Imperial Brands Confirms FY26 Guidance, Launches £1.5 Billion Buyback

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Imperial Brands said it remains on track to deliver its full-year FY26 targets across all key metrics and announced a further £1.5 billion share buyback. The tobacco maker expects low-single-digit tobacco net revenue growth, double-digit next-generation product net revenue growth, and group adjusted operating profit growth within its 3%-5% guidance range, along with high-single-digit adjusted EPS growth and more than £2.2 billion of free cash flow for the year. Imperial said this would mark its sixth consecutive year of tobacco net revenue growth, with pricing and market-share gains in key markets including the U.S. and Germany offsetting low-single-digit volume declines at group level. The company said its heated-tobacco business, including Pulze 3.0 and new iD sticks, is performing well, while its modern oral portfolio has been strengthened by brands including Zone and Skruf as well as the acquisitions of Black Buffalo in the U.S. and Helwit in Sweden. The new £1.5 billion buyback is for FY27 and is expected to be completed no later than October 29, 2027; Imperial said it has returned almost £13 billion to shareholders through dividends and buybacks between FY21 and FY26, while reducing its issued share capital by more than 21% since the buyback programme began in October 2022, and remains confident of delivering at least £320 million in savings by 2030, including manufacturing initiatives that underpin a targeted £100 million reduction in overheads.

Impact on assets 1

Consumer Staples▲
Imperial Brands PLC
IMB
▲ PositiveCapitalPricingrelevance

Imperial Brands confirmed FY26 guidance and announced a further £1.5 billion share buyback for FY27.

Off-coverage companies 3

Black Buffaloi
Private▲ PositiveCapitalrelevance

Black Buffalo acquisition strengthened Imperial's modern oral portfolio in the U.S.

Helwiti
Private▲ PositiveCapitalrelevance

Helwit acquisition strengthened Imperial's modern oral portfolio in Sweden.

Skruf Snus ABi
Private± Mixedrelevance