Haypp Group Ab · OMXSTO:HAYPP
Haypp Group Ab — Q1 2026 Earnings Presentation
33 slides from Haypp Group Ab's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Report
HAY PP GROUP Q1 2026 Report May 7% 2026 HAYPP GROUP
Slide 2: Today's presenters
Today’s presenters Gavin O’Dowd Peter Deli CEO CFO 2
Slide 3: Agenda
Agenda 1 2 3 4 Q1 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 Progress on Segment Strategic Outlook Performance Priorities Growth and Core US & UK updat
Slide 4: Haypp – At a Glance
1 Haypp – 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 6
Slide 7: Tremendous upside potential from shift to online
Tremendous upside potential from shift to online Source: Company estimates 7
Slide 8: Q1 2026 Performance Highlights
2 Q1 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 and Group NP growth YoY(%) 45% 69% 23 46% 45% 50% 41% 41% 42% 40% 21 36% 36% 40% NP volume (mn cans) 19 17 28% 30% 15 13 21 14% 19 20% 11 16 17 15 16 15 11% 15 9 13 14 8% 10% 10 11 3% 7 10 5 0% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2
Slide 10: Q1 2026 Performance Highlights
Q1 2026 Performance Highlights ▲ Sustained Consumer ▲ Volume Acceleration ▲ Net Sales > Consumer Momentum Growth • Group Active Consumers +17.8% vs. Q1 25 • Group volume +23% YoY • Net Sales +19.6% vs. Q1 25 (+24.3% cc**) • NP* volume +40% YoY; 69% of Group vol • Growth Act Cons +66.4%; Core Act Con
Slide 11: Q1 2026: Group KPI Dashboard
Q1 2026 : Group KPI Dashboard 652,000 1,413 (000) 30.3mn 21.0mn Active Consumers Orders Total Volume NP Volume +17.8% vs Q1 25 +19.2% vs Q1 25 +23% vs Q1 25 +40% vs Q1 25 SEK1,104mn SEK205mn 18.6% SEK27.2mn 2.5% Net Sales Gross Profit Gross Margin % Adj. EBIT Adj. EBIT Margin +19.6% vs Q1 25 (+24.3%
Slide 12: Consumer Growth
3 Consumer Growth Consumer Growth and NP Leadership 12
Slide 13: Consumer growth momentum continues in Q1
Consumer growth momentum continues in Q1 26 Active Consumers ('000) & YoY Growth Growth Act. Cons('000) & YoY Growth Core Act. Consumers ('000) & YoY Growth 660 18% 20% 200 80% 480 5% 6% 66% 5% 5% 15% 52% 60% 10% 620 4% 10% 160 40% 440 3% 1% 5% 2% 580 20% 0% 1% 0% -1% -1% -7% 120 -13% 0% 400 0% -9%
Slide 14: Nicotine pouch volume growth accelerating from high base
Nicotine pouch volume growth accelerating from high base NP segment volume and Group NP growth YoY (%) Q1 26 Volume YoY Growth % 23 46% 45% 50% 21 41% 42% 21 41% 19 40% ALL PRODUCTS 23% 19 36% 36% 40% 17 NP volume (mn cans) 17 16 16 YoY growth % 15 15 15 28% 9 30% NIC POUCHES 15 14 8 40% 13 7 13 5 6
Slide 15: Financial Performance
4 Financial Performance P&L and Balance Sheet 15
Slide 16: Haypp Group Q1 2026 enhanced disclosures
Haypp Group Q1 2026 enhanced disclosures • Group and segment total volume and share of NP • Gross margin by segment • Emerging segment integrated into Core and Growth segments as of Q1 2026 • Group sales by revenue stream (e-commerce, Media & Insights) • Group overhead cost breakdown by Marketing, F
Slide 17: Net sales momentum continues
Net sales momentum continues Group Net Sales (SEKmn) and YoY Growth % cc Q1 26 Net Sales YoY Growth pp contribution 1,200 30.0% 1,104 1,052 NIC POUCHES* 26.6% 24.3% 1,000 943 944 952 25.0% 915 923 922 878 25.5% 21.9% 19.1% SNUS -1.0% 800 20.0% 600 13.2% 15.0% VAPE / HNB +0.8% 400 8.0% 10.0% 5.5% FX
Slide 18: Sustained growth in Gross Profit / Gross Margin
Sustained growth in Gross Profit / Gross Margin Group Profit (SEK mn) and Gross Margin % of Net Sales Q1 26 Gross Profit vs Q1 25 240 19.2% 240 18.5% 18.8% 18.6% 20.0% 17.4% 205 200 17.1% 205 200 +20% 14.4% 14.3% 14.3% 183 171 177 179 15.0% 160 171 157 160 127 120 135 135 126 10.0% 120 91 80 80 5.0%
Slide 19: Overheads rise driven by organization build & marketing
Overheads rise driven by organization build & marketing Overheads (% of Net Sales) : Marketing, Fulfillment and G&A Contribution to YoY Overheads increase 9.1% 9.0% 8.9% 11.0% 11.3% 12.8% 13.3% 12.5% 13.9% 0 -20 -40 -60 10.4% 11.0% -80 10.7% 9.5% 8.7% 9.2% -100 -104 6.7% 6.9% 6.8% -120 -36 -140 -11
Slide 20: Adj. EBIT mgn down due to continued growth investment
Adj. EBIT mgn down due to continued growth investment Adj. EBIT (SEKmn) and Adj. EBIT Margin (% of Net Sales) Contribution to YoY change in Adj. EBIT 50 48 90 6.0% 34 80 40 38 36 70 34 5.2% 33 33 31 31 60 4.0% 30 4.2% 27 4.0% 50 47.7 3.7% 3.5% 3.5% 3.5% 40 20 3.0% 2.5% 2.0% 30 -50 27.2 -4.5 10 20 10
Slide 21: Working capital turnover & leverage improving
Working capital turnover & leverage improving Inventory Working Capital Leverage (Net Debt/LTM Adj. EBITDA) 350 16.0x 240 300 6.6x 7.0x 13.8x 2.8 300 13.0x 14.0x 12.5x 12.3x 12.3x 200 5.6x 6.0x 2.4 11.4x 250 10.5x 12.0x 250 4.8x 4.6x 4.6x 5.0x 160 2.0 9.5x 9.3x 4.3x 10.0x 200 4.2x 4.0x 4.1x 200 4.0x
Slide 22: Segment Performance
5 Segment Performance Growth and Core 22
Slide 23: Q1 2026: Growth Segment KPI Dashboard
Q1 2026 : Growth Segment KPI Dashboard 192,000 351 (000) 9.6mn 9.3mn Active Consumers Orders Total Volume NP Volume +66.4% vs Q1 25 +64.2% vs Q1 25 +71% vs Q1 25 +83% vs Q1 25 SEK305mn SEK61mn 19.9% SEK-23.5mn -7.7% Net Sales Gross Profit Gross Margin % EBITDA EBITDA Margin +41.4% vs Q1 25 (+58.3% c
Slide 24: Q1 2026: Core Segment KPI Dashboard
Q1 2026 : Core Segment KPI Dashboard 460,000 1,061 (000) 20.7mn 56% Active Consumers Orders Total Volume % NP Volume +5.0% vs Q1 25 +9.3% vs Q1 25 +9.3% vs Q1 25 +3pp vs Q1 25 SEK799mn SEK144mn 18.1% SEK75.5mn 9.4% Net Sales Gross Profit Gross Margin % EBITDA EBITDA Margin +13.0% vs Q1 25 (+14.0% cc
Slide 25: Progress on Strategic Priorities
6 Progress on Strategic Priorities US & UK updates; Regulatory Landscape 25
Slide 26: US - Reinforcing the flywheel
US - Reinforcing the flywheel Market conditions improving for online channel growth • Market size growth ahead of CMD forecast • Consumer Average Daily Consumption is rising; with higher ADC price advantage of online is more relevant • Competition among brands intensifying with many manufacturers us
Slide 27: UK – Regulation enhancing position as anticipated
UK – Regulation enhancing position as anticipated Regulation update • UK Tobacco and Vapes Bill 2026 received Royal Assent on 29 April 2026 • Secondary legislation underway to define enforcement, product standards and age restrictions • Enforcement expected mid 2027, raising compliance requirements
Slide 28: European Regulatory Update & Litigation
European Regulatory Update & Litigation European Union • Tobacco Tax Directive draft continues to be negotiated with potential finalization in H2 2026 • European Commission preparing public consultation on the third Tobacco Products Directive • Directives expected to undergo revision during negotiat
Slide 29: Outlook
Outlook HAYPP GROUP
Slide 30: Summary
Summary • Volume and sales are accelerating driven by increasing consumer acquisition, especially in US & UK • Invested in capabilities and marketing in US & UK • Marketing window limited • Absolute G&A cost growth expected to slow through 2026 and scale in future years • On track to deliver 2028 ta
Slide 31: 2028 Financial Targets
2028 Financial Targets Haypp Group’s Board of Directors adopted the following financial targets for 2028 18-25% 5.5% ±150 basis points Reinvest Revenue CAGR Adj. EBIT Margin Dividend Policy 2024-28 at constant currency 3.9% 2025 All FCF reinvested into expansion 31
Slide 32: Questions & Answers
Questions & Answers HAYPP GROUP
Slide 33: 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 33