the MSA against the PMs asserting, among other things, claims for breach of contract and
violations of New Mexico\u2019s Unfair Practices Act. New Mexico seeks compensatory damages in an amount to be determined at\u00a0trial,
as well as treble damages, punitive damages, and declaratory and injunctive relief. On 10\u00a0February 2023, the PMs filed a motion to
compel arbitration or, in the alternative, motion to dismiss New Mexico\u2019s complaint and alternative motion to enforce. On
29\u00a0December 2023, the New Mexico District Court granted\u00a0the PMs\u2019 motion to compel arbitration. On 29 January 2024, New
Mexico filed a notice of appeal. Briefing is complete and the appeal is pending. On\u00a029 March 2024, RJRT filed a motion to dismiss
New Mexico\u2019s appeal. RJRT\u2019s motion to dismiss is held in abeyance pending submission of the appeal to a panel of judges.
56. On 2 March 2023, the State of Texas issued a demand letter to RJRT, PM USA and ITG, pursuant to the Texas State Settlement
Agreement, for underpaid sums owed to\u00a0Texas for the years 2019 through 2022 and a change in the calculation going forward,
asserting that RJRT, PM\u00a0USA and\u00a0ITG issued payments to Texas that were based on unauthorized changes to the base year 1997
NOP by incorporating into their calculations the Tax Rate Change. The parties filed cross-motions and, on 15 March 2024, the court
granted the state\u2019s cross-motion to enforce and denied the motion to enforce filed by PM USA and RJRT. On 28 March 2025, the
court ordered the parties to comply with calculations requiring RJRT to pay to Texas approximately US$104\u00a0million (\u00a377.3\u00a0million),
plus pre-judgment interest from 30 April 2019 through 14 March 2024, and post-judgment interest from 15 March 2024 until
payment. On 25 April 2025, each of RJRT and PM USA filed a notice of appeal with the Fifth Circuit Court of Appeals. Briefing is
complete and the appeal is pending.
57. On 2 July 2024, the State of Minnesota filed a motion to enforce the Minnesota State Settlement Agreement on the basis that the
NOP Adjustment due to Minnesota for the years 2018 and after be based on the value fixed in the Mississippi decision that found
the base year 1997 NOP to be used in calculating the NOP Adjustment was not affected by the Tax Rate Change, which motion was
granted on 9\u00a0December 2024. The Minnesota court requested the parties to meet and confer on the issue of damages, interest, and
civil penalties including attorneys\u2019 fees and directed that, within 30 days, the independent accounting firm retained by the parties to
calculate the settlement payments, PricewaterhouseCoopers LLC, shall calculate all future Minnesota NOP Adjustments using
US$3,115.1\u00a0million (approximately \u00a32,316 million) as the base NOP. After the parties informed the court that they had not resolved all
remaining issues within the prescribed time frame, the court directed the parties to mediation of the remaining issues. RJRT and PM
USA mediated on 10 April 2025 but did not reach a resolution of their dispute over allocation of the damages between them for 2018
and 2019. RJRT and PM USA each filed motions regarding the allocation of damages on 17 June 2025. After a hearing in October
2025, the court granted PM USA\u2019s motion related to the allocation of payments and ordered that ITG Brands, LLC be included in the
recalculation of payments from 2018 going forward. On 5 January 2026, the district court issued the judgment against RJRT and PM
USA. On 6 January 2026, the district court entered a Notice of Entry of Judgment against RJRT for US$71.1 million (approximately
\u00a352.9 million
Tobacco-Related Litigation Outside the U.S.
58. As at 31 December 2025:
a)medical reimbursement actions are being brought in\u00a0Angola, Brazil, Nigeria and South Korea;
b) class actions are being brought in Canada and Venezuela; and
c) active tobacco product liability claims against the Group\u2019s companies existed in 11 markets outside the U.S. The only markets
with five or more claims were Argentina, Brazil, Chile and Italy.
(a) Medical reimbursement cases
Angola
59. In November 2016, BAT Angola affiliate Sociedade Unificada de Tabacos de Angola (SUT) was served with a collective action filed in
the Provincial Court of Luanda, 2nd Civil Section, by the consumer association Associa\u00e7\u00e3o Angolana dos Direitos do Consumidor
(AADIC). The lawsuit seeks damages of AOA800\u00a0million (approximately \u00a3644,369) allegedly incurred by the Angolan Instituto
Nacional do Controlo do Cancro (INCC) for the cost of treating tobacco-related disease, non-material damages allegedly suffered by
certain individual smokers on the rolls of INCC, and the mandating of certain cigarette package warnings. SUT filed its answer to the
claim on 5 December 2016. The case remains pending.
Canada
60. In Canada, following the implementation of legislation enabling provincial governments to recover healthcare costs directly from
tobacco manufacturers, a separate action for recovery of healthcare costs arising from the treatment of smoking and health-related
diseases was commenced in each of the ten provinces (the Provincial Actions). Damages were not quantified by all ten provinces;
however, the industry-wide damages claimed in certain of the Provincial Actions ranged between CAD$10 billion (\u00a35.4 billion) and
CAD$118 billion (\u00a364 billion), and the province of Ontario delivered expert reports quantifying its damages in the range of CAD$280
billion (\u00a3151.9 billion) and CAD$630 billion (\u00a3341.7 billion) in 2016/2017 dollars plus an additional CAD$9.4 billion (\u00a35.1 billion) and
CAD$10.9 billion (\u00a35.9 billion) in damages in respect of environmental tobacco smoke, with the province\u2019s amended statement of
claim seeking damages of CAD$330 billion (\u00a3179 billion). In addition to the actions commenced by the provincial governments,
numerous class actions against Group companies were launched (see paragraphs 71 to 73).
61. Following a judgment by the Qu\u00e9bec Court of Appeal in March 2019 in the Qu\u00e9bec class actions, JTI-MacDonald Corp ((JTIM) a
subsidiary of Japan Tobacco International (JTI) and a co-defendant in the cases), Imperial Tobacco Canada Limited (Imperial) and
Imperial Tobacco Company Limited (together with Imperial, ITCAN) and Rothmans, Benson & Hedges Inc. ((RBH) a subsidiary of
Philip Morris International Inc. and a co-defendant in the cases) each filed for creditor protection under the Companies\u2019 Creditors
Arrangement Act (CCAA), and court ordered stays (the Stays) of all tobacco litigation in Canada against all\u00a0defendants (including all
Group companies that were defendants in the Canadian tobacco litigation, including (i) ITCAN, British American Tobacco p.l.c.,
British American Tobacco (Investments) Limited, B.A.T. Industries p.l.c. and Carreras Rothmans Limited) and (ii) R.J. Reynolds
Tobacco Company (RJRT) and R.J. Reynolds Tobacco International Inc. (which RJR Companies, pursuant to the terms of the 1999 sale
of RJRT\u2019s international tobacco business to JTI, benefit from an indemnification by JTI for all liabilities and obligations (including
litigation costs) arising in respect of the Canadian recoupment actions and on behalf of which RJR Companies, subject to a
reservation of rights, JTI had assumed the defence in these actions).
62. Following (i) the filing of proposed plans of compromise (collectively, the Proposed Plans) by the court-appointed mediators and
monitors for each of ITCAN, RBH and JTIM in the Ontario Superior Court of Justice (the Court) in October 2024, (ii) subsequent
amendments, (iii) creditor approval in December 2024 and (iv) a sanction hearing in January 2025, the Court ultimately issued an
order on 6 March 2025 finding each of the Proposed Plans fair, reasonable, and in the public interest, and sanctioned the Proposed
Plans (hereinafter referred to as the Approved Plans). The Approved Plans were implemented on 29 August 2025, as a result of
which all outstanding tobacco litigation in Canada against the defendants has been resolved and all relevant Group companies have
been provided releases in full for all historical tobacco-related claims in Canada.
63. On implementation, each of ITCAN, RBH and JTIM was required to pay into the settlement fund cash and cash equivalents on hand
(including investments held at fair value) (other than, in the case of RBH, a holdback amount) plus certain court deposits. If any cash
tax refunds are later received on account of these upfront payments, 85% of these refund amounts will also be payable towards the
settlement. Going forward, each of ITCAN, RBH and JTIM will also be required to make annual payments based on a percentage
(initially 85%, reducing over time to 70%) of net income after tax based on amounts generated from all sources, excluding New
Categories, until they settle the liability (CAD$32.5\u00a0billion (approximately \u00a317.6\u00a0billion)) in full. The performance of ITCAN\u2019s New
Categories (including Vapour products and nicotine pouches) is not included in the basis for calculating the annual payments. The
Group has recognised a provision to reflect management\u2019s best estimate of ITCAN\u2019s total payment obligations under the Approved
Plans (see note 24).
Nigeria
64. British American Tobacco (Nigeria) Limited (BAT Nigeria), the Company and Investments have been named as defendants in a
medical reimbursement action by the federal government of Nigeria, filed on 6 November 2007 in the Federal High Court, and in
similar actions filed by the Nigerian states of Kano (9\u00a0May 2007), Oyo (30 May 2007), Lagos (13 March 2008), Ogun (26 February
2008), and Gombe (17 October 2008) commenced in their respective High Courts. In the five cases that remain active, the plaintiffs
seek a total of approximately NGN10.6\u00a0trillion (approximately \u00a35.4\u00a0billion) in damages, including special, anticipatory and punitive
damages, restitution and disgorgement of profits, as well as declaratory and injunctive relief.
65. The suits claim that the state and federal government plaintiffs incurred costs related to the treatment of smoking-related illnesses resulting
from allegedly tortious conduct by the defendants in the manufacture, marketing, and sale of tobacco products in Nigeria, and assert that the
plaintiffs are entitled to reimbursement for such costs. The plaintiffs assert causes of action for negligence, negligent design, fraud and deceit,
fraudulent concealment, breach of express and implied warranty, public nuisance, conspiracy, strict liability, indemnity, restitution, unjust
enrichment, voluntary assumption of a special undertaking, and performance of\u00a0another\u2019s duty to the public.
66. The Company and Investments have made a number of challenges to the jurisdiction of the Nigerian courts. Such challenges are still
pending (on appeal) against the federal government and the states of Kano, Gombe and Ogun. These cases are stayed or adjourned
pending the final outcome of these jurisdictional challenges. In the Lagos action, the Nigerian Supreme Court denied the Company\u2019s
appeal on 25 November 2025 and the case will be remanded to the trial court. Investment\u2019s appeal in the Lagos action remains
pending. In the state of Oyo, on 13 November 2015, and 24 February 2017, respectively, the Company\u2019s and Investments\u2019 jurisdictional
challenges were successful in the Court of Appeal and the issuance of\u00a0the\u00a0writ of summons was set aside.
South Korea
67. In April 2014, Korea\u2019s National Health Insurance Service (NHIS) filed a healthcare recoupment action against KT&G (a Korean tobacco
company), PM Korea and BAT Korea (including BAT Korea Manufacturing). The NHIS is seeking damages of roughly KRW54\u00a0billion
(approximately \u00a327.9\u00a0million exclusive of interest) in respect of health care costs allegedly incurred by the NHIS treating patients
with lung (small cell and squamous cell) and laryngeal (squamous cell) cancer between 2003 and 2012. Court hearings in the case,
which constitute the trial, commenced in\u00a0September 2014. On 20 November 2020, the court issued a\u00a0judgment in favour of the
defendants and dismissing all of the plaintiff\u2019s claims. The NHIS filed an appeal of the judgment on 11 December 2020. Appellate
proceedings commenced in\u00a0June 2021. On 15 January 2026, the Seoul High Court dismissed the NHIS\u2019s appeal and fully upheld the
first instance judgment, dismissing all claims against all defendants. The NHIS has indicated that it intends to appeal to the Korean
Supreme Court. On 3 February 2026, the NHIS filed a notice of appeal of the Seoul High Court\u2019s ruling to the Supreme Court of
Korea.
Brazil
68. On 21 May 2019, the Federal Attorney\u2019s Office (AGU) in Brazil filed an action in the Federal Court of Rio Grande do Sul against the
Company, the BAT Group\u2019s Brazilian subsidiary Souza Cruz LTDA (Souza Cruz), Philip Morris International, Philip Morris Brazil
Ind\u00fastria e Com\u00e9rcio LTDA and Philip Morris Brasil S/A (collectively, PMB), asserting claims for medical reimbursement for funds
allegedly expended by the federal government as public health care expenses to treat 26\u00a0tobacco-related diseases over the last five
years from the\u00a0filing date and that will be expended in perpetuity during future years, including diseases allegedly caused both by
cigarette smoking and exposure to ETS. The action includes a\u00a0claim for moral damages allegedly suffered by Brazilian society to be
paid into a public welfare fund. The action is for\u00a0an unspecified amount of monetary compensation, as the\u00a0AGU seeks a bifurcated
action in which liability would be determined in the first phase followed by an evidentiary phase to ascertain damages.
69. Following proceedings in 2019 and 2020 in\u00a0both the trial and appellate courts challenging the issue of service on the Company, the court ruled
that service of the Company via its Brazilian subsidiary Souza Cruz constituted proper service, and ordered that defences be filed. The
Company and Souza Cruz (which was served with the complaint on 7 August 2019) filed their respective defences on 12\u00a0May 2020.
70. The court permitted the Associa\u00e7\u00e3o de Controle do Tabagismo, Promo\u00e7\u00e3o da Sa\u00fade (ACT), a Brazilian non-governmental
organisation, and the Funda\u00e7\u00e3o Oswaldo Cruz (FIOCRUZ), a research and development arm of the Brazilian Ministry of Health, to
intervene in the case as amicus curiae (on 13 May 2022 and 24 March 2025, respectively), over the objections of Souza Cruz, PMB
and the Company, limiting ACT and FIOCRUZ's rights as amicus curiae to presenting technical and scientific opinions and
participating in court hearings. The AGU submitted its reply to the defences on\u00a05\u00a0July 2022, and Souza Cruz, the Company and PMB
submitted responses to the AGU's reply on 26 August 2022. On 30 May 2025, FIOCRUZ submitted its statement as amicus curiae.
On 19 May 2020, notice was sent to the Public Prosecutor\u2019s Office (MPF) regarding the AGU\u2019s request that the MPF join the action
as a plaintiff. The\u00a0MPF, via its response filed on 10 July 2020, declined to join the action as party, but will act as an \u2018inspector of the
law\u2019, which enables MPF to express its opinion on case matters. On\u00a010\u00a0October 2022, the MPF submitted an opinion on preliminary
issues and evidence, which called for rejection of the defendants\u2019 preliminary defences and the majority of the evidence requested
by AGU and defendants. The defendants, including the Company and Souza Cruz have filed responses to the MPF\u2019s opinion.
On 24 March 2025, the court issued a preliminary decision on preliminary matters and evidence. The analysis of all preliminary
matters raised by the defendants was postponed to the final ruling, all the evidence requested by the parties was rejected. Souza
Cruz and PMB filed, on 9 April 2025 and 10 April 2025, respectively, motions for clarification of or adjustment to the preliminary
decision, to which the AGU responded on 30 May 2025. The motions remain pending.
(b) Class Actions
Canada
71. As described in paragraph 62, all Canadian tobacco litigation has been resolved and all relevant Group companies have been
provided release in full for all tobacco-related claims in Canada following implementation of the Approved Plans.
72. This includes resolution of the 11 class actions brought in Canada against Group companies for a variety of claims, including
deceptive marketing of light and mild cigarettes, failure to pay the agreed domestic contract price to tobacco growers used in
products manufactured for the export market and which were ultimately smuggled back into Canada, and smoking and health-
related claims, including claims based on fraud, fraudulent concealment, breach of warranty of merchantability, and of fitness for a
particular purpose, failure to warn, design defects, negligence, breach of\u00a0a \u2018special duty\u2019 to children and adolescents, conspiracy,
concert of action, unjust enrichment, market share liability and violations of various trade practices and competition statutes.
Damages sought were not quantified in most cases; however in respect of the two class actions in Qu\u00e9bec, the amount of the
judgment was CAD$13.7 billion (\u00a37.4 billion), of which CAD$9.2 billion (\u00a35 billion) was ITCAN\u2019s share and the amount sought in the
tobacco growers class action was CAD$50 million (\u00a327.1 million).
73. A proposed national class action was filed in the British Columbia Supreme Court by Danver Bauman (via his litigation guardian) on
21 December 2023 against Imperial Tobacco Company Ltd., Imperial, and Nicoventures Trading Limited (Nicoventures) alleging
numerous statutory and common law causes of action in connection with the design, marketing and sale of Zonnic. The action was
issued in violation of the Stays, and has not been validly served. Thereafter, on 26 September 2025, the plaintiffs\u2019 firm that had
attempted to commence the Bauman action issued a nearly duplicative class proceeding with a new representative plaintiff, Daniel
Maynard. The Maynard action seeks certification of a national class of Canadian consumers who purchased Zonnic for \u201cprimarily
personal, family or household use\u201d, and alleges that the defendants engaged in \u201cdeceptive and misleading design, regulatory
approval, labelling, advertising, marketing, promotion, distribution, and sale\u201d of its Zonnic products. The plaintiffs seek an unspecified
quantum of damages for unjust enrichment, common law breaches (including failure to warn and negligence), and breaches of
various provincial and federal statutes related to advertising and promotion, as well as punitive damages. The supporting
certification record has not yet been delivered by the plaintiffs, such that the action has not progressed.
Venezuela
74. In April 2008, the Venezuelan Federation of Associations of\u00a0Users and Consumers (FEVACU) and Wolfang Cardozo Espinel and
Giorgio Di Muro Di Nunno, acting as individuals, filed a class action against the Venezuelan government. The\u00a0class action seeks
regulatory controls on tobacco and recovery of medical expenses for future expenses of treating smoking-related illnesses in
Venezuela. Both C.A Cigarrera Bigott Sucs. (Cigarrera Bigott), a Group subsidiary, and ASUELECTRIC, represented by its president
Giorgio Di Muro Di Nunno (who had previously filed as an individual), have been admitted as third parties by the Constitutional
Chamber of the Supreme Court of Justice. A hearing date for the action is yet to be scheduled. On 25 April 2017 and on 23\u00a0January
2018, Cigarrera Bigott requested the court to declare the lapsing of the class action due to no proceedings taking place in the case in
over a year. A ruling on the matter is yet to be issued.
(c) Individual Tobacco-Related Personal Injury Claims
75. As at 31 December 2025, the jurisdictions with the most active individual cases against Group companies were, in descending order:
Chile (20), Brazil (seven), Italy (five), Argentina (five), Ireland (two) and T\u00fcrkiye (two). There was a further jurisdiction with one active
case only. Out of these 42 active individual cases, as at 31 December 2025 there were two cases in Argentina that have resulted in
pending unfavourable judgments. In one case, damages were awarded totalling ARS685,976 (approximately \u00a3351) in compensatory
damages and ARS2,500,000 (approximately \u00a31,280) in punitive damages, plus post-judgment interest. This judgment was reversed
via an appellate court ruling issued 19 September 2023. The plaintiff\u2019s petition for leave to appeal to the Argentina Supreme Court
was denied on 29 November 2023. The plaintiff filed an extraordinary appeal to the Argentina Supreme Court on 7\u00a0December 2023,
which appeal remains pending. In the other case, compensatory damages were awarded totalling ARS2,850,000 (approximately
\u00a31,460), with\u00a0post-judgment interest totalling approximately ARS338,089,193 (approximately \u00a3173,165). This judgment is currently on
appeal. In addition, on 25 August 2023, an adverse written judgment was served in an individual action in T\u00fcrkiye awarding
TRY10,000 (approximately \u00a3173) in compensatory damages against British American Tobacco T\u00fct\u00fcn Mam. San. ve Tic. A.\u015e (BAT T\u00fcrkiye)
and Philip Morris Sabanc\u0131 Pazarlama ve Sat\u0131\u015f A.\u015e, now known as Philip Morris Pazarlama ve Sat\u0131\u015f A.\u015e (PMP). The judgment was reversed
against BAT T\u00fcrkiye via an appellate court ruling served on 7 January 2025, on the basis that BAT T\u00fcrkiye does not have standing to be
sued. The judgment was upheld against PMP, with the amount of the award increased to TRY500,000 (approximately \u00a38,652). PMP has
appealed the judgment against it, and the plaintiff has appealed both rulings. The appeals remain pending.
Croatian Distributor Dispute
76. BAT Hrvatska d.o.o u likvidaciji and British American Tobacco Investments (Central and Eastern Europe) Limited are named as
defendants in a claim by Mr Perica received on 22\u00a0August 2017 and brought before the commercial court of Zagreb, Croatia. Mr
Perica seeks damages of HRK408\u00a0million (\u20ac54.1\u00a0million / \u00a347.2\u00a0million) relating to a BAT Standard Distribution Agreement dating
from 2005. BAT Hrvatska d.o.o and British American Tobacco Investments (Central and Eastern Europe) Ltd filed a reply to the
statement of claim on 6 October 2017. A hearing had been scheduled to take place on 10 May 2018, but it was postponed due to a
change of the judge hearing the case. The Commercial Court in Zagreb declared they do not have jurisdiction and that the
competent court to hear this case is the Municipal Court in Zagreb. TDR d.o.o. is also named as the defendant in a claim by
Mr\u00a0Perica received on 30 April 2018 and brought before the commercial court of Zagreb, Croatia. Mr. Perica seeks payment in the
amount of HRK408\u00a0million (\u20ac54.1\u00a0million / \u00a347.2\u00a0million) claiming that BAT Hrvatska d.o.o. transferred a business unit to TDR d.o.o,
thus giving rise to a liability of TDR d.o.o. for the debts incurred by BAT Hrvatska d.o.o, on the basis of the provisions of Croatian civil
obligations law. A response to the statement of claim was filed on 30\u00a0May 2018. The Commercial Court in Zagreb declared they do
not have jurisdiction and that the competent court to hear this case is the Municipal Court in Pula. Mr Perica filed an appeal against
this decision which was rejected by the High Commercial Court of The Republic of Croatia confirming therewith that the competent
court to hear this case is the Municipal Court in Pula. The Municipal Court in Zagreb decided that the claims by Mr Perica initiated
on 22\u00a0August 2017 and 30 April 2018 shall be heard as one case in front of the Municipal Court of Zagreb. After the two hearings
were held, the Municipal Court of Zagreb appointed the court financial and auditing appraisal to determine the value of Mr\u00a0Perica\u2019s
claim, which it determined in the amount of \u20ac15,850,579 (\u00a313.8\u00a0million). BAT Hrvatska d.o.o, British American Tobacco Investments
(Central and Eastern Europe) Ltd and TDR d.o.o, are able to challenge this valuation as part of the legal proceedings.
Florence Proceedings
77. British American Tobacco Italia SpA has been charged with administrative offences in Florence, Italy in a case against a large
number of individual and corporate defendants. This relates to potential allegations of failure to supervise or take appropriate steps
to prevent alleged corruption by two (now former) employees. The charges were dismissed at the preliminary hearing, concluded in
December 2024, along with the charges against all other defendants. The prosecutor has filed an\u00a0appeal against the decision
relating to British American Tobacco Italia SpA and some of the other defendants. The appeal has not\u00a0yet been scheduled.
Patents and Trademark Litigation
78. Certain Group companies are party to a number of patent litigation cases and procedural challenges concerning the validity of
patents owned by or licensed to them and/or the alleged infringement of third parties\u2019 patents.
79. On 20 September 2023, Healthier Choices Management Corp. (HCMC) commenced proceedings against RJR Vapor before the U.S.
District Court for the Middle District of North Carolina against the Vapour product Vuse Alto alleging infringement of U.S. Patent
9,538,788. On 17 November 2023, RJR Vapor filed a motion to dismiss the action in its entirety. On 18 September 2024, RJR Vapor
filed an inter partes review (IPR) challenging the patentability of the \u2018788 patent\u2019 before the U.S. Patent Trial and Appeal Board
(PTAB). On 27 November 2024, the court granted RJR Vapor\u2019s motion to stay the litigation pending the PTAB\u2019s institution decision in
the IPR. On 12 March 2025, the PTAB instituted an IPR of the \u2018788 patent\u2019. A final written decision on the IPR is expected in March
2026.
80. On 28 May 2020, Altria Client Services LLC (Altria) and U.S. Smokeless Tobacco Company LLC commenced proceedings against
RJR\u00a0Vapor before the U.S. District Court for the Middle District of North Carolina against the vapour products Vuse Vibe and Vuse
Alto, and the tin used in the Modern Oral product Velo. Nine patents in total were asserted: two against Vibe, four against Alto and
three against Velo. On 5\u00a0January 2021, Altria filed an Amended Complaint adding Modoral Brands Inc. as a defendant with respect to
the Velo product claims. A claim construction hearing was held on 28\u00a0April 2021, and the court issued its claim construction ruling on
12\u00a0May 2021. All asserted patent claims against Vibe and Velo as well as one of the four patents asserted against Alto were dropped
prior to trial, leaving three patents asserted against Alto for trial. Trial was held from 29 August 2022 to 7\u00a0September 2022. The jury
found infringement by all accused products and awarded approximately US$95\u00a0million (approximately \u00a370.6\u00a0million) in\u00a0damages. On
27\u00a0January 2023, the court rejected Altria's request to double the jury's awarded royalty rate for post-trial sales and set the royalty rate
applicable to post-trial sales to the jury's awarded rate of\u00a05.25%. Altria did not request entry of an injunction and has stipulated it will
not enforce the monetary judgment until all appeals are exhausted, including RJR Vapor\u2019s pending motion for relief from judgment. On
10 February 2023, RJR Vapor noticed its appeal to\u00a0the United States Court of Appeals for\u00a0the\u00a0Federal Circuit. On\u00a019\u00a0December 2024,
the Federal Circuit affirmed the lower court\u2019s judgment. RJR Vapor filed a request for rehearing with the Federal Circuit on 4 February
2025. The request for rehearing was denied on 4 March 2025. On 7 August 2025, RJR Vapor filed a petition for certiorari with the
United States Supreme Court. The Supreme Court issued an order denying the petition for certiorari on 6 October 2025. On 3 July
2024, RJR Vapor moved for relief from judgment and the ongoing royalty order due to RJR Vapor\u2019s obtaining a sublicense to Altria\u2019s
patents on 13 December 2023. The judge denied that motion as to royalties prior to RJR Vapor\u2019s obtaining the sublicense, and RJR
Vapor\u2019s appeal of that ruling is currently held in abeyance at the United States Court of Appeals for the Federal Circuit. RJR Vapor\u2019s
motion to vacate ongoing royalties after it obtained the sublicense remains pending, and an evidentiary hearing is likely to be held in
H1 2026 in the district court.
Mozambican IP Litigation
81. On 19 April 2017, Sociedade Agr\u00edcola de Tabacos, Limitada (SAT) (a BAT Group company in Mozambique) filed a complaint to the
National Inspectorate for Economic Activities (INAE), the\u00a0government body under the Ministry of Industry and Trade, regarding
alleged infringements of its registered trademark (GT) by GS Tobacco SA (GST). INAE subsequently seized the allegedly infringing
products (GS cigarettes) and fined and ordered GST to discontinue manufacturing products that could infringe SAT\u2019s intellectual
property rights. Following INAE\u2019s decision, in July 2017 and March 2018, SAT sought damages via the Judicial Court of Nampula, from
GST in the amount of MZN46,811,700 (\u00a3544,604) as well as\u00a0a permanent restraint order in connection with the manufacturing and
selling of the allegedly infringing products. The Judicial Court of Nampula (Tribunal Judicial de Nampula) granted the order on an
interim basis on 7\u00a0August 2017. After hearing the parties, on 5 September 2017, the court found that no alleged infringement by GST
had occurred and removed the interim restraint order, and rejected the damages claim. This decision was appealed by SAT
(Infringement Appeal). GST filed an application for review against INAE\u2019s initial decision directly to the Minister of\u00a0Trade and Industry,
which reversed the decision of INAE. On\u00a031\u00a0December 2018, SAT was notified of GST\u2019s counterclaim against SAT at the Judicial Court
of Nampula for damages allegedly sustained as a result of SAT\u2019s complaint to INAE (and\u00a0INAE\u2019s decision). GST is seeking damages in
the amount of approximately MZN14.5\u00a0billion (approximately \u00a3168.7\u00a0million). On 31 January 2019, SAT filed a formal response to the
counterclaim. A preliminary hearing was held on 2 April 2019, when the court heard arguments on the validity of GST\u2019s counterclaim.
On 2 September 2019, SAT received notification of an order which provided that (i) SAT\u2019s invalidity arguments had been dismissed by
the court; and (ii) the GST counterclaim would proceed to trial. On 9\u00a0September 2019, SAT responded to the order by appealing the
dismissal of the SAT invalidity arguments (Invalidity Appeal). SAT was notified in December 2021 that the trial of the counterclaim
was to take place on 24 February 2022. SAT subsequently submitted a complaint related to that trial to the court, on the basis that
prior to any further step being taken in relation to the trial the process should be submitted to the superior court for analysis, as per
the appeals previously submitted in the proceedings. SAT\u2019s complaint has been appreciated favourably and the process was
remitted to the High Court of Appeal for Nampula. The Court of Appeal handed down its judgment in respect of SAT\u2019s Infringement
Appeal and SAT\u2019s Invalidity Appeal. In respect of the Invalidity Appeal, the Court found that the requirements for GST\u2019s counterclaim
had not been met, and accordingly found that the counterclaim could not proceed. In respect of the Infringement Appeal, the Court
partially upheld the main appeal brought by SAT, finding that there had been a partial reproduction of SAT\u2019s trademarks by GST.
Consequently, it ordered GST to abstain from producing and commercialising products using packaging similar to that of SAT.
However, as regards SAT\u2019s claim for compensation for damage caused by the conduct of GST the Court found that this loss had not
been proven. GST has submitted an appeal on both the main process and counterclaim. The process is now pending before the
Supreme Court.
Malawi Group Action
82. In December 2020, the Company and British American Tobacco (GLP) Limited (GLP) were named as defendants in\u00a0a\u00a0claim made
in\u00a0the English High Court by around 7,500\u00a0Malawian tobacco farmers and their family members. The claim also names Imperial
Brands plc and five affiliates as\u00a0defendants. The claimants allege they were subjected to unlawful and exploitative working
conditions on tobacco farms from which it is alleged that the defendants indirectly acquire tobacco. They seek unquantified
damages (including aggravated and exemplary damages) for the torts of negligence and conversion and unquantified personal and
proprietary remedies for restitution of unjust enrichment. They also seek an injunction to restrain the commission of further torts of
conversion or negligence by the defendants. In January 2022, the Company and GLP were served with a similar claim by around a
further 3,500 claimants. The Company and GLP intend vigorously to defend the claims.
Middle East Litigation
83. In late December 2023, B.A.T. (U.K. and Export) Limited (BAT UKE) received a request for arbitration proceedings from a customer/
distributor in\u00a0the\u00a0Middle East, seeking damages in the range of US$117.7\u00a0million (approximately \u00a387.5\u00a0million) to US$119.8 million
(approximately \u00a389.1 million). In April 2024, British American Tobacco ME DMCC (BAT ME DMCC) was joined to the arbitration
proceedings on request of the claimants. The claimants have since amended the quantum of their claim and now seek damages in
the range of US$112.6 million (approximately \u00a383.7 million) to US$116.9 million (approximately \u00a386.9 million). The final merits hearing
will take place in Q1 2026.
Asbestos Litigation
84. As of 31 December 2025, there were four active asbestos personal injury cases served and pending against BATUS Holdings Inc.
(Horsfield, Temperley, Chimento, and McGuigan). During the\u00a0financial year 2025, BATUS Holdings Inc. was served with five new
asbestos personal injury cases (Colwell, Ward, Temperley, Chimento, and McGuigan), and was voluntarily dismissed from
six\u00a0asbestos personal injury cases (Harshberger, Lowis, Colwell, Ward, Weber, and Hardaway). The plaintiffs in each of the active
cases allege exposure to the defendants\u2019 asbestos and asbestos-containing talcum powder and cosmetics products, and assert
claims under state law, including for negligence, breach of warranty, strict liability, conspiracy, fraud and wrongful death. The plaintiffs
seek unspecified compensatory and punitive damages. Of the four active cases, Horsfield and Temperley were filed in state court in
Florida (Miami-Dade County and Broward County, respectively), Chimento was filed in state court in Louisiana (Orleans Parish), and
McGuigan was filed in state court in Pennsylvania (Philadelphia County Court of Common Pleas). BATUS Holdings Inc. has filed
motions to dismiss each of the four active cases for lack of personal jurisdiction, which motions remain pending.
Cigarette Filter Litter Litigation
85. On 21 November 2022, the Mayor and City Council of Baltimore, Maryland, filed a lawsuit in the Circuit Court for Baltimore City naming
the Company and RJRT, as well as PM\u00a0USA, Altria Group, Liggett Group LLC and a Maryland-based distributor, as\u00a0defendants. The
plaintiff, a municipality, alleges that the defendants manufactured, distributed and sold non-biodegradable cigarette filters with
knowledge that consumers would discard used filters on public property owned by the plaintiff, and further alleges that the defendants
failed to warn consumers of\u00a0the alleged environmental impacts of littered filters. The plaintiff asserts causes of action for alleged
violation of\u00a0state and municipal civil and criminal anti-littering and dumping laws, trespass, strict liability and negligent design defect,
public nuisance, and strict liability and negligent failure to warn. The\u00a0plaintiff seeks, among other relief, unspecified damages (including
punitive damages) for costs allegedly incurred removing discarded cigarette filters from public property, and for alleged damage to land
and natural resources and property value diminution, along with fines under state and municipal laws. On 3\u00a0February 2023, PM\u00a0USA
filed a notice of removal of\u00a0the litigation to the Federal District Court in Baltimore, Maryland. The plaintiff moved to remand the action
back to the Circuit Court for Baltimore City on 20\u00a0March 2023. The federal court, following briefing on the motion, issued an order on
19\u00a0January 2024 remanding the action back to the Circuit Court for Baltimore City. On 19 March 2024, the Company filed a motion to
dismiss the complaint for lack of personal jurisdiction and for failure to state a\u00a0legal claim. That same date, defendants RJRT, PM USA,
Liggett Group LLC, and a Maryland-based distributor moved to dismiss the complaint for failure to\u00a0state a legal claim. The Company
was voluntarily dismissed from the action without prejudice via a stipulation of dismissal filed on 2 May 2024. Briefing on those
defendants\u2019 pending motion to dismiss is completed, oral argument was held on 17\u00a0July 2024. On 21 July 2025, the trial court granted
the defendants\u2019 motion to dismiss in part, dismissing a number of claims with prejudice, and denied it in part. The Circuit Court
dismissed the five criminal counts for various procedural and substantive deficiencies. The Circuit Court additionally determined that
the plaintiff failed to sufficiently allege a continuing trespass under Maryland law and dismissed that claim as well. The Circuit Court
allowed the plaintiff\u2019s design defect (strict liability and negligence), public nuisance, and failure to warn (strict liability and negligence)
claims to proceed. On 5 August 2025, the defendants filed a joint motion to stay the Baltimore litigation pending the Maryland Supreme
Court\u2019s decision in an appeal in unrelated climate change litigation relating to the scope of Maryland\u2019s common law of public nuisance.
The Supreme Court\u2019s decision is expected in Q1 2026. On 12 September 2025, the Circuit Court denied the defendants\u2019 motion for a
stay and ordered (as alternatively requested) a two-year fact and expert discovery schedule. The Group will continue to monitor the
Maryland Supreme Court and its pending decision in the unrelated climate change litigation relating to the scope of the state\u2019s public
nuisance law and its potential impact on the nuisance claim in the Baltimore litigation against the Company and RJRT. On 17 November
2025, the state of Maryland filed a motion to intervene in the Circuit Court case, seeking to file a complaint for declaratory relief to
adjudicate the parties\u2019 rights and liabilities under the MSA. On 17 December 2025, the Court granted the state\u2019s motion. The
defendants will answer the state\u2019s complaint in intervention in due course.
Carbon Neutral Litigation
86. On 28 May 2025, plaintiffs Vanessa Bell, Destiney Murrah and Sean Nugent filed a putative class action lawsuit in federal court in California,
naming as defendants RJR Vapor, RJRT, Reynolds American and the Company. The plaintiffs allege that certain Vuse-brand vaporiser devices
and consumable products were falsely marketed to consumers as \u201ccarbon neutral,\u201d based on the defendants\u2019 allegedly false statements that
the production and use of the Vuse products resulted in no net addition of carbon dioxide to the atmosphere due to reductions of carbon
emissions in their production, with remaining emissions offset through the purchase of carbon credits. The plaintiffs assert claims for violation
of state consumer protection, unfair competition and false advertising statutes, breach of express and implied warranties, and unjust
enrichment, and seek, among other relief, unspecified compensatory, statutory, treble and punitive damages. Plaintiffs filed an amended
complaint on 30 September 2025. The Company and Reynolds American moved to dismiss the amended complaint for lack of personal
jurisdiction, and RJR Vapor and RJRT moved to dismiss the amended complaint for failure to state a claim on 10 October 2025. The plaintiffs
opposed the motions filed by the Company, RJR Vapor and RJRT. Reynolds American was voluntarily dismissed from the action without
prejudice on 20 January 2026. A hearing on the dismissal motions was held on 3 February 2026 and the court reserved the decision.
Nahadi Litigation
87. On 29 January 2026, a claim was filed in the U.S. District Court for the Eastern District of Virginia against the Company and British-
American Tobacco Marketing (Singapore) Private Limited (BATMS). The claimants are 196 U.S. nationals and family members who
claim unquantified civil damages under the U.S. Anti-Terrorism Act. The substance of the allegations relate to matters previously
disclosed in relation to historic business activities in the Democratic People\u2019s Republic of Korea which resulted in the Company\u2019s
April 2023 entry into a three-year deferred prosecution agreement (DPA) with the DOJ, with BATMS pleading guilty to the same
charges, and a civil settlement agreement with OFAC. The Company and BATMS intend to vigorously defend the claim.
Fox River
Background to environmental liabilities arising out of contamination of the Fox River:
88. U.S. authorities identified potentially responsible parties (PRPs), including NCR Corporation (now called NCR Voyix Corporation)
(NCR), to fund the clean-up of polluted sediments in the Lower Fox River, Wisconsin. Discharges of Polychlorinated Biphenyls (PCBs)
from paper mills and other facilities operating close to the river caused the pollution. Industries\u2019 involvement with the environmental
liabilities arises out of (i) indemnity arrangements which it became party to due to various transactions that took place from the
late-1970s onwards and (ii) subsequent litigation brought by NCR against Industries and Appvion Inc. (Appvion) (a former Group
subsidiary) in relation to those arrangements.
89. Following substantial litigation in the United States regarding the responsibility for the costs of the clean-up operations (estimated
to amount to US$1,346\u00a0million (\u00a31,001\u00a0million) (including natural resource damages)), and enforcement proceedings brought by the
U.S. Government against NCR and Appvion to ensure compliance with regulatory orders made relating to the Fox River clean-up,
the\u00a0District Court of Wisconsin approved two forms of settlement with the U.S. Government known as consent decrees on (i) 23
August 2017, pursuant to which NCR was obliged to perform and fund all of the remaining Fox River remediation work by itself and
(ii) on 14 March 2019 that concluded all remaining litigation relating to the Fox River.
90. On 3 October 2022, the United States Environmental Protection Agency issued a Certificate of Completion in respect of remedial
action for the Lower Fox River.
Industries\u2019 involvement with environmental liabilities arising out\u00a0of\u00a0the contamination of the Fox River:
91. NCR's position is that, under the terms of a 1998 Confidential Settlement Agreement (CSA) between it, Appvion, and Industries, and
a 2005 arbitration award, Industries and Appvion had a joint and several obligation to bear 60% of the Fox River environmental
remediation costs imposed on NCR and of any amounts NCR has to pay in respect of other Fox River PRPs\u2019 contribution claims.
Industries has not acknowledged any such liability to NCR and has defences to such claims.
92. Until May 2012, Appvion and Windward Prospects Limited (Windward) (another former Group subsidiary which indemnified
Industries) paid a 60% share of the clean-up costs incurred by NCR. Around that time, Appvion refused to continue to pay clean-up
costs, and NCR demanded that Industries pay a 60% share of those costs. Industries resisted NCR's demand and commenced
indemnification proceedings against Windward and Appvion, which were settled by entering into an agreement between Industries,
Windward, Appvion, NCR and BTI 2014 LLC (BTI) (a wholly owned subsidiary of Industries) in September 2014 (the Funding
Agreement). Under the Funding Agreement, the parties agreed, among other things, a framework through which they would
together fund the ongoing costs of the Fox River clean-up including an agreement to accept funding by Industries at a level of 50%
of NCR\u2019s share of ongoing clean-up related costs (rather than 60%), subject to the ability of NCR or Industries to litigate at a later
stage the extent of Industries\u2019 liability (if any) in relation to the clean-up costs (including in respect of the 50% paid by Industries to
date under the express reservation). Appvion entered Chapter 11 bankruptcy protection on 1 October 2017.
93. Under the Funding Agreement, BTI was assigned a claim commenced by Windward in the High Court of England & Wales (the High
Court) against Sequana S.A. (Sequana) and the former Windward directors (the Windward Dividend Claims), which related to
dividend payments made by Windward to Sequana of around \u20ac443\u00a0million (approximately \u00a3386.8\u00a0million) in 2008 and \u20ac135\u00a0million
(\u00a3117.9\u00a0million) in 2009 (the Dividend Payments).
94. In addition, Industries commenced an action directly against Sequana to recover the value of the Dividend Payments alleging that
the dividends were paid for the purpose of putting assets beyond the reach of Windward\u2019s creditors (including Industries) (the
Section 423 Claims). The Section 423 Claims and Windward Claims were heard together.
95. The High Court upheld the Section 423 Claims but dismissed the Windward Dividend Claims.
96. The High Court ordered that Sequana pay to BTI an amount up to the full value of the 2009 Dividend Payment plus interest, equating
to around US$185\u00a0million (approximately \u00a3137.5\u00a0million). Upon the parties\u2019 cross appeals, the Court of Appeal substantially upheld the
decision of the High Court. The subsequent appeal by BTI to the Supreme Court in respect of the Windward Dividend Claims against
the former Windward Directors was dismissed on 5 October 2022.
97. On 15 May 2019, the Nanterre Commercial Court made an order placing Sequana into formal liquidation proceedings, staying
execution of the judgment, under which, to\u00a0date, no payments have been made to Industries.
98. BTI brought claims against Windward\u2019s former auditors and advisers (which claims were also assigned to BTI under the Funding
Agreement). BTI commenced a claim against PricewaterhouseCoopers LLP (PwC) in the High Court in respect of its role as
Windward\u2019s auditor at the time of the Dividend Payments. Trial commenced on 4 June 2024. The claims were settled on 21 June
2024, pursuant to the terms set out in a confidential settlement agreement entered into by BTI, PwC and the joint administrators of
Windward (who were a nominal party to the proceedings). An agreed stay is presently in place in respect of BTI\u2019s separate assigned
claim against Freshfields Bruckhaus Deringer.
99. The sums Industries has paid under the Funding Agreement are subject to the express reservation set out in paragraph 92 above
and ongoing adjustment. Clean-up costs can only be estimated in advance of the work being carried out and certain sums payable
are the subject of ongoing U.S. litigation. Industries is potentially liable for further costs associated with the clean-up. Industries has
a provision of \u00a341 million which represents the current best estimate of its further exposure, see note 24.
Kalamazoo
100. Georgia-Pacific, a designated PRP in respect of the Kalamazoo River in Michigan, also pursued NCR in relation to\u00a0remediation costs
caused by PCBs released into that river. On 26 September 2013, the United States District Court, Michigan held that NCR was liable
as a PRP on the basis that it had arranged for the disposal of hazardous material for the purposes of the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA).
101. Following further litigation, on 11 December 2019, NCR announced that it had entered into a consent decree with the\u00a0U.S. Government
and the State of Michigan (subsequently approved by the court on 2 December 2020), pursuant to which it assumed liability for certain
remediation work at the Kalamazoo River. The payments to be made on the face of the consent decree in respect of such work total
approximately US$245\u00a0million (approximately \u00a3182.1\u00a0million). The consent decree also provides for the payment by NCR of\u00a0an
outstanding judgment against it of approximately US$20\u00a0million (approximately \u00a314.9\u00a0million) to Georgia-Pacific.
102. The quantum of the clean-up costs for the Kalamazoo River is\u00a0presently unclear. It seems likely to exceed the amounts payable on
the face of the consent decree.
103. On 10 February 2023, NCR filed a complaint in the United States District Court for the Southern District of New York against
Industries, seeking a declaration that Industries must compensate NCR for 60% of costs NCR incurred and incurs relating to the
Kalamazoo River site on the asserted basis that the Kalamazoo River constitutes a \u2018Future Site\u2019 for the purposes of the CSA. The
Funding Agreement described above does not resolve these claims. On 23 June 2023, Industries filed its defence and counterclaims
in the proceedings. After a motion by NCR, on 14 September 2024, the court issued a judgment, striking out one of Industries\u2019 eight
affirmative defences and dismissing three of Industries\u2019 five counterclaims against NCR\u2019s complaint. The proceedings are ongoing.
Other environmental matters
104. Reynolds American and its subsidiaries are subject to federal, state and local environmental laws and regulations concerning the
discharge, storage, handling and disposal of hazardous or toxic substances. Such laws and regulations provide for significant fines,
penalties and liabilities, sometimes without regard to whether the owner or operator of the property or facility knew of, or was
responsible for, the\u00a0release or presence of hazardous or toxic substances. In\u00a0addition, third parties may make claims against owners
or\u00a0operators of properties for personal injuries and property damage associated with releases of hazardous or toxic substances. In
the past, RJRT has been named a PRP with third parties under CERCLA with respect to several superfund sites. Reynolds American
and its subsidiaries are not aware of any current environmental matters that are expected to have a material adverse effect on the
business, results of operations or financial position of Reynolds American or its subsidiaries.
Investigations
105. The Group investigates, and becomes aware of governmental authorities\u2019 investigations into, allegations of misconduct, including
alleged breaches of sanctions and allegations of corruption at Group companies. Some of these allegations are currently being
investigated. The Group cooperates with the authorities, where appropriate.
106. On 25 April 2023, the Group announced that it had reached agreement with DOJ and the United States Department of the
Treasury\u2019s Office of Foreign Assets Controls (OFAC) to resolve previously disclosed investigations into suspicions of\u00a0sanctions
breaches. These concerned business activities relating to the Democratic People\u2019s Republic of Korea between 2007 and 2017. The
Company entered into a three-year deferred prosecution agreement (DPA) with DOJ and a civil settlement agreement with OFAC.
DOJ\u2019s charges against the Company\u2014one count of conspiring to commit bank fraud and one count of conspiring to violate
sanctions laws\u2014were filed and will later be dismissed if the Company abides by the terms of the DPA. In addition, a BAT subsidiary in
Singapore, British-American Tobacco Marketing (Singapore) Private Limited, pleaded guilty to the same charges. The\u00a0total amount
payable to the U.S. authorities is approximately US$635\u00a0million (approximately \u00a3472.3 million) plus interest, which has been paid by
the Company.
107. Competition Investigations: There are instances where the Group investigates or where Group companies are cooperating with
relevant national competition authorities in relation to competition law investigations and/or engaged in legal proceedings at the
appellate level, including (amongst others) in Belgium and Brazil.
In regards to the previously disclosed consent order entered into with the Nigerian Federal Competition and Consumer Protection
Commission (FCCPC) by British American Tobacco (Holdings) Limited, British American Tobacco (Nigeria) Limited and British
American Tobacco Marketing (Nigeria) Limited in December 2022, the monitors appointed under the order remained in place until
Q4 2025.
108. Marketing Activities: In addition, the Group is, and may in the future be, subject to investigations or legal proceedings in relation to,
among other things, its marketing, promotion or distribution activities in respect of its products. This includes, but is not limited to,
allegations that such activities, whether undertaken through traditional channels, digital platforms, third parties, or distribution
applications, do not comply with applicable laws or regulations. As such, the Group or Group companies, could be subject to liability
and costs associated with any damages, fines, or penalties brought in connection with these allegations.
Closed litigation matters
109. The following matters on which the Company reported in the contingent liabilities and financial commitments note 31 to the
Company\u2019s 2024 financial statements have been dismissed, concluded or resolved as noted below and shall not be included in
future\u00a0reports:
Matter
Jurisdiction
Companies named as Defendants
Description
Disposition
Lowis, Colwell, Weber,
Ward, Hardaway and
Harshberger
U.S.
BATUS Holdings Inc.
Asbestos Litigation
Voluntary dismissal by
plaintiffs
Netherlands Competition
Investigation
Netherlands
British American Tobacco
Nederland B.V.
British American Tobacco
International (Holdings) B.V.
Competition
Fine issued against
British American
Tobacco International
(Holdings) B.V.
U.S. Department of
Justice Action
U.S.
RJRT
RICO
Posting of corrective
communication signage
at retail is complete
State Settlement
Agreement: Missouri
U.S.
RJRT, SFNTC
State Settlement
Agreements-Enforcement
and Validity
Arbitration award
finding Missouri failed to
diligently enforce
upheld, resulting in
credits to RJRT\u2019s MSA
settlement payments
State Settlement
Agreement: Mississippi
U.S.
RJRT
State Settlement
Agreements-Enforcement
and Validity
Settlement
State Settlement
Agreement: Delaware
U.S.
RJRT, Reynolds American
State Settlement
Agreements-Enforcement
and Validity
Settlement
General Litigation Conclusion
110. While it is impossible to be certain of the outcome of any particular case or of the amount of any possible adverse verdict, the Group
believes that the defences of the Group\u2019s companies to all these various claims are meritorious on both the law and the facts, and
a\u00a0vigorous defence is being made everywhere.
111. If adverse judgments are entered against any of the Group\u2019s companies in any case, avenues of appeal will be pursued. Such appeals
could require the appellants to post appeal bonds or substitute security in amounts which could in some cases equal or exceed the
amount of the judgment.
112. At least in the aggregate, and despite the quality of defences available to the Group, it\u00a0is\u00a0possible that the Group\u2019s results of
operations or cash flows in any particular period could be materially adversely affected by the impact of a significant increase in
litigation, difficulties in obtaining the bonding required to stay execution of judgments on\u00a0appeal, or any final outcome of any
particular litigation, or governmental investigation.
113. Having regard to all these matters, with the exception of the\u00a0Approved Plans and Fox River (see note 24), the Group does not
consider it appropriate to make any provision in respect of any\u00a0pending litigation because the likelihood of any resulting material loss,
on an individual case basis, is not considered probable and/or the amount of any such loss cannot be reasonably estimated. In
addition, the Group accrues for damages, attorneys' fees and/or statutory interest, including in respect of certain Engle Progeny
cases, certain U.S. individual smoking and health cases and the DOJ medical reimbursement/corrective statement case.
Other contingencies
114. JTI Indemnities. By a purchase agreement dated 9\u00a0March 1999, amended and restated as at 11 May 1999, referred to as\u00a0the 1999
Purchase Agreement, R.J. Reynolds Tobacco Holdings, Inc. (RJR) and RJRT sold their international tobacco business to JTI. Under the
1999 Purchase Agreement, RJR and RJRT retained certain liabilities relating to the international tobacco business sold to JTI, and
agreed to indemnify JTI against: (i) any liabilities, costs and expenses arising out of the\u00a0imposition or assessment of any tax with
respect to the international tobacco business arising prior to the sale, other than as reflected on the closing balance sheet; (ii) any
liabilities, costs and expenses that JTI or any of its affiliates, including the acquired entities, may incur after the sale with respect to
any of RJR\u2019s or RJRT\u2019s employee benefit and welfare plans; and (iii) any liabilities, costs and expenses incurred by JTI or any of its
affiliates arising out of certain activities of Northern Brands.
115. RJRT has received claims for indemnification from JTI, and several of these have been resolved. Although RJR and RJRT recognise
that, under certain circumstances, they may have other unresolved indemnification obligations to JTI under the\u00a01999 Purchase
Agreement, RJR and RJRT disagree what circumstances described in such claims give rise to any indemnification obligations by RJR
and RJRT and the nature and extent of any such obligation. RJR and RJRT have conveyed their position to JTI, and the parties have
agreed to\u00a0resolve their differences at a later date.
116. ITG Indemnity. In the purchase agreement relating to the Divestiture as amended, Reynolds American agreed to defend and indemnify,
subject to certain conditions and limitations, ITG in connection with claims relating to the purchase or use of one or more of the Winston, Kool,
Salem or Maverick cigarette brands on or before 12 June 2015, as well as in actions filed before 13\u00a0June 2025, relating to the purchase or use of
one or more of the Winston, Kool, Salem or Maverick cigarette brands. In the purchase agreement relating to the Divestiture, ITG agreed
to\u00a0defend and indemnify, subject to certain conditions and limitations, Reynolds American and its affiliates in connection with claims relating
to the purchase or use of \u2018blu\u2019 brand e-cigarettes. ITG also agreed to defend and indemnify, subject to certain conditions and limitations,
Reynolds American and its affiliates in actions filed after 12\u00a0June 2025, relating to the purchase or use of one or more of the Winston, Kool,
Salem or Maverick cigarette brands after 12 June 2015. ITG has tendered a number of actions to Reynolds American under the terms of this
indemnity, and Reynolds American has, subject to a reservation of rights, agreed to defend and indemnify ITG pursuant to the terms of the
indemnity. Reynolds American has tendered an action to ITG under the terms of this indemnity, and ITG has, subject to a reservation of rights,
agreed to defend and indemnify Reynolds American and its affiliates pursuant to the terms of the indemnity.
These claims are substantially similar in nature and extent to claims asserted directly against RJRT in similar actions.
117. Loews Indemnity. In 2008, Loews Corporation (Loews), entered into an agreement with Lorillard Inc., Lorillard Tobacco, and certain
of their affiliates, which agreement is referred to as the \u2018Separation Agreement\u2019. In the Separation Agreement, Lorillard agreed to
indemnify Loews and its officers, directors, employees and agents against all costs and expenses arising out of third-party claims
(including, without limitation, attorneys\u2019 fees, interest, penalties and costs of investigation or preparation of defence), judgments,
fines, losses, claims, damages, liabilities, taxes, demands, assessments, and amounts paid in settlement based on, arising out of or
resulting from, among other things, Loews\u2019 ownership of or the operation of Lorillard and its assets and properties, and its operation
or conduct of its businesses at any time prior to or following the separation of Lorillard and Loews (including with respect to any
product liability claims). Loews is a defendant in three pending product liability actions, each of which is a putative class action.
Pursuant to the Separation Agreement, Lorillard is required to indemnify Loews for the amount of any losses and any legal or other
fees with respect to such cases. Following the closing of the Lorillard merger, RJRT assumed Lorillard\u2019s obligations under the
Separation Agreement as was required under the Separation Agreement.
118. SFRTI Indemnity. In connection with the 13 January 2016 sale by Reynolds American of the international rights to the NAS brand
name and associated trademarks, along with SFR Tobacco International GmbH (SFRTI) and other international companies that
distributed and marketed the brand outside the United States, to JT\u00a0International Holding BV (JTI Holding), each of SFNTC,
R.\u00a0J.\u00a0Reynolds Global Products, Inc., and R.\u00a0J.\u00a0Reynolds Tobacco B.V. agreed to indemnify JTI Holding against, among other things, any
liabilities, costs, and expenses relating to actions (i)\u00a0commenced on or before (a)\u00a013\u00a0January 2019, to the extent relating to alleged
personal injuries, and (b) in all other cases, 13 January 2021; (ii) brought by (a) a governmental authority to enforce legislation
implementing European Union Directive 2001/37/EC or\u00a0European Directive 2014/40/EU or (b)\u00a0consumers or a consumer association;
and (iii) arising out of any statement or\u00a0claim (a) made on or before 13 January 2016, (b) by any company sold to JTI Holding in the
transaction, (c) concerning NAS brand products consumed or intended to be consumed outside of the United States and (d) that the
NAS brand product is natural, organic, or additive-free.
119. Indemnification of Distributors and Retailers. RJRT, Lorillard Tobacco, SFNTC, American Snuff Co. and RJR Vapor have entered into
agreements to indemnify certain distributors and retailers from liability and related defence costs arising out of the sale or
distribution of their products. Additionally, SFNTC has entered into an agreement to indemnify a supplier from liability and related
defence costs arising out of the sale or use of SFNTC\u2019s products. The cost has been, and is expected to be, insignificant. RJRT,
SFNTC, American Snuff Co. and RJR Vapor believe that the indemnified claims are substantially similar in nature and extent to the
claims that they are already exposed to by virtue of their having manufactured those products.
120. Except as otherwise noted above, Reynolds American is not able to estimate the maximum potential of future payments, if\u00a0any,
related to these indemnification obligations.
Tax disputes
The Group has exposures in respect of the payment or recovery of a number of taxes. The Group is and has been subject to a number of
tax audits covering, amongst others, excise tax, value added taxes, sales taxes, corporate taxes, withholding taxes and payroll\u00a0taxes.
The estimated costs of known tax obligations have been provided in these accounts in accordance with the Group\u2019s accounting policies.
In some countries, tax law requires that full or part payment of disputed tax assessments be made pending resolution of the dispute. To
the extent that such payments exceed the estimated obligation, they would not be recognised as an expense. While the amounts that
may be payable or receivable in relation to tax disputes could be material to the results or cash flows of the Group in the period in which
they are recognised, the Board does not expect these amounts to have a material effect on the Group\u2019s financial condition.
The following matters are in or may proceed to litigation:
Corporate taxes
Brazil
Profits of overseas subsidiaries. The Brazilian Federal Tax Authority has filed claims against Souza Cruz seeking to reassess the profits of overseas
subsidiaries to corporate income tax and social contribution tax. The reassessments are for the years 2004 until and including 2012 for a total
amount of BRL1,645\u00a0million (\u00a3223\u00a0million) to cover tax, interest and penalties.
Souza Cruz appealed all reassessments. The Administrative Court stage has concluded and all judgments have been appealed to the Judicial
Courts. Regarding the first assessments (2004-2006), Souza Cruz\u2019s appeals were rejected by the ultimate Administrative Court after which Souza
Cruz filed two lawsuits with the Judicial Court to appeal the reassessments. The judgment in respect of the reassessment of corporate income tax
and social contribution have been decided in favour of Souza Cruz by the first level of the Judicial Court. These cases are awaiting trial on the
second level of the Judicial Court. The appeal against the second assessments (2007 and 2008) was upheld at the second tier tribunal and was
closed. In 2015, a further reassessment for the same period (2007 and 2008) was raised after the five-year statute of limitation which has been
appealed against. Regarding the 2007\u20132008 period, Souza Cruz is still awaiting a decision from the first level of the Judicial Court. Souza Cruz
received further reassessments in 2014 for the 2009 calendar year and in 2015 an assessment for the 2010 calendar year. Souza Cruz appealed
both the reassessments in full. In December 2016, assessments were received for the calendar years 2011 and 2012 which have also been appealed.
In April 2025 a favourable decision was received for the 2009\u20132012 cases in the first level of the Judicial Court, with the Brazilian Tax Authorities\u2019
appeal currently pending.
Rio de Janeiro VAT Incentives. The Brazilian Federal Tax authority has challenged the treatment of Rio de Janeiro VAT incentives. In October 2021, in
respect of the 2016-2021 calendar years, the authorities' position was upheld at the lower Judicial Court. Souza Cruz has appealed in full against the
Judgment. In June 2024, the Brazilian tax authorities initiated a tax audit specifically focused on the exclusion of the VAT incentives from corporate
income tax. Consideration of the defence strategy led management to file a petition to withdraw its judicial claims in order to be able to defend the
company\u2019s position in the administrative courts. The Brazilian Federal Tax authority filed an appeal challenging the withdrawal of the judicial claim.
The Brazil Tax Authorities' appeal was unsuccessful and they have confirmed that they do not intend to appeal further. This has resulted in a
reversal of the benefit recognised for the company\u2019s claim for the period 2016-2019 of BRL327\u00a0million (\u00a344\u00a0million) and a provision for potential
exposure to tax, interest and penalties of BRL1,047\u00a0million (\u00a3142\u00a0million) for the 2020-2023 period, reflecting the tax assessment received and a
binding Supreme Court decision which reduces the value of these incentives by 10% (as described in note 6(k)).
Indonesia
Indonesia\u2019s Directorate General of Taxes has filed assessments against Bentoel group companies mainly relating to domestic and other
intra-group transactions during the years 2016-2021. Objection letters have been filed with the Tax Office and these assessments are
being challenged at various levels in court. During 2025 a number of these disputes were resolved, and other cases have moved from
lower courts to the Supreme Court. Provisions totalling IDR1,632\u00a0billion (\u00a373 million) have been made in respect of claims totalling
IDR6,054\u00a0billion (\u00a3270 million) including interest and penalties.
Netherlands
The Dutch tax authority has issued a number of assessments on various issues across the years 2003-2016 in relation to various intra-
group transactions. The assessments amount to an aggregate net potential liability across these periods of \u00a31,082\u00a0million covering tax,
interest and penalties. The Group appealed against the assessments in full.
In relation to the periods from 2003-2007 (with an aggregate potential net liability of \u00a36\u00a0million), the Amsterdam Court of Appeal issued
judgments on 8 October 2024. The appeal against the assessments was upheld, with the court finding for the Group. The Dutch tax
authority have appealed to the Supreme Court. In June 2025, the Advocate General of the Supreme Court upheld the judgment of the
Court of Appeal and the appeal is now with the Supreme Court to decide whether to follow the Advocate General.
In relation to the periods from 2008-2016 (with an aggregate potential net liability of \u00a31,076\u00a0million), the District Court of North Holland
issued judgments on 17 October 2022 and 15 December 2023, resulting in findings against the Group on a number of issues. On the issue
of mark to market losses on external bonds of British American Tobacco Holdings (The Netherlands) B.V., the appeal against the
assessments was upheld in full, with the court finding for the Group. In relation to other intra-group transactions, including the
termination of licence rights, the court found against the Group and upheld a fine of \u00a392\u00a0million for the filing of an intentionally incorrect
tax return. The appeals against these judgments were heard in the Amsterdam Court of Appeal in 2024.
On 11 September 2025, the Court of Appeal issued its judgment, rescinding the \u00a392\u00a0million fine and reducing the adjustments relating to
the termination of licence rights. The Court of Appeal largely upheld the District Court\u2019s findings on the other intra-group transactions.
Both the Group and the Dutch Tax Authorities have issued pro-forma appeals to the Supreme Court.
Having considered the judgment and the Dutch judicial and international proceedings available to it, the Group recognised a further
adjusting charge of \u00a3171\u00a0million in 2025, with a total provision of \u00a3326\u00a0million recognised at 31 December 2025.
The Group believes that its companies have meritorious defences in law and fact in each of the above matters and intends to pursue
each dispute through the judicial system as necessary.
Indirect and other taxes
Bangladesh
In January 2019, a competitor filed a writ petition against the government and the National Board of Revenue (NBR) by which it initially challenged
the failure of Government to implement the closing budget speech of the Honourable Finance Minister dated 27 June 2018 and reserving low
segment for local brands. Thereafter, the competitor instead challenged the exclusion of protection given to local brands of cigarette
manufactured by local manufacturers and sought a direction to continue the protection so granted to the local manufacturers of cigarettes in
pursuance of a 2017 Special Order. The competitor further challenged the legality of a 2018 Special Order of the NBR through which the said
protection was revoked. British American Tobacco Bangladesh Company Limited (BAT Bangladesh) was initially not a party to the writ petition,
subsequently it became a party through an addition of party application. Upon hearing on multiple occasions, the High Court passed judgment in
the matter on 21 September 2020. BAT Bangladesh filed an appeal against the High Court order and obtained a stay on 4 October 2020. By holding
the prospective portion of the 2018 Special Order legal, the Court did not allow the discriminatory regime to continue. However, by holding illegal
the retrospective portion of the 2018 Special Order, the Court revived the discriminatory regime for only one year, that is from 1 June 2017 to 6 June
2018 and held that any shortfall of revenue under the 2017 Special Order may be recovered from any party or manufacturer during the period of 1
June 2017 to 6 June 2018. Subsequently, the Large Taxpayers\u2019 Unit (LTU) VAT issued a show cause notice dated 24 September 2020 following the
High Court judgment claiming unpaid VAT & Supplementary Duty (SD) of BDT24,371\u00a0million (\u00a3148\u00a0million) from 1 June 2017 to 6 June 2018. BAT
Bangladesh appealed against the High Court judgment before the Appellate Division and obtained an order of stay. Since the High Court judgment
is stayed, the LTU proceeding shall also be deemed to have been stayed.
In addition, BAT Bangladesh has received a memo from the NBR claiming BDT20,540\u00a0million (\u00a3125\u00a0million). This claim is related to VAT and SD
allegedly owed by BAT Bangladesh due to the production of an extra 18 billion cigarettes. The allegation is based on an undisclosed purchase
of local leaf, which is apparently inferred from a discrepancy found in BAT Bangladesh's 2016 Annual Report and VAT-1 records. NBR has
reopened the matter and sent a memo to LTU cancelling the earlier order of the LTU Commissioner which was in favour of BAT Bangladesh
and directing LTU to make the demand to BAT Bangladesh claiming the above-mentioned VAT and SD. Subsequently, BAT Bangladesh has
received an official demand for payment related to this claim from LTU. BAT Bangladesh has challenged the memo of NBR and obtained a
Rule in this regard. It has also challenged the demand letter of LTU and prayed for issuance of a supplementary rule and stayed the demand
letter. The matter is currently pending before the High Court.
BAT Bangladesh has also received show cause notices from the NBR alleging that the company has avoided excise payment amounting to
BDT3,794\u00a0million (\u00a323\u00a0million) during 2020 to 2024. The notices claimed that the excise avoidance occurred due to the supply of
cigarettes stored in BAT Bangladesh\u2019s warehouse to its distributors at increased prices. BAT Bangladesh formally responded to the show
cause notices, asserting that it has always acted within the law and hence the basis of the allegation and claim is unfounded. A hearing
took place regarding the first show cause notice for BDT1,687\u00a0million (\u00a310\u00a0million) on 13 November 2024 following which the NBR has
issued a demand for the \u00a310\u00a0million. Subsequently, on 13 January 2025, BAT Bangladesh filed a writ in the High Court, challenging the demand on
point of law. BAT Bangladesh has appealed the tax demand before the NBR Appellate Tribunal and deposited 10% of the amount. At the hearing on
22 July 2025, BAT Bangladesh plans to request an adjournment, as a related application is pending before the Supreme Court to remove a remark
made by the High Court suggesting BAT Bangladesh had an \u201culterior motive.\u201d BAT Bangladesh believes this remark is unfair and could affect the
outcome of the Tribunal hearing. The remaining show cause notices are currently pending hearing. The NBR Appellate Tribunal hearing concluded
during 2025 and the pronouncement of order is expected following a subsequent court hearing in June 2026.
In another matter, VAT rebate claims of BAT Bangladesh for the period July 2022 and October 2023 were denied and an assessment of
BDT5,137\u00a0million (\u00a331\u00a0million) was received. There are four disputes concerning this same matter, which is the availability of evidence to
show the disposal of production materials on which VAT input tax has been incurred into the finished products. The disputes are
currently subject to an administrative appeal. The High Court directed the disputes back to the Tax Tribunal to hear all four appeals
together. The Tax Tribunal heard the cases on 4 December 2025, and again on\u00a0 25 January 2026. The verdict is outstanding and expected
sometime in Q1 2026. If the verdict is unfavourable, BATB will appeal to the High Court.
Finally, in October 2025, the NBR issued show cause notices to BAT Bangladesh wherein the NBR asserted that local raw tobacco leaf
purchases in the 2022 to 2023 financial years were subject to VAT. A hearing between BAT Bangladesh and the NBR was held in
November 2025, and the NBR issued a demand notice for BDT2,515\u00a0million (\u00a315\u00a0million) on 7 January 2026. The matter is now in litigation,
and BAT is expected to make an appeal at the Appellate Tribunal of the NBR before the 7 April 2026 deadline. The same challenge has
previously been brought by the NBR in respect of the 2010 to 2015 financial years (demand for BDT1,572\u00a0million (\u00a310\u00a0million)), and
Alternate Dispute Resolution resulted in a full withdrawal of the NBR\u2019s claim. Similarly, the same challenge was brought in respect of the
2015 to 2018 financial years (BDT1,235\u00a0million (\u00a38\u00a0million)), and the High Court granted a stay order on the NBR\u2019s demand which is still in
place. Show cause notices have been received in respect of the same matter covering the 2021 and 2024 financial years (BDT953\u00a0million
(\u00a36\u00a0million) and BDT1,917\u00a0million (\u00a312\u00a0million), respectively), with no final demand received yet.
Brazil
Court proceedings are underway related to an assessment of VAT arising from the allocation of sales tax between different states. The
amount involved is BRL142\u00a0million (\u00a319\u00a0million). The assessment was issued by the S\u00e3o Paulo state authorities on the grounds that, in the
period up to 2018, BAT treated local operations as interstate ones to reduce the VAT paid in S\u00e3o Paulo.
This assessment was appealed to the courts of first and second instance. In both cases, the decisions were unfavourable. In 2023, BAT
filed an appeal to the Superior Court which is awaiting a court hearing.
South Korea
In 2016, the Board of Audit and Inspection of Korea (BAI) concluded its tax assessment in relation to the 2014 year-end tobacco inventory,
and imposed additional national excise, local excise, VAT taxes and penalties. This resulted in the recognition of a KRW80.7\u00a0billion
(\u00a342\u00a0million) charge by Group subsidiaries, Rothmans Far East B.V. Korea Branch Office and BAT Korea Manufacturing Ltd. Management
deems the tax to be unfounded and has appealed to the tax tribunal against the assessment. On grounds of materiality and the likelihood
of the tax being reversed in future, the Group classified the tax and penalties charge as an adjusting item in 2016. All amounts have been
paid and expensed in the both the Group and local financial statements.
For the VAT portion of the assessments of KRW6.7\u00a0billion (\u00a33\u00a0million), the trial court ruled in favour of Rothmans Far East B.V. Korea Branch
Office in 2019. The Korean government appealed the ruling immediately thereafter but the appellate court affirmed the ruling of the trial
court. The decision was finally affirmed by the Supreme Court in 2021 and Rothmans Far East B.V. Korea Branch Office duly received the
amount litigated (VAT portion) including statutory interests shortly thereafter in 2021.
For the local and national excise portion of the assessments, the trial court ruled in favour of the Korean government in June 2020 and the
decision was affirmed by the appellate court in September 2023. British American Tobacco Korea Manufacturing Ltd. appealed to the
Supreme Court in\u00a0October 2023. The Supreme Court has not set a hearing date yet and the case is currently pending at the Supreme Court.
Commitments in relation to service contracts, non-capitalised leases
The total future minimum payments under non-cancellable service contracts based on when payments fall due:
2025
\u00a3m
2024
\u00a3m
Service contracts
Within one year
72
63
Between one and five years
18
30
90
93
Financial commitments arising from short-term leases and leases of low-value assets that are not capitalised under IFRS 16 Leases are
\u00a37\u00a0million (2024: \u00a310\u00a0million) for property and \u00a31\u00a0million (2024: \u00a32\u00a0million) for plant, equipment and other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-886": { "value": "
32 Interests in subsidiaries
Subsidiaries with material non-controlling interests:
Non-controlling interests principally arise from the Group\u2019s listed investments in Bangladesh, the Caribbean, Malaysia, Sri Lanka, Kenya
and Vietnam. As a result of the acquisition of Reynolds in 2017, the non-controlling interests are not material to the Group individually, or
in aggregate. In 2025 and 2024, non-controlling interests represented less than 5% of the Group\u2019s profit for the year*. In 2025, 2024 and
2023, non-controlling interests represented less than 1% of the Group\u2019s equity for the year.
Note:
* Due to the loss for the year in 2023, the 2023 calculation was not meaningful.
Subsidiaries subject to restrictions:
In prior years, as a result of the Group\u2019s Canadian subsidiaries, Imperial Tobacco Canada and Imperial Tobacco Company Limited
(together, ITCAN), entering CCAA protection, the assets of ITCAN were subject to restrictions. Under the terms of CCAA, the court
appointed FTI Consulting Canada Inc. to act as a monitor. This monitor had no operational role and was not involved in the management
of the business. As ITCAN continued to meet the requirements of IFRS 10 Consolidated Financial Statements, the Group continued to
consolidate the results of ITCAN. While the Group continued to control the operations of its Canadian subsidiary, there were restrictions
over the ability to access or use certain assets including the ability to remit dividends.
As a result of the Approved Plans in Canada being implemented (refer to note 24), ITCAN is no longer under CCAA protection. However,
certain obligations and restrictions still apply to ITCAN as part of the Approved Plans, including a requirement that repatriation of funds
to shareholders is permitted only after the annual payment is made to the Global Settlement Trust Account, provided there are no
disputed amounts.
The table below summarises the assets and liabilities of ITCAN:
Summarised financial information
2025
\u00a3m
2024
\u00a3m
Non-current assets
3,033
3,946
Current assets
818
2,904
Non-current liabilities
(2,853)
(3,814)
Current liabilities
(296)
(2,811)
702
225
Included in non-current assets for 2025 is goodwill of \u00a32.0 billion (2024: \u00a32.2 billion) subject to impairment reviews (note 12) and deferred
tax assets of \u00a31.0 billion (2024: \u00a31.7\u00a0billion). Included in non-current liabilities is the Approved Plans provision of \u00a32,794 million (2024: \u00a33,747
million) which is explained in note 24. Included in current liabilities are trade and other payables of \u00a3277 million (2024: \u00a3341 million), which
include an amount of \u00a385\u00a0million related to the Approved Plans in Canada (see note 25) as well as amounts payable in respect of duties
and excise and accrued charges. In 2024, the Approved Plans upfront payment provision of \u00a32,456 million was also included in current
liabilities. This was paid in the second half of 2025. A breakdown of current assets has been provided below.
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents *
340
2,249
Inventory
40
120
Investments held at fair value
\u2014
437
Income tax receivable
412
17
Other
26
81
818
2,904
Note:
* Cash and cash equivalents above include \u00a3268 million (2024: \u00a32,072 million) of restricted cash and cash equivalents (refer to note 21). The Group defines restricted cash and cash
equivalents as where there are significant restrictions on its ability to access or use the assets and settle the liabilities of the Group, but excludes cash and cash equivalents where there
are also outstanding local currency borrowings or where there is an outstanding excise liability. In addition, dividends payable would also be excluded from restricted cash and cash
equivalents if the dividend has been approved by the necessary regulatory channels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-885": { "value": "
32 Interests in subsidiaries
Subsidiaries with material non-controlling interests:
Non-controlling interests principally arise from the Group\u2019s listed investments in Bangladesh, the Caribbean, Malaysia, Sri Lanka, Kenya
and Vietnam. As a result of the acquisition of Reynolds in 2017, the non-controlling interests are not material to the Group individually, or
in aggregate. In 2025 and 2024, non-controlling interests represented less than 5% of the Group\u2019s profit for the year*. In 2025, 2024 and
2023, non-controlling interests represented less than 1% of the Group\u2019s equity for the year.
Note:
* Due to the loss for the year in 2023, the 2023 calculation was not meaningful.
Subsidiaries subject to restrictions:
In prior years, as a result of the Group\u2019s Canadian subsidiaries, Imperial Tobacco Canada and Imperial Tobacco Company Limited
(together, ITCAN), entering CCAA protection, the assets of ITCAN were subject to restrictions. Under the terms of CCAA, the court
appointed FTI Consulting Canada Inc. to act as a monitor. This monitor had no operational role and was not involved in the management
of the business. As ITCAN continued to meet the requirements of IFRS 10 Consolidated Financial Statements, the Group continued to
consolidate the results of ITCAN. While the Group continued to control the operations of its Canadian subsidiary, there were restrictions
over the ability to access or use certain assets including the ability to remit dividends.
As a result of the Approved Plans in Canada being implemented (refer to note 24), ITCAN is no longer under CCAA protection. However,
certain obligations and restrictions still apply to ITCAN as part of the Approved Plans, including a requirement that repatriation of funds
to shareholders is permitted only after the annual payment is made to the Global Settlement Trust Account, provided there are no
disputed amounts.
The table below summarises the assets and liabilities of ITCAN:
Summarised financial information
2025
\u00a3m
2024
\u00a3m
Non-current assets
3,033
3,946
Current assets
818
2,904
Non-current liabilities
(2,853)
(3,814)
Current liabilities
(296)
(2,811)
702
225
Included in non-current assets for 2025 is goodwill of \u00a32.0 billion (2024: \u00a32.2 billion) subject to impairment reviews (note 12) and deferred
tax assets of \u00a31.0 billion (2024: \u00a31.7\u00a0billion). Included in non-current liabilities is the Approved Plans provision of \u00a32,794 million (2024: \u00a33,747
million) which is explained in note 24. Included in current liabilities are trade and other payables of \u00a3277 million (2024: \u00a3341 million), which
include an amount of \u00a385\u00a0million related to the Approved Plans in Canada (see note 25) as well as amounts payable in respect of duties
and excise and accrued charges. In 2024, the Approved Plans upfront payment provision of \u00a32,456 million was also included in current
liabilities. This was paid in the second half of 2025. A breakdown of current assets has been provided below.
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents *
340
2,249
Inventory
40
120
Investments held at fair value
\u2014
437
Income tax receivable
412
17
Other
26
81
818
2,904
Note:
* Cash and cash equivalents above include \u00a3268 million (2024: \u00a32,072 million) of restricted cash and cash equivalents (refer to note 21). The Group defines restricted cash and cash
equivalents as where there are significant restrictions on its ability to access or use the assets and settle the liabilities of the Group, but excludes cash and cash equivalents where there
are also outstanding local currency borrowings or where there is an outstanding excise liability. In addition, dividends payable would also be excluded from restricted cash and cash
equivalents if the dividend has been approved by the necessary regulatory channels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-887": { "value": "
34 Post balance sheet events
In January 2026, two Group subsidiaries (Reynolds American Inc. and R.J. Reynolds Tobacco Company (RJRT)) entered into a settlement
agreement related to historical litigation with ITG Brands, LLC (ITG). The dispute was with respect to the liability arising under the Florida
State Settlement Agreement, specifically regarding the four brands (Winston, Salem, Kool and Maverick) that were sold to ITG in 2015.
In settlement of the dispute, ITG paid RJRT a lump sum of US$200\u00a0million (\u00a3148.7\u00a0million) on 30 January 2026. Additionally, ITG will also
reimburse RJRT the following amounts by the following dates:
\u2013 15 October 2026: US$75.0\u00a0million (\u00a355.8\u00a0million);
\u2013 15 October 2027: US$77.9\u00a0million (\u00a357.9\u00a0million); and
\u2013 15 October 2028: US$80.8\u00a0million (\u00a360.1\u00a0million).
Each payment is fully contingent upon RJRT accruing an overall MSA/Previously Settled States Settlement Agreements (PSSSA) liability
in excess of the specified amount in the relevant calendar year.
The initial payment of US$200\u00a0million (\u00a3148.7\u00a0million) will be treated as an adjusting item in 2026, with the subsequent payments treated
as a contingent asset until RJRT accrues an overall MSA/PSSSA liability requiring the relevant amounts to be paid. ITG is also required to
reimburse RJRT for future payments RJRT makes to Florida based on sales of the Acquired Brands. Refer to note 31 for further
information on the historical litigation with ITG.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-888": { "value": "British American Tobacco p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-889": { "value": "British American Tobacco p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-890": { "value": "British American Tobacco p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-891": { "value": "Globe House, 4 Temple Place, London, WC2R 2PG, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-892": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-893": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-894": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-895": { "value": "5341000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800FKA5MF17RJKT63", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } } } }