On Friday morning, e-commerce group Haypp Group presented its interim report for the third quarter of 2026. Net sales amounted to SEK 1.22 billion, an increase of 28 percent compared to SEK 952 million during the corresponding period last year. Organic growth in the quarter was 26 percent.
Growth is mainly driven by the nicotine pouch category, where volume increased by 33 percent during the period. Nicotine pouches now account for 72 percent of the group's total volume, and the number of active customers increased to 682,000 during the quarter. Already during the second quarter the company exceeded SEK 1 billion in sales in a single quarter and expanded its logistics investment in the UK, a development that is now continuing in growth markets.
Haypp Group's strong development continued in the third quarter, with record levels for net sales, gross profit and gross margin, driven by continued strong growth in nicotine pouches. Net sales increased by 28 percent and gross profit by 35 percent, with a gross margin of 19.7 percent and 682,000 active consumers. The volume of nicotine pouches in our key markets of the USA and the UK increased by over 90 percent compared to the same quarter last year," writes CEO Gavin O'Dowd in the report.
One-off items weigh on operating profit
Adjusted EBITDA increased during the quarter to SEK 55.5 million, up from SEK 53 million the previous year. At the same time, profitability was affected by ongoing investments in the business.
Adjusted EBITDA increased by almost 5 percent compared to the same quarter last year, while the adjusted EBITDA margin of 4.5 percent reflects the group's investments in marketing, personnel and Saudi Arabia. Haypp is on track to reach its goals for 2028 regarding sales and profitability," emphasizes Gavin O'Dowd.
However, reported operating profit (EBIT) landed at -SEK 36.4 million, compared to SEK 6.2 million during the third quarter of 2025. The decline is explained by non-comparable items totaling -SEK 52.7 million. These consist of one-time bonuses linked to employees' participation in the group's long-term incentive program for the period 2026 to 2029, as well as a provision in the USA communicated on Thursday evening.
Settlement dialogue and changed rules in the USA
The provision in the USA amounts to USD 2.5 million, corresponding to approximately SEK 23.5 million, and concerns the subsidiary Northerner Scandinavia Inc. The background is a potential settlement regarding local regulations in an American city. According to Haypp Group, the company is in dialogue with the relevant authority to reach an agreement. Management states in the report that it believes the operations in the city comply with current regulations and assesses that future sales in the USA will not be affected by the matter.
On a broader level, the company points to positive regulatory developments in the US market. In the spring, the US FDA opened up the playing field through easements that created better conditions for approved nicotine products. In today's report, Gavin O'Dowd states that 39 products have been approved since May and that the FDA is considering further simplifying the so-called PMTA process, which, according to the company, could speed up approvals with full effect in 2027.
Reallocates marketing in the fourth quarter
Regulatory issues have also characterized the Swedish market this year, where Haypp Group recently chose to close a Swedish online store after a court decision stopped deliveries to parcel boxes without manual control upon delivery. The group continues to adapt its operations and is now reviewing its costs after a period of high investment.
During the third quarter, Haypp Group carried out extensive marketing campaigns in both the USA and the UK to test different channels and drive customer acquisition. After evaluating the results, the group now plans to reduce and reallocate its marketing investments during the fourth quarter to strengthen short-term profitability.