SENS-AI
BTI Share Repurchase Neutral

BRITISH AMERICAN TOBACCO PLC - Transaction in Own Shares

British American Tobacco p.l.c.
Full analysis

What this filing means

British American Tobacco (BTI) continues its routine daily share buyback program by repurchasing 94,469 shares on the LSE for cancellation.

British American Tobacco bought back 94,469 of its own shares to cancel them, which slowly reduces the total number of shares available. This is a normal part of a plan they started in March 2024 to return money to shareholders.

Bull case

  • The Company continues to actively execute its share buyback program, purchasing 94,469 ordinary shares to support EPS.
  • The explicit intention to cancel the purchased shares ensures a permanent reduction in the total number of ordinary shares in issue.
  • The buyback is undertaken in accordance with shareholder authority, demonstrating sound corporate governance and alignment with shareholder interests.

Bear case

  • The company is conducting its share buyback programme at a volume weighted average price of 4,551.7968p, potentially representing a less opportunistic use of capital.
  • The daily purchase volume of 94,469 shares represents a negligible fraction of the total shares in issue, resulting in an insignificant impact on per-share metrics.
  • All shares were purchased on the London Stock Exchange with no local JSE participation, offering no direct price support or liquidity benefit to the South African market.
View original SENS announcement

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

British American Tobacco has executed a daily repurchase of 94,469 ordinary shares at a volume weighted average price of 4,551.7968p as part of its ongoing buyback program. While the bull case notes the consistent return of capital and the cancellation of shares to support EPS, the bear case correctly identifies that the daily volume is negligible (approx. 0.004%) and provides no direct liquidity support for the JSE listing. Given this is a continuation of a previously announced program and the stock is already trading with positive momentum above its 200-day moving average, this routine filing is a neutral compliance event. Investor Takeaway: This is a routine continuation of an existing buyback program with no new strategic signal or material impact on short-term valuation.

Routine filing. No equity signal. No portfolio action required.

Evidence from the filing

  • The Company continues to actively execute its share buyback program, purchasing 94,469 ordinary shares, which systematically reduces the share count and supports EPS.

    “it purchased the following number of its ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024: ... Number of ordinary shares of 25 pence each purchased: 94,469”

  • The explicit intention to cancel the purchased shares ensures a permanent reduction in the total number of ordinary shares in issue, thereby enhancing intrinsic value for existing shareholders.

    “The Company intends to cancel the purchased shares.”

  • The buyback is undertaken "in accordance with the authority granted by shareholders," demonstrating sound corporate governance and alignment with shareholder interests in returning capital.

    “in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 16 April 2025”

  • The company is conducting its share buyback programme at a volume weighted average price of 4,551.7968p (pence), with prices ranging up to 4,596.00p.

    “Highest price paid per share (pence): 4,596.00p Lowest price paid per share (pence): 4,481.00p Volume weighted average price paid per share (pence): 4,551.7968p”

  • The daily purchase volume of 94,469 shares represents a negligible fraction of the total 2,175,109,609 ordinary shares in issue (excluding treasury shares).

    “Number of ordinary shares of 25 pence each purchased: 94,469 Following the purchase and cancellation of these shares, the Company will have 2,175,109,609 ordinary shares in issue (excluding treasury shares)”

  • All shares for this transaction were purchased from a single counterparty, Banco Santander, S.A., on the London Stock Exchange (LSE), with no reported buyback activity on other platforms like CHIX or BATE.

    “it purchased the following number of its ordinary shares of 25 pence each ("shares") from Banco Santander, S.A. as part of its buyback programme announced on 18 March 2024: Date of purchase: 20 February 2026 Number of ordinary shares of 25 pence each 94,469 purchased: Highest price paid per share (pence): 4,596.00p Lowest price paid per share (pence): 4,481.00p Volume weighted average price paid per share 4,551.7968p (pence): [...] British American GB0002875804 20/02/2026 94,469 4,551.7968p LSE Tobacco p.l.c. British American GB0002875804 20/02/2026 0 0.0000p CHIX Tobacco p.l.c. British American GB0002875804 20/02/2026 0 0.0000p BATE Tobacco p.l.c.”
Category
Share Repurchase
Published
Feb 23, 2026

More on British American Tobacco p.l.c.

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