Slides
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Front page Add image from summer capmaign – hero image if possible, summary feeling – swimwear ok Add text as usual – check the Q2 report for 2025 on hmgroup.com for exact wording exept for the year Text: H&M GROUP NINE-MONTH REPORT 2026 Webcast and telephone conference Change picture – hero image AW26
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Text as is, change picture Intro of speakers slide Check names and titles from the Q1 ppt deck Layout and fashion image as you see fit Daniel Ervér Chief Executive Officer Adam Karlsson Chief Financial Officer Joseph Ahlberg Head of Investor Relations
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The quarter in brief → Our long-term efforts have created a stronger and more profitable business → 10.6%* operating margin (8.6) in Q3 → 9.0% operating margin over last 12 months (7 .2) → 1% increase in sales in local currencies in Q3 → 1% increase in sales estimated in September * Including a positive one-off effect related to tariffs and goods imports
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→ A firm focus on our strategic priorities – product, experience and brand → Improving relevance and precision across the value chain → A faster, more flexible and customer-focused operation Elevating our customer offering
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Fashion and quality at the best price → Increased speed and responsiveness longer-term, with growing share of in-season buying → Enhanced quality and even more value for money → Decisions closer to customers, supported by data-driven insights
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Creating a more seamless experience through: → A more productive store portfolio → Store tech upgrades → Stronger online personalisation and integration Relevant in every touchpoint
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Strengthening our brands through creativity, collaboration and innovation → Making great fashion more accessible, with in-house design and strategic collaborations → Building stronger customer connections across audiences
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A return to growth in the quarter → Sales increased by 1% in local currencies, with year-on-year growth in five out of six regions 57,017 169,064 57,189 161,624 0% –4% 0 60,000 120,000 180,000 Q3 NINE MONTHS SEK m 2025 2026
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Disciplined cost control and solid profit development Gross profit SG&A 30,143 88,737 30,867 87,050 52.9% 52.5% 54.0% 53.9% 0 40,000 80,000 Q3 NINE MONTHS SEK m 25,167 76,594 24,832 73,590 –1% –4% 0 40,000 80,000 Q3 NINE MONTHS SEK m 2025 2026
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0 5 10 15 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23 24 25 26 ROCE, % EPS, SEK Rolling 12M EPS Rolling 12M ROCE Linear (Rolling 12M EPS) Linear (Rolling 12M ROCE) A stronger and more resilient H&M group → EBIT reached 9% with a gross margin of 54.4% over rolling 12 months → EPS rolling 12 months grew by 23% vs L Y, and was the main driver for the ROCE improvement of 18% 0.7 4.7 4.7 4.3 2.1 7.1 3.5 4.6 1.2 5.9 4.9 6.4 1.5 5.9 6.0 3.2% 3.1% 4.7% 6.2% 6.8% 7.7% 7.2% 7.4% 7.0% 6.5% 7.2% 8.1% 8.4% 8.5% 9.0% 0 2 4 6 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23 24 25 26 SEK b Operating profit per quarter Operating margin R12M
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Financial Outlook Gross margin → External factors expected to be somewhat negative in Q4, with higher cost for transport → Markdowns are expected to be somewhat higher in Q4 than in the same period last year Selling and administrative expenses → Somewhat increased cost pressure for remainder of the year → Ambition to grow SG&A at the low end of the guided range for the FY 2026 of low single digit growth in local currencies Inventory → Delays from Q3 affecting opening balance in Q4 → Prudent buying for US in comp figures from H2 2025 Capital expenditure → Lower end of investment frame of 9-10 SEK billion → Focus on store portfolio and tech infrastructure Cash flow → Majority of remaining provisions recognized in Q2 expected to be settled in the fourth quarter
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→ Creating even greater customer value through product, experience and brand → Increasing speed and precision across the value chain → Relevant in every touchpoint, with the latest fashion and current essentials Business Outlook
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This presentation is developed as supporting material for the third quarter results. In case of any discrepancy between this presentation and the report, the Swedish original nine-month report shall prevail.