Swedish Match is an international tobacco manufacturer focused on Europe and North America. Its reduced- risk portfolio consists of snus and non-tobacco nicotine pouches and it registers the highest share of reduced- risk versus high-risk product sales among all manufacturers covered by the index. The company also sells high-risk products, including chewing tobacco, moist snuff, and cigars/cigarillos, which are offered in the US only. Unlike other companies, it does not sell cigarettes. In 2019, the company’s ‘smokefree’ categories generated 83.1% of total revenue, however these include chewing tobacco and moist snuff which are classified as high-risk product by the index. The company’s capital allocation is almost entirely invested in reduced-risk products. Between 2017 and 2019, the company acquired two reduced-risk companies and a chewing tobacco producer in Scandinavia.