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Scandinavian Tobacco Group
Scandinavian Tobacco Group (STG) investor relations material
Scandinavian Tobacco Group CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary20 Nov, 2025
Strategic direction and priorities
Launched Focus 2030 strategy to become the global leader in cigars by 2030, emphasizing consumer centricity, portfolio simplification, and investment in people, data, and digitalization.
Three strategic priorities: stabilize machine-rolled cigars, accelerate handmade cigars, and grow nicotine pouches, with a focus on value chain optimization and market share gains.
Portfolio simplification underway, focusing on four power brands in each major category and reducing SKUs by 50% in machine-rolled cigars and smoking tobacco.
Investments concentrated in high-growth areas, especially U.S. handmade cigars and European nicotine pouches, with retail expansion and digital transformation as key enablers.
Commitment to a more consumer-centric, data-driven, and digitally enabled organization.
Financial guidance and capital allocation
Ambition to achieve at least 11% ROIC, low single-digit EBIT CAGR, and DKK 1.2 billion in free cash flow by 2030, with 2025 targets of DKK 9.1-9.2 billion net sales and EBITDA margin of 19.5-20.5%.
New payout ratio-based dividend policy (40%-60%), with flexibility based on leverage and performance; share buybacks remain a priority.
CapEx expected at DKK 300-400 million annually, with lower investment in 2026 to prioritize deleveraging to 2.5x.
DKK 200 million cost improvement program planned, targeting all cost lines, with details to follow.
Retail expansion in handmade cigars and growth in nicotine pouches underpin financial targets.
Business developments and operational changes
Machine-rolled cigars: focus on stabilizing supply, simplifying portfolio, and regaining 2 percentage points of market share in core European markets.
Handmade cigars: aim to grow U.S. market share from 13% to 15% by focusing on four power brands, production optimization, and expanding retail footprint.
Nicotine pouches: XQS is the core brand, targeting Sweden and the U.K., with ambitions to reach over DKK 400 million in net sales in 2025 and 20% market share in Sweden by 2030.
Ongoing evaluation of insourcing nicotine pouch production, but current focus is on commercial growth and market expansion.
Divestments of non-core businesses and continued selective acquisitions planned, with all transactions required to be ROIC enhancing.
Details on DKK 200M cost improvement plan
How does leverage ratio impact share buy-backs?
What drives low single-digit EBIT growth by 2030?
Path to Nicotine Pouch margin progression
MRC market share gain strategy in declining segments
How will STG balance ROIC, leverage, and returns?
What triggers full NP production in-sourcing
SKU rationalization impact on MRC volumes
Leverage target impact on 2026 investments
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Next Scandinavian Tobacco Group earnings date
Q4 20254 Mar, 2026
Scandinavian Tobacco Group
Next Scandinavian Tobacco Group earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Scandinavian Tobacco Group produces and markets cigars, pipe tobacco, and fine-cut tobacco. Its portfolio includes premium cigar brands and tobacco accessories sold across international markets. The company is headquartered in Søborg, Denmark, and its shares are listed on the Nasdaq Copenhagen.
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