British American Tobacco (LSE: BATS) shares fell on Tuesday after the company said it expects 2026 revenue and adjusted operating profit growth to be at the low end of its guidance.
The maker of Lucky Strike and Dunhill cigarettes made the announcement during its Capital Markets Day. BAT expects revenue growth toward the bottom of its 3–5% range. It also expects adjusted profit from operations growth at the low end of its 4–6% target.
BAT projected a foreign-exchange headwind of approximately 2–2.5% on adjusted diluted earnings per share growth in 2026. Despite the revenue and operating profit outlook, the company still expects adjusted diluted EPS growth to be in the middle of its 5–8% target range at constant rates.