Haypp Group (HAYPP) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw accelerated growth, with net sales up 20% year-over-year to SEK 1,104mn and constant currency growth of 24%, driven by nicotine pouch sales and consumer acquisition, especially in the US and UK.

• Active consumers reached a record 652,000, up 17.8–18% year-over-year, with growth markets seeing a 66% increase.

• Investments in marketing and organizational build-out in the US and UK supported growth but led to lower EBIT and EBITDA margins, expected to persist through 2026.

• The group remains on track for its 2028 targets of doubling 2024 revenue and tripling to quadrupling EBIT, primarily through US expansion.

• Profit for the quarter was SEK 4.5mn, down from SEK 30.4mn YoY; EPS before dilution was SEK 0.15 (1.01).

Financial highlights

• Net sales reached SEK 1,104mn, up 19.6–20% year-over-year (24–24.3% at constant currency), marking the highest constant currency growth in six quarters.

• Gross profit exceeded SEK 200mn for the first time, with gross margin stable or slightly up at 18.6%.

• Adjusted EBIT was SEK 27.2mn (2.5% margin), down from 5.2% last year, reflecting planned investments.

• Adjusted EBITDA margin contracted to 4.7% (down from 7.4%), mainly due to increased investments.

• Net debt reduced to SEK 40.1mn from SEK 132.0mn at year-end; leverage at 0.2x LTM adj. EBITDA.

Outlook and guidance

• Revenue CAGR of 18–25% expected from 2024 to 2028 at constant currency, with adjusted EBIT margin target of 5.5% ±150bps by 2028.

• Margin expansion expected to resume in 2027–2028 as volumes scale.

• Continued investment in marketing and G&A in 2026, with overhead intensity expected to moderate as revenue scales.

• No dividend planned; all free cash flow to be reinvested for growth.