EarningsQ2 2026 Earnings Report
MX:IMBN Q2 2026 EPS Results
Actual EPS$30.52
Consensus EPS$30.52
Beat/MissMet expectations
One Year Ago EPS$29.80
MX:IMBN Q2 2026 Revenue Results
Actual Revenue$218.45B
Expected Revenue$108.07B
Beat/MissBeat by +$110.38B
YoY Revenue Growth+4.87%
Earnings Announcement Details
QuarterQ2 2026
Date05/12/2026
TimeBefore Open
Conference CallTuesday, May 12, 2026
MX:IMBN Upcoming Earnings
Imperial Brands's next earnings date is estimated for November 17, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented several concrete operational and financial positives: strong cash generation (GBP 2.6bn over 12 months), high operating cash conversion (98%), confirmed full-year guidance, disciplined pricing that offset volume declines, regional profit growth (Europe +6.5%, AAAACE ex-Australia +10.8%), and measurable strategic transformation progress with committed efficiency targets (GBP 320m). These positives were tempered by identifiable near-term headwinds and one-off costs ( > GBP 50m in H1), a notable H1 shortfall in NGP versus in-year expectations due to promotional timing (NGP losses increased ~GBP 13m in U.S.), accelerated Australia volume declines (~50%) and cash payments related to a legal settlement (GBP 150m in H1 plus GBP 162m to follow). Management reiterated confidence in H2 step-up and maintained guidance. Overall, the weight of the highlights (strong cash, confirmed guidance, clear transformation actions, and NGP market share gains) outweighs the lowlights, which are characterized as manageable, mostly one-off or timing-related, and addressable over H2–FY27.Company Guidance
Strong cash generation
Generated GBP 2.6 billion of free cash flow on a 12-month basis; operating cash conversion of 98% (12-month basis). Expect at least GBP 2.2 billion of free cash flow for the full year (including cash costs related to legal settlement and strategy).
Sustained capital returns and share buyback
Announced a 4% increase in the ordinary dividend and remain on track with the GBP 1.45 billion evergreen share buyback. Total capital returned (dividends + buybacks) since FY21 to H1'26 is GBP 11.5 billion, with GBP 4.8 billion from share buybacks.
On-track to meet full-year guidance and EPS target
Management confirmed guidance: full-year tobacco net revenue growth in low single digits, double-digit NGP net revenue growth (full year guidance), adjusted operating profit growth within midterm target range of 3%–5%, and at least high single-digit EPS growth for the full year.
Net revenue and adjusted operating profit growth (H1)
Delivered growth in tobacco and NGP net revenue; group adjusted operating profit grew 0.6% in H1 despite several one-offs and regional headwinds.
Pricing more than offsetting volume declines in tobacco
Tobacco price/mix outpaced 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 in line with guidance.
Regional tobacco operating profit strength
Tobacco operating profit growth driven by Europe (+6.5%) and AAAACE excluding Australia (+10.8%).
NGP progress and market share gains
NGP volume and share gains across all three categories; Europe NGP achieved a profitable contribution in H1. U.S. O&D: net revenue grew ~20% (excluding the one-off promotional activity) and achieved 2.8% share (up vs. prior year); vapor share increased by 130 basis points across footprint.
Strategic transformation and cost savings trajectory
On track to deliver GBP 320 million annual savings over the strategic period. Actions include factory rationalization (Langenhagen exit and Taiwan sale) and manufacturing efficiencies of GBP 25 million in fiscal year '26; combined factory actions expected to reduce overheads by GBP 100 million. Transfer of ~400 roles to Capgemini to accelerate tech/capability improvements.
MX:IMBN 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