Humble Group (HUMBLE) ABGSC Investor Days summary

Business profile

• Entrepreneur-led FMCG platform with SEK 8.1bn LTM Q3 2025 net sales, 40,000+ SKUs, 1,200+ employees and operations in 82 markets.

• Vertically integrated model spans own brands, factories and distribution; products reach 150,000+ stores, with field teams in 17+ countries and 15+ owned factories.

• Half of SKUs are better-for-you or better-for-the-planet; portfolio includes Pandy, Body Science, Naty, True Co and The Humble Co.

• More than 400 partner factories support development; customers include ICA, Coop, Tesco, M&S, Coles and Woolworths, with a diversified B2B base.

• Four segments: Future Snacking, Sustainable Care, Quality Nutrition and Nordic Distribution; Future Snacking and Quality Nutrition are the largest adjusted EBITA contributors.

Historical milestones and strategic review

• Three phases of development: platform establishment, integration and consolidation, then strategic review; completed 47 acquisitions, a major equity raise and refinancing, and divested non-core assets.

• Transitioned to Nasdaq Main Market and IFRS, implemented cost-saving programs and business reviews, and appointed new leadership.

• Strategic review considers divestments and partnerships, including businesses outside the four core segments, to sharpen the portfolio and strengthen the balance sheet.

Strategy and financial targets

• Current priorities are profitable organic growth, efficiency, stronger margins and cash flow, and lower leverage following the acquisition-led expansion and shift from bond to bank financing.

• Long-term targets: annual growth of at least 15% from organic growth and acquisitions, EBIT margin above 10%, and net debt/EBITDA below 2.5x; average gross margin is ~31%.

• 2024 organic growth was 9%, EBIT margin 5% and net debt/EBITDA 2.8x; growth investments target returns above 30% on invested capital.

• Acquisition focus is on businesses that can integrate into a subsidiary from day one; selective M&A continues alongside potential divestments.

• Healthier candy has over 80% share in Sweden; marketing can decline after critical mass, while own-brand and private-label offerings are set to expand.