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Corporate Score 38 Neutral

Imperial Brands Confirms FY26 Financial Outlook and Growth Targets

Apr 14, 2026 06:48 UTC
IMB.L, ITB.DE
Medium term

The tobacco giant has reaffirmed its full-year guidance, projecting steady growth in traditional tobacco and double-digit expansion in next-generation products. The company expects to maintain strong cash flow and earnings growth through the fiscal year.

  • FY26 tobacco revenue growth expected in low-single-digits
  • NGP net revenue projected for double-digit growth
  • Adjusted operating profit growth targeted at 3-5%
  • EPS growth expected to be at least high-single-digit
  • Free cash flow floor set at £2.2 billion
  • Interim results scheduled for May 12, 2026

Imperial Brands has reiterated its financial guidance for the 2026 fiscal year, signaling stability in its core operations and continued momentum in its diversification efforts. The company's outlook focuses on a balanced growth strategy, leveraging its traditional tobacco business while aggressively scaling its Next Generation Products (NGP) segment to offset long-term industry headwinds. For the full year, the group anticipates low-single-digit growth in tobacco net revenue and double-digit growth for NGP net revenue. Adjusted operating profit is expected to grow between 3% and 5%, with earnings per share (EPS) projected to increase by at least a high-single-digit percentage, all calculated on a constant currency basis. In terms of liquidity, management expects to generate at least £2.2 billion in free cash flow. Looking specifically at the first half of the year, the company forecasts low-single-digit growth in combined tobacco and NGP net revenue, with adjusted operating profit expected to be slightly higher than the previous year. This reiteration provides predictability for investors ahead of the company's interim results, which are scheduled for release on May 12, 2026. The stock remained relatively flat following the announcement, trading near 3,082.00 pence.

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