HAYPP: Strong nicotine pouch growth and U.S. momentum drive record margin and positive outlook

Nicotine pouch volumes and like-for-like sales grew strongly, with the U.S. market driving operational growth and Zyn sales resuming. Gross margin hit a record high, but investments in the U.S. kept EBIT margin flat. Guidance targets 18%-25% CAGR and 5.5% EBIT margin by 2028.

Based on Haypp Group AB [HAYPP] Q3 2025 Audio Transcript — Nov. 5 2025