英美煙草 (BTI) 2025 Q4 法說會逐字稿

Good morning, everyone. I'm delighted to welcome you to our full year 2025 results presentation. With me this morning, Javed Iqbal, Interim CFO; and Victoria Buxton, Group Head of Investor Relations.

各位早安。我很高興歡迎各位參加我們2025年全年業績發表會。今天早上和我在一起的有：臨時財務長賈韋德·伊克巴爾；以及集團投資者關係主管維多利亞·巴克斯頓。

I will begin with our transformation highlights. Javed will then take you through our financial results in more detail. Finally, I will return to talk more about our performance outlook and why we are confident in the pathway ahead given the clear momentum we are driving. We will then take your questions.

我將首先介紹我們轉型過程中的亮點。接下來，賈韋德將更詳細地向您介紹我們的財務表現。最後，我將進一步談談我們的業績展望，以及鑑於我們目前取得的明顯進展勢頭，我們為何對未來的道路充滿信心。接下來我們將回答您的問題。

With that, I would like to draw your attention to the disclaimers on slides 2 and 3. So let's begin by looking at the positive transformation momentum we are driving. Starting with some key highlights. We added 4.7 million smokeless consumers, bringing our total to 34.1 million, mainly driven by our continued strong performance in Modern Oral. This marks our strongest growth acceleration to date and position us well for 2026.

在此，我想請大家注意第 2 頁和第 3 頁的免責聲明。那麼，讓我們首先來看看我們正在推動的積極變革勢頭。首先介紹幾個關鍵要點。我們新增了 470 萬無菸消費者，使我們的消費者總數達到 3,410 萬，主要得益於我們在現代口腔護理領域持續強勁的表現。這標誌著我們迄今為止最強勁的成長加速，並為2026年奠定了良好的基礎。

We delivered 2025 group results at the top end of guidance, driven by resilient delivery in combustibles and an excellent performance from Velo in all three regions. Our disciplined focus on quality growth continues to improve returns on more targeted investments with new category contributing now up 77% at constant rates. Alongside this, we remain committed to investing behind our premium innovation launches, supporting long-term value creation.

在可燃物業務的穩健交付以及 Velo 在所有三個地區的出色表現的推動下，我們實現了 2025 年集團業績達到預期上限。我們始終專注於高品質成長，不斷提高更有針對性的投資回報，新類別的貢獻以固定利率計算成長 77%。同時，我們將繼續致力於投資我們的高端創新產品，以支持長期價值創造。

We continue to deliver strong cash returns for shareholders. In addition to our progressive dividend, in December, we announced an increase to our share buyback to GBP1.3 billion in 2026. Looking ahead, we are confident in returning to our midterm algorithm this year with accelerated momentum through the second half of 2025, positioning us well for continued delivery.

我們持續為股東帶來強勁的現金回報。除了不斷增長的股息外，我們在 12 月宣布，到 2026 年，我們的股票回購規模將增加到 13 億英鎊。展望未來，我們有信心在今年恢復中期演算法，並在 2025 年下半年加速推進，為持續交付奠定良好基礎。

I'm proud that we have delivered on all of our 2025 priorities. And I want to thank our teams around the world for driving these encouraging results. Our performance reflects the clear momentum we are driving as we continue to build a track record of delivery.

我為我們實現了2025年的所有優先事項而感到自豪。我還要感謝世界各地的團隊，是他們取得了這些令人鼓舞的成果。我們的業績反映了我們持續保持良好發展勢頭，並不斷累積成功案例。

I'd like to take a moment to highlight two areas from last years that stand out to me. First, the return to both revenue and profit growth in the US for the first time since 2022, a significant milestone driven by stronger combustibles performance, a return to revenue growth in Vapour in the second half and Modern Oral. As a result, we grew 30 basis points of combustibles value share.

我想花點時間重點介紹去年讓我印象深刻的兩個面向。首先，自 2022 年以來，美國市場首次恢復了收入和利潤雙重成長，這是一個重要的里程碑，這主要得益於可燃產品表現強勁、下半年電子煙和現代口腔產品收入恢復成長。因此，我們的可燃物價值份額增加了 30 個基點。

Second, we are delivering quality growth in new categories, launching premium innovations in each category while delivering a return to double-digit revenue growth in second half and category contribution growth up 77% for the full year. The progress we made in 2025 reinforces my confidence in our future delivery.

其次，我們在新類別中實現了高品質成長，在每個類別中推出了高端創新產品，同時在下半年恢復了兩位數的收入成長，全年類別貢獻成長了 77%。我們在 2025 年的進展增強了我對未來交付成果的信心。

And with that, I will hand over to Javed to take you through our 2025 performance in more detail.

接下來，我將把麥克風交給賈韋德，讓他更詳細地為大家介紹我們 2025 年的表現。

Thank you, Tadeu. And good morning, everyone. I'm pleased to share that we delivered results at the top end of guidance on a constant currency basis. The performance was driven by return to growth in the US, a robust performance in AME and the strength of Modern Oral globally. Our reported numbers reflect some adjusting items, including nearly GBP1.6 billion, mainly related to the annual amortization of our US acquired trademarks, a net credit of GBP524 million following a change in the forecasted outlook for the Canadian combustible industry. We also recognized a gain of nearly GBP900 million from the partial monetization of our ITC stake.

謝謝你，塔德烏。大家早安。我很高興地告訴大家，以固定匯率計算，我們的業績達到了預期目標的最高水準。業績成長主要得益於美國市場的復甦、AME市場的強勁表現以及Modern Oral在全球市場的強勁勢頭。我們報告的數字反映了一些調整項目，包括近 16 億英鎊，主要與我們在美國收購的商標的年度攤銷有關；由於加拿大可燃物行業的預測前景發生變化，淨收益為 5.24 億英鎊。我們也透過部分變現我們在 ITC 的股份獲得了近 9 億英鎊的收益。

To give you a clear view of our underlying performance, I will focus on constant currency adjusted and where applicable, adjusted for Canada metrics. You can find further detail on adjusting items and share data in the appendix. We delivered group results at the top end of guidance, supported by accelerated momentum through the second half. Group revenue increased by 2.1%. Adjusted profit rose 3.4%. Adjusted profit from operations grew 2.3% and adjusted diluted EPS was up 3.4%.

為了讓您更清楚地了解我們的基本業績，我將重點放在固定匯率調整後的業績，並在適用情況下，根據加拿大指標進行調整。有關調整項目和共享數據的更多詳細信息，請參閱附錄。在下半年加速成長的推動下，我們實現了集團業績預期上限。集團營收成長2.1%。調整後利潤成長3.4%。經過調整後的營業利潤成長了 2.3%，經調整後的攤薄每股收益成長了 3.4%。

Let's now turn to New Categories revenue grew by 7%, driven by outstanding growth in Modern Oral, which was up strongly by 48%, with heated products up 1%. This was partially offset by a nearly 9% decline in Vapour, mainly due to continued illicit pressures in the US and Canada. Our second half use performance showed a clear improvement versus the mid-teens decline in H1, supported by early signs of strong enforcement activity in the US.

現在讓我們來看看新類別的收入增長了 7%，這主要得益於現代口腔護理的出色增長，該類別強勁增長了 48%，加熱產品增長了 1%。電子煙銷售量下降近 9%，部分抵消了上述成長，這主要是由於美國和加拿大持續存在的非法壓力所致。我們下半年的使用情況與上半年的十幾個百分點的下降相比明顯好轉，這得益於美國強有力的執法活動的早期跡象。

We continue to deliver quality growth with gross profit up over GBP200 million and category contribution reaching GBP442 million. This reflects our disciplined approach to return on investment, targeted investments in high-value markets and increasing scale benefit across our portfolio. I am proud of the progress we are making. And I'm particularly pleased with our accelerated H2 momentum, where we returned to double-digit new category revenue growth.

我們持續實現高品質成長，毛利超過 2 億英鎊，品類貢獻達到 4.42 億英鎊。這體現了我們對投資回報的嚴謹態度，對高價值市場的定向投資以及不斷提高投資組合規模效益。我為我們所取得的進展感到自豪。我尤其對我們下半年的加速成長動能感到滿意，我們重新實現了兩位數的新產品類別營收成長。

Now turning to combustible. Revenue grew 1% with volume decline more than offset by continued robust price/mix across markets. We delivered quality growth here, too. Both gross profit and category contribution increased 2.5% driven by a strong performance in the US, positive price/mix and continued productivity and simplification gains, which I will speak to shortly.

現在轉向易燃物。儘管銷量有所下降，但市場價格和產品組合的持續強勁表現彌補了銷量下滑帶來的損失，收入仍增長了 1%。我們在這裡也實現了高品質的成長。毛利和品類貢獻均成長了 2.5%，這主要得益於美國市場的強勁表現、積極的價格/組合策略以及持續的生產效率和簡化措施的提升，我稍後會詳細介紹這些方面。

Our performance highlights, the breadth of our global footprint, with strong delivery in the US and AME, more than offsetting fiscal and regulatory headwinds in Bangladesh and Australia, which impacted total group revenue by around 1% and group adjusted profit from operations by around 2%. This resilience and increasing momentum in H2 reinforces our confidence in future delivery.

我們的業績亮點在於我們廣泛的全球佈局，以及在美國和非洲地區的強勁業績，這足以抵消孟加拉和澳洲的財政和監管不利因素，這些不利因素導致集團總收入下降約 1%，集團調整後的營業利潤下降約 2%。下半年的這種韌性和不斷增強的勢頭，增強了我們對未來交付的信心。

Turning to our regions, starting with the US In Combustibles, we delivered a 4.6% increase in revenue with our strengthened portfolio, sharper execution and enhanced revenue growth management, driving price/mix, including excise duty drawback. Value share increased 30 basis points with volume share down 10 basis points.

再來看我們的區域業務，首先是美國的可燃物業務，我們透過加強產品組合、更精準的執行和更完善的收入成長管理，推動了價格/組合調整（包括消費稅退稅），實現了 4.6% 的收入成長。價值份額增加了 30 個基點，而銷售份額下降了 10 個基點。

In New Category, revenue grew nearly 20%, driven by the success of Velo Plus, which delivered over 300% growth. While Vapour revenue was down 3.4% for the full year, we are encouraged that Vuse returned to revenue growth in H2, supported by early signs of enforcement actions. Overall, US revenue increased 5.5% and adjusted profit grew 5.9%, mostly driven by a strong combustible performance. Importantly, Velo Plus reached positive category contribution within its first year, underscoring the scalability of our Modern Oral business model. Tadeu will share more detail on the US shortly.

在新類別中，營收成長了近 20%，這主要得益於 Velo Plus 的成功，該產品實現了超過 300% 的成長。儘管 Vapour 全年收入下降了 3.4%，但我們欣慰地看到 Vuse 在下半年恢復了收入成長，這得益於早期執法行動的跡象。整體而言，美國營收成長了 5.5%，調整後利潤成長了 5.9%，主要得益於強勁的燃燒產品銷售業績。重要的是，Velo Plus 在第一年就實現了對品類的正面貢獻，這凸顯了我們現代口腔業務模式的可擴展性。塔德烏稍後將分享更多關於美國的情況。

In AME, we delivered another robust performance. Revenue grew over 3% with Combustible up more than 2%, supported by strong delivery in Brazil, Turkey and Mexico with solid pricing. New Category revenue increased 4.3%, mainly driven by Modern Oral, which grew over 17%. We are the clear Modern Oral leaders in the region with over 60% volume share in top markets, selling at a premium and strongly outperforming peers, which Tadeu will expand on later.

在 AME 專案中，我們再次取得了優異的成績。營收成長超過 3%，其中可燃物業務成長超過 2%，這得益於巴西、土耳其和墨西哥強勁的交付能力和穩健的定價。新類別收入成長 4.3%，主要得益於現代口腔護理產品成長超過 17%。我們在該地區現代口腔護理領域佔據絕對領先地位，在主要市場擁有超過 60% 的銷量份額，產品以溢價銷售，並大幅超越同行，Tadeu 稍後將對此進行詳細說明。

Growth was further supported by heated products with revenue up over 6%, driven by Italy, Germany and Ukraine. This was partially offset by competitive dynamics in Romania as we reallocated resources ahead of the glo Hilo launch.

受義大利、德國和烏克蘭等市場推動，加熱產品收入成長超過 6%，進一步支撐了成長。羅馬尼亞的競爭情況在一定程度上抵消了這一影響，因為我們在 glo Hilo 推出之前重新分配了資源。

Vapour revenue declined more than 11%, mostly impacted by the lack of illicit enforcement in Canada and regulatory and excise changes in UK, France and Poland. Adjusted operating profit grew by nearly 10%, driven by operating leverage and efficiency gains in Combustibles and scale benefit and resource allocation driving improved contribution across all three new categories. AME is a true multi-category region, delivering high-quality growth and demonstrating the resilience and balance of our portfolio.

電子煙收入下降超過 11%，主要受到加拿大打擊非法行為力度不足以及英國、法國和波蘭監管和消費稅政策變化的影響。調整後的營業利潤成長了近 10%，這主要得益於燃燒材料的營運槓桿效應和效率提升，以及規模效益和資源配置的提高，從而推動了所有三個新類別的貢獻改善。AME 是一個真正的多品類區域，實現了高品質的成長，並展現了我們產品組合的韌性和平衡性。

In APMEA, growth in key markets, including Pakistan, Nigeria and Indonesia was more than offset by fiscal and regulatory headwinds in Bangladesh and Australia. Total revenue declined 7.2% with Combustibles down 8.3%. New Category revenue was down 7.6%. Strong growth in Modern Oral was more than offset by heightened competitive activity in heated products in the value-for-money segment in South Korea and Japan, along the phaseout of our super-slim platform.

在亞太、中東和非洲地區，包括巴基斯坦、奈及利亞和印尼在內的主要市場的成長被孟加拉和澳洲的財政和監管逆風所抵消。總收入下降 7.2%，其中燃料收入下降 8.3%。新類別收入下降了7.6%。Modern Oral 的強勁成長被韓國和日本高性價比加熱產品市場日益激烈的競爭所抵消，同時我們的超薄平台也逐步被淘汰。

Our Vapour performance reflects strategic decisions taken to reduce our footprint and reallocate resources away from markets where regulation and enforcement do not support a responsible competitive landscape. Adjusted profit was down 17.9%, mainly due to challenges in Bangladesh and Australia. As we continue to navigate headwinds into 2026, we expect our performance to stabilize for the full year, supported by Bangladesh as we lap last year's decline and with the drag from Australia becoming progressively less material year on year.

我們的蒸汽業務表現反映了我們為減少業務規模、將資源從監管和執法不支持負責任的競爭環境的市場重新分配而做出的策略決策。調整後的利潤下降了 17.9%，主要原因是孟加拉和澳洲市場面臨挑戰。儘管我們繼續在 2026 年面臨許多不利因素，但我們預計全年業績將趨於穩定，這得益於孟加拉的支持，我們將彌補去年的下滑，同時澳洲的拖累也將逐年減少。

Turning now to our group operating margin, which was broadly flat at 44%. We successfully offset inflationary and FX pressures through a strong US performance, higher profitability in New Categories and continued cost savings. Transactional FX headwinds on adjusted profit of approximately 1% were primarily driven by Turkey, Japan and Nigeria. At current rate, operating margin expanded by close to 10 basis points.

現在來看看我們集團的營業利潤率，基本上持平於 44%。我們憑藉在美國市場的強勁表現、新類別更高的獲利能力和持續的成本節約，成功抵銷了通膨和匯率壓力。交易外匯波動對調整後利潤造成約 1% 的不利影響，主要受土耳其、日本和奈及利亞的影響。以目前速度計算，營業利潤率成長了近 10 個基點。

BAT has a strong track record of disciplined and cost savings, and we continue to build on that foundation. Since 2023, we have delivered GBP1.2 billion in productivity savings. These efficiencies help us offset inflationary pressures and foreign exchange headwinds, while continue to fund innovations and growth in New Categories.

BAT 在紀律嚴明和成本節約方面有著良好的記錄，我們將繼續在此基礎上發展。自 2023 年以來，我們已實現了 12 億英鎊的生產力提升。這些效率的提升有助於我們抵消通膨壓力和外匯逆風，同時繼續為新類別的創新和成長提供資金。

In 2025 alone, we absorbed around GBP300 million of inflationary cost increases in addition to transactional FX. Looking ahead, we remain focused on simplifying Combustibles and scaling new categories, targeting a further GBP2 billion in productivity savings by 2030. In addition, we now expect our Fit2Win program to deliver GBP600 million of annualized incremental savings by 2028. We expect around GBP500 million of these savings to be delivered by 2027, with the remaining benefits realized by the end of 2028. We are committed to reinvesting these savings to support further sustainable growth initiatives.

光是 2025 年，我們就吸收了約 3 億英鎊的通膨成本成長，此外還有交易外匯成本。展望未來，我們將繼續專注於簡化可燃物業務並擴大新類別，目標是到 2030 年實現 20 億英鎊的生產力節約。此外，我們現在預計，到 2028 年，我們的 Fit2Win 計劃將每年節省 6 億英鎊。我們預計到 2027 年將實現約 5 億英鎊的節省，剩餘收益將在 2028 年底實現。我們承諾將這些節省下來的資金再投資於永續發展計畫。

Fit2Win is a transformational project that is reinventing BAT. As outlined at our 2025 half year results, it is centered on optimizing processes and ways of working to create a leaner, faster and more data-driven organizations. Since half year, we have made strong progress. We have expanded the program to include organizational streamlining to sharpen our focus and improve speed of execution, allowing us to raise total annualized savings by a further GBP100 million.

Fit2Win 是一個變革性的項目，它正在重塑 BAT。正如我們在 2025 年上半年業績報告中所述，其核心是優化流程和工作方式，以創建一個更精簡、更快速、更數據驅動的組織。半年過去了，我們取得了顯著進展。我們擴大了該計劃的範圍，納入了組織精簡，以集中精力並提高執行速度，從而使我們能夠再增加 1 億英鎊的年度總節省額。

To unlock these benefits, we now expect around GBP600 million of associated costs over the next 2 years. As a structured time-bound program, GBP500 million will be treated as adjusting, including around GBP100 million of non-cash items. As previously guided, this spend is already underway with the majority of costs expected to be incurred this year and concluding in 2027. Bringing it all together, earnings per share increased by 3.4% as operating profit growth and lower share count was partly offset by net finance costs, our reduced share of ITC profits and tax. Our underlying tax rate was 24.5%.

為了實現這些效益，我們預計未來兩年將產生約 6 億英鎊的相關成本。作為一項有結構、有時限的計劃，5億英鎊將被視為調整項，其中包括約1億英鎊的非現金項目。正如之前所指導的那樣，這項支出已經開始，預計大部分成本將在今年發生，並將於 2027 年結束。綜合來看，每股盈餘成長了 3.4%，營業利潤成長和股份數量減少部分被淨財務成本、我們減少的 ITC 利潤份額和稅收所抵銷。我們的基本稅率為 24.5%。

Our strong cash generation continues to enhance our financial flexibility. This has enabled us to announce a 2% increase in our dividend and increase our share buyback by GBP200 million to GBP1.3 billion for 2026. Alongside this, we continue to delever to 2.55 times adjusted net debt to adjusted EBITDA at the end of 2025, and we remain on track to be within our 2 times to 2.5 times target range by year-end.

我們強勁的現金流持續增強了我們的財務靈活性。這使我們能夠宣布將股息提高 2%，並將 2026 年的股票回購規模增加 2 億英鎊，達到 13 億英鎊。同時，我們將繼續降低槓桿率，力爭在 2025 年底將調整後淨債務與調整後 EBITDA 的比率降至 2.55 倍，並且我們仍有望在年底前達到 2 倍至 2.5 倍的目標區間。

While our 2025 cash delivery was impacted by the CCAA upfront payment and the prior year deferral of tax payments in the US, we remain on track to deliver more than GBP50 billion in free cash flow by the end of 2030. And we continue to focus on our capital allocation priorities, which are investing in transformation, balancing, deleveraging with progressive dividends and sustainable share buybacks and selective bolt-on M&A to support our transformation.

儘管我們 2025 年的現金交付受到 CCAA 預付款和前一年美國稅款延期支付的影響，但我們仍有望在 2030 年底前實現超過 500 億英鎊的自由現金流。我們將繼續專注於資本配置優先事項，即投資轉型、平衡、透過逐步提高股利和可持續的股票回購來降低槓桿率，以及進行選擇性地進行補充性併購，以支持我們的轉型。

I am excited about the future and confident in our ability to deliver our midterm algorithm of 3% to 5% revenue growth, 4% to 6% adjusted profit from operations growth and 5% to 8% adjusted diluted EPS growth. Our return to this midterm algorithm in 2026 marks a major milestone in our transformation journey and reinforces the strength and resilience of our strategy. Our confidence is underpinned by continued growth in the US, robust multi-category delivery in AME, low double-digit New Category revenue growth led by Velo globally, a further improvement in New Category contribution and continued savings from our productivity programs.

我對未來充滿信心，並相信我們能夠實現中期演算法目標，即營收成長 3% 至 5%，調整後營業利潤成長 4% 至 6%，調整後攤薄每股收益成長 5% 至 8%。我們在 2026 年重新採用這項中期演算法，標誌著我們轉型之旅的一個重要里程碑，並鞏固了我們策略的實力和韌性。我們的信心源於美國市場的持續成長、AME地區強勁的多品類交付、Velo在全球範圍內引領的兩位數低新品類收入增長、新品類貢獻的進一步提高以及生產力計劃帶來的持續節約。

Although we still have more work to do, and it will take time to stabilize performance in APMEA, we will continue to invest in our premium innovations rollout. As a result, we expect 2026 to be at the lower end of these ranges and our profit performance to be second half weighted, driven by the phasing of New Category investment and as Fit2Win savings build through the year.

儘管我們還有更多工作要做，而且在亞太、中東和非洲地區穩定業績還需要時間，但我們將繼續投資高端創新產品的推廣。因此，我們預計 2026 年的業績將處於這些範圍的下限，並且我們的利潤表現將以下半年為重點，這主要得益於新類別投資的分階段實施以及 Fit2Win 節省措施在一年中的逐步積累。

And with that, I'll hand it back to Tadeu.

然後，我就把它還給塔德烏。

Thank you, Javed. So moving on now to the positive transformation momentum we are driving. In 2023, when I became Chief Executive, I committed to sharpening our focus and execution guided by a refined strategy and ambition to become a predominantly smokeless business by 2035. And I'm proud to say that we have made significant progress across all three strategic pillars as we continue to build a track record of delivery.

謝謝你，賈韋德。接下來，讓我們談談我們正在推動的積極變革勢頭。2023 年，當我擔任執行長時，我承諾將加強我們的專注和執行，制定更完善的策略，並力爭在 2035 年成為一家以無菸為主的企業。我很自豪地說，我們在所有三個策略支柱方面都取得了重大進展，我們將繼續建立良好的業績記錄。

While there is still more to do, I'm confident that our focused investments and sharp execution are driving real momentum, as you can see from our 2025 results. Our progress underpins our confidence in sustainably delivering our midterm algorithm, while continuing to reward shareholders with strong cash returns.

雖然還有很多工作要做，但我相信，正如您從我們的 2025 年業績中看到的那樣，我們專注的投資和精準的執行正在推動真正的發展勢頭。我們的進展增強了我們對可持續實現中期演算法的信心，同時我們將繼續以強勁的現金回報回報股東。

I'd now like to highlight five points that demonstrate this. First, we have successfully reset our US business, returning to revenue and profit growth in 2025. While the US macroeconomic environment remains dynamic, the pace of Combustibles industry volume decline started to moderate in 2025, down 7.4%. Against this backdrop, driven by the actions we have taken to strengthen our portfolio and sharpen execution, our US Combustibles business delivered strong revenue and profit growth in 2025.

現在我想重點強調五點來證明這一點。首先，我們已成功重整美國業務，預計到 2025 年將恢復營收和利潤成長。儘管美國宏觀經濟環境依然充滿活力，但從 2025 年開始，燃燒物產業產量下降的速度開始放緩，下降 7.4%。在此背景下，由於我們為加強產品組合和提高執行力而採取的行動，我們的美國燃料業務在 2025 年實現了強勁的收入和利潤成長。

Driving value from our Combustible business is essential to funding our transformation, and the US is a key driver of this. In line with this strategy, we gained 30 basis points of total industry value share. I'm particularly encouraged that our financial performance accelerated in the second half. This positive momentum reinforces my confidence in the resilience of our US Combustible business and our ability to deliver sustainable value going forward.

從我們的可燃物業務中創造價值對於我們轉型提供資金至關重要，而美國是實現這一目標的關鍵驅動力。依照這項策略，我們的產業總價值份額提高了 30 個基點。尤其令我感到鼓舞的是，我們的財務表現在下半年加速成長。這一積極勢頭增強了我對我們美國可燃物業務韌性的信心，以及我們未來創造永續價值的能力。

Velo Plus is the fastest-growing Modern Oral brand in the largest Modern Oral value pool globally. Since launch at the end of 2024, it has already reached the number two position in both volume and value share, gaining nearly 18 percentage-points of volume share and nearly 14 points of value share. And we are pleased to -- that our share momentum has continued into the start of 2026.

Velo Plus 是全球最大的現代口腔護理價值池中成長最快的現代口腔護理品牌。自 2024 年底推出以來，該產品在銷售和價值份額方面均已達到第二名，銷售份額增長了近 18 個百分點，價值份額增長了近 14 個百分點。我們很高興地看到，我們的市佔率成長動能延續到了 2026 年初。

Velo Plu has more than doubled its consumer base and driven over 300% Modern Oral revenue growth, capturing around 70% of industry volume growth and 80% of industry value growth in December. All of this is underpinned by a consistent repurchase rate of around 70% throughout the year. Importantly, we achieved positive category contribution within the first 12 months of launch, fully aligned with Velo's global payback profile.

Velo Plu 的客​​戶群成長了一倍多，推動了 Modern Oral 收入成長超過 300%，在 12 月佔據了產業銷量成長的約 70% 和產業價值成長的約 80%。這一切都得益於全年約 70% 的穩定回購率。重要的是，我們在產品上市後的前 12 個月內實現了對品類的積極貢獻，完全符合 Velo 的全球投資回報預期。

The total US Modern Oral category continues to grow strongly and has already overtaken the size of the legitimate Vapour category at over GBP2 billion of revenue in 2025. Velo Plus is a great product. And these results demonstrate this in what remains a highly dynamic category. Its impressive. It's impressive success also highlights the broader strength of our US capabilities and executional excellence from consumer insights and branding to enhanced digital analytics and distribution enabled by a rejuvenated Reynolds.

美國現代口吸類產品市場整體持續強勁成長，到 2025 年，其營收將超過 20 億英鎊，超過合法電子煙市場的規模。Velo Plus是一款很棒的產品。這些結果也證明了這一點，而這一領域仍然高度動態。令人印象深刻。這一令人矚目的成功也凸顯了我們在美國更廣泛的實力和卓越的執行力，從消費者洞察和品牌塑造到增強的數位分析和分銷，這一切都得益於雷諾茲的復興。

Our performance was further enhanced by the successful launch of Grizzly Modern Oral in the summer, which achieved close to 2% volume share by year-end, taking our total volume share of US Modern Oral to 25.8%. Through this momentum, I'm delighted to announce that at the end of the year, we reached global volume share leadership in Modern Oral, measured across the top Modern Oral markets, representing around 90% of total industry revenue.

夏季 Grizzly Modern Oral 的成功上市進一步提升了我們的業績，到年底銷售份額接近 2%，使我們在美國 Modern Oral 市場的總銷量份額達到 25.8%。憑藉這一發展勢頭，我很高興地宣布，到年底，我們在現代口腔領域實現了全球銷量份額領先地位，在主要的現代口腔市場中，我們的銷量份額約佔行業總收入的 90%。

Second, we are premiumizing our new category portfolio. Velo is already the clear European leader around 6 times larger than our nearest competitor. We continue to focus on consumer-led innovation to strengthen product satisfaction among adult consumers and extend Velo's success.

其次，我們將把我們的新產品類別組合提升至高端化水準。Velo 已經是歐洲的絕對領導者，規模約為我們最接近的競爭對手的 6 倍。我們將繼續專注於以消費者為主導的創新，以增強成年消費者對產品的滿意度，並擴大 Velo 的成功。

At the start of this year, we began the nationwide rollout of our latest innovation, Velo Shift in Sweden, following a successful pilot with key retailers and online partners. Velo Shift is reshaping the Modern Oral experience, featuring a new comfort pouch design, five distinct sensory flavors and a differentiated hexagonal can that stands out on shelf.

今年年初，在與主要零售商和線上合作夥伴成功進行試點後，我們開始在瑞典全國推廣我們的最新創新產品 Velo Shift。Velo Shift 正在重塑現代口腔體驗，採用全新的舒適包裝設計、五種獨特的感官口味以及在貨架上脫穎而出的六角形罐身。

Trading at a premium to the core Velo range, Velo Shift is already driving incremental share in the channels where it has launched with further market rollouts planned through 2026. These results highlight not only the strength of Velo brand and innovation pipeline, but also the quality of our execution across European markets.

Velo Shift 的售價高於 Velo 核心產品系列，目前已在已推出的通路中獲得了越來越多的市場份額，並計劃在 2026 年之前進一步拓展市場。這些結果不僅突顯了 Velo 品牌和創新管道的實力，也突顯了我們在歐洲市場的執行品質。

We see premium Vapour Done Right as a highly attractive untapped segment for further value creation. Vuse Ultra is our most advanced Vapour device yet, driving meaningful performance improvement for Vuse in markets where we have launched, including value share gains of nearly 80 percentage-points in Canada, close to 4 percentage-points in Germany and above 2 percentage-points in France.

我們認為，優質的電子煙產品是一個極具吸引力的未開發市場，具有進一步創造價值的潛力。Vuse Ultra 是我們迄今為止最先進的電子煙設備，在我們推出的市場中，它顯著提高了 Vuse 的性能，包括在加拿大價值份額增長近 80 個百分點，在德國接近 4 個百分點，在法國超過 2 個百分點。

As Javed highlighted, we have made proactive strategic decision to focus our execution on the largest profit pools with more supportive regulation and enforcement. Vuse Ultra is central to this approach, and I'm encouraged by the strength of its early performance with further launch planned in the key markets in 2026.

正如賈韋德所強調的那樣，我們已經做出了積極的策略決策，將我們的執行重點放在利潤最大的、監管和執法力度更大的領域。Vuse Ultra 是這項策略的核心，其早期表現強勁，令我倍感鼓舞，並計劃於 2026 年在主要市場進一步推出。

Our breakthrough innovation platform, glo Hilo, introduced our first showpiece device and is designed to establish glo in the premium segment. While still early days, we are starting to drive encouraging results in priority launch markets, Japan, Poland and Italy, with the majority of consumers new to glo coming from both premium Combustibles and the broader Heated Products category.

我們突破性的創新平台 glo Hilo 推出了我們的首款旗艦設備，旨在將 glo 打造成高端產品。雖然目前還處於早期階段，但我們在日本、波蘭和義大利等重點上市市場已開始取得令人鼓舞的成果，其中大多數新接觸 glo 的消費者來自高端燃氣產品和更廣泛的加熱產品類別。

We are also strengthening glo's overall brand equity across key consumer metrics. This consumer response is translating to early volume share momentum. We are encouraged by early trial to retention rates of around 50%, providing further confidence in the platform's potential.

我們也透過關鍵的消費者指標來提升 glo 的整體品牌價值。消費者的這種積極反應正在轉化為早期的銷售份額成長勢頭。早期試驗的留存率達到約 50%，這令我們倍感鼓舞，也讓我們對該平台的潛力更有信心。

In 2026, our focus will be on accelerating trial among premium consumers across both Combustibles and Heated Products, supported by target online and in-person activations. We will continue to scale glo Hilo through additional market rollouts in the largest Heated Product profit pools where we can generate the strongest returns. Overall, we remain confident in the strength of this innovation platform and expect to progressively build share within the premium segment over time.

2026 年，我們的重點將放在加速高端消費者對可燃產品和加熱產品的試用上，並透過有針對性的線上和線下推廣活動來支援。我們將繼續透過在最大的加熱產品利潤池中進行額外的市場推廣來擴大 glo Hilo 的規模，以便我們能夠獲得最強的回報。總體而言，我們對這項創新平台的實力仍然充滿信心，並期望隨著時間的推移，逐步擴大在高端市場的份額。

As Javed highlighted, the Heated Products category remain highly competitive, and this has impacted our 2025 performance in the value for money segment where we are present with glo HYPER. Introducing glo Hilo into the premium space allow us to further differentiate our tier -- our portfolio.

正如 Javed 所強調的那樣，加熱產品類別仍然競爭非常激烈，這影響了我們在 2025 年在性價比領域的業績，而我們目前在該領域擁有 glo HYPER 品牌。將 glo Hilo 引入高端市場，使我們能夠進一步區分我們的產品系列。

We see a clear opportunity to strengthen glo's overall performance across both premium and value for money segments. Central to this is the launch of our next-generation glo HYPER device from Q2. The new glo HYPER delivers a step change offering, quick starts, longer started session length, new connectivity and a replaceable battery. These innovations significantly improved the consumer experience, and we are also further enhancing the consumables range. Taken together, these upgrades create a much stronger proposition designed to reinforce our competitiveness in the value for money segment.

我們看到了一個明顯的機會，可以提升 glo 在高端和高性價比市場的整體表現。其中最關鍵的是我們將於第二季推出下一代 glo HYPER 設備。新款 glo HYPER 帶來變革性的產品，包括快速啟動、更長的啟動會話時間、新的連接方式和可更換電池。這些創新顯著改善了消費者的體驗，我們也進一步豐富耗材種類。綜合來看，這些升級打造了一個更強大的產品方案，旨在增強我們在性價比領域的競爭力。

Third, I'm proud of the strong progress we have made improving New Category profitability. Since 2021, we have driven a GBP1.4 billion improvement in Category contribution with all three New Categories contributing to this momentum. Importantly, we have achieved this, while continuing to invest in our transformation to drive future sustainable growth.

第三，我對我們在提高新品類獲利能力方面取得的巨大進步感到自豪。自 2021 年以來，我們已推動品類貢獻成長 14 億英鎊，所有三個新品類都為這一成長動能做出了貢獻。重要的是，我們在實現這一目標的同時，也繼續投資於轉型，以推動未來的永續成長。

Our new categories are meaningfully contributing to group results as we benefit from increased scale, reflecting traction in established markets while continuing to invest in new market launches. This supported by more consistent and constructive regulatory frameworks, such as those in place for Modern Oral in 24 markets, up from just four markets in 2022. We have sequentially improved our performance each year. And through our quality growth approach, we remain committed to driving sustainable profitability improvement moving forward.

我們的新類別正在為集團績效做出有意義的貢獻，因為我們受益於規模的擴大，這反映了我們在成熟市場的進展，同時我們也持續投資於新市場的推出。更一致、更具建設性的監管框架為此提供了支持，例如 Modern Oral 目前在 24 個市場實施的監管框架，而 2022 年僅有 4 個市場。我們的業績逐年提升。透過我們高品質的成長策略，我們將繼續致力於推動可持續的獲利能力提升。

Fourth, I'm encouraged by the signs of positive progress we are seeing in the regulation and enforcement of new categories, especially in the US. While the Vapour category continues to be impacted by the proliferation of illicit products, Vuse returned to revenue growth in the second half after 18 months of decline. This has been supported by increased state level enforcement with Vapour directory and enforcement legislation representing around 50% of tracked industry volume by year-end.

第四，我感到鼓舞的是，我們看到在新類別的監管和執法方面出現了積極的進展跡象，尤其是在美國。儘管電子菸品類繼續受到非法產品氾濫的影響，但 Vuse 在經歷了 18 個月的下滑後，於下半年恢復了收入成長。州一級執法力度加大也為此提供了支持，到年底，蒸汽產品目錄和執法立法涵蓋了約 50% 的追蹤行業交易量。

In addition, Vuse performance in the second half benefited from a competitor exit, further strengthening our market position. Our recovery has also been supported by early signs of increased federal enforcement targeting borders and larger distributors, resulting in high levels of seizures and fines.

此外，Vuse 下半年的業績得益於競爭對手的退出，進一步鞏固了我們的市場地位。我們的復甦也得到了早期跡象的支持，這些跡象表明聯邦政府加強了對邊境和大型分銷商的執法力度，導致查獲量和罰款額大幅上升。

Looking ahead, we are encouraged by the increased focus and funding directed towards strengthening the FDA's enforcement capabilities. We were also pleased to receive a favorable initial determination on our International Trade Commission complaint from the administrative law judge who has recommended a general exclusion order on imported illicit Vapour device. We expect a final determination from the ITC in the coming weeks, which will then be subject to a 60-day presidential review.

展望未來，我們欣慰地看到，各方加強了對加強FDA執法能力的關注與投入。我們也很高興收到行政法官對我們國際貿易委員會投訴的初步有利裁決，該法官建議對進口的非法電子煙設備發布普遍排除令。我們預計美國國際貿易委員會將在未來幾週內做出最終決定，之後將接受總統為期 60 天的審查。

With an estimated 7% of the US Vapour industry value still illicit, we are hopeful the authorities will continue with enforcement initiatives in 2026. Reynolds continues to advocate for a level playing field so that adult nicotine consumers have access to high-quality compliant Vapour products. Over time, we believe Vuse is well positioned to benefit from strong enforcement at both the federal and state levels.

據估計，美國電子煙產業價值的 7% 仍然是非法的，我們希望當局在 2026 年繼續採取執法行動。雷諾茲公司繼續倡導公平競爭環境，以便成年尼古丁消費者能夠獲得高品質、合規的電子煙產品。我們相信，隨著時間的推移，Vuse 將能夠從聯邦和州兩級的強力執法中受益。

In addition, the FDA has recently recognized the positive role that nicotine pouches can play in helping adult smokers who would otherwise continue to smoke to transition to less risk alternatives, reinforcing their role in tobacco harm reduction. We welcome the FDA's new pilot program to streamline the PMTA review process for nicotine pouches. This is an important step towards keeping underage appealing illicit products out of the market, while giving responsible manufacturers a more predictable path to PMTA authorization.

此外，FDA 最近也認可了尼古丁袋在幫助原本會繼續吸菸的成年吸菸者過渡到風險較低的替代品方面所發揮的積極作用，從而強化了其在減少菸草危害方面的作用。我們歡迎 FDA 推出新的試點項目，以簡化尼古丁袋的 PMTA 審查流程。這是防止未成年人喜愛的非法產品流入市場的重要一步，同時也為負責任的製造商提供了更可預測的 PMTA 授權途徑。

We are confident in the strength of our science and portfolio, and we look forward to being able to complement our existing US portfolio with Velo Max, a higher moisture Modern Oral product in 2026, and we have increased capacity to support our sustainable growth agenda.

我們對我們的科學實力和產品組合充滿信心，並期待在 2026 年推出 Velo Max（一款高保濕的現代口腔護理產品），以補充我們現有的美國產品組合。此外，我們還增加了產能，以支持我們的永續成長計畫。

And the final point I would like to highlight is that our financial flexibility continues to strengthen, and we remain on track to generate more than GBP50 billion of free cash flow by 2030. BAT is a highly cash-generative business, delivering at least 100% operating cash conversion annually since 2020, 100% of operating cash conversion, reflecting our strong cash discipline and clear focus on returns and enabling us to return GBP34 billion of cash to shareholders over the same period.

最後我想強調的是，我們的財務彈性持續增強，我們仍有望在 2030 年前產生超過 500 億英鎊的自由現金流。BAT 是一家現金流充裕的企業，自 2020 年以來，每年至少實現 100% 的經營現金轉換率，這反映了我們強大的現金管理能力和對回報的明確關注，並使我們能夠在同一時期向股東返還 340 億英鎊的現金。

We remain committed to delivering sustainable shareholder returns with a 25-year track record of dividend growth and our sustainable share buyback program. I'm confident that we will sustainably deliver our midterm algorithm as we are firmly committed to growing revenue sustainably and improving profitability.

我們將繼續致力於為股東帶來可持續的回報，我們擁有 25 年的股息成長記錄和可持續的股票回購計劃。我相信我們能夠可持續地實現中期演算法目標，因為我們堅定致力於實現收入的可持續增長和盈利能力的提高。

To conclude, we are carrying momentum into 2026, underpinned by a robust innovation pipeline, strong strategic partnerships and confidence in our future fit capabilities. We are executing with discipline and delivering against our priorities. At the same time, we are enhancing financial flexibility, enabling continued investment in our transformation together with strong cash returns. I'm excited about the future for BAT and believe we are well positioned to deliver long-term sustainable growth and value for our stakeholders.

總之，憑藉強大的創新管道、穩固的策略合作夥伴關係以及對未來發展能力的信心，我們將保持發展勢頭邁入 2026 年。我們以嚴謹的紀律執行各項工作，並依計畫完成各項任務。同時，我們正在增強財務靈活性，從而能夠繼續投資於我們的轉型，並獲得強勁的現金回報。我對英美菸草的未來充滿信心，並相信我們已做好充分準備，為我們的利害關係人帶來長期可持續的成長和價值。

Thank you for listening. We will now be joined on stage by Victoria for the question-and-answer session.

謝謝聆聽。接下來，維多利亞將上台與大家進行問答環節。

(Operator Instructions)

（操作說明）

Tadeu and Javed will be very happy to take your questions and I will now hand over to the conference call operator.

Tadeu 和 Javed 將非常樂意回答您的問題，我現在將把電話會議交給接線員。

Andrei Andon-Ionita, Jefferies.

安德烈安東-艾奧尼塔，傑弗里斯。

First of all, two questions on Modern Oral, please. Number one, what are your expectations in terms of performance in the US in fiscal '26 for Modern Oral specifically?

首先，請問兩個關於現代口語的問題。首先，您對 Modern Oral 在 2026 財年在美國的表現有何預期？

And secondly, are these expectations underpinned by the FDA approving the European Velo product for sale in the US? Or are they mainly driven by the existing Velo Plus product?

其次，這些預期是否得到了美國食品藥物管理局 (FDA) 批准歐洲 Velo 產品在美國銷售的支持？或者，他們的主要驅動力是現有的 Velo Plus 產品？

And perhaps finally, in terms of profitability, could you tell us a bit more about how you expect New Categories profitability to evolve in fiscal '26?

最後，關於獲利能力，您能否詳細介紹一下您對 2026 財年新類別獲利能力的預期？

Okay, Andrei, thank you for the question. We have -- look, we have a very strong product with Velo Plus in the US. The levels of retention has been 70% throughout the year, which is really, really a very strong rate when you compare with other offers in the market. So basically, at the back of that, we believe that the product is competitive enough to continue growing in the US market, has all the indications from that.

好的，安德烈，謝謝你的提問。你看，我們在美國擁有一款非常強大的產品－Velo Plus。全年客戶留存率一直維持在 70%，與其他市場上的產品相比，這確實是一個非常非常高的比例。所以，從根本上來說，我們相信該產品具有足夠的競爭力，能夠繼續在美國市場成長，種種跡像也顯示了這一點。

Today, we still have a low level of awareness in the brand around 30%. And we are present now in 150-plus outlets, 1,000 outlets, which accounts for something like 93% of the total oral revenue. We are also seeing that the average daily consumption as new products start to be more satisfying for consumers in the US is increasing. So it used to be around 2.8 pouch per day.

目前，該品牌的知名度仍然很低，只有30%左右。目前，我們的產品已涵蓋 150 多個銷售點，1,000 多個銷售點，約佔口腔銷售總收入的 93%。我們也看到，隨著新產品越來越能滿足美國消費者的需求，平均每日消費量也增加。所以以前每天大約是 2.8 袋。

Today is around 3.6 pouch per day. If you compare that with the European market, which is around 6 pouch per day, you see a lot of potential growth still in the US and the Nordics is 12 pouch per day. So when you pull all this together, a strong product and the dynamics of the market evolving at the pace that it is in the US. So the expectation is that we will continue growing. That's why we are investing in capacity, like I mentioned during my presentation.

現在平均每天約3.6袋。如果將美國市場與歐洲市場（每天約 6 袋）進行比較，就會發現美國市場仍有很大的成長潛力，而北歐市場（每天 12 袋）的銷售也相當可觀。所以，當你把所有這些因素綜合起來考慮時，你會發現，強大的產品和美國市場快速發展的動態因素。因此，我們預計會繼續成長。正如我在演講中提到的，這就是我們投資產能的原因。

We mentioned Velo Max, which is even higher moisture product that we have as part of the pilot that the FDA is running. We welcome the, first of all, that FDA is embracing nicotine pouch as a key category to address tobacco harm reduction in the US because it's the lowest risk profile, if you want. There is no inhalation, there is no tobacco. There is no smelt that is much easier for consumers of cigarettes to convert into a much lower risk profile product.

我們提到了 Velo Max，這是一款水分含量較高的產品，目前正作為 FDA 試點計畫的一部分進行測試。首先，我們歡迎 FDA 將尼古丁袋作為美國減少菸草危害的關鍵類別，因為它的風險最低。沒有吸入過程，沒有菸草。對於香菸消費者來說，沒有哪種氣味比這種氣味更容易轉化為風險低得多的產品。

So they are put in place these pilots. We hope that for the next few months, we see our products, and we are cautious that other competitors will come with other products as well. And for us, there is no problem with that. But when I look outside the US where everyone is free to compete, the leading brand outside the US is Velo. Like we said, in Europe, our volumes in Velo are 6x higher than the second largest competitor.

所以他們就安排了這些飛行員。我們希望在接下來的幾個月裡能看到我們的產品上市，但我們也謹慎地認為其他競爭對手也會推出其他產品。對我們來說，這沒有任何問題。但當我把目光投向美國以外，在每個人都可以自由競爭的地區，美國以外的領先品牌是 Velo。正如我們所說，在歐洲，我們的 Velo 銷售量是第二大競爭對手的 6 倍。

So what we want to see in the US is a level playing field, because in a level playing field, we know that we can win. So that's the first question on Velo. In terms of profitability, we have made a very strong profitability to -- improvement in profitability when you compare that not long ago, back in 2023, we're just reaching breakeven in this category. And today, we have a 12% category contribution.

所以我們希望在美國看到的是一個公平的競爭環境，因為我們知道，在公平的競爭環境中，我們才能贏。這是關於 Velo 的第一個問題。就獲利能力而言，我們的獲利能力有了非常顯著的提升——與不久前，也就是 2023 年，我們在這個類別中才剛剛達到損益平衡點相比，獲利能力有了很大的提升。今天，我們該類別貢獻了 12% 的份額。

Obviously, I always said that this will not be linear year-after-year because there will be years where we're going to reinvest back in the business at the back of exciting innovations. And 2026 is one of these years because as I said during my presentation, we have now premium innovation in every single of those categories. So we want to roll out glo Hilo. We want to roll out Velo Shift. We want to carry on rolling out Vuse Ultra. So we are not concerned about stipulating a specific pace of category growth year on year, because this will vary over time, but the trend is very clearly, the category will continue to grow.

顯然，我一直都說，這不會是逐年線性成長的，因為有些年份我們會因為令人興奮的創新而將資金重新投入業務。2026 年就是其中之一，因為正如我在演講中所說，我們現在在所有這些類別中都擁有了高端創新。所以我們希望在希洛推出 glo 服務。我們想推出 Velo Shift 功能。我們希望繼續推廣 Vuse Ultra。因此，我們並不擔心規定該品類每年的具體成長速度，因為這會隨著時間而變化，但趨勢非常明確，該品類將持續成長。

Faham Baig, UBS.

法哈姆·拜格，瑞銀集團。

The first one is on guidance for full year '26. You've guided for the lower end of the midterm targets. Could you maybe share factors that could result in the performance, whether in '26 or beyond that, getting you to the middle or even upper half of the range would be helpful.

第一份是關於 2026 年全年的指導。你們的指導目標是中期目標的下限。您能否分享一下可能影響成績的因素，無論是在 2026 年還是之後，如果您能達到成績範圍的中上半部分，那就太好了。

And then the second question is on heated tobacco. I guess it was a tough year in 2025 from a share perspective. How do you think about share progressing through 2026, particularly as competition in the category is intensifying?

第二個問題是關於加熱煙草的。從股票市場的角度來看，2025年應該是艱難的一年。您如何看待 2026 年的市佔率發展趨勢，尤其是在該品類競爭日益激烈的情況下？

Okay. Thank you, Faham. Look, I'm going to start with the second one first, and then we address the guidance. Yes, we clearly see areas of improvement in our performance in Heated Products. What we saw throughout '26 is that the below WAP, which is basically where we were present until the launch of glo Hilo later in the year has been very competitive in some of the key markets. And that's the reason why I have just made the point today that we are coming with a revamped hyper product that we believe that together with revamped consumables, will strengthen our position in that particular segment.

好的。謝謝你，法哈姆。好的，我先從第二個問題開始，然後再討論指導原則。是的，我們確實看到了加熱產品領域還有改進的空間。我們在 2026 年全年觀察到的情況是，WAP 以下版本（基本上就是我們一直使用到 glo Hilo 在當年稍後推出之前所使用的版本）在一些關鍵市場上的競爭力非常強。這就是為什麼我今天要強調，我們將推出一款經過改進的超級產品，我們相信，這款產品加上改進的耗材，將鞏固我們在該特定領域的地位。

So we are very encouraged by what we have seen of the performance of this product and in initial tests that we have been doing. And we believe that this will support our performance moving forward. And obviously, glo Hilo will complement that, because it's the first attempt that we have done in the -- where 7% of the value of the category sits, which is the AWAP, the premium part of it, which is -- and we are extremely pleased with the performance. We are growing week-after-week with a level of retention of 50%. And this complemented by a revamped value for money proposition gives us the confidence that we can revert this trend and start growing from here.

因此，我們對該產品的性能以及我們進行的初步測試結果感到非常鼓舞。我們相信這將有助於我們未來的業績成長。顯然，glo Hilo 將對此進行補充，因為這是我們首次嘗試進入該類別——佔該類別價值 7% 的 AWAP，即其中的高端部分——我們對它的表現非常滿意。我們每週都在成長，用戶留存率達到 50%。再加上重新調整的性價比方案，我們有信心扭轉這一趨勢，並從這裡開始發展壯大。

Now in terms of the guidance, I think that Javed can explain a bit more about 2026. I just want to call the attention that after two years of investing, resetting our business, the US business, our innovations pipeline, BAT is ready to go back to the midterm algorithm that we have always had in the company around a 3% revenue, 5% revenue, leading to a 4% to 6% operating profit with a kick around 1% to 2% for EPS. That's the range of 5% to 8%.

至於指導方針方面，我認為賈韋德可以對 2026 年的情況做更多解釋。我只想強調，經過兩年的投資、重組我們的業務、美國業務和創新管道，英美菸草公司 (BAT) 已準備好回到我們公司一直以來的中期演算法，即營收成長 3% 至 5%，從而實現 4% 至 6% 的營業利潤，並推動每股盈餘 (EPS) 成長 1% 至 2%。範圍是 5% 到 8%。

Obviously, our targets have incorporated the transactional FX. I always try to make this disclaimer about BAT's target. And -- but the profile of growth of this range will differ now from where we were, I would say, several years ago because the New Category will be even more prominent on that.

顯然，我們的目標已經包含了交易外匯。我總是試著就 BAT 的目標做出這樣的免責聲明。而且——但我認為，現在這一系列的成長情況將與幾年前有所不同，因為新類別將更加突出。

Out of the 3% to 5%, we have mentioned before that Combustible, we expect to be delivering around 1% to 2%. And with the US being in the medium term between 0% to 1% and the rest of the group, the international part, I would say, the other two regions above 2%. And in 2025, we have, despite all the difficulties that we face, mainly in the APMEA region, we were able to deliver 1%. And we said that Bangladesh and Australia had an impact of 1% at top line, which otherwise will be high end of this range.

在 3% 到 5% 的比例中，我們之前提到過，可燃物預計佔比約為 1% 到 2%。而美國在中期內預計佔比在 0% 到 1% 之間，而其他國際地區的佔比，我認為另外兩個地區的佔比都高於 2%。儘管我們在亞太、中東和非洲地區面臨許多困難，但我們在 2025 年實現了 1% 的目標。我們說，孟加拉和澳洲對總收入的影響為 1%，否則這將處於該範圍的高端。

So I'm very confident that moving forward, we can comfortably be delivering within those range. And when you move to New Categories for the algorithm to work, we had to deliver double-digit New Category, hasn't been the case in 2025, basically because of the headwind we face in Vapour. There are a number of reasons for that, but mainly related to the illegal market in the US that now we are seeing signs that the authorities, be federal or state level addressing. So we expect moving forward to have less of a drag and eventually even a tailwind coming from Vapour that will be supportive of the category for BAT.

因此，我非常有信心，展望未來，我們完全可以實現這些目標。而當演算法轉向新類別時，我們必須實現兩位數的新類別，但在 2025 年，這種情況並沒有發生，這主要是因為我們在蒸汽領域面臨不利因素。造成這種情況的原因有很多，但主要與美國的非法市場有關，現在我們看到聯邦或州政府當局正在著手解決這個問題。因此我們預計，未來阻力會減少，最終Vapour甚至會帶來順風，這將對BAT的品類發展起到支持作用。

THP, we just spoke about, and we expect to accelerate our growth from now on with those offers. And obviously, Modern Oral, we have a leading brand now, and we expect to grow from strength-to-strength. So I'm very confident about being able to deliver the double-digit New Category revenue growth to deliver 1% to 2% on the Combustible side. This will flow through to the 4% to 6% in terms of increasing margins that is supported by all the productivity savings that we have already mapped out until 2030. And specifically in '26, I would like to Javed to comment about.

我們剛才談到了THP，我們希望藉助這些優惠，從現在開始加速成長。顯然，Modern Oral 現在是一個領先品牌，我們期望它能不斷成長。因此，我非常有信心實現新品類收入兩位數成長，並在可燃物方面實現 1% 至 2% 的成長。這將轉化為 4% 至 6% 的利潤成長，這得益於我們已經規劃到 2030 年的所有生產力提升措施。特別是關於 '26，我想請 Javed 發表一個看法。

Thank you, Tadeu. I think on 2026, specifically, if I go region-by-region, and then we can look at overall. In case of APMEA, as I highlighted, that we expect Bangladesh to be not a big drag, but Australia still remain a meaningful drag, which is becoming smaller and smaller every year. So in 2026, Australia will still be a drag, but will be less meaningful in '27. Having said that, also, we will continue to invest in the rollout of premium innovations in APMEA as well, as you saw in terms of glo Hyper. So that where we'll be there as well.

謝謝你，塔德烏。我認為，具體到 2026 年，如果我逐個地區進行分析，然後我們就可以著眼於整體情況了。就亞太、中東和非洲地區而言，正如我所強調的，我們預計孟加拉不會成為很大的拖累，但澳洲仍然是一個重要的拖累因素，而且這種拖累因素正在逐年減少。所以到了 2026 年，澳洲仍然會是個拖累因素，但到了 2027 年，它的重要性就會降低。話雖如此，我們也將繼續投資在亞太、中東和非洲地區推出高端創新產品，就像您在 glo Hyper 上看到的那樣。所以我們也會在那裡。

The other thing in that area is that in case of AME, we still face headwinds from the illicit environment in Vapour and also the regulation changes in Poland, which happened at the end of the year, which has made the legal Vapour out of the market, which is again a drag for us. Coming to US. You have to keep in mind that comparative from '24 to '25 versus '25 to '26 is very different. We are -- we had a very good performance in '25, so that comparatives changes. And also, we are assuming for now stable volumes in Vuse in US. So we are expecting that the enforcement level as we've seen so today will stop that decline, but we'll keep the volume overall stable.

在這方面，還有一點需要注意，就 AME 而言，我們仍然面臨著來自電子煙非法環境的不利影響，以及波蘭在年底發生的監管變化，這使得合法電子煙退出了市場，這又給我們帶來了阻礙。即將來到美國。你必須記住，2024 年到 2025 年的比較與 2025 年到 2026 年的比較是非常不同的。我們在 2025 年的表現非常出色，所以比較結果會有所不同。此外，我們目前假設 Vuse 在美國的銷售量保持穩定。因此，我們預計，正如我們今天所看到的，執法力度將阻止這種下降趨勢，但我們將保持整體交易量穩定。

And lastly, also we highlighted in our pre-close trading update that we are exiting certain geographies, which are not adjusted, but they will have an impact on our numbers in 2026. So I hope this all gives you an idea why the lower end of 2026. But having said that, we are all very proud and confident in the business that we are entering the first year of our midterm algorithm.

最後，我們在收盤前的交易更新中也強調，我們將退出某些地區，這些地區目前尚未進行調整，但它們將對我們 2026 年的業績產生影響。所以，我希望這些能讓你明白為什麼是 2026 年下半年。但即便如此，我們都對即將進入中期演算法實施第一年的業務感到非常自豪和充滿信心。

Rey Wium, Anchor Stockbrokers.

Rey Wium，Anchor Stockbrokers。

I just want to get back to -- I mean, it's quite interesting to listen to your optimism around the New Categories. And I just had a quick look at the numbers. Obviously, Modern Oral is doing exceptionally well. You have the opportunity for Vapour to at least stabilize and heated tobacco. I don't know whether the jury is still out there.

我只想回到正題——我的意思是，聽你對新類別的樂觀態度，真是令人感興趣。我剛才快速瀏覽了一下數據。顯然，《現代口腔醫學》雜誌的銷售量非常好。您有機會使用蒸氣至少可以穩定和加熱煙草。我不知道陪審團是否還在審議中。

But I don't know if you can just talk high-level stuff here to give us an idea how do you -- which of these categories give you or makes you the most excited in terms of the future growth in terms of that, I mean, especially now into 2026, you talk of a double-digit revenue growth? And then just a follow-up. Just on Australia, I mean, it's quite interesting because I sit in this market. I mean, the legal market is now down to like 3 billion, 6 billion or less. Now clearly, I mean, if I look at Japan, I mean, that's basically what Japan will consume in the space of seven days.

但我不知道您能否在這裡談談一些高層次的問題，讓我們了解一下，就未來的增長而言，您認為這些類別中哪些最令您興奮，我的意思是，尤其是在2026年，您談到了兩位數的收入增長？然後還有一個後續問題。就澳洲市場而言，這很有意思，因為我就身處在這個市場之中。我的意思是，現在的法律市場規模已經縮減到30億、60億甚至更少了。現在很明顯，我的意思是，如果我看看日本，我的意思是，這基本上就是日本在七天內會消耗掉的東西。

So I mean, I struggle to understand why do you say it will still be a drag. Is it not a time that you could consider to exit this market? So I'm just curious to hear your thoughts around that.

所以，我很難理解你為什麼說這仍然會是一件令人沮喪的事。現在是不是您可以考慮退出這個市場的時機了？所以我很好奇你對此有何看法。

Okay. On the New Categories, obviously, Modern oral is the exciting category out of the three. The pace of growth of Modern Oral around the world is very clear. And even in markets where there is no oral tradition, you take, for example, the UK, when we launched Velo here four years ago, the incidence of nicotine and oral was zero. And today is around 3% sporadically, it can go all the way to 4% in terms of use.

好的。在新類別中，顯然現代口語是三個類別中最令人興奮的。現代口腔醫學在全球的發展速度非常明顯。即使在沒有口耳相傳傳統的市場，例如英國，四年前我們在這裡推出 Velo 時，尼古丁和口交的發生率是零。而如今，使用率偶爾會達到 3% 左右，最高可達 4%。

And this is happening also in the likes of Poland. It's happening in emerging markets because it's very affordable and like Pakistan that is doing extremely well. South Africa doing extremely well, Kenya. So there is a massive potential, and we are very pleased with the fact that now we have 24 markets already that have passed legislation. The last one has actually been Argentina a few weeks ago. Portugal has just passed legislation as well. So we see clearly a lot of potential in this category, and we are obviously very pleased that we have a leading brand in this category.

這種情況也發生在波蘭等國家。這種情況在新興市場很常見，因為價格非常實惠，例如巴基斯坦，那裡的發展就非常出色。南非和肯亞都表現得非常出色。因此，這方面潛力巨大，我們非常高興地看到，目前已有 24 個市場通過了相關立法。上一次其實是幾週前的阿根廷。葡萄牙也剛通過了相關立法。因此，我們清楚地看到了這個品類的巨大潛力，而且我們非常高興在這個品類中擁有一個領先品牌。

In terms of tobacco heating product, it is a GBP9 billion revenue category in which BAT has just below GBP1 billion. So there is a lot of white space for us. And it has been more and more competitive. But we have now a product that is being present in the value side of the category, if you want, on the premium side that has never been the case before.

就加熱菸草產品而言，這是一個價值 90 億英鎊的收入類別，而英美菸草公司在該類別中的收入略低於 10 億英鎊。所以，我們還有很多空白空間。而且競爭越來越激烈。但我們現在有了一款產品，它既屬於該品類的價值端，也屬於高端端，這在以前是從未發生過的。

So with glo Hilo, we are tapping a very, very -- has been an untapped subcategory within the category for BAT. And we are extremely excited about this possibility of occupy some of that white space in a category that is still growing, not at the same rate of Modern Oral, obviously, but it still grows at a mid-single digit -- high single digit, so. And Vapour is a difficult category because of lack of enforcement and/or regulation. And that's the reason why we have -- there is actually difficult to compete with some of these illegal products or products that doesn't have concerns in terms of responsible way of doing Vapour. That's why we came with this campaign.

所以，透過 glo Hilo，我們正在開發 BAT 類別中一個非常非常非常——尚未開發的子類別。我們非常興奮能夠有機會在這個仍在成長的類別中佔據一些空白市場，雖然成長速度顯然不如現代口語，但仍然保持著中等個位數到高個位數的成長。由於缺乏執法和/或監管，電子煙是一個難以界定的類別。這就是為什麼我們不得不這樣做——實際上，與一些非法產品或不負責任地生產電子煙的產品競爭非常困難。這就是我們發起這場運動的原因。

Because you see a proliferation of device with thousands of puffs that have a very different negative risk profile than the ones that we sell. So there is no level playing field. And the reason why we are addressing a premium subcategory within Vapour with the likes of Vuse Ultra, is exactly a recognition of that. We are not really competing for volume. We are competing for value and offering consumers a responsible way to do Vapour. And obviously, the US is the largest Vapour market.

因為你會發現市面上湧現大量可吸數千口的設備，它們的負面風險特徵與我們銷售的設備截然不同。所以根本沒有公平的競爭環境。我們之所以推出像 Vuse Ultra 這樣的高階電子煙子類別，正是出於對這一點的認可。我們其實不是在爭奪銷量。我們致力於提供物超所值的產品和服務，並為消費者提供一種負責任的電子煙使用方式。顯然，美國是最大的電子煙市場。

So all the attention is to the FDA that I think that has given some indications now that they understand that the root cause also of the problem is the lack of level playing field. And hopefully, we can see some of the pilots that they are doing now in nicotine pouch into Vapour in the future as well. So that's the New Categories.

所以現在所有的注意力都集中在FDA身上，我認為FDA已經表現出一些跡象，顯示他們也明白問題的根本原因在於缺乏公平的競爭環境。希望未來我們也能看到他們目前正在進行的尼古丁袋試驗計畫應用於電子煙產品。以上就是新增的類別。

Australia. Look, Australia has, as you know, come with -- since the introduction of plain packaging in 2012 with a very misguided and illogical regulations year-after-year and increasing excise at much higher than inflation to a point today that the average price of cigarette legal market in the Australia is more than 20 -- equivalent of GBP20, GBP22 and whereas the illicit products is around GBP6.

澳大利亞。你知道，自 2012 年引入簡易包裝以來，澳洲每年都出台非常錯誤且不合邏輯的法規，並且消費稅的增長速度遠遠超過通貨膨脹率，以至於如今澳大利亞合法市場的香煙平均價格超過 20 英鎊、22 英鎊，而非法產品的價格約為 6 英鎊。

So as a consequence of that, 65% of the combustible market now is illegal. They have, in essence, reduced the average price for consumers. And for the first time in many years, we see an uptick of incidence of smokers in Australia. Not just they decimated the tax collection, but also with this illogical regulation, they are seeing now incentivizing consumers to smoke a product that is much cheaper than the legal market and obviously carry on with all the criminality as we know, have seen in many different markets.

因此，目前 65% 的可燃物市場都是非法的。從本質上講，他們降低了消費者的平均價格。多年來，澳洲吸菸者人數首次出現上升趨勢。他們不僅大幅削減了稅收，而且透過這種不合邏輯的規定，現在反而刺激消費者吸食比合法市場便宜得多的產品，顯然會繼續進行我們在許多不同市場中看到的各種犯罪活動。

Now the impact for us is that has always been a very important market for BAT. And -- but like Javed said, we'll come to a point that becomes insignificant. So the drag in '26 will not be the same as '25. It's still a drag, but it's not been the same. And from there on, if the government carries on doing that, which seems to be heading towards 100% illegality anyway.

現在對我們來說，這意味著這始終是英美菸草公司非常重要的市場。但是——就像賈韋德說的那樣，我們會走到一個無關緊要的地步。所以 2026 年的阻力不會跟 2025 年一樣。雖然還是挺讓人沮喪的，但情況已經不一樣了。如果政府繼續這樣做，而這似乎無論如何都會走向完全非法。

We don't even need to take this issue leave because the direction of travel has been very clear. If you add the Vapour category that has an incidence of 9% of adult consumer and is 100% illegal today, 85% of nicotine consumption in Australia today is illegal. So it's just a question of a couple of years and unless they decide to do something more reasonable.

我們甚至不需要為此請假，因為前進的方向已經非常明確了。如果加上電子煙類別（該類別佔成年消費者的 9%，且目前 100% 非法），那麼目前澳洲 85% 的尼古丁消費都是非法的。所以這只是幾年時間的問題，除非他們決定採取更合理的措施。

Pallav Mittal, Barclays.

帕拉夫·米塔爾，巴克萊銀行。

So, two of them. Firstly, on the US business, clearly, your price mix is pretty strong at 12% plus. Can you help us understand what percentage of your US volume portfolio is right now benefiting from the excise duty drawback? And how much scope does it have to increase in the future given your global business? That's the first one.

所以，一共兩個。首先，就美國業務而言，顯然你們的價格組合非常強勁，佔比超過 12%。您能否幫助我們了解一下，目前貴公司在美國的業務量組合中，有多少百分比受益於消費稅退稅？鑑於貴公司的全球業務，未來它還有多少成長空間？這是第一個。

And then secondly, I appreciate all the commentary on your NGP guidance for 2026. But your low double-digit growth, it still -- I mean, seems like you're factoring a pretty sharp normalization versus what we can see in data, especially on nicotine pouches and the e-Vapour side of things. So can you just help us understand the moving parts for your low double-digit guidance for '26?

其次，我非常感謝您對 2026 年 NGP 指南的所有評論。但你們兩位數的低成長率，仍然——我的意思是，看起來你們已經考慮到了相當明顯的正常化，而我們從數據中看到的卻是，尤其是在尼古丁袋和電子煙方面。那麼，您能否幫我們理解一下您對 2026 年兩位數低成長預期背後的原因？

Okay. Javed will cover your second question. On the duty drawback, this is a long-standing legislation in the US to incentivize local manufacturing and promote export from the US. So obviously, what we are doing is exactly that. Reynolds has invested more than $200 million in terms of manufacturing over the last couple of years. We have generated more than 800 jobs, and we increased our purchase of leaf in the US by 65%. And today, Reynolds is the number one company in terms of volume of leaf purchase in the US market.

好的。賈韋德將回答你的第二個問題。關於退稅，這是美國一項由來已久的立法，旨在激勵本地製造業發展，促進美國出口。所以很明顯，我們所做的正是如此。過去幾年，雷諾茲公司在製造業投資了超過 2 億美元。我們創造了 800 多個就業崗位，並且我們在美國採購的樹葉數量增加了 65%。如今，雷諾茲公司是美國市場上菸葉採購量最大的公司。

So we are not making disclosure specifically about the duty clawback impact. But one data point for you to consider is the fact that our revenue in Combustible would have been positive independent of the duty drawback. So it's important to mention that because at the end of the day, when you go back to what I was referring to in terms of the long-term algorithm, we expect the US market in terms of combustible to be declining at rates around 6% to 7%. And this should be, given the elasticity and that still exist in the market, the possibility for Reynolds to get to a positive revenue around 0% to 1%.

因此，我們不會具體揭露有關關稅追繳的影響。但有一點需要您考慮，那就是即使沒有退稅，我們在可燃物業務上的收入也將是正的。所以有必要提一下，因為歸根結底，當你回到我之前提到的長期演算法時，我們預計美國可燃物市場將以 6% 到 7% 的速度下降。鑑於市場仍然存在的彈性，雷諾茲獲得正收入的可能性在 0% 到 1% 左右。

In the current years, it has been more than that because the company is doing extremely well in terms of the strength of the portfolio, but also the duty drawback is helping for those in that sense as well. But independent of the drawback, we are positive, and I feel very comfortable with the range that we have set ourselves for our long-term algorithm.

近年來，情況更是如此，因為該公司在產品組合實力方面表現出色，退稅政策也在這方面有所幫助。但撇開這個缺點不談，我們持樂觀態度，我對我們為長期演算法設定的範圍感到非常滿意。

I think on the overall New Category revenue guidance of low double teens is one thing is one -- a couple of points. One, in the US, even as I explained in my presentation, that we had a negative number for the full year on Vuse. So what we are expecting in the Vuse numbers to be flattish. Because it will require a more meaningful and more stronger enforcement. And given a very complex and long supply chain, even those measures will take time to have a meaningful impact.

我認為，關於新類別整體營收預期為兩位數偏低是一回事——有幾點需要說明。第一，在美國，正如我在演講中所解釋的那樣，Vuse 全年的數據為負數。因此，我們預計 Vuse 指數將保持穩定。因為這需要更有效、更有力的執法。鑑於供應鏈非常複雜且漫長，即使採取這些措施，也需要時間才能產生有意義的影響。

So even the ITC regulation, which today was talking about, if it gets passed through, it will be much later in the year when we'll see some meaningful impact. And having said that, also, as I highlighted, the regulations, for example, in Poland and Europe, which has put a drag on the Vuse volume, because it has made the whole illegal business negative in that number, so that's not possible to enter that market.

所以即使是今天我們討論的 ITC 法規，即便獲得通過，也要到今年稍後我們才能看到一些實質的影響。話雖如此，正如我所強調的那樣，例如波蘭和歐洲的法規也對 Vuse 的交易量造成了拖累，因為這使得整個非法交易量在該數字中為負值，因此不可能進入該市場。

And also the highly competitive environment we see in the BWAP segment within the Heated Product portfolio, as we were talking about earlier, that competitiveness will continue to be there for the short term. So if you put all these together, that's why our guidance on the low end of the teens. But having said that, we are very confident in midterm that Velo will lead the charge of New Category revenue growth, being the fastest-growing brand in the fastest-growing nicotine category globally, including US. However said that, given all these points, that's why we have guided on this front as the low teens for now.

此外，正如我們之前所討論的，在加熱產品組合中的 BWAP 細分市場，競爭環境非常激烈，這種競爭在短期內仍將持續存在。所以，把所有這些因素綜合起來，這就是為什麼我們的指導意見偏低，尤其是在十幾歲的時候。但即便如此，我們仍然非常有信心，Velo 將在中期內引領新類別收入成長，成為全球（包括美國）成長最快的尼古丁類別中成長最快的品牌。不過話雖如此，考慮到以上所有因素，這就是為什麼我們目前在這方面的指導意見是將目標定在十度左右。

Simon Hales, Citi.

西蒙‧黑爾斯，花旗銀行。

So a couple for me. I wonder if I could just first come back to some of those comments you just made on the US business on a go-forward basis. Javed, just back to the point in terms of the Vapour performance and the flat Vapour expectation for 2026. I'm still just trying to square that circle given you've had pretty strong exit rate momentum through the second half of the year.

所以對我來說，是一對。我想先談談您剛才對美國企業未來發展的一些看法。Javed，回到Vapour的表現以及2026年Vapour的預期持平這一點上來。鑑於你在今年下半年的退出率勢頭相當強勁，我仍然試圖解決這個問題。

I appreciate enforcement actions in vapour aren't a straight upward line, but we're still probably going to annualize at least through the first half, some of the building enforcement we saw in 2025, and that should help the Vapour category, one would imagine or the legal Vapour category in the first half. So are you, therefore, expecting as we come into H2 of 2026 to see your Vuse business down year on year to get you back to that flat guidance for the year? That's the first point.

我知道在蒸汽領域採取的執法行動並非一帆風順，但我們可能至少在上半年會將一些我們在 2025 年看到的建築執法行動每年都進行一次，這應該有助於蒸汽領域，或者說，有助於合法蒸汽領域在上半年的發展。因此，您是否預計，隨著我們進入 2026 年下半年，您的 Vuse 業務將同比下降，從而達到您全年持平的預期目標？這是第一點。

And then secondly, on the US today, you talked about 6% to 7% being the normal run rate of decline on Combustibles volumes. Is that something you expect to see in 2026? And could you also perhaps talk a little bit about what you're doing in discount at the moment, the performance of Doral last year and your plans on that brand going forward?

其次，關於今日美國的情況，您提到可燃物產量的正常下降速度為 6% 至 7%。你認為這種情況會在2026年出現嗎？您能否也談談您目前正在進行的折扣促銷活動、Doral去年的表現以及您未來對該品牌的計劃？

Okay. So if I take the first one. So I think one thing which I have to highlight further on the second half performance of 2025 of Vuse in US, other than the enforcement, there is also one item which will not see repetition was the delisting of competition product in which Vuse gained. So 63% of those consumers stayed within the closed systems.

好的。如果我選擇第一個。因此，我認為關於 Vuse 在美國 2025 年下半年的表現，除了執法之外，還有一點需要進一步強調，那就是 Vuse 曾經受益的競爭產品被除名的情況不會重演。因此，63% 的消費者仍留在封閉系統中。

And in RCS system, Vuse gained more than their fair share of our category. So that is one thing, which is also boosting Vuse performance in the second half. So I wouldn't be reciprocating that second half into the full year of '26. Full year of '26 is more focused and will be more dependent upon the level of enforcement we see.

在RCS系統中，Vuse獲得了遠超過其應得份額的市場份額。所以這也是推動 Vuse 在下半年業績成長的因素之一。所以，我不會把下半年延續到 2026 年全年。2026 年全年的工作重點將更加明確，並將更加取決於我們所看到的執法力度。

And as also highlighted by Tadeu that although we have seen regulation covering 40% of the legal volume, but level of enforcement varies from state-to-state. So one, not having that one-off of the exit of a competition, which we gained more than fair share. And enforcement still seems to be early days. So that's why our guidance on the Vuse comment was made by me.

正如 Tadeu 所強調的那樣，雖然我們已經看到監管涵蓋了 40% 的法律量，但各州的執法力度卻不盡相同。第一，沒有那種因退出比賽而造成的一次性損失，而我們在比賽中獲得了遠超應得的份額。執法工作似乎仍處於早期階段。所以，關於 Vuse 的評論，我們的指導意見是由我提出的。

Yeah. On the volume side, my comment is more, I would say, hypothetical situation. It's not a 2026. What's happening in the US market is before. If you go back to 2020, 54% of the nicotine users were using traditional nicotine products, combustible traditional oral. You go now to 2025, it is 34%. So the balance is happening -- what's happening is the transition of these consumers to either poly using or using solo users of becoming solo users of smokeless products, either Modern Oral or Vapour products. So obviously, the secular decline that was related to ADC and level of incidents reducing over time around 4% will not be coming back. That's my point.

是的。關於銷量方面，我的評論更多的是一種假設情況。不是2026年。美國市場目前的情況是過去的事了。如果回到 2020 年，54% 的尼古丁使用者使用的是傳統尼古丁產品，即可燃的傳統口服尼古丁產品。到 2025 年，這個數字是 34%。所以平衡正在發生——正在發生的是這些消費者要么是多種產品一起使用者，要么是無菸產品的單一用戶，無論是現代口服產品還是電子煙產品。因此，很顯然，與 ADC 和事件水平相關的長期下降趨勢（隨著時間的推移下降約 4%）不會再回來了。這正是我要說的。

So even if you see a meaningful enforcement in Vapour in disposables that we know that has currently plays a role in terms of the level of decline of cigarettes, even if we see that, even if we see improvement in the macroeconomics in the US, it's very hard to imagine the market going back to 4% decline because of the dynamic of the poly users and solo users in New Categories that I was referring to.

因此，即使我們看到一次性電子煙的監管力度顯著加強（我們知道它目前在降低捲菸銷量方面發揮了作用），即使我們看到這種情況，即使我們看到美國的宏觀經濟有所改善，也很難想像市場會恢復到 4% 的下降幅度，因為我提到的新類別中多用戶和單用戶之間的動態變化。

So my point is that in the long run, with a meaningful enforcement in disposable with macroeconomics is strengthening between 6% to 7%. I think that where we see today in the next couple of years in the scenario that we are seeing, I think that the performance in '25 around 7% to 8% is a more reasonable one to assume. So that's what I would assume.

所以我的觀點是，從長遠來看，隨著宏觀經濟的穩定發展，可支配收入預計將成長 6% 至 7%。我認為，就我們目前所看到的情況而言，未來幾年內，2025 年的成長率在 7% 到 8% 左右是一個更合理的預期。我猜就是這樣。

Now obviously, this is overall market. When you separate from the overall market, the deeper discount has a very different dynamic. We are seeing more activity there from competitors. And as a consequence, we saw the deeper discount growing by 10% in 2025 was even higher than the 7% that they grew in 2024. So we have been piloting Doral to your question. We have been always very mindful because despite the fact that the deeper discount is growing as opposed to the general market, the 95% of the value continues to be outside the deeper discount. So we are very mindful in terms of testing the product.

顯然，這是整體市場情況。當脫離整體市場時，更深層的折扣會產生截然不同的動態。我們看到競爭對手在那裡的活動越來越多。因此，我們看到，2025 年深度折扣成長了 10%，甚至高於 2024 年 7% 的成長。所以，我們一直在對 Doral 進行試點，以回答您的問題。我們一直非常謹慎，因為儘管深度折扣的幅度比一般市場更大，但95%的價值仍然處於深度折扣之外。因此，我們在產品測試方面非常謹慎。

In this case, it's Doral. We did pilots in Louisiana, in West Virginia. And what we are seeing in those pilots is suggesting that we'll be able to expand Doral for other states as well, taking into consideration the source of business, the potential down trades of our own brands. We are doing that with the value in mind. We are not doing that for the sake of market share. We want to expand Doral in the states where that makes sense from the value point of view.

這次是多拉爾。我們在路易斯安那州和西維吉尼亞州進行了試點計畫。我們從這些試點計畫中看到的結果表明，考慮到業務來源以及我們自有品牌的潛在降級消費，我們也能夠將 Doral 推廣到其他州。我們這樣做是為了實現價值。我們這樣做並不是為了爭奪市場佔有率。我們希望在那些從價值角度來看合理的州擴大 Doral 的市場份額。

Richard Felton, Goldman Sachs.

理查費爾頓，高盛集團。

Two, please. First one is on Vapour. So look, great news that the US is starting to take some proper enforcement action against illicit Vapour. But your comments point to, I suppose, a challenging environment in markets ex US. So thinking about those ex US markets, are you seeing any shifts in appetite from governments or regulators to start to enforce against that illicit segment a little bit more stringently? Or does that remain very challenging? Any comments on some of your top Vapour markets ex US on that topic would be very helpful.

請給我兩個。第一個是關於Vapour的。所以，好消息是，美國開始對非法電子煙採取一些適當的執法行動。但你的評論表明，除美國以外的市場環境充滿挑戰。那麼，就美國以外的市場而言，您是否看到各國政府或監管機構的態度有所轉變，開始更嚴格地打擊非法活動？或者說，這仍然是一個非常大的挑戰？如果您能就美國以外的一些頂級電子煙市場發表一些評論，將非常有幫助。

And then the second one, sorry to come back on the duty drawback question. I appreciate you don't want to give us the exact numbers for 2025. But just sort of, I suppose, from a high-level perspective, thinking about duty drawback into 2026, is the tailwind going to be more or less than it was in 2025 at a similar level? Any high-level comments just to sort of help us triangulate on that would be very helpful.

然後是第二個問題，很抱歉再次提及退稅問題。我很理解您不想提供 2025 年的確切數字。但從宏觀角度來看，考慮到 2026 年的關稅退稅，其利好因素在類似水準上會比 2025 年更大還是更小呢？任何有助於我們進行初步分析的高層次評論都將非常有幫助。

Okay, Richard. Look, Vapour is -- I don't think that there is a one size fits all here. There are -- we know based on our own experience that when we have geographies where we have retail license, we have proper regulation and proper enforcement. I would say, for example, France is one of the case. You just can sell Vapours in tobacconist stores. And if you are caught selling, for example, disposable now, you have a massive fine in euros. And this helps with the discipline in the market.

好的，理查德。你看，Vapour——我不認為這裡有一個適合所有人的統一標準。根據我們自身的經驗，我們知道，在我們擁有零售許可證的地區，我們會有適當的監管和適當的執法。例如，我認為法國就是其中一個例子。你只能在菸草專賣店販售電子煙。如果你被發現出售一次性用品，你將面臨巨額歐元罰款。這有助於維持市場紀律。

And in the UK, for example, despite the fact that we have been asking for a retail license, and we haven't seen the movement in that direction. There is a tobacco Vapour bill being discussed as we speak. And hopefully, they will address that. But the attempt to ban disposable has failed because the manufacturers that are not responsible, they try to circumvent in the case these regulations. So 50% of the market is illegal today in Vapour, and this is a demonstration of how difficult the governments find to either regulate, but more important to enforce regulation in some markets.

例如在英國，儘管我們一直在申請零售許可證，但我們還沒有看到朝這個方向發展的跡象。目前，一項關於菸草電子煙的法案正在討論中。希望他們能夠解決這個問題。但禁止一次性用品的嘗試失敗了，因為那些不負責任的製造商試圖規避這些規定。因此，目前電子煙市場有 50% 的產品是非法的，這表明政府在某些市場監管電子煙有多麼困難，更重要的是，監管的執行有多麼困難。

We have -- as much as we can, and we have promoted this Vapour deserves better campaign, we have been very vocal about what are the measures that government should be taking into consideration to try to discipline that. And this, with no surprise, you will see us talking about retail license, hefty fines if they got caught, a more stringent discussion in terms of age verification when you buy the product and a negative lease to avoid things like sucralose in the liquids to sweet the liquids.

我們已經盡我們所能，並大力推廣「Vapour值得更好的待遇」運動，我們一直積極發聲，呼籲政府考慮採取哪些措施來規範Vapour的運作。不出所料，我們將討論零售許可證、被抓到後的巨額罰款、購買產品時更嚴格的年齡驗證以及為避免在液體中使用三氯蔗糖等甜味劑而採取的負面措施。

So there is -- in our webcast and all that, there is a plenty of -- but there is still a lot of work to be done on that. And as a consequence, we are trying to -- as part of our resource allocation, return of investment mindset, the quality growth, which is not just about top line, but also bottom line, we have been focus on more important markets, the likes of France, like I said, the likes of Germany, the likes of Italy, which is standing out from others and then pulling back in markets like Malaysia, for example, and South Korea and so on and so forth. So that's the situation on Vapour and outside the US.

所以，在我們的網路直播等等方面，有很多內容，但在這方面仍然有很多工作要做。因此，作為我們資源配置、投資回報理念和高品質成長（這不僅關乎營收，也關乎利潤）的一部分，我們一直專注於更重要的市場，例如我剛才提到的法國、德國、義大利等，這些市場在其他國家中脫穎而出，然後減少對馬來西亞、韓國等市場的投入。這就是Vapour以及美國以外地區的情況。

In terms of duty drawback, look, I'm not giving guidance specifically for the drawback. There is -- we see that the benefits that we generate for the economy, for example, is the driver behind as much as we can start to grow employment and growing the activities in the farmers, domestic in the US. We carry on, obviously, this is not forever. This will be like you suggest, a peak.

關於退稅，你看，我不會專門就退稅問題給指示。我們看到，例如，我們為經濟帶來的利益，正是推動我們盡可能增加就業和促進美國國內農民活動發展的動力。我們會繼續下去，顯然，這不會永遠持續下去。正如你所說，這將是一個巔峰。

And in the meantime, we are strengthening our portfolio in Combustible. We are seeing the overall market decline being more supportive, which is also important for the future. And more important is us being able to create a strong position outside Combustible, because I understand the concern on the Combustible side, but overall nicotine in the US is growing. It's growing value and is growing volume.

同時，我們正在加強在可燃物領域的投資組合。我們看到整體市場下滑反而扮演了一定的支撐作用，這對未來發展也很重要。更重要的是，我們能夠在可燃物領域之外建立強大的地位，因為我理解可燃物領域的擔憂，但總體而言，美國的尼古丁市場正在成長。它的價值和銷售量都在成長。

So despite the fact that you see consistent decline in cigarettes, you see massive increase in the Modern Oral space, you see a strong increase still in Vapour, unfortunately, on the illegal side, but it's very encouraging the signs that the new administration is giving to address that. Because in untapping this potential there, there is not much concern about the direction of the cigarette, because what we want in essence, is exactly to migrate smokers out of cigarettes towards those products. But what is needed is a level playing field.

儘管香菸銷售持續下降，但現代口吸電子煙市場卻大幅成長，電子煙市場也持續強勁成長，不幸的是，非法電子煙市場依然如此。但令人鼓舞的是，新政府正在採取措施解決這個問題。因為在挖掘這種潛力時，我們並不太關心香菸的發展方向，因為我們本質上想要的，正是將吸菸者從香菸轉向這些產品。但我們需要的是一個公平的競爭環境。

Bastien Agaud, Bank of America.

巴斯蒂安‧阿戈德，美國銀行。

Bastien from Bank of America. I just have a quick one on the buyback. Your net debt is close to your target GBP2.5 billion, and your free cash flow in '25 was quite strong. So my question is regarding the buyback, GBP1.3 billion for 2026, what kind of margin do you have to potentially increase it at some point or another during the year? I understand that your debt is approximately 70% in dollar. So could be quite volatile on that. So -- but just to understand the moving parts on your buyback for full year '26.

來自美國銀行的巴斯蒂安。我只想簡單問一下回購的事。您的淨債務接近25億英鎊的目標，2025年的自由現金流相當強勁。所以我的問題是，關於2026年13億英鎊的股票回購計劃，你們有多少利潤空間可以在年內某個時候增加回購金額？我了解到您的債務約有 70% 是以美元計價的。所以這方面可能會相當不穩定。所以——只是為了了解您在 2026 年全年回購的各個環節。

I think, Bastien, thank you very much. We started a sustainable share buyback program in 2024, and we started it with GBP700 million. And now we are at GBP1.3 billion with an increase of GBP200 million for 2026. We remain our focus on cash and also delever. We have to enter into the range of 2 to 2.5. And also, we want to make sure that we continue to deliver additional incremental dividend in sterling terms and continue our 25 years plus record on that front and continue a sustainable share buyback. What we want to ensure is to create more optionality for capital allocation in medium to long term for the business.

我想，巴斯蒂安，非常感謝你。我們在 2024 年啟動了一項可持續的股票回購計劃，初始資金為 7 億英鎊。現在我們已經達到 13 億英鎊，預計到 2026 年將增加 2 億英鎊。我們將繼續專注於現金流和降低槓桿。我們必須將股息率控制在 2 到 2.5 之間。此外，我們希望確保繼續以英鎊計價派發額外的股息，延續我們 25 年來在這方面的良好記錄，並繼續進行可持續的股票回購。我們希望確保的是，為企業在中長期創造更多的資本配置選擇。

So for now, I'm very comfortable with the increase we have done of GBP200 million from GBP1.1 billion to GBP1.3 billion for 2026, and we keep on focusing on generating cash to bring us back into our range of 2 to 2.5 and continue a sustainable buyback.

所以目前，我對我們2026年將目標金額從11億英鎊增加到13億英鎊（增加2億英鎊）感到非常滿意，我們將繼續專注於創造現金流，使我們的利潤率回到2%到2.5%的區間，並繼續進行可持續的股票回購。

Damian McNeela, Deutsche Numis.

達米安·麥克尼拉，德國努米斯。

First question is just on US combustible and particularly on pricing. I was wondering if you could provide any more granularity on the pricing within the subsegments that you operate in and what the sort of outlook for '26 might be for pricing given the very strong year last year.

第一個問題只涉及美國可燃物，特別是價格方面。我想請問您能否更詳細地說明一下您所經營的各個細分市場的定價情況，以及鑑於去年業績非常強勁，2026 年的定價前景如何？

And then the second question is on CapEx. You've indicated a step-up this year. I was just wondering whether that level of CapEx is what we should be expecting for outer years past 2026.

第二個問題是關於資本支出。你今年表現出了進步的跡象。我只是想知道，這種水準的資本支出是否是我們在 2026 年以後幾年應該預期的水準。

Look, on the CapEx side, we are increasing at the back of investments mainly on the Modern Oral space. Most of the CapEx today is being reverted back to the New Categories and giving the space for us to continue growing. We don't have huge expectations to be much beyond the level that is currently. And this is suiting us well because at that level, we still can be very close to the 100% of operating conversion. It's not a limitation, but it's just a fact that with this level of CapEx, address the business needs at the same time, it puts us in a strong position to continue having high levels of operating cash conversion, which is very helpful for the financial flexibility and capital allocation that Javed was referring to.

從資本支出來看，我們主要透過對現代口腔領域的投資來實現成長。目前大部分資本支出將重新投入到新類別中，從而為我們繼續發展留出空間。我們並不期望能大幅超越目前的水準。這正合我們心意，因為在這個水準上，我們仍然可以非常接近 100% 的營運轉換率。這並非限制，而是一個事實：在這種資本支出水準下，同時滿足業務需求，使我們能夠繼續維持較高的經營現金轉換率，這對於 Javed 所指的財務靈活性和資本配置非常有幫助。

On the US combustibles, look, I cannot be talking about pricing. And we -- what I can say to you is that the price elasticity is still very benign in the US when you compare the price of cigarette vis-a-vis the average household income. And obviously, there is a dynamic that because of the specific tax that when we increase the price of a pack of cigarettes, the manufacturer have a higher benefit than the consumer perceive as a price increase, which is also helpful.

關於美國可燃物，你不能談價格。我可以告訴你們的是，在美國，香菸價格與家庭平均收入相比，價格彈性仍然非常溫和。顯然，由於有特定的稅收，當我們提高一包香菸的價格時，製造商獲得的收益比消費者感受到的價格上漲要高，這也有助於提高香菸的銷售量。

And -- but what Reynolds has been doing is laddering some of our brands. We did that very successfully with Newport. We have launched Pall Mall Select as well, which is another laddering. And we have now Doral, like I said, in pilot phase that we probably will expect to roll out to more states. But I cannot speculate with you about future price.

但是——雷諾茲一直在做的，是提升我們一些品牌的檔次。我們在紐波特港的計畫中非常成功地做到了這一點。我們還推出了 Pall Mall Select，這是另一個階梯式成長模式。正如我所說，我們現在在多拉爾開展試點項目，我們預計該項目將推廣到更多州。但我無法和你一起預測未來的價格。

That was the last question today over the phone. With this, I'd like to hand the call back over to Victoria. Over to you.

這是今天電話裡最後一個問題。接下來，我想把電話交還給維多利亞。接下來該你了。

Thank you very much, everybody, for your questions. I'm afraid that's all we have time for today. So if you put a question into the web, then the IR team will be delighted to answer the question as soon as we can.

非常感謝大家的提問。恐怕我們今天的時間就到此為止了。所以，如果您在網路上提出問題，IR 團隊將非常樂意盡快回答您的問題。

I'd now like to hand back to Tadeu today for closing remarks.

現在我把發言權交還給塔德烏，請他作總結發言。

Okay. Thank you all for listening today and for your questions. To close, I'm confident we have the right building blocks in place to deliver our midterm algorithm supported by delivering 2025 results at the top end of guidance. We will continue to reward our shareholders through strong cash returns, including our progressive dividend and sustainable share buyback and enabling us to deliver long-term growth and value creation.

好的。感謝各位今天的收聽與提問。最後，我相信我們已經具備了實現中期演算法的正確基礎，並有信心在 2025 年實現預期目標的最高結果。我們將繼續透過強勁的現金回報來回報股東，包括不斷增長的股息和可持續的股票回購，從而實現長期成長和價值創造。

Thank you again for joining us. I look forward to see many of you at the CAGNY Conference next week, where we are presenting on the February 18.

再次感謝您的參與。我期待下週在 CAGNY 會議上見到你們中的許多人，我們將在 2 月 18 日進行演講。