Haypp Group (HAYPP) Q4 2025 earnings summary

Executive summary

• Net sales surpassed SEK 1 billion in Q4 2025, growing 15% year-over-year (19% in constant currency), driven by strong nicotine pouch volume growth and successful US and UK expansion.

• Nicotine pouch Q4 volume grew 28% year-over-year, now over two-thirds of total volume, with US Q4 volume up 33% and UK up 73%; active consumers reached a record 630,000.

• Infrastructure overhaul completed in December 2025, enabling rapid feature deployment, scalable execution, and improved consumer experience across European sites.

• Management implemented organizational changes and appointed a new COO to enhance US and UK capabilities.

• Active NP consumers rose 20% year-over-year, with new consumer acquisition up 195% in the US and 112% in the UK.

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 improved to 17.7% in Q4 (up 0.6ppt YoY); full-year gross margin rose to 18.5%.

• 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, margin at 10.5%; Q4 adjusted EBITDA was SEK 57.3 million (margin 5.4%).

• Net debt/adjusted EBITDA at 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 and infrastructure changes expected to favor growth.

• 2028 targets: 18–25% CAGR revenue growth, 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.