18 February 2026
In this video, I review British American Tobacco’s FY25 results and reassess the investment thesis. I break down BAT’s combustible-led cash engine, regional performance across the U.S., AME (Americas & Europe), and APMEA (Asia-Pacific, Middle East & Africa), progress in New Categories, key regulatory risks, and what long-term owners like Kenneth Dart imply for the case.
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