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Imperial Brands Morgan Stanley Global Consumer & Retail Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley Global Consumer & Retail Conference 2025 summary3 Dec, 2025
Strategic pillars and business overview
Focus on sustainable value generation from tobacco, with strong positions in the U.S., Germany, Spain, and Africa, which together drive the majority of operating profit.
Next-generation products (NGP) are a key growth pillar, with double-digit growth in nicotine pouches, vape, and heated tobacco over the past three years and a commitment to continue this trajectory for the next five years.
Emphasis on consumer centricity, data-driven decision-making, and a refreshed leadership team, with 82% of top management new in their roles.
Guidance for 1%-2% net revenue growth from tobacco, 3%-5% operating profit growth, and annual cash generation of GBP 2-3 billion, supporting high single-digit EPS growth and progressive shareholder returns.
Transition, strategy evolution, and future focus
Leadership transition has been smooth, with no surprises due to deep internal experience.
The next five years will see a step up in integrating people, process, technology, and data, with a focus on consumer intimacy and leveraging artificial intelligence.
The business aims to move from a collection of acquired companies to a unified, agile challenger organization, accelerating transformation by learning from best practices and technology partners.
Combustibles business and market dynamics
Tobacco volume declines have moderated from -7% to just better than -2% over three years, with long-term trends expected to align with historic averages.
Pricing power in affordable core markets (U.S., Germany, Spain) offsets volume declines, supporting low single-digit net revenue growth.
U.K. and Australia face more challenges due to high excise, but are managed for value; Africa delivers 10% of operating profit with strong growth in markets like Ivory Coast, Burkina Faso, and Morocco.
U.S. market remains attractive, with strong pricing, brand portfolio across segments, and benefits from increased enforcement against illicit vapes.
NGP markets near target gross margins?
Sustain combustibles pricing ahead of volume decline?
Mitigate transformation program risks?
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Profits fell across most segments, but energy shipping and a major acquisition stood out.
Next Imperial Brands earnings date
H1 202614 May, 2026
Imperial Brands
Next Imperial Brands earnings date
H1 202614 May, 2026
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Frequently asked questions
Imperial Brands plc (formerly Imperial Tobacco Group plc), is a British multinational tobacco company headquartered in Bristol, England. It is one of the world's fourth-largest international cigarette companies measured by market share after, and the world's largest producer of fine-cut tobacco and tobacco papers. Imperial Brands plc was founded in 1901.
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