Imperial Brands: Never Complacent

“Our focused approach to getting close to our consumers and building differentiated brands works well. We now have a stronger, more sustainable combustible business. And in NGP, competitive products across all categories, and we are building scale and margins. But we are never complacent, and we take absolutely nothing for granted. That said, as we look to fiscal year ‘26, we feel confident that we can continue to deliver sustainable growth.” - Lukas Paravicini, Imperial Brands CEO, FY’25 Remarks

Imperial Brands’ full-year 2025 results, to put it succinctly, were outstanding. It was Lukas Paravicini’s first time leading the presentation as CEO, during which he demonstrated the same calm directness we had grown accustomed to from Stefan Bomhard. Bomhard’s vision and impact will continue to echo for years to come. While it appears easy for current shareholders to be complacent, management shows nothing of the sort, continually striving to increase the value produced and rapidly returned.