OUR STRATEGY

Drive sustainable value in combustibles

We have chosen to continue focusing on our five largest markets. The United States, Germany, United Kingdom, Spain and Australia represent c. 70% of adjusted tobacco operating profit – and they will continue to contribute most of our earnings. Within these markets, we have identified specific areas for investment by category, brand and sales channel. Our objective will be to continue to maintain our aggregate market share across these five markets with the aim of driving sustainable growth and cash delivery. By applying this same performance-driven, consumer-led approach to our wider portfolio of tobacco markets, we expect them to make a greater contribution to our overall performance over the strategic period.

Build scale in next generation products

We have now built a platform for a fast-growing and agile NGP business, which is founded on a clear understanding of our consumers, credible brands in all three categories, and differentiated products available in all material markets where we have distribution routes.

Our goal is to build scale by further sharpening our consumer insights, leveraging our differentiated brands and developing our sales capabilities. This will build a meaningful NGP business which provides additional growth opportunities and supports our profit and cash performance.