H&m Hennes & Mauritz Ab Class B · OMXSTO:HM_B
H&m Hennes & Mauritz Ab Class B — FY2025 Earnings Presentation
24 slides from H&m Hennes & Mauritz Ab Class B's earnings presentation, Jan 29, 2026
Slide 1: Press and Telephone Conference
Press and Telephone Conference
Slide 2: Presenters: CEO, CFO and Head of Investor Relations
Daniel Ervér Chief Executive Officer Adam Karlsson Chief Financial Officer Joseph Ahlberg Head of Investor Relations
Slide 3: Results Q4 and full-year highlights
Results Q4 Results full–year → Sales +2% in local currencies → Sales +2% in local currencies → 8.1% (7.4%) operating margin → 10.7% operating margin → Earnings per share +5% vs LY → 15.5% inventory to sales R12M → CO2 emissions reduced by about 30%* *Reduction for scope 3 emissions compared with the
Slide 4: Title
Title 4
Slide 5: Consistent local currency growth in net sales
Consistent local currency growth in net sales → Local currency growth of 2% in Q4 and local currency growth trend at 2% in 2025 vs 1% in 2024. --- Strong appreciation of SEK vs last year SEK m –3% 220,000 234,478 228,285 2024 110,000 2025 –5% 62,193 59,221 0 Q4 FULL-YEAR
Slide 6: Solid underlying trend countered by rising currency volatility
Solid underlying trend countered by rising currency volatility → FX volatility resulting in widened gap between positive local currency net sales growth and reported figures Sales development, quarterly YoY +4% +2% Local 0% currencies SEK –2% –4% –6% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 20
Slide 7: Sourcing excellence driving gross margin improvement
Sourcing excellence driving gross margin improvement → Strong development seen in Q3 continued into Q4. Gross margin strengthening with support from sourcing excellence and favourable external factors SEK m 53.4% 53.4% 120,000 125,299 121,821 2024 60,000 2025 54.6% 55.9% 33,942 33,084 0 Q4 FULL-YEAR
Slide 8: Continued cost control resulting in lower SG&A levels
Continued cost control resulting in lower SG&A levels → 3% lower SG&A in local currencies in Q4 vs LY SEK m 120,000 –4% 107,915 103,292 2024 60,000 2025 –9% 29,303 26,698 0 Q4 FULL-YEAR 8
Slide 9: Improved operating profit supported by operational efficiency
Improved operating profit supported by operational efficiency → Operating margin strengthened by 330 bps in Q4 to 10.7% (7.4%), and full year margin improved to 8.1% (7.4%) SEK m 20,000 +6% 18,395 17,306 2024 10,000 2025 +38% 6,364 4,624 0 Q4 FULL-YEAR 9
Slide 10: Focus on core business and cost driving increased profitability
Focus on core business and cost driving increased profitability Operating profit per quarter, billion SEK, % rolling 12 months 8.0 10.0% 8.1% 8.3% 8.1% 7.7% 7.7% 7.2% 7.4% 7.2% 6.8% 7.0% 6.6% 6.5% 6.2% 5.8% 6.0 4.9% 6.0% 4.8% 3.3% 3.3% 3.2% 4.0 2.0% –0.4% 2.0 –2.0% 3.9 6.3 6.3 0.5 5.0 0.9 0.8 0.7 4.
Slide 11: Further inventory productivity improvement
Further inventory productivity improvement → Stock-in-trade reduced to 15.5% (17.2%) of rolling 12M sales, as a result of efficiency in demand planning SEK m 50,000 –12% 40,348 35,427 2024 25,000 2025 0 30 Nov
Slide 12: Strengthened trend for gross margin and inventory productivity
Strengthened trend for gross margin and inventory productivity 21% 55% STOCK-IN-TRADE/SALES GROSS MARGIN 18% 50% 45% 15% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 20
Slide 13: Strong balance sheet and liquidity situation maintained
Strong balance sheet and liquidity situation maintained → Active working capital management and proactive long-term bond 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 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 1. Net d
Slide 14: Lorem ipsum is simply dummy text
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Slide 15: Product image slide placeholder (campaign and fashion show images)
Gör slide med produktbilder (kampanjbilder, modevisningsbilder och stills) 80% H&M, 20% övriga brands. 80% dam, ev något herr eller Home etc Om någon bild är större så låt det gärna vara en från H&M’s Londonvisning Här vill vi gärna ha ett snyggt collage för att visa produktbredd och modehöjd 15
Slide 16: Shopping experience slide placeholder
Gör slide som handlar om shopping experience Gärna med tre stående bildrutor (en från appen/digitala butiken, en från en fysisk butik och en fin från Brasilienöppningen) WIP: Waiting for image of Brazil store
Slide 17: 17
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Slide 18: Integrated sustainability delivering results
Integrated sustainability delivering results → When business and sustainability move together, we can reduce emissions at scale Key results How we did it → 30% reduction in Scope 3 emissions → Smarter materials vs. 2019 baseline Lower-impact material choices → On track to meet our climate target → D
Slide 19: External recognition of our sustainability work
External recognition of our sustainability work → Top rankings during 2025 by Fashion Revolution, Stand.earth, Remake and CDP for our work on climate, water and transparency
Slide 20: 20
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Slide 21: Financial Outlook
Financial Outlook Gross margin → Sourcing initiatives targeting both tier 1 and tier 2 suppliers → Improved inventory productivity but deal sensitive consumer Selling and administrative expenses Inventory → Ambition to grow SG&A at low single digit level → Demand planning improvements → Somewhat inc
Slide 22: Last slide placeholder
Last slide… - Slide med bild på staff under en öppning, t ex som är glada och jublar alt när vi klipper band. Kan vi ta en ruta från t ex en Brasilienfilm eller liknande? 22
Slide 23: Q&A
Slide 24: Thank you