Haypp Group Ab · OMXSTO:HAYPP
Haypp Group Ab — Q4 2025 Earnings Presentation
30 slides from Haypp Group Ab's earnings presentation, Feb 13, 2026
Slide 1: Q4 2025 Report
Q4 2025 Report February 13th 2026 1
Slide 2: Today’s presenters
Today’s presenters Gavin O’Dowd Peter Deli CEO CFO 2
Slide 3: Q4 2025 Report
Q4 2025 Report February 13th 2026 3
Slide 4: Operational highlights
Operational highlights Consistent performance with improved growth momentum • NP volume grew 28% yoy in Q4 • Growth was supported by US ZYN re -introduction during September • UK volume growth also accelerated materially • Net sales excluding FX increased 19% yoy exceeding SEK1bn for the first time
Slide 5: Growth momentum accelerating
Growth momentum accelerating Active consumer base at record quarterly high , driven by: • Accelerated inflow of new NP consumers • Continued improvement in our already robust retention (Group’s average NPS score of 80) Active consumers Active NP consumers New NP consumers +10% +20% +46% 630 571 574
Slide 6: US environment
US environment Category growth remains strong • Consume r offtake data *show category volume growth c. 3 5% yoy in Q4, with January up c. 32 % yoy Regulatory landscape improving • FDA pilot program to improve efficiency and streamline the PMTA process remains underway • Altria’s On!Plus in 3 flavors
Slide 7: US market plans
US market plans Q3 2025 Q4 2025 H1 2026 H2 2026 Team buildout Localization and increased capacity Market review Focus on offline consumers Refine fundamentals Improve conversion and retention Brand messaging Proposition and ease of use Accelerate new consumer inflow Broaden communication 7
Slide 8: US market performance
US market performance Robust Q4 YoY growth supported by ZYN re - introduction • January volume up by ~120% YoY Supported by new consumer acquisition rate, which continues to accelerate • January acquisition is up by over 250% YoY Improved retention driven by increased consumer focus enabled by team
Slide 9: UK market NP performance
UK market NP performance Expected to be the largest market in Europe by 2030 Haypp to benefit from pending regulatory changes Robust Q4 YoY growth supported by accelerating new consumer acquisition rate reflecting increased capabilities and resources – Q4 NP volume growth 73%; January ~100 % Y
Slide 10: Infrastructure overhaul allows scalable execution
Infrastructure overhaul allows scalable execution 8th December completion @ • Improved UX in Scandinavian • Rollout of Apple Pay and • Vape launched on sites increasing sign-up rates Google Pay to all European Nettotobak (SE) in record sites time due to improved • Seamlessly extended • TWINT launche
Slide 11: European regulatory and litigation update
European regulatory and litigation update UK • The Tobacco and Vapes bill is progressing with movement toward standards already adopted by Haypp • T hese measures would positively address underage usage, safety and help ensure the category’s sustainability European Union • Drafts of the Tobacco Tax
Slide 12: Sales – First time above SEK 1bn in quarterly net sales
Sales – First time above SEK 1bn in quarterly net sales • Net sales grew by 15% reported / 19% excluding FX • US price/mix, including the increasing supplier financed discounting reduced reported sales ( 2.6 ppt) • Consumer preferences becoming more dynamic across brands • Snus decline moderated vs
Slide 13: Financial overview – Strong gross margin expansion continues
Financial overview – Strong gross margin expansion continues T he Group’s Q4 adj. gross m argin expanded by nearly 0.6ppt vs last year to 17.7 per cent (SEK 187mn ) largely driven by: • Media & Insights value • Fulfilment scale benefits • Partly offset by increased investment into US fulfillment cos
Slide 14: Financial overview – Overhead investments continuing
Financial overview – Overhead investments continuing T he Group’s overhead base* increased to SEK 130mn (+29% vs Q4 2024) in the fourth quarter mainly driven by: • US local team capabilities • Further strengthening the Media & Insights teams • Activities to increase online channel and awareness of H
Slide 15: Financial overview - Profitability
Financial overview - Profitability • Adjusted EBIT for the fourth quarter decreased by 16 per cent to SEK 31.4mn (36.4). A djusted EBIT margin decreased by 1 ppt Yo Y to 3.0 per cent (4.0) • Cash flow from operating activities for the full year 2025 was SEK 140.0 mn (194.6), reduced by working capit
Slide 16: Core Markets
Core Markets • Net sales increased by 6 per cent to SEK 732.5mn (688.8) in the fourth quarter, and by 8 per cent in constant currency • Nicotine pouch *volume – which is 57 per cent (52) of Core volume – grew 11 per cent during the quarter • Within the traditional snus category, the decline slowed d
Slide 17: Growth Markets
Growth Markets • Net sales for the fourth quarter increased by 41 per cent to SEK 278.7mn (197.0), and by 53 per cent in constant currency • Nicotine pouch volume grew by 61 per cent in the quarter, accounting over 40% of Group’s NP volume in the quarter. The growth was driven by strong momentum in
Slide 18: Emerging Markets
Emerging Markets • Net sales for the fourth quarter increased by 40 per cent to SEK 41.0mn (29.3), and by 45 per cent in constant currency. The overall increase is attributed to Germany and Sweden • Sales of heat -not -burn and nicotine vaping products in the UK market continued until the end of the
Slide 19: Selected KPIs
Selected KPIs • YE 202 5 balance sheet remained healthy with Net Debt to adj. EBITDA ratio 0. 6x • Inventory levels tactically increased ahead of January price increases, increasing leverage Inventory Stable working capital Leverage remains low: Increase driven by year end stock builds, Increase is
Slide 20: Outlook
HAYPP GROUP
Slide 21: Outlook
Outlook Long term fundamentals remain robust for nicotine pouches , for the online channel and for Haypp Conditions within the US and UK continue to improve The Group’s operating model continues to deliver increasing value for consumers and suppliers while growing the company’s gross margin ov
Slide 22: Long term targets
Long term target s Haypp Group’s Board of Directors adopted the following financial targets for 2028 Sales Revenue growth range of 18 -25 per cent CAGR annually Profitability Adjusted EBIT margin of 5.5 percent +/ - 150 basis points Dividend policy The Board of Haypp Group expects to reinvest
Slide 23: For more information visit Haypp Group Investor Relations
For more information visit Haypp Group Investor Relations hayppgroup.com/investor-relations Follow us on X: @HayppGroup Contact: Erik Bloomquist, CFA Head of Investor Relations erik.bloomquist@hayppgroup.com 23
Slide 24: Appendicies
Appendicies 11/02/2026 24 24
Slide 25: Selected KPIs
Selected KPIs 2025 2024 Full -Year Full -Year Q4 Q4 2025 2024 Operational Number of orders (thousand) 1,337 1,217 4,922 4,946 Average order value (SEK) 697 689 697 690 Active consumers (thousand) 630 571 1,131 1,146 Balance sheet Inventories (MSEK) 339.2 298.7 339.2 298.7 Net working capital (MSEK)
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Slide 27: Haypp Group business model: Integral position in the value chain
Haypp Group business model: Integral position in the value chain Continually improving assortment of innovative products CONSUMERS SUPPLIERS Media outreach & Distribution centres E-commerce DATA Insights on Consumer consumer INSIGHTS 2025-04-03 Capital Markets Day 2025 27
Slide 28: Haypp Group focus on less harmful products
Haypp Group focus on less harmful products % risk of cigarette smoking HAYPP GROUP OFFERING 100 80 60 40 20 0 Cigarettes Cut tob. Bidis Cigarillos Water pipe Smokeless Cigars US chewing US MST Snus Heat-not-Burn Nicotine Non-tob. nic tob. tob. (RoW) tob. vaping pouches Murkett R, Rugh M and Ding B.
Slide 29: Haypp’s constants across markets
Haypp’s constants across markets Consumers demand Regulators mandate • Significant, consistent value • Legal Age Access Only • Choice/assortment • Appropriate limits on nicotine strengths and restrictions on packaging & flavor descriptors • Fast, reliable delivery • Compliant with local regulation S
Slide 30: Strategy for success
Strategy for success Continuously improving Search, Assortment, Price and Convenience at scale requires the correct technology and infrastructure, while Brand strengthens the emotional relationship with consumers 2025-04-03 Capital Markets Day 2025 30