Imperial Brands Launches £1.45B Buyback Plan as New Product Revenue Jumps 12-14%

Oct.07

Imperial Brands: FY results in line; launches £1.45bn buyback (to Oct 2026). Constant-currency net revenue to grow low single digits; NGP +12%–14%; adjusted operating profit growth similar to last year’s 4.6%.

Key Takeaways

Results vs. guidance: Performance for the fiscal year to Sept 30 is in line with the guidance given with the May interim results.

Buyback size & timeline: New £1.45bn share repurchase to run through October 2026.

Revenue & profit trends (constant FX): Net revenue for Tobacco + NGP expected to grow at a low single-digit rate; NGP net revenue up 12%–14%; adjusted operating profit growth similar to last year’s 4.6% (previously guided to around the mid-single-digit range).

Shareholder returns: Next fiscal year’s total returns (buybacks + dividends) expected to exceed £2.7bn.

2Firsts, Oct 7, 2025 — According to a MarketScreener report on Oct 7, Imperial Brands plc (IMB) said its fiscal-year results to Sept 30 are consistent with guidance issued alongside its May interim results. The company also announced a new £1.45bn share buyback to be completed by Oct 2026, and said total shareholder returns (buybacks plus dividends) are expected to top £2.7bn in the next fiscal year.

Key Operating Details

Guidance alignment: Management says FY performance matches the May guidance.

Revenue (constant FX): Net revenue for Tobacco and “Next-Generation Products” (NGP—e-vapor, heated tobacco, and oral nicotine) is expected to grow at a low single-digit percentage; within that, NGP net revenue is expected to rise 12%–14%.

Profit (constant FX): Group adjusted operating profit growth is anticipated to be similar to last year; the FY2024 figure was +4.6%, and prior guidance pointed to “around the midpoint of mid-single-digit” growth.

Capital allocation: £1.45bn buyback through Oct 2026; total shareholder returns next fiscal year expected to exceed £2.7bn.

As of early London trading (late morning UK time), Imperial Brands was up about +2.7%, among the FTSE 100’s notable gainers.

Context & View

Imperial reiterated its dual-track strategy: legacy tobacco provides stable cash flow while NGP maintains low-to-mid-teens growth (12%–14%). The new buyback extends the company’s shareholder-return policy and aligns with its medium-term target for adjusted operating profit growth in the mid-single digits. Note: growth rates, buyback size, and timelines reflect the company’s disclosures today; market pricing is time-sensitive, and intraday figures are not quantified in the report.

Image source: MarketScreener.

References:

[1] Imperial Brands Says Performance in Line With Expectations, Launches $2 Billion Buyback

Also Read:

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

[2] Imperial Tobacco Canada announced the completion of settlement litigation, warning that the black market for tobacco could impact compensation funds

[3] U.S. Court Formally Approves Imperial Tobacco Canada Restructuring Plan Involving US$23.6 Billion Settlement

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