FINANCIAL INFORMATION: FIRST QUARTER
- Net sales grew by 5% and amounted to MSEK 1,994 (1,904). The change is attributable to organic growth of 8%, acquisitions and divestments of 0% and currency impact of -3%.
- EBITA amounted to MSEK 116 (115). Currency impact was MSEK -6 and result from divestment of operations was MSEK -6 (0).
- EBIT amounted to MSEK 70 (70). Currency impact was MSEK -4 and result from divestment of operations was MSEK -6 (0).
- Cash flow from operating activities amounted to MSEK 114 (70). Cash flow from operating activities includes repayment of tax deferrals of MSEK -44 (-45).
- Profit and loss after tax amounted to MSEK 28 (12).
- Earnings per share before and after dilution amounted to SEK 0.06 (0.03).
SIGNIFICANT EVENTS:
DURING THE QUARTER
- On March 12, Humble announced that the Board of Directors has decided to appoint Anders Fredriksson as new CEO of Humble Group. He will assume his position no later than September 14, 2026.
- Humble summons the Annual General Meeting to be held on May 6, 2026.
- On April 15, Humble announced completed strategic acquisition of M. Willumsen AS in Norway and divestment of all shares in subsidiaries within LEV Group that drive physical stores. Willumsen will be consolidated from March 1, 2026.
AFTER THE QUARTER
- On April 15, Humble also announced the completed strategic acquisitions of JXPO Limited in UK and divestments of Performance.R.us AB, Limitless Brands AB. These divestment form part of the strategic review communicated in September 2025.
- On April 22, Humble entered into new credit facility agreement. The new facilities consist of a term loan of MSEK 1,300 and a revolving credit facility of MSEK 700.
CEO COMMENT FROM THE REPORT
"Humble Group begins the first quarter of the year with continued strong growth and an organic sales increase of 8 percent. In an environment characterized by continued uncertainty and volatility, we see stable demand for our products, which demonstrates the strength of our portfolio and our ability to consistently meet consumer needs over time.
The past quarter shows that the shift we previously initiated is starting to have an effect. We are improving our results compared to the previous year, delivering strong cash flow and seeing debt continue to decline. This is a direct result of the work we have carried out with clearer priorities, increased operational discipline and a focus on capital allocation. We stand firm on the direction we have chosen and look with confidence to the path ahead. We expect a gradual improvement during the year, with continued development of profitability, cash flow and a reduction of net debt and leverage.
FINANCIAL PERFORMANCE
Net sales increased during the quarter to MSEK 1,994, corresponding to organic growth of 8 percent excluding currency effects, mainly driven by continued strong development in the Future Snacking and Quality Nutrition segments, which are again the strongest performing segments.
Gross profit amounted to MSEK 630 (615) with a gross margin of 31.6 percent (32.3). Currency effects affect gross profit by MSEK -25 and gross margin by -0.2 percentage points during the quarter.
EBITA amounted to MSEK 116 (115). Our implemented cost savings continue according to plan and are strengthening the underlying profitability. At the same time, the result is negatively affected by currency effects and a changed product mix, which we manage on an ongoing basis, albeit with a certain lag effect. The reported EBITA figure includes a capital loss of MSEK -6 (0) attributable to the divestment of the store operations within LEV Group and currency effects of MSEK -6, driven by a continued strong Swedish krona.
Cash flow after change in net working capital amounted to MSEK 114 (70), an increase of 63% mainly driven by disciplined work with the net working capital. Our net debt leverage continued to develop positively, and we are now in line with our financial targets of 2.5x. This means that we are now gradually shifting our focus from a defensive to a more focused capital allocation where we can use organically generated cash flows to drive Humble towards creating increased shareholder value. That said, we will continue to strive to promote debt in balance with our financial targets.
THE DEVELOPMENT OF OUR FOUR SEGMENTS
Future Snacking shows continued good demand and increased sales organically by 11 percent. Our confectionery production shows continued good delivery. The work to complete the factory construction in Skövde is taking place in parallel with filling up the order book for the new production facility.
Sustainable Care increased sales organically by 2 percent. Profitability in the segment remains challenging, primarily explained by Solent continuing to recover from a challenging market where the effects of a lost customer contract have not yet been fully mitigated. After the end of the reporting period, we have completed a bolt-on acquisition of Solent's existing platform, Jutexpo, which we believe will contribute to recovery and accelerate growth for the business going forward.
Quality Nutrition delivered organic growth of 19 percent during the quarter. The segment has continued to show evidence of a fine recovery, with increased volatility in market prices for whey protein challenging profitability in the segment in the coming months.
Nordic Distribution grew 6 percent organically during the quarter. Easter was early this year, which explains some of the growth, but the growth is primarily driven by our strong offering through a well-developed store network and a broad Nordic market presence.
OUTLOOK AND FOCUS AHEAD
After another quarter as Acting CEO, our increased operational focus is having an effect. The quarter shows clear improvements, and I am proud of the work our employees are doing in the development we are now driving forward. Yesterday we also communicated an in-depth collaboration with our two main banks SEB & Nordea, which reduces the complexity of our everyday life and at the same time strengthens the prospects for Humble's financial position. In parallel, we are working to establish strong production agreements ahead of the opening of our new confectionery factory in Skövde during the second half of the year, where we are also in dialogue with major customers and brands. Our production capacity, in many cases based on unique know-how and IP, is creating clear interest in the market.
After the quarter, we have also announced a first part of the strategic review. We have acquired Willumsen and, after the end of the quarter, also Jutexpo. Two additional acquisitions with clear strategic logic and fit to existing platforms. At the same time, we have completed divestments as part of the review. Overall, the transactions add approximately MSEK 73 in sales and approximately MSEK 14 in EBIT on an annual basis, excluding planned synergies, while strengthening the focus and profitability profile of the group.
Humble is today a large FMCG group with several companies operating in different areas. Although we are broad, we are focused, and we intend to further strengthen this focus through the strategic work that is underway, with the goal of creating a more profitable, forward-looking and scalable group.
During the quarter, we also announced that Anders Fredriksson will take office as new CEO by September at the latest. Anders has a strong background in FMCG, most recently as CEO of Löfbergs Lila, and before that from leading roles in, among others, Norrmejerier. I am very positive about bringing that experience into Humble's next phase. As I have previously communicated, I look forward to continuing to support the company in an operational role after taking office, as well as a long-term owner and, subject to the approval of the general meeting, as a board member."
The report is attached and can also be downloaded in its entirety on the company's website.
For further information, please contact:
Noel Abdayem, acting CEO
E-post: noel.abdayem@humblegroup.se
About Humble Group
Humble Group is a corporate group specializing in driving value and accelerating growth in small and medium-sized companies within the fast-moving consumer goods (FMCG) sector. Through an entrepreneurial approach and active ownership, Humble Group focuses on transforming its businesses to align with the future needs of consumers. The company manages a portfolio of brands, a global distribution network, and production facilities where its subsidiaries operate autonomously within their respective business areas, while Humble Group provides strategic guidance and support. The group is headquartered in Stockholm. For more information visit www.humblegroup.com
Humble is listed on Nasdaq Stockholm Mid Cap, under the ticker HUMBLE.
This information is information that Humble 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 above, at 2026-04-23 08:00 CEST.
