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Investor Relations14 Oct 2025
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Scandinavian Tobacco Group (STG) investor relations material
Scandinavian Tobacco Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Q2 2025 reported net sales were DKK 2,361 million, nearly flat year-over-year, with organic net sales down 4.1% due to discontinued ZYN distribution and lower contract manufacturing sales; Mac Baren acquisition contributed positively.
EBITDA margin before special items dropped to 21.1% from 24.5% last year, mainly due to product mix, market conditions, and investments to regain market share.
Free cash flow before acquisitions was DKK 119 million, impacted by higher inventories and receivables, but full-year guidance of DKK 800–1,000 million is maintained.
Integration of Mac Baren (McBarn) is on track, with expected synergies of DKK 150 million by 2027.
Growth enablers such as U.S. retail stores and ex-U.S. nicotine pouches delivered double-digit sales growth and now account for 10% of group net sales.
Financial highlights
Q2 2025 net sales: DKK 2,361 million, nearly flat year-over-year; organic net sales growth: -4.1%.
EBITDA before special items: DKK 499 million (margin 21.1%), down from DKK 580 million (24.5%) in Q2 2024.
Adjusted EPS: DKK 3.3, down from DKK 4.1 in Q2 2024.
Free cash flow before acquisitions: DKK 119 million, down from DKK 177 million in Q2 2024.
Net interest-bearing debt increased to DKK 5.7 billion, with leverage ratio at 2.9x (up from 2.6x in 2024), mainly due to dividend payments.
Outlook and guidance
Full-year 2025 net sales expected in the range of DKK 9.1–9.5 billion, likely at the lower end due to currency effects.
EBITDA margin guidance: 18–22% for 2025, with margin recovery expected in H2.
Free cash flow before acquisitions expected at DKK 0.8–1.0 billion; cash flow to improve in H2 as working capital normalizes.
Adjusted EPS guidance: DKK 10–13.
Uncertainties remain high, especially regarding U.S. dollar sensitivity and market conditions.
Beyond ZYN, what impacts organic sales growth?
What specific actions drive H2 margin recovery?
Belgian excise claim: What is the risk assessment?
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Next Scandinavian Tobacco Group earnings date
Q3 202512 Nov, 2025
Next Scandinavian Tobacco Group earnings date
Q3 202512 Nov, 2025
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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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