– Net sales: up +15% to kr.1,052.2 million (+19% cc) in Q4 2025 and up 5% kr.3,848.9 million (+7% cc) in FY25. First-time above kr.1 billion in quarterly net sales [cc: in constant currency]
– Gross margin: up +0.3pp to 17.4% in Q4 2025 and up +3.5pp to 18.5% in FY25, driven by growth in Media & Insights and fulfilment scale benefits, partly offset by increased investment into US fulfillment cost and vape inventory reduction
– Adjusted EBITDA: up +1.1% to kr.57.3 million at a margin of 5.4% (down -0.8pp) in Q4 2025 and up +16% to kr.238.7 million at a margin of 6.2% (up +0.6pp) in FY25
– Adjusted EBIT: down -13.7% to kr.31.4 million at a margin of 3% (down -1pp) in Q4 2025 and up 12% to kr.150.7 million at a margin of 3.9% (up +0.2pp) in FY25
– Profit/loss: kr.1.0 million loss in Q4 2025 (vs. kr15.2 million profit a year ago). Down -5.6% to kr.42.5 million in FY25
– EPS: -kr.0.03 in Q4 2025 (vs. kr.0.51 a year ago). Down -7.9% to kr.1.39 in FY25
– Cash flow from operations down 28.1% to kr140.0 million, driven by working capital (inventory) increase
– Number of orders: up +99% to 1.337 million with an average order value of kr.697 (up +1.2%) in Q4 2025 and down -0.5% to 4.922 million with an average value of kr.697 (up +1%) in FY25
– Active customers: up +10.3% to 630k in Q4 2025 and down -1.3% to 1.131 million at year. Record high quarterly active customer base and improvement in customer retention (average NPS score of 80)
– Nicotine pouch volume: +28% in Q4 2025, driven by the re-introduction of ZYN in the U.S. in September 2025 and acceleration of growth in the UK. NPs now represents 67% of the total volume. Volume is up +13% in FY25
– Infrastructure overhaul completed, with new consumer facing features launched from Jan 2026
– U.S. Market Landscape: Consumer offtake up c.35% in Q4 2025 with January 2026 up c.32. FDA pilot program to improve efficiency and streamline the PMTA process remains is underway. Altria’s On!Plus received FDA authorization in 3 flavors and 2 strengths in December 2025. A range of tax proposals is pending across various US states with NY state’s proposed 75% tax on the wholesale price (~$ 2/can) marking an extreme
– U.S. Market Performance: Robust growth supported by ZYN re -introduction: January 2026 volume is up by ~120% yoy. January 2026 custiomer 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
– UK Market Performance: volume up +73% in Q4 2025 (up ~200% in January 2026) and new customers up +112% in Q4 2025 (up ~125% in January 2026)
– Austria: Due 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 2026. Austrian sales account for less than 1% of the total sales
– Overhead base increased +29% to kr.130 million, mainly driven by US local team capabilities, further strengthening the Media & Insights teams and activities to increase online channel and awareness of Haypp’s brands
– Leverage: 0.6x net debt/adj. EBITDA at year end. Inventory levels tactically increased ahead of January 2026 price increases, increasing leverage
– 2028 Targets: Revenue growth in the range of 18-25% annually with adjusted EBIT margin of 5.5%+/- 150 bps
Download Haypp Q4 2025 Report
Download Haypp Q4 2025 Presentation
