Company | Imperial Brands CEO: Expects double-digit NGP growth over the next five years; ZONE nicotine pouches reach ~3% share in the U.S.

Key Points

• Growth target: Imperial aims to sustain double-digit net revenue growth in Next-Generation Products (NGP) for the next five years; the company says it has delivered double-digit growth over the past two years with share gains across its three NGP categories.

• Go-to-market: Primarily organic growth, supplemented by small bolt-on M&A; entry focus on markets where the category is established and route-to-market is in place.

• UK/France shift: Following disposable vape bans, the business has pivoted to rechargeable pod systems; UK vapor share has doubled in the past 12 months and exceeded 10% in H1.

• U.S. oral nicotine: ZONE, launched in Feb 2024, has reached about 3% market share in ~18 months; a more moist pouch option has been introduced, with emphasis on regulatory compliance.

• Portfolio mix: NGP revenue is roughly 75% vapor / 25% oral nicotine; CEO Stefan Bomhard says new launches will be prioritized only once categories reach sufficient scale (e.g., delaying pouches in the UK until the market matures).

2Firsts, September 12, 2025 — In a fireside chat at the Barclays Global Consumer Staples Conference, Imperial Brands CEO Stefan Bomhard outlined the company’s 2025–2030 strategy and direction for Next-Generation Products (NGP). He said Imperial has “reset” its NGP business over the past five years, delivering double-digit growth in the last two and gaining share across its three NGP categories. The group is targeting another five years of double-digit NGP growth.

On market selection and expansion, Bomhard said Imperial prioritizes countries where the category is already established and distribution is in place, launching differentiated propositions against clear consumer needs. He reiterated Imperial’s positioning as the world’s fourth-largest tobacco company.

Addressing policy shifts in Europe, he noted that after the disposable-vape bans in the UK and France, Imperial transitioned its offers to rechargeable pod systems. Over the past 12 months, the company’s UK vapor share has doubled, and in the first half it surpassed 10% for the first time. Pods will remain the core of its UK and French supply strategy.

In the United States, the ZONE nicotine-pouch brand, launched in February 2024, has reached around 3% market share in roughly 18 months. Imperial has added a more moist pouch option and stressed adherence to regulatory processes. As for introducing pouches in the UK, Bomhard described the category as “small and fragmented,” indicating Imperial will wait for the market to stabilize before entering.

Imperial’s NGP mix is about 75% vapor and 25% oral nicotine. The company will expand in a disciplined manner—largely organically—with small acquisitions considered only as supplements, keeping a tight focus on consumer insight and execution in the trade.