# EDGAR Filing Document

**Accession Number:** 0001303523
**File Stem:** 0001193125-26-273997
**Filing Date:** 2026-6
**Character Count:** 39282
**Document Hash:** 8b8e4d4f81144da34c7f73b509734a01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-273997.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001193125-26-273997

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** British American Tobacco p.l.c.
- **CENTRAL INDEX KEY:** 0001303523
- **STANDARD INDUSTRIAL CLASSIFICATION:** CIGARETTES [2111]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38159
- **FILM NUMBER:** 261098010

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GLOBE HOUSE
- **STREET 2:** 4 TEMPLE PLACE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **BUSINESS PHONE:** 44-207-845-2000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GLOBE HOUSE
- **STREET 2:** 4 TEMPLE PLACE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0

?xml version='1.0' encoding='ASCII'? 11-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 11-K

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**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** **December 31,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number: 001-38159**

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A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**RAI 401k Savings Plan**

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

British American Tobacco p.l.c.

Globe House

4 Temple Place

London WC2R 2PG

United Kingdom

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**REQUIRED INFORMATION**

1. Not applicable.

2. Not applicable

3. Not applicable

4. The RAI 401k Savings Plan is subject to the requirements of the Employee Retirement Income Security Act of 1974, referred to as ERISA. A copy of the most recent audited financial statements and supplemental schedule, as required, of the RAI 401k Savings Plan, prepared in accordance with the financial reporting requirements of ERISA, is attached as Exhibit 99.1 to this report.

Exhibits:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 23.1 | [<u>Consent of CBIZ CPAs P.C.</u>](ck0001303523-ex23_1.htm) |
| 99.1 | [<u>Audited financial statements and supplemental schedule of the RAI 401k Savings Plan for the years ended December 31, 2025 and 2024.</u>](ck0001303523-ex99_1.htm) |

---

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**SIGNATURE**

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plans) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | RAI 401k Savings Plan | RAI 401k Savings Plan |
| Date: June 17, 2026 | By: | /s/ Alden H. Smith  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Alden H. Smith |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary, RAI Employee Benefits Committee |

---

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**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 23.1 | [<u>Consent of CBIZ CPAs P.C.</u>](ck0001303523-ex23_1.htm) |
| 99.1 | [<u>Audited financial statements and supplemental schedule of the RAI 401k Savings Plan for the years ended December 31, 2025 and 2024.</u>](ck0001303523-ex99_1.htm) |

---

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## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-219440, 333-285085 and 333-289164) of British American Tobacco p.l.c. of our report dated June 17, 2026 with respect to the statements of net assets available for benefits of the RAI 401k Savings Plan as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025, which report appears in the December 31, 2025 Annual Report on Form 11-K of the RAI 401k Savings Plan.

/s/ CBIZ CPAs P.C.

St. Petersburg, Florida

June 17, 2026

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## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? EX-99.1

**Exhibit 99.1**

**RAI 401K SAVINGS PLAN**

Financial Statements and Supplemental Schedule

December 31, 2025 and 2024

(With Report of Independent Registered Public Accounting Firm Thereon)

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**RAI 401K SAVINGS PLAN**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page(s)** |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#independentopinion) | 1 |
| Financial Statements: |  |
| [<u>Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024</u>](#statements_of_net_assets_available_for_b) | 2 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2025<br>and 2024</u>](#statements_of_changes_in_net_assets_avai) | 3 |
| [<u>Notes to Financial Statements</u>](#notes_to_financial_statements) | 4–9 |
| Supplemental Schedule: |  |
| [<u>Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025</u>](#schedule_h_line_4i_schedule_of_assets) | 10 |

---

Note: Supplemental schedules, other than those listed above, are omitted because of the absence of conditions under which they are required by Department of Labor Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974.

------

**<u>Report of Independent Registe</u><u>red Public Accounting Firm</u>**

RAI Employee Benefits Committee

RAI 401k Savings Plan:

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the RAI 401k Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statements of changes in net assets available for benefits for the years then ended and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 (collectively referred to as the supplemental information) has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ CBIZ CPAs P.C.

We have served as the Plan's auditor since 2022.

June 17, 2026

St. Petersburg, Florida

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**RAI 401K SAVINGS PLAN**

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value | $2239194835 | $2002495932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 3208676 | 1842473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker for securities sold | 147966 | 143499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 1955895 | 2038400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 16956086 | 15897214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 22268623 | 19921586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2261463458 | 2022417518 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative expenses | 131249 | 119726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to broker for securities purchased | 2441791 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2573040 | 122284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets available for benefits | $2258890418 | $2022295234 |

---

See accompanying notes to financial statements.

------

**RAI 401K SAVINGS PLAN**

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Additions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $316093547 | $232603393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 34274466 | 43840301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 350368013 | 276443694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 1309440 | 1154684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 47846707 | 38475487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant contributions | 51457194 | 45084614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant rollover contributions | 5443049 | 5958343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 104746950 | 89518444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 456424403 | 367116822 |
| Deductions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | 219410056 | 215159205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 419163 | 332531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 219829219 | 215491736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets available for benefits | 236595184 | 151625086 |
| Net assets available for benefits at beginning of year | 2022295234 | 1870670148 |
| Net assets available for benefits at end of year | $2258890418 | $2022295234 |

---

See accompanying notes to financial statements.

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

**(1)** **Plan Description**

The following description of the RAI 401k Savings Plan, referred to as the Plan, is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***General***

The Plan is a voluntary defined contribution retirement plan for eligible employees of Reynolds American Inc., referred to as RAI or the Company, or one of the participating companies as defined in the Plan document. RAI is the Plan Sponsor. The RAI Employee Benefits Committee, referred to as Plan Administrator, controls and manages the operation and administration of the Plan. Fidelity Investments Institutional Operations Company, Inc. and Fidelity Workplace Services LLC serve as the recordkeepers for the Plan. Fidelity Management Trust Company, referred to as Fidelity, serves as the Plan's trustee. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, referred to as ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Contributions***

**Participant Contributions**

Each participant may elect to (i) contribute from 1% to 50% of non-bonus compensation, as defined in the Plan document, to the Plan as pre-tax contributions and/or Roth contributions in lieu of an equal amount being paid as current cash compensation and/or to (ii) contribute from 1% to 50% of bonus compensation, as defined in the Plan document, to the Plan as pre-tax contributions and/or Roth contributions in lieu of an equal amount being paid as current cash bonus compensation. Pre-tax and/or Roth contributions are made through payroll deductions. In the event a participant does not designate whether the contributions elected to be made are pre-tax contributions or Roth contributions, contributions are deemed to be pre-tax contributions. If a participant does not make such elections, the participant is deemed to have (i) authorized payroll deductions for pre-tax contributions equal to 6% of the participant's non-bonus compensation, and (ii) authorized payroll deductions for pre-tax contributions equal to 10% of bonus compensation. A participant may at any time elect a different contribution percentage (including 0%) with respect to non-bonus compensation or bonus compensation. The first 6% of such pre-tax and/or Roth contributions are referred to as match-eligible contributions and are eligible for employer matching contributions as set forth below.

Unless a participant elects otherwise, the percentage of non-bonus compensation contributed to the Plan as pre-tax contributions shall be automatically increased by one percentage point effective with the first payroll in April at least six (6) months following the date the first contribution is made on behalf of the participant and on each subsequent April 1<sup>st</sup>; provided that such percentage shall not be increased above a specified level of the participant's non-bonus compensation as designated by the Plan Administrator from time to time in its sole discretion.

A participant may make contributions to the Plan on an after-tax basis, either in lieu of or in combination with pre-tax contributions and/or Roth contributions by authorizing (i) after-tax contributions of 1% to 50% of non-bonus compensation and/or (ii) after-tax contributions of 1% to 50% of bonus compensation; provided that the combined percentage of compensation for pre-tax, Roth and after-tax contributions (A) is a minimum of 1% and a maximum of 50% and (B) shall in no event exceed the amount of a participant's after-tax compensation.

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

**Employer Contributions**

With respect to RAI employees and certain participating companies, as defined in the Plan document, the appropriate participating company makes matching contributions of 50% of a participant's match-eligible contributions with respect to participants who are accruing a benefit under the former Reynolds American Retirement Plan sponsored by RAI, and 100% of a participant's match-eligible contributions with respect to participants who are not accruing a benefit under the former Reynolds American Retirement Plan sponsored by RAI. In addition, the appropriate participating company makes retirement enhancement contributions to accounts of eligible RAI employees equal to 3% to 9% of such participants' eligible compensation, depending on the eligible participant's hire date, age and years of service as of January 1, 2006. The retirement enhancement contribution made to the accounts of former employees of Lorillard Tobacco Company who became an RAI employee on June 13, 2015 is equal to 3% of such participant's eligible compensation.

With respect to ASC employees, as defined in the Plan document, ASC makes matching contributions of 100% of a participant's match-eligible contributions. In addition, ASC makes retirement enhancement contributions to accounts of eligible ASC employees equal to 3% or 6% of each such participant's eligible compensation, depending on the eligible participant's hire or transfer date.

With respect to Santa Fe employees, as defined in the Plan document, Santa Fe makes matching contributions of 100% of a participant's match-eligible contributions. In addition, Santa Fe makes retirement enhancement contributions to accounts of eligible Santa Fe employees equal to 3% of each such participant's eligible compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Participant Accounts***

Each participant's account is credited with the participant's contributions and allocations of the appropriate participating company's contributions and Plan earnings, and charged with the participant's withdrawals, Plan losses and an allocation of administrative expenses. Allocations are based on participant contributions, account balances, or compensation, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Vesting***

Participants are immediately vested in their contributions and earnings thereon. Vesting in employer contributions and earnings thereon made to a participant's account occurs upon the earlier of the completion of 24 months of service with the Company, and its participating subsidiaries, affiliated companies, or upon the occurrence of certain events as defined in the Plan document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Investment Options***

Plan investments are participant directed. Upon enrollment in the Plan, a participant may direct contributions in 1% increments in a number of investment fund options, or in a self-directed brokerage account managed by Fidelity. Participants may change or transfer their investment options at any time via telephone or a secure internet website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)*** ***Notes Receivable from Participants***

Participants may borrow from their account a minimum of $1,000 up to a maximum of the lesser of 50% of their vested account balance, reduced by the highest outstanding loan balance during the preceding 12 months, or $50,000, and limited by certain restrictions in the Plan document. Generally, loan terms shall not be for more than five years, except that certain loans transferred shall continue in effect until paid off or defaulted under the terms of the loan instruments. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with prevailing rates as determined by the Plan Administrator. Loans are repaid through payroll deductions. Participants may continue to make loan repayments via electronic payment in order to prevent a default following termination of employment.

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Payment of Benefits***

Upon termination of service, a participant is entitled to receive a lump sum amount equal to the value of the participant's vested interest in their account, or, if elected by the participant, monthly installments calculated in accordance with rules set forth in the Plan document. Partial lump sum distributions are also available after termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Expenses***

The expenses of administering the Plan are paid by the Plan, unless paid directly by the Company at its election. Expenses relating to the purchase or sale of investments are included in the cost or deducted from the proceeds, respectively. Direct charges and expenses, including investment manager fees attributable to specific investment funds, may be charged against that investment fund. Administrative expenses such as trustee, auditor, general Plan recordkeeping and legal fees may be paid directly from the Plan and are allocated to participant accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Forfeitures***

Forfeitures are used to reduce future employer contributions. Certain forfeitures may be restored if a participant is reemployed before accruing five consecutive break-in-service years, as defined in the Plan document. For the years ended December 31, 2025 and 2024, employer contributions were reduced by $994,751 and $773,640, respectively, by forfeited nonvested accounts. As of December 31, 2025 and 2024, forfeited nonvested accounts totaled $275,649 and $276,403, respectively.

**(2)** **Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Basis of Accounting***

The accompanying financial statements of the Plan have been prepared using the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Investment Valuation and Income Recognition***

Investments are valued at fair value. See note 3 for discussion of fair value measurement. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Valuation of Notes Receivable from Participants***

Notes receivable from participants are valued at amortized cost plus accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Use of Estimates***

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Payment of Benefits***

Benefits are recorded when paid.

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

**(3)** **Fair Value Measurement**

The fair value of assets and liabilities is determined by using a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity's own assumptions about market participant assumptions based on the best information available in the circumstances.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price.

The three levels of the fair value hierarchy are described as follows:

Level 1 – Inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 – Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 – Inputs are unobservable and reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at fair value as of December 31, 2025** | **Assets at fair value as of December 31, 2025** | **Assets at fair value as of December 31, 2025** | **Assets at fair value as of December 31, 2025** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common/collective trust funds | $1220829081 | $— | $1220829081 | $— |
| Money market funds | 89127 | 89127 |  |  |
| Mutual funds | 423577200 | 423577200 |  |  |
| Participant self-directed brokerage account | 201060562 | 201060562 |  |  |
| BAT Stock Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BAT American Depository Shares | 147840765 | 147840765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity money market fund | 2702938 | 2702938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total BAT Stock Fund | 150543703 | 150543703 |  |  |
| Stable value collective trust fund | 243095162 |  | 243095162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $2239194835 | $775270592 | $1463924243 | $— |

---

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at fair value as of December 31, 2024** | **Assets at fair value as of December 31, 2024** | **Assets at fair value as of December 31, 2024** | **Assets at fair value as of December 31, 2024** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common/collective trust funds | $651401086 | $— | $651401086 | $— |
| Money market funds | 105409 | 105409 |  |  |
| Mutual funds | 808872959 | 808872959 |  |  |
| Participant self-directed brokerage account | 175264994 | 175264994 |  |  |
| BAT Stock Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BAT American Depository Shares | 99635022 | 99635022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity money market fund | 1652804 | 1652804 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total BAT Stock Fund | 101287826 | 101287826 |  |  |
| Stable value collective trust fund | 265563658 |  | 265563658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $2002495932 | $1085531188 | $916964744 | $— |

---

Following is a description of the valuation methodologies used for assets measured at fair value:

Common/collective trust funds – These funds are valued using a net asset value, referred to as NAV, provided and published by the administrator of the fund. The NAV is the basis for current transactions at fair value. The NAV is based on the value of the underlying assets owned by the fund, less its liabilities, and then divided by the number of shares outstanding. The Plan has the ability to redeem its investments in the funds at the NAV at the valuation date. There are no significant restrictions, redemption terms, or holding periods which would limit the ability of the Plan or the participants to transact at the NAV. Participant transactions may occur daily. If the Plan initiates a large divestment, the issuer reserves the right to require up to a 3 days' notice.

Money market funds and mutual funds – Valued at the closing price reported on the active market on which the individual securities are traded.

Participant self-directed brokerage account – This account consists primarily of mutual funds and common stocks that are valued at the closing price reported on the active market on which the individual securities are traded.

BAT Stock Fund – The fair value of the BAT Stock Fund is based on the combined year end closing price of British American Tobacco p.l.c. American Depository Shares and monies held in a Fidelity money market fund used to meet daily liquidity needs. Both securities are valued based on the quoted market price of shares trading in active markets held by the Plan at year end. The BAT Stock Fund is tracked on a unitized basis, which allows for daily settling of trades by participants.

Stable value collective trust fund – This option is composed of a stable value collective trust fund which is valued at the net asset value of units of the collective trust. The net asset value, referred to as NAV, is the basis for current transactions at fair value. The NAV is based on the value of the underlying assets owned by the fund, less its liabilities, and then divided by the number of shares outstanding. The NAV of the fund is calculated daily, and net investment income and realized and unrealized gains on investments are not distributed but rather reinvested and reflected in the net asset value of the fund. There are no significant restrictions, redemption terms, or holding periods which would limit the ability of the Plan or the participants to transact at the NAV. Participant transactions may occur daily. If the Plan initiates a full redemption, the issuer reserves the right to require 12 months' notification in order to ensure that security liquidations will be carried out in an orderly manner.

For the years ended December 31, 2025 and 2024, there were no changes in the fair value hierarchy methodology and no transfers of assets between levels within the fair value hierarchy.

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**RAI 401K SAVINGS PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

**(4)** **Related Party Transactions and Party-In-Interest Transactions** 

Certain investments, within the Fidelity Brokeragelink, Fidelity Money Market Fund, and Fidelity Retirement Money Market Fund, are managed by Fidelity and, therefore, those transactions qualified as party-in-interest transactions. Administrative fees paid to Fidelity for the years ended December 31, 2025 and 2024 were $12,106 and $7,154, respectively.

The BAT Stock Fund, referred to as Fund, is provided as an investment option for participants in the Plan. As RAI is the Plan Sponsor and a wholly owned subsidiary of BAT, these transactions qualify as party-in-interest transactions. Fund dividends for the years ended December 31, 2025 and 2024 were $8,418,844 and $8,922,809, respectively. The Fund held 2,611,105 shares at $56.62 per share as of December 31, 2025 and 2,743,255 shares at $36.32 per share as of December 31, 2024.

**(5)** **Nonexempt Party-In-Interest Transactions**

For the years ended December 31, 2025 and 2024, the Company did not identify any late remittances of participant contributions.

**(6)** **Income Tax Status**

The Plan obtained its latest determination letter dated June 8, 2020, in which the Internal Revenue Service, referred to as IRS, stated that the Plan's design was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving this determination letter. The Company believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code, and the Plan and related trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.

U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Plan management has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025 that there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2022.

**(7)** **Plan Termination**

Although it has not expressed any intent to do so, the Plan Administrator has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of the Plan's termination, the Plan provides that the net assets are to be distributed to participants in amounts equal to their respective interests in such assets.

**(8)** **Subsequent Events**

Plan management has evaluated subsequent events from the date of the statements of net assets available for benefits through June 17, 2026, the date at which the financial statements were issued, and determined there are no other items to disclose.

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**RAI 401K SAVINGS PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

Employer Identification Number (EIN): 20-0546644

Plan Number: 001

December 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br>Identity of Issue, Borrower, Lessor or Similar Party** | **(c)<br>Description of Investment, Including Maturity Date, Rate of Interest,<br>Collateral, Par or Maturity Value** | **(d)<br>Cost\*\*** | **Par value or<br>number of units** | **(e)<br>Current value** |
| \* | BAT Stock Fund-BAT American Depository Shares | Unitized company stock fund |  | 2611105 | $147840765 |
|  | Avantis U.S. Small Cap Equity Fund Institutional | Mutual fund |  | 3598938 | 41783672 |
|  | PIMCO Income A | Mutual fund |  | 2006867 | 22055464 |
|  | JOHCM GLB EM OPS IS | Mutual fund |  | 1130376 | 16853900 |
|  | PIMCO Total Return Fund | Mutual fund |  | 3550569 | 31458038 |
|  | Dodge and Cox International Stock | Mutual fund |  | 2740238 | 45104322 |
|  | JP Morgan Disciplined Equity Fund Class R6 | Mutual fund |  | 5460900 | 261686312 |
|  | PIF DVRSD REAL AST I | Mutual fund |  | 378717 | 4635492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total mutual fund |  |  |  | 423577200 |
| \* | Fidelity Retirement Money Market Fund | Cash management account - money market fund |  | 89127 | 89127 |
| \* | BAT Stock Fund-Fidelity Money Market Fund | Cash management account - money market fund |  | 2702938 | 2702938 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total cash management account - money market fund |  |  |  | 2792065 |
|  | Self-Directed Brokerage Accounts |  |  | 201149223 | 201060562 |
|  | Galliard Stable Return Fund W (Interest Income Fund) | Common/collective investment trust |  | 3605864 | 243095162 |
|  | T. Rowe Price Global Growth Equity Trust A | Common/collective investment trust |  | 1618506 | 34457989 |
|  | BTC Lifepath Retirement J | Common/collective investment trust |  | 6363280 | 97598082 |
|  | BTC Lifepath 2030 J | Common/collective investment trust |  | 4564567 | 78513298 |
|  | BTC Lifepath 2035 J | Common/collective investment trust |  | 5326000 | 98876662 |
|  | BTC Lifepath 2040 J | Common/collective investment trust |  | 5518296 | 109808577 |
|  | BTC Lifepath 2045 J | Common/collective investment trust |  | 5001018 | 105870548 |
|  | BTC Lifepath 2050 J | Common/collective investment trust |  | 5410068 | 119680437 |
|  | BTC Lifepath 2055 J | Common/collective investment trust |  | 2768234 | 62252334 |
|  | BTC Lifepath 2060 J | Common/collective investment trust |  | 1274187 | 28695592 |
|  | BTC Lifepath 2065 J | Common/collective investment trust |  | 755663 | 14240092 |
|  | Vanguard Institutional Total Bond Market Index Trust | Common/collective investment trust |  | 189055 | 20826306 |
|  | Vanguard Institutional Total International Stock Market<br> Index Trust | Common/collective investment trust |  | 280457 | 39401411 |
|  | Vanguard Institutional Total Stock Market Index Trust | Common/collective investment trust |  | 2969394 | 410607753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total common/collective investment trust |  |  |  | 1463924243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments |  |  |  | 2239194835 |
| \* | Participant loans | 1,375 loans with interest rates ranging from 4.25% to 9.50% and maturity dates ranging from 1/1/2026-12/1/2040 |  |  | 16956086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets |  |  |  | $2256150921 |

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\* Denotes a party-in-interest.

\*\* Cost information is not required for participant-directed investments and therefore, is not included.

See accompanying report of independent registered public accounting firm.

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