Imperial Brands reported full-year results for the year ended September 20 that show continued operational momentum and strong returns to shareholders, even as some reported earnings were under pressure.

Tobacco and Next Generation Products (NGP) net revenue rose 4.1%, driven by double-digit NGP growth, robust tobacco pricing and stable market share across its five priority markets. Since FY20, the company has added 48 basis points of market share. Reported revenue, however, slipped 0.7%.

“We will continue to invest in consumer insights, innovation, and marketing capabilities,” said CEO Lukas Paravicini. “We will also continue to make deliberate, focused choices about which opportunities we pursue, and develop a simpler, more efficient, and more agile organization.”

NGP continued to perform strongly: net revenue for the category climbed 13.7% and reported NGP revenue was up 14.9%, driven by oral nicotine growth in the U.S. and Europe and share gains across all smoke-free categories. Adjusted operating profit increased 4.6%, while reported operating profit fell 1.8%. Adjusted earnings per share rose 9.1%, helped by profit growth and a reduced share count; reported EPS declined 16.5%.

Cash generation remained solid, with free cash flow of £2.7 billion, largely supported by the combustibles business. Shareholder returns were a clear focus: the FY25 dividend increased 4.5% and a £1.25 billion buyback was completed. Over FY21–FY25, Imperial returned £10 billion to shareholders, and a new £1.45 billion buyback for FY26 has already begun.

This article was adapted from an original report published on tobaccoreporter.com. All rights belong to the original publisher.