Haypp Group (HAYPP) Q2 2026 earnings summary

Executive summary

• Achieved fastest year-on-year volume and sales growth since IPO, with record gross margin and strong organic growth across all markets.

• Nicotine pouches drove growth, with 45% year-on-year volume increase and US/UK markets up over 100% year-on-year.

• Strategic investments in the US and UK accelerated consumer acquisition but temporarily compressed EBIT margins.

• Entered Saudi Arabia, now the second-largest nicotine pouch market globally, with robust growth potential.

• Active consumers increased to 667,000 in Q2, up 24% year-on-year.

Financial highlights

• Net sales grew 27.7% as reported and 27.1% at constant currency, reaching SEK 1,176.7mn, the highest growth rate since IPO.

• Gross profit rose 29.2% year-on-year to SEK 229mn; gross margin improved to a record 19.5%.

• Adjusted EBIT margin compressed to 2.4% due to increased investments, with adjusted EBIT down 25.2% YoY.

• Net debt increased to SEK 221.6mn at quarter-end, with leverage rising to 1.0x adjusted EBITDA.

• Active consumers grew 24.4% YoY to 667,000; total volume up 27.9% YoY.

Outlook and guidance

• On track to double 2024 revenue by 2028 and increase 2024 EBIT by 3-4x, with 18%-25% CAGR revenue growth and 5.5% adjusted EBIT margin (±150 bps) targeted.

• Margin expansion expected to resume in 2027-2028 as scale benefits materialize after current investment phase.

• G&A costs expected to stabilize and scale with future growth.

• All free cash flow to be reinvested into expansion; no dividend planned.