Haypp Group (HAYPP) Q3 2025 earnings summary

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.