British American Tobacco detailed its Horizon 2030 strategy at its Capital Markets Day, positioning smokeless nicotine products as its primary growth engine. The company targets mid-teens revenue growth from these categories through 2030. It aims for 50 million consumers to use smokeless products by then.
BAT reiterated its financial framework, which targets annual revenue growth of 3%-5%. The company aims to generate more than £50 billion in free cash flow between 2024 and 2030. It plans £2 billion in productivity savings to support this strategy.
BAT’s modern oral nicotine pouch brand, Velo, is central to the plan. The company expects the global market for these products to nearly triple by 2030.
BAT said traditional combustible products will remain a key source of cash flow to fund investment and shareholder returns. It expects combustible revenue to grow by an average of 1%-2% through 2030.