Slide 1: Q3 2025 Report
Se 4 —~<éj ( AYPP GROUP Q3 2025 Report November 05, 2025
Slide 2: Today's presenters
Today’s presenters Ne ' Ww Peter Deli CFO HAYPP GROUP ge 7
Slide 3: Haypp Group
HAYPP GROUP
Slide 4: Operational highlights
Operational highlights • • • • • Haypp Group nicotine pouch volume LFL Adjustment LFL base Share of 45% 49% 53% 56% 59% 61% 63% 62% 63% 65% 68% NP** 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Like-for-like (LFL) adjustment includes US Zyn, other NP sales
Slide 5: US market performance
US market performance • • Non ZYN NP volume sold into open states New consumers +42% +15% +6% +7% +8% +26% +25% +48% +5% YoY% 115% 66% 40% 25 Q1 24 Q1 24 Q2 24 Q3 24 Q4 25 Q2 25 Q3 24 Q4 25 Q1 25 Q2 25 Q3
Slide 6: US outlook
US out look Regulatory landscape potentially improving * FDA pilot program to improve efficiency and streamline the PMTA process is underway IAYPP GROUP FDA cited the ‘continuum of risk’, noting specifically FDA Marketing Granted Order (MGO) NPs can generally pose lower health risks Aim is to issue
Slide 7: Regulatory and Litigation update
Regulatory and Litigation update • • • • • • •
Slide 8: Sustained sales performance
Sustained sales performance • • • Net sales LFL* growth drivers Net sales LFL* growth drivers -5% 17% 2% 15% 18% 15% 1% NP Snus Vape&HNB Q3 2025 L4L excl. FX -2% Q2 Q3 Q2 Q3 Reported L4L (excl. FX)
Slide 9: Core Growth Emerging
• • (mn SEK) +1% 29% 54% 17% 2024 Q3 Net L4L Op’s FX 2025 Q3 Core Growth Emerging reported impact performance reported
Slide 10: Gross margin as % of net sales
• • 33% Gross margin as % of net 179 171 177 sales 157 126 135 135 99 97 113 93 12% 13% 13% 13% 14% 14% 14% 17% 18% 19% 19% 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Slide 11: OH as % of LFL net sales
• • • 51% OH* as % 117 126 101 103 of LFL net 79 84 84 66 76 sales 63 63 11% 12% 12% 11% 10% 10% 10% 11% 11% 13% 13% 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 *Capitalised work on own account + Other external costs + Personnel expenses; excluding adjusti
Slide 12: Adj. EBIT margin bridge: Core and Growth, Emerging, Total
• • 2024 Q3 +0,7 2025 Q3 -0,7 5,1 4,5 4,4 3,6 3,5 3,5 3,5 3,5 0,2 -0,9 Adj. EBIT Margin Marketing OPEX Depr. Adj. EBIT -1,6 Q3 ’24 Q3 ’25 Core and Growth Emerging Total
Slide 13: Core Markets
Core Markets Net sales increased 4.3 per cent and reached SEK 677.5mn (649.5) for the third quarter. In constant currency, net sales increased by 5 per cent during the quarter + Nicotine pouch volume - which is 57 per cent (50) of Core volume — grew 15 per cent during the quarter * Snus declined fas
Slide 14: Growth Markets
Growth Markets Reported net sales decreased by 14 per cent to SEK 234.4mn (273.8) driven by the absence of US Zyn, discontinuation of Tobacco product sales and state closures. LFL net sales at constant currency increased by 39 per cent * The number of active consumers decreased by 25 per cent to 137
Slide 15: Emerging Markets
Emerging Markets * Net sales for the third quarter increased by 91.5 per cent and amounted to SEK 40.1mn (21.0) with growth driven by Sweden and Germany + Weare discontinuing our UK nicotine vaping and Heat-not-Burn sales in the fourth quarter, resulting in a sharper focus on the rapidly growing UK
Slide 16: Inventory levels healthy, stable working capital, leverage low
• • Inventory levels healthy Stable working capital Leverage remains low: Increase is driven by Zyn inventory build in US 0.4 x LTM adj. EBITDA Inventory (SEK mn) Net working capital (SEK mn) Net debt (SEK mn) 350 350 Net Debt 300 300 Net debt/L12M Adj. EBITDA, times 250 250 200 1.2 200 200 150 0.8
Slide 17: Haypp Group
HAYPP GROUP
Slide 18: Outlook
Outlook « Long term fundamentals remains robust for risk reduced products, for the online channel and for Haypp * Conditions within the US continue to improve * The Group’s operating model continues to deliver increasing value for consumers and suppliers while growing the company’s gross margin over
Slide 19: Long term target
Long term target Haypp Group’s Board of Directors adopted the following financial targets for 2028 Sales « Revenue growth range of 18-25 per cent CAGR annually. 2025 growth is expected to be below this range Profitability « Adjusted EBIT margin of 5.5 percent +/- 150 basis points Dividend policy ¢ T
Slide 20: 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
Slide 21: Haypp Group
04/11/2025 HAY PP GROUP
Slide 22: Selected KPIs
Selected KPls 2025 2024 LTM Full-Year Q3 Q3 2024 Operational Number of orders (thousand) 1,230 1,281 4,802 4,946 Average order value (SEK) 689 687 695 690 Active customers (thousand) 574 618 1,058 1146 Balance sheet Inventories (SEK mn) 319.2 237.9 - 298.7 Net working capital (SEK mn) 236.2 206.2 23
Slide 23: Strictly private and confidential
STRICTLY PRIVATE AND CONFIDENTIAL
Slide 24: 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 CUSTOMER INSIGHTS 2025-04-03 Capital Markets Day 2025 24
Slide 25: 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 26: 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 27: Strategy for success
Strategy for success Continuously improving Search, Assortment, Price and Convenience at scale requires the correct technology and infrastructure 2025-04-03 Capital Markets Day 2025 27