British American Tobacco (BAT) is one of the world's largest tobacco and nicotine companies, selling cigarettes and a growing range of smokeless nicotine products to adult consumers in over 140 markets. Combustible cigarettes remain the core of the business, generating roughly 79% of group revenue through brands including Newport, Natural American Spirit, Lucky Strike, and Camel in the U.S. (via Reynolds American), plus a wide international portfolio. BAT operates a three-region structure: the U.S. (~45% of revenue), Americas and Europe (~36%), and Asia-Pacific, Middle East and Africa (~19%). New categories account for the remaining ~21% of revenue, spanning three product types: Modern Oral nicotine pouches (sold under the Velo brand, the global volume share leader), Heated Products (sold under the glo brand, primarily in Japan and Europe), and Vapour (sold under the Vuse brand, though this segment faces pressure from illicit single-use disposables). BAT's combustibles business is a mature, declining-volume business where pricing power offsets volume declines to deliver flat to modest revenue growth. New categories each have distinct economics: Modern Oral is capital-efficient with fast payback and already accretive to group margins; Heated Products and Vapour follow a device-plus-consumable model where upfront device costs are offset by recurring consumable revenue as the installed base grows. BAT's stated goal is to become a predominantly smokeless business by 2035, funded by extracting value from combustibles while scaling new category products globally.