London, Jan 25, 2026, 09:26 GMT — Markets have shut down for the day.
- Imperial Brands shares finished Friday up 0.37%.
- The company revealed a fresh batch of share buybacks to be canceled as part of its £1.45 billion programme.
- Its finance arm rolled out an FCA-approved prospectus for a €15 billion debt issuance programme just ahead of Wednesday’s AGM.
Imperial Brands (IMB.L) started the new week with shares nudging up slightly, following two late-week announcements that brought funding and capital returns back into focus.
The cigarette maker’s finance arm rolled out a new prospectus for a €15 billion debt issuance programme. At the same time, the company kept buying back shares to cancel under its current buyback plan.
The mix matters now: buybacks boost earnings per share by cutting the share count, but new debt filings raise concerns about leverage and refinancing amid ongoing attention to rates and credit spreads.
The broader market wrapped up a turbulent week with a softer finish. On Friday, the FTSE 100 edged down 0.07%. Dan Coatsworth from AJ Bell described it as “a calmer end to a chaotic week on the markets.” (Halifax Investments)
Imperial Brands shares finished Friday at 3,024 pence, rising 11 pence after bouncing between 3,000 and 3,039 pence during the session. The stock’s 52-week range sits between 2,638 and 3,329 pence, with a dividend yield near 5.3%, according to Investing.com. (Investing)
Late Friday, the company revealed it repurchased 376,778 ordinary shares for cancellation, paying an average of 3,015.14 pence each, with Morgan Stanley as broker. Post-settlement and cancellation, the number of shares outstanding, excluding treasury stock, will be 791.8 million. This buyback is part of the £1.45 billion repurchase programme launched in October. (Investegate)
Separately, Imperial Brands Finance PLC and Imperial Brands Finance Netherlands B.V. released a prospectus for a €15 billion debt issuance programme, backed by Imperial Brands PLC. The base prospectus, greenlit by Britain’s Financial Conduct Authority, replaces the version dated Jan. 27, 2025, and remains valid for 12 months, the document reveals. It also details long-term debt ratings of Baa2 from Moody’s and BBB from S&P and Fitch, noting the programme is rated by Moody’s and S&P.
Focus now turns to the annual general meeting set for Jan. 28 in Bristol, where shareholders will decide on the final dividend and a new share buyback mandate. The company has proposed a final dividend of 40.08 pence per share, payable on March 31 to those on the register as of Feb. 20, according to the meeting notice. (Imperial Brands Corporate Site)
Traders often use the AGM to gauge the speed of cash returns and watch for any hints from management about shifting priorities between buybacks and debt.
The revised debt shelf puts the balance sheet under a clearer spotlight. Issuing new bonds or a spike in funding costs might challenge investors relying on Imperial’s consistent cash flows. Tobacco companies still face risks from regulatory changes that can squeeze volumes.
London markets reopen Monday, but all eyes turn to Wednesday’s AGM. That’s when shareholders will vote on dividend and buyback authorities. Any hints on financing plans there could shape the tone for the rest of the week.
