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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.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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