Scandinavian Tobacco Group (SNDVF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Scandinavian Tobacco Group's webcast for the full year and fourth quarter 2025 results. My name is Seth Torben Sand, and I'm Director of Industrial Relations and External Communications. And I am today, as usual, joined by our CEO, Nils Frederiksen, and our CFO, Marianne Hrøstel-Bock. Please turn to the next slide for today's webcast agenda. Niels will start the presentation by giving you a brief overview of the highlights, including a snapshot of the key financial data. Niels will also summarize a few of the highlights from our new strategy that we launched last year, Focus 2030. Then Niels will move on to share more details on the performance of our product categories before Marianne takes over and give you an update on the financial performance in our three reporting divisions. Marianne will also give more details about the financial performance, including comments on cash flow, leverage, and capital allocation. Nils will conclude the call by giving some insights into the expectations for the full year 2026. After the pre-prepared presentation, we will conduct a Q&A session where we will be pleased to take any questions you might have. Before we start, I ask you to pay special attention to our disclaimer on forward-looking statements, which can be found on page number three in this slide deck. Now, please turn to slide number five, and I'll leave the word to our CEO, Nils Frederiksen. Thank you, Torben, and welcome to the call. 2025 became a challenging year for Scandinavian Tobacco Group. with a combination of external disruptions and internal operational issues. Tariffs and lower consumer sentiment in the U.S. directly impacted our handmade cigar business and the category experienced fierce price competition both in retail and in the ...