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We are a global, consumer-focused organisation with a distinctive role in our transforming industry. As the smallest of the four large international tobacco companies, we embrace our natural position as a challenger business.

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Capital Markets Day 2025

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8 October 2025

GTNF 2025: Learning lessons from other industries in transformation

Collaboration and consumer-centricity is key to reducing the harm caused by smoking, explained Chief Corporate Affairs Officer Deborah Binks-Moore in her keynote speech to this year’s Global Tobacco & Nicotine Forum (GTNF).

In a short space of time, next generation nicotine products have grown from a niche category into a mainstream alternative to smoking.

Evidence is growing that smoke-free products are effective at attracting and retaining adult smokers, and there is greater awareness of the tobacco harm reduction (THR) concept.

Deborah told the GTNF audience of industry peers and experts from public health, government and finance that, as regulators and companies adapt, learnings could be drawn from the experiences of other industries.

Addressing new challenges

“While I am optimistic about our future, I have also been observing how our very success is now creating fresh challenges, which will require equally fresh thinking,” Deborah told the audience in Brussels.

The growth of NGP had increased political scrutiny and media interest, she said, while product improvements designed to appeal to adult smokers could unintentionally make them more attractive to unintended users.

Regulators had struggled to keep pace with rapid innovation, Deborah continued, and unscrupulous manufacturers and retailers had proliferated.

“Policymakers in the EU and in many other parts of the world are rightly weighing up how to respond to this changed landscape,” said Deborah. 

“I am optimistic we can stay on the path of responsible growth and a sustainable transition towards harm reduction – but only if we look outwards and heed lessons from other industries.”

Learning from other industries

Deborah drew on her experience in roles in the ecommerce and oil and gas industries.

Explosive innovation in ecommerce initially outpaced regulation, she said, but effective legislation – such as the EU’s Digital Services Act – had been made possible by a long-term approach to policymaking involving people from different political traditions.  

Deborah Binks-Moore, Chief Corporate Affairs Officer

“To build enforceable, sustainable frameworks, policymakers and regulators need to follow this inclusive, collaborative, fact-based and principles-led approach,” she said.

The countries most successful in building and maintaining consensus in the energy transition were those who addressed consumer pain points rather than focusing on financial penalties, Deborah added. Here, she drew parallels with attempts to price smokers out of cigarettes, which had led to crime gangs’ domination of growing illicit trade in high-cost countries.

“Motorists, householders and smokers are all informed consumers and active citizens. The big stick approach is rarely an effective way to change behaviour in the long term,” she said.

Our role in tobacco harm reduction

Turning to Imperial Brands’ response to our changing environment, Deborah said: “Like our peers in the world of oil and gas, it is only by listening closely to our consumers that we will both win commercially and maximise our positive impact.”

Through our refreshed 2030 strategy we have an opportunity to get even closer to our consumers and build a significantly larger NGP business, she said – accelerating our contribution to THR.

“We know this bright future is only possible if all of us in this industry learn the right lessons from the world around us,” Deborah concluded.


Like our peers in the world of oil and gas, it is only by listening closely to our consumers that we will both win commercially and maximise our positive impact.

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