SCANDINAVIAN TOBACCO GROUP A/S
Consumer goods·STG · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Our products handmade cigars Machine-rolled cigars smoking tobacco nicotine pouches Handmade cigars Our product Our handmade cigars are individually crafted at sites in three of the world’s most significant tobacco-growing countries: the Dominican Republic, Honduras and Nicaragua.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Agriculture and food production
End markets
Market
“Our products handmade cigars Machine-rolled cigars smoking tobacco nicotine pouches Handmade cigars Our product Our handmade cigars are individually crafted at sites in three of the world’s most significant tobacco-growing countries: the Dominican Republic, Honduras and Nicaragua.”
Annual report 2025A · The company itself
Market
“Niels Frederiksen Chief Executive Officer Henrik Brandt Letter from Chairman & CEO Our business We are a global leader in the cigar industry holding market leading positions in handmade and machine-rolled cigars. We are the global leader within pipe tobacco and hold strong positions in select markets in fine-cut tobacco and nicotine pouches.”
Annual report 2025A · The company itself
Market
“U.S. consumers and our broad range of brands machine-rolled cigars Our product Whilst machine-rolled cigars mimic the handmade process, a more diverse range of products is created by using smaller pieces of tobacco to deliver high quality cigars at more affordable prices.”
Annual report 2025A · The company itself
Market
“These consumers tend to remain loyal to their preferred brand, which requires our factories to maintain high-quality affordable cigars consistently. smoking tobacco Our product Smoking tobacco comprises pipe tobacco and fine-cut tobacco.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Europe
Geography
Market
“machine-rolled cigars Market leader in Europe Pipe tobacco Undisputed global leader 5.9 DKK BN Shareholder returns in the past 5 years 100 + Markets across the globe Performance highlights 2025 became a challenging year for Scandinavian Tobacco Group, with a combination of external disruptions and internal operational issues.”
Annual report 2025A · The company itself
Geography
“Global presence We employ approximately 8,800 people globally, have more than 20 sales offices in North America and Europe, and sell to more than 100 countries around the world.”
Annual report 2025A · The company itself
Geography
“Within the NGP category, we have significantly grown our nicotine pouch business in 2025 with our lead brand XQS, securing the second largest market share position in Sweden, the market in the world with probably the highest adoption rate.”
Annual report 2025A · The company itself
Geography
“In machine-rolled cigars we have market leading positions in several European countries and hold solid positions in nicotine pouches in select markets across Europe.”
Annual report 2025A · The company itself
E-commerce
Technology
Market
“However, we managed to deliver unchanged net sales from the category as we expanded our presence across the retail and online distribution channels, as well as strategic price increases in our branded business.”
Annual report 2025A · The company itself
Market
“of Group Net Sales Read more North America Online & Retail NAOR comprises the direct-to-consumer sales of all product categories sold via online, retail stores and contact centres in North America. NAOR distributes brands from the Group’s own branded business, as well as brands from other major brand owners in the U.S. market, reinforcing the strong distribution capabilities.”
Annual report 2025A · The company itself
Retail
End markets
Market
“However, we managed to deliver unchanged net sales from the category as we expanded our presence across the retail and online distribution channels, as well as strategic price increases in our branded business.”
Annual report 2025A · The company itself
Market
“of Group Net Sales Read more North America Online & Retail NAOR comprises the direct-to-consumer sales of all product categories sold via online, retail stores and contact centres in North America. NAOR distributes brands from the Group’s own branded business, as well as brands from other major brand owners in the U.S. market, reinforcing the strong distribution capabilities.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Automotive
End markets
Market
“machine-rolled cigars Market leader in Europe Pipe tobacco Undisputed global leader 5.9 DKK BN Shareholder returns in the past 5 years 100 + Markets across the globe Performance highlights 2025 became a challenging year for Scandinavian Tobacco Group, with a combination of external disruptions and internal operational issues.”
Annual report 2025A · The company itself
Labour and wages
Raw materials and inputs
StrategyPositive impact: strengthens
“Our ambition is to embed sustainability across the entire value chain, engaging more with our suppliers and strengthen employee belonging, all to be further reinforced through Focus2030.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“In 2010, Scandinavian Tobacco Group merged with the cigar and pipe tobacco business of Swedish Match and established the foundation for the Group’s existing market-leading positions within cigars and smoking tobacco.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“Tariffs and lower consumer sentiment in the U.S. directly impacted our handmade cigar business, with tariffs driving higher cost of importing cigars to the market.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Since the public listing in 2016, growth has continued, and net sales reached more than DKK 9 billion for the first time in 2024.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Tariffs and lower consumer sentiment in the U.S. directly impacted our handmade cigar business, with tariffs driving higher cost of importing cigars to the market.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Our other tobacco categories were also impacted, though at a lesser extent, and combined with a weaker USD (half of our Group net sales stems from the U.S.), we had to revise our full year expectations in May.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“The decline rate in consumption for our main product categories has been volatile in recent years, first driven by the pandemic and then by a subsequent normalisation, although more negative than anticipated and we still expect the market to return to more normalised decline rates, especially in the U.S.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Inflation
Macro
DriverNegative impact: weakens
“As a result of inflationary pressures and cautious consumer consumption, we adjusted our cigar brand portfolio to include more value offerings to our consumers and finetuned our promotional tactics.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Denmark
Geography
Geography
“We are the largest global manufacturer of traditional pipe tobacco which is produced to the highest standards at our sites in Assens and Svendborg, Denmark.”
Annual report 2025A · The company itself
Geography
“Our nicotine pouches are produced in our own factory in Svendborg, Denmark, and by third-party manufacturers in Sweden and Poland, with close proximity to our largest active consumer bases in Sweden, Denmark and the UK.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Global presence We employ approximately 8,800 people globally, have more than 20 sales offices in North America and Europe, and sell to more than 100 countries around the world.”
Annual report 2025A · The company itself
Geography
“For 2025, the global market for handmade cigars remains dominated by U.S. consumption, where we estimate the consumption declined by a mid-single digit percentage rate.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 9.04 bn DKK |
| Revenue growth vs. the year before, same method | -1.8 % |
| EBITDA reported by the company | 1.79 bn DKK |
| Net debt debt incl. leasing minus cash | 5.06 bn DKK |
| Diluted EPS per share | 8.5 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.