Q3 2021

SWEDISH MATCH RESULTS PRESENTATION Q3 2021

DISCLAIMER AND GENERAL COMMENTS

The information contained in this presentation has not been independently verified and is subject to change without notice and neither Swedish Match, nor an affiliate thereof or any other party is under any obligation to update or keep current the information contained herein. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Swedish Match or any other party (or any of their respective members, directors, officers, employees or any other person) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on such information or opinions will be at your sole risk. Neither Swedish Match nor any other party (or any of their respective members, directors, officers , employees or any other person) accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising directly or indirectly in connection therewith. By attending a meeting where this presentation is presented, or by reading the presentation, you acknowledge that you will be solely responsible for your own assessment of the potential investment, the market and market position of Swedish Match and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of Swedish Match and its business.

This presentation contains forward-looking information based on the current expectations of the Swedish Match Group's management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared to that stated in the forward-looking information, due to such factors as changed market conditions for Swedish Match's products and more general factors such as business cycles, markets and competition, unforeseen commercial or operational implications attributable to COVID-19, changes in legal requirements or other political measures, and fluctuations in exchange rates. Swedish Match undertakes no obligation to update such forward-looking statements.

This presentation contains market data and industry forecasts, including information related to the sizes of the markets in which Swedish Match and its subsidiaries participates. The information has been extracted from a number of sources. Unless a specific source is referenced, all market share information/data is based on Swedish Match estimates. Although Swedish Match regards these sources as reliable, the information contained in them has not been independently verified and therefore no assurance can be given that this information is accurate and complete. In addition to the above, certain data in the presentation is also derived from estimates made by Swedish Match. Unless otherwise stated, all comparisons are versus the prior year corresponding period. For US Smokefree and Cigars, comments on financial developments are made in USD. For all other product segments, comments on financial developments are made in SEK unless otherwise specified. References to Scandinavia include Sweden, Norway, Denmark and may include data related to consumption by travelers to those c ountries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

2

Q3 - HIGHLIGHTS CONSOLIDATED GROUP

Highlights for the third quarter

• Record sales with year-on-year revenue growth across product segments, despite comparing to a prior year quarter with elevated demand for certain product lines.
• In local currencies, sales increased by 10 percent for the third quarter. Reported sales increased by 9 percent to 4,778 MSEK (4,400).
• Record operating profit from product segments, in spite of continued ramp-up in spending behind growth opportunities for smokefree products.
• In local currencies, operating profit from product segments1) increased by 2 percent for the third quarter. Reported operating profit from product segments increased by 1 percent to 2,099 MSEK (2,075).
• Operating profit amounted to 2,075 MSEK (2,048) for the third quarter.
• Profit after tax for the third quarter amounted to 1,540 MSEK (1,222). Profit after tax for the third quarter of the prior year included a charge of 286 MSEK following an adverse ruling in a tax case.
• Earnings per share increased by 30 percent to 0.99 SEK (0.76) for the third quarter. Adjusted earnings per share increased by 5 percent to 0.99 SEK (0.94).2)
• On September 14, Swedish Match announced its intention to spin off its US cigar business to shareholders. Subject to various conditions, the separation is expected to be completed during the second half of 2022, at the earliest. For more details, see the September 14 press release.

1. Excludes Other operations and larger one-time items.
2. In May 2021, a share split (10:1) was made. Historical share data in this report has been restated in accordance with IAS 33.

3

Q3 - HIGHLIGHTS BY PRODUCT SEGMENT

Smokefree:

1. Sales and operating profit up by 10% and 3% respectively in local currencies.

1. Increased operating profit in local currency in both the US and in Scandinavia despite higher marketing investments to support growth for nicotine pouches.

1. In the US, continued momentum for ZYN nicotine pouches drove the operating profit growth while earnings for moist snuff and chewing tobacco were down on challenging comparisons.

1. In Scandinavia, higher volumes for both snus and nicotine pouches in combination with better realized pricing drove improved operating profit.

Cigars:

1. Sales increased by 8% in local currency resulting from price increases as well as favorable mix effects. Operating profit development virtually flat in local currency.

1. Swedish Match shipments of natural leaf cigars increased sharply while shipments of HTL varieties declined at a similar rate. The main cause for the decline in shipments of HTL cigars was limited availability of certain input materials.

1. Swedish Match gained market shares in the faster growing natural leaf segment, both compared to Q3 of the prior year and sequentially relative to the second quarter.

Lights:

1. Strong sales growth on higher volumes for lighters, positive product and format mix, price increases, as well as acquisition effects. o Operating profit growth despite higher raw material costs.

4

SALES AND EBIT SPLIT BY PRODUCT SEGMENT

Sales and EBIT split in percent, YTD 2021 versus YTD 2020 (Jan-Sep)

Sales split					EBIT split
YTD 2021		YTD 2020		YTD 2021	YTD 2020
				3,7	3,2
7,3		7,0		24,2			24,1
26,9	27,5
65,9		65,5
				72,0	72,7
Smokefree	Cigars	Lights				Smokefree Cigars	Lights

5