Outlook

Financial Guidance 2022

• EBITDA: Organic growth of 0-6%
• Free cash flow before acquisitions: DKK 1.1-1.4 billion
• Adjusted EPS: >5% increase

Financial ambitions
Scandinavian Tobacco Group’ s financial ambition is to deliver strong financial performance.

• We aim to continuously deliver average annual organic EBITDA growth of 3-5%.
• It is our ambition to achieve annual average growth in free cash flow before acquisitions and sizeable investments.
• We aim to improve Return on Invested Capital (ROIC).
• The objective is to deliver annual growth in ordinary dividend payments.