British American Tobacco p.l.c. (BTI)

Outperform Recap: Q2 2026

Velo and Vuse Beat the Assumptions Management Set Itself, APMEA Missed Again, and a 13% De-Rating Has Done the Rest

Hold Recap: Q4 2025

The U.S. Turn Is Real, 2026 Is Guided to the Floor, and Management Told the Street Not to Extrapolate the Second Half