Scandinavian Tobacco Group A/S · OMXCOP:STG
Scandinavian Tobacco Group A/S — Q3 2026 Earnings Presentation
20 slides from Scandinavian Tobacco Group A/S's earnings presentation, Nov 12, 2026
Slide 1: Investor Presentation Third Quarter Results
INVESTOR PRESENTATION THIRD QUARTER RESULTS 12 NOVEMBER 2026
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES FORWARD LOOKING STATEMENTS All statements except for statements of historical fact in this presentation are forward-looking. Forward-looking statements refer to Scandinavian Tobacco Group’s (“STG”) current expectations and projections relating to its financial condition, result
Slide 3: Agenda
AGENDA 01 Third Quarter 2026 - Highlights Niels Frederiksen, CEO & Marianne Rørslev Bock, CFO 02 Strategy Update & Our Product Categories Niels Frederiksen, CEO 03 Group Financials and Commercial Divisions Marianne Rørslev Bock, CFO 04 Financial Expectations 2026 Niels Frederiksen, CEO 05 Q&A Sessio
Slide 4: Third Quarter 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS 4
Slide 5: Highlights
HIGHLIGHTS Strong third quarter results positively impacted by timing effects reversing in the fourth quarter MARGIN TREND IMPROVING IN MACHINE-ROLLED CIGARS & SMOKING TOBACCO (LTM DATA) Business Highlights: 4750 56% • Profit and margin stabilisation in machine-rolled cigars 55% 4500 54% • Continued
Slide 6: 9M & Q3 2026 Results
9M & Q3 2026 RESULTS FURTHER PROGRESS WITH INITIAL FOCUS2030 EXECUTION Net sales FCF before acquisitions Adjusted EPS EBIT margin Growth, constant currencies Before acquisitions DKK Before special items 9M: 0.5% 9M: 16.1% (15.0%) 9M: DKK 862m 9M: 8.6 9M 2026 DKK 6,627m 9M 2026 DKK 1,064m 9M 2026 DKK
Slide 7: Strategy Update and Our Product Categories
STRATEGY UPDATE AND OUR PRODUCT CATEGORIES 7
Slide 8: Business Developments
BUSINESS DEVELOPMENTS Divestment of fine-cut brands Establishing own sales BREAK and Moro completed organisation in Norway (moving from NABROW to EUB) Rare quality issues in MRC SAIL Canada to be reintegrated now resolved under own distribution - Q2 2027 8
Slide 9: Status on Strategic Priorities
STATUS ON STRATEGIC PRIORITIES STABILISE GROW ACCELERATE MACHINE-ROLLED CIGARS HANDMADE CIGARS XQS • Continued sales growth with • XQS continues to deliver strong • MRC & ST gross margin increasing stable margins volume growth • 9M 2026: 53.8% (50.9%) • Market share in key markets* • Above average g
Slide 10: Product Category Data
PRODUCT CATEGORY DATA MACHINE-ROLLED CIGARS HANDMADE CIGARS & SMOKING TOBACCO Q3 Q3 9M 9M Q3 Q3 9M 9M 2026 2025 2026 2025 Stabilising 2026 2025 2026 2025 Increasing profit margins Net sales (DKK million) 890 866 2,427 2,392 sales Net sales (DKK million) 1,234 1,140 3,328 3,347 Organic growth 1% - 4%
Slide 11: Group Financials and Commercial Divisions
GROUP FINANCIALS AND COMMERCIAL DIVISIONS 11
Slide 12: Q3 2026 Headline Financials
Q3 2026 DKK million Q3 2026 Q3 2025 Change 9M 2026 9M 2025 Change Headline Financials Net sales reported 2,434 2,357 3% 6,627 6,692 -1% Gross profit before special items 1,134 1,050 8% 3,012 2,980 1% • Reported net sales growth 9M 2026 –1% (Q3: EBITDA before special items 610 519 18% 1,445 1,335 8%
Slide 13: Commercial Divisions – Key Financial Data
COMMERCIAL DIVISIONS – KEY FINANCIAL DATA Norway moving from NABROW (-) to EUB (+) Q3 2026 impact (DKK million) EUB NABROW NAOR Net Sales (55), Gross profit (50), EBITDA (44) Q3 2026 Change 9M 2026 Change Q3 2026 Change 9M 2026 Change Q3 2026 Change 9M 2026 Change Net sales (DKK million) 877 6% 2,30
Slide 14: Financial Highlights
FINANCIAL HIGHLIGHTS Strong cash flow generation EBIT margin expected to reverse to trend line Free Cash Flow before acquisitions – LTM by year end after exceptional Q3 EBIT (DKKm) & EBIT Margin b.s.i. – LTM 20% 1200 1700 1000 18% 800 1300 600 16% 400 900 14% 200 0 500 12% EBIT margin b.s.i Margin t
Slide 15: Financial Expectations 2026
FINANCIAL EXPECTATIONS 2026 15
Slide 16: FY26 Financial Expectations - Adjusted
FY26 FINANCIAL EXPECTATIONS - ADJUSTED 2026 ON TRACK & SETTING THE DIRECTION FOR 2027 TOWARDS OUR 2030 AMBITIONS March 2026 November 2026 Change Driver Reported net sales growth ▼ Narrowed BREAK (at constant currencies) -2% to +2% -2% to 0% down divestment YTD performance EBIT margin 13.0% to 14.5%
Slide 17: Q&A Session
Q&A SESSION Visit our website for more information: st-group.com 17
Slide 18: Thank You
THANK YOU
Slide 19: 2026 Financial Calendar
2026 FINANCIAL CALENDAR ANNUAL REPORT 2025 Our 2025 Annual Report addresses our financial performance, strategic execution 15 April 2026 26 August 2026 and other important aspects of our business Annual General Meeting Q2 Interim Report operations. 4 March 2026 20 May 2026 11 November 2026 Annual Re
Slide 20: Product Categories, LTM Trends
PRODUCT CATEGORIES, LTM TRENDS Machine-rolled Cigars & Smoking Tobacco Handmade Cigars 3400 49% 4750 56% 55% 47% 4500 3200 54% 45% 4250 53% 43% 52% 3000 4000 41% 51% 3750 50% 2800 39% Next Generation Products 500 45% 400 40% 300 35% 200 30% 100 0 25% 20
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