British American Tobacco Presents at Consumer Analyst Group of New York Conference

Company highlights investments in smoke-free future and strong performance of combustible portfolio

Feb. 22, 2026 at 12:15pm

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British American Tobacco (BAT) executives, including CEO Tadeu Marroco and President of Reynolds American David Waterfield, presented at the Consumer Analyst Group of New York (CAGNY) conference. The company discussed its transformation journey, investing in a smoke-free future while continuing to deliver solid organic growth and strong shareholder returns from its combustible product portfolio. BAT's momentum in new categories and execution on its core business has driven strong free cash flow, allowing the company to return significant capital to shareholders.

Why it matters

BAT's presentation at the influential CAGNY conference provides insight into the company's strategic direction as it navigates the evolving tobacco landscape. The company's ability to balance investments in next-generation products with maintaining profitability in its traditional cigarette business will be closely watched by investors and industry analysts.

The details

During the presentation, BAT executives highlighted the company's progress in building a portfolio of smoke-free products to complement its core combustible tobacco business. This includes investments in next-generation nicotine delivery systems like e-cigarettes and heated tobacco products. At the same time, BAT reported solid organic growth and strong cash flow generation from its traditional cigarette brands, allowing the company to return substantial capital to shareholders through dividends and share buybacks.

  • The CAGNY conference took place on February 18, 2026.

The players

Tadeu Marroco

Chief Executive Officer of British American Tobacco.

David Waterfield

President of Reynolds American, a subsidiary of British American Tobacco.

Bonnie Herzog

Managing Director at Goldman Sachs Group, Inc. and the moderator of the BAT presentation at the CAGNY conference.

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What they’re saying

“It's been an exciting time for BAT as the company continues to invest in a smoke-free future while continuing to deliver solid organic top and bottom line growth and strong shareholder returns.”

— Bonnie Herzog, Managing Director, Goldman Sachs Group, Inc.

The takeaway

BAT's presentation at the CAGNY conference highlights the company's dual focus on investing in next-generation smoke-free products while maintaining profitability in its core combustible tobacco business. This balanced approach aims to position BAT for success in the evolving tobacco market.