FINANCIAL INFORMATION: THIRD QUARTER
- Net sales grew by 5% and amounted to MSEK 2,199 (2,093). The change is attributable to organic growth of 4%, acquisitions and divestments of 0% and currency impact of 1%.
- EBITA amounted to MSEK 141 (77). Currency impact was MSEK 1. Results from divestments and acquisition-related expenses amount to MSEK -24 (0), and cost from efficiency program with MSEK 0 (-51).
- EBIT amounted to MSEK 113 (30). Currency impact was MSEK -3.
- Cash flow from operating activities amounted to MSEK 120 (195). Cash flow from operating activities includes repayment of tax deferrals of MSEK -45 (-45).
- Profit and loss after tax amounted to MSEK 66 (-15).
- Earnings per share before and after dilution amounted to SEK 0.15 (-0.03) and 0.16 (-0.03) excluding impact from impairment of intangible assets.
NINE MONTHS
- Net sales grew by 4% and amounted to MSEK 6,196 (5,979). The change is attributable to organic growth of 5%, acquisitions and divestments of 0% and currency impact of -1%.
- EBITA amounted to MSEK 377 (312). Currency impact was MSEK -4. Results from divestments and acquisition-related expenses amount to MSEK -24 (0), and cost from efficiency program with MSEK 0 (-51).
- EBIT amounted to MSEK -340 (172). Impairment of goodwill and other intangible assets in Sustainable Care impacted EBIT with MSEK -604 (0). Currency impact was MSEK 5.
- Cash flow from operating activities amounted to MSEK 267 (309). Cash flow from operating activities includes repayment of tax deferrals of MSEK -89 (-90).
- Profit and loss after tax amounted to MSEK -479 (2), and MSEK 124 (2) excluding impact from impairment of intangible assets.
- Earnings per share before and after dilution amounted to SEK -1.06 (0.00), and 0.28 (0.00) excluding impact from impairment of intangible assets.
SIGNIFICANT EVENTS:
DURING THE QUARTER
- On July 14, Humble announced the divestment of Fancystage. During the quarter Humble also divested Kryddhuset. These divestments form part of the strategic review communicated in September 2025. See more in Note 11 and Note 12.
- On September 14, Anders Fredriksson entered the new role as CEO of Humble Group.
AFTER THE QUARTER
- In October, Humble divested Marabu and Assertia Fastigheter AB. See more in Note 10.
CEO COMMENT FROM THE REPORT
"After just over a month as CEO, I see a company with a strong entrepreneurial spirit and clearly improved profitability: EBITA amounted to MSEK 141 (77). Excluding gains and losses from divested operations, acquisition-related costs and costs relating to last year's efficiency program, EBITA increased by 29% to MSEK 165 (128), while the margin rose to 7.5% (6.1%). Next step is to turn profitability into cash flow and become a more clearly defined active owner.
My three priorities for the next 12 months:
- Profitability: increase the EBITA margin through pricing, procurement and cost discipline.
- Cash conversion: release capital tied up in working capital so that leverage, which declined to 2.5x (2.8x in the previous quarter), continues to fall.
- Corporate governance and focus: set clear targets, follow up on performance and make sure we allocate our time and capital where we can create the most value.
Entrepreneurship is an asset we must nurture, but every company must have clear targets and be held accountable for its performance.
FINANCIAL DEVELOPMENT
Net sales increased during the quarter to MSEK 2,199 (2,093), corresponding to organic growth of 4% excluding currency effects. Gross profit increased to MSEK 689 (636), corresponding to a gross margin of 31.3% (30.4%).
EBITA amounted to MSEK 141 (77). Profitability for the quarter was affected by items impacting comparability where result from divested operations and transaction costs had an impact of MSEK -24 (0) on EBITA, while costs relating to last year's efficiency program amounted to MSEK 0 (-51). Adjusting for these items impacting comparability, we increased EBITA to MSEK 165 (128), an increase compared to last year with MSEK 37, or 29%.
Cash flow and financial position
Cash flow before changes in working capital amounted to MSEK 155 (137). Changes in working capital absorbed MSEK -35 (59) during the quarter. Operating cash flow for the first nine months of the year amounted to MSEK 267 (309), with increased capital tied up in working capital, holding back the development in the Group's leverage. I am not satisfied with this development and see opportunities to improve working capital efficiency. Nevertheless, the Group's leverage declined to 2.5x adjusted EBITDA, compared with 2.8x in the previous quarter.
DEVELOPMENT OF OUR FOUR SEGMENTS
Net sales in Future Snacking amounted to MSEK 336 (308), corresponding to organic growth of 12%. EBITA amounted to MSEK 38 (33), whereof costs relating to the efficiency program amounted to MSEK 0 (-6). In the previous year, a one-off income item of MSEK 18 was recognized in connection with the signing of a new lease for Grahns' new production facility. We continue to see demand for our products supporting the segment's development. Completion of the new production facility in Skövde, expected during the fourth quarter, will be a welcome addition to the Group's overall production capacity.
Sustainable Care reported net sales of MSEK 638 (647), corresponding to an organic change of -2%. We continue to face challenges from inflation and an uncertain economic environment in the UK market. EBITA amounted to MSEK 72 (68), whereof costs relating to the efficiency program amount to MSEK 0 (-7).
Quality Nutrition increased net sales to MSEK 452 (407) and reported organic growth of 14%. EBITA amounted to MSEK 40 (-3), whereof costs relating to the efficiency program amount to MSEK 0 (-19). The significant volatility in whey protein prices over the past year has benefited the segment, but it also creates greater uncertainty regarding future purchase prices and sales volumes.
Our distribution business developed steadily. Net sales in Nordic Distribution increased to MSEK 810 (779), with an organic change of 4%, while EBITA remained stable at MSEK 33 (34), whereof costs relating to the cost-saving program amount to MSEK 0 (-1). I see an opportunity to strengthen existing businesses through systematic improvement initiatives, driving margin expansion both within the segment and, above all, across the Group as a whole.
OUTLOOK AND FOCUS AHEAD
I took over as CEO on 14 September. As an initial step, I have strengthened the organization with two appointments who will join around the turn of the year: Henrik Arfwidsson as Chief of Staff and Ludvig Persson as CEO of the Future Snacking segment, both bringing extensive FMCG experience. Noel Abdayem will continue to contribute to the Group as Senior Commercial Adviser. Our priorities remain unchanged: profitability, cash conversion and clearer corporate governance.
A strategic review was initiated in 2025. As part of that process, seven businesses have been divested during the year where we concluded that the Group was not the optimal owner. Work continues streamlining the group and strengthening the focus on the operations that contribute to the margin.
During my first weeks, I visited six of our companies and met employees who take pride in what they are building. I want to preserve that pride. My task is to make it easier to deliver results: clear targets, swift decisions and a Humble that demonstrates progress every quarter. Thank you to our employees, customers and shareholders for your trust. I look forward to meeting more of you during the autumn."
The report is attached and can also be downloaded in its entirety on the company's website.
For further information, please contact:
Anders Fredriksson, CEO
E-post: anders.fredriksson@humblegroup.com
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 2026-10-21 08:00 CEST.
