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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.
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H2 2025 earnings summary18 Nov, 2025

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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Frequently asked questions

Imperial Brands plc (formerly Imperial Tobacco Group plc), is a British multinational tobacco company headquartered in Bristol, England. It is one of the world's fourth-largest international cigarette companies measured by market share after, and the world's largest producer of fine-cut tobacco and tobacco papers. Imperial Brands plc was founded in 1901.

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