Imperial Brands PLC

IMB: XLON (GBR)

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Imperial Brands: Raising Fair Value Estimates on More Gradual Tobacco Decline; Shares Fairly Valued

Kristoffer Inton

Apr 7, 2026

Tobacco remains Imperial Brands' main value driver at 96% of fiscal 2025 tobacco and next-generation products (NGP) net revenue. Tobacco volume declines moderated last year, as Imperial's value brands benefited from trade-down. Meanwhile, NGP revenue is nascent but rapidly growing.

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Imperial Brands PLC

Imperial Brands: Raising Fair Value Estimates on More Gradual Tobacco Decline; Shares Fairly Valued

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