LONDON, March 12, 2026, 14:50 GMT
Imperial Brands edged up roughly 0.6% to near 3,112 pence on Thursday, according to market data, after the tobacco company announced another buyback. That move recouped just a slice of Wednesday’s 2% slide to 3,094 pence.
This is a key development for Imperial, as returning cash to shareholders sits at the heart of its investment case. Back in November, the company reported adjusted EPS climbed 9.1%—a boost driven by profit gains and a shrinking share base. It also kicked off its £1.45 billion buyback program for FY26. According to Imperial’s disclosures, £10 billion has made its way back to shareholders between 2020 and 2025.
Imperial has told investors it’s committing to annual buybacks through 2030, with a goal of 3% to 5% yearly growth in operating profit. On Feb. 5, consensus estimates published on its website showed adjusted operating profit rising 3.8% for FY26, with tobacco and next-generation products—Imperial’s label for vapes and nicotine pouches—set to climb 2.4%. Back in November, CEO Lukas Paravicini said Imperial would “evolve the distinctive challenger approach” as part of the strategy’s next phase. Reuters
Imperial picked up 545,325 shares on Wednesday at an average price of 3,120.50 pence apiece, according to the latest filing. Morgan Stanley was on the other side of the trade. After this buyback, the company counted 785,223,868 ordinary shares in issue, not including those sitting in treasury.
Just a day before, Imperial announced that non-executive director Jon Stanton was leaving the board immediately, ending a tenure that lasted almost seven years. Chair Thérèse Esperdy credited Stanton with a “significant contribution and commitment” during a period marked by shifts in both strategy and leadership. Investegate
The sector remains patchy. Morningstar’s Kristoffer Inton calls Imperial a “fast follower” on next-generation offerings—its smaller footprint leaving it trailing Philip Morris International and British American Tobacco. Back in February, BAT pointed to tightening regulation and U.S. vape rivals as drags on growth for one part of its newer lineup. Morningstar
Thursday’s uptick leaves plenty unresolved. Shares in Imperial wrapped up Wednesday still down almost 15% from the 52-week peak of £36.32 set on Dec. 19. Investors remain focused on the leadership shake-up after CEO Lukas Paravicini came aboard in October, chair-designate John Rishton followed in January, and another board member exited this week.
Imperial’s calendar is stacked: a final dividend lands March 31, then comes a trading update April 14, with half-year numbers out May 12. Investors will be watching closely for signs that buybacks and next-gen smoking products are enough to keep that 3% to 5% annual operating profit target within reach.
