Home
Company
Product
Regulation
China
Data
Exhibition
Interview
中文版
Home
Company
Product
Regulation
China
Data
Exhibition
Interview
中文版
Search

Scandinavian Tobacco Group Reports Q3 2025 Results and Narrows Full-Year Guidance

Nov.12.2025
Scandinavian Tobacco Group Reports Q3 2025 Results and Narrows Full-Year Guidance
Scandinavian Tobacco Group (STG) reported net sales of DKK 2.4 billion for Q3 2025, in line with last year. EBITDA before special items reached DKK 519 million with a 22.0% margin. Handmade Cigars and Next Generation Products saw organic growth, while Machine-Rolled Cigars and Smoking Tobacco declined. The company narrowed its full-year guidance.

2Firsts, November 12, 2025 — According to Scandinavian Tobacco Group A/S, the company posted net sales of DKK 2.4 billion for the third quarter of 2025, flat year-on-year. EBITDA before special items amounted to DKK 519 million with a 22.0% margin, compared with 23.4% last year. Adjusted EPS was DKK 3.4, and free cash flow before acquisitions reached DKK 173 million.

 

Organic growth was positive in Handmade Cigars and Next Generation Products but negative in Machine-Rolled Cigars and Smoking Tobacco. EBITDA margin for the first nine months stood at 19.9%, down from 22.0% last year.

 

CEO Niels Frederiksen noted that while sales stabilized, margins remained under pressure due to market and product mix as well as intensified promotions. The company will launch its new five-year strategy on November 20, 2025.

 

STG narrowed its full-year 2025 financial guidance to reflect improved visibility and USD developments. Key uncertainties include U.S. consumer sentiment, down-trading, retailer inventory decisions, and USD fluctuations.

 

References:
[1] Scandinavian Tobacco Group A/S Reports Third Quarter 2025 Results and Narrows Expectation Ranges for Full-Year.

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

China Tobacco Regulation Shift：Policy Updates and Market Impact
China Tobacco Regulation Shift：Policy Updates and Market Impact
FRE and ALP Push Modern Oral to 48% of Q2 Sales as Turning Point Brands Changes CEO and Lowers Profit-Guidance Ceiling
FRE and ALP Push Modern Oral to 48% of Q2 Sales as Turning Point Brands Changes CEO and Lowers Profit-Guidance Ceiling
Turning Point Brands said Executive Chairman David E. Glazek will become CEO on October 1, replacing Graham Purdy, who is stepping down for personal reasons. The company narrowed its 2026 adjusted EBITDA outlook to $70 million-$80 million from $70 million-$90 million while maintaining Modern Oral gross sales guidance of $330 million-$350 million and net sales guidance of $260 million-$270 million. In the second quarter, Modern Oral net sales rose 128% to $68.4 million and accounted for 48% of company-wide net sales. Adjusted EBITDA fell 50% year over year. TPB shares closed about 10% lower on September 21.
Market
Sep.22 by 2Firsts Perspectives
U.S. Judge Stays Helix, NJOY Challenge to FDA PMTA Rule Pending New Rulemaking Court Stays Altria's Helix, NJOY Challenge to PMTA Rule as FDA Prepares New Rulemaking
U.S. Judge Stays Helix, NJOY Challenge to FDA PMTA Rule Pending New Rulemaking Court Stays Altria's Helix, NJOY Challenge to PMTA Rule as FDA Prepares New Rulemaking
A federal judge in Texas on Oct. 8 granted a joint request by the FDA and plaintiffs including Altria subsidiaries Helix Innovations and NJOY to stay litigation challenging the agency's 2021 PMTA rule. The court cited FDA's anticipated rulemaking concerning the regulation at issue. FDA announced on Sept. 28 that it intends to reassess the PMTA framework and could initiate new rulemaking to replace it. The parties must file a joint status report within 45 days and every 45 days thereafter. A motion by three Reynolds American companies to intervene remains pending.
Regulations
Oct.10
Russia’s Vape Device Labeling Regime Enters Force: Registration Starts in September, Mandatory Coding in December
Russia’s Vape Device Labeling Regime Enters Force: Registration Starts in September, Mandatory Coding in December
Russia's digital labeling regime for reusable e-cigarettes and similar personal vaping devices entered its first mandatory phase in September 2026. From September 1, manufacturers, importers and other market participants must register with the national Chestny ZNAK tracking system. From December 1, newly manufactured and imported covered devices will be required to carry digital identification codes and be reported as entering circulation. Russia has also issued new operational guidance for imports, marking the transition from a voluntary pilot to phased mandatory implementation.
Sep.15
Philippines Mandates Safety Certification for Nicotine Pouches, Gives Industry 12 Months to Comply
Philippines Mandates Safety Certification for Nicotine Pouches, Gives Industry 12 Months to Comply
The Philippines Department of Trade and Industry has placed nicotine pouches under mandatory product certification through Department Administrative Order No. 26-07, Series of 2026. Nicotine pouches must obtain a Philippine Standard, or PS, license before they can be manufactured, imported, packed, distributed or sold in the country. The regime requires testing for nicotine content, pH and water activity, while packaging must disclose nicotine strength, ingredients, allergens, batch information, the PS certification mark and prescribed health warnings. Existing market participants have a 12-month transition period to comply.
Regulations
Oct.12
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
At the 2026 NACS Show in Las Vegas, Philip Morris International (PMI) showcased its ZYN nicotine pouches, IQOS heated tobacco products and U.S. investments. A 2Firsts review of FDA records found that several ZYN products displayed at the booth were not on the agency's marketing authorization list, including certain nicotine strengths and flavors. A PMI booth representative also confirmed that IQOS is currently sold in three U.S. states, while the newer IQOS ILUMA system remains under FDA review.
EXPO
Oct.10
Swedish Match Faces Broader Labeling Order After ZYN Inspection, Documents Obtained by 2Firsts Show
Swedish Match Faces Broader Labeling Order After ZYN Inspection, Documents Obtained by 2Firsts Show
Documents obtained by 2Firsts show that Sweden's Public Health Agency ordered Swedish Match to revise ingredient labels beyond the five ZYN products inspected. The dispute centers on whether flavoring ingredients must be individually disclosed, with Swedish Match citing trade-secret protection and the regulator insisting on full ingredient disclosure. The company faces a conditional penalty of SEK 2 million per month for noncompliance. As of October 22, the agency had received no appeal, despite the company's stated intention to challenge the decision.
Oct.22
Related Topics
News Company
Related Read
FRE and ALP Push Modern Oral to 48% of Q2 Sales as Turning Point Brands Changes CEO and Lowers Profit-Guidance Ceiling
FRE and ALP Push Modern Oral to 48% of Q2 Sales as Turning Point Brands Changes CEO and Lowers Profit-Guidance Ceiling
2Firsts Perspectives
U.S. Judge Stays Helix, NJOY Challenge to FDA PMTA Rule Pending New Rulemaking Court Stays Altria's Helix, NJOY Challenge to PMTA Rule as FDA Prepares New Rulemaking
U.S. Judge Stays Helix, NJOY Challenge to FDA PMTA Rule Pending New Rulemaking Court Stays Altria's Helix, NJOY Challenge to PMTA Rule as FDA Prepares New Rulemaking
Russia’s Vape Device Labeling Regime Enters Force: Registration Starts in September, Mandatory Coding in December
Russia’s Vape Device Labeling Regime Enters Force: Registration Starts in September, Mandatory Coding in December
Philippines Mandates Safety Certification for Nicotine Pouches, Gives Industry 12 Months to Comply
Philippines Mandates Safety Certification for Nicotine Pouches, Gives Industry 12 Months to Comply
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
Swedish Match Faces Broader Labeling Order After ZYN Inspection, Documents Obtained by 2Firsts Show
Swedish Match Faces Broader Labeling Order After ZYN Inspection, Documents Obtained by 2Firsts Show
FOLLOW US ON SOCIAL MEDIA
Contact: info@2firsts.com
Stay up to date.
Submit your email to receive weekly newsletter on the most relevant news of the e-cigarette industry.
© 2026 2FIRSTS. All Right Reserved.
2FIRSTS is only accessible to industry practitioners, researchers, media and other professionals. Access by minors is prohibited.
This website provides services to users outside the Chinese mainland.
English
English
中文