H&m Hennes & Mauritz Ab Class B · OMXSTO:HM_B
H&m Hennes & Mauritz Ab Class B — Q4 2025 Earnings Presentation
38 slides from H&m Hennes & Mauritz Ab Class B's earnings presentation, Jan 29, 2026
Slide 1: H & M Group Full-Year Report 2025
Q4 H & M GROUP FULL-YEAR REPORT 2025
Slide 2: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 2
Slide 3: Full-year report 2025 highlights
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) H & M Hennes & Mauritz AB Full-year report 2025 Fourth quarter (1 September 2025 — 30 November 2025) • Sales in local currencies increased by 2 percent in the fourth quarter, with 4 percent fewer stores at the end of the quarte
Slide 4: Comments by Daniel Ervér, CEO
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Comments by Daniel Ervér, CEO Through a strengthened customer offering, good cost Both H&M and COS presented their main collections for control and improved inventory productivity, we continue autumn and winter at the fashion w
Slide 5: Sales
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Sales Sales in local currencies increased by 2 percent in the fourth in SEK. Sales for portfolio brands, excluding Monki, quarter, with 4 percent fewer stores at the end of the quarter increased by 4 percent in local currencies
Slide 6: Gross profit and gross margin
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Gross profit and gross margin Gross profit and gross margin are a result of many factors, higher proportion of revenues than costs in the Group are in internal as well as external, and are mostly affected by the foreign currenc
Slide 7: Selling and administrative expenses
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Selling and administrative expenses Good cost control has countered continued inflationary Selling and administrative expenses pressures in the cost base. Selling and administrative expenses in the fourth quarter SEK m decrease
Slide 8: Operating profit and operating margin
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Operating profit and operating margin Operating profit in the fourth quarter increased by Operating profit 38 percent to SEK 6,364 m (4,624), corresponding to an operating margin of 10.7 percent (7.4). An improved SEK m custome
Slide 9: Stock-in-trade
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Stock-in-trade The stock-in-trade decreased by 12 percent to Stock-in-trade SEK 35,427 m (40,348). Currency adjusted the stock-in- trade decreased by 5 percent compared with the previous SEK m 60,000 year. The composition of th
Slide 10: Expansion through integrated channels
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Expansion through integrated channels Expansion is taking place with a focus on increased The company is continuing its expansion in Latin America. omnichannel sales. Customers want to be inspired and have H&M opened in Brazil
Slide 11: Cash flow, working capital and financing
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Cash flow, working capital and financing Cash flow and liquidity Financing Cash flow from operating activities in the financial year Net debt including lease liabilities in relation to EBITDA amounted to SEK 31,120 m (31,756).
Slide 12: Tax, Share buybacks, Employees
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Tax The group’s tax rate for the financial year 2025 was 25.2 percent (24.9). The final tax rate depends on, among other things, the results of the group’s various companies, the corporate tax rates in each country, non-deducti
Slide 13: Current quarter, Capital structure, Dividend policy
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Current quarter The H&M group’s sales in the period 1 December 2025 – 31 January 2026 are expected to decrease by 2 percent in local currencies compared with the same period the previous year. Sales development should be seen i
Slide 14: AGM 2026, Annual report, Targets
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Annual general meeting 2026 The 2026 annual general meeting will be held on Tuesday 5 May 2026 at 15:00 CEST in the Erling Persson Hall, Aula Medica, Karolinska Institutet in Solna. Annual and sustainability report 2025 The ann
Slide 15: Communication in conjunction with the full-year report
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Communication in conjunction with the full-year report The full-year report for the financial year 2025, i.e., To book interviews for media in conjunction with the full- 1 December 2024 – 30 November 2025, will be published at
Slide 16: Group income statement
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Group income statement Q4 Full-year (Sep–Nov) (Dec–Nov) SEK m Note 2025 2024 2025 2024 Net sales 3 59,221 62,193 228,285 234,478 Cost of goods sold 4 –26,137 –28,251 –106,464 –109,179 Gross profit 33,084 33,942 121,821 125,299
Slide 17: Consolidated statement of comprehensive income
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Consolidated statement of comprehensive income Q4 Full-year (Sep–Nov) (Dec–Nov) SEK m Note 2025 2024 2025 2024 PROFIT FOR THE PERIOD¹ 4,332 2,983 12,085 11,584 Other comprehensive income Items that are or may be reclassified to
Slide 18: Group balance sheet
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Group balance sheet 2025-11-30 2024-11-30 SEK m Note ASSETS Non-current assets Intangible non-current assets Brands 350 400 Leasehold and similar rights 239 223 Capitalised expenditure 6,145 7,094 Goodwill 1,013 1,013 7,747 8,7
Slide 19: Equity and liabilities
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 2025-11-30 2024-11-30 SEK m Note EQUITY AND LIABILITIES Equity Share capital 207 207 Reserves 3,297 6,445 Retained earnings 39,443 39,559 Total equity 42,947 46,211 Liabilities Non-current liabilities Provisions for pensions¹ 3
Slide 20: Group changes in equity
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Group changes in equity Attributable to the shareholders of the parent company, H & M Hennes & Mauritz AB Total Share Translation Hedging Retained Non-controlling Total shareholders' capital reserve reserve earnings interest eq
Slide 21: Group changes in equity (prior year)
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Attributable to the shareholders of the parent company, H & M Hennes & Mauritz AB Total Share Translation Hedging Retained Non-controlling Total shareholders' capital reserve reserve earnings interest equity Shareholder's equit
Slide 22: Group cash flow statement
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Group cash flow statement Full-year Full-year (Dec–Nov) (Dec–Nov) SEK m 2025 2024 Operating activities Profit after financial items¹ 16,202 15,443 Adjustment for non-cash items – Provisions for pensions 12 13 – Other provisions
Slide 23: Five year summary
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Five year summary Full-year, 1 December – 30 November 2021 2022 2023 2024 2025 Net sales, SEK m 198,967 223,553 236,035 234,478 228,285 Change net sales from previous year in SEK, % 6 12 6 –1 –3 Change net sales previous year i
Slide 24: Parent company income statement
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Parent company income statement Q4 Full-year (Sep–Nov) (Dec–Nov) SEK m 2025 2024 2025 2024 Net sales 634 643 2,340 2,364 Gross profit 634 643 2,340 2,364 Administrative expenses –12 –37 –122 –170 Operating profit 622 606 2,218
Slide 25: Parent company balance sheet
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Parent company balance sheet 2025-11-30 2024-11-30 SEK m ASSETS Non-current assets Property, plant and equipment Buildings and land 106 111 Equipment, tools, fixture and fittings 18 19 124 130 Other non-current assets Shares an
Slide 26: Parent company equity and liabilities
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 2025-11-30 2024-11-30 SEK m EQUITY AND LIABILITIES Equity Restricted equity Share capital 207 207 Restricted reserves 88 88 295 295 Non-restricted equity Retained earnings 2,248 2,729 Profit for the year 12,672 10,739 14,920 13
Slide 27: Note 1. Accounting principles; Note 2. Financial instruments
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Note 1. Accounting principles The group applies International Financial Reporting The accounting principles and calculation methods applied Standards (IFRS) and interpretations by the IFRS in this report are unchanged from thos
Slide 28: Note 3. Segment reporting
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Note 3. Segment reporting Full-year Full-year (Dec–Nov) (Dec–Nov) SEK m 2025 2024 Asia and Oceania External net sales 26,493 28,619 Operating profit 1,115 697 Operating margin, % 4.2 2.4 Assets excluding tax receivables 9,416 1
Slide 29: Note 4. Depreciations, amortisations and write-downs
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Note 4. Depreciations, amortisations and write-downs Q4 Full-year (Sep–Nov) (Dec–Nov) SEK m 2025 2024 2025 2024 DEPRECIATIONS AND AMORTISATIONS Intangible non-current assets and property, plant and equipment excluding right-of-
Slide 30: Note 5. Restated figures attributable to amendments to IAS 12
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Note 5. Restated figures attributable to amendments to IAS 12 Profit for the fourth quarter 2024 has been adjusted as a consequence of the retrospective restatement of deferred tax relating to right-of-use assets and lease liab
Slide 31: Note 6. Events after the closing date
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) Note 6. Events after the closing date There have been no significant events after the closing date that effects the financial reporting. 31
Slide 32: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 32
Slide 33: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 33
Slide 34: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 34
Slide 35: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 35
Slide 36: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 36
Slide 37: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 37
Slide 38: H & M Hennes & Mauritz AB Full-year report 2025
H & M Hennes & Mauritz AB Full-year report 2025 (1 Dec 2024–30 Nov 2025) 38
H & M Hennes & Mauritz — Q4 2025 Earnings Presentation on 6ix