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Scandinavian Tobacco Group A/S Reports First Quarter Results and Maintains Full-Year Outlook for 2023


Company Announcement
No. 20/2023

                                                                                                       Copenhagen, 17 May 2023

Interim Report, 1 January - 31 March 2023

Scandinavian Tobacco Group A/S Reports First Quarter Results and Maintains Full-Year Outlook for 2023

For the first quarter of 2023, Scandinavian Tobacco Group A/S (the “Group” or “Scandinavian Tobacco Group”) delivered 1.3% net sales growth and an EBITDA-margin of 24.1%, with the guidance for the full year 2023 maintained. Uncertainties relating to key assumptions like consumer behaviour and cost inflation remain moderately high, however year-on-year impacts from cost inflation are expected to decline over the coming quarters.

Consumer demand for handmade cigars in the US in the quarter is still perceived as resilient, although volume declines remained above its structural decline trend as overflow from the exceptionally strong two years during the pandemic trails off. Price increases across most product categories supported the financial performance.

Q1 Highlights

  • Net sales increased by 1.3% to DKK 1,963 million (DKK 1,938 million).
  • EBITDA before special items was DKK 474 million (DKK 532 million) with an EBITDA margin of 24.1% (27.4%).
  • Free cash flow before acquisitions was DKK -179 million (DKK 129 million).
  • Adjusted Earnings Per Share (EPS) were DKK 3.2 (DKK 3.6).
  • Return on Invested Capital (ROIC) was 13.6% (14.4%).
  • Completion of the Alec Bradley cigar business acquisition, a leading player in the US handmade cigar category.
  • In April 2023 following the close of the quarter, announcement of the acquisition of XQS, a brand active in Sweden within the Next Generation Product category space.

CEO Niels Frederiksen: “STG remains on track to deliver on the 2023 guidance with results for the first quarter being up against strong comparisons in 2022. We have stabilized our production issues, but we are still recovering from this impact as well as cost inflation into 2023, affecting margins negatively. The Group is making good progress on our ambition to grow the size of the company with two transactions announced within the last few months.”

Dividend for 2022

At the Annual General Meeting on 13 April 2023, the proposal for an increase in the ordinary dividend of 10% to DKK 8.25 per share was approved.

Financial guidance 2023 unchanged

For the financial year 2023, the guidance is maintained.  

  • Net sales in the range of DKK 9.0-9.3 billion
  • EBITDA margin before special items in the range of 24-25%
  • Free cash flow before acquisitions in the range DKK 1.2-1.4 billion
  • Adjusted EPS in the range of DKK 14.5-16.5

For further information, please contact:
Torben Sand, Head of IR & Communication, phone +45 5084 7222 or
Eliza Dabbagh, IR and Communication, phone +45 5080 7619 or

A conference call will be held on 18 May 2023 at 10.00 CEST. Dial-in information and an accompanying presentation will be available at around 09:00 CEST.


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