Q1 2026 Scandinavian Tobacco Group A/S Earnings Call Transcript

May 21, 2026 / 08:00 AM GMT

Release Date Price: $5.43

Transcript

Key Points

Positve

Scandinavian Tobacco Group AS (SNDVF) has launched a new strategy, Focus 2030, which is off to a good start with initial progress aligning with long-term ambitions.
The company has stabilized its market share within machine rolled cigars in Europe and grown its handmade cigar business, as well as its nicotine pouch brand XQS in Sweden.
Despite a decrease in net sales, the EBITDA margin before special items improved to 17.2% from 16.1% the previous year.
The company reported a strong free cash flow before acquisitions of $158 million, in line with the previous year, and achieved a positive change in working capital.
Scandinavian Tobacco Group AS (SNDVF) has successfully implemented a power brand strategy, leading to market share increases for three out of four power brands.

Negative

Net sales were negatively impacted by a 5.2% decline in the value of the US dollar, with organic development in net sales down by 0.6%.
The nicotine pouch business experienced a 23% decrease in organic net sales due to timing issues between quarters and distributor inventory adjustments.
The company's EBIT margin before special items was negatively impacted by a 0.9% increase in amortization of trademarks.
The online and retail business faced intense competition, leading to lower margins and challenges in passing on tariffs and price increases to consumers.
Geopolitical uncertainties and economic challenges are expected to persist, impacting market conditions and growth prospects for the year.

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

STOGR.CO - Scandinavian Tobacco Group A/S
Q1 2026 Scandinavian Tobacco Group A/S Earnings Call
May 21, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Scanadian Tobacco Group's webcast for the third quarter 2026. My name is Seth from San, and I'm Director of Investor Relations and External Communications, and I am, as usually, joined by our CEO, Nils Schlagsen, and our CFO, Marianne Rafelbach.

Before we start, I ask that you pay special attention to our disclaimer on forward-looking statements, which can be found on the next slide in this deck.

Please turn two slides to number three for today's webcast agenda.

We will start the presentation by giving you a brief overview of the key highlights for the quarter and the results announcements, including a snapshot of the key financial highlights.

Nils continues by

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