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olivLaw · European equity research

Imperial Brands PLC IMB.L

United Kingdom · London Stock Exchange · ISIN GB0004544929 · Vertical: Listed companies from United Kingdom

30.62GBP+2.82% · 1 dayClose 05 Nov 2026

Imperial Brands is an international producer of tobacco products and next generation products (NGP), with a 2030 strategy aimed at sustainable value from combustibles and growth in NGP. In fiscal 2025, NGP net revenue grew by 13.7% at constant currency, which keeps this category closely watched.

At the close of 05 Nov 2026, Imperial Brands PLC (IMB.L) stock was 30.62 GBP (+2.82% on the day), with market capitalisation 25.3 bn GBP, P/E 12.3 on diluted EPS of 2.49 GBP over the last 12 months, beta -0.02, 52-week range 24.24–33.41 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
25.3 bn GBP
shares as of 30 Sept 2025
P/E (TTM)
12.3
Diluted EPS TTM 2.49 · TTM to 30 Sept 2025
E/P (TTM)
8.14%
TTM to 30 Sept 2025
Dividend yield
unavailable
Beta (2y)
-0.02
Volatility (1y) 23%
52-week range
24.2433.41

Price history

Loading chart…

Technical reading

RSI (14)
79.6
overbought (≥ 70)
Bollinger (20, 2)
26.62 – 30.52
above the upper band · %B 1.02 · band width 13.7%
SMA 50 / 200
26.34 / 28.37
mixed trend
MACD (12, 26, 9)
1.06 / 0.95
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+24.1%−0.6%+24.8 pp—
3 months+11.0%−4.2%+15.2 pp—
6 months+10.5%+4.3%+6.2 pp—
Year to date−1.8%+7.5%−9.3 pp—
1 year−2.5%+9.9%−12.4 pp+5.8%
3 years+70.6%+49.8%+20.7 pp+26.3%
5 years+95.6%+42.8%+52.8 pp—
Max drawdown (1y)
−27.4%
06 Feb 2026 → 01 Oct 2026
Max drawdown (5y)
−27.7%
23 Nov 2022 → 04 Oct 2023
Compound annual growth (5y)
+14.4%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 6.6, median 7.3, max 12.7; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue32.5 bn32.4 bn32.2 bn
Revenue YoYunavailable−0.2%−0.7%
Net income2.3 bn2.6 bn2.1 bn
Net income YoYunavailable+12.2%−20.7%
Diluted EPS2.512.992.49
Diluted EPS YoYunavailable+19.2%−16.6%
net %7.2%8.1%6.4%
Free cash flowunavailable3.1 bn3.4 bn

Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
1.4 bn GBP
Financial debt
9.6 bn GBP
Net debt
8.2 bn GBP
Equity
5.4 bn GBP
Total assets
28.7 bn GBP
Debt / equity
1.77x
Current ratio
0.74x
ROE
36.1%
ROA
7.3%
FCF margin
10.7%

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
32.5 bn
2024
32.4 bn
2025
32.2 bn

esef· 03 Feb 2026verified

Cost of revenue
2023
25.8 bn
2024
25.6 bn
2025
25.2 bn

esef· 03 Feb 2026verified

Gross profit
2023
6.7 bn
2024
6.8 bn
2025
7.0 bn

esef· 03 Feb 2026verified

Operating income
2023
3.4 bn
2024
3.6 bn
2025
3.5 bn

esef· 03 Feb 2026verified

Interest expense
2023
1.1 bn
2024
1.1 bn
2025
676.0 m

esef· 03 Feb 2026verified

Pre-tax income
2023
3.1 bn
2024
3.0 bn
2025
3.1 bn

esef· 03 Feb 2026verified

Income tax
2023
655.0 m
2024
282.0 m
2025
908.0 m

esef· 03 Feb 2026verified

Net income
2023
2.3 bn
2024
2.6 bn
2025
2.1 bn

esef· 03 Feb 2026verified

Diluted EPS
2023
2.51
2024
2.99
2025
2.49

esef· 03 Feb 2026verified

Balance sheet · GBP

Cash
2023
1.3 bn
2024
1.1 bn
2025
1.4 bn

esef· 03 Feb 2026verified

Receivables
2023
2.5 bn
2024
2.6 bn
2025
2.7 bn

esef· 03 Feb 2026verified

Inventories
2023
4.5 bn
2024
4.1 bn
2025
4.5 bn

esef· 03 Feb 2026verified

Current assets
2023
8.6 bn
2024
8.2 bn
2025
8.8 bn

esef· 03 Feb 2026verified

Property, plant & equipment, net
2023
1.6 bn
2024
1.6 bn
2025
1.5 bn

esef· 03 Feb 2026verified

Total assets
2023
29.5 bn
2024
27.8 bn
2025
28.7 bn

esef· 03 Feb 2026verified

Accounts payable
2023
9.6 bn
2024
9.5 bn
2025
10.0 bn

esef· 03 Feb 2026verified

Short-term debt
2023
1.5 bn
2024
1.2 bn
2025
1.1 bn

esef· 03 Feb 2026verified

Long-term debt
2023
7.9 bn
2024
7.5 bn
2025
8.5 bn

esef· 03 Feb 2026verified

Current liabilities
2023
11.9 bn
2024
11.5 bn
2025
11.9 bn

esef· 03 Feb 2026verified

Total liabilities
2023
22.8 bn
2024
21.8 bn
2025
23.3 bn

esef· 03 Feb 2026verified

Equity
2023
6.6 bn
2024
6.0 bn
2025
5.4 bn

esef· 03 Feb 2026verified

Shares outstanding at year end
2023
922.3 m
2024
869.0 m
2025
824.8 m

esef· 03 Feb 2026derived

Cash flow · GBP

Operating cash flow
2023
3.1 bn
2024
3.3 bn
2025
3.6 bn

esef· 03 Feb 2026verified

Capex
2023
—
2024
166.0 m
2025
198.0 m

esef· 03 Feb 2026verified

Free cash flow
2023
—
2024
3.1 bn ≈
2025
3.4 bn ≈

esef· 03 Feb 2026derived

Investing cash flow
2023
-427.0 m
2024
-348.0 m
2025
-342.0 m

esef· 03 Feb 2026verified

Financing cash flow
2023
-3.1 bn
2024
-3.2 bn
2025
-3.0 bn

esef· 03 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-0.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-1.8%
computed by olivLawFY 2025
Net income growth (YoY)
-20.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-16.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
9.2%
computed by olivLawFY 2025

Profitability

Gross margin
21.8%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
10.8%
computed by olivLawFY 2025
Net margin
6.4%
computed by olivLawFY 2025
FCF margin
10.7%
computed by olivLawFY 2025

Returns

ROE
40.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROA
7.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROIC
18.2%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROCE
20.7%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
8.2 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
2.0x
computed by olivLawbalance sheet at 30 Sept 2025
Interest coverage
5.2x
computed by olivLawFY 2025

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 30 Sept 2025
Quick ratio
0.4x
computed by olivLawbalance sheet at 30 Sept 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2025

Cash

Operating cash flow
3.6 bn GBP
computed by olivLawFY 2025
Capital expenditure
198.0 m GBP
computed by olivLawFY 2025
Free cash flow
3.4 bn GBP
computed by olivLawFY 2025
FCF conversion
165.6%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
30 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days inventory outstanding
62 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days payables outstanding
142 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Cash conversion cycle
-49 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

Market and valuation

Market capitalisation
25.3 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
Enterprise value
33.4 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
Market cap / net income TTM
12.2x
computed by olivLawFY 2025
P/E (TTM)
12.3x
computed by olivLawFY 2025
Earnings yield
8.1%
computed by olivLawFY 2025
P/B
5.2x
computed by olivLawbalance sheet at 30 Sept 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
9.6x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/Sales
1.0x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
P/FCF
7.4x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
FCF yield
13.6%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

30.62 GBP

05 Nov 2026Source: olivLaw, closing series

Market cap: 25.3 bn GBP

Key indicators

Market capitalisation
25.3 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
P/E (TTM)
12.3x
computed by olivLawFY 2025
P/B
5.2x
computed by olivLawbalance sheet at 30 Sept 2025
EV/EBITDA
unavailable
input data missing
ROE
40.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Net margin
6.4%
computed by olivLawFY 2025
Revenue growth (YoY)
-0.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2025
Latest balance sheet date: 30 Sept 2025
Share count (cover of the latest filing), as of: 30 Sept 2025
Source: esefpublished 03 Feb 2026
verified 85derived 3

The data is older than the freshness threshold.

Score by group

52% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality18.2%71 (vs peers)20%
    Net margin · Quality6.4%43 (vs peers)12%
    FCF conversion · Quality165.6%100 (on a fixed band)12%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet5.2x56 (on a fixed band)12%
    Current ratio · Balance sheet0.7x0 (on a fixed band)8%
    P/E (TTM) · Valuation12.3x72 (vs peers)20%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation13.6%100 (on a fixed band)16%
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet34/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality71/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation85/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    IMPERIAL BRANDS PLC (IMB.L). Latest full fiscal year: 2025; data up to 2025-09-30.

    Figures computed from the financial statements: revenue 32.2 bn GBP in 2025; YoY growth -0.7%; net margin 6.4%; ROE 40.3%.

    The estimated value range is 34.10–52.70 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 42.43 GBP, the price of 30.62 GBP leaves a potential of 38.6% (value / price − 1) and a margin of safety of 27.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • ROIC: 18.2%
    • FCF conversion: 165.6%
    • P/E (TTM): 12.3x
    • FCF yield: 13.6%
    • The price is below the estimated value range

    What contradicts it

    • Current ratio: 0.7x

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    12.3x
    vertical median 15.3x
    below median (−19.9%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.8x
    vertical median 1.5x
    below median (−48.9%)
    P/B
    5.2x
    vertical median 2.2x
    above median (+142.3%)
    ROE
    40.3%
    vertical median 14.4%
    above median (+180.8%)
    Net margin
    6.4%
    vertical median 10.8%
    below median (−40.2%)
    EBIT margin
    10.8%
    vertical median 22.9%
    below median (−52.7%)
    Revenue YoY
    -0.7%
    vertical median 7.9%
    below median (−109.4%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 2.9%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
    IMB.LImperial Brands PLC25.3 bn12.340.3%6.4%−0.7%−5% / +67%
    ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
    AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
    ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
    BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
    BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
    AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
    ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
    BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
    ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
    ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
    AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
    APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
    AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

    1- and 3-year price returns: for IMB.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (GBP)

    Estimated priceBearBaseBull
    1 years
    17.27
    Total return -44% · Per year -44%
    30.61
    Total return -0% · Per year -0%
    46.22
    Total return 51% · Per year 51%
    3 years
    15.04
    Total return -51% · Per year -21%
    30.16
    Total return -1% · Per year -1%
    50.24
    Total return 64% · Per year 18%
    5 years
    13.10
    Total return -57% · Per year -16%
    29.72
    Total return -3% · Per year -1%
    54.62
    Total return 78% · Per year 12%
    What moves the 3-year price the most
    • Exit P/E± 7.54
    • Net margin± 5.28
    • Annual revenue growth± 4.56
    • Annual dilution± 0.44

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Imperial Brands is an international producer of tobacco products and next generation products (NGP), with a 2030 strategy aimed at sustainable value from combustibles and growth in NGP. In fiscal 2025, NGP net revenue grew by 13.7% at constant currency, which keeps this category closely watched.

    SWOT

    Strengths

    • A diversified brand portfolio across price points and a solid operational record over the past five years.
    • Ability to generate cash and return capital to shareholders, supported by a disciplined capital allocation framework.
    • Proven growth in NGP and stable market share in the main priority markets.

    Weaknesses

    • Reliance on combustibles volumes, which continue to decline, requires the company to offset this through pricing.
    • The transition to an integrated organisation with common processes and data involves costs and execution risks.
    • Exposure to currency movements can reduce reported results even when constant currency performance is good.

    Opportunities

    • Expanding the NGP category could bring new revenue sources if investment scale increases.
    • Digitalisation and the use of artificial intelligence could improve efficiency and data-led decisions.
    • Gradual price increases in markets where tobacco remains affordable could support margins.

    Threats

    • Stricter regulation of tobacco and nicotine could limit advertising, packaging or access to products.
    • Illicit trade and economic pressure on consumers could reduce legal sales.
    • Geopolitical tensions and tariff changes could disrupt supply and key markets.

    Risks

    • Tobacco and nicotine regulationhigh

      Regulatory changes could restrict products, marketing or sales in several countries, with a direct impact on revenue.

    • Decline in combustibles volumeshigh

      If volumes keep falling faster than pricing offsets them, tobacco revenue could be affected.

    • Inflationary and economic pressuremedium

      Inflation and consumer budget constraints could reduce demand and raise the costs of raw materials and energy.

    • Geopolitical and supply chain risksmedium

      Conflicts, trade tensions and tariff changes could disrupt supply and operations.

    • Climate risklow

      Climate impacts on leaf harvests and factories could affect operational resilience.

    Investment thesis

    What would need to be true (bull case)

    • The company has shown it can raise tobacco prices and revenue even while volumes decline, which could support cash flow.
    • Rapid NGP growth over five years could gradually diversify the revenue base.
    • The planned shareholder capital returns for fiscal 2026 point to a disciplined allocation framework backed by cash generation.

    What would break the thesis

    • Combustibles volumes continue to decline, and revenue growth depends largely on pricing, which could become hard to sustain.
    • Regulation in several countries could significantly limit marketing and access to products, with effects that are hard to anticipate.
    • Reported results lag constant currency results because of exchange rates, which makes reported performance more volatile for investors.

    What to watch

    • Development of NGP revenue and market share in the new categoriesNext annual report
    • Delivery of the capital returns announced for fiscal 20262026
    • Effects of the new executive leadership and the 2030 strategy on costs and efficiency2026
    • Regulatory changes on tobacco and nicotine in the main marketsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Imperial Brands bases its business on adult consumers who choose tobacco and next generation products, and the company presents itself as a challenger that invests in understanding consumers, differentiated brands and innovation. Its strategy has two twin priorities: sustainable value in combustibles and scale in NGP. The company also has a distribution segment, which contributed positively to results in fiscal 2025.

    Segments

    Combustibles (tobacco)

    The traditional tobacco segment delivered in fiscal 2025 a price-mix gain of 5.4%, which more than offset volume decline. The company reports tobacco net revenue growth of 3.7% at constant currency, with brands such as Winston and Gauloises supporting market positions.

    Next generation products (NGP)

    The NGP category grew at double-digit rates and is the main growth driver of the 2030 strategy. The company reported share gains across all categories and cumulative NGP net revenue growth of 83% over five years.

    Market context

    Tobacco markets are heavily regulated and competitive, and the company operates in several regions with different rules. Inflationary pressures and constraints on consumers' disposable income affect demand. The company says its market share in its five priority markets remained stable in fiscal 2025.

    Trends

    • Price increases in combustiblestailwind

      Pricing and product mix offset volume declines in combustibles, which could support revenue if demand remains stable.

    • Expansion of the NGP categorytailwind

      Adult consumers switching to potentially less harmful products could expand the NGP segment, where the company reports sustained growth.

    • Inflationary pressure on consumersheadwind

      Fluctuating inflation continues to weigh on consumer disposable income and on the cost of goods, which may affect volumes.

    • Regulation and geopolitical tensionsmixed

      Regulatory changes and geopolitical tensions could affect operations, supply chains and trade, though the net effect depends on each market.

    Competitive position

    The tobacco and nicotine market is highly competitive globally, and Imperial Brands presents itself as a challenger competing through differentiated brands and innovation in NGP. The analysed source does not provide a full list of competitors or comparative market shares, so relative positioning remains limited to the company's own information.

    • Global tobacco competitors

      The source mentions that the group operates in highly competitive global markets without naming specific competitors.

    • NGP product producers

      Competition in next generation nicotine products is part of the competitive environment described in the report.

    • Premium and discount brands

      The company mentions competition in both premium and discount segments, where it aims to maintain its position.

    • Distributors and retailers

      Relationships with distributors and retailers are treated in the report as part of the business model and of the competition for shelf space.

    News & filings

    In the press

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Imperial Brands PLC · 30 Sept 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.