H&m Hennes & Mauritz Ab Class B · OMXSTO:HM_B
H&m Hennes & Mauritz Ab Class B — Q2 2026 Earnings Presentation
19 slides from H&m Hennes & Mauritz Ab Class B's earnings presentation, Jun 1, 2026
Slide 1: Front page
Front page Add image from summer capmaign – hero image if possible, summary feeling – swimwear ok Add text as usual – check the Q2 report for 2025 on hmgroup.com for exact wording exept for the year
Slide 2: Intro of speakers
Intro of speakers slide Check names and titles from the Q1 ppt deck Layout and fashion image as you see fit Daniel Ervér Chief Executive Officer Adam Karlsson Chief Financial Officer Joseph Ahlberg Head of Investor Relations
Slide 3: The quarter in brief
The quarter in brief → Strengthened profitability provides good opportunities to create even greater customer value → 12.0% operating margin (10.4) in Q2* → 8.5% operating margin over last 12 months (6.5) → 15.8% inventory to sales rolling 12 months (16.6) → 1% decrease in sales in local currencies
Slide 4: Net sales decrease of 1% in local currencies with ~3% fewer stores
Net sales decrease of 1% in local currencies with ~3% fewer stores → Store optimisation continues to improve quality and productivity of store portfolio SEK m 120,000 –7% 112,047 104,435 –3% 2025 60,000 56,714 2026 54,828 0 Q2 SIX MONTHS
Slide 5: Sales per region sequentially improved
Sales per region sequentially improved → Sales in local currencies increased or remained stable sequentially in Q2 versus Q1 across all regions except Western Europe Q1 Q2 Q2 vs 2026 2026 Q1 5% 5% 3% 2% 2% 2% 0% 0% 0% 0% 0% –1% –1% –1% –1% –1% –1% –2% –3% –3% –3% Asia, Oceania and Africa Southern Eu
Slide 6: Gross margin rolling 12M reached range of 54-55%
Gross margin rolling 12M reached range of 54-55% → Deepened supplier partnerships and more efficient sourcing continue to drive improvement SEK m 52.3% 53.8% 60,000 58,594 56,183 55.4% 56.6% 2025 30,000 31,425 31,045 2026 0 Q2 SIX MONTHS
Slide 7: SG&A level reflects continued strong cost control
SG&A level reflects continued strong cost control → SG&A before one-time restructuring costs decreased by 2% in local currencies in Q2 and by 1% in the six-months period → In SEK, and including one-time restructuring costs, SG&A decreased by 1% in Q2 and by 5% in the six-months period SEK m 60,000 –
Slide 8: Operating profit increase reflects continued progress
Operating profit increase reflects continued progress → Operating margin before restructuring costs of 679m SEK strengthened by 160 bps in Q2 to 12.0% (10.4) SEK m 9,000 +14% 679 +11% 7,425 7,117 +4% 6,000 679 5,914 0% 5,913 2025 2026 3,000 0 Q2 SIX MONTHS
Slide 9: Inventory productivity improved and further customer offer potential
Inventory productivity improved and further customer offer potential → Stock-in-trade at 15.8% (16.6) of rolling 12M sales, supported by ongoing improvements in demand planning, buying and stock management SEK m 50,000 –10% 38,817 34,942 2025 25,000 2026 0 31 May
Slide 10: Focused efforts continued to strengthen the foundation
Focused efforts continued to strengthen the foundation → Structurally improved profitability enables further elevation of customer offer Gross margin rolling 12 months & Operating profit per quarter, billion SEK, Gross margin rolling in Stock-in-trade 12 relation months &to rolling 12 months sales %
Slide 11: Key value drivers building momentum
Key value drivers building momentum → Improving ROCE and EPS underpin long-term value creation ROCE, % EPS, SEK 20 18 16 14 12 10 8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Rolling 12M EPS Rolling 12M ROCE Linear (Rolling
Slide 12: Solid balance sheet and liquidity position
Solid balance sheet and liquidity position → Disciplined working capital management and proactive long-term funding Net debt / EBITDA¹ 2.5 2.0 1.5 1.0 0.5 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 1. Net debt / EBITDA measured
Slide 13: Moving faster, more data-driven and closer to our customers
Moving faster, more data-driven and closer to our customers → Increasing speed and bringing decision making closer to the customer → Upgrade of digital infrastructure to increase precision
Slide 14: Elevating our customer offer through product, experience & brand
Elevating our customer offer through product, experience & brand → Upgrading our store portfolio to create a more inspiring and effective customer experience → Re-opening of our iconic flagship store at Hamngatan and successful launch of the first H&M store in Rio → Strong customer reception for H&M
Slide 15: Här ska filmen in
Här ska filmen in
Slide 16: Financial Outlook
Financial Outlook Gross margin → Sourcing initiatives starting to lap impact from Q3 2025 → External factors expected to be neutral, with sequentially increased cost pressure from transports → Markdowns on par with last year - improved inventory productivity but deal sensitive consumers and logistic
Slide 17: Business Outlook
Business Outlook → Improved profitability and stock efficiency → Strengthened capabilities to accelerate execution → Full focus on what makes the biggest difference for the customer
Slide 18: Q&A
Q&A Layout från Q1 som ref
Slide 19: Thank you
Thank you Layout fr Q1 som ref This presentation is developed as supporting material for the second quarter results. In case of any discrepancy between this presentation and the report, the Swedish original six-month report shall prevail.