Flash | 31 Jul 2026 05:39:19 ET │ 11 pages British American Tobacco PLC (BATS.L) Model Update CITI'S TAKE We make limited changes to FY26E organic estimates following H1 results (NOTE) but upgrade EPS by c.2% on lower finance costs. Looking ahead, BAT is clearly optimistic about the improving regulatory situation in the US and that further H2 innovations in Modern Oral will protect its Velo business. However, H2 US OSG will slow sequentially (we estimate +4.6%) as H1 combustibles phasing benefit don't repea ...