Financial performance

Our strong operational and financial performance in fiscal year 2025 adds to our track record of consistent growth.

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Progress against our financial key performance indicators (KPIs) charts growing returns delivered to shareholders since 2021.


Tobacco & NGP net revenue

£8,316m

2024: £8,157m

Adjusted operating cash conversion

97%

2024: 100%

NGP net revenue
 

£369m

2024: £329m

Group adjusted operating profit

£3,988m

2024: £3,911m


Free cash flow

£2.7bn

2024: £2.4bn

Dividend per share

160.32p

2024: 153.42p

Adjusted earnings per share

315.0p

2024: 297.0p

Adjusted net debt/EBITDA

2.0x

2024: 1.8x

Tobacco & NGP net revenue

2021 2022 2023 2024 2025
£7.6bn £7.7bn* £8.0bn £8.2bn £8.3bn

Next generation product (NGP) net revenue

2021 2022 2023 2024 2025
£188m £208m £265m  £329m £369m

Tobacco & NGP adjusted operating margin

2021 2022 2023 2024 2025
43.5% 44.4%* 44.7% 44.0% 44.1%

Adjusted earnings per share

2021 2022 2023 2024 2025
246.5p  264.8p* 278.8p 297.0p 315.0p

Dividend per share

2021 2022 2023 2024 2025
139.08p 141.17p 146.82p 153.42p 160.32p

Adjusted net debt to EBITDA

2021 2022 2023 2024 2025
2.2x 2.0x 1.9x 1.8x 2.0x

Adjusted operating cash conversion rate

2021 2022 2023 2024 2025
83% 102% 92% 100% 97%

Return on invested capital
 

2021 2022 2023 2024 2025
16.5% 17.7% 18.5% 19.7% 20.7%

Total shareholder return since 2020

2021 2022 2023 2024 2025
24.96% 61.14% 55.71% 119.38% 241.13%


*Excluding Russia

Tobacco and NGP net revenue growth*
 

FY25: 4.1%


 

2021 2022 2023 2024 2025
1.4% 2.3% 1.4% 4.6% 4.1%

 

NGP net revenue growth*

FY25: 13.7%


 

2021 2022 2023 2024 2025
-3.9% 10.8% 26.4%  26.4% 13.7%

 


Adjusted earnings per share growth*

FY25: 9.1%


 

2021 2022 2023 2024 2025
2.8% 4.9% 4.3% 10.9% 9.1%

 

Group adjusted operating profit growth*
 

FY25: 4.6%


 

2021 2022 2023 2024 2025
4.8% 1.9% 3.9% 4.6% 4.6%

 


Announced share repurchase
 

FY26: £1.45bn


 

2023 2024 2025 2026
£1.00bn £1.10bn £1.25bn £1.45bn

 


*At constant currency



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