Imperial Brands PLC Share Price Today (21 November 2025): IMB Slips After FY25 Results Rally

Imperial Brands PLC (LON: IMB), the FTSE 100 tobacco and next‑generation nicotine products group, saw its share price ease lower on Friday, 21 November 2025, as investors continued to digest this week’s full‑year results, dividend hike and new buyback plans.

Imperial Brands PLC (LON: IMB) share price today – 21 November 2025

As of Friday, 21 November 2025, Imperial Brands’ London‑listed shares are trading at 3,211.00p, down around 1.5% on the day from Thursday’s close of 3,260.00p. ^[1]

Key trading statistics for today:

Current price: 3,211.00p
Previous close (20 November): 3,260.00p
Single‑day move: –49p, roughly –1.5%
Intraday range (so far): about 3,194.6p – 3,263.0p
Recent 52‑week range: roughly 2,505p – 3,275p, putting today’s price close to the top end of the yearly band. ^[2]

The pull‑back follows a strong run into and immediately after the FY25 results announcement earlier in the week, which had propelled the stock to fresh 52‑week highs.

How IMB has traded this week

Recent daily closing prices in London show how the stock has reacted around results day: ^[3]

Tue 18 Nov: 3,229.00p (results day, sharp rally)
Wed 19 Nov: 3,239.00p (+0.3%)
Thu 20 Nov: 3,260.00p (+0.65%)
Fri 21 Nov (today): 3,211.00p (–1.50% so far)

External technical commentary notes that IMB had risen in 7 of the previous 10 sessions and gained about 2.7% over the last two weeks before today’s drop, reflecting profit‑taking after a strong run. ^[4]

The latest Imperial Brands news investors are trading on

Although there is no fresh regulatory announcement from Imperial Brands on 21 November itself, today’s share price is being driven by a cluster of news and analysis published over the last few days and summarised again in specialist coverage dated 21 November.

1. FY25 full‑year results: steady growth and bigger shareholder returns

On 18 November 2025, Imperial Brands released its full‑year results for the year to 30 September 2025. ^[5] Key points include:

Reported revenue: £32.17bn, down 0.7% year‑on‑year, largely due to FX and lower volumes in some high‑tax markets. ^[6]
Tobacco & NGP net revenue: up 4.1% at constant currency, helped by strong pricing and growth in next‑generation products (NGP). ^[7]
NGP net revenue: up 13.7%, with market share gains across vapour, modern oral nicotine and heated tobacco. ^[8]
Adjusted operating profit: up 4.6%, driven mainly by the traditional combustible business. ^[9]
Adjusted EPS: up 9.1%, thanks to profit growth and a lower share count. ^[10]
Reported EPS: down 16.5%, reflecting a higher tax charge and some strategy‑related costs. ^[11]
Free cash flow: a robust £2.7bn, aided by strong cash generation and a one‑off tax repayment. ^[12]

Commentary from industry‑focused outlets published today (21 November) highlights the same themes: solid underlying growth from tobacco, rapid expansion in NGP, and a strategic focus on cash generation and shareholder returns. ^[13]

2. Bigger dividends and ongoing share buybacks

Investors are also reacting to confirmation of a higher dividend and extended buyback programme:

Total FY25 dividend per share has been lifted 4.5% to 160.32p. ^[14]
The board has approved a third interim dividend of 40.08p per share, payable on 31 December 2025, and is proposing a final dividend of 40.08p per share payable on 31 March 2026, as the group moves to four equal quarterly dividends each year. ^[15]
The company has completed a £1.25bn share buyback for FY25 and has already launched a £1.45bn buyback for FY26, bringing total capital returned to shareholders since FY21 to around £10bn. ^[16]

At today’s 3,211p share price, the new 160.32p annual dividend implies a forward yield of roughly 5%, keeping Imperial Brands firmly in the high‑income bracket of the FTSE 100. ^[17]

3. Focus on NGP growth and the “Zone” brand

A detailed sector piece dated 21 November 2025 on vaping industry site ABeSmoke drills into Imperial’s NGP performance and has been widely circulated among investors today. ^[18] Highlights include:

NGP net revenue up 13.7%, with growth across all smoke‑free categories.
In the Americas, NGP net income reportedly surged nearly 70% to £70m, with the Zone modern oral nicotine brand singled out as a key growth driver.
Zone is now distributed in roughly 100,000 U.S. retail outlets, with an estimated 2.8% share of the modern oral segment and an expanding flavour range.
The blu vapour brand continues to gain share in the UK, France and Spain as those markets shift from disposables into pod‑based systems.
The new Pulze 3.0 heated tobacco device is being rolled out in price‑sensitive European markets such as Italy and Greece, positioned as an affordable alternative to cigarettes.

This coverage underlines management’s message that growth in smoke‑free products is becoming a more material contributor to the investment case.

4. Analyst reaction: cautiously constructive

Several pieces of sell‑side and independent research over the last two days continue to shape sentiment:

An Investing.com update notes that RBC Capital has reiterated a “sector perform” stance on IMB, with a price target of £27.00 (2,700p), following the results and buyback news. ^[19]
Consensus data on the same platform show a 12‑month average target price of around 3,410p, implying roughly 6% upside from today’s level, with 9 Buy, 2 Hold and 1 Sell recommendations – an overall “Buy” consensus. ^[20]
A results review from DirectorsTalk and other outlets emphasises “broad‑based growth” and “higher shareholder returns”, arguing that the company has built a stronger platform for the next phase of its strategy. ^[21]
A fresh fundamental report (yesterday) from Morningstar describes Imperial Brands as well‑positioned to generate robust free cash flow and continue returning it to shareholders, albeit within the structural and regulatory headwinds facing the global tobacco sector. ^[22]
On the more cautious side, a Seeking Alpha note published this week characterises the stock as a “hold” after the FY25 results, pointing to slower reported profit growth once restructuring and tax effects are included, even as dividend and buyback support limit downside. ^[23]

Meanwhile, a recent Simply Wall St article highlights that insiders have been net buyers over the past 12 months, with one insider reportedly increasing their holding by 132%, which some investors interpret as a vote of confidence in the medium‑term strategy. ^[24]

Fundamentals snapshot after FY25

Putting the share price action in context, the latest full‑year numbers paint a picture of a mature but cash‑rich business that is edging growth higher while leaning heavily on capital returns:

Revenue: £32.17bn (–0.7% reported). ^[25]
Tobacco & NGP net revenue: +4.1% at constant currency. ^[26]
NGP net revenue: +13.7%, with cumulative NGP net revenue growth of around 83% over five years and sharply reduced NGP losses. ^[27]
Adjusted operating profit: +4.6%; adjusted EPS: +9.1%. ^[28]
Free cash flow: £2.7bn; adjusted net debt: ~£8.4bn (around 2.0x EBITDA). ^[29]
Dividend per share: 160.32p (+4.5% year on year). ^[30]

Market data from Investing.com suggest that Imperial Brands currently trades on roughly 12–13x trailing earnings, a discount to many global consumer‑staples peers but more in line with tobacco‑sector valuations, with a dividend yield around 5%. ^[31]

Why is the Imperial Brands share price down today?

Today’s move looks less like new bad news and more like “post‑results digestion”:

“Sell the news” after a strong run
- IMB rallied into results and then pushed higher immediately after, closing at 3,260p on Thursday – close to its 52‑week high. ^[32]
- A modest retreat of about 1.5% on Friday is consistent with investors locking in profits rather than dramatically reassessing the story.
Mixed profit narrative
- Adjusted profit and EPS are up, but reported EPS fell 16.5%, and some commentary has focused on the drag from higher tax and strategy‑related costs. ^[33]
- An Investing.com piece summarised the results as “EPS down 16.5% as strategy costs weigh on results,” which may temper enthusiasm among more short‑term traders. ^[34]
Tobacco sector headwinds
- Global tightening of regulation around nicotine and vaping, coupled with ongoing litigation and ESG concerns, continues to cap valuations across the sector, even when individual company numbers are solid. ^[35]

Overall, today’s decline looks modest when set against the week’s gains and the strength of the dividend and buyback support.

Outlook: guidance to FY26 and beyond

Imperial Brands has reiterated medium‑term guidance as it moves into FY26: ^[36]

Net revenue: low single‑digit growth in tobacco, double‑digit growth in NGP.
Adjusted operating profit: expected to grow 3–5% at constant currency.
Free cash flow: at least £2.2bn per year, underpinning dividends and buybacks.

Strategically, management under new CEO Lukas Paravicini is focused on two pillars:

“Sustainable value in combustibles” – maximising cash from traditional tobacco through pricing, brand investment and portfolio focus, even as volumes slowly decline. ^[37]
“Scale in NGP” – building out vapour, modern oral and heated‑tobacco offerings, with Zone, blu and Pulze positioned as key brands in those categories. ^[38]

If management can deliver on this plan, the combination of modest earnings growth, high cash conversion and sizeable capital returns is likely to remain central to the IMB investment case.

Risks for Imperial Brands shareholders to watch

Even with today’s relatively benign share price move, investors are keeping an eye on several key risks:

Regulatory and taxation risk: Further excise hikes, flavour bans, plain packaging rules or restrictions on vaping and oral nicotine could hurt volumes or require costly product changes. ^[39]
Litigation exposure: The industry remains exposed to legal challenges, including those related to historical tobacco use and newer products. ^[40]
FX and macroeconomic headwinds: A large international footprint means reported numbers are sensitive to currency swings and consumer‑spending trends. ^[41]
Execution in NGP: While growth is strong, NGP remains a smaller part of the group, and the path to long‑term profitability in these categories is not guaranteed. ^[42]

How the US ADRs are performing

For international investors holding the New York‑traded American Depositary Receipts:

The IMBBY ADR last closed around $39.41, down about 1.65% on the day, broadly mirroring the decline in the London line. ^[43]

Movements in the ADR price typically track the London‑listed stock after adjusting for the ADR share ratio and FX.

Key upcoming dates for your diary

Based on the company’s latest announcements and financial calendar: ^[44]

28 November 2025: Record date for the third interim dividend.
31 December 2025: Payment date for the 40.08p third interim dividend.
20 February 2026: Expected record date for the proposed final dividend.
31 March 2026: Proposed payment date for the 40.08p final dividend, completing the FY25 payout.

Shareholders looking for income will be watching these dates closely, especially given the near‑5% yield at today’s price.

Bottom line

On 21 November 2025, Imperial Brands PLC’s share price is modestly lower, but the broader story is unchanged: a high‑yield FTSE 100 stock offering steady, if unspectacular, earnings growth, aggressive capital returns and a faster‑growing NGP franchise that management hopes will support the business into the 2030s.

For investors, the key questions now are whether that combination justifies the current valuation and how comfortable they are with the regulatory, ESG and structural risks that come with owning a global tobacco group.

This article is for information only and does not constitute investment advice. Always do your own research and consider seeking independent financial guidance before making investment decisions.

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