British American Tobacco begins new share buyback tranche

British American Tobacco p.l.c. (BAT) announced on October 9, 2025, the initiation of a new tranche of its share buyback program, originally announced on March 18, 2024. The company has engaged Goldman Sachs International to purchase ordinary shares between October 16, 2025, and December 23, 2025. This initiative aims to reduce the company’s share capital by cancelling repurchased shares, operating within the authority granted by shareholders at the 2025 AGM, up to a maximum of 220,451,469 shares.

Separately, on October 9, 2025, BAT reported the purchase of 182,132 ordinary shares of 25 pence each from Banco Santander, S.A. on October 8, 2025. The highest price paid was £3,875.00p, the lowest was £3,826.00p, and the volume-weighted average price was £3,843.3518p. These shares, part of the broader buyback program, will also be cancelled.

Following this transaction, British American Tobacco will have 2,186,643,166 ordinary shares in issue (excluding treasury shares) and will hold 132,998,647 shares in treasury. The purchases adhere to regulatory guidelines, including the Market Abuse Regulation 596/2014 and the UK Listing Rules, with a maximum purchase price linked to market values.