Full Year Results Statement

CONSISTENT DELIVERY, STRONG FOUNDATIONS

Financial summary

1 Tobacco & NGP net revenue is reported revenue less duty and similar items, sale of peripheral products and Distribution (Logista) revenue.

2 See page 3 for the basis of presentation and the supplementary section at the end of the financial statements for the reconciliation between reported and adjusted measures.

3 Constant currency removes effect of exchange rate movements on the translation of the results of our overseas operations.

Lukas Paravicini, Chief Executive

“Our consistently strong operational and financial delivery provides a firm platform on which to build as we embark on the next phase of our strategy. As I take over as Chief Executive Officer, I want to thank my predecessor, Stefan Bomhard, for his leadership over the past five years, during which time we significantly strengthened the company and delivered outstanding returns for shareholders. Our performance in FY25 adds to our track record of consistent growth, demonstrating the sustainability of our tobacco business and the exciting growth opportunities in next generation products. 

“During the next strategic period, we will evolve the distinctive challenger approach which has underpinned our recent success. This means we will continue to invest in consumer insights, innovation and marketing capabilities. We will also continue to make deliberate, focused choices about which opportunities we pursue, and develop a simpler, more efficient and more agile organisation.

“While our approach is evolutionary, our ambition is bold – to deliver a step-change in our capabilities and fully unleash the potential of our people. This transformation will enable us to fulfil our twin strategic priorities – sustainable value in combustibles and scale in NGP – and realise our purpose of forging a path to a healthier future for moments of relaxation and pleasure.”