Imperial Brands (LSE:IMB) has kicked off the second half of its current repurchase programme, instructing Barclays Capital Securities Limited to buy up to £725 million of ordinary shares from 13 April 2026, with the programme expected to finish no later than 28 October 2026, according to the announcement.
The move follows completion of the first £725 million tranche and forms part of an ongoing, evergreen buyback plan to 2030 intended to "deliver a material reduction in the capital base over time", the company said when it first unveiled the programme on 7 October 2025.
Under the arrangement, Barclays will act as riskless principal under an irrevocable and non-discretionary mandate and will make purchase decisions independently of Imperial. Purchases may continue during any closed period to which the company is subject, the announcement adds.
Imperial said the repurchases are targeted at distributing surplus capital while maintaining leverage at the lower end of its 2.0–2.5 times net debt to EBITDA target range and that it intends to remain at that level going forward. All shares repurchased under the Programme will be cancelled to reduce the company’s share capital.
