Haypp’s Q3 results are around the corner, and the web traffic for the quarter is in. As a pure online retailer, every paying Haypp customer has to land on one of the group’s domains, and since revenue is single transaction, visit volume maps almost mechanically to orders times average order value. That is what lets us use web traffic to front run the reported numbers. In an audit of the last nine reported quarters, panel visits explained group revenue with a correlation of roughly 0,94 on a year over year basis.
This quarter has been interesting in several ways. The Growth segment has been highly volatile, with Nicokick up sharply while Northerner and haypp.com have given back their Q2 gains. Meanwhile, the FDA scene in the US continues to send very supportive signals, which should benefit Haypp’s US growth going forward.
For the stock itself, Q3 has been a fairly calm period. Shares have ground steadily higher and market chatter has been minimal. The one major shift of the quarter is the traffic from zyn.com now pouring into Nicokick, and how that cohort converts is the biggest swing factor for the print.
Core — Mature Nordic
Web traffic across the Core cohort was soft in Q3. The equal weighted average came in at -14,8% versus the prior quarter baseline, with almost every site showing slight weakness. Snus.com was the strongest at +7,4%, while snushjem.no was the weakest at -28,0%.
The decline does not appear to reflect any major negative news or structural change in the market. It reads more as mean reversion after a strong H1. Traffic levels are broadly comparable to Q3 last year, which suggests that most of the year over year growth in Core is coming from rising average order value as user behaviour matures rather than from new visitor growth.
snus.com — Norway
September 2026: 47K visits — +7.4% growth vs the Q2 2026 monthly average (44K). Month-on-month it’s up 21.9% on August’s 39K. On a YoY basis the site is -1.9%. This is the strongest grower across the segment so far this month.
snusbolaget.se — Sweden
September 2026: 421K visits — -13.0% decline vs the Q2 2026 monthly average (484K). Month-on-month it’s up 14.0% on August’s 369K. On a YoY basis the site is -6.1%. Outperforming most of the segment despite the month-on-quarter slip.
snuslageret.no — Norway
September 2026: 117K visits — -16.1% decline vs the Q2 2026 monthly average (140K). Month-on-month it’s up 50.9% on August’s 78K. On a YoY basis the site is -19.5%. Tracking below the segment baseline — worth watching into month-end.
nettotobak.com — Sweden
September 2026: 111K visits — -24.3% decline vs the Q2 2026 monthly average (147K). Month-on-month it’s down 1.7% on August’s 113K. On a YoY basis the site is -16.0%. Among the laggards in the segment this month.
snushjem.no — Norway
September 2026: 42K visits — -28.0% decline vs the Q2 2026 monthly average (58K). Month-on-month it’s up 16.6% on August’s 36K. On a YoY basis the site is +22.0%. The weakest performer in the segment, dragging the composite.