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The road was clear, and the chase settled down once more

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Cash Flow Net cash generated from operating activities Net cash generated from operating activities in the IFRS cash flows on page 23 includes the following items: Years ended 31 December 2025 2024 m m Profit for the year 7,765 3,181 Taxation on ordinary activities 2,094 357 Share of post-tax results of associates and joint ventures (1,681) (1,900) Net finance costs 1,819 1,098 Profit from operations 9,997 2,736 Adjustments for: depreciation, amortisation and impairment costs 2,547 3,101 decrease in inventories 112 35 increase in trade and other receivables (295) (269) decrease in Master Settlement Agreement payable (79) (294) (decrease)/increase in trade and other payables (207) 58 decrease in net retirement benefit liabilities (31) (76) (decrease)/increase in other provisions for liabilities (3,409) 6,322 other non-cash items 264 (40) Cash generated from operating activities 8,899 11,573 Dividends received from associates 369 406 Tax paid (2,926) (1,854) Net cash generated from operating activities 6,342 10,125 Net cash generated from operating activities declined by 37.4% to 6,342 million (2024: 10,125 million)

Introduction of Flavored E-Cigarettes The variety of flavors of E-cigarettes, including fruits, desserts, candies, and beverages, appeals to a wider array of consumers