Humble Group (HUMBLE) Q2 2025 earnings summary

Executive summary

• Net sales reached SEK 1,983 million in Q2 2025, up 8% year-over-year, with June achieving a record high and organic growth at 12%, reversing previous trends.

• Profitability improved year-over-year with adjusted EBITA at SEK 144 million, despite increased investments in sales, marketing, and brand expansion.

• Cash flow from operating activities improved to SEK 44 million, supported by working capital optimization and reversing last year's negative trend.

• Financial flexibility was reinforced through favorable refinancing, expanded SEK 300 million credit facilities, and improved interest terms.

• International expansion, especially in the Nordics and US, drove growth, while UK operations faced market and regulatory challenges.

Financial highlights

• Net sales increased 8% year-over-year to SEK 1,983 million, with organic growth at 12% and a -4% currency impact.

• Gross profit was SEK 629 million, with a stable gross margin at 31.7% despite sales mix effects.

• Adjusted EBITA was SEK 144 million, up nearly 3% year-over-year, maintaining a 7.3% margin.

• Cash flow from operating activities improved to SEK 44 million, reversing a negative SEK 49 million last year.

• Earnings per share for Q2 were SEK 0.01; adjusted EPS was SEK 0.07.

Outlook and guidance

• Strong order pipeline and customer demand expected to drive growth in H2 2025 and into 2026, especially in confectionery and sports nutrition.

• UK market recovery is a priority, with normalization anticipated in coming quarters.

• Focus shifting toward increasing profitability growth and margin expansion over pure organic growth.