Imperial Brands: A Plus With Cs

“I think the team is very excited not just with the value creation we have done in the past, but because we believe there is an equal opportunity to value creation for the future for our shareholders. So that’s really the focus for us going forward. And in that sense, there is probably a combination of evolution and acceleration, evolution in the sense that we will continue to focus on the consumer. I think that was a guiding principle, which is fundamental to drive Imperial more as a fast-moving consumer good, a company that is starting and understanding better than anybody else, our consumers. On that, we can then deliver against our combustible business, which is our core business and where we can extract further value for the benefit of our shareholders.” - Lukas Paravicini, Imperial Brands CFO, Barclays Global Consumer Conference 2025

A whole lotta Cs

Clarity. Candidness. Continuity. Commitment. There is no shortage of “C-words” to describe Imperial Brands’ communication, all of which should earn an A+ in the eyes of investors yet remain widely disregarded. Company focus remains centered on the markets and products that produce the lion’s share of profit, and discussions only begin with key value drivers, preventing distraction from creeping into the narrative. Over the last five years, the group’s turnaround has been as magnificent as it has been undeniable. With Lukas set to lead following Stefan’s retirement, a team and system are in place to maintain course. Most importantly, every statement made by management exudes discipline, with shareholder capital in mind, and an explicit promise to return excess capital, of which there has been no shortage.