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On 23 March 2026, the independent Trustee of British American Tobacco PLC's Employee Trust released a total of 103,147 ordinary shares of 25p each to several Executive Directors and Persons Discharging Managerial Responsibilities under the 2023 Deferred Share Bonus Scheme. On the same date, these individuals collectively sold 48,497 of those shares at £42.84 per share to meet tax liabilities arising from the vesting.
| Date | 25 Mar 2026 |
| Time | 14:30:00 |
| Category | Director/PDMR dealings |
| ID | 1206Y |
British American Tobacco p.l.c.
("the Company")
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
On 23 March 2026 the independent Trustee of the British American Tobacco Group Employee Trust released the following number of British American Tobacco p.l.c. 25p ordinary shares (the "Shares") granted to the following Executive Director and persons discharging managerial responsibilities under the 2023 Deferred Share Bonus Scheme. Subsequent sales of shares are also set out below.
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Tadeu Marroco |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Executive |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
19,960
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
9,383
£401,967.72 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
James Barrett |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Director, Business Development |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
5,949
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
2,798
£119,866.32 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Luciano Comin |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Marketing Officer |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
11,297
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
5,311
£227,523.24 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Javed Iqbal |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Interim Chief Financial Officer and Director, Digital and Information |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
8,065
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
3,792
£162,449.28 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Zafar Khan |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Director, Operations |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
10,394
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
4,887
£209,359.08 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Paul McCrory |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Director, Legal and General Counsel |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
3,106
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
1,461
£62,589.24 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Fred Monteiro |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Regional Director, Americas & Europe |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
6,426
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
3,022
£129,462.48 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
James Murphy |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Director, Research and Science |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
3,692
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
1,737
£74,413.08 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Johan Vandermeulen |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Operating Officer |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
12,914
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
6,071
£260,081.64 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
David Waterfield |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
President and CEO, Reynolds American Inc. |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
6,357
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
2,989
£128,048.76 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Kingsley Wheaton |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Corporate Officer |
||||
|
b) |
Initial notification /Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
British American Tobacco p.l.c. |
||||
|
b) |
LEI |
213800FKA5MF17RJKT63 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
Transaction 1 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Shares released under the 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
14,987
£nil |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Transaction 2 |
||||||
|
a) |
Description of the financial instrument, type of instrument
Identification code |
GB0002875804 |
||||
|
b) |
Nature of the transaction |
Sale of shares to meet tax liability arising on vesting of 2023 Deferred Share Bonus Scheme |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information
- Aggregated volume
- Price
|
7,046
£301,850.64 |
||||
|
e) |
Date of the transaction |
2026-03-23 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
Name of officer of issuer responsible for making notification: Nancy Jiang Date of notification: 25 March 2026
|