New Tobacco: BAT & JTI Disclose Interim Reports; BAT Diversifies, JTI Expands HNB Globally

English summary

Event: British American Tobacco & Japan Tobacco released their 2026 H1 reports. 1) British American Tobacco: 26H1 revenue reached £12.235 billion (adjusted +2.9% YoY), of which new tobacco revenue was £1.928 billion (adjusted +18.0% YoY), accounting for 15.8% of revenue (+2.1pct YoY), with 35 million users (+4.5 million YoY). 2) Japan Tobacco: 26Q2 revenue reached JPY 1.06 trillion (+20.0% YoY), of which new tobacco revenue was JPY 35 billion (+19.8% YoY), accounting for 3.3% of revenue (+0.1pct YoY). British American Tobacco: by category, 26H1 vapor/HNB/nicotine pouch revenue increased +3.5%/-14.2%/+66.8% YoY, and sales volume increased +4.2%/-12.2%/+57.5% YoY, respectively. ...