British American Tobacco Reaffirms 2026 Guidance; Smokeless Brands Reach 31M Consumers
British American Tobacco reaffirmed full-year 2026 guidance at the lower end of its constant-currency ranges following its 2026 CAGNY presentation. Its smokeless brands Vuse, glo and Velo now serve over 31 million adult consumers and generate 18.2% of group revenue, with targets of 50 million consumers and 50% smokeless revenue by 2035.
1. Full-Year 2026 Guidance Reaffirmed
During its 2026 CAGNY presentation, British American Tobacco confirmed it expects to meet full-year 2026 guidance at the lower end of its constant-currency forecasts, reflecting conservative outlooks as it navigates shifting consumer preferences and regulatory dynamics.
2. Smokeless Brands Reach 31M Consumers
As of December 31, 2025, BAT’s smokeless portfolio—Vuse, glo and Velo—serves over 31 million adult consumers worldwide and accounts for 18.2% of group revenue, underscoring rapid adoption of non-combustible nicotine formats.
3. Medium- and Long-Term Smokeless Targets
BAT aims to grow its smokeless user base to 50 million by 2030 and achieve 50% of group revenue from these products by 2035. Recent regulatory approvals and the July 2025 resumption of Velo in Kenya, projected to yield 15–25% of revenue medium-term, support this strategic pivot.