Half Year 2026 Imperial Brands PLC Earnings Call Transcript
Key Points
- Imperial Brands PLC (IMBBF) reported consistent financial performance with growth in net revenue and adjusted operating profit, driving cash generation of GBP2.6 billion over the past 12 months.
- The company confirmed its guidance for the full year, expecting at least high single-digit growth in EPS and a 4% increase in the ordinary dividend.
- Significant progress has been made in the strategic transformation of the business, delivering material efficiencies and building capabilities for long-term growth.
- The company is on track with its GBP1.45 billion share buyback, contributing to sustainable capital returns.
- Imperial Brands PLC (IMBBF) has achieved growth in NGP share and volumes across all categories, with a focus on building scale and sustainable value.
- Market share in the five-priority markets is lower, reflecting a deliberate choice to prioritize value over low return volume.
- NGP revenue growth is below full-year guidance of double-digit due to one-off factors, particularly the timing of promotions in the US.
- Adjusted operating profit growth of 0.6% was impacted by headwinds at Logista and one-offs in the US and Australia.
- The company faced accelerated volume declines in Australia, impacting adjusted operating profit.
- The exit from the US vapor category and the transition out of the myblu business reflect challenges in the NGP segment.
Hello. Good morning, everyone. Thanks for joining us for our half year '26 results.
Just a few housekeeping items before we kick off. For those of you in the room, there are no planned fire alarm tests today, so if it goes off, it is a real one, and you'll see the fire exit is just behind you there lit up in green.
And finally, I just wanted to draw your attention to the usual disclaimer in our RNS this morning, and in the presentation, which we're just about to go through.
So without further ado, I'll hand over to Lukas.
Thank you very much, John. And good morning, and a very warm welcome to this results presentation. Thank you very much for joining us here in the room, and a very warm welcome to those who join us online.
Today, I'm joined by Murray McGowan, our Chief Financial Officer, and John Crosse, our Director for Investor Relations. Murray and myself really look forward
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