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News analysis

BAT pins its vapour hopes on Vuse Ultra rollout after flat H1 2025 hit by illicit trade

Written by || 31st July 2025 || News analysis | Financial results | Major brands | GeographiesAfrica Alabama Asia Australasia Canada Europe France Japan Kentucky Louisiana Malaysia Middle East New Zealand North America Rhode Island Saudi Arabia South Africa United Kingdom United States Utah

British American Tobacco (BAT) reported a flat performance in its vapour segment for the first half of 2025, impacted by illicit products in the US and Canada as well as evolving market dynamics in the UK and France. However, the company expects an acceleration in vapour revenue for the second half of the year, thanks to the rollout of its new premium product, Vuse Ultra.

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Antonia Di Lorenzo

Newsdesk editor/EU lead reporter
Antonia is a member of the editorial team and holds a masters degree in Law from the University of Naples Federico II, Italy. She moved in 2013 to London, where she completed a postgraduate course at the London School of Journalism. In the UK, she worked as a news reporter for a financial newswire and a magazine before moving to Barcelona in 2019.

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