EarningsQ2 2026 Earnings Report
MX:STGN Q2 2026 EPS Results
Actual EPS$9.08
Consensus EPS$8.86
Beat/MissBeat by +$0.22
One Year Ago EPS$9.08
MX:STGN Q2 2026 Revenue Results
Actual Revenue$6.42B
Expected Revenue$6.47B
Beat/MissMissed by -$49.52M
YoY Revenue Growth-1.16%
Earnings Announcement Details
QuarterQ2 2026
Date08/26/2026
TimeTBA
Conference CallWednesday, August 26, 2026
MX:STGN Upcoming Earnings
Scandinavian Tobacco Group's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:STGN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: management reports early signs of stabilization across core categories, meaningful cash flow improvement, strategic progress (including the BREAK and Moro divestment that would materially improve leverage), and solid growth in handmade cigars and select nicotine pouch metrics. Offsetting these positives are declining reported sales, a material quality-related write-down in Europe that hurt margins and market share, ongoing investments and increased amortization that pressure underlying margins, and inventory/portfolio adjustments that weighed on nicotine pouch results in H1. Management maintained full-year guidance and expects leverage to move toward target by year-end, but near-term headwinds (quality issue, special costs and margin impacts) temper the outlook.Company Guidance
Free Cash Flow and Cash Generation Improved
Free cash flow before acquisitions was DKK 422m in H1 2026, an improvement of nearly DKK 150m versus H1 2025; Q2 free cash flow was DKK 264m. Underlying cash flow supports the full-year FCF guidance of DKK 950m–1.2bn and the divestment is expected to further boost cash on close.
Divestment to Japan Tobacco Strengthens Financial Flexibility
Signed sale of BREAK and Moro for EUR 176m (DKK 1.3bn) with estimated proceeds of ~DKK 1bn after tax. BREAK and Moro represented slightly less than 4% of 2025 group net sales and ~6% of EBITDA (allocated costs). Closing (expected before year-end) would lower leverage to below 2.5x and free up capital for strategic priorities.
Stabilization Signs in Core Tobacco Categories
Combined tobacco categories (handmade cigars, machine-rolled cigars, smoking tobacco) showed stabilization: organic net sales flat for the first 6 months and gross margin before special items improved. Category gross margin for machine-rolled cigars & smoking tobacco improved by ~1 percentage point.
Handmade Cigars Delivering Mid-Single-Digit Growth
Handmade cigars continued to deliver solid mid-single-digit organic growth in H1 2026, driven by power brands (Cohiba, Macanudo, CAO, Alec Bradley), improved online performance and retail stores, with market share gains in the U.S.
Nicotine Pouches: Market Share Gains and Product Expansion
Nicotine pouches (≈5% of group net sales) showed encouraging in-market performance: XQS market share in Sweden rose from <11% (start of 2025) to almost 14% in Q2 2026. Q2 organic net sales for nicotine pouches grew 8% (reversing Q1 decline); Mint and Menthol launched in Sweden and the U.K.
EBITDA Margin Before Special Items Slightly Improved (Including One-offs)
EBITDA before special items increased by ~1 percentage point in H1 2026 versus H1 2025, primarily driven by higher other income from duty drawback refunds (DKK 79m in H1 2026 vs DKK 18m in H1 2025).
Guidance and Capital Structure Intact
Management maintained 2026 guidance: group net sales growth at constant currencies of -2% to +2%; EBIT margin before special items expected 13%–14.5% (vs 14.9% in 2025); FCF guidance DKK 950m–1.2bn. Leverage expected to move toward 2.5x by year-end (and below 2.5x if divestment closes).
MX:STGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed