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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.
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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