•  Revenue down 1.3%, up 3.1% on an organic basis (at constant rates), driven by New Categories organic revenue up 21.0% (at constant rates) and resilient pricing
•  Strong volume led New Category revenue growth – driven by Vuse and Velo, with revenue from Non-Combustibles now 16.5% of Group revenue, up 170 bps vs FY22
•  New Categories achieved profitability in 2023 (at a category contribution level), two years ahead of original target and contributing a £398 million increase to Group profit, at constant rates of exchange
•  Global settlement with Philip Morris International Inc. (PMI) that resolves all ongoing patent infringement litigation between the parties related to our Heated Products (HP) and Vapour products
•  Total Combustibles organic revenue up 0.6% (at constant rates), with organic price/mix of +6.1% offset by lower volume and geographic mix mainly due to macro-economic pressures in the U.S. impacting the premium segment
•  Strong performances from AME and APMEA, demonstrating the benefit our global footprint and multi-category strategy
•  Reported loss from operations of £15,751m (with reported operating margin down 95.8 ppts to -57.7%) – impacted by a £27.6 billion non-cash impairment charge mainly related to our U.S. business (£27.3 billion)
•  Adjusted organic profit from operations up 3.9% at constant rates, adjusted organic operating margin up 40 bps to 45.6%
•  Reported diluted EPS at -646.6p; adjusted organic diluted EPS up 5.2% at constant rates
•  Operating cash flow conversion 100% – organic adjusted net debt / adjusted EBITDA down to 2.6x
•  Dividend growth of 2.0% to 235.52p , in line with our progressive dividend increase approach
•  Continued ESG progress – 2023 MSCI rating upgraded to A (2022: BBB), achieved targets for water withdrawn and waste generated two years early

British American Tobacco