Imperial Brands PLCs half-year financial report for the six months ended 31 March 2026 highlights
1. **Revenue Growth**Tobacco net revenue grew 1.5%, driven by robust pricing, offsetting volume declines. NGP (Next Generation Products) net revenue increased 7.5%, with strong growth in AAACE (60.0%) and Europe (15.3%).
2. **Profitability**Adjusted operating profit rose 0.6%, led by Europe, while reported operating profit fell 36.5% due to Delaware settlement and 2030 Strategy costs. Adjusted EPS increased 5.3%, but reported EPS dropped 38.1%.
3. **Cash Flow**12-month free cash flow reached £2.6 billion, with strong cash conversion (98%). £809 million share buyback completed, and interim dividend increased by 4.0%.
4. **Transformation Progress**On track to deliver £320 million in annual cost savings by 2030. Strategic partnership with Capgemini to enhance data-led capabilities and efficiency.
5. **Outlook**Full-year results expected in line with guidance, despite macroeconomic uncertainties. Low-single-digit tobacco and double-digit NGP net revenue growth anticipated, with adjusted operating profit growth of 3-5%.
| Metric | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue (£m) | 14,719 | 14,604 | +0.8% |
| Tobacco & NGP Net Revenue (£m) | 3,729 | 3,664 | +1.8% |
| Tobacco & NGP Operating Profit (£m) | 776 | 1,294 | -40.0% |
| Adjusted Tobacco & NGP Operating Profit (£m) | 1,479 | 1,486 | -0.5% |
| Operating Profit (£m) | 925 | 1,456 | -36.5% |
| Adjusted Operating Profit (£m) | 1,644 | 1,652 | -0.5% |
| Earnings per Share (p) | 59.9 | 96.7 | -38.1% |
| Adjusted Earnings per Share (p) | 127.7 | 123.9 | +3.1% |
| Net Debt (£m) | (10,943) | (10,471) | -4.5% |
| Adjusted Net Debt (£m) | (10,518) | (9,956) | -5.6% |
| Dividend per Share (p) | 83.36 | 80.16 | +4.0% |