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Haypp Group
Haypp Group (HAYPP) investor relations material
Haypp Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Net sales exceeded SEK 1 billion in Q4 2025, growing 15% year-over-year (19% in constant currency), driven by a 28% surge in nicotine pouch volumes and strong momentum in the US and UK.
Active consumer base reached a record 630,000 in Q4, with a 10% increase in total active consumers and a 20% rise in active nicotine pouch consumers year-over-year, especially in the US and UK.
Major technology infrastructure overhaul completed in December 2025, enabling rapid feature deployment, scalable execution, and improved consumer experience across European sites.
Organizational changes and new COO appointment implemented to enhance US and UK capabilities.
Financial highlights
Q4 net sales grew 15% reported and 19% excluding FX, surpassing SEK 1 billion for the first time; full-year net sales rose 5% (7% in constant currency).
Adjusted gross margin for Q4 expanded to 17.7% (up 0.6ppt YoY); full-year gross margin rose to 18.5% from 15.0%.
Adjusted EBIT for Q4 was SEK 31.4 million (margin 3.0%), down 16% year-over-year; full-year adjusted EBIT was SEK 150.7 million (margin 3.9%).
EBITDA in core markets grew 27% to SEK 77 million, with margin at 10.5%.
Net debt/adjusted EBITDA ratio improved to 0.6x; equity/total assets ratio at 53.1%.
Outlook and guidance
Long-term outlook for nicotine pouches and online channel remains positive, with regulatory changes and operational discipline expected to favor the business.
2028 targets: 18–25% annual revenue growth (CAGR), adjusted EBIT margin of 5.5% ±150bps, and reinvestment of cash flows for expansion; no dividend planned.
Management expects continued acceleration in sales growth into 2026, especially in the US and UK, with margins anticipated to rise as volumes scale.
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Next Haypp Group earnings date
Q1 20267 May, 2026
Haypp Group
Next Haypp Group earnings date
Q1 20267 May, 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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