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One explanation for the discounted valuation assigned by the market could be BAT's more global profile and reliance on emerging markets as a key growth driver

By vacuum sealing them, you create an airtight barrier that prevents this from happening, ensuring your cookies remain as tasty as the day you baked them

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The mortality rate of most tobacco-related cancers was also decreasing or stabilising

Frontiers in Molecular Neuroscience

AME APMEA Group 2025 % change 2025 % change 2025 % change 2025 % change New Categories Vapour (units mn) 262 -8.8 % 244 -11.6 % 32 -38.2 % 538 -12.6 % HP (sticks bn) % 8 -3.4 % 12 -3.9 % 20 -3.7 % Modern Oral (pouches bn) 3.5 +249 % 7.5 +19.0 % 1.2 +24.7 % 12.2 +47.1 % Traditional Oral (stick eq bn) 4.8 -8.9 % 0.7 -10.3 % % 5.5 -9.1 % Cigarettes (sticks bn) 43 -7.7 % 227 -4.5 % 195 -11.6 % 465 -7.9 % OTP (stick eq bn) 1 -0.1 % 10 -12.4 % 1 -26.9 % 12 -14.0 % Total Combustibles 44 -7.7 % 237 -4.9 % 196 -11.7 % 477 -8.1 % Revenue - reported at current rates (m) Year ended 31 December U.S