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Scandinavian Tobacco Group A/S Reports Second Quarter 2025 Results and Reaffirms Expectations for Full-Year

Company Announcement No. 14/2025

Copenhagen, 27 August 2025

Interim report, 1 January, 30 June 2025 Scandinavian Tobacco Group A/S Reports Second Quarter 2025 Results and Reaffirms Expectations for Full-Year.  

For the second quarter 2025, reported net sales were DKK 2.4 billion with an organic net sales growth of -4%. EBITDA before special items was DKK 499 million with an EBITDA margin of 21.1% compared with 24.5% last year. Free cash flow before acquisitions was DKK 119 million and the adjusted EPS were DKK 3.3. The results support the expectations for the full year which are reaffirmed.

The reported net sales were enhanced by the addition of the Mac Baren business, whereas exchange rate developments impacted growth negatively. The development in organic net sales was flat excluding the discontinuation of distribution of ZYN in the US (-3%) and lower sales from contract manufacturing and of accessories in the profitable Australian market. Organic growth recovered in the product categories Handmade Cigars and Machine-Rolled Cigars & Smoking Tobacco and our nicotine pouch brand XQS continued to deliver double digit growth.

The EBITDA margin before special items recovered in the second quarter compared with the first quarter of the year leaving the margin for the first six months of the year at 18.8% (21.2%). The decline in the margin compared with 2024 is driven by a combination of product and market ...