🧾 What This Document Is

This is a Form 6-K, a report foreign companies file with the SEC to share important news with U.S. investors. This specific filing from British American Tobacco (BAT) is a collection of recent press releases. The main news is about the company actively buying back its own shares from the market, plus an announcement for its upcoming shareholder meeting.

👉 In simple terms: BAT is using its cash to buy its own stock, which is a way to reward shareholders. They’re also getting ready for their annual meeting to vote on company matters.

🏢 What The Company Does

In simple terms… British American Tobacco is one of the world's largest tobacco companies. They manufacture and sell cigarettes and, increasingly, "next-generation" products like vaping devices and heated tobacco. It's a massive, global business facing long-term challenges as smoking rates decline.

🚀 The Share Buyback Program

BAT is executing a long-running program to repurchase its own shares. This filing details purchases made over several days in late February and early March 2026.

• How it works: The company hires a bank (Banco Santander, S.A.) to buy its shares on the open market throughout the trading day.
• What happens next: The bought shares are intended to be cancelled, which reduces the total number of shares available. This typically makes each remaining share more valuable.
• The scale: On each of the days listed (Feb 27, Mar 10, 11, 12, 13), BAT spent millions of pounds buying over 90,000 to 126,000 shares at a time, with prices ranging from about 4,351p to 4,671p per share.

👉 Why it matters: Share buybacks are a direct signal that the company believes its stock is a good investment. It returns capital to shareholders by increasing the ownership stake of those who hold on.

📦 The Upcoming Annual Meeting (AGM)

The company announced it will hold its Annual General Meeting on 15 April 2026. Ahead of this, it has mailed important documents to shareholders, including:

• The 2025 Annual & Sustainability Report.
• The formal Notice of the AGM, which lists the items to be voted on.
• Proxy forms for shareholders to cast their votes.

👉 Why it matters: The AGM is where shareholders exercise their rights, voting on directors, executive pay, and other key company policies. The documents provide the information needed to vote.

💰 Financial Position After Buybacks

Each press release updates the count of BAT's shares. After each purchase and cancellation:

• The number of ordinary shares in issue (excluding shares the company holds in "treasury") decreases.
• For example, after the March 13 purchase, there were 2,173,624,451 ordinary shares with voting rights.
• The company also holds 132,976,327 shares in its treasury account.

👉 Why it matters: Fewer shares outstanding means higher "earnings per share," a key metric for investors. It shows the buyback is actively changing the company's capital structure.

🔮 What This Signals & What's Next

The continuous buyback program signals management's confidence in the company's value and its commitment to returning cash to shareholders. The upcoming AGM will set the strategic and governance tone for the coming year.

Watch for:

• The outcome of the AGM votes.
• Continued execution of the buyback program (originally announced in March 2024).
• BAT's progress in transitioning its business beyond traditional cigarettes.

⚖️ Big Picture

👍 Strengths:

• Cash Generative: The ability to run large, sustained buybacks shows the company produces strong free cash flow.
• Shareholder-Friendly: Actively returning capital via buybacks and dividends is a clear positive for investors.

⚠️ Risks:

• Industry Headwinds: The core tobacco business faces regulatory pressure and declining smoking rates globally.
• Execution Risk: The success of its strategy depends heavily on the growth of its less-polluting "next-gen" products.

🧠 The Analogy

Think of a pizza restaurant owned by 10 friends. The restaurant is doing well and has extra cash. One friend wants to sell their slice. Instead of a new person buying it, the restaurant itself buys the slice and eats it (cancels it). Now, the pizza is divided among 9 friends instead of 10, so each friend's slice gets bigger. BAT is "eating" its own slices to make the remaining pizza slices bigger for its shareholders.

📇 Key Contacts & People

• Victoria Buxton (Investor Relations): [email protected]
• C Worlock (Assistant Secretary)
• Media Centre: [email protected] | @BATplc

🧩 Final Takeaway

This filing shows British American Tobacco is in a phase of actively rewarding shareholders by shrinking its own share count through buybacks, while also moving forward with its annual governance cycle. It reflects a company using its financial strength to navigate a challenging industry.