Haypp Watch: Q1 2026 Recap and Prediction Review

Haypp Watch: Q1 2026 Recap and Prediction Review

Haypp Group reported Q1 2026 earnings this morning, and the headline read is simple: this was a very expected quarter, with very strong underlying numbers. Net sales came in at 1 104 MSEK, up 20% YoY on a reported basis and 24% in constant currency. Core Markets continued to deliver solid growth, the US and UK remained the engines of the Growth segment, and momentum was broad across the platform. Active consumers reached an all-time high of 652 thousand. Nicotine pouch volumes grew 40% across the Group.

The story is one of momentum continuing rather than something dramatically new. Core is steady and predictable, Growth is accelerating, and Media and Insights is quietly doing more work in the gross margin line than the headline suggests. EBIT came in soft as expected, weighed down by deliberate investment in the US and UK ahead of the larger opportunity. Management reiterated they are on track for the 2028 targets and even hinted that Q1 momentum is carrying into Q2.

Below I will go through the most important points from the report and the webcast, then circle back to how my pre-earnings revenue predictions held up.