November 2024: Scandinavian Tobacco completed the kr.850 million share buy-back program
As of November 22, 2025, Scandinavian Tobacco Group (STG) purchased a total of 7,883,876 shares (at an average price of kr.107.8/share) with an aggregated transaction value of kr.850 million and completed the share buyback program initiated on November 10, 2023. At the Annual General Meeting on April 9, 2025, the Board of Directors will propose a reduction of the company’s share capital as result of the share buy-back.
July 2024: Scandinavian Tobacco provides an update on the share buy-back program
On 10 November 2023, Scandinavian Tobacco Group (STG) announced a share buy-back program of an aggregated value of up to kr.850 million running until February 28, 2025. Between November 13, 2023 and July 5, 2024, 5.09 million have been accumulated under the Program for an aggregate amount of kr.562.2 million (kr.110.4 per share).
Accordingly, close to two thirds of the program budget has been spent in the first half of the program duration. Following the most recent transactions, STG owns a total of ~4.48 million, corresponding to 5.2% of the total share capital.
In the 4-month period, from the initiation of the new program (November 2023) to the announcement of the FY23 results (March 2024), STG shares rallied more than 15% and, subsequently, reached just shy of kr.130. STG’s FY23 results & FY24 guidance revealed the extent to which growth investments weigh on the operating margin, EPS and FCF; consequently, STG shares have been under pressure since then, trading as low as kr.95 and trying to re-capture the kr.100 level at the time of the writing.
Since the initiation of the kr.850 share re-purchase program almost eight months ago, STG removed ~6% of its share capital from the market while its share price plunged ~9% in the same period (or, down ~1% when adjusted for the kr8.4 dividend paid in April 2024).
February 2024: Scandinavian Tobacco provides an update on the share buy-back program
Since the initiation of the new kr.850Mn share buy-back program in mid-Nov 2023, STG repurchased 1.43Mn shares at an average price of kr120.5 (total transaction value: kr172.4Mn; ~20% of the program completed). STG shares are up +17.7% since the onset of the new program (last close: kr127.1).
Following the latest transactions, STG owns a total of 1.8Mn shares, corresponding to 2.08% of the total share capital (versus 0.44% at the beginning of the program). The share buy-back program will run until February 28, 2025 unless terminated earlier and STG is authorized to acquire up to 10% of the share capital.
November 2023: Scandinavian Tobacco announced a new kr.850Mn share buy-back program
Scandinavian Tobacco Group (STG) announced a new kr.850Mn share buy-back program that starts on November 13, 2023 and runs until February 28, 2025 unless terminated earlier. Based on the closing price before announcement (kr.109.3), the new share buy-back amount corresponds to ~7.8Mn shares – or, roughly 9% of the share capital. STG holds a total of ~382k of own shares (0.44% of share capital) and is authorized to acquire up to 10% of the share capital (i.e. 8.7Mn shares).
STG appointed Nordea Bank as the lead manager for the buy-back program. The maximum number of shares that may be purchased on each business day will not exceed 25% of the average daily trading volume over the last 20 trading days. Two major shareholders, Chr. Augustinus Fabrikker Aktieselskab (27.3%) and C.W. Obel A/S (12.6%), will maintain their long-term ownership share of 25%-30% and 10%-15%, respectively – thereby, participating in the share buy-back program on a pro-rata basis.
Post-publishing note: STG shares gained +10% in the two weeks following the initiation of the new program.
