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
markus.lindblad@hayppgroup.com
Erik Bloomquist
CFA, Head of Investor Relations
+44(0)7525421916
erik.bloomquist@hayppgroup.com
FNCA Sweden AB
Certified Advisor
Haypp in brief
Haypp Group is the leading e-commerce retailer selling reduced-risk nicotine products, primarily nicotine pouches. The company is at the intersection of two trends, the rapid transition toward lower risk nicotine and the shift to online purchases. With roots in the pioneering smoke-free alternative markets of Scandinavia, Haypp uses its regulatory expertise and e-commerce leadership to bring compelling value to over 1.1 million consumers. Operating through eleven distinct e-commerce brands, the Group is active in six countries in Europe and the USA. Haypp Group's e-commerce sites include: Snusbolaget.se and Northerner.com.
