British American Tobacco p.l.c. (NYSE:BTI) Q1 2025 Sales/Trading Statement Call June 3, 2025 3:30 AM ET
Company Participants
Victoria Buxton – Group Head, IR
Tadeu Marroco – Chief Executive
Soraya Benchikh – CFO
Conference Call Participants
James Edwardes-Jones – RBC
Gaurav Jain – Barclays
Faham Baig – UBS
Rey Wium – Anchor Stockbrokers
Philip Spain – JP Morgan
Bastien Agaud – Bank of America
Rashad Kawan – Morgan Stanley
Simon Hales – Citi
Victoria Buxton
Good morning, everyone. I’m Victoria Buxton, Group Head of Investor Relations. And with me this morning are Tadeu Marroco, our Chief Executive; and Soraya Benchikh, our Chief Financial Officer. Welcome to our 2025 First Half Pre-Close Conference Call. I hope you’re well and I’d like to thank you for taking the time to join us this morning.
Before we begin, I need to draw your attention to the cautionary statement regarding forward-looking statements, as well as the notes and disclaimer contained in the trading update.
Unless stated otherwise, our comments will focus on constant currency adjusted measures, which include adjustments related to profit from our Canadian combustibles business. All share data is year-to-date average to March 2025 versus full year 2024 average.
I will now hand over to Tadeu with a reminder that as always there will be an opportunity to ask questions later on in the call.
Tadeu Marroco
Thank you, Victoria. Good morning, everyone, and welcome.
Our revenue performance year-to-date is a slightly ahead of our previous guidance and we now expect to deliver full year revenue growth of 1% to 2%, supporting 1.5% to 2.5% adjusted profit from operations growth in 2025.
I would like to begin with four key takeaways from today’s update. First, I’m very pleased that we expect to return to revenue and profit growth in the U.S. For the first half
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