Haypp Group: Investments to continue, but appropriately timed

Research evidence excerpt

Haypp Group: Investments to continue, but appropriately timed

Equity Research

European Consumer Staples

10 June 2026

Haypp Group

Investments to continue, but

appropriately timed

We update our model for Haypp. We think Haypp will benefit HAYPP.ST/HAYPP SS OVERWEIGHT

from increased innovation in US nic pouches following the Unchanged

European Consumer

latest FDA guidance. However, we expect pressure on margins Staples NEUTRAL

Unchanged

to continue as Haypp steps up its investments in Growth Price Target SEK 170.00

lowered -11% from SEK 190.00Markets, which we think is appropriately timed.

Price (08-Jun-26) SEK 136.00

Potential Upside/Downside +25.0%We update our model for Haypp post its Q1 26 results (see note).

Source: Bloomberg, Barclays Research

Haypp to be a beneficiary of latest FDA guidance: We expect Haypp to be a major beneficiary

of the latest FDA guidance (see our note). As such, we expect a step up in Growth Markets Market Cap (SEK mn) 4396

revenue, driven by a significant contribution from the US (both from product sales and the M&I Shares Outstanding (mn) 32.33

biz, as innovation picks up in the category). We do note, however, that an article was released a Free Float (%) 74.00

few weeks ago (see here) which suggests that the publication of the latest guidance has led to 52 Wk Avg Daily Volume (mn) 0.0490

internal confusion among FDA employees. Since its publication, "agency officials have Dividend Yield (%) N/A

convened hours long meetings grappling with how to implement the six-page memo, which Return on Equity TTM (%) 2.44

breaks with long-standing FDA policy" as "it is highly unusual for the FDA to draft new policies Current BVPS (SEK) 22.59

without input from the staffers who oversee them". We acknowledge that this could mean that Source: Bloomberg