London, Feb 20, 2026, 08:38 GMT — Regular session underway.
- Imperial Brands shares ticked up roughly 0.6% early, recovering some ground after Thursday’s ex-dividend slide.
- The company reported a fresh round of share buybacks set for cancellation, part of its £1.45 billion repurchase program.
- Next up for investors: the trading update on April 14, right after the dividend record date.
Imperial Brands (IMB.L) edged up roughly 0.6% to 3,220 pence early Friday in London, just outpacing the wider UK market. (Fidelity International)
Awkward timing, though not unusual. The stock went ex-dividend on Thursday; buyers from that point miss out on the upcoming payout. That shift alone usually knocks the price down, even if everything else stays put.
Imperial’s shares trade not just on growth hopes but for income, so the calendar counts. The company is set to pay out a final dividend of 40.08 pence per share on March 31, with Feb. 20 as the record date. (Barclays Smart Investor)
Imperial reported late Thursday it snapped up 474,606 shares for an average 3,210.90 pence apiece, picking up stock anywhere from 3,188 to 3,248 pence. These shares are set to be cancelled, trimming the count of shares in issue (not counting treasury shares) to 790,606,141, according to the filing. (Investegate)
The buyback comes out of the £1.45 billion programme the company rolled out in October—a key tool management relies on to return cash to shareholders.
Thursday, the numbers took over—shares dropped 1.6%, settling at 3,200 pence as the stock went ex-dividend. (Investing.com)
Buybacks help soften dips at the edges by providing consistent demand. Still, they leave a bigger question hanging for long-term investors: can pricing power continue to make up for shrinking volumes as cigarette markets reach maturity?
The company is set to deliver a trading update April 14, then will release half-year results May 12. (Imperial Brand Plc)
Imperial’s approach on cash returns lands it alongside bigger names like British American Tobacco and Philip Morris. For these firms, dividends and buybacks carry much of the equity narrative.
The downside? Still hanging over the sector. A stricter regulatory stance on nicotine, particularly for vaping, or a sudden move in excise taxes can squeeze both volumes and margins fast. When that happens, investors usually mark down the entire group at once.
