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Haypp Group (HAYPP) investor relations material
Haypp Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Nicotine pouch Q3 volume grew 21% year-on-year on a like-for-like basis, with Zyn resuming in the US and driving strong initial sales.
Like-for-like sales increased 15% in Q3 2025, despite challenging comparators, with reported net sales up 0.8% to SEK 952.1mn.
Gross margin reached a record 18.8% (up from 14.3%), reflecting operational strength and fulfillment scale.
Infrastructure overhaul completed, enabling a more agile technology ecosystem and supporting future growth.
US market saw robust growth, with resumed Zyn sales and improved new consumer acquisition rates.
Financial highlights
Q3 2025 net sales: SEK 952.1mn (up 0.8% reported, 3% constant currency); like-for-like sales up 15%.
Adjusted EBIT for Q3 grew 0.9% to SEK 33.4mn; margin flat at 3.5%.
Gross margin reached 18.8% in Q3, up from 14.3% year-over-year.
Overhead costs rose to SEK 126mn, mainly due to US team expansion and marketing investments.
Cash flow from operating activities for the first nine months was SEK 152.2mn.
Outlook and guidance
Long-term outlook for risk-reduced nicotine products and online channel remains positive, with US regulatory progress and FDA pilot program underway.
Revenue growth guidance of 18%-25% CAGR to 2028, with US as a key driver.
EBIT margin targeted at 5.5% ±150bps by 2028; no dividend planned as surplus cash will be reinvested.
Growth rates expected to accelerate in 2026, especially in the US.
The return of Zyn is expected to benefit Q4 2025 results, with early positive indicators.
Growth Market active consumer recovery plan?
Path to 5.5% Adjusted EBIT margin?
Emerging Markets profitability timeline?
U.S. investment: How does it shape future EBIT
U.K. vape exit: Strategic rationale
Zyn return: Incremental vs. cannibalization
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Next Haypp Group earnings date
Q4 202513 Feb, 2026
Next Haypp Group earnings date
Q4 202513 Feb, 2026
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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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