Haypp Group (HAYPP) Q4 2025 earnings summary

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.