EarningsQ2 2026 Earnings Report
DE:ITBA Q2 2026 EPS Results
Actual EPS€1.53
Consensus EPS€1.53
Beat/MissMissed by -<€0.01
One Year Ago EPS€1.47
DE:ITBA Q2 2026 Revenue Results
Actual Revenue€10.82B
Expected Revenue€5.43B
Beat/MissBeat by +€5.39B
YoY Revenue Growth+10.48%
Earnings Announcement Details
QuarterQ2 2026
Date05/12/2026
TimeBefore Open
Conference CallTuesday, May 12, 2026
DE:ITBA Upcoming Earnings
Imperial Brands's next earnings date is estimated for November 17, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ITBA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly constructive operational and financial picture: strong cash generation (GBP 2.6bn), sustained capital returns (dividend increase and GBP 1.45bn buyback), confirmed full-year guidance, and clear progress on NGP scale, vapor/heated tobacco momentum and a GBP 320m efficiency program. These positives were partially offset by H1 one-offs (>GBP 50m), modest adjusted operating profit growth (+0.6%), a sharp Australia volume decline (~50%), and short-term promotional drag in U.S. NGP (~GBP 13m). Management expects many headwinds to ease in H2 and reiterated guidance, indicating confidence in a step-up in performance.Company Guidance
Strong Cash Generation
Generated GBP 2.6 billion of free cash flow over the past 12 months; operating cash conversion of 98% on a 12-month basis, supporting disciplined capital allocation.
Confirmed Full-Year Guidance and Midterm Targets
Company re-confirmed FY26 guidance: tobacco net revenue growth expected in the low single digits, NGP net revenue growth expected to be double-digit, adjusted operating profit growth within the midterm target range of 3%–5%, and at least high single-digit EPS growth.
Shareholder Returns Maintained and Expanded
Announced a 4% increase in the ordinary dividend and on track with a GBP 1.45 billion share buyback (fourth consecutive year). Total buybacks to date GBP 4.8 billion; cumulative capital returns (dividends + buybacks) since FY21 to H1'26 GBP 11.5 billion (~77% of market cap at CMD).
Pricing Offsetting Volume Declines Across Footprint
Pricing continued to more than offset volume declines: Europe pricing ~6%, U.S. pricing ~5.7%, AAACE ex-Australia price/mix ~6.1%, delivering low single-digit tobacco net revenue growth and notable tobacco operating profit growth (Europe +6.5%, AAACE ex-Australia +10.8%).
NGP Scale and Share Gains
NGP volumes and shares grew across all categories; Europe NGP made a profitable contribution in H1. In the U.S. O&D market, Zone brands delivered volume growth ahead of the category and net revenue grew ~20% excluding the year-end promotional timing effect.
Vapor and Heated Tobacco Momentum
Vapor share increased by 130 basis points across footprint with strong growth in the U.K. and France (rechargeable blu kits). Heated tobacco gaining share across markets supported by Pulze 3.0 and iSenzia products.
Transformation and Efficiency Progress
On track to deliver GBP 320 million of annual savings over the strategic period. Actions include factory rationalization (Langenhagen exit and Taiwan sale) expected to reduce overheads by ~GBP 100 million, manufacturing efficiencies of GBP 25 million in FY26, and transfer of ~400 roles to Capgemini to accelerate technology and process improvements.
Resilient Balance Sheet Metrics
Leverage at 2.4x (flat year-on-year) and expected to be around the lower end of target range by year-end; FX expected to be a modest headwind (0%–1%) to operating profit and EPS at current rates.
DE:ITBA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed