Haypp Group: Set to benefit from new FDA guidance

Research evidence excerpt

Haypp Group: Set to benefit from new FDA guidance

Equity Research

European Consumer Staples

11 May 2026

Haypp Group

Set to benefit from new FDA

guidance

The FDA released new guidance on its enforcement priorities HAYPP.ST/HAYPP SS OVERWEIGHT

NEUTRALfor ENDS and nic pouch products. We think this will lead to EuropeanStaples Consumer

innovation in the tobacco industry and expect Haypp to Price Target SEK 190.00

benefit. Price (08-May-26) SEK 129.60 Potential Upside/Downside +46.6%

Source: Bloomberg, Barclays Research

The FDA released new guidance on Friday, which highlighted that it will no longer prioritise

enforcement for unauthorised ENDS and nicotine pouch products. See our note here. European Consumer Staples

Morayo Adesina

We expect Haypp to be a major beneficiary of this. Several new products are likely set to come +44 (0)20 3134 9537

onto the market e.g. PM's ZYN Ultra and BATS' Velo Max, and we expect more innovation to morayo.adesina@barclays.com

come. This will enable Haypp to offer an even wider assortment of products but also maximise Barclays, UK

its Media & Insights biz.

Pallav Mittal

+44 (0)20 7773 1376Brand owners can use Haypp's Media biz for banner space to advertise their newly launched

pallav.mittal@barclays.com

products, and also use its Insights biz to collect consumer data and judge the online Barclays, UK

performance of their products.

Laurence Whyatt

Note that Haypp expects to selectively offer new products on its websites, based on consumer +44 (0)20 7773 5324

insights (link). Reiterate OW, PT SEK190. laurence.whyatt@barclays.com

Barclays, UK

Warren Ackerman

+44 (0)20 3134 1903

warren.ackerman@barclays.com

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies

covered in its research reports.