Interim Report Q1: Solid growth and increased profitability despite accelerated decline within the snus category

2024-05-03 07:45

Press release 3 May 2024

January – March 2024
• Net sales increased with 12 per cent to SEK 887.5 m (781.3). In constant currency, Net sales increased by 13 per cent.
• 40 percent volume growth in the Nicotine pouches category during the quarter.
• The gross margin amounted to 14.4 per cent (12.0).
• Adjusted EBITDA amounted to SEK 46.8 m (30.7), corresponding to an adjusted EBITDA margin of 5.3 per cent (3.9).
• Adjusted EBIT amounted to SEK 30.6 m (18.2), corresponding to an adjusted EBIT margin of 3.5 per cent (2.3).
• Operating profit totalled SEK 15.9 m (7.4), including items affecting comparability of SEK –4.8 m (–0.9).
• Profit/loss for the quarter to SEK 12.8 m (1.4).
• Earnings per share before dilution amounted to SEK 0.43 (0.05).
• Number of orders increased to 1,196 thousand (1,121) with an average order value of SEK 684 (650).
• Active customers amounted to 548 thousand (501) at the end of the period.

Net sales for the first quarter increased with 12 per cent to SEK 887.5 m (781.3). In constant currency, Net sales increased by 13 per cent. Gross Profit increased to SEK 126.1 m (93.5), corresponding to a gross margin of 14.4 per cent (12.0). Adjusted EBIT for the first quarter increased to SEK 30.6 m (18.2). The increase was mainly due to higher gross margin, increased volume as well as efficiency, partially offset by continued investments into additional capabilities. The adjusted EBIT margin increased to 3.5 per cent (2.3).

“Haypp Group started 2024 solidly, with nicotine pouches (NPs) retaining their momentum, increasing 40 per cent in volume y/y against equally strong 41 per cent growth in 2023, more than doubling since Q1 2022. We expect this growth to continue across our Core and Growth segments. NPs accounted for 58 per cent of our Group sales volume in Q1 2024 and continue to increase as a share of Group volume by around 1 percentage point per month. We expect to continue our progress toward the SEK 5bn Group Net sales in 2025 and 5–7 per cent adjusted EBIT margin target for combined Core and Growth markets, as recently detailed in our Capital Market Day, aided by increasing economies of scale from volume growth”, says Haypp Groups CEO Gavin O’Dowd.

The full Q1 report is attached in its entirety to this press release and on the company´s website:

Haypp Group will hold a webcast conference call in English at 09.00 am CEST today. Haypp Group will be represented by President and CEO Gavin O´Dowd and CFO Peter Deli, who will present the interim report and answer questions. To participate or for further information –

For more information and contact
Markus Lindblad
Head of External Affairs:
[email protected]

Niklas Alm
Head of Investor Relations:
[email protected]

Before its publication, this information was inside information and is such that Haypp Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 3 May 2024 at CEST 07:45 am.

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