Q3 2025 Scandinavian Tobacco Group A/S Earnings Call Transcript

Nov 12, 2025 / 09:00 AM GMT

Release Date Price: $7.09 (+5.98%)

Transcript

Key Points

Positve

Scandinavian Tobacco Group AS (SNDVF) reported a slight organic net sales growth of 0.3% in the third quarter, despite a 3% decline in reported net sales due to exchange rate fluctuations.
The nicotine pouch business delivered a strong 23% organic net sales growth, with the XQS brand achieving 75% growth in the third quarter.
The integration of MacBen is progressing well, with expected synergies of 150 million krona by 2027.
The company is opening two new cigar superstores in the US, bringing the total to 15 by the end of the year, indicating expansion in retail presence.
Free cash flow before acquisitions is on track to meet the expectation of 800 million to 1 billion krona for the full year.

Negative

The EBITDA margin declined to 22% in the third quarter, down from 23.4% in the same quarter last year, due to changes in product and market mix.
Machine rolled cigars and smoking tobacco experienced a decline in organic growth by 4% and 5% respectively in the quarter.
The company faced delivery issues following the SAP implementation, impacting market share in European markets like Belgium and the Netherlands.
Reported net sales for the North America division declined by 4%, primarily due to exchange rate fluctuations.
The leverage ratio remains above the target of 2.5 times, standing at 2.9 times, indicating higher debt levels.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

STOGR.CO - Scandinavian Tobacco Group A/S
Q3 2025 Scandinavian Tobacco Group A/S Earnings Call
Nov 12, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to our webcast for the 3rd quarter and 1st 9 months, 2025 results. My name is, Seth, Chomsen, and I'm leading the investor relation and external communications, and I'm, as usual, joined by our CEO Nils Fen and our CFO Mayenne Roselbach.

Please turn to slide number 3 for today's agenda.

Nils will kick off the presentation by giving you a brief overview of the highlights of the quarter followed by an update on our strategy rolling towards 2025 as well as an update on developments in our core product categories.

Then Maianna will take over and give you an update on the financial performance in our 3 reporting positions, followed by an overview of key financial developments for

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