Swedish Match: Half Year Report January - June 2022

• Group sales and operating profit increased strongly on the back of continued solid momentum for the US smokefree business and currency tailwind.
• Group sales increased by 23 percent to 5,561 MSEK (4,505). In local currencies, Group sales increased by 11 percent for the second quarter.
• Group operating profit increased to 2,227 MSEK (1,956).
• Operating profit from product segments increased by 14 percent to 2,271 MSEK (1,988). In local currencies, operating profit from product segments[1)] increased by 1 percent for the second quarter.
• In local currencies, operating profit grew by 14 percent for the Smokefree product segment despite higher market investments across geographies to support future growth. For the Cigars product segment, operating profit declined, impacted by lower volumes. For Lights, underlying operating profit increased, but items of temporary nature drove a decline in reported operating profit.
• Profit after tax increased to 1,624 MSEK (1,441).
• Earnings per share increased by 17 percent to 1.07 SEK (0.92).
• The full year outlook for 2022, found on page 14, has been updated based on developments during the first six months.

1) Excludes Other operations and larger one-time items.