Imperial Brands (IMB) Trading update summary

Financial performance and guidance

• Reiterates full-year guidance: low single-digit tobacco and double-digit NGP net revenue growth, 3–5% group adjusted operating profit growth, and at least high single-digit EPS growth at constant currency, with at least £2.2bn free cash flow.

• Group adjusted operating profit expected slightly higher year-on-year in H1, with growth accelerating in H2.

• Tobacco net revenue to grow low single digits, driven by robust pricing and modest volume decline; NGP net revenue to grow mid-to-high single digits, with double-digit growth in Europe and AAACE.

• Full-year leverage expected at the lower end of 2.0–2.5x net debt/EBITDA.

• Foreign exchange expected to be a 2.0–2.5% headwind on H1 EPS and 0–1% on full-year EPS.

Strategic initiatives and transformation

• Positive start to 2030 transformation, focusing on consumer-centric, data-led, and efficient operations.

• Long-term partnership with Capgemini and supply chain footprint initiatives underway.

• Continued rollout of enterprise IT applications to support transformation.

Shareholder returns and capital allocation

• Completed £0.7bn of the FY26 £1.45bn share buyback, representing about 3.2% of issued share capital as of 30 September 2025.

• Ongoing "evergreen" share buyback programme and progressive dividend policy remain priorities.