Slides
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1 Q4 2025 Report February 13 th 2026
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2 Today’s presenters 2 Gavin O’Dowd CEO Peter Deli CFO
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3 Q4 2025 Report February 13th 2026
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4 Consistent performance with improved growth momentum • NP volume grew 28% yoy in Q4 • Growth was supported by US ZYN re - introduction during September • UK volume growth also accelerated materially • Net sales excluding FX increased 19% yoy exceeding SEK1bn for the first time in a quarter • Q4 gross margin reached 17.4per cent (17.1 per cent in 2024) showing the strength of Haypp’s business model ( 2025 GM +29% / +3.5 ppt ) • Infrastructure overhaul completed, with new consumer facing features arriving on sites from Jan 2026 Operational highlights Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 28% 45% 49% 52% 56% 58% 60%NP share* Nicotine pouch volume development 61% 60% 61% *share of Group volume 63% 66% 67%
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5 Growth momentum accelerating Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 571 553 536 574 630 +10% Active consumers Active consumer base at record quarterly high , driven by: • Accelerated inflow of new NP consumers • Continued improvement in our already robust retention (Group’s average NPS score of 80) New NP consumers Note: Data in 000’s. NPS: Net Promoter Score measuring consumer satisfaction & loyalty Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +20% Active NP consumers Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +46%
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6 US environment Category growth remains strong • Consume r offtake data * show category volume growth c. 3 5 % yoy in Q4, with January up c. 32 % yoy Regulatory landscape improving • FDA pilot program to improve efficiency and streamline the PMTA process remains underway • Altria’s On!Plus in 3 flavors and 2 strengths with MGOs ** in Dec 2025 • Other manufacturers’ PMTAs are still pending • Accelerated review does not guarantee an MGO • Range of t ax proposals across various US states • Among the most extreme is NY state’s proposed 75% tax on the wholesale price; ( ~$ 2/ can ) • Such tax driven price increases have historically reinforced Haypp’s price advantage to consumers • NP tax revenues will increase the fiscal relevance of the category for state governments *Offtake data from Nielsen as reported by various sources **Marketing Granted Order
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7 US market plans Team buildout Localization and increased capacity Market review Focus on offline consumers Refine fundamentals Improve conversion and retention Accelerate new consumer inflow Broaden communication Q3 2025 Q4 2025 H1 2026 H2 2026 Brand messaging Proposition and ease of use
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8 US market performance Robust Q4 YoY growth supported by ZYN re - introduction • January volume up by ~120 % YoY Supported by new consumer acquisition rate, which continues to accelerate • January acquisition is up by over 250% YoY Improved retention driven by increased consumer focus enabled by team localisation and research • All time high NPS* score of 82 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +6% +13% +23% +33% NP volume New consumers -24% -27% -13%YoY% +95% Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +25% +195% YoY +42% +58% +5% *NPS: Net Promoter Score measuring consumer satisfaction & loyalty
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9 UK market NP performance Expected to be the largest market in Europe by 2030 Haypp to benefit from pending regulatory changes Robust Q4 YoY growth supported by accelerating new consumer acquisition rate reflecting increased capabilities and resources – Q4 NP volume growth 73%; January ~100 % YoY – Q4 new consumer growth 112%; January ~ 125% YoY Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +7% +73% YoY +21% +26% NP volume New consumers 59% 48% 62%YoY% 73% Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 +21% +112% YoY +35% +24% +4% +6%
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10 Infrastructure overhaul allows scalable execution • Improved UX in Scandinavian sites increasing sign-up rates • Seamlessly extended subscriptions to UK and Germany • Rollout of Apple Pay and Google Pay to all European sites • TWINT launched in Switzerland • Fast adoption of new payment methods: c.50% in UK, c. 30% in Germany, c. 60% in Switzerland @ • Vape launched on Nettotobak (SE) in record time due to improved scalability and infrastructure • Building record traffic in initial phase 8th December completion
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11 UK • The Tobacco and Vapes bill is progressing with movement toward standards already adopted by Haypp • T hese measures would positively address underage usage, safety and help ensure the category’s sustainability European Union • Drafts of the Tobacco Tax Directive and third Tobacco Products Directive are likely to be released in H1 2026 • These drafts are expected to undergo signi ficant revision over the coming years as the various measures proposed are negotiated between the member states and in the European Parliament Austria • D ue to legislation classifying nicotine pouches as tobacco products, sales will only be allowed via the national monopoly in licensed tobacconist shops from mid - 2026 • Haypp expects to exit Austria at the end of June. Austrian sales account for less than 1 per cent of the Group’s sales Litigation update • Decision to revoke Snusbolaget Norden AB’s license to sell traditional snus upheld • Haypp fundamentally disagrees with the ruling and is appealing to the Supreme Administrative Court • We do not expect any material financial or operational impact on our Swedish business European regulatory and litigation update
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12 Sales – First time above SEK 1bn in quarterly net sales • Net sales grew by 15% reported / 19% excluding FX • US price/mix, including the increasing supplier financed discounting reduced reported sales ( 2. 6 ppt) • Consumer preferences becoming more dynamic across brands • Snus decline moderated vs Q3 driven by lapping the anniversary of Sweden’s excise driven price reduction 21% NP -3% Snus 2% Vape&HNB 19% Q4 2025 excl. FX Net sales growth driversNet sales development 1% 5% 15% 3% 7% 19% Q3 FY Q4 Q3 FY Q4 Reported Reported (excl. FX)
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13 T he Group’s Q4 adj. gross m argin expanded by nearly 0. 6 ppt vs last year to 1 7.7 per cent (SEK 187mn ) largely driven by: • Media & Insights value • Fulfilment scale benefits • Partly offset by increased investment into US fulfillment cost and vape inventory reduction Gross margin as % of net sales 93 99 97 113 126 135 135 157 171 177 179 187 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 19% 12% 13% 13% 13% 14% 14% 14% 17% Financial overview – Strong gross margin expansion continues 18% 19% 19% 18%
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14 T he Group’s overhead base* increased to SEK 130mn (+29% vs Q4 2024) in the fourth quarter mainly driven by: • US local team capabilities • Further strengthening the Media & Insights teams • Activities to increase online channel and awareness of Haypp’s brands OH* as % of net sales 66 63 63 76 79 84 84 101 103 117 126 130 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 29% 11% 12% 12% 11% 10% 10% 10% 11% Financial overview – Overhead investments continuing 11% 13% *Capitalised work on own account + Other external costs + Personnel expenses; excluding adjusting items 13% 12%
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15 • Adjusted EBIT for the fourth quarter decreased by 16 per cent to SEK 31.4mn (36.4) . A djusted EBIT margin decreased by 1 ppt Yo Y to 3.0 per cent (4.0) • Cash flow from operating activities for the full year 2025 was SEK 140.0 mn (194.6 ) , reduced by working capital (YE inventory) increase Adj. EBIT Q4 ’24 0,6 Margin Marketing 0,6 OPEX 0,3 Depr. Adj. EBIT Q4 ’25 4,0 -0,8 3,0 Total Group adj. EBIT drivers ( ppt ) Emerging adj. EBIT impact ( ppt ) Financial overview - Profitability Core and Growth Emerging Total 5,1 4,5 -1,1 -1,5 4,0 3,0 -0,7 Q4 ’24 Q4 ’25 Adj. EBITDA ( ppt ) Core Growth Emerging 8,9 10,5 3,1 -1,6 -35,6 -37,9 +1,7 -4,7 Q4 ’24 Q4 ’25
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16 MSEK 2025 Q4 2024 Q4 Full - Year 2025 Full - Year 2024 Net sales 732.5 688.8 2,782.1 2,619.0 EBITDA 77.2 61.0 286.6 227.3 EBITDA margin, % 10. 5 % 8. 9 % 10. 3 % 8.7% Active consumers (‘000) 430 439 752 756 • Net sales increased by 6 per cent to SEK 732.5mn (688.8) in the fourth quarter, and by 8 per cent in constant currency • Nicotine pouch * volume – which is 57 per cent (52) of Core volume – grew 11 per cent during the quarter • Within the traditional snus category, the decline slowed during the quarter driven by an improved consumer offer and lap ping of the excise driven price reduction in October 2024 • A ctive consumers decreased by 2 per cent to 430 thousand (439), increase in NP consumer base offset by fewer snus users. Consumer share of wallet increased YoY • EBITDA for the Core segment increased by 27 per cent to SEK 77.2mn (61.0). The EBITDA margin increased by 1.6 percentage points to 10.5 per cent (8.9) mainly driven by Media & I nsights Core Markets 2 3 4 5 6 7 8 9 10 11 0 100 200 300 400 500 600 700 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 %MSEK Net sales EBITDA margin, % *includes NP with trace tobacco amounts in Norway and nicotine free pouches
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17 MSEK 2025 Q4 2024 Q4 Full - Year 2025 Full - Year 2024 Net sales 278.7 197.0 917.5 989.7 EBITDA - 4.4 6.2 3.7 12.2 EBITDA margin, % - 1.6% 3.1% 0.4% 1.2% Active consumers (‘000) 169 111 278 327 • Net sales for the fourth quarter increased by 41 per cent to SEK 278.7mn (197.0), and by 53 per cent in constant currency • Nicotine pouch volume grew by 61 per cent in the quarter, accounting over 40% of Group’s NP volume in the quarter. The growth was driven by strong momentum in the US market, with additional support from accelerating growth in UK market • The number of active consumers during the quarter increased by 52 per cent to 169 thousand (111). US new consumers nearly tripl ed YoY in the quarter • EBITDA amounted to SEK - 4.4mn (6.2), and an EBITDA margin of - 1.6 per cent (3.1), due to Media & Insights benefits offset by the increased consume r investments and personnel costs Growth Markets -10 -8 -6 -4 -2 0 2 4 0 100 200 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 %MSEK Net sales EBITDA margin, %
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18 MSEK 2025 Q4 2024 Q4 Full - Year 2025 Full - Year 2024 Net sales 41.0 29.3 149.4 71.1 EBITDA - 15.5 - 10.4 - 51.6 - 33.3 EBITDA margin, % - 37.9% - 35.6% - 34.5% - 46.8% Active consumers (thousand) 31 21 101 63 • Net sales for the fourth quarter increased by 40 per cent to SEK 41.0mn (29.3), and by 45 per cent in constant currency. The overall increase is attributed to Germany and Sweden • Sales of heat - not - burn and n icotine vaping products in the UK market continued until the end of the quarter with the focus on inventory reduction , without replenishing out of stock products . As an outcome the n et s ales in the UK market declined versus Q4 2024. Sweden and Germany however maintained their strong growth momentum, with net sales up by 89% YoY • The number of active consumers reached 31 thousand (21) • EBITDA was SEK - 15.5mn. The EBITDA margin of - 37.9 per cent explained by commercial investments and a high share of fixed costs compared with low current volumes Emerging Markets -100 -80 -60 -40 -20 0 0.0 10.0 20.0 30.0 40.0 50.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 % MSEK Net sales SE and DE Net sales UK EBITDA margin, %
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19 Selected KPIs Inventory Stable working capital Leverage remains low: 0.6 x LTM adj. EBITDA 0 50 100 150 200 250 300 350 400 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Inventory (SEK mn) 0 50 100 150 200 250 300 350 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q5 '24 Net working capital (SEK mn) 0.0 0.4 0.8 1.2 0 50 100 150 200 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Net debt (SEK mn) Net Debt Net debt/L12M Adj. EBITDA, times • YE 202 5 balance sheet remained healthy with Net Debt to adj. EBITDA ratio 0. 6 x • Inventory levels tactically increased ahead of January price increases, increasing leverage Increase driven by year end stock builds, normalizing during Q1 Increase is driven by inventory increase
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20 Outlook 20
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21 Long term fundamentals remain robust for nicotine pouches , for the online channel and for Haypp Conditions within the US and UK 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 the medium term With tightening legislation Haypp’s commitment to compliance is expected to be a significant competitive advantage “As we execute on the priorities outlined at our April 2025 Capital Markets Day, we remain confident that our regulatory preparedness, operational discipline, consumer - centric approach and major growth opportunities, notably in the US and UK, position us to create long term value and strengthen our leadership in the category . ” Outlook
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22 Haypp Group’s Board of Directors adopted the following financial targets for 2028 Sales Revenue growth range of 18 - 25 per cent CAGR annually Profitability Adjusted EBIT margin of 5.5 percent +/ - 150 basis points Dividend policy The Board of Haypp Group expects to reinvest cash flows into the company’s continued expansion Long term target s
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23 23 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
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24 Appendicies 11/02/2026 24
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25 2025 Q4 2024 Q4 Full - Year 2025 Full - Year 2024 Operational Number of orders (thousand) 1,337 1,217 4,922 4,946 Average order value (SEK) 697 689 697 690 Active consumers (thousand) 6 30 571 1,131 1,146 Balance sheet Inventories (MSEK) Net working capital (MSEK) 339.2 255.3 298.7 219.5 339.2 255.3 298.7 219.5 Net debt (MSEK) - - 132.0 169.0 Investments (MSEK) YTD - - - 103.9 - 116.7 Net debt/Adjusted EBITDA, times - - 0.6 0.8 Equity/Total assets ratio, % 53.1 55.4 53.1 55.4 Cash flow Cash flow from operating activities (MSEK) - - 140.0 19 4.6 Closing cash and cash equivalents (MSEK) - - 57. 3 35.2 Selected KPIs
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2025-04-03 Capital Markets Day 2025 27 Haypp Group business model: Integral position in the value chain Distribution centres CONSUMERS SUPPLIERS Media outreach & E-commerce Insights on Consumer DATA consumer INSIGHTS Continually improving assortment of innovative products
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0 20 40 60 80 100 Cigarettes Cut tob. Bidis Cigarillos Water pipe tob. Smokeless tob. (RoW) Cigars US chewing tob. US MST Snus Heat-not-Burn Nicotine vaping Non-tob. nic pouches Haypp Group focus on less harmful products 2025-04-03 Capital Markets Day 2025 28 % risk of cigarette smoking Murkett R, Rugh M and Ding B. Nicotine products relative risk assessment: an updated systematic review and meta-analysis [version 2]. F1000Research 2022, 9:1225 (doi: 10.12688/f1000research.26762.2) HAYPP GROUP OFFERING
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Haypp’s constants across markets 2025-04-03 Capital Markets Day 2025 29 Suppliers/brand owners require • Efficient, scalable access to consumers • Reliable, trustworthy partner who sets standards for age restricted products • Market insight on consumers revealed preferences (what & why) Regulators mandate • Legal Age Access Only • Appropriate limits on nicotine strengths and restrictions on packaging & flavor descriptors • Compliant with local regulation Consumers demand • Significant, consistent value • Choice/assortment • Fast, reliable delivery Technology enables • Easier purchase experience (even within highly regulated environments) • Personalized experience • Benefits captured by largest (if structured appropriately)
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Strategy for success 2025-04-03 Capital Markets Day 2025 30 Continuously improving Search, Assortment, Price and Convenience at scale requires the correct technology and infrastructure, while Brand strengthens the emotional relationship with consumers