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(\"BAT\") and its subsidiaries has been prepared solely for use at this presentation.\nThe presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such\ndistribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03a4a93f-8135-4bab-8f66-c673f48d3956", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.829, "x": 0.08, "y": 0.239 }, "kind": "paragraph", "text": "References in this presentation to 'British American Tobacco', 'BAT', 'Group', 'we', 'us' and 'our' when denoting opinion refer to British American Tobacco p.l.c. and when\ndenoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ac50d67-cd7f-47d1-836c-5ca00f456b83", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.829, "x": 0.08, "y": 0.54 }, "kind": "paragraph", "text": "All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected\nin this presentation are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f334f0f-35d6-47f4-8b82-6b3605990f9d", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.21, "x": 0.08, "y": 0.37 }, "kind": "paragraph", "text": "Forward-looking Statements", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42947233-9c06-4af1-89a3-c95f32e54d7b", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.829, "x": 0.08, "y": 0.64 }, "kind": "paragraph", "text": "Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the\nimpact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; the inability to develop, commercialise and deliver the\nGroup's New Categories strategy; adverse litigation and dispute outcomes and the effect of such outcomes on the Group's financial condition; the impact of significant\nincreases or structural changes in tobacco, nicotine and New Categories related taxes; translational and transactional foreign exchange rate exposure; changes or differences\nin domestic or international economic or political conditions; the ability to maintain credit ratings and to fund the business under the current capital structure; the impact of\nserious injury, illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; changes in the market position, businesses, financial\ncondition, results of operations or prospects of the Group; direct or indirect adverse impacts associated with Climate Change and the move towards a Circular Economy; and\nCyber Security caused by the heightened cyber-threat landscape, the increased digital interactions with consumers and changes to regulation", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72a11f5e-211c-4227-b0c0-e87c8a1ae26c", "parentComponentId": null }, { "bbox": { "h": 0.066, "w": 0.829, "x": 0.08, "y": 0.815 }, "kind": "paragraph", "text": "Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect\nknowledge and information available at the date of preparation of this presentation and BAT undertakes no obligation to update or revise these forward-looking statements,\nwhether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c620a562-41c0-459a-842e-54b65e9e89a5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.829, "x": 0.08, "y": 0.59 }, "kind": "paragraph", "text": "In particular, among other statements: (i) certain statements in Tadeu Marroco's section (slides 12-14, 17, 18 and 20-22); (ii) certain statements in Javed Iqbal's section (slides 24,\n26, 27-29, 30, 33, and 37-40).", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc403623-8dff-4f44-bf4a-f351690e7097", "parentComponentId": null }, { "bbox": { "h": 0.132, "w": 0.829, "x": 0.08, "y": 0.399 }, "kind": "paragraph", "text": "This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. This presentation\ncontains certain forward-looking statements, including \"forward-looking\" statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.\nThese statements are often, but not always, made through the use of words or phrases such as \"believe,\" \"anticipate,\" \"could,\" \"may,\" \"would,\" \"should,\" \"intend,\" \"plan,\"\n\"potential,\" \"predict,\" \"will,\" \"expect,\" \"estimate,\" \"project,\" \"positioned,\" \"strategy,\" \"outlook\", \"target\" and similar expressions. These include statements regarding our intentions,\nbeliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and\nbusiness circumstances occurring from time to time in the countries and markets in which the British American Tobacco Group (the \"Group\") operates.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:07.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9bac43a-d57d-4529-8f1c-06825ba32276", "parentComponentId": null }, { "bbox": { "h": 0.066, "w": 0.829, "x": 0.08, "y": 0.29 }, "kind": "paragraph", "text": "The information contained in this presentation does not purport to be comprehensive and has not been independently verified. Certain industry and market data contained in\nthis presentation has come from third party sources. 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(\"Reynolds\") are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. 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BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products are sold only in compliance with the laws of the particular jurisdictions in which they are sold.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:03.516+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb07c090-1449-4001-aff9-91a980cfc8af", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.827, "x": 0.078, "y": 0.18 }, "kind": "paragraph", "text": "Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission (\"SEC\"), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov, and BAT's Annual Reports, which may be obtained free of charge from the British American Tobacco website www.bat.com.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:03.516+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fde90757-788d-450a-9eaf-c3ca95ed68e5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.36, "x": 0.078, "y": 0.076 }, "kind": "title", "text": "Important Information", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:03.516+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7febc22e-be3c-4d71-8c9e-fcd92f8c5434", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 1, "name": "Attention", "beatId": "2e95c8a9-8be0-473c-bd61-956246b35a6a", "matchId": "6b41d42b-76ea-45c8-8da1-2d7470d7a3c4", "beatType": { "name": "Attention", "slug": "monroes-sequence-attention", "status": "active", "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938", "version": 1, "description": null }, "evidence": "The presentation starts by highlighting the company's resilient performance and progress towards its full-year guidance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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Top 12 THP markets: Japan - CVS-BC, South Korea - CVS, Italy - Nielsen IQ, Greece - Nielsen IQ, Hungary - NDN, Kazakhstan - Nielsen IQ, Ukraine - Nielsen IQ, Poland - Nielsen IQ, Switzerland - IMS, Romania - Nielsen IQ, Malaysia - IPSOS, Czech Republic - Nielsen IQ. Top 5 Modern Oral markets: U.S. - Marlin, Sweden - Nielsen IQ, Denmark - Nielsen IQ, Norway - Nielsen IQ, Switzerland - Scan Data (excl. SPAR, Top CC and Alligro). ** In Ukraine, January 2022 data has been rolled forward.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:19.65+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a4f62f8-21fd-4a45-885e-89d07ffa8a78", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.93, "x": 0.039, "y": 0.174 }, "kind": "table", "text": "value share of Total Vapour\nH1'23 YTD value share\nChange vs. FY22 ppts\nU.S. 46.7% +5.7\nCanada 94.4% +4.0\nU.K 8.8% -1.1\nFrance 38.2% -0.6\nGermany 22.5% +1.7\nvolume share of Combustibles+THP\nH1'23 YTD volume share\nChange vs. FY22 ppts\nJapan 7.3% -0.1\nSouth Korea 2.2% +0.2\nItaly 2.6% -\nGreece 2.9% +0.2\nHungary 4.9% +0.8%\nKazakhstan 5.2% -\nUkraine** 3.9% n/a\nPoland 4.2% +0.7\nSwitzerland 0.2% +0.2\nRomania 1.4% +0.3\nMalaysia 0.03% +0.03\nCzech Rep. 2.7% +0.7\nvolume share of THP\nH1'23 YTD volume share\nChange vs. FY22 ppts\nJapan 18.4% -1.7\nSouth Korea 11.3% -0.3\nItaly 12.3% -2.2\nGreece 11.7% -1.6\nHungary 14.3% -0.1\nKazakhstan 46.2% -\nUkraine** 23.0% n/a\nPoland 32.5% +1.3\nSwitzerland 2.9% +2.9\nRomania 18.0% -0.4\nMalaysia 0.7% +0.7\nCzech Rep. 16.8% +2.4\nvolume share of Total Oral\nH1'23 YTD volume share\nChange vs. FY22 ppts\nU.S 1.3% -0.2\nSweden 13.7% +2.7\nDenmark 87.2% +0.5\nNorway 23.1% +1.6\nSwitzerland 65.4% +2.1\nvolume share of Modern Oral\nH1'23 YTD volume share\nChange vs. FY22 ppts\nU.S 4.3% -1.6\nSweden 56.5% -1.5\nDenmark 91.5% -0.7\nNorway 63.5% -0.6\nSwitzerland 88.5% -4.7", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:19.65+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed311e6e-2d55-4466-ba2f-ced3b6d69bd1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 44, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 4, "textChars": 5405, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:26:21.212+00", "seconds": 8.302, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-10f5-70cb-9e12-27d4ee68c3bd/44", "deck": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd", "deckAnchor": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd#slide-44", "deckJson": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.094, "x": 0.853, "y": 0.066 }, "kind": "image", "text": "BAT A BETTER TOMORROW", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:21.212+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86ac4b3e-cd47-4a4c-84e7-eb934a224574", "parentComponentId": null }, { "bbox": { "h": 0.73, "w": 0.939, "x": 0.028, "y": 0.149 }, "kind": "list", "text": "A1: Adjusting (Adj.)\nAdjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.\nA2: Constant currency\nConstant currency - measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the Group's results. The Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements.\nA3: Share metrics\nYear to date basis through May '23\nVolume share: The number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total units bought by consumers in the industry, category or other sub-categorisation. Sub categories include, but are not limited to, the total nicotine category, modern oral, vapour, traditional oral or cigarette. Corporate volume share is the share held by BAT Group/Reynolds (U.S. region). Except when referencing particular markets, volume share is based on our key markets (representing over 80% of the Group's cigarette volume).\nValue share: The retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion.\nA4: Price/Mix\nPrice mix is a term used by management and investors to explain the movement in revenue between periods. Revenue is affected by the volume (how many units are sold) and the value (how much is each unit sold for). Price mix is used to explain the value component of the sales as the Group sells each unit for a value (price) but may also achieve a movement in revenue due to the relative proportions of higher value volume sold compared to lower value volume sold (mix).\nA5: Free Cash Flow\nNet cash generated from operating activities before the impact of trading loans provided to a third party and after dividends paid to non-controlling interests, net interest paid and net capital expenditure.\nA6: Operating Cash Conversion\nNet cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations.\nA7 Organic\nTo supplement the Group's results presented in accordance with International Financial Reporting Standards (IFRS), the Group's Management Board, as the chief operating decision maker, reviews certain of its results, including revenue and adjusted profit from operations, at constant rates of exchange, prior to the impact of businesses sold or held-for-sale. Although the Group does not believe that these measures are a substitute for IFRS measures, the Group does believe that such results excluding the impact of businesses sold or to be held-for-sale provide additional useful information to investors regarding the underlying performance of the business on a comparable basis and in the case of the expected sale of the Group's businesses in Russia and Belarus, the impact these businesses have on revenue and profit from operations. Accordingly, the organic financial measures appearing in this document should be read in conjunction with the Group's results as reported under IFRS.\nA8: Poly-usage\nRefers to a transitional period for smokers towards complete switching to potentially risk reduced nicotine products during which period such smokers reduce cigarette consumption and choose to consume one or more New Category nicotine products.\nA9: Adjusted net debt to adjusted EBITDA\nNet debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest), tax, depreciation, amortisation, impairment, associates and adjusting items\nA10: Consumers of Non-Combustible Products\nThe number of consumers of Non-Combustible products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group's Non-Combustible products. In markets where regular consumer tracking is in place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar). In markets where regular consumer tracking is not in place, the number of consumers of Non-Combustible products is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with adult consumer tracking (utilising studies conducted by third parties including Kantar). The number of consumers is adjusted for those identified (as part of the consumer tracking studies undertaken) as using more than one BAT Brand - referred to as \"poly users\".\nThe number of consumers of Non-Combustible products is used by management to assess the number of consumers using the Group's New Categories products as the increase in Non-Combustible products is a key pillar of the Group's ESG ambition and is integral to the sustainability of our business.\nThe Group's management believes that this measure is useful to investors given the Group's ESG ambition and alignment to the sustainability of the business with respect to the Non-Combustibles portfolio.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:26:21.212+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75f39f9c-d4d6-4591-8003-a60fada75e35", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.019, "x": 0.936, "y": 0.94 }, "kind": "source-note", "text": "44", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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