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Scandinavian Tobacco Group (STG) investor relations material
Scandinavian Tobacco Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net sales were DKK 2,357 million, down 3% year-over-year, with organic net sales up 0.3% driven by handmade cigars and nicotine pouches, despite negative currency effects.
EBITDA margin recovered to 22.0% in Q3 2025, improving sequentially but down from 23.4% last year.
Free cash flow before acquisitions was DKK 173 million in Q3 and is on track to reach DKK 800–1,000 million for the full year.
Adjusted EPS for Q3 2025 was DKK 3.4, down from DKK 4.1 in Q3 2024; net profit was DKK 227 million.
Integration of Mac Baren is progressing as planned, with synergies expected to reach DKK 150 million by 2027.
Financial highlights
Q3 2025 reported net sales: DKK 2,357 million (down 3%); organic net sales increased by 0.3%.
Q3 2025 EBITDA before special items: DKK 519 million, margin at 22.0%.
Q3 2025 net profit: DKK 227 million; adjusted EPS: DKK 3.4.
Free cash flow before acquisitions: DKK 173 million in Q3, DKK 448 million for nine months.
Gross margin in Q3 2025: 44.6%, slightly lower than 46.3% in Q3 2024.
Outlook and guidance
Full-year 2025 net sales guidance narrowed to DKK 9.1–9.2 billion.
EBITDA margin before special items guided at 19.5–20.5%.
Free cash flow before acquisitions expected at DKK 800 million–1 billion.
Adjusted EPS guidance narrowed to DKK 10–12.
Leverage ratio expected to decline in Q4 but remain above the 2.5x target.
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Next Scandinavian Tobacco Group earnings date
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