Skip to content
Baker Capital StrategiesMARKETS. FILINGS. PERSPECTIVE.
Powered by THEMA

BAKER CAPITAL STRATEGIES

Get the free weekly BCS email.

Selected company filings and market updates, delivered by email. Your first report will follow soon.

  • Your weekly BCS reportMarket updates and links to filings you can explore.
  • THEMA at launchWe’ll send directions for setting up your filing alerts when THEMA officially opens.

One signup for the weekly email and your free THEMA Basic account at launch.

Already registered or a CSW member?Log in to THEMA →

At least 8 characters. This also creates your free THEMA account for launch.

You’re signing up for the weekly BCS email and THEMA launch/setup updates. Unsubscribe using the link in any email. Privacy policy · Terms

BCS

Press release

(“the Company”) Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

Exhibit 4

British American Tobacco p.l.c.

Conditional Share Awards

On 1 September 2026, the Company granted six awards of British American Tobacco p.l.c. ordinary shares of 25p each (the “Shares”) to the following Executive Director (the “Awards”). The Awards are intended to replace long term incentives from the previous employer that were forfeited on joining the Company.

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of unrestricted shares, immediately available.
c) Price(s) and volume(s)
Price(s) Volume(s)
£41.29 12,254
d)

Aggregated information

- Aggregated volume

- Price

12,254

£505,967.66

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2027.
c) Price(s) and volume(s)
Price(s) Volume(s)
£41.29 14,091
d)

Aggregated information

- Aggregated volume

- Price

14,091

£581,817.39

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2028.
c) Price(s) and volume(s)
Price(s) Volume(s)
£41.29 23,266
d)

Aggregated information

- Aggregated volume

- Price

23,266

£960,653.14

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 19 March 2029.
c) Price(s) and volume(s)
Price(s) Volume(s)
£41.29 8,304
d)

Aggregated information

- Aggregated volume

- Price

8,304

£342,872.16

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2030.
c) Price(s) and volume(s)
Price(s) Volume(s)
£41.29 3,320
d)

Aggregated information

- Aggregated volume

- Price

3,320

£137,082.80

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial 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
a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 25p each

GB0002875804

b) Nature of the transaction Award of shares under the Performance Share Plan which will vest to the extent that the performance conditions are satisfied at the end of the three-year performance period. The shares will be released following a holding period of two years on 1 September 2031. The volume below represents the maximum number of Shares that could vest assuming performance conditions are met in full.
c) Price(s) and volume(s)
Price(s) Volume(s)
£45.00 63,777
d)

Aggregated information

- Aggregated volume

- Price

63,777

£2,869,965.00

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

Name of officer of issuer responsible for making notification: Nancy Jiang Date of notification: 2 September 2026

Source: British American Tobacco p.l.c.. This release was filed with the U.S. Securities and Exchange Commission on Oct 1, 2026 and is reproduced here as issued. View the filing.

Privacy choices

BCS measures page use with Google Analytics using regional consent settings. You can change your preference here. Charts and market data remain available.

Essential functions — always available. Security, navigation, registration and remembering these choices.

Audience analytics

Analytics cookies are off by default for visitors Google identifies in the EEA, UK or Switzerland until allowed. Limited measurement without analytics cookies may still occur under those regional defaults.

TradingView charts, quotes and the economic calendar load automatically as page content. TradingView receives network and browser information and may collect its own usage analytics. This choice controls BCS’s Google Analytics only.

Google advertising is not enabled. Direct sponsor links do not load advertising trackers on BCS.

Turning analytics off stops future Google Analytics activity here. It does not erase information already received by the provider. Read the privacy policy.