Scandinavian Tobacco Group (STG) AGM 2025 summary

Opening remarks and agenda

• The meeting was convened in accordance with legal and statutory requirements, with English as the official language and Danish summaries provided.

• The agenda included financial review, adoption of the annual report, profit appropriation, remuneration, board elections, auditor appointment, shareholder proposals, and other business.

Financial performance review

• Net sales reached DKK 9.2 billion in 2024, a record high and a 5% increase from 2023.

• EBITDA before special items was DKK 2.1 billion, with a margin of 22.6%, down from 24.1% in 2023.

• Free cash flow before acquisitions was DKK 931 million, a 12% decrease year-over-year.

• Adjusted earnings per share was DKK 13.7.

• 2025 outlook projects net sales of DKK 9.2–9.7 billion and EBITDA margin of 20–23%.

• Sales growth was driven by the Mac Baren acquisition and growth enablers, despite margin pressure from investments and market challenges.

• All three commercial divisions reported sales growth, with online and retail channels in North America showing double-digit growth.

Dividend announcements

• Proposed dividend of DKK 8.5 per share for 2024, up from DKK 8.4 in 2023, totaling DKK 731 million.

• Share buyback program of DKK 850 million completed, with total capital return close to DKK 1.5 billion in 2024.

• Shareholder return policy remains unchanged, focusing on annual dividend growth and potential share buy-backs.