Imperial Brands PLC Earnings Recaps
Q2 2026
May 13, 2026
The stock gained 3.8% following the earnings report, reflecting investor approval of solid pricing-driven tobacco revenue growth and positive strategic progress, despite some one-off headwinds and below-guidance NGP revenue growth.
Key takeaways
- Tobacco net revenue grew in low single digits, driven by strong pricing that more than offset volume declines across key regions: Europe (+6% pricing), U.S. (+5.7%), and AAACE excluding Australia (+6.1%).
- Adjusted operating profit increased modestly by 0.6%, pressured by one-offs in the U.S. and Australia and reduced profit from tobacco inventory at [La Hista].
- NGP revenue growth was below guidance due to timing of U.S. promotions, which negatively affected half 1 results by ~GBP 13 million, although underlying NGP revenue excluding these factors would have shown double-digit growth and reduced losses.
- Free cash flow remained robust at GBP 2.6 billion over 12 months, with leverage steady year-on-year at 2.4x, supporting ongoing capital returns including a 4% dividend increase and EUR 1.45 billion share buyback.
- Management reaffirmed full-year guidance and emphasized strategic transformation actions that deliver cost efficiencies and build long-term growth capabilities.
Q4 2025
Nov 19, 2025
Imperial Brands delivered a strong fiscal year '25, achieving over 4% revenue growth and a 9% increase in earnings per share, alongside continued strategic transformation under new leadership.
Key takeaways
- Maintained market share in priority markets while achieving strong pricing, driving tobacco net revenue growth of 3.7%.
- Non-combustible products (NGP) recorded double-digit revenue growth, showcasing ongoing strength in the new product segment.
- Strong cash generation resulted in GBP 1.25 billion in share buybacks and a commitment to over GBP 2.7 billion in total capital returns for fiscal year '26.