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Imperial Brands (IMB) investor relations material
Imperial Brands H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong operational and financial performance, building on a consistent track record of growth and transformation.
CEO and CFO transitions marked by continued strategic focus and operational delivery.
Maintained and grew market share in priority markets, with notable gains in the US and Germany, and continued investment in brand and salesforce capabilities.
Advanced transformation initiatives, including efficiency improvements, technology investments, and manufacturing footprint rationalization.
Strategic ambition reconfirmed, emphasizing a challenger approach and consumer-centric transformation.
Financial highlights
Tobacco & NGP net revenue increased by 4.1% year-over-year to £8,490m at constant currency.
Adjusted operating profit rose 4.6% to £3,988m at constant currency, in line with guidance.
Adjusted EPS grew 6.1% to 315.0p, with high-single-digit growth supported by profit growth and share count reduction.
Free cash flow reached £2.7bn, with 97% cash conversion.
Dividend per share increased by 4.5% to 160.3p; £1.45bn buyback committed for FY26.
Outlook and guidance
FY26 share buyback increased to £1.45bn, with total capital returns expected to exceed £2.7bn.
Adjusted operating profit expected to grow 3%-5% in the coming year.
Free cash flow guidance set at a minimum of £2.2bn for next year.
High single-digit EPS growth anticipated, supported by ongoing share buybacks.
Finance charge for FY26 projected at £460m, tax rate at 24%, and capex between £300m-£350m.
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