Interim report
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H&M GROUP NINE-MONTH REPORT 2026 Q3
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 2
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 3 H & M Hennes & Mauritz AB Nine-month report 2026 “Our work – especially within purchasing, cost control and more efficient operations – has contributed to a more profitable business. Although sales developed in a positive direction during the quarter, we see further potential to increase sales going forward,” says Daniel Ervér, CEO Third quarter (1 June 2026— 31 August 2026) • Net sales increased to SEK 57,189 m (57,017) in the third quarter. Sales in local currencies increased by 1 percent compared with the previous year, with around 2 percent fewer stores at the end of the quarter compared with the same point in time last year. • Gross profit increased to SEK 30,867 m (30,143), which corresponds to a gross margin of 54.0 percent (52.9). The gross margin for the quarter was positively affected by one-time effects of approximately 1.6 percentage points from tariffs and goods imports that had increased the cost of goods sold in previous quarters. • Selling and administrative expenses decreased by 1 percent to SEK 24,832 m (25,167). In local currencies these expenses decreased by 1 percent. • Operating profit increased to SEK 6,037 m (4,914), corresponding to an operating margin of 10.6 percent (8.6). The operating margin in the quarter was positively affected by one-time effects of approximately 1.6 percentage points from tariffs and goods imports that had increased the cost of goods sold in previous quarters. • The result after tax increased to SEK 4,098 m (3,212), corresponding to SEK 2.58 (2.01) per share. • Cash flow from operating activities increased by 19 percent to SEK 11,908 m (9,985). • Stock-in-trade amounted to SEK 39,355 m (37,938) and the composition of the stock-in-trade is good. The increase in the stock-in-trade is explained by the increased value of goods in transit, which is due to disruption in global supply chains as well as temporary effects from the consolidation work in the European logistics network. Nine months (1 December 2025— 31 August 2026) • The H&M group’s net sales amounted to SEK 161,624 m (169,064). In local currencies net sales were in line with the first nine months of the previous financial year. • Gross profit amounted to SEK 87,050 m (88,737), which corresponds to a gross margin of 53.9 percent (52.5). • Selling and administrative expenses decreased by 4 percent to SEK 73,590 m (76,594). In local currencies these expenses were at the same level as in the previous year. • Operating profit increased to SEK 13,462 m (12,031), corresponding to an operating margin of 8.3 percent (7.1). • The result after tax increased to SEK 8,765 m (7,753), corresponding to SEK 5.53 (4.86) per share. • Cash flow from operating activities increased by 17 percent to SEK 26,524 m (22,714). 54.4% 9.0% +17% Gross margin, rolling 12 months (53.0%) Operating margin rolling 12 months (7.2%) Cash flow from operating activities, nine months Current quarter sales • The H&M group’s sales in the month of September 2026 are expected to increase by 1 percent in local currencies compared with the same month the previous year.
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 4 Comments by Daniel Ervér, CEO Our work – especially within purchasing, cost control and more efficient operations – has contributed to a more profitable business. Although sales developed in a positive direction during the quarter, we see further potential to increase sales going forwa rd. Sales increased by 1 percent in local currencies. Our summer collections were well received and contributed to better sales development, particularly towards the end of the quarter. At the same time, sales were affected by, among other things, continued disruptions in the logistics network in Europe and in the global supply chain. Operating profit including the positive one-time effect related to tariffs and goods imports strengthened to just over SEK 6 billion and the operating margin for the last 12-month period increased to 9.0 percent. The main driving forces behind the improved profitability over the past year is our work on purchasing, cost control and more efficient operations. Work on our digital infrastructure took further steps during the quarter. Over time, this will give us better precision throughout the value chain, from product development and purchasing to allocation, marketing and sales. At the same time, we are making more decisions closer to the customer as the new simplified organisation comes into place. We are also gradually increasing the proportion of in-season purchasing, to more quickly meet customers’ demand for fashion and quality at the best price. Over time, this strengthens our position as a natural destination for both the latest fashion and timeless, updated key pieces. Through a more optimised store portfolio, more upgraded stores and a more personal digital experience, we are also elevating the customer experience as well as productivity in store and online. As we move into autumn, the composition of the stock-in- trade is good and we are well placed to meet our customers’ needs. At a time when consumers are affected by high living costs, we are gradually strengthening our customer offering through attractive and inspiring products, shopping experiences and brands. Initiatives in the supply chain, greater support from AI and committed employees allow us to increase relevance and precision throughout the business – which will help deliver even greater value for our customers.
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 5 Sales Net sales increased to SEK 57,189 m (57,017) in the third quarter. Sales in local currencies increased by 1 percent compared with the previous year, with around 2 percent fewer stores at the end of the quarter compared with the same point in time last year. Net sales in SEK were negatively affected by a currency translation effect of just under 1 percentage point due to the strengthened Swedish krona. To strengthen the H&M group’s long-term position and profitability further, the optimisation of the store portfolio is continuing. More stores are being updated and new stores are being opened, while some stores are being closed. At the beginning of the third quarter there were 128 fewer stores than at the same point in time last year and at the end of the quarter there were 95 fewer stores than at the same point in time last year. The comparison with the previous year is affected by the closure of all Monki stores in 2025. For full- year 2026, the sales effect from store optimisation is expected to be slightly positive. The H&M group’s net sales during the first nine months of the financial year amounted to SEK 161,624 m (169,064). In local currencies net sales were in line with the first nine months of the previous financial year. Online continued to grow. Just over 30 percent of sales takes place online. For portfolio brands, net sales increased in the third quarter by 3 percent in local currencies compared with the corresponding period last year. Converted into SEK, net sales increased by 2 percentage points. Excluding Monki, sales for portfolio brands in local currencies increased by 4 percent in the third quarter 2026. Net sales for portfolio brands during the nine-month period decreased by 2 percent in local currencies and by 6 percent in SEK. Net sales in SEK were negatively affected by a currency translation effect due to the strengthened Swedish krona. Excluding Monki, sales for portfolio brands in local currencies were in line with the first nine months of the previous financial year. The H&M group’s sales in the month of September 2026 are expected to increase by 1 percent in local currencies compared with the same month the previous year. Net sales 57,017 169,064 57,189 161,624 Δ Δ 0% –4% 0 40,000 80,000 120,000 160,000 Q3 Nine months 2025 2026 SEK m 2026 2025 SEK Local currencies 2026 2025 SEK Local currencies The Nordics 5,595 5,248 7 6 15,244 15,014 2 2 Western Europe 19,414 19,863 –2 –1 54,946 57,762 –5 –2 Eastern Europe 5,431 5,425 0 1 14,839 15,251 –3 0 Southern Europe 7,764 7,946 –2 1 22,085 22,761 –3 3 North and South America 12,457 12,085 3 1 35,159 37,307 –6 –1 Asia, Oceania and Africa 6,528 6,450 1 4 19,351 20,969 –8 1 Total 57,189 57,017 0 1 161,624 169,064 –4 0 Sales per region Nine months SEK m Nine months change in % Q3 SEK m Q3 change in %
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 6 Gross profit and gross margin Gross profit and gross margin are a result of many factors, internal as well as external, and are mostly affected by the decisions that the H&M group takes in line with its strategy to always have the best combination of fashion, quality, price and sustainability. Gross profit increased to SEK 30,867 m (30,143) for the third quarter, which corresponds to a gross margin of 54.0 percent (52.9). The gross margin for the quarter was positively affected by one-time effects of approximately 1.6 percentage points from tariffs and goods imports that had increased the cost of goods sold in previous quarters. External factors had a slightly negative effect on purchasing costs in the quarter – mainly driven by increased freight costs. Costs for markdowns were in line with the previous year. Exchange rate changes for intragroup payables and receivables had a neutral impact on the quarter’s gross margin, while the same quarter last year was positively affected by exchange rate gains. For the nine-month period gross profit amounted to SEK 87,050 m (88,737), corresponding to a gross margin of 53.9 percent (52.5). For the goods being sold in the fourth quarter of 2026, the overall effect of external factors is assessed to be somewhat negative compared with the corresponding period the previous year. The cost of markdowns as a percentage of sales in the fourth quarter 2026 is expected to increase somewhat compared with the corresponding quarter the previous year. This reflects the fact that the campaign period in November leading up to Black Friday has become longer and more extensive, while at the same time Cyber Monday this year falls in November. Gross profit and gross margin Change in number of stores (net) Nine months 2026 31 Aug 20 26 31 Aug 2025 The Nordics –5 352 3 66 Western Europe –9 985 995 Eastern Europe –5 473 47 6 Southern Europe 3 566 560 North and South America –8 761 75 4 Asia, Oceania and Africa –54 886 967 Total –78 4,023 4 ,118 Number of stores Stores per region 30,143 88,737 30,867 87,050 54.0% 53.9% 52.9% 52.5% 0 30,000 60,000 90,000 Q3 Nine months 2025 2026 SEK m
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 7 Selling and administrative expenses Selling and administrative expenses decreased by 1 percent to SEK 24,832 m (25,167) in the third quarter. In local currencies these expenses decreased by 1 percent. For the nine-month period, selling and administrative expenses decreased by 4 percent to SEK 73,590 m (76,594). In local currencies these expenses were in line with the corresponding period last year, and excluding the one-time costs in the second quarter relating to the implementation of organisational changes in the company’s sales markets and central sales organisations, selling and administrative expenses in local currencies decreased by 1 percent in the nine-month period. Selling and administrative expenses Operating profit and operating margin Operating profit in the third quarter increased to SEK 6,037 m (4,914), corresponding to an operating margin of 10.6 percent (8.6). The operating margin in the quarter was positively affected by one-time effects of approximately 1.6 percentage points from tariffs and goods imports that had increased the cost of goods sold in previous quarters. Operating profit for the nine-month period increased to SEK 13,462 m (12,031), corresponding to an operating margin of 8.3 percent (7.1). Excluding the one-time costs in the second quarter and excluding one-time effects from tariffs and goods imports in the third quarter, operating profit for the nine-month period increased to SEK 13,206 m (12,031), corresponding to an operating margin of 8.2 percent (7.1). The improvement in operating profit and margin is mainly due to a stronger gross margin and good cost control. The operating margin for the rolling 12 months was 9.0 percent (7.2). Operating profit 25,167 76,594 24,832 73,590 Δ Δ –1% –4% 0 20,000 40,000 60,000 80,000 Q3 Nine months 2025 2026 SEK m 4,914 12,031 6,037 13,462 +23% +12% Δ Δ 0 4,000 8,000 12,000 Q3 Nine months 2025 2026 SEK m
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 8 Stock-in-trade The stock-in-trade amounted to SEK 39,355 m (37,938). Currency adjusted the stock-in-trade increased by 9 percent. The stock-in-trade in SEK represented 17.8 percent (16.4) of rolling 12 months sales. The increase in the stock-in-trade is explained by the increased value of goods in transit, which is due to disruption in global supply chains as well as temporary effects from the consolidation work in the European logistics network. The composition of the stock-in-trade is good. The investments in the supply chain and the integration of the sales channels continue. A higher share of product purchases in current season, and a more efficient and more flexible supply chain, create the conditions for improved product availability for the customer even with a lower volume of stock, which also contributes positively to cash flow through a lower level of tied-up working capital. The logistics network continues to be optimised through both openings and closures of warehouses. During 2026 and 2027 new warehouses in Europe will gradually be taken into use, thereby securing growth capacity, good product availability and flexibility between the sales channels. Stock-in-trade 37,938 39,355 Δ +4% 0 20,000 40,000 60,000 31 Aug 2025 31 Aug 2026 SEK m
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 9 Expansion with integrated channels Expansion is taking place with a focus on increased omnichannel sales. Customers want to be inspired and have products available so that they can shop where, when and how they choose – in the stores, on the brands’ own websites, on digital marketplaces and on social media. Physical and digital stores continue to be the largest area for investments in the business in 2026 to provide an even more inspiring shopping experience. The H&M group works continuously to adapt the store portfolio based on customers’ behaviour in each market and is contractually able to renegotiate or exit around a third of leases each year. During 2026 work continues to update a large part of the stores through improvements in layout, presentation and tech, to further strengthen the customer experience and the interaction between our channels. The optimisation of the store portfolio continues with store openings, closures and rebuilds, thereby further strengthening the H&M group’s long-term position. For the full-year 2026 the sales effect is expected to be slightly positive. In 2026 the plan is to open around 90 new stores, while around 170 stores are planned for closure. Openings are planned in all regions and most of the openings will be in growth markets. In addition to this, the digital expansion into new markets and channels continues. The company is continuing its expansion in Latin America. In the third quarter the first two H&M stores in Paraguay opened, and in 2027 H&M will also open in Argentina via franchise with the first store in the Alto Palermo shopping centre in Buenos Aires. Malta and Azerbaijan will become new H&M markets in the fourth quarter of 2026. ARKET will open its first store in Lithuania in the fourth quarter of 2026. Store count and markets by brand As at 31 August 2026 the H&M group had 4,023 (4,118) stores, i.e. the total number of stores has decreased by 95 (180) stores compared with the same point in time the previous year, which corresponds to a reduction of around 2 (4) percent. During the first nine months of the current financial year 59 (36) new stores have opened and 137 (171) stores have closed. A total of 247 (253) of the group’s stores are operated by franchise partners. 1.Concept stores. H&M HOME is also available through shop-in-shop in 471 H&M stores. COS, Monki, Weekday, & Other Stories and ARKET offer Global selling which enables customers in around 70 additional markets to shop online. The exact number of markets per brand that have this service varies. Q3 2026 Nine months 31 Aug 2026 31 Aug 2025 Store O nline H&M –20 – 81 3,579 3,680 82 62 COS 5 11 257 238 50 38 Monki 0 0 0 17 0 29 Weekday 0 0 44 43 14 29 & Other Stories 0 –1 65 66 24 32 ARKET 4 6 59 42 23 31 H&M HOME¹ –4 – 13 19 32 11 45 Sellpy 0 0 0 0 0 24 Total –15 –78 4,023 4,118 Number of stores Number of markets 31 Aug 2026 Change in number of stores (net) Total number of stores
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 10 Cash flow, working capital and financing Cash flow and liquidity Cash flow from operating activities increased by 17 percent to SEK 26,524 m (22,714) in the nine-month period, mainly as a result of increased profit and a decrease in operating working capital. The H&M group’s liquidity remains very good. As at 31 August 2026 cash and cash equivalents amounted to SEK 26,507 m (20,363). In addition, the group has undrawn credit facilities of SEK 17,810 m (19,853). The total liquidity buffer, i.e. cash and cash equivalents plus undrawn credit facilities, amounted to SEK 44,317 m (40,216). Operating working capital The change in operating working capital during the quarter was SEK 2,869 m (3,391). At the end of the quarter the operating working capital had improved compared with the previous year to SEK 17,131 m (19,859). The increase in the closing balance of the stock-in-trade at 31 August 2026 compared with the corresponding point in time last year consisted of goods in transit. This also meant that accounts payable increased. Financing Net debt including lease liabilities in relation to EBITDA amounted to 1.3 (1.4) with a net cash position of SEK 5,309 m (3,257). Debt levels are within the target range of 1.0–2.0 for the capital structure target Net debt/EBITDA. Interest-bearing liabilities in the form of commercial papers, bonds and loans from credit institutions amounted to SEK 21,196 m (17,106) as at 31 August 2026. The average maturity of interest-bearing liabilities was 4.8 (4.0) years as at 31 August 2026. A maturity analysis of outstanding interest-bearing liabilities and undrawn credit facilities as at 31 August 2026 is given in the table below. Operating working capital SEK m Accounts receivable 3,988 4,084 6,411 Stock-in-trade 39,355 37,938 35,427 Accounts payable –26,212 –22,163 –20,826 Total operating working capital 17,131 19,859 21,012 2025-11-302025-08-312026-08-31 Liquidity and debt financing Year 2026 – 48 – 2027 – 641 3,339 2028 – – – 2029 5,566 – 14,471 2030 – 3,500 – 2031 5,875 – – 2032 – – – 2033 5,566 – – Total SEK m 17,007 4,189 17,810 Unused credit facilities Loans from credit institutions Bonds (EMTN)
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 11 Tax The group’s tax rate for the financial year 2026 is expected to be 25 – 26 percent based on known circumstances. For the first three quarters of the year a tax rate of 25 percent (25) has been used to calculate tax expense on the earnings in each period excluding the result from investments in associated companies and joint ventures. The final tax rate depends on, among other things, the results of the group’s various companies, the corporate tax rates in each country, non-deductible costs and tax expense relating to previous years. Number of shares The total number of shares in H&M, including treasury shares, is 1,598,873,003 and the number of shares outstanding, excluding treasury shares, as at 31 August 2026 is 1,596,373,003. H&M holds 2,500,000 class B treasury shares to secure delivery of class B shares to the participants in the company’s long-term incentive programmes LTIP 2025 and LTIP 2026. Current quarter The H&M group’s sales in the month of September 2026 are expected to increase by 1 percent in local currencies compared with the same month the previous year. The cost of markdowns as a percentage of sales in the fourth quarter 2026 is expected to increase somewhat compared with the corresponding quarter the previous year. The company is closely monitoring developments in the Middle East and the implications for global trade. With good flexibility in the supply chain and a low proportion of air freight, there are opportunities to adapt flows of goods to changed conditions. Risks and uncertainties The H&M group’s risk exposure is shaped by both global market changes and internal business development. To ensure robust governance, the company works proactively and continuously to identify, assess and mitigate operational and financial risks. The company’s operational risks are closely linked to business processes and external factors that may affect the group’s delivery capacity and efficiency. Ongoing risk assessment supports informed business decisions and enables early action. Risk management is fully integrated into planning and governance, giving the company the ability to respond quickly to changes in the outside world and strengthen the group’s resilience. The H&M group is highly affected by external risks linked to the industry’s rapid shifts, changing consumer behaviour, geopolitical tensions that affect the stability of the supply chain and increased complexity around cybersecurity. In addition, operational risks arise and are mitigated on an ongoing basis in connection with expansion into new markets, the launch of new concepts and the development of the company’s brands. Detailed information on financial and sustainability risks can be found in the H&M group’s annual and sustainability report.
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 12 Communication in conjunction with the nine-month report The nine-month report, 1 December 2025 – 31 August 2026, will be published at 08:00 CEST on 24 September 2026. A webcast and telephone conference will follow at 09:00 CEST and will be held in English for the financial market and media. Participants will be CEO Daniel Ervér, CFO Adam Karlsson and Head of IR Joseph Ahlberg. Webcast Register via this link to follow the webcast and view the presentation: https://edge.media- server.com/mmc/p/oeq5wq3y To ask a question Join by telephone to be able to ask a question, please register here: https://register-conf.media- server.com/register/BIee0caaf3d5d143dfa2e5d66babb8fbc5 Interviews for media To book interviews for media in conjunction with the nine- month report on 24 September 2026, please contact: Anna Frosch Nordin, Head of Media Relations, telephone +46 73 432 93 14, anna.froschnordin@hm.com. Calendar 28 January 2027 Full-year report, 1 Dec 2025 – 30 Nov 2026 24 March 2027 Three-month report, 1 Dec 2026 – 28 Feb 2027 24 March 2027 Annual and sustainability report 2026 5 May 2027 Annual general meeting at 15:00, Erling Persson Hall, Aula Medica, Solna Stockholm, 23 September 2026 Board of Directors Contact Joseph Ahlberg, Head of IR +46 73 465 93 92 Daniel Ervér, CEO +46 8 796 55 00 (switchboard) Adam Karlsson, CFO +46 8 796 55 00 (switchboard) H & M Hennes & Mauritz AB (publ) SE-106 38 Stockholm Phone: +46 8 796 55 00, e-mail: info@hm.com Registered office: Stockholm, Reg. No. 556042-7220 For more information about the H&M group visit hmgroup.com. This document is a translation of the Swedish original. In case of any discrepancy, the Swedish original will prevail. Information in this interim report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication by the abovementioned persons at 08:00 (CE ST) on 24 September 2026. This interim report and other information about the H&M group are available at hmgroup.com. H & M HENNES & MAURITZ AB (PUBL) was founded in Sweden in 1947 and is listed on Nasdaq Stockholm. H&M’s business idea is to off er fashion and quality at the best price in a sustainable way. The group’s brands are H&M (including H&M HOME, H&M Move and H&M Beauty), COS, Weekday (including Cheap Monday and Monki), & Other Stories, ARKET, Singular Society and Sellpy. The group also includes several ventures. For further information, visit hmgroup.com.
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 13 Review report H & M Hennes & Mauritz AB (Publ), corporate identity number 556042-7220 Introduction We have reviewed the interim report for H&M Hennes & Mauritz AB (publ) for the period December 1, 2025 – August 31, 2026. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, September 23, 2026 Deloitte AB Didrik Roos Authorized Public Accountant
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 14 Group income statement in summary For information about depreciation, amortisation and write-downs, see note 4. 1. Before and after dilution, excluding own shares. Full-year (Dec–Nov) SEK m Note 2026 2025 2026 2025 2025 Net sales 3 57,189 57,017 161,624 169,064 228,285 Cost of goods sold 4 –26,322 –26,874 –74,574 –80,327 – 106,464 Gross profit 30,867 30,143 87,050 88,737 121,821 Gross margin, % 54.0 52.9 53.9 52.5 53.4 Selling expenses 4 –22,302 –22,700 –65,465 –68,942 –93,023 Administrative expenses 4 –2,530 –2,467 –8,125 –7,652 –10,269 Result from investments in associated companies and joint ventures 2 – 62 2 –112 –134 Operating profit 6,037 4,914 13,462 12,031 18,395 Operating margin, % 10.6 8.6 8.3 7.1 8.1 Net financial items –574 –592 –1,776 –1,656 –2,193 Profit after financial items 5,463 4,322 11,686 10,375 16,202 Tax –1,365 –1,110 –2,921 –2,622 –4,117 PROFIT FOR THE PERIOD 4,098 3,212 8,765 7,753 12,085 Attributable to: The shareholders of H & M Hennes & Mauritz AB 4,123 3,229 8,833 7,796 12,158 Non-controlling interest –25 – 17 –68 –43 –73 Earnings per share, SEK¹ 2.58 2.01 5.53 4.86 7.58 Average number of shares outstanding, thousands¹ 1,596,373 1,603,820 1,596,987 1,604,266 1,604,033 Q3 (Jun–Aug) Nine months (Dec–Aug)
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 15 Consolidated statement of comprehensive income Full-year (Dec–Nov) SEK m Note 2026 2025 2026 2025 2025 PROFIT FOR THE PERIOD 4,098 3,212 8,765 7,753 12,085 Other comprehensive income Items that are or may be reclassified to profit or loss Translation differences 1,824 98 1,178 –3,277 –3, 556 Change in hedging reserves –507 –585 –670 550 513 Tax attributable to change in hedging reserves 104 121 138 –113 –106 Share of OCI related to associated companies and joint ventures 0 0 0 0 0 Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans 69 6 108 21 55 Tax related to the above remeasurement –17 –1 –27 –5 –14 Remeasurement of financial assets 2 –39 –29 –575 –892 –1, 052 Other comprehensive income 1,434 –390 152 –3,716 –4, 160 TOTAL COMPREHENSIVE INCOME 5,532 2,822 8,917 4,037 7,925 FOR THE PERIOD¹ Attributable to: The shareholders of H & M Hennes & Mauritz AB 5,557 2,839 8,985 4,080 7,998 Non-controlling interest –25 – 17 –68 –43 –73 Nine months (Dec–Aug) Q3 (Jun–Aug)
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 16 Group balance sheet in summary 1. Equity attributable to the shareholders of H & M Hennes & Mauritz AB amounts to SEK 39,489 m (39,163) and to non-controlling interests to SEK 70 m (54). 2. Interest-bearing non-current liabilities amount to SEK 66,676 m (58,953) and excluding leases to SEK 20,956 m (13,506), of which provisions for pensions were SEK 346 m (498). 3. Interest-bearing current liabilities amount to SEK 12,700 m (15,917) and excluding leases to SEK 587 m (4,097). Group changes in equity in summary SEK m Note ASSETS Non-current assets Intangible non-current assets 7,079 7,958 7,747 Right-of-use assets 52,124 52,042 52,094 Other property, plant and equipment 31,922 29,071 30,440 Non-current financial assets 2 1,528 2,457 2,045 Other non-current assets 5,993 5,658 5,452 98,646 97,186 97,778 Current assets Stock-in-trade 39,355 37,938 35,427 Current receivables 2 16,545 16,374 16,160 Cash and cash equivalents 26,507 20,363 20,908 82,407 74,675 72,495 TOTAL ASSETS 181,053 171,861 170,273 EQUITY AND LIABILITIES Equity¹ 39,559 39,217 42,947 Non-current leasing liabilities² 45,720 45,447 44,903 Other non-current liabilities² 22,999 15,863 20,820 Current leasing liabilities³ 12,113 11,820 11,969 Other current liabilities³ 2 60,662 59,514 49,634 TOTAL EQUITY AND LIABILITIES 181,053 171,861 170,273 2025-11-302025-08-312026-08-31 SEK m Shareholders' equity at the beginning of the financial year 42,947 46,211 46,211 Total comprehensive income for the period 8,917 4,037 7,925 Transactions with non-controlling interests 103 28 31 Dividend –11,344 –10,910 –10,906 Repurchase of shares –1,064 –149 –314 Shareholders' equity at the end of the period 39,559 39,217 42,947 2025-11-302025-08-312026-08-31
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 17 Group cash flow statement in summary 1. Interest paid for the group amounts to SEK 635 m (477). Interest expense related to leases amounts to SEK 1,559 m (1,478) for the group. Received interest for the group amounts to SEK 418 m (298). Nine months (Dec–Aug) Nine months (Dec–Aug) SEK m 2026 2025 Operating activities Profit after financial items¹ 11,686 10,375 Adjustment for non-cash items – Provisions for pensions 55 84 – Other provisions 1,099 –5 – Depreciation, amortisation and write-downs 14,648 15,860 – Other non-cash items –2 112 Taxes paid –2,556 –2,921 Cash flow from operating activites before changes in working capital 24,930 23,505 Cash flow from changes in working capital Operating receivables 1,707 –396 Stock-in-trade –3,581 785 Operating liabilities 3,468 –1,180 Cash flow from operating activities 26,524 22,714 Investing activities Investments in intangible fixed assets –617 –997 Investments in tangible fixed assets –4,883 –6,248 Other investments –50 –137 Cash flow from investing activities –5,550 –7,382 Financing activities Change in interest-bearing liabilities 63 3,462 Amortisation lease –8,932 –9,287 Capital contributions non-controlling interests 103 28 Dividend –5,672 –5,455 Repurchase of shares –1,124 –149 Cash flow from financing activities –15,562 –11,401 CASH FLOW FOR THE PERIOD 5,412 3,931 Cash and cash equivalents at the beginning of the financial year 20,908 17,340 Cash flow for the period 5,412 3,931 Exchange rate effect 187 –908 Cash and cash equivalents at the end of the period 26,507 20,363
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 18 Five year summary Nine months, 1 December – 31 August 1. Before and after dilution, excluding own shares. For definitions and explanations of the alternative performance measures in this report, see page 183–184 in the annual and sustainability report for the 2025 financial year. 2022 2023 2024 2025 2026 Net sales, SEK m 161,120 173,385 172,285 169,064 161,624 Change net sales from previous year in SEK, % 13 8 –1 –2 –4 Change net sales previous year in local currencies, % 8 0 0 2 0 Operating profit, SEK m 6,348 10,205 12,682 12,031 13,462 Operating margin, % 3.9 5.9 7.4 7.1 8.3 Depreciation, amortisation and write-downs for the period, SEK m 16,788 16,725 16,278 15,860 14,648 Profit after financial items, SEK m 5,753 9,094 11,359 10,375 11,686 Profit after tax, SEK m 4,430 7,147 8,601 7,753 8,765 Cash and cash equivalents, SEK m 27,547 24,971 23,698 20,363 26,507 Stock-in-trade, SEK m 47,141 40,358 41,738 37,938 39,355 Equity, SEK m 54,071 47,878 43,238 39,217 39,559 Average number of shares outstanding, thousands¹ 1,653,960 1,629,687 1,612,843 1,604,266 1 ,596,987 Earnings per share, SEK¹ 2.68 4.39 5.35 4.86 5. 53 Cash flow from operating activities per share, SEK¹ 11.02 15.18 15.37 14.16 1 6.61 Number of shares outstanding as of the closing day, thousands¹ 1,645,494 1,629,687 1,610,542 1,603,391 1 ,596,373 Equity per share, SEK¹ 32.86 29.38 26.85 24.46 24 .78 Share of risk-bearing capital, % 30.4 27.3 25.3 24.1 22.9 Equity/assets ratio, % 28.2 25.5 23.9 22.8 21.8 Total number of stores 4,664 4,375 4,298 4,118 4,023 Rolling 12 months Average number of shares outstanding, thousands¹ 1,654,237 1,637,189 1,616,373 1,605,254 1, 599,104 Earnings per share, SEK¹ 5.47 3.84 6.32 6.72 8 .25 Return on equity, % 15.3 12.3 22.3 26.0 33.3 Return on capital employed, % 10.1 9.3 15.0 14.9 17.5
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 19 Parent company income statement in summary 1. Revenue from interests in group companies is included for the quarter at SEK 0 m (534) and for the nine-month period at SEK 40 m (1,009). Parent company statement of comprehensive income Full-year (Dec–Nov) SEK m 2026 2025 2026 2025 2025 Net sales 581 591 1,663 1,706 2,340 Gross profit 581 591 1,663 1,706 2,340 Administrative expenses –42 –32 –102 –110 –122 Operating profit 539 559 1,561 1,596 2,218 Net financial items¹ –53 537 –17 952 11,529 Profit after financial items 486 1,096 1,544 2,548 13,747 Year-end appropriations – – – – –780 Tax –100 –115 –310 –317 –297 PROFIT FOR THE PERIOD 386 981 1,234 2,231 12,670 Nine months (Dec–Aug) Q3 (Jun–Aug) Full-year (Dec–Nov) SEK m 2026 2025 2026 2025 2025 PROFIT FOR THE PERIOD 386 981 1,234 2,231 12,670 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans 2 2 2 4 2 Tax related to the above remeasurement 0 –1 0 –1 0 Other comprehensive income 2 1 2 3 2 TOTAL COMPREHENSIVE INCOME 388 982 1,236 2,234 12,672 FOR THE PERIOD Nine months (Dec–Aug) Q3 (Jun–Aug)
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 20 Parent company balance sheet in summary 1. All long-term liabilities are interest-bearing. 2. Interest-bearing current liabilities amount to SEK 0 m (3,500). Dividend to be paid amounts to SEK 5,672 m (5,455). SEK m ASSETS Non-current assets Property, plant and equipment 118 123 124 Other non-current assets 1,458 1,464 1,458 1,576 1,587 1,582 Current assets Current receivables 38,905 25,524 35,145 Cash and cash equivalents 0 4 0 38,905 25,528 35,145 TOTAL ASSETS 40,481 27,115 36,727 EQUITY AND LIABILITIES Equity 4,041 4,938 15,215 Untaxed reserves 16 17 16 Non-current liabilities¹ 20,019 12,532 17,902 Current liabilities² 16,405 9,628 3,594 TOTAL EQUITY AND LIABILITIES 40,481 27,115 36,727 2025-11-302025-08-312026-08-31
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 21 Not 1. Accounting principles The group applies International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee as adopted by the EU. This report has been prepared according to IAS 34 Interim Financial Reporting, the Swedish Financial Reporting Board’s Recommendation RFR 1 Supplementary Rules for Consolidated Financial Statements and the Swedish Annual Accounts Act. The parent company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities, which essentially involves applying IFRS. The accounting principles and calculation methods applied in this report are unchanged from those used in the preparation of the annual and sustainability report and consolidated financial statements for 2025. No new or revised IFRS standards or interpretations applied from 1 December 2025 have had any significant impact on the consolidated financial statements. For a more detailed description of the accounting principles applied to the group and the parent company in this interim report, see the notes of the annual and sustainability report for the 2025 financial year. Not 2. Financial instruments The H&M group’s financial instruments consist mainly of shares and interests, accounts receivable, other receivables, cash and cash equivalents, accounts payable, interest- bearing securities and liabilities, and currency derivatives. Measurement principles and classification of financial instruments are unchanged from the information disclosed in note 24 in the annual and sustainability report for 2025. Shares are measured at fair value, either through profit or loss or through other comprehensive income. Where holdings of shares are assessed to be strategic, the H&M group has chosen to recognise changes in value in other comprehensive income. Since the IPO in September 2025 the value of the holding in Klarna has been based on the share price, which is a level 1 input according to IFRS 13, and the fair value amounts to SEK 180 m as at 31 August 2026. The value as at 31 August 2025 was based on level 3 inputs according to IFRS 13 and amounts in total to SEK 847 m. The value of other shares and interests based on level 3 inputs according to IFRS 13 amounts in total to SEK 1,246 m (1,457) as at 31 August 2026, the largest investments being Colorifix at SEK 171 m (147), Printify at SEK 126 m (129) and Instabee at SEK 125 m (155). The effect of measurement of the group’s other shares and interests is reported in other comprehensive income and amounts to SEK –39 m (–29) for the third quarter. Currency derivatives are measured at fair value based on level 2 inputs in the IFRS 13 hierarchy. As at 31 August 2026 forward contracts with a positive market value amount to SEK 635 m (570), reported under other current receivables. Forward contracts with a negative market value amount to SEK 663 m (843), which is recognised in other current liabilities. Other financial assets and liabilities are measured at amortised cost. Measurement at fair value would decrease the group’s liabilities to credit institutions by around SEK 600 m. The decrease is due to general interest rate increases since debt was issued. The fair values of other financial instruments are assessed to be approximately equal to their book values.
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 22 Not 3. Segment reporting 1. South Africa Nine months (Dec–Aug) Nine months (Dec– Aug) SEK m 2026 2025 Asia and Oceania External net sales 18,410 20,022 Operating profit 302 244 Operating margin, % 1.6 1.2 Europe and Africa¹ External net sales 108,054 111,735 Operating profit 5,464 5,623 Operating margin, % 5.1 5.0 North and South America External net sales 35,160 37,307 Operating profit 1,958 1,111 Operating margin, % 5.6 3.0 Group Functions Net sales to other segments 51,787 54,975 Operating profit 5,738 5,053 Operating margin, % 11.1 9.2 Eliminations Net sales to other segments –51,787 –54,975 Total External net sales 161,624 169,064 Operating profit 13,462 12,031 Operating margin, % 8.3 7.1 Net financial items –1,776 –1,656 Profit after financial items 11,686 10,375
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 23 Not 4. Depreciations, amortisations and write-downs 1. Release of unused provisions for store closures. Full-year (Dec–Nov) SEK m 2026 2025 2026 2025 2025 DEPRECIATIONS AND AMORTISATIONS Intangible non-current assets and property, and equipment excluding right-of-use assets Cost of goods sold 202 236 585 709 951 Selling expenses 1,529 1,618 4,476 5,006 6,604 Administrative expenses 80 94 242 284 383 Total 1,811 1,948 5,303 5,999 7,938 Right-of-use assets Cost of goods sold 322 299 959 891 1,220 Selling expenses 2,605 2,733 7,789 8,356 10,821 Administrative expenses 101 111 317 343 447 Total 3,028 3,143 9,065 9,590 12,488 Total depreciations and amortisations 4,839 5,091 14,368 15,589 20,426 WRITE-DOWNS AND LOSSES AT DISPOSALS Intangible non-current assets and property, and equipment excluding right-of-use assets Cost of goods sold 34 6 78 40 72 Selling expenses 66 85 190 211 398 Administrative expenses 6 0 12 8 42 Total 106 91 280 259 512 Right-of-use assets Cost of goods sold – – – – – Selling expenses – –6¹ – –9¹ 181 Administrative expenses – –6¹ – 21 21 Total – – 12 – 12 202 Total write-downs and losses at disposals 106 79 280 271 714 TOTAL DEPRECIATIONS, AMORTISATIONS, 4,945 5,170 14,648 15,860 21,140 WRITE-DOWNS AND LOSSES AT DISPOSALS Nine months (Dec–Aug) Q3 (Jun–Aug)
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H & M Hennes & Mauritz AB Nine-month report 2026 (1 Dec 2025–31 Aug 2026) 24 Not 5. Events after the closing date There have been no significant events after the closing date that effects the financial reporting.
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