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

Nov.12

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.

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