On November 18, 2025, Imperial Brands released its annual results for the year ended September 30, 2025. New tobacco products (NGP) were identified as a key growth engine, with net revenue increasing by 13.7%; shareholder returns continued to improve, laying a solid foundation for development over the next five years.
I. Key Performance Highlights
1. Regional performance diverges, with the Americas leading the global growth rate.
- Americas
The biggest surprise was that NGP's net income surged 69.8% to £70 million. - Europe
It achieved a solid 8.8% growth, with net income reaching £280 million. - AAACE region
NGP's net income fell 30.8% to £18 million due to the withdrawal of some markets from the e-cigarette business. The region is still dominated by traditional tobacco business, and NGP's presence is relatively limited.
2. Three major product categories work together to comprehensively advance market penetration.
- Modern oral nicotine：The core driving force is Zone, a modern nicotine brand launched in 2024. It has now covered about 100,000 retail stores in the United States, established a firm foothold in the local modern nicotine market, and achieved a market share of 2.8%. The product range includes 11 flavors and two strengths: 6mg and 9mg, precisely targeting mainstream consumer demand.
- E-cigarette：The Blu Kit series performed exceptionally well, achieving double-digit market share in the UK, France, and Spain. This success was driven by increased demand for replaceable cartridge devices due to stricter regulations on disposable e-cigarettes, prompting the company to accelerate its product transformation. Furthermore, the modern oral e-cigarette category continued to penetrate the market through packaging upgrades and flavor innovation, showing outstanding performance in the Nordic market.
- Heated tobacco：In FY25, the Pulze 3.0 all-in-one device was launched, compatible with iD tobacco sticks and iSenzia plant sticks. Positioned as "affordable + experience close to cigarettes", it received positive feedback after its launch in Italy and Greece, successfully penetrating the price-sensitive consumer group.
III. Strategy and Future Outlook
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Focusing on two core areas: stabilizing the value of combustible tobacco and expanding the scale of NGP, while promoting organizational streamlining and technological empowerment (including AI applications). -
Fiscal Year 2026 Guidance: Low single-digit growth in net tobacco revenue, double-digit growth in NGP, 3%-5% increase in adjusted operating profit, and at least £2.2 billion in free cash flow.
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