Haypp Group
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Haypp Group (HAYPP) investor relations material

Haypp Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Q4 2025 net sales rose 15% YoY to SEK 1,052.2mn (19% in constant currency), driven by 28% nicotine pouch volume growth and strong demand in the US and UK.

  • Full-year net sales increased 5% to SEK 3,848.9mn, with nicotine pouch volumes up 13% for the year.

  • Active consumers reached 630,000 in Q4 and 1,131,000 at year-end, with record-high retention and NPS of 80.

  • Growth was supported by the US ZYN re-introduction, accelerated UK volume, and infrastructure upgrades completed in December.

  • Strategic investments and regulatory preparedness position the group for accelerated growth in 2026.

Financial highlights

  • Q4 gross margin expanded to 17.7% (up 0.6ppt YoY); full-year gross margin rose to 18.5% (from 15.0%).

  • Adjusted EBIT for Q4 was SEK 31.4mn (margin 3.0%), and SEK 150.7mn (margin 3.9%) for the year.

  • Adjusted EBITDA for Q4 was SEK 57.3mn (margin 5.4%), and SEK 238.7mn (margin 6.2%) for the year.

  • Cash flow from operating activities for FY 2025 was SEK 140.0mn, impacted by increased year-end inventory.

  • Overhead costs rose 29% YoY to SEK 130mn, mainly due to US team expansion and media investments.

Outlook and guidance

  • Management expects continued sales acceleration in 2026, especially in the US and UK, with margin improvement as volumes scale.

  • Long-term 2028 targets: 18–25% annual revenue growth (CAGR), adjusted EBIT margin of 5.5% ±150bps, and reinvestment of cash flows for expansion.

  • Regulatory changes in the US and Europe are anticipated, with the group prepared to adapt and leverage its value proposition.

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Frequently asked questions

Haypp Group operates e-commerce platforms focused on the sale of nicotine pouches and snus. The company serves consumers primarily in the Nordic region and select European markets, offering a portfolio of brands and subscription-based services. Its operations include digital retail, logistics, and customer engagement. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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