Haypp Group Updates Segment Reporting Following Organizational Changes
Haypp Group today announces a change in its segment reporting structure, effective from January 1, 2026 reflecting the evolution of the company’s internal organization and operating model. This change builds on practices already established in markets such as the United States, where an autonomous approach was successfully implemented.
Consequently, the Emerging segment will no longer be reported as a separate segment to align external reporting with the Group’s updated internal management structure and strategic priorities.
In 2025, Haypp Group reported three operating segments: Core, Growth, and Emerging. The Emerging segment comprised vape and heat-not-burn (HNB) products across all geographies. As of 2026, Haypp Group’s new organizational structure reflects a shift toward increased market autonomy so responsibility for vape and HNB products has been transferred to local market teams.
As a result:
- Vape operations in Sweden will be incorporated into the Core segment
- Vape and HNB operations in Germany will be incorporated into the Growth segment
The updated segment reporting does not affect Haypp Group’s historical financial performance, cash flow, or overall financial position. Figures provided in Table 1 below show the revised Core and Growth segments by quarter for 2024 and 2025 to aid analysis of the Group’s performance.
Table 1
| SEK mn | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
| Net sales | ||||||||
| Core | 631.9 | 660.4 | 661.7 | 703.0 | 707.6 | 698.0 | 699.5 | 756.4 |
| Growth | 245.7 | 282.5 | 282.6 | 212.2 | 215.6 | 223.5 | 252.6 | 295.8 |
| Group | 877.5 | 942.8 | 944.2 | 915.2 | 923.2 | 921.5 | 952.1 | 1052.2 |
| EBITDA | ||||||||
| Core | 52.8 | 55.6 | 58.0 | 59.6 | 72.9 | 65.9 | 64.6 | 70.4 |
| Growth | -6.0 | -4.0 | -6.9 | -2.8 | -4.9 | -5.6 | -11.6 | -13.1 |
| Group | 46.8 | 51.5 | 50.8 | 56.7 | 68.1 | 60.3 | 53.0 | 57.3 |
| EBITDA margin, % | ||||||||
| Core | 8.4 | 8.4 | 8.8 | 8.5 | 10.3 | 9.4 | 9.2 | 9.3 |
| Growth | -2.4 | -1.4 | -2.4 | -1.3 | -2.3 | -2.6 | -4.6 | -4.4 |
| Group | 5.3 | 5.5 | 5.4 | 6.2 | 7.4 | 6.5 | 5.6 | 5.4 |
| Active consumers, thousand | ||||||||
| Core | 416 | 414 | 430 | 452 | 438 | 412 | 428 | 449 |
| Growth | 133 | 178 | 188 | 119 | 115 | 124 | 147 | 181 |
| Group | 548 | 591 | 618 | 571 | 553 | 536 | 574 | 630 |
Note: Segments may not sum to Group due to rounding.
For more information please contact:
Markus Lindblad
Head of External Affairs
+46(0)708153983
[email protected]
Erik Bloomquist
CFA, Head of Investor Relations
+44(0)7525421916
[email protected]
FNCA Sweden AB
Certified Advisor