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Haypp Group (HAYPP) investor relations material

Haypp Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Nicotine pouch volumes grew 23% year-over-year on a like-for-like basis, with strong double-digit growth outside the US and adjustments for Zyn shortages and Easter timing.

  • Achieved record gross margin expansion, supported by operational efficiencies and strategic investments in the US and UK.

  • Revenue increased 20% year-over-year on a like-for-like basis, with reported net sales impacted by currency effects and US market disruptions.

  • Investments in US market expansion, technology, compliance, and consumer experience are expected to impact margins in the near term but support long-term growth.

  • Regulatory and legal environments remain dynamic, with ongoing litigation and new EU and UK regulations impacting product categories.

Financial highlights

  • Q2 gross margin reached a record 19%–19.2%, up from 14%–14.3% last year, driven by product mix and operational efficiencies.

  • Adjusted EBIT margin increased to 4.2% in Q2, with adjusted EBIT up 11% to SEK 38.3mn.

  • Core markets net sales up 4%–6% in Q2, with EBITDA margin improving to 10.2%.

  • Growth markets reported net sales down 26% due to US Zyn shortage, but LFL net sales up 49%; EBITDA margin improved to 1.5%.

  • Cash flow from operating activities for H1: SEK 137.1mn, down from SEK 189.1mn year-over-year.

Outlook and guidance

  • Long-term prospects for risk-reduced nicotine products and online channels remain strong, with compliance expected to be a competitive advantage.

  • Strategic investments in the US and technology will impact margins in H2 2025, but are expected to drive long-term growth.

  • 2028 targets: 18–25% CAGR revenue growth, adjusted EBIT margin of 5.5% ±150bps, and reinvestment of cash flows; no dividend planned.

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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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