Haypp reported Q3 2025 net sales of SEK 952.1 million ($95.2 million), an 0.8% increase, driven by strong performance in nicotine pouches, which accounted for 68% of total oral nicotine volume with like-for-like (LFL) volume growth of 21% (LFL excludes the impact of the ZYN shortage, U.S. state closures, and tobacco sales discontinuations.) Gross margin rose to 18.8%, while adjusted EBITDA reached SEK 53.0 million ($5.3 million) and adjusted EBIT was SEK 33.4 million ($3.3 million). Operating profit fell to SEK 6.2 million ($620,000) and net profit to SEK 4.5 million, reflecting a SEK 17.2 million ($1.7 million) litigation settlement.
Key developments included the return of ZYN to the U.S. market, early indicators of strong sales, and continued growth in Swedish and German vaping and heated tobacco products, which now make up over 70% of Haypp’s Emerging segment. UK nicotine vaping and HnB sales will be discontinued in Q4 2025 pending regulatory clarity.
“[The] U.S. return of Zyn, U.S. market developments and gross margin expansion strengthen our foundation for growth,” said Gavin O’Dowd, Haypp president and CEO. “The benefits of Zyn’s return will be realized in Q4 2025 with promising early indicators.”
Haypp also completed most of its global e-commerce platform migration, improving infrastructure for agile growth. CEO Gavin O’Dowd emphasized that U.S. market developments, innovative product availability, and gross margin expansion are strengthening the company’s foundation for future growth.
