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Scandinavian Tobacco Group
Scandinavian Tobacco Group (STG) investor relations material
Scandinavian Tobacco Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
2025 was challenging due to external disruptions, tariffs, and internal operational issues, especially impacting the handmade cigar business in the U.S. and machine-rolled cigars globally.
The Focus 2030 strategy was launched, prioritizing stabilization of core businesses, growth in handmade cigars and nicotine pouches, and targeting improved ROIC, EBIT, and free cash flow over five years.
Despite headwinds, results were broadly in line with revised expectations, with net sales of DKK 9.036 billion, EBITDA margin before special items at 19.8%, and adjusted EPS of DKK 10.8.
Integration of Mac Baren and SAP/ERP implementation in Europe were key operational focuses, causing temporary cash flow disruptions now resolved.
Board proposes a DKK 4.50 dividend per share, a 42% payout ratio.
Financial highlights
Net sales: DKK 9.036 billion (vs. guidance DKK 9.1–9.2 billion); full-year organic growth -3.1%, or -1.8% excluding discontinued nicotine pouch distribution.
EBITDA margin before special items: 19.8% (guidance 19.5–20.5%).
Adjusted EPS: DKK 10.8 (guidance DKK 10–12).
Free cash flow before acquisitions: DKK 595 million, below guidance due to delayed receivables from SAP/ERP rollout.
Net profit for the year was DKK 669 million, down from DKK 940 million.
Outlook and guidance
2026 net sales growth expected at -2% to +2% at constant currencies.
EBIT margin before special items guided at 13–14.5% (vs. 14.9% in 2025).
Free cash flow before acquisitions expected at DKK 950 million–1.2 billion, aided by normalization of working capital.
Adjusted EPS for 2026 guided at DKK 9–11.
Continued investment in market share and promotional activities expected to pressure margins.
Assess ERP impact on working capital beyond H1 2026
Long-term EBIT margin impact from Focus2030 brand strategy
Future role of Ace and Gritt in NGP portfolio
EBIT decline vs. Focus2030 ambition
Cost program impact on future margins
Nicotine pouch growth contribution and investment
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Next Scandinavian Tobacco Group earnings date
Q1 202620 May, 2026
Scandinavian Tobacco Group
Next Scandinavian Tobacco Group earnings date
Q1 202620 May, 2026
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Frequently asked questions
Scandinavian Tobacco Group produces and markets cigars, pipe tobacco, and fine-cut tobacco. Its portfolio includes premium cigar brands and tobacco accessories sold across international markets. The company is headquartered in Søborg, Denmark, and its shares are listed on the Nasdaq Copenhagen.
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