Haypp Group CEO call reaffirms new category opportunity for BAT and PM

Research evidence excerpt

Haypp Group CEO call reaffirms new category opportunity for BAT and PM

Idea

June 22, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MTobacco | Europe David J Roux

Equity Analyst

Haypp Group CEO call reaffirms David.Roux@morganstanley.comMorgan Stanley & Co. LLC +44 20 7425-1040

Eric A Serotta, CFA

Equity Analystnew category opportunity for Eric.Serotta@morganstanley.com +1 212 761-2370

Morgan Stanley & Co. International plc+BAT and PM Sarah Simon

We provide feedback from a recent fireside call with Haypp Sarah.Simon@morganstanley.com +44 20 7425-6064

Chris Linford, CFA

Group - the leading e-commerce player for nicotine pouches. The Research Associate

update reaffirms the new category opportunity for nicotine, and Chris.Linford@morganstanley.com +44 20 7425-1639

Richard Li

our conviction in Overweight BAT & PM. Research Associate

Richard.Li@morganstanley.com +44 20 7425-1976

Insights into nicotine pouch category reaffirm our conviction in BAT and PM. We Tilly Eno

recently hosted an investor call with Gavin O'Dowd - CEO of Haypp Group - the Tilly.Eno@morganstanley.com +44 20 7677-3662

leading e-commerce player for nicotine pouches. Our discussion presented an

Tobacco

update on the group, and comprehensive insights into industry developments. Europe

Haypp Group (not covered) remains highly constructive on the long-term growth Industry View In-Line

outlook for the nicotine pouch category, supported by product innovation, greater

regulatory acceptance, and significant market expansion opportunities - particularly

in the US. We present key feedback points in this note, though do contact us if you

wish to discuss in more detail. We think the update reaffirms our conviction in

British American Tobacco (OW) and Philip Morris International (OW, covered by Eric