Humble Group (HUMBLE) Q2 2025 earnings summary

Executive summary

• Net sales reached SEK 1,983 million in Q2, up 8% year-over-year, with 12% organic growth and a -4% currency impact.

• Adjusted EBITDA was SEK 144 million, up nearly 3% year-over-year; reported EBITA declined 14% to SEK 120 million.

• Cash flow from operating activities improved to SEK 44 million from SEK -49 million in Q2 last year.

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

• Strategic investments in sales and marketing continued, with a focus on long-term profitability and cost control.

Financial highlights

• Gross profit was SEK 629 million, up 7.5% quarter-on-quarter; gross margin stable at 31.7%.

• Adjusted EBITDA margin was 7.3% for Q2; adjusted EBIT margin at 4.8%.

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

• Cash flow from operating activities for the first half was SEK 114 million, up from SEK 11 million last year.

• Interest cost reduced from 6.9% to 4.6% on a 12-month basis due to improved financing terms.

Outlook and guidance

• Management expects continued high demand in confectionery and sports nutrition, with strong production capacity utilization.

• Focus remains on improving operating margins, strengthening cash flow, and reducing debt to enable future acquisitions.

• Anticipates recovery in the UK market and continued strength in Future Snacking and Nordic Distribution.

• Focus shifting toward increasing profitability growth over pure organic growth.