British American Tobacco (BTI) Q2 FY25 earnings call

A deployment-year inflection: after two years of decline the largest profit pool has re-inflected on both revenue and profit, while a maturing multi-category smokeless portfolio led by Modern Oral shifts mix toward higher-margin, faster-payback growth. Management is deliberately holding profit guidance to reinvest H2 behind premium launches (glo Hilo, Vuse Ultra, Velo), positioning for a 2026 return to the medium-term algorithm despite the Bangladesh and Australia drags still masking underlying momentum.