Haypp Group Ab · OMXSTO:HAYPP
Haypp Group Ab — Q2 2026 Earnings Presentation
32 slides from Haypp Group Ab's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Report
Q2 2026 Report August 12th 2026 1
Slide 2: Today's presenters
Today’s presenters Gavin O’Dowd Peter Deli CEO CFO 2
Slide 3: Agenda
Agenda 1 2 3 4 Q2 2026 Haypp – at a Consumer Financial performance glance growth performance highlights Consumer growth Investment thesis Summary and KPI dashboard P&L and balance sheet and NP leadership 5 6 7 Segment Progress on Outlook performance strategic priorities US & UK update; Regulatory Gr
Slide 4: Haypp Group – at a glance: Investment thesis
1 Haypp Group – at a glance Investment thesis 4
Slide 5: Haypp Group – at a glance
Haypp Group – at a glance World’s leading Integral value chain position creates flywheel for growth nicotine pouch retailer Continually improving assortment of innovative products ▪ An e-commerce company leveraged to the secular shift by consumers toward reduced risk nicotine products (RRPs), primar
Slide 6: Haypp's addressable consumer base to double
Haypp’s addressable consumer base to double Projected NP consumers 2024 to 2028E +5.2 11.5 US & UK to drive most NP consumer growth 6.3 +0.8 +0.5 +0.8 +0.1 +0.1 1.1 1.0 0.9 0.3 0.5 0.4 0.3 0.4 0.3 0.1 US UK SE DE NO CH 2028E 2024 Sources: Euromonitor, FDA, Arthur D. Little. Notes: Millions of consum
Slide 7: Tremendous upside potential from shift to online
Tremendous upside potential from shift to online Online penetration as of 2024 49% 36% US and UK upside to Nordic levels 22% 7% 3% US UK SE NO DCH Sources: Company estimates 7
Slide 8: Q2 2026 performance highlights
2 Q2 2026 performance highlights KPI dashboard and strategic scorecard 8
Slide 9: Nicotine pouch volume growth accelerating from high base
Nicotine pouch volume growth accelerating from high base Group NP volume 45% 71% 25 50 46% 45% 23 42% 21 45 41% 41% 45% 19 39% 20 40 36% 36% 17 16 35 15 15 15 16 15 28% 30 13 14 11 25 10 10 10 20 14% 15 11% 5 8% 10 3% 5 0 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 2
Slide 10: Q2 2026 performance highlights
Q2 2026 performance highlights ▲ Sustained consumer momentum ▲ Volume acceleration ▲ Net sales > consumer growth ▪ Group active consumers +24.4% YoY ▪ Group volume +27.9% YoY, NP volume +45.1% ▪ Net sales +27.7% vs. Q2 25 (+27.1% cc*), new YoY (71.2% of Group volume) ATH ▪ Growth active consumers +7
Slide 11: Q2 2026 Group KPI dashboard
Q2 2026 Group KPI dashboard 667,000 1,445,000 31.6mn 22.5mn Active consumers Orders Total volume NP volume +24.4% vs Q2 25 +23.4% vs Q2 25 +27.9% vs Q2 25 +45.1% vs Q2 25 SEK 1,177mn SEK 229mn 19.5% SEK 28.6mn 2.4% Net sales Gross profit Gross margin Adj. EBIT Adj. EBIT margin +27.7% vs Q2 25 (+27.1
Slide 12: Consumer growth
3 Consumer growth Consumer growth and NP leadership 12
Slide 13: Consumer growth momentum continues in Q2 26
Consumer growth momentum continues in Q2 26 Group active consumers Growth active consumers Core active consumers 700 652 667 80 700 80 700 80 629 600 574 600 74% 600 536 60 66% 60 60 500 500 52% 500 449 460 451 40 40 412 428 40 400 400 400 18% 24% 20 20 20 300 10% 300 300 9% 217 -1% 5% 0 181 192 0 0
Slide 14: Nicotine pouch volume growth accelerating from high base
Nicotine pouch volume growth accelerating from high base NP segment volume Q2 26 volume YoY growth (%) 25 46% 50 45% 21 23 45% 41% 42% All products 28% 41% 19 39% 20 36% 40 36% 17 15 16 15 15 16 15 14 8 30 Nicotine pouches 45% 13 9 11 11 7 28% 10 5 5 6 10 10 6 7 20 5 6 4 4 14% 4 Snus -2% 11% 11 11 1
Slide 15: Financial performance
4 Financial performance P&L and balance sheet 15
Slide 16: Net sales momentum continues
Net sales momentum continues Group net sales Q2 26 net sales YoY growth contribution 1,177 00 30 NP* 28.4% 1,104 27.1% 1,052 00 943 944 952 24.3% 25 915 923 921 25.5% Snus -1.9% 00 21.9% 20 19.1% Vape/HNB 0.7% 00 15 00 10 FX 0.6% 8.0% 00 5.5% 3.1% 5 Total 27.7% 0 0.6% 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 17: Sustained growth in gross profit and margin
Sustained growth in gross profit and margin Gross profit Q2 26 gross profit vs Q2 25 50 19.5% 20 +29,2% 18.8% 19.2% 18.6% 229 18.5% 17.4% 205 229 17.1% 00 183 14.3% 14.3% 177 179 15 171 157 177 50 135 135 140 10 101 00 5 50 76 89 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q2 26
Slide 18: Overheads increase moderated as expected
Overheads increase moderated as expected Overheads (% of net sales) YoY overheads increase (SEK mn) 14.8% 174 15 1.0 13.9% 13.2% 18 12.7% 0.9 12.3% 4 11.1% 0.8 10.9% 35 0.7 117 10 8.9% 8.9% 11.3% 0.6 10.3% 10.9% 10.6% 9.3% 0.5 8.6% 9.0% 0.4 6.8% 6.8% 5 0.3 0.2 1.6% 1.9% 1.8% 1.7% 1.8% 1.8% 2.0% 1.8%
Slide 19: Adj. EBIT margin compression driven by investments
Adj. EBIT margin compression driven by investments Adjusted EBIT Contribution to YoY change in adj. EBIT 50 48 6 45 5.2% 5 40 38 36 34 33 33 52 35 4.2% -57 3.7% 4.0% 31 4 3.5% 3.5% 29 30 27 25 3.0% 3 38 2.5% 2.4% 20 29 2 -5 15 10 1 5 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Gr
Slide 20: Inventory and working capital turnover at stable levels
Inventory and working capital turnover at stable levels Inventory Net working capital Leverage (Net debt/LTM adj. EBITDA) 13.8x 00 13.0x 14 300 6.6x 7 250 1. 12.3x 11.4x 1.0x 50 12.3x 12 5.6x 6 10.5x 250 200 1. 00 9.5x 9.3x 9.5x 4.6x 0.8x 0.8x 10 4.6x 5 200 4.2x 4.3x 4.0x 4.1x 4.1x 0. 50 150 8 4 00
Slide 21: Segment performance
5 Segment performance Growth and Core 21
Slide 22: Q2 2026 Growth segment KPI dashboard
Q2 2026 Growth segment KPI dashboard 217,000 395,000 10.8mn 10.6mn Active consumers Orders Total volume NP volume +74.2% vs Q2 25 +72.3% vs Q2 25 +80.0% vs Q2 25 +90.8% vs Q2 25 SEK 351mn SEK 66mn 18.9% SEK -32.5mn -9.3% Net sales Gross profit Gross margin EBITDA EBITDA margin +57.3% vs Q2 25 (+62.4
Slide 23: Q2 2026 Core segment KPI dashboard
Q2 2026 Core segment KPI dashboard 451,000 1,050,000 20.8mn 11.9mn Active consumers Orders Total volume NP volume +9.3% vs Q2 25 +11.6% vs Q2 25 +11.3% vs Q2 25 +19.6% vs Q2 25 SEK 825mn SEK 163mn 19.7% SEK 87.9mn 10.7% Net sales Gross profit Gross margin EBITDA EBITDA margin +18.2% vs Q2 25 (+15.8%
Slide 24: Progress on strategic priorities
6 Progress on strategic priorities US & UK updates; Regulatory landscape 24
Slide 25: US – step change in conditions for online market
US – step change in conditions for online market Market conditions improving for growth ▪ May FDA enforcement discretion announcement suggests faster launch of improved products than previously anticipated ▪ Meaningful new product increases expected in 2026 continuing in following years ▪ Advanced p
Slide 26: UK – regulation enhancing position as anticipated
UK – regulation enhancing position as anticipated Regulation update ▪ Support for Tobacco & Vapes secondary legislation remains strong under new government ▪ Implementation of specific elements likely at different time frames across remainder of 2026 and 2027, raising compliance requirements ▪ Marke
Slide 27: EU regulatory update & litigation
EU regulatory update & litigation European Union ▪ Tobacco Tax Directive negotiations continue with potential finalization in H2 2026. Sweden continues to advocate for a lower tax rate on snus and NPs ▪ European Commission continues work on the third Tobacco Products Directive post consultations ▪ D
Slide 28: Outlook
Outlook HAYPP GROUP
Slide 29: Summary
Summary ▪ Our markets continue to evolve favorably with continued category growth leading to sustainable regulation inline with Haypp’s operating model ▪ Investment in capabilities and marketing in US & UK are driving rapid consumer base growth ▪ Fastest organic volume and sales growth since IPO in
Slide 30: 2028 Financial Targets
2028 Financial Targets Haypp Group’s Board of Directors adopted the following financial targets for 2028 18-25% 5.5% Reinvest ±150 basis points Revenue CAGR Adj. EBIT margin Dividend policy 2024-28 at constant currency 3.9% 2025 All FCF reinvested into expansion 30
Slide 31: Questions & answers
Questions & answers HAYPP GROUP
Slide 32: Additional information
Additional information Reports, presentations and consensus estimates are available at HayppGroup.com/investor-relations Follow us on X: @HayppGroup For inquiries, please contact: Erik Bloomquist, CFA Head of Investor Relations erik.bloomquist@hayppgroup.com 32