British American Tobacco PLC is considering a potential disposal of a small part of its shareholding in ITC Limited through an on-market block trade. The company has stated that there is no certainty that the transaction will proceed, nor are there any certainties regarding the terms of the potential transaction. BAT has emphasized its commitment to creating a smokeless world and aims to generate 50% of its revenue from non-combustible products by 2035. The company encourages smokers to switch to scientifically-substantiated alternatives to reduce health risks associated with combustible cigarettes.

BAT has set ambitious targets, including having 50 million consumers of its non-combustible products by 2030 and generating 5 billion of New Categories revenue by 2025. The company also has sustainability targets, such as reducing GHG emissions and ensuring that 100% of its packaging is reusable, recyclable, or compostable by 2025. In 2023, BAT generated revenue of 27.28 billion, with an adjusted profit from operations of 12.46 billion and employed over 46,000 people.

The company's Strategic Portfolio includes global cigarette brands and a growing range of nicotine and smokeless tobacco products, such as Vuse, glo, and Velo. BAT currently has 24 million consumers of non-combustible products, accounting for 16.5% of Group revenue in 2023. The company emphasizes that these products are not risk-free and are addictive, and certain products are subject to FDA regulation in the U.S.

BAT has also issued forward-looking statements, including its customer target ambition, New Categories revenue targets, and ESG targets. The company acknowledges that these statements involve estimates and assumptions subject to risks, uncertainties, and other factors. It advises referring to the 2023 Annual Report and Form 20-F for a comprehensive understanding of the reasons why actual results and developments may differ from the expectations disclosed or implied within forward-looking statements.