Built for the Pouch Era: Company Update

Research evidence excerpt

Built for the Pouch Era: Company Update

Deutsche Bank

Research

Rating Company Date

Buy Haypp 23 June 2026

Company Update

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 22 Jun 2026 (SEK) 130.00

HAYPP.ST HAYPP SS STO HAYPP

Price Target (SEK) 196.00

Consumer Staples

182.60 -

Tobacco 52-week range (SEK) 111.20

Built for the Pouch Era

Valuation & Risks

Daniel Tharian

Regulation and Innovation Reinforce the Investment Case Research Associate

Recent regulatory developments across the US, UK and EU reinforce our view that +44-20-7545-0195

Haypp is well positioned to benefit from the continued growth of nicotine pouches.

Damian McNeela

In the US, the FDA's more pragmatic approach has improved the outlook for Research Analyst

product innovation, with major manufacturers already announcing new products +44-20-754-11565

such as ZYN Ultra, on! Plus and VELO Max. In the UK, upcoming new legislation

raises barriers to entry, favouring scaled and compliant operators. Meanwhile, the

direction of travel in the EU increasingly appears focused on harmonisation and

product standards rather than outright bans. As the leading online nicotine pouch

retailer globally, Haypp is uniquely positioned to benefit from greater innovation,

broader product availability and increasing online penetration regardless of which

manufacturers ultimately emerge as category winners.

Potential Upside From US Online Penetration

Haypp's medium-term ambitions remain heavily linked to the US opportunity,

where online penetration remains low at c.2-3% versus 36% in Sweden. Our

sensitivity analysis highlights that even modest improvements in penetration can

drive meaningful upside to revenue, EBITDA and EPS. More importantly, once

penetration begins to scale, the economics of the business improve materially