$BTI $BATS trades at ~11.6% owners earnings yield here. Assumptions for that are: 1. The dividend will be raised by 2% in Feb 2027 (same as before) 2. Buybacks will be raised by £200m in Feb 2027 (same as before) 3. APFO growth of 4.5% vs 4.0% in 2027 (inline with CEO's commentary) I wouldn't be surprised if the company exceeds one, two or all of these assumptions, delivering a slightly higher owners earnings yield.

$BTI $BATS This issue tore a sizable black hole into BAT's growth in Europe in 2026. The opposite will be true in 2027.

Cars are also hazardous. So regulators and industry have successfully worked together to develop seat belts, airbags and countless other safety innovations. Modern cars remain hazardous even today - over 100 years after their invention - but these safety innovations have dramatically reduced the risk of harm. The same principle applies to tobacco harm reduction: modern nicotine alternatives aren't risk-free, but evidence shows that they are substantially less harmful than cigarettes. Just like seat belts, air bags and smart safety systems in cars, tobacco harm reduction could save millions of lives during the remainder of the 21st century and beyond. If over the next 30 years cigarette smoking gets entirely replaced by these modern nicotine delivery systems, the prize will arguably be the largest public health victory ever. Regulators across the world should work with industry to drive innovation and reduce total harm to society - not pretend all risks are equal and hang onto outdated views or ideologies. Follow the science and common sense logic!

$BTI $BATS Late last week I submitted a question to investor relations & management of BAT. I'm sharing it for transparency - it might be useful to others: --- Question --- During the H1 2026 results call on 30 July 2026, the CEO stated, in reference to slide 32: "As we build on our momentum, we see a clear pathway to improved growth in 2027." However, I didn't note any similar statement regarding the 2027 growth outlook during the recent CMD presentations. Could you please clarify whether the previously stated "clear pathway to improved growth in 2027" remains unchanged? If there has been a change in the outlook, I would appreciate any further explanation you can provide. --- IR/Mgmt Response --- Our CMD was focused on BAT's longer-term Horizon 2030 strategy and commitments rather than providing updated guidance for individual financial years. Horizon 2030 sets out our clear commitment to sustainable growth and shareholder value creation. Accordingly, the absence of a specific reference to 2027 should not be interpreted as a change in our previously communicated outlook. Our confidence continues to be supported by the increasing contribution of New Categories and the strength of our U.S. business.