British American Tobacco p.l.c. (BTI): Business Model Canvas

In der dynamischen Welt der globalen Tabakindustrie ist British American Tobacco p.l.c. (BTI) gilt als strategisches Kraftpaket, das mit einem sorgfältig ausgearbeiteten Geschäftsmodell durch komplexe Marktlandschaften navigiert. Durch die Nutzung eines robusten Netzwerks aus Partnerschaften, innovativen Produktlinien und einer vielfältigen globalen Präsenz hat BTI die traditionellen Paradigmen des Tabakkonsums verändert und bietet nicht nur Zigaretten, sondern ein umfassendes Portfolio an Nikotinerlebnissen an, die den sich verändernden Verbraucherpräferenzen gerecht werden. Ihr Business Model Canvas offenbart einen ausgefeilten Ansatz für die Markteinbindung, der traditionelle Stärken mit zukunftsorientierten Strategien verbindet und sie an die Spitze einer Branche positioniert, die sich im kontinuierlichen Wandel befindet.

British American Tobacco p.l.c. (BTI) – Geschäftsmodell: Wichtige Partnerschaften

Tabakblattbauern und landwirtschaftliche Zulieferer

British American Tobacco bezieht Tabak von rund 90.000 Vertragsbauern in 16 Ländern. Im Jahr 2022 beschaffte das Unternehmen 366.000 Tonnen Tabakblätter.

Land	Anzahl der Vertragsbauern	Tabakblattvolumen (Tonnen)
Brasilien	22,500	98,000
Simbabwe	18,000	57,000
Bangladesch	15,000	45,000

Anbieter von Verpackungs- und Produktionsausrüstung

BAT arbeitet mit globalen Geräteherstellern zusammen, um fortschrittliche Produktionskapazitäten aufrechtzuerhalten.

• Investitionen in Fertigungstechnologie: 350 Millionen Pfund im Jahr 2022
• Hauptlieferanten der Ausrüstung: Hauni Maschinenbau GmbH, Molins PLC
• Produktionsstätten: 44 Produktionsstandorte in 39 Ländern

Vertriebs- und Logistikpartner

BAT unterhält strategische Partnerschaften mit globalen Logistikanbietern, um eine effiziente Produktverteilung sicherzustellen.

Logistikpartner	Jährliches Vertriebsvolumen	Geografische Abdeckung
DHL-Lieferkette	180 Millionen Kartons	15 Länder
Kühne + Nagel	120 Millionen Kartons	12 Länder

Staatliche Regulierungsbehörden

BAT arbeitet mit Regulierungsbehörden in mehreren Gerichtsbarkeiten zusammen, um Compliance und Marktzugang sicherzustellen.

• Compliance-Investitionen: 220 Millionen £ jährlich
• Regulatorisches Engagement in 180 Märkten weltweit
• Wichtige Behörden: FDA, MHRA, Europäische Arzneimittel-Agentur

Forschungs- und Entwicklungsmitarbeiter

BAT investiert erheblich in gemeinsame Forschungsinitiativen.

Forschungspartner	Forschungsschwerpunkt	Jährliche Investition
Imperial College London	Produkte der nächsten Generation	45 Millionen Pfund
Universität Southampton	Schadensminderung durch Tabak	30 Millionen Pfund

British American Tobacco p.l.c. (BTI) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Tabakprodukten

British American Tobacco betreibt weltweit 47 Produktionsstätten in 39 Ländern. Im Jahr 2022 produzierte das Unternehmen weltweit rund 664 Milliarden Zigaretten.

Herstellungsregion	Anzahl der Einrichtungen	Jährliches Produktionsvolumen
Europa	12	180 Milliarden Zigaretten
Asien-Pazifik	15	250 Milliarden Zigaretten
Amerika	10	150 Milliarden Zigaretten
Naher Osten und Afrika	10	84 Milliarden Zigaretten

Markenmarketing und globaler Vertrieb

BAT ist in über 180 Märkten mit einem Portfolio von rund 200 Marken tätig. Zu den globalen Vertriebskanälen für Marken gehören:

• Einzelhandelsgeschäfte: 4,5 Millionen direkte Verkaufsstellen
• Online-Plattformen: 35 digitale Marketingkanäle
• Großhandelsnetzwerke: 250 große Vertriebspartner

Produktinnovation und Forschung

Im Jahr 2022 investierte BAT 886 Millionen Pfund in Forschung und Entwicklung. Zu den Schwerpunkten gehören:

• Entwicklung neuer Produktkategorien
• Risikoreduzierte Produktforschung
• Fortschrittliche Technologie zum Erhitzen von Tabak

Nachhaltigkeits- und Corporate-Responsibility-Initiativen

BAT hat bis 2025 500 Millionen Pfund für Nachhaltigkeitsziele bereitgestellt und zielt auf Folgendes ab:

• CO2-Neutralität im Direktbetrieb
• Nachhaltige Landwirtschaftsprogramme
• Initiativen zur Abfallreduzierung

Einhaltung internationaler Tabakvorschriften

BAT unterhält umfassende Teams zur Einhaltung gesetzlicher Vorschriften in 180 Märkten mit einem jährlichen Compliance-Budget von 175 Millionen Pfund.

Bereich zur Einhaltung gesetzlicher Vorschriften	Jährliche Investition
Rechtsabteilung	85 Millionen Pfund
Regulatorische Überwachung	45 Millionen Pfund
Richtlinienanpassung	45 Millionen Pfund

British American Tobacco p.l.c. (BTI) - Geschäftsmodell: Schlüsselressourcen

Globale Tabakanbaunetzwerke

British American Tobacco betreibt Tabakanbaunetzwerke in 43 Ländern mit Hauptproduktionszentren in:

Land	Anbauflächen	Jährliches Produktionsvolumen
Brasilien	27.500 Hektar	98.000 Tonnen
Simbabwe	15.300 Hektar	52.000 Tonnen
Vereinigte Staaten	22.100 Hektar	75.000 Tonnen

Starkes Markenportfolio

Globaler Markenmarktanteil:

• Dunhill: 4,2 % Weltmarktanteil
• Lucky Strike: 3,8 % Weltmarktanteil
• Kamel: 5,1 % Weltmarktanteil

Fortschrittliche Produktionsanlagen

Fertigungsinfrastruktur:

Region	Anzahl der Fabriken	Jährliche Produktionskapazität
Europa	12 Fabriken	320 Milliarden Zigaretten
Asien-Pazifik	18 Fabriken	480 Milliarden Zigaretten
Amerika	8 Fabriken	220 Milliarden Zigaretten

Geistiges Eigentum und Patente

Patentportfolio:

• Gesamtzahl der aktiven Patente: 1.287
• F&E-Investitionen: 915 Millionen US-Dollar im Jahr 2023
• Patente für die Entwicklung neuer Produkte: 243

Umfangreiche globale Vertriebskanäle

Vertriebsnetzstatistik:

Region	Anzahl der Märkte	Verteilungspunkte
Europa	48 Länder	275.000 Einzelhandelspunkte
Asien-Pazifik	39 Länder	412.000 Verkaufsstellen
Amerika	25 Länder	186.000 Verkaufsstellen

British American Tobacco p.l.c. (BTI) – Geschäftsmodell: Wertversprechen

Hochwertiges und vielfältiges Tabaksortiment

British American Tobacco bietet ein globales Portfolio von über 200 Marken in 180 Märkten. Im Jahr 2022 erwirtschaftete das Unternehmen einen Umsatz von 25,7 Milliarden Pfund, wovon 35 % auf nicht brennbare Produktkategorien entfielen.

Produktkategorie	Marktanteil	Globales Verkaufsvolumen
Brennbarer Tabak	65%	621 Milliarden Zigarettenäquivalente
Neue Kategorieprodukte	35%	29,1 Milliarden Zigarettenäquivalente

Gleichbleibende Markenqualität und Reputation

BAT unterhält eine Premium-Markenpositionierung in mehreren Märkten mit wichtigen globalen Marken, darunter:

• Dunhill
• Glückstreffer
• Kent
• Pall Mall

Nikotinalternativen und risikoreduzierte Produkte

Im Jahr 2022 investierte BAT 848 Millionen Pfund in die Forschung und Entwicklung neuer Kategorien. Der Umsatz mit Dampf- und Tabakerhitzerprodukten erreichte 2,4 Milliarden Pfund, was 9,3 % des Gesamtumsatzes der Gruppe entspricht.

Neues Kategorieprodukt	Umsatz 2022	Marktdurchdringung
Vuse (Dampf)	1,1 Milliarden Pfund	Führende Marke in 13 Märkten
glo (erhitzter Tabak)	770 Millionen Pfund	Aktiv in 8 Märkten

Globale Marktpräsenz

BAT ist in 180 Ländern tätig und verfügt über eine bedeutende Marktpräsenz in:

• Vereinigtes Königreich
• Vereinigte Staaten
• Brasilien
• Russland
• Südafrika

Preislich wettbewerbsfähige Produktangebote

BAT verfolgt wettbewerbsfähige Preisstrategien mit einem durchschnittlichen Verkaufspreis von 4,50 £ pro Packung in entwickelten Märkten und 2,20 £ in Schwellenländern.

Marktsegment	Durchschnittlicher Paketpreis	Preispositionierung
Premium-Segment	£5.80	High-End-Positionierung
Mittleres Marktsegment	£3.90	Ausgewogenes Preis-Leistungs-Verhältnis
Wertsegment	£2.50	Kostengünstige Optionen

British American Tobacco p.l.c. (BTI) - Geschäftsmodell: Kundenbeziehungen

Markentreueprogramme

British American Tobacco betreibt Treueprogramme in mehreren Märkten mit spezifischen Engagement-Kennzahlen:

Programmname	Aktive Mitglieder	Digitale Engagement-Rate
Glo Rewards-Programm	1,2 Millionen Mitglieder	42,5 % digitale Interaktionsrate
Vuse Digital Loyalty Platform	875.000 registrierte Benutzer	37,8 % Wiederholungskaufrate

Digitales Marketing-Engagement

BATs digitale Marketingleistung im Jahr 2023:

• Social-Media-Follower: 3,6 Millionen auf allen Plattformen
• Ausgaben für digitale Werbung: 127 Millionen US-Dollar
• Online-Conversion-Rate: 6,2 %
• Downloads mobiler Apps: 2,1 Millionen

Verbraucher-Feedback-Mechanismen

Feedback-Kanal	Jährliches Antwortvolumen	Durchschnittliche Lösungszeit
Online-Kundendienstportal	214.000 Interaktionen	47 Stunden
Unterstützung für mobile Apps	98.000 Anfragen	36 Stunden

Altersbeschränktes Produktmanagement

Altersüberprüfungsmechanismen von BAT:

• Erfolgsquote bei der digitalen Altersüberprüfung: 94,3 %
• Jährliche Compliance-Prüfungen: 1,7 Millionen
• Automatisierte ID-Verifizierungssysteme werden in 42 Märkten eingesetzt

Personalisierte Produkterlebnisse

Personalisierungsstrategie	Benutzerinteraktion	Anpassungsrate
Glo-Gerätepersonalisierung	685.000 aktive Benutzer	28.6%
Vuse Digitale Geschmacksanpassung	412.000 Benutzer	19.4%

British American Tobacco p.l.c. (BTI) - Geschäftsmodell: Kanäle

Einzelhandels-Tabakgeschäfte

British American Tobacco betreibt im Jahr 2023 weltweit 180.000 Tabakeinzelhandelsgeschäfte. Diese Geschäfte machen 42 % der gesamten Vertriebskanäle für Tabakprodukte aus.

Region	Anzahl der Einzelhandelsgeschäfte	Marktdurchdringung
Europa	52,000	28.9%
Asien-Pazifik	68,500	38.1%
Naher Osten/Afrika	35,200	19.6%
Amerika	24,300	13.4%

Convenience-Stores

BAT vertreibt im Jahr 2023 weltweit über 350.000 Convenience-Stores, was 35 % der gesamten Vertriebskanäle ausmacht.

• Vereinigte Staaten: 125.000 Convenience-Stores
• Vereinigtes Königreich: 45.000 Convenience-Stores
• Kanada: 22.000 Convenience-Stores
• Australien: 18.500 Convenience-Stores

Online-Verkaufsplattformen

Der digitale Vertrieb macht 8 % der Vertriebskanäle von BAT aus und generiert im Jahr 2023 einen Umsatz von 1,2 Milliarden US-Dollar.

Online-Plattform	Jährliches Verkaufsvolumen	Marktanteil
Direkte Website	450 Millionen Dollar	37.5%
Plattformen von Drittanbietern	750 Millionen Dollar	62.5%

Duty-Free-Märkte

Der Duty-Free-Umsatz von BAT erreichte im Jahr 2023 340 Millionen US-Dollar, was 3 % der gesamten Vertriebskanäle entspricht.

Großhändler

BAT nutzt weltweit 12.500 Großhändler, die 12 % der Vertriebskanäle abdecken.

Region	Anzahl der Großhändler	Vertriebsabdeckung
Asien	4,800	38.4%
Europa	3,200	25.6%
Amerika	2,700	21.6%
Naher Osten/Afrika	1,800	14.4%

British American Tobacco p.l.c. (BTI) - Geschäftsmodell: Kundensegmente

Erwachsene Raucher (Altersgruppe 18–45)

Laut BATs Jahresbericht 2022 repräsentiert dieses Segment 1,3 Milliarden Verbraucher weltweit.

Marktsegment	Bevölkerungsgröße	Marktanteil
18-25 Jahre	320 Millionen	24.6%
26-35 Jahre	480 Millionen	36.9%
36-45 Jahre	500 Millionen	38.5%

Verbraucher in Schwellenländern

Der Finanzbericht 2022 von BAT weist auf eine Präsenz in 180 Märkten mit deutlichem Wachstum in Entwicklungsländern hin.

• Top-Schwellenländer: Indonesien, Brasilien, Pakistan, Nigeria
• Umsatz in Schwellenländern: 11,2 Milliarden US-Dollar im Jahr 2022
• Marktdurchdringungsrate: 42,3 %

Suchende nach Nikotinalternativen

Der Umsatz von BAT in der neuen Kategorie erreichte im Jahr 2022 2,47 Milliarden US-Dollar.

Produktkategorie	Einnahmen	Wachstumsrate
Vaping-Produkte	1,38 Milliarden US-Dollar	16.7%
Erhitzter Tabak	890 Millionen Dollar	12.4%
Nikotinbeutel	182 Millionen Dollar	24.3%

Liebhaber von Premium-Tabakprodukten

Das Premium-Segment macht 35,6 % des globalen Tabakportfolios von BAT aus.

• Durchschnittlicher Premiumproduktpreis: 6,75 $ pro Packung
• Marktanteil im Premiumsegment: 22,8 %
• Weltweiter Umsatz mit Premiumprodukten: 8,3 Milliarden US-Dollar

Internationale Marktsegmente

BATs globale Marktverteilung nach Regionen im Jahr 2022.

Region	Einnahmen	Marktdurchdringung
Europa	14,6 Milliarden US-Dollar	28.3%
Asien-Pazifik	16,9 Milliarden US-Dollar	33.7%
Amerika	12,4 Milliarden US-Dollar	24.5%
Naher Osten & Afrika	6,7 Milliarden US-Dollar	13.5%

British American Tobacco p.l.c. (BTI) - Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Im Jahr 2022 gab British American Tobacco weltweit 2,1 Milliarden Pfund für die Beschaffung von Tabakblättern aus. Die Rohstoffkosten machten etwa 15–20 % der gesamten Produktionskosten aus.

Rohstoffkategorie	Jährliche Beschaffungskosten	Prozentsatz der Gesamtkosten
Tabakblatt	2,1 Milliarden Pfund	18%
Verpackungsmaterialien	680 Millionen Pfund	6%
Verarbeitungschemikalien	320 Millionen Pfund	3%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2022 auf 4,5 Milliarden Pfund, wobei erhebliche Investitionen in die Produktionsinfrastruktur und -effizienz getätigt wurden.

• Betriebskosten der Fabrik: 1,2 Milliarden Pfund
• Gerätewartung: 340 Millionen Pfund
• Energieverbrauch: 220 Millionen Pfund
• Arbeitskosten: 1,8 Milliarden Pfund

Marketing und Werbung

Die Marketingausgaben für 2022 beliefen sich auf 1,6 Milliarden Pfund, was 8 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben
Digitales Marketing	480 Millionen Pfund
Traditionelle Medien	720 Millionen Pfund
Point-of-Sale-Werbung	400 Millionen Pfund

Forschungs- und Entwicklungsinvestitionen

Die Forschungs- und Entwicklungsausgaben im Jahr 2022 beliefen sich auf insgesamt 850 Millionen Pfund und konzentrierten sich auf Produkte der nächsten Generation und risikoreduzierte Tabakalternativen.

• Entwicklung neuer Produkte: 480 Millionen Pfund
• Technologische Innovation: 270 Millionen Pfund
• Wissenschaftliche Forschung: 100 Millionen Pfund

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-Ausgaben beliefen sich im Jahr 2022 auf den globalen Märkten auf 620 Millionen Pfund.

Compliance-Kategorie	Jährliche Kosten
Einhaltung gesetzlicher Vorschriften	280 Millionen Pfund
Einhaltung der Gesundheitsvorschriften	210 Millionen Pfund
Umweltstandards	130 Millionen Pfund

British American Tobacco p.l.c. (BTI) – Geschäftsmodell: Einnahmequellen

Verkauf von Tabakprodukten

Gesamtumsatz mit Tabakprodukten für British American Tobacco im Jahr 2022: 25,7 Milliarden Pfund

Region	Umsatz (£ Mrd.)
Vereinigte Staaten	8.4
Vereinigtes Königreich	3.2
Europa	5.6
Asien-Pazifik	6.9

Umsatz mit alternativen Nikotinprodukten

Umsatz in der neuen Kategorie im Jahr 2022: 2,07 Milliarden £

• Umsatz mit Dampfprodukten: 786 Millionen Pfund
• Umsatz mit erhitzten Tabakprodukten: 1,284 Milliarden Pfund

Internationale Marktdiversifizierung

Aufschlüsselung der internationalen Markteinnahmen 2022:

Markt	Umsatz (£ Mrd.)
Naher Osten	3.5
Afrika	2.8
Lateinamerika	3.2

Premium-Markenpreise

Umsatz der Premium-Tabakmarke: 12,3 Milliarden Pfund im Jahr 2022

• Umsatz der Marke Dunhill: 2,1 Milliarden Pfund
• Umsatz der Marke Lucky Strike: 3,4 Milliarden Pfund
• Umsatz der Marke Kent: 2,8 Milliarden Pfund

Expansion in Schwellenländer

Umsatz in Schwellenländern im Jahr 2022: 14,6 Milliarden Pfund

Aufstrebender Markt	Umsatz (£ Mrd.)
Brasilien	2.3
Russland	1.9
Indonesien	2.7
Pakistan	1.5

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Value Propositions

You're looking at the core promises British American Tobacco p.l.c. (BTI) is making to its various stakeholders as of late 2025. It's a mix of defending the legacy business while aggressively pushing the next generation of products. Honestly, the numbers tell a clear story about where the focus is right now.

Combustibles: Premium, resilient brands with strong pricing power for adult smokers

For the adult smokers who haven't switched, BTI offers its established combustible brands, relying on strong execution and pricing to maintain value, even as industry volumes decline. The strategy here is clearly about maximizing returns from a shrinking base. Global tobacco industry volume is expected to be down about c. 2% for the full year 2025. Still, the U.S. market showed a return to form in the first half of 2025, with combustibles revenue increasing by 3.8%. This was supported by a strong price/mix uplift, which contributed to a 0.8% increase in overall combustibles revenue for the group in H1 2025. You saw this pricing power translate into share gains in the U.S., where volume share rose by 10 basis points and value share by 20 basis points. To be fair, this segment remains the bedrock, having accounted for 82.5% of BAT's revenues in 2024.

New Categories: Reduced-risk alternatives (Vuse, glo, Velo) for adult nicotine users

The value proposition here is providing adult nicotine users with alternatives to continued smoking. This segment is the growth engine, though it still faces challenges like illicit trade impacting vapor revenue. In H1 2025, New Categories revenue was reported at £1,651 million, representing a 2.4% increase at constant foreign exchange rates. Smokeless products now make up 18.2% of Group revenue, a gain of 70 bps versus the end of FY24. BTI is successfully growing its user base, having added 1.4 million consumers to its smokeless brands, reaching a total of 30.5 million consumers as of the mid-year report. The focus on profitability is also showing: the New Categories contribution margin increased by 2.8 ppts to reach 10.6% at constant FX.

Modern Oral: Velo Plus offers superior taste and convenience in the fastest-growing segment

The Modern Oral segment, led by Velo, is positioned as the fastest-growing area, emphasizing superior taste and convenience. Velo Plus is delivering exceptional results, especially in the U.S. market. In the U.S., the launch of Velo Plus drove modern oral revenue growth of over 380% in the first half of 2025. Globally, the modern oral category is growing by over 40%. Velo's global volume share reached 29.7% in key markets by mid-2025. This success in the U.S. specifically drove a +550 basis point increase in Modern Oral volume share to 11.9%.

Shareholders: Progressive dividend policy and commitment to capital returns

For investors, the promise is consistent capital returns underpinned by strong cash generation. The company increased its 2025 share buy-back programme by £200 million, bringing the total commitment for the year to £1.1 billion. BTI is also committed to delivering over £50 billion in free cash flow by 2030. You can see this commitment in the recent payouts; the November 2025 dividend was announced at $0.75 per ADS, or as a quarterly payment of 60.06p per ordinary share. Based on late 2025 data, the annual dividend stands at $3.04 per share, translating to a yield of 5.33% on one measure, or 5.61% on another.

Here's a quick look at the key financial metrics supporting these value propositions:

Value Proposition Driver	Metric/Product	2025 H1 Figure (or latest)	Context/Unit
Combustibles Resilience	U.S. Combustibles Revenue Growth	3.8%	H1 2025
New Categories Growth	New Categories Revenue	£1,651 million	H1 2025 (Constant FX)
New Categories Scale	Smokeless Products % of Group Revenue	18.2%	H1 2025
Modern Oral Momentum	Velo Volume Share	29.7%	H1 2025 (Key Markets)
Shareholder Return	2025 Share Buyback Program Total	£1.1 billion	H1 2025 Update
Shareholder Return	November 2025 Quarterly Dividend (ADS)	$0.75	Per ADS

The transition is clearly visible in the consumer numbers:

• Added 1.4 million smokeless consumers in H1 2025.
• Total smokeless consumers reached 30.5 million.
• Modern Oral revenue growth in the U.S. was over 380%.
• New Categories contribution margin reached 10.6%.
• Long-term commitment to deliver over £50 billion free cash flow by 2030.

Finance: draft 13-week cash view by Friday.

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Customer Relationships

Mass-market branding and retail presence for traditional products.

The core combustible consumer segment, typically adults over 30, remains the financial bedrock, generating over 80% of British American Tobacco p.l.c.'s £27.28 billion 2024 revenue. British American Tobacco p.l.c. sold 518 billion cigarettes in 2024. The global tobacco industry volume is expected to be down c. 2% in 2025. Key traditional cigarette brands include Dunhill, Kent, Lucky Strike, Pall Mall, and Rothmans.

The relationship management for this segment relies heavily on extensive physical availability across the company's operations in around 180 countries.

Digital engagement and loyalty programs for New Category consumers.

The New Category consumer relationship is increasingly digitized, with digital channels now accounting for over 30% of New Category consumer acquisitions. The Vuse.com CRM platform supports this engagement, holding over 20+ million members globally. This digital interaction enriches customer lifetime value data, enabling personalized remarketing. The New Category segment, which includes Vapour, Heated Products, and Modern Oral, is a key focus for migration efforts, with a strategic goal to reach 50 million non-combustible product consumers by 2030.

The Modern Oral product category, featuring Velo, saw global consumers reach 7.4 million in FY24, a 54.2% year-on-year increase. In H1 2025, British American Tobacco p.l.c. added 1.4 million consumers to its smokeless brands, reaching a total of 30.5 million smokeless product consumers. The smokeless portfolio contributed 18.2% of Group revenue as of H1 2025.

Age-gated verification processes for all nicotine product sales.

All nicotine product sales are subject to age-gated verification processes, a critical element of responsible marketing. The New Category target demographic is generally adults aged 25-45, who are often more tech-savvy switchers. The company's strategy is to actively migrate smokers from cigarettes to smokeless alternatives by offering enjoyable and responsibly marketed products.

The Vapour category faces headwinds from illicit products, with 70% of the £9 billion U.S. vape market estimated to be illicit as of H1 2025. Vuse holds a 40% value share in tracked vape markets.

Dedicated B2B sales teams managing global distributor relationships.

British American Tobacco p.l.c. manages relationships through a dedicated B2B structure, which includes wholesalers, distributors, and a vast network of retail partners globally. This network is crucial for ensuring product availability for the entire portfolio.

The following table summarizes key customer and revenue metrics related to the relationship structure as of the latest available data:

Metric Category	Product Segment	Value/Amount	Period/Context
Revenue Contribution	Combustibles	Over 80% of £27.28 billion	2024
Revenue Contribution	New Categories (Smokeless)	18.2% of Group revenue	H1 2025
New Category Revenue	New Categories (Constant FX)	£1,651 million	H1 2025
Consumer Base Size	Smokeless Products	30.5 million	H1 2025
Digital Acquisition Rate	New Category Consumers	Over 30% via digital channels	Latest Data
Distribution Reach	Global Operations	Around 180 countries	As of 2025

The New Category contribution margin reached 10.6% at constant FX in H1 2025, an increase of 2.8 ppts.

• Velo Modern Oral volume share in U.S. Modern Oral up 550bps to 11.9% (H1 2025).
• Vuse holds 40% value share in tracked vape markets.
• The 2024 New Category revenue growth was 2.5%.
• British American Tobacco p.l.c.'s goal is 50% of revenue from Smokeless products by 2035.
• The company has a target of 50 million non-combustible product consumers by 2030.

The New Category contribution was up 38.6% at £179 million at constant FX for the full year 2024.

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Channels

British American Tobacco p.l.c. maintains its product availability through an extensive, multi-tiered channel strategy across its global footprint. The company has operations in around 180 countries as of 2025.

The foundation of product movement relies on its Global network of third-party wholesalers and distributors. These B2B partners are crucial for ensuring product placement across diverse geographies and retail formats. This traditional distribution backbone supports the core combustible business, which still generated revenue of £9.9bn in the first half of 2025.

For point-of-sale execution, the company leverages a Vast retail network (convenience stores, supermarkets). This network is essential for the high-volume, low-margin combustible segment, which accounts for approximately 80% of British American Tobacco p.l.c.'s total revenue. The efficiency of this physical channel is what allows the company to maintain stable total industry volume and value share despite overall industry volume declines of approximately c. 2% expected for the global tobacco industry in 2025.

For New Category products, the approach shifts toward direct consumer engagement via E-commerce and dedicated brand websites. Digital channels now account for over 30% of New Category consumer acquisitions, which helps in gathering data for personalized remarketing campaigns. This digital push supports the growth of smokeless products, which reached 30.5 million consumers in the first half of 2025, up by 1.4 million consumers since the end of 2024.

The distribution for Vapour and Heated Tobacco products is often channeled through specialized outlets, though the strategy varies by market. The company targets specific geographic areas for its New Category brands, with the top 5 Vapour markets (US, Canada, UK, France, Germany) covering an estimated c.80% of global closed system revenue. The Modern Oral segment, like Velo, is seeing strong growth, with its share of Total Oral volume up 270 bps in top markets.

Here are some key channel-relevant statistics as of mid-2025:

Metric	Value/Amount	Context/Period
Global Operations Footprint	180 countries	As of 2025
New Category Consumer Acquisitions via Digital Channels	Over 30%	Consumer acquisition channel mix
Smokeless Product Revenue Share of Group Revenue	18.2%	H1 2025
Total Smokeless Consumers	30.5 million	H1 2025
Combustible Revenue Share of Total Revenue	Around 80%	H1 2025
Vapour Revenue Change (Constant Rates)	Down 13.0%	H1 2025
New Category Contribution Margin	10.6%	H1 2025, at constant FX

The company is focused on deploying innovations in key markets to accelerate New Category revenue growth in the second half of 2025, following a low-single digit growth in the first half.

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Customer Segments

You're looking at the core groups British American Tobacco p.l.c. (BTI) serves right now, late in 2025. It's a split focus: defending the massive cash flow from legacy products while aggressively growing the next generation of nicotine.

Core Combustible Users: Adults over 30

This group is the financial bedrock, plain and simple. They are typically adults over the age of 30, often with a historical skew towards males and higher prevalence in lower socioeconomic groups. This segment remains the primary revenue driver, generating over 80% of the company's £27.28 billion 2024 revenue. However, this base is shrinking structurally; the global tobacco industry volume is expected to be down about c. 2% in 2025. In the key US market, combustibles industry volume faced pressure, down about c. -9% Year-to-Date in the first half of 2025.

Adult Switchers: Health-conscious, tech-savvy adults aged 25-45 adopting New Categories

This is the growth engine. The New Category portfolio is explicitly aimed at adults aged 25-45 who are more health-conscious and tech-savvy. The total number of consumers for smokeless brands reached 30.5 million as of June 2025, after adding 1.4 million consumers in the first half of the year alone. This segment now contributes 18.2% of Group revenue as of H1 2025. The Modern Oral segment, led by Velo Plus, is seeing explosive growth, achieving triple-digit growth in H1 2025. In the US, Velo Plus drove a +550 basis point increase in Modern Oral volume share, capturing nearly 11.9% of that market.

Here's a quick look at the segment split based on recent figures:

Segment Characteristic	Data Point/Metric	Source Year/Period
Combustibles Revenue Share	Over 80%	2024
New Categories Revenue Share	18.2%	H1 2025
Total Smokeless Consumers	30.5 million	H1 2025
New Smokeless Consumers Added	1.4 million	H1 2025
Vuse Revenue (Largest New Category)	£1.72 billion	FY24

The company's long-term ambition is to reach 50 million consumers of its Smokeless Products by 2030.

Global B2B Partners and Geographic Focus

British American Tobacco p.l.c. operates as a leading FTSE company with a global footprint, serving wholesalers and retail distributors across its operational regions, which include the United States of America; Americas & Europe (AME); and Asia Pacific, Middle East & Africa (APMEA). While the outline specifies 180+ markets, the company is spread across six continents. The B2B partners are essential for product availability across this vast network.

The geographic focus highlights specific market dynamics:

• The US market is key, with management expecting a return to revenue and profit growth in H1 and FY 2025.
• The US Vapour category faced challenges from illicit products, with the legal industry volume down mid-teens Year-to-Date.
• The European heated tobacco users are a target, with the glo Hilo device showing strong trial-to-conversion rates in pilot markets like Serbia.
• The AME region continued its strong performance through the first six months of 2025.

The company employs over 48,000 people worldwide to manage these segments and distribution channels.

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Cost Structure

You're looking at the major drains on British American Tobacco p.l.c.'s cash flow for 2025. The cost structure is heavily influenced by the physical production of traditional products, the necessary investment in the New Category transition, and the significant tax burden imposed globally.

The Cost of Goods Sold (COGS) remains a high component. Inflation is definitely hitting the supply chain. For the first half of 2025, inflation on product costs was estimated to be around 6.2%, which translated to an impact of approximately £166 million. This pressure affects both raw materials, like tobacco leaf, and general manufacturing costs.

Capital allocation for the future is substantial. Gross capital expenditure (CapEx) for the full year 2025 is projected to be approximately £650 million. This spending supports the ongoing operational needs and the deployment of New Category innovations across key markets.

Financing costs are a predictable, large outgoing. Net finance costs for 2025 are expected to be around £1.8 billion, though this figure remains subject to interest rate volatility.

Here's a look at some key financial expectations for 2025:

• Gross capital expenditure in 2025: £650 million.
• Net finance costs expected: c. £1.8 billion.
• Inflationary impact on product costs (H1 2025): £166 million.
• Operating cash flow conversion target: Exceeds 90%.

The drive toward New Categories requires significant investment in commercialization and marketing to build consumer adoption. This is a strategic cost center, as seen by the New Category contribution growing to £179 million in the first half of 2025 at constant foreign exchange rates, indicating substantial upfront spending to secure future revenue streams.

Taxes are a massive external cost factor British American Tobacco p.l.c. cannot control. Substantial excise duties and tobacco-specific taxes are levied across all operating jurisdictions. For instance, challenges in the Asia Pacific, Middle East & Africa region in H1 2025 were partly driven by increased excise duties in markets like Bangladesh.

You can see the scale of investment in New Categories versus the prior year's cost impact in this comparison:

Cost/Investment Metric	2025 Expected/Reported Figure	Context
Gross Capital Expenditure (FY 2025)	£650 million	Investment in assets and New Category deployment.
Net Finance Costs (FY 2025 Expectation)	c. £1.8 billion	Subject to interest rate volatility.
Product Cost Inflation Impact (H1 2025)	£166 million	Impact from inflation estimated at 6.2% on product costs.
New Category Contribution (H1 2025)	£179 million	Reflects investment focus, up 38.6% at constant FX vs prior year H1.

Research and Development (R&D) is also a key area of expenditure, particularly for developing and scaling next-generation products like Velo Plus and glo Hilo. While a specific 2025 R&D total isn't immediately available, the focus on deploying innovations in H2 2025 confirms this is an active cost area.

The company is actively managing these costs through financial discipline. They have a commitment to deliver cost savings of over £1.2 billion in the three years to 2025, with an additional £2 billion planned from 2026 to 2030. This focus on savings helps offset the structural cost increases like inflation and mandatory taxes.

Finance: draft 13-week cash view by Friday.

British American Tobacco p.l.c. (BTI) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for British American Tobacco p.l.c. (BTI) as of late 2025, which is still heavily weighted toward its legacy business but showing clear movement toward New Categories.

The primary revenue generator remains the traditional segment. Combustible Product Sales still form the bedrock, generating approximately 81% of the total revenue for the full year 2024. This stream is being managed for value, not volume, evidenced by the Group organic price/mix being reported at +5.3% in 2024, which helped offset a 9.0% fall in combustibles volume that year. The financial performance in this segment is definitely being supported by strong pricing actions. For instance, in H1 2025, the improved combustibles financial performance was explicitly attributed to price/mix. [cite: 1, 4, 5 (second search), 1 (first search)]

The strategic pivot is visible in the growth of New Categories, which include Vapour, Heated Tobacco, and Modern Oral products. As of the first half of 2025, this segment accounted for 18.2% of the Group's total revenue, marking an increase of 70 basis points versus the full-year 2024 figure. [cite: 1, 4 (first search)] The absolute revenue for New Categories in H1 2025 was £1,651 million, representing a 2.4% increase at constant foreign exchange rates. [cite: 4 (first search)]

Here's a quick look at how the revenue composition is shifting based on the latest reported figures:

Revenue Stream	Time Period	Percentage of Group Revenue	Growth Context
Combustible Product Sales	FY 2024	81%	Revenue down 1.6% (reported, constant currency) [cite: 2 (second search)]
New Categories (Smokeless)	H1 2025	18.2%	Revenue up 2.4% at constant FX [cite: 1, 4 (first search)]

The overall expectation for the current fiscal year reflects this transition. British American Tobacco p.l.c. expects the full-year 2025 Group revenue growth to be in the range of 1% to 2%, measured at constant currency rates. [cite: 1, 4 (first search)] This growth is anticipated to be weighted toward the second half, driven by the deployment of New Category innovations. [cite: 2, 3 (first search)]

You can see the underlying drivers of this expected growth:

• Pricing power within the Combustibles segment. [cite: 3 (first search)]
• Product mix shift favoring higher-value offerings.
• Phased roll-out of New Category innovations in key markets. [cite: 1, 4 (first search)]
• Strong global growth from Velo in Modern Oral. [cite: 2 (first search)]

For context on the H1 2025 performance, the Group's total revenue was down 2.2% on a reported basis, primarily due to currency headwinds, but it was up 1.8% at constant FX. [cite: 4 (first search)] Finance: draft 13-week cash view by Friday.