帝国烟草(ADR) 2024年度报告

CHALLENGERBUSINESS A STRONGERCHALLENGERBUSINESS Imperial Brands is a global consumerbusiness with a distinctive challengerrole in the transformation of the tobaccoand nicotine industry. Our evolved strategy is building amore consumer-centric, focused, andagile enterprise, delivering consistent,sustainable growth. Building on our strong foundations, weare getting even closer to our consumers,creating differentiated combustible andnext generation products (NGP), andevolving into a simpler, data-ledorganisation which enables our peopleto do their best work, every day. CONTENTS Chart illustrating regional split of FY25 Tobacco & NGP net revenueof £8.3 billion. Reported revenue £32.2 billion. BRANDS IN EACH NGPCATEGORY For more information visitwww.imperialbrandsplc.com BUSINESS MODEL UNLOCKING THEVALUE OF ‘CHALLENGER’ Our position as the smallest of the major international companies in the industry enablesus to get closer to consumers, innovate fast, and spot value that larger competitors overlook. RESULTING INA COMPELLINGINVESTMENTPROPOSITION… CONSISTENTLY DRIVINGGROWTH. A CHALLENGERBUSINESS… Our transformation into astronger challenger businessis delivering consistentfinancial and non-financialperformance. Our challenger mindsetdrives our success.It promotes agility and highperformance, and is integralto fulfilling our purpose andachieving our vision. We deliver enhancedcapital returns by playingto our natural strengthsas a challenger business. BUSINESS MODELCONTINUED HOW OUR CHALLENGERAPPROACH CREATES VALUE WE START WITH THE CONSUMERWe get closer to our consumers by developing deepinsights which inform our focused approach to brandbuilding and innovation. AMBITIOUS PURPOSE AND VISIONOur purpose is to forge a path to a healthier futurefor moments of relaxation and pleasure. Our visionis to build a strong challenger business poweredby responsibility, focus and choice. OUR DISTINCTIVE STRATEGY Our strategy is consumer-centric and focused, buildingdifferentiated brands and making investments to createa more agile, data-led organisation. A HIGH-PERFORMANCE CULTURE We are committed to excellence in our consumercapabilities, sales execution and manufacturing.We want our people to be able to do their bestwork every day. SUSTAINABLE VALUE CREATION This approach has led to a more consistent andsustainable performance, enabling reinvestmentin growth and returns for shareholders. THE VALUE OF ‘CHALLENGER’ A REFRESHED STRATEGY Our 2030 plan will makeus more consumer-centric,focused and agile. Our strategy is built around the simple ideathat, as the smallest of the global tobaccoand nicotine businesses, we are at our bestwhen we behave as a challenger. STRATEGIC PILLARS Our 2030 strategy has two focused objectives: For us, being a challenger is, above all, aboutgetting closer to our consumers, stayingfocused on the biggest opportunities forgrowth, and investing to enable our peopleto act with greater agility. In March 2025, we laid out a five-year strategywhich is both a confident evolution and astep-up in our ambitions. EThis plan is aligned to our well-establishedlong-term purpose of forging a path to ahealthier future for moments of relaxationand pleasure. DRIVE SUSTAINABLE VALUEIN COMBUSTIBLES BUILD SCALE IN NEXTGENERATION PRODUCTS Our fast-growing NGP business is founded ondeep insights into our consumers, attractivepropositions across all categories, andproducts available in markets where thecategory has been created and we haveexisting distribution. We are furtherdeveloping our understanding of consumers,creating more differentiated brands andenhancing our sales capabilities. We arecommitted to annual double-digit net revenuegrowth in NGP, building a more significant NGPbusiness which contributes profit and cash. We focus on the five markets that are ourlargest profit contributors. The United States,Germany, United Kingdom, Spain andAustralia represent c.70% of adjusted tobaccooperating profit. Within these markets, wehave identified specific areas for investmentby category, brand and sales channel. We aimto maintain our aggregate market share acrossthese five markets to drive sustainablegrowth and cash delivery. We apply the sameperformance-driven, consumer-led approachto our wider portfolio of markets. Read aboutour priority combustiblemarketson page 6 Read about ourtargeted approachto NGPon page 7 STRATEGIC ENABLERS Successful delivery of these objectives will be underpinned by three strategic enablers – our key capabilities and ways of working: DIFFERENTIATED CONSUMERAND BRAND CAPABILITIES HIGH-PERFORMANCECULTURE SIMPLIFIED, EFFICIENTAND DATA-LED ORGANISATION Through blending global FMCG experiencewith deep tobacco knowledge, we have builta distinctive consumer team, who havedeveloped our capabilities in insights, brandbuilding and innovation. We see opportunitiesto create further value by refining and focusingour approach. This includes deeper insightsinto specif