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In the early days, the Demuths often sold snuff on credit or for needed materials

BAT Preliminary Announcement 2025 Summary Performance Review Financial Statements Other Information Data Lake and Reconciliations 10 Other Financial Information Continued Borrowings and net debt Borrowings (which includes lease liabilities) were 35,070 million at 31 December 2025, a decrease of 5.1% compared to 36,950 million at 31 December 2024 mainly due to foreign exchange movements related to the US dollar and sterling, which were a tailwind in 2025

3 However, in 2012, more than 80% of adults who smoked cigarettes reported smoking before 18 years of age, and 99% had initiated before 26 years old

And the biggest beneficiary

With this strategy, something happens to wipe the slate clean, and you have the opportunity to re-set your habits

Belgian governments and Dutch who have recently positioned themselves in favour of such a ban