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Haypp Group
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 volumes grew 21% year-over-year on a like-for-like basis, with U.S. sales volumes up 40% and now representing 68% of total oral nicotine volume.
Like-for-like net sales increased 15% in constant currency, with reported net sales up 0.8% to SEK 952.1mn.
Gross margin reached a record 19% (up from 14.3% in Q3 2024), supporting continued investment, especially in the U.S.
ZYN sales resumed in the U.S. in mid-September, contributing to a 60% year-over-year U.S. volume growth in October.
Infrastructure overhaul completed, enabling a more agile technology ecosystem and greater speed.
Financial highlights
Like-for-like net sales grew 15% year-over-year in Q3 2025; reported sales up 1% (3% excluding FX).
Gross margin reached a record 19% (Q3 2024: 14.3%).
Adjusted EBIT for Q3 was SEK 33.4mn, up 0.9% year-over-year; margin remained flat at 3.5%.
Cash flow from operating activities for the first nine months was SEK 152.2mn.
Net debt to adjusted EBITDA at 0.4x; equity/total assets ratio at 56.3%.
Outlook and guidance
Long-term outlook for risk-reduced nicotine products and online channel remains strong.
2028 targets: 18–25% revenue CAGR and 5.5% ±150bps adjusted EBIT margin; 2025 revenue growth expected below target.
U.S. market expected to remain favorable, with ZYN's return anticipated to drive Q4 growth.
No dividend planned; surplus cash to be reinvested for expansion, especially in the U.S.
U.S. offline consumer conversion strategy
U.S. state nicotine tax impact on Haypp volumes?
Expectations for capitalized development costs?
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Next Haypp Group earnings date
Q4 202513 Feb, 2026
Haypp Group
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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