Revenue amounted to DKK 1,859 million (1,974), compared with a company-compiled consensus of DKK 1,886 million. EBITDA before special items reached DKK 320 million (317), surpassing the expected DKK 306 million.
Operating profit (EBIT) before special items was DKK 193 million (206), compared with a consensus of DKK 173 million.
The EBITDA margin before special items rose to 17.2% (16.1%), exceeding the 16.2% consensus. The operating margin before special items remained unchanged at 10.4%, compared with the expected 9.2%.
Scandinavian Tobacco reiterated its full-year outlook for 2026. The company expects organic revenue growth of between -2% and 2% at constant currencies, and an operating margin before special items of 13.0-14.5%. Adjusted earnings per share are still projected to be DKK 9-11.
| Scandinavian Tobacco (MDKK) | Q1 2026 Actual | Consensus | Variance vs Consensus | Q1 2025 | Change |
| Revenue | 1,859 | 1,886 | -1.4% | 1,974 | -5.8% |
| EBITDA, adjusted | 320 | 306 | 4.6% | 317 | 0.9% |
| EBITDA margin | 17.2% | 16.2% | 1.0% | 16.1% | 1.1% |
| EBITA, adjusted | 257 | - | - | 254 | 1.1% |
| Operating profit, adjusted | 193 | 173 | 11.6% | 206 | -6.3% |
| Operating margin, adjusted | 10.4% | 9.2% | 1.2% | 10.4% | 0.0% |
| Operating profit | 117 | 102 | 14.7% | 136 | -14.0% |
| Profit before tax | 56 | - | - | 67 | -16.4% |
| Net profit | 43 | 26 | 65.4% | 52 | -17.3% |
| Earnings per share | 0.60 | - | - | 0.70 | -14.3% |
