Kvartalsrapport Q1 2025

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===== SIDA 1 =====

H & M GROUP 
THREE-MONTH REPORT 
2025 
 
 
Q1

===== SIDA 2 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
2

===== SIDA 3 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
3 
H & M Hennes & Mauritz AB  
Three-month report 2025 
First quarter (1 December 2024 – 28 February 2025) 
• The H&M group’s net sales in the first quarter increased by 3 percent to SEK 55,333 m (53,669). In local currencies net 
sales increased by 2 percent with around 3 percent fewer stores compared with the previous year. 
• Gross profit amounted to SEK 27,169 m (27,655). This corresponds to a gross margin of 49.1 percent (51.5). The gross 
margin for the quarter was affected by negative external factors, increased markdowns and investments in the customer 
offering. The Swedish krona strengthened in the first quarter, with the result that currency remeasurement effects have 
also negatively affected the gross margin compared with the previous year. 
• Selling and administrative expenses amounted to SEK 25,938 m (25,564). In local currencies these expenses were on par 
with the previous year. 
• Operating profit amounted to SEK 1,203 m (2,077), corresponding to an operating margin of 2.2 percent (3.9). The 
decrease in operating profit is attributable to the lower gross margin. 
• The result after tax amounted to SEK 579 m (1,2311). 
• The stock-in-trade amounted to SEK 41,008 m (37,630), an increase by 9 percent. Currency adjusted the stock-in-trade 
increased by 11 percent compared with the previous year. Higher purchasing costs reflected in the weaker gross margin in the 
first quarter explain the majority of the increase in stock-in-trade. In addition, extended transport times associated with the 
situation in the Red Sea continued to affect inventory. The composition of the stock-in-trade is assessed to be good. 
• Cash flow from operating activities increased to SEK 4,201 m (3,967). Cash and cash equivalents plus undrawn credit 
facilities were SEK 34,470 m (38,710).
 
 
• The H&M group’s sales in the month of March 2025 are expected to increase by 1 percent in local currencies compared 
with the same month the previous year. 
• The overall negative effect from external factors, increased markdowns and investments in the customer offering is 
estimated to already be significantly smaller in the second quarter than in the first quarter, while collaboration with 
strategic suppliers is being deepened and bringing additional positive effects. At present the conditions are in place for 
these to have a positive overall effect in the second half of the year compared with the previous year, with the customer 
offering being strengthened at the same time. 
• The H&M group is included in the Carbon Disclosure Project’s A List for its leadership within transparency and climate impact. 
• Today the H&M group publishes its annual and sustainability report 2024. Among other things, the report shows that the 
greenhouse gas emissions in scope 3
2 reduced by around 24 percent in 2024 compared to the 2019 baseline. 
• The annual general meeting will be held on 7 May 2025 to resolve, among other things, on the board’s proposed dividend 
of SEK 6.80 per share, to be paid in two instalments, and on a general authorisation allowing the board to buy back the 
group’s own B shares in the period up to the 2026 annual general meeting. 
3% 4.2 
Sales increase in SEK Cash flow from operating activities billion SEK (4.0) 
 
 
“Sales increased by 3 percent in SEK in the first quarter, with well-received women’s collections. Operating profit and 
profitability were impacted by temporarily challenging development of the gross margin. Our main priorities are a 
strengthened product offering, a more inspiring shopping experience and a stronger brand. Through this we create the 
conditions for long-term, profitable and sustainable growth”, Daniel Ervér, CEO. 
 
1. See note 5. 
2. Scope 3 excludes the use of sold products.

===== SIDA 4 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
4 
 
Comments by Daniel Ervér, CEO 
Sales in the first quarter increased by 3 percent in SEK  
and by 2 percent in local currencies. Sales development  
was good in western, southern and eastern Europe, with 
positive development in Germany and Poland. Online  
sales continued to develop well, which shows that customers 
appreciate our upgraded digital store. We are continuing to 
optimise the store portfolio by closing select stores.  
We went into the quarter with nearly 120 fewer stores 
compared to the same time last year and we had  
40 net store closures during the period. 
 
Profitability in the quarter was negatively impacted by a 
weaker gross margin, which in turn was affected by negative 
external factors, increased markdowns and investments in 
the customer offering. We estimate that the overall negative 
effect of these will already be significantly smaller in the 
second quarter than in the first quarter. 
 
Although we have made important progress in our plan and 
have good cost control, our sales and earnings in the quarter 
were somewhat weaker than planned – but the first quarter  
is the smallest quarter of the year for us in terms of sales and 
margin, and we are confident going forward.  
 
We can see that the improvements we have made, especially 
in the women’s assortment, are starting to have a positive 
effect. Here we have simplified the organisation and become 
faster at adapting to new trends and creating a more relevant 
assortment. During the year we are implementing similar 
improvements for all our customer groups.  
 
Through our omni-model we are continuing to integrate the 
physical and digital sales channels, making it easier for our 
customers to find what they are looking for. The upgraded 
digital store was rolled out to more markets in the quarter 
and has been well received by our customers. Upgrades to 
our physical stores continues to be given high priority. In 
addition to rebuilds of key stores in several major cities,  
we are expanding customer experience upgrades to more 
stores in more markets during the year.  
 
 
 
 
 
 
We have a stable financial position that gives us the flexibility 
to prioritise what creates the most value for our customers. 
With macroeconomic and geopolitical uncertainty, it is 
important that we continue to focus fully on our plan and 
offer the best combination of fashion, quality, price and 
sustainability for everyone. We are therefore further 
strengthening our customer offering through an upgraded 
product offering, a more inspiring shopping experience and  
a stronger brand. This creates the conditions for long-term 
profitable and sustainable growth, with the H&M brand and 
organic growth in focus.

===== SIDA 5 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
5 
 
Sales 
The H&M group’s net sales in the first quarter increased by 
3 percent to SEK 55,333 m (53,669). In local currencies the 
increase was 2 percent. 
 
Sales development was good in western, southern and 
eastern Europe, with positive developments in Germany 
and Poland during the quarter. The continued optimisation 
of the store portfolio, including store closures, had a 
negative impact on sales in the short term. At the beginning 
of the quarter there were around 120 fewer stores than at the 
same point in time last year and net store closures during 
the quarter amounted to 40. 
 
Online continued to perform well. Around 30 percent of 
sales were online. 
 
For Portfolio brands, which were up against high 
comparative figures from last year, net sales in the first 
quarter increased by 2 percent in SEK. In local currencies 
sales on par with the previous year. 
The H&M group’s sales in the month of March 2025 are 
expected to increase by 1 percent in local currencies 
compared with the same month the previous year. 
 
Net sales 
 
 
 
 
 
 
 
 
53,669 55,333
Δ 3%
0
20,000
40,000
60,000
Q1
2024
2025
SEK m
2025  2024  SEK   Local currencies 
The Nordics 4,606 4,673 –1 –2
Western Europe 17,956 17,295 4 2
Eastern Europe 4,746 4,581 4 2
Southern Europe 7,363 6,884 7 7
North and South America 13,202 12,728 4 2
Asia, Oceania and Africa 7,460 7,508 –1 –3
Total 55,333 53,669 3 2
Sales per region 
Q1
MSEK 
Q1
change in % 
New stores (net)  
Q1 2025  28 Feb 2025  29 Feb 2024 
The Nordics –5 375 385
Western Europe –6 1,010 1,036
Eastern Europe –2 477 475
Southern Europe –7 567 601
North and South America –6 753 745
Asia, Oceania and Africa –14 1,031 1,096
Total –40 4,213 4,338
Number of stores 
Stores per region

===== SIDA 6 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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 amounted to SEK 27,169 m (27,655) for the first 
quarter, corresponding to a gross margin of 49.1 percent 
(51.5). The gross margin for the quarter was impacted by 
negative external factors, increased markdowns and 
investments in the customer offering. Markdowns in 
relation to sales increased by around 1 percentage point in 
the first quarter and are explained by, among other things, a 
later Black Friday compared with last year. This Black 
Friday timing effect also meant that logistics costs increased 
in the first quarter. 
 
The Swedish krona strengthened in the first quarter, with 
the result that currency remeasurement effects have also 
negatively affected the gross margin compared with the 
previous year. In the fourth quarter of 2024, in contrast, 
currency remeasurement effects had a significant positive 
effect on the development of the gross margin compared 
with the previous year. 
 
For the goods that will be sold in the second quarter of 
2025, the overall effect of external factors is expected to be 
negative compared with the previous year. The negative 
effect from external factors, increased markdowns and 
investments in the customer offering is expected to be 
significantly smaller in the second quarter than in the first 
quarter. Work to deepen cooperation with strategic 
suppliers continues and gives additional positive effects. 
 
At present there are also prospects that the effect of external 
factors, markdowns and continued investments in the 
customer offering, combined with the deeper collaboration 
with strategic suppliers, will be positive in the second half of 
the year compared with the previous year, while at the same 
time the customer offering is being strengthened. 
Gross profit and gross margin 
 
 
  
27,655 27,169
51.5% 49.1%
0
10,000
20,000
30,000
Q1
2024
2025
SEK m

===== SIDA 7 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
7 
Selling and administrative expenses 
Selling and administrative expenses in the first quarter 
amounted to SEK 25,938 m (25,564). In local currencies, 
these expenses were on par with the previous year. 
 
As a result of good operational cost control, selling and 
administrative expenses increased at a slower rate than sales 
in local currencies. This despite inflationary pressures in the 
cost base and somewhat increased long-term investments in 
marketing compared with the first quarter the previous year. 
 
The long-term investments in marketing are continuing in 
the second quarter of 2025 and are expected to be higher 
than in the corresponding period the previous year but 
somewhat lower than in the fourth quarter of 2024, when 
they amounted to around SEK 600 m. 
Selling and administrative expenses 
 
 
 
 
Operating profit and operating margin 
Operating profit in the first quarter amounted to 
SEK 1,203 m (2,077), corresponding to an operating margin 
of 2.2 percent (3.9). The decrease in operating profit is 
attributable to the lower gross margin. The first quarter is 
the smallest quarter of the year for the company in terms of 
sales and margin. 
 
Operating profit  
 
 
  
25,564 25,938
Δ 1%
0
10,000
20,000
30,000
Q1
2024
2025
SEK m
2,077
1,203
Δ –42%
0
1,000
2,000
3,000
Q1
2024
2025
SEK m

===== SIDA 8 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
8 
Stock-in-trade 
The stock-in-trade amounted to SEK 41,008 m (37,630) and 
increased by 9 percent compared with the previous year in 
SEK. Currency adjusted the stock-in-trade increased by 
11 percent compared with the previous year. Higher 
purchasing costs reflected in the weaker gross margin in the 
first quarter explain the majority of the increase in the stock-
in-trade compared with the previous year. In addition, 
extended transport times associated with the situation in the 
Red Sea continued to affect inventory as orders are brought 
forward to ensure the collections are available at the right 
time. 
 
The composition of the stock-in-trade is assessed to be 
good. 
 
The stock-in-trade in SEK represented 17.4 percent (16.0) of 
rolling 12 months sales. 
 
The investments in the supply chain and the integration of 
the sales channels continue. With a higher share of 
nearshoring, a more efficient and more flexible supply chain 
and more purchasing in season, there are opportunities for 
improvement of the stock-in-trade position in the second 
half of the year compared with the previous year. The 
company continues to plan for extended transport times 
and to manage disruption in the supply chain. 
Stock-in-trade 
 
 
  
37,630
41,008
Δ 9%
0
20,000
40,000
60,000
29 Feb 2024
28 Feb 2025
SEK m

===== SIDA 9 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
9 
Expansion through 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. 
Investment in physical and digital stores continues in 2025 
at the same rate as in 2024 to provide an even more 
inspiring experience while also optimising our store 
portfolio for continued profitability and growth.  
 
H&M is opening its first store in El Salvador in 2025. The 
first H&M stores in Brazil will open in the second half of 
2025. The first two stores will open in São Paulo and the 
third store in Campinas. Paraguay will become a new H&M 
market, with the first store opening in 2026.  
 
COS opened on the SSF marketplace in South Korea in the 
first quarter of 2025. Arket will open its first stores in 
Norway, Austria, Greece and Ireland during 2025. 
 
The H&M group is continuing to renegotiate a large number 
of leases, which also involves rebuilds as well as adjustment 
of the number of stores and of store space to ensure it has 
the right store portfolio in each market. The H&M group’s 
contracts allow around a third of leases to be renegotiated or 
exited each year. For 2025 the plan is to open around 80 
new stores. Most of the openings will be in growth markets. 
Around 190 stores are scheduled for closure, mainly in 
established markets. The closures include a large number of 
Monki stores. A few of these will be converted into 
Weekday stores and the remaining stores are planned to be 
closed. 
 
With more than 4,200 stores, upgrading the store portfolio 
will remain a priority and is the area where the largest 
investments are being made. In 2025 the upgrades will 
continue at a fast pace through openings, rebuilds, layout 
improvements and tech installations. 
Store count and markets by brand 
As at 28 February 2025 the H&M group had 4,213 (4,338) 
stores, i.e. the total number of stores has decreased by 125 
stores compared with the same point in time the previous 
year, which corresponds to a reduction of around 3 percent. 
During the first three months of current financial year 8 (16) 
new stores have opened and 48 (47) stores have closed. 
A total of 257 (272) of the group’s stores are operated by 
franchise partners. 
 
 
1. Afound had 7 online markets as at 29 February 2024. 
2. 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. 
  
  
Q1 2025    28 Feb 2025   29 Feb 2024    Store   Online   
H&M –35 3,742 3,848 78 60
COS 1 239 241 48 38
Monki –5 43 62 14 29
Weekday 0 46 50 14 29
& Other Stories –1 69 71 25 32
ARKET 1 41 33 17 31
Afound 0 0 0 0 0¹
H&M HOME² –1 33 33 15 45
Sellpy 0 0 0 0 24
Total –40 4,213 4,338
Number of stores 
Number of markets
28 Feb 2025 
New stores (net) 
Number of
stores

===== SIDA 10 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
10 
Cash flow, working capital and financing 
Cash flow and liquidity 
Cash flow from operating activities increased by 6 percent 
to SEK 4,201 m (3,967). Cash flow for the period amounted 
to SEK –577 m (–5,403) and was impacted by, among other 
things, a lower increase in working capital and increased 
investments compared with the previous year. The previous 
year’s cash flows included repayment of debt and share 
buybacks. 
 
The H&M group’s liquidity remains very good. As at 
28 February 2025 cash and cash equivalents amounted to 
SEK 16,578 m (20,822). In addition, the group has undrawn 
credit facilities of SEK 17,892 m (17,888). The total liquidity 
buffer, i.e. cash and cash equivalents plus undrawn credit 
facilities, amounted to SEK 34,470 m (38,710). 
Operating working capital 
Operating working capital amounted to SEK 19,609 m 
(18,282). Accounts receivable increased somewhat in the 
first quarter of 2025 compared with the previous year. 
 
Extended transport times associated with the situation in 
the Red Sea continued to affect inventory as orders are 
brought forward to ensure the collections’ availability at the 
right time. 
The increase in accounts payable compared with the 
previous year was primarily driven by purchases of goods 
and investments in store fittings. 
 
Changes in operating working capital during the quarter 
amounted to SEK –1,953 m (–1,350). Compared with the 
previous year, the quarter’s operating working capital 
development was mainly affected by lower accounts 
receivable. 
Financing 
Net debt including lease liabilities in relation to EBITDA 
amounted to 1.6 (1.4) with a net cash position of SEK 
2,273 m (6,585). 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 14,305 m (14,237) as at 28 February 2025. The average 
maturity of interest-bearing liabilities amounted to 
4.9 (5.8) years. 
 
A maturity analysis of outstanding interest-bearing liabilities 
and undrawn credit facilities as at 28 February 2025 is given 
in the table below. 
 
 
 
 
 
  
Operating working capital 
SEK m
Accounts receivable 2,849 2,290 5,631
Stock-in-trade 41,008 37,630 40,348
Accounts payable –24,248 –21,638 –24,417
Total operating working capital 19,609 18,282 21,562
2024-11-302024-02-292025-02-28
Liquidity and debt financing 
Year 
2025 500 – – –
2026 – – 2,000 –
2027 – – – 3,355
2028 – – 260 –
2029 – 5,592 – 14,537
2030 – – – –
2031 – 5,953 – –
Total SEK m 500 11,545 2,260 17,892
Unused credit  
facilities   
Loans from credit  
institutions   
BONDS (EMTN)   
Commercial  
papers

===== SIDA 11 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
11 
Tax 
The group’s tax rate for the financial year 2025 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) is planned to be used to calculate tax expense on the earnings in each 
period excluding 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. 
Current quarter 
The H&M group’s sales in the month of March 2025 are expected to increase by 1 percent in local currencies compared with 
the same month the previous year. 
 
The cost of markdowns in relation to sales in the second quarter is expected to increase somewhat compared with the 
corresponding quarter the previous year. 
 
The company is closely monitoring developments in global trade and trade restrictions. With good flexibility in the supply 
chain and through the pricing of the customer offering there are opportunities to adapt the business to changed conditions. 
Risks and uncertainties 
Risks may be due to events in the outside world and affect a certain sector or market, or they may be associated with the 
group’s own business. The H&M group carries out regular risk analysis for both operational and financial risks. Operational 
risks are mainly associated with the business and the external risks that affect the group. Business decisions determine 
whether action is to be taken to reduce the likelihood of the risk in question occurring and if so, to what extent. Business 
decisions also determine the extent to which the consequences of a risk that has occurred may be mitigated. 
 
There are external risks and uncertainties affecting the H&M group that are related to the shift in the industry, fashion, 
competitors, logistics resources, information security and cyber security, sustainability issues, weather, macroeconomics and 
geopolitical events, foreign currencies, taxes, customs duty, and various regulations and ordinances, but also in connection 
with expansion into new markets, the launch of new concepts and how the brands are managed. More detailed information 
concerning the financial risks is given in the H&M group’s annual and sustainability report.

===== SIDA 12 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
12 
Communication in conjunction  
with the three-month report 
The three-month report, i.e., 1 December 2024 – 28 
February 2025, will be published at 08:00 CET on 27 March 
2025, followed by a telephone conference at 09:00 CET for 
the financial market and media. The telephone conference 
will be held in English, hosted by CEO Daniel Ervér, CFO 
Adam Karlsson and Head of IR Joseph Ahlberg. 
 
For log in details for the telephone conference please 
register via this link: 
https://app.webinar.net/48NWzdRkxoq 
To book interviews for media in conjunction with the three-
month report on 27 March 2025, please contact: 
Anna Frosch Nordin, Head of Media Relations, 
telephone +46 73 432 93 14, anna.froschnordin@hm.com. 
 
 
Calendar 
7 May 2025 Annual general meeting  
15:00 (CEST), 
Erling Perssonsalen,  
Aula Medica, Solna 
26 June 2025 Six-month report,  
1 Dec 2024 – 31 May 2025 
25 September 2025 Nine-month report,  
1 Dec 2024 – 31 Aug 2025 
29 January 2026 Full-year report,  
1 Dec 2024 – 30 Nov 2025 
 
This three-month report has not been audited by the 
company’s auditors. 
 
Stockholm, 26 March 2025 
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. 
 
  
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 (CET) on 27 March 
2025. 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. In addition to H&M, the group includes the brands COS, Cheap Mond ay, Weekday, 
Monki, H&M HOME, & Other Stories, ARKET, Singular Society and Sellpy. The group also includes several ventures. For further information, 
visit hmgroup.com.

===== SIDA 13 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
13 
Group income statement in summary 
 
For information about depreciation, amortisation and write-downs, see note 4. 
1. Regarding restated figures for financial year 2024 see Note 5 Restated figures attributable to amendments to IAS 12. 
2. Before and after dilution, excluding own shares. 
  
  
  
Full-year
(Dec–Nov) 
SEK m Note 2025     2024       2024     
Net sales 3 55,333 53,669 234,478
Cost of goods sold 4 –28,164 –26,014 –109,179
Gross profit 27,169 27,655 125,299
Gross margin, % 49.1 51.5 53.4
Selling expenses 4 –23,115 –22,643 –97,153
Administrative expenses 4 –2,823 –2,921 –10,762
Result from investments in associated companies and joint ventures –28 –14 –78
Operating profit 1,203 2,077 17,306
Operating margin, % 2.2 3.9 7.4
Net financial items –441 –471 –1,863
Profit after financial items 762 1,606 15,443
Tax¹ –183 –375 –3,859
PROFIT FOR THE PERIOD¹ 579 1,231 11,584
Attributable to:
The shareholders of H & M Hennes & Mauritz AB¹ 590 1,239 11,621
Non-controlling interest –11 –8 –37
Earnings per share, SEK¹ ² 0.37 0.77 7.21
Average number of shares outstanding, thousands² 1,604,491 1,617,495 1,611,695
Q1
(Dec–Feb)

===== SIDA 14 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
14 
Consolidated statement of comprehensive 
income 
 
1. Regarding restated figures for financial year 2024 see Note 5 Restated figures attributable to amendments to IAS 12.  
    
Full-year
(Dec–Nov) 
SEK m Note 2025    2024      2024    
PROFIT FOR THE PERIOD¹ 579 1,231 11,584
Other comprehensive income
Items that are or may be reclassified to profit or loss
Translation differences –735 –236 717
Change in hedging reserves 534 44 –589
Tax attributable to change in hedging reserves –110 –9 121
Share of OCI related to associated companies and joint ventures 0 0 0
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit pension plans 14 –59 –73
Tax related to the above remeasurement –4 15 18
Remeasurement of financial assets 2 –369 –21 299
Other comprehensive income –670 –266 493
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD¹ –91 965 12,077
Attributable to:
The shareholders of H & M Hennes & Mauritz AB¹ –80 973 12,114
Non-controlling interest –11 –8 –37
Q1
(Dec–Feb)

===== SIDA 15 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
15 
Group balance sheet in summary 
 
1. Regarding restated figures for financial year 2024 see Note 5 Restated figures attributable to amendments to IAS 12. 
2. Equity attributable to the shareholders of H & M Hennes & Mauritz AB amounts to SEK 46,062 m (46,533) and to non-controlling interests to SEK 58 m (93). 
3.  Interest-bearing long-term liabilities amount to SEK 64,974 m (62,370) and excluding leases to SEK 14,271 m (14,426), of which provisions for pensions were SEK 467 m 
(478). 
4. Interest-bearing short-term liabilities amount to SEK 13,033 m (12,685) and excluding leases to SEK 500 m (289). 
 
Group changes in equity in summary 
 
1. Regarding restated figures for financial year 2024 see Note 5 Restated figures attributable to amendments to IAS 12. 
  
SEK m Note 
ASSETS     
Non-current assets     
Intangible non-current assets 8,503 9,148 8,730
Property, plant and equipment 28,737 24,512 29,158
Right-of-use assets 57,813 55,639 57,062
Non-current financial assets 2 2,922 2,665 3,288
Other non-current assets 6,064 6,935 6,249
104,039 98,899 104,487
Current assets     
Stock-in-trade 41,008 37,630 40,348
Current receivables 16,336 16,416 18,039
Cash and cash equivalents 16,578 20,822 17,340
73,922 74,868 75,727
TOTAL ASSETS 177,961 173,767 180,214
EQUITY AND LIABILITIES 
Equity¹ ² 46,120 46,626 46,211
Long-term liabilities³ 16,620 16,900 16,992
Long-term leasing liabilities³ 50,703 47,944 50,361
Short-term liabilities¹ ⁴ 51,985 49,901 54,174
Current leasing liabilities⁴ 12,533 12,396 12,476
TOTAL EQUITY AND LIABILITIES 177,961 173,767 180,214
2024-11-302024-02-292025-02-28
 
SEK m
Shareholders' equity at the beginning of the financial year¹ 46,211 47,510 47,510
Total comprehensive income for the period¹ –91 965 1 2,077
Transactions with non-controlling interests – – –40
Dividend – – – 10,456
Repurchase of shares – –1,849 –2 ,880
Shareholders' equity at the end of the period¹ 46,120 46,626 46,211
2024-11-302024-02-292025-02-28

===== SIDA 16 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
16 
Group cash flow statement in summary 
 
1. Interest paid for the group amounts to SEK 101 m (192). Interest expense related to leases amounts to SEK 524 m (491) for the group. Received interest for the group 
amounts to SEK 184 m (212). 
Q1
(Dec–Feb) 
 
Q1
(Dec–Feb) 
SEK m 2025     2024    
Operating activities 
Profit after financial items¹ 762 1,606
Adjustment for non-cash items
– Provisions for pensions 20 43
– Other provisions –2 161
– Depreciation, amortisation and write-downs 5,515 5,405
– Other non-cash items 28 14
Taxes paid –643 –717
Cash flow from operating activites before changes in working capital 5,680 6,512
Cash flow from changes in working capital
Operating receivables 1,210 –39
Stock-in-trade –1,049 –577
Operating liabilities –1,640 –1,929
Cash flow from operating activities 4,201 3,967
Investing activities
Investments in intangible fixed assets –310 –187
Investments in tangible fixed assets –1,671 –1,294
Other investments –72 –175
Cash flow from investing activities –2,053 –1,656
Financing activities
Change in interest-bearing liabilities 500 –2,770
Amortisation lease –3,225 –3,134
Repurchase of shares – –1,810
Cash flow from financing activities –2,725 –7,714
CASH FLOW FOR THE PERIOD –577 –5,403
Cash and cash equivalents at beginning of the financial year 17,340 26,398
Cash flow for the period –577 –5,403
Exchange rate effect –185 –173
Cash and cash equivalents at end of the period 16,578 20,822

===== SIDA 17 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
17 
Five year summary  
Q1, 1 December – 28 February 
 
1. Regarding restated figures for financial year 2024 see Note 5 Restated figures attributable to amendments to IAS 12. 
2. Before and after dilution, excluding own shares. 
 
For definitions and explanations of the alternative performance measures in this report, see page 162–164 in the annual and sustainability report for the 2024 financial 
year. 
  
2021    2022    2023    2024    2025   
Net sales, SEK m 40,060 49,166 54,872 53,669 5 5,333
Change net sales from previous year in SEK, % –27 23 12 –2 3
Change net sales previous year in local currencies, % –21 18 3 –2 2
Operating profit, SEK m –1,128 458 725 2,077 1,203
Operating margin, % –2 .8 0.9 1.3 3.9 2.2
Depreciation, amortisation and write-downs for the period, SEK m 5,712 5,393 5,505 5,405 5,515
Profit after financial items, SEK m –1,389 282 396 1,606 762
Profit after tax, S EK m¹ –1,070 217 540 1,231 579
Cash and cash equivalents, SEK m 17,304 27,403 21,290 20,822 16,578
Stock-in-trade, SEK m 36,978 39,331 41,040 37 ,630 41,008
Equity, SEK m¹ 53,390 60,715 51,780 46,626 46,120
Average number of shares outstanding, thousands² 1,655,072 1,655,072 1,629,687 1,617,495 1,604,491
Earnings per share, SE K¹ ² –0.65 0.13 0.33 0.77 0.37
Cash flow from operating activities
per share, SEK² 3.59 2.19 3.06 2.45 2.62
Number of shares outstanding as of the closing day, thousands² 1,655,072 1,655,072 1,629,687 1,610,735 1,604,491
Equity per share, SEK¹ ² 32.26 36.68 31.77 28.95 28.74
Share of risk-bearing capital, %¹ 33.7 34.8 30.7 28.2 27 .1
Equity/assets ratio, %¹ 31.4 32.8 28.9 26.9 25.9
Total number of stores 4,949 4,721 4,414 4,338 4,213
Rolling 12 months
Average number of shares outstanding, thousands² 1 ,655,072 1,655,072 1,643,587 1,626,067 1,608,473
Earnings per share, SEK¹ ² –1.06 7.43 2.37 5.81 6.82
Return on equity, %¹ –3.1 21.6 6.9 19.1 23.6
Return on capital employed, %¹ –0.4 13.1 6.0 13.5 14.1

===== SIDA 18 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
18 
Parent company income statement in summary 
 
1. Revenue from interests in group companies is included for the quarter at SEK 0 m (402). 
Parent company statement of  
comprehensive income 
 
 
  
   
Full-year
(Dec–Nov) 
SEK m 2025    2024      2024    
Net sales 530 538 2,364
Gross profit 530 538 2,364
Administrative expenses –39 –32 –170
Operating profit 491 506 2,194
Net financial items¹ –12 328 10,060
Profit after financial items 479 834 12,254
Year-end appropriations – – –1,287
Tax –99 –89 –217
PROFIT FOR THE PERIOD 380 745 10,750
Q1
(Dec–Feb) 
   
Full-year
(Dec–Nov) 
SEK m 2025    2024      2024    
PROFIT FOR THE PERIOD 380 745 10,750
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit pension plans 2 –2 –14
Tax related to the above remeasurement 0 0 3
Other comprehensive income 2 –2 –11
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 382 743 10,739
Q1
(Dec–Feb)

===== SIDA 19 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
19 
Parent company balance sheet in summary 
 
1. All long-term liabilities are interest-bearing. 
2. Interest-bearing current liabilities amount to SEK 500 m (0). 
  
 
SEK m
ASSETS
Non-current assets
Property, plant and equipment 128 137 130
Other non-current assets 1,463 1,726 1,463
 1,591 1,863 1,593
Current assets
Current receivables 26,609 28,310 26,942
Cash and cash equivalents 11 0 –
26,620 28,310 26,942
 
TOTAL ASSETS 28,211 30,173 28,535
EQUITY AND LIABILITIES
Equity 14,145 15,254 13,763
Untaxed reserves 17 17 17
Long-term liabilities¹ 13,080 13,069 13,176
Short-term liabilities² 969 1,833 1,579
TOTAL EQUITY AND LIABILITIES 28,211 30,173 28,535
2024-11-302024-02-292025-02-28

===== SIDA 20 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
20 
Note 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 2024. No new or 
revised IFRS standards or interpretations applied from 1 
December 2024 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 2024 financial year. 
Note 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 2024. 
 
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. 
 
The value of other shares and interests based on level 3 
inputs according to IFRS 13 amounts in total to SEK 2,690 
m (2,454) as at 28 February 2025, the largest investments 
being Klarna at SEK 951 m (619), Sheertex at SEK 304 m 
(619), and Instabee at SEK 188 m (200). The effect of 
measurement of the group’s other shares and interests is 
reported in other comprehensive income and amounts to 
SEK –369 m (–21) for the first quarter. 
 
Currency derivatives are measured at fair value based on 
level 2 inputs in the IFRS 13 hierarchy. As at 28 February 
2025 forward contracts with a positive market value amount 
to SEK 1,002 m (882), reported under other current 
receivables. Forward contracts with a negative market value 
amount to SEK 608 m (777), which is recognised in other 
current liabilities. 
 
In hedge accounting, derivatives are classified as cash flow 
hedges or as fair value hedges. As at 28 February 2025 the 
nominal amount of outstanding interest rate swaps was SEK 
0 m (5,590). 
 
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 
100 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.

===== SIDA 21 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
21 
Note 3. Segment reporting 
 
1. South Africa  
Q1
(Dec–Feb) 
Q1
(Dec–Feb) 
SEK m 2025  2024 
Asia and Oceania
External net sales 7,111 7,212
Operating profit –350 51
Operating margin, % –4.9 0.7
Europe and Africa¹
External net sales 35,020 33,729
Operating profit 761 1,119
Operating margin, % 2.2 3.3
North and South America
External net sales 13,202 12,728
Operating profit 24 –339
Operating margin, % 0.2 –2.7
Group Functions
Net sales to other segments 16,968 16,899
Operating profit 768 1,246
Operating margin, % 4.5 7.4
Eliminations
Net sales to other segments –16,968 –16,899
Total
External net sales 55,333 53,669
Operating profit 1,203 2,077
Operating margin, % 2.2 3.9
Net financial items –441 –471
Profit after financial items 762 1,606

===== SIDA 22 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
22 
Note 4. Depreciations, amortisations and write-downs  
 
1.  Release of unused provisions for store closures. 
  
 
Full-year
(Dec–Nov) 
SEK m 2025   2024   2024   
DEPRECIATIONS AND AMORTISATIONS
Intangible non-current assets and property, plant
and equipment excluding right-of-use assets
Cost of goods sold 233 234 965
Selling expenses 1,746 1,794 7,236
Administrative expenses 94 98 383
Total 2,073 2,126 8,584
Right-of-use assets
Cost of goods sold 352 330 1,262
Selling expenses 2,909 2,841 11,322
Administrative expenses 115 107 430
Total 3,376 3,277 13,014
Total depreciations and amortisations 5,449 5,403 21,598
WRITE-DOWNS AND LOSSES AT DISPOSALS
Intangible non-current assets and property, plant
and equipment excluding right-of-use assets
Cost of goods sold 0 1 80
Selling expenses 31 –4¹ 266
Administrative expenses 2 5 20
Total 33 2 366
Right-of-use assets
Cost of goods sold – – –
Selling expenses – – 288
Administrative expenses 33 – –
Total 33 – 288
Total write-downs and losses at disposals 66 2 654
TOTAL DEPRECIATIONS, AMORTISATIONS, WRITE-DOWNS 5,515 5,405 22,252
AND LOSSES AT DISPOSALS
Q1
(Dec–Feb)

===== SIDA 23 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
23 
Note 5. Restated figures attributable to amendments to IAS 12 
Equity as at 29 February 2024 and profit for the first quarter of 2024 have been adjusted as a consequence of the 
retrospective restatement of deferred tax relating to right-of-use assets and lease liabilities arising from the entry into force, 
effective from the 2024 financial year, of the amendment to IAS 12 Income Taxes concerning Deferred Tax related to Assets 
and Liabilities arising from a Single Transaction. For adjustments made for full-year 2024, see note 12 in the annual and 
sustainability report for 2024. 
 
In the Five year summary the years 2021–2022 have not been restated. 
 
For the financial year 2024 the following values have been adjusted accordingly: 
 
 
1.  Rolling 12 months. 
Note 6. Events after the closing date 
There have been no significant events after the closing date that effects the financial reporting. 
  
Tax –375 –405 30
Profit after tax/profit for the period 1,231 1,201 30
Total comprehensive income 965 935 30
Profit for the period attributable to the
shareholders of H & M Hennes & Mauritz AB 973 943 30
Short-term liabilities 49,901 49,840 61
Shareholders' equity at the beginning of
the financial year 47,510 47,601 –91
Equity 46,626 46,687 –61
Earnings per share, SEK 0.77 0.75 0.02
Equity per share, SEK 28.95 28.98
Return on equity, % 19.1 19.1
Return on capital employed, % 13.5 13.5
Share of risk-bearing capital, % 28.2 28.2
Equity-asset ratio, % 26.9 26.9
Earnings per share, SEK¹ 5.81 5.77
Group income statement and balance sheet 
Key financial ratios 
Reported value  
2024  
New restated value  
2024  
Change, SEK m   
Reported value  
2024, SEK m  
New restated value  
2024, SEK m

===== SIDA 24 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 25 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 26 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 27 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 28 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 29 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
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===== SIDA 30 =====

H & M Hennes & Mauritz AB   Three-month report 2025 (1 Dec 2024–28 Feb 2025) 
30