Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

H & M GROUP 
THREE-MONTH REPORT 
2026 
 
 
Q1

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
2

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
3 
H & M Hennes & Mauritz AB  
Three-month report 2026 
First quarter (1 December 2025 — 28 February 2026) 
• Net sales amounted to SEK 49,607 m (55,333). Sales in local currencies decreased by 1 percent, with around 4 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 over 9 percentage points due to the strengthened Swedish krona. 
• Gross profit amounted to SEK 25,138 m (27,169), which corresponds to a gross margin of 50.7 percent (49.1). The costs of 
markdowns decreased somewhat compared with the previous year. 
• Selling and administrative expenses decreased by 1 percent in local currencies. Converted into SEK these expenses decreased 
by 9 percent to SEK 23,625 m (25,938). 
• Operating profit increased by 26 percent to SEK 1,512 m (1,203), corresponding to an operating margin of 3.0 percent (2.2). 
• The result after tax increased to SEK 704 m (579), corresponding to SEK 0.45 (0.37) per share. 
• Cash flow from operating activities after changes in working capital amounted to SEK 4,025 m (4,201). Operating working 
capital decreased during the quarter with SEK 2,088 m (1,953), mainly as a result of improved inventory productivity. 
• Stock-in-trade decreased by 16 percent to SEK 34,608 m (41,008) and the composition of the stock-in-trade is good. Currency 
adjusted the stock-in-trade decreased by 5 percent compared with the previous year. The stock-in-trade in SEK represented 
15.6 percent (17.4) of rolling 12 months sales. 
 
 
• The H&M group’s sales in the month of March 2026 are expected to increase by 1 percent in local currencies compared 
with the same month the previous year. 
• Today the H&M group publishes its annual and sustainability report 2025. Among other things, the report shows that 32 
percent of the materials used in commercial products in 2025 were recycled materials, and that the share of recycled or 
sustainably produced materials was 91 percent. You can read more about this and our sustainability work at 
hmgroup.com. 
• The annual general meeting will be held on 5 May 2026 to resolve, among other things, on the board’s proposed dividend 
of SEK 7.10 (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 2027 annual general meeting. 
 
 
50.7% 8.4% 15.6% 
Gross margin, first quarter 
(49.1%) 
Operating margin 
rolling 12 months 
(7.0%) 
Stock-in-trade / sales1 
(17.4%) 
 
 
 
“Good cost control and an improved gross margin contributed to strengthened profitability in a quarter characterised by cautious 
consumption and large currency translation effects,” says Daniel Ervér, CEO. 
 
 
1. Stock-in-trade in SEK, as at 28 February, as a percentage of rolling 12-month sales.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
4 
Comments by Daniel Ervér, CEO 
Good cost control and improved gross margin 
contributed  to strengthened profitability in a quarter 
marked  by cautious consumption and large currency 
translation effects . 
 
Sales in local currencies decreased by 1 percent, while the 
store count was around 4 percent lower than in the same 
quarter last year. Revenue in SEK were negatively affected 
by a currency translation effect of just over 9 percentage 
points due to the strengthened Swedish krona. The quarter 
began in December with weaker demand following strong 
Black Friday trading in November. Towards the end of the 
quarter our well-received spring collections contributed to a 
positive sales trend, which also continued into March. 
 
Through continued good cost control, greater efficiency in 
our product purchasing and external factors that positively 
affected purchasing costs, we strengthened both the gross 
margin and the operating margin compared with the same 
quarter last year. The results of this can also be seen over the 
past 12 months, as the operating margin has improved by 
1.4 percentage points to 8.4 percent. 
 
We are continuing to develop the customer offering with a 
focus on product, experience and brand to strengthen the 
foundation for profitable and sustainable growth. Inventory 
efficiency was improved further during the quarter, and the 
stock-in-trade situation is good. Shorter decision paths mean 
we are able to act faster; combined with deeper collaboration 
with our suppliers, this increases our opportunities to 
purchase a higher share of the assortment in season and thus 
create an even more relevant offering. We are also 
continuing to implement improvements in our physical 
stores within areas such as tech, layout and presentation. 
 
In a still challenging macroeconomic environment marked 
by increased geopolitical uncertainty, flexibility is more 
important than ever. With the customer in focus, short 
decision paths and good cost control, we can adapt to a 
rapidly changing environment and continue to offer our 
customers relevant fashion with the best possible value for 
money.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
5 
Sales 
Net sales amounted to SEK 49,607 m (55,333). Sales in local 
currencies decreased by 1 percent, with around 4 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 9 percentage points 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 first quarter there were 152 fewer stores 
than at the same point in time last year and at the end of the 
quarter there were 163 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. At the 
beginning of the first quarter last year there were 48 Monki 
stores, with 43 remaining at the end of the quarter. The 
optimisation of the store portfolio has had a somewhat 
negative impact on sales in the first quarter of 2026 due to 
store closures and rebuilds. For full-year 2026, however, the 
sales effect from store optimisation is expected to be slightly 
positive. 
 
Online continued to perform well. Just over 30 percent of 
sales takes place online. 
 
For portfolio brands, net sales decreased in the first quarter 
by 1 percent in local currencies. Net sales in SEK were 
negatively impacted by a currency translation effect of just 
over 9 percentage points due to the stronger Swedish krona. 
Excluding Monki, sales for portfolio brands increased by 
1 percent in local currencies during the first quarter of 2026. 
 
The H&M group’s sales in the month of March 2026 are 
expected to increase by 1 percent in local currencies 
compared with the same month the previous year. 
Net sales 
 
 
 
 
  
55,333
49,607
Δ –10%
0
20,000
40,000
60,000
Q1
2025
2026
SEK m
2026  2025  SEK   Local currencies 
The Nordics 4,473 4,606 –3 0
Western Europe 16,557 17,956 –8 –1
Eastern Europe 4,419 4,746 –7 –1
Southern Europe 6,837 7,363 –7 3
North and South America 11,172 13,202 – 15 –3
Asia, Oceania and Africa 6,149 7,460 –18 –3
Total 49,607 55,333 –10 –1
Sales per region 
Q1
SEK m 
Q1
change in % 
Change in number of stores (net)  
Q1 2026  28 Feb 2026  28 Feb 2025 
The Nordics –1 356 375
Western Europe –8 986 1,010
Eastern Europe –4 474 477
Southern Europe –1 562 567
North and South America –12 757 753
Asia, Oceania and Africa –25 915 1,031
Total –51 4,050 4,213
Number of stores 
Stores per region

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 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 amounted to SEK 25,138 m (27,169) for the first 
quarter, corresponding to a gross margin of 50.7 percent 
(49.1). The improvement work in the supply chain, external 
factors that had a positive influence on purchasing costs and 
somewhat lower costs for markdowns strengthened the 
gross margin in the first quarter. 
 
For the goods being sold in the second quarter of 2026, the 
overall effect of external factors is assessed to be somewhat 
positive compared with the corresponding period the 
previous year. 
 
The cost of markdowns as a percentage of sales in the 
second quarter 2026 is expected to be somewhat higher 
than in the corresponding quarter the previous year. 
 
 
 
Gross profit and gross margin 
 
 
 
 
Selling and administrative expenses 
Good cost control has countered continued inflationary 
pressures in the cost base. Selling and administrative 
expenses in the first quarter decreased by 1 percent in local 
currencies. Converted into SEK these expenses decreased 
by 9 percent to SEK 23,625 m (25,938). 
 
 
 
 
 
Selling and administrative expenses 
 
 
27,169
25,138
49.1% 50.7%
0
10,000
20,000
30,000
Q1
2025
2026
SEK m
25,938
23,625
Δ –9%
0
10,000
20,000
30,000
Q1
2025
2026
SEK m

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
7 
Operating profit and operating margin 
Operating profit in the first quarter increased by 26 percent 
to SEK 1,512 m (1,203), corresponding to an operating 
margin of 3.0 percent (2.2). 
 
For rolling 12 months the operating margin was 8.4 percent 
(7.0). 
 
The improvement in operating profit and margin is mainly 
due to a stronger gross margin and good cost control. 
 
The currency translation effect in the quarter had a negative 
impact on operating margin as the part of the H&M group’s 
cost base that is denominated in SEK does not decrease as a 
result of the strengthening of the Swedish krona. 
 
 
 
Operating profit  
 
 
Stock-in-trade 
The stock-in-trade decreased by 16 percent to 
SEK 34,608 m (41,008). Currency adjusted the stock-in-
trade decreased by 5 percent compared with the previous 
year.  
 
The composition of the stock-in-trade is good. 
 
The stock-in-trade in SEK represented 15.6 percent (17.4) of 
rolling 12 months sales. 
 
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 
stock availability for the customer even with a lower volume 
of stock, which also contributes to cash flow through a lower 
level of tied-up working capital. During 2026 new 
warehouses in Europe will gradually be taken into use, 
thereby securing growth capacity, good stock availability 
and flexibility between the sales channels while at the same 
time optimising the network structure. 
Stock-in-trade 
 
 
  
1,203
1,512
Δ +26%
0
1,000
2,000
Q1
2025
2026
SEK m
41,008
34,608
Δ –16%
0
20,000
40,000
60,000
28 Feb 2025
28 Feb 2026
SEK m

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
8 
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. Overall 
this had a slightly negative sales impact in the first quarter of 
2026. For the full-year 2026 the sales effect is expected to 
be slightly positive. For 2026 the plan is to open around 80 
new stores, while around 160 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. 
Seven stores in Brazil, with the first in Rio de Janeiro, are so 
far contracted to open in 2026. Paraguay will become a new 
H&M market in 2026 and H&M will also open its first store 
in Malta via franchise in the first half of 2026. H&M opened 
online in Ukraine during the first quarter of 2026. 
 
ARKET opened its first store in Greece in the first quarter 
and will open its first store in Lithuania in 2026. During the 
first quarter ARKET and & Other Stories were launched on 
Zalando in Sweden, the Netherlands, Denmark, France, 
Poland and Belgium. COS opened online in Canada in 
March 2026. 
 
Store count and markets by brand 
As at 28 February 2026 the H&M group had 4,050 (4,213) 
stores, i.e. the total number of stores has decreased by 163 
stores compared with the same point in time the previous 
year, which corresponds to a reduction of around 4 percent. 
During the first three months of the current financial year 
17 (8) new stores have opened and 68 (48) stores have 
closed. A total of 251 (257) 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. 
  
 
Q1 2026   28 Feb 2026   28 Feb 2025    Store   Online   
H&M –44 3,616 3,742 81 62
COS 1 247 239 49 38
Monki 0 0 43 0 29
Weekday –1 43 46 14 29
& Other Stories 0 66 69 24 32
ARKET 1 54 41 22 31
H&M HOME¹ –8 24 33 12 45
Sellpy 0 0 0 0 24
Total –51 4,050 4,213
Number of stores 
Number of markets
28 Feb 2026 
Change in number 
of stores (net) 
Total number
of stores

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
9 
Cash flow, working capital and financing 
Cash flow and liquidity 
Cash flow from operating activities in the three-month 
period amounted to SEK 4,025 m (4,201) and was affected 
by, among other things higher profit, lower depreciation and 
increased tax payments. 
 
The H&M group’s liquidity remains very good. As at 
28 February 2026 cash and cash equivalents amounted to 
SEK 18,733 m (16,578). In addition, the group has undrawn 
credit facilities of SEK 19,157 m (17,892). The total liquidity 
buffer, i.e. cash and cash equivalents plus undrawn credit 
facilities, amounted to SEK 37,890 m (34,470). 
Operating working capital 
Operating working capital decreased during the quarter by 
SEK 2,088 m (1,953) to SEK 18,924 m (19,609), mainly as a 
result of improved inventory productivity. 
 
Financing 
Net debt including lease liabilities in relation to EBITDA 
amounted to 1.5 (1.6) with net debt of SEK 1,465 m 
(– 2,273). 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 20,198 m (14,305) as at 28 February 2026. The average 
maturity of interest-bearing liabilities was 4.9 (4.9) years as 
at 28 February 2026. 
 
A maturity analysis of outstanding interest-bearing liabilities 
and undrawn credit facilities as at 28 February 2026 is given 
in the table below.  
 
 
 
 
 
 
 
 
  
Operating working capital 
SEK m
Accounts receivable 3,599 2,849 6,411
Stock-in-trade 34,608 41,008 35,427
Accounts payable –19,283 –24,248 –20,826
Total operating working capital 18,924 19,609 21,012
2025-11-302025-02-282026-02-28
Liquidity and debt financing 
Year 
2026 – 2,424 –
2027 – – 5,321
2028 – – –
2029 5,321 – 13,836
2030 – 1,500 –
2031 5,632 – –
2032 – – –
2033 5,321 – –
Total SEK m 16,274 3,924 19,157
Unused credit  
facilities   
Loans from credit  
institutions   
Bonds (EMTN)

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
10 
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) will 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 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 second 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 the flow of goods to changed 
conditions. Middle Eastern markets account for a small portion of the company’s total sales and the markets are operated 
through franchise partners. 
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.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
11 
Communication in conjunction  
with the three-month report 
 
The three-month report, i.e., 1 December 2025 – 
28 February 2026, will be published at 08:00 CET on 
26 March 2026, followed by a combined webcast and 
conference call at 09:00 CET for the financial market and 
media. The combined webcast and conference call will be 
held in English, hosted by CEO Daniel Ervér, CFO Adam 
Karlsson and Head of IR Joseph Ahlberg. 
 
To listen and see the presentation please register via this 
link: https://edge.media-server.com/mmc/p/og32667j 
To ask questions during the Q&A session please register 
and dial-in via this link: https://register-conf.media-
server.com/register/BIf969b143fda741568b60205a8081216
2 
 
 
To book interviews for media in conjunction with the three-
month report on 26 March 2026, please contact: Anna 
Frosch Nordin, Head of Media Relations, telephone 
+46 73 432 93 14, anna.froschnordin@hm.com. 
 
 
Calendar 
 
5 May 2026 Annual general meeting at 15:00, 
Erling Persson Hall, Aula 
Medica, Solna 
25 June 2026 Six-month report,  
1 Dec 2025 – 31 May 2026 
24 September 2026 Nine-month report,  
1 Dec 2025 – 31 Aug 2026 
28 January 2027 Full-year report,  
1 Dec 2025 – 30 Nov 2026 
 
This three-month report has not been audited by the 
company’s auditors. 
 
Stockholm, 25 March 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 (CET) on 
26 March 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.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
12 
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       2025     
Net sales 3 49,607 55,333 228,285
Cost of goods sold 4 –24,469 –28,164 –10 6,464
Gross profit 25,138 27,169 121,821
Gross margin, % 50.7 49.1 53.4
Selling expenses 4 –20,830 –23,115 –93, 023
Administrative expenses 4 –2,795 –2,823 –10, 269
Result from investments in associated companies and joint ventures –1 –28 –134
Operating profit 1,512 1,203 18,395
Operating margin, % 3.0 2.2 8.1
Net financial items –573 –441 –2,193
Profit after financial items 939 762 16,202
Tax –235 –183 –4,117
PROFIT FOR THE PERIOD 704 579 12,085
Attributable to:
The shareholders of H & M Hennes & Mauritz AB 724 590 12,158
Non-controlling interest –20 –11 –73
Earnings per share, SEK¹ 0.45 0.37 7.58
Average number of shares outstanding, thousands¹ 1,599,156 1,604,491 1,604,033
Q1
(Dec–Feb)

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
13 
Consolidated statement of comprehensive 
income 
 
 
  
    
Full-year
(Dec–Nov) 
SEK m Note 2026    2025      2025    
PROFIT FOR THE PERIOD 704 579 12,085
Other comprehensive income
Items that are or may be reclassified to profit or loss
Translation differences –1,111 –735 –3,556
Change in hedging reserves 409 534 513
Tax attributable to change in hedging reserves –84 –110 –106
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 –30 14 55
Tax related to the above remeasurement 7 –4 –14
Remeasurement of financial assets 2 –581 –369 –1,052
Other comprehensive income –1,390 –670 –4,160
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD –686 –91 7,925
Attributable to:
The shareholders of H & M Hennes & Mauritz AB –666 –80 7,998
Non-controlling interest –20 –11 –73
Q1
(Dec–Feb)

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
14 
Group balance sheet in summary 
 
1.  Equity attributable to the shareholders of H & M Hennes & Mauritz AB amounts to SEK 41,420 m (46,062) and to non-controlling interests to SEK 5 m (58). 
2.  Interest-bearing non-current liabilities amount to SEK 63,140 m (64,974) and excluding leases to SEK 18,211 m (14,271), of which provisions for pensions were SEK 437 m 
(467). 
3. Interest-bearing current liabilities amount to SEK 14,110 m (13,033) and excluding leases to SEK 2,424 m (500). 
Group changes in equity in summary 
  
  
SEK m Note 
ASSETS     
Non-current assets     
Intangible non-current assets 7,622 8,503 7,747
Right-of-use assets 51,643 57,813 52,094
Other property, plant and equipment 30,041 28,737 30,440
Non-current financial assets 2 1 ,565 2,922 2,045
Other non-current assets 5,319 6,064 5,452
96,190 104,039 97,778
Current assets     
Stock-in-trade 34,608 41,008 35,427
Current receivables 2 14,561 16,336 16,160
Cash and cash equivalents 18,733 16,578 20,908
67
,902 73,922 72,495
TOTAL ASSETS 164,092 177,961 170,273
EQUITY AND LIABILITIES  
Equity¹ 41,425 46,120 42,947
Non-current leasing liabilities² 44,929 50,703 44,903
Other non-c urrent liabilities² 20,286 16,620 20,820
Current leasing liabilities³ 11,686 12,533 11,969
Other current liabilities³ 2 45,766 51,985 49,634
TOTAL EQUITY AND LIABILITIES 164,092 177,961 170,273
2025-11-302025-02-282026-02-28
 
SEK m
Shareholders' equity at the beginning of the financial year 42,947 46,211 46,211
Total comprehensive income for the period –686 –91 7,925
Transactions with non-controlling interests 0 – 31
Dividend – – –10,906
Repurchase of shares –836 – –31 4
Shareholders' equity at the end of the period 41,425 46,120 42,947
2025-11-302025-02-282026-02-28

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
15 
Group cash flow statement in summary 
 
1. Interest paid for the group amounts to SEK 189 m (101). Interest expense related to leases amounts to SEK 512 m (524) for the group. Received interest for the group 
amounts to SEK 128 m (184). 
Three months
(Dec–Feb) 
 
Three months
(Dec–Feb) 
SEK m 2026     2025    
Operating activities 
Profit after financial items¹ 939 762
Adjustment for non-cash items
– Provisions for pensions 28 20
– Other provisions 32 –2
– Depreciation, amortisation and write-downs 4,805 5,515
– Other non-cash items 1 28
Taxes paid –723 –643
Cash flow from operating activites before changes in working capital 5,082 5,680
Cash flow from changes in working capital
Operating receivables 1,220 1,210
Stock-in-trade 433 –1,049
Operating liabilities –2,710 –1,640
Cash flow from operating activities 4,025 4,201
Investing activities
Investments in intangible fixed assets –317 –310
Investments in tangible fixed assets –1,720 –1,671
Other investments –92 –72
Cash flow from investing activities –2,129 –2,053
Financing activities
Change in interest-bearing liabilities –40 500
Amortisation lease –2,900 –3,225
Capital contributions non-controlling interests 0 –
Repurchase of shares –896 –
Cash flow from financing activities –3,836 –2,725
CASH FLOW FOR THE PERIOD –1,940 –577
Cash and cash equivalents at beginning of the financial year 20,908 17,340
Cash flow for the period –1,940 –577
Exchange rate effect –235 –185
Cash and cash equivalents at end of the period 18,733 16,578

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
16 
Five year summary  
Q1, 1 December – 28 February 
 
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 49,166 54,872 53,669 55,333 49,607
Change net sales from previous year in SEK, % 23 12 –2 3 – 10
Change net sales previous year in local currencies, % 18 3 –2 2 –1
Operating profit, SEK m 458 725 2,077 1,203 1,512
Operating margin, % 0.9 1.3 3.9 2.2 3.0
Depreciation, amortisation and write-downs for the period, SEK m 5,393 5,505 5,405 5,515 4,805
Profit after financial items, SEK m 282 396 1,606 762 939
Profit after tax, SEK m 217 540 1,231 579 704
Cash and cash equivalents, SEK m 27,403 21,290 20,822 16,578 18,733
Stock-in-trade, SEK m 39,331 41,040 37,630 41,008 34,608
Equity, SEK m 60,715 51,780 46,626 46,120 41,425
Average number of shares outstanding, thousands¹ 1,655,072 1,629,687 1,617,495 1,604,491 1,599,156
Earnings per share, SEK¹ 0.13 0.33 0.77 0.37 0.45
Cash flow from operating activities
per share, SEK¹ 2.19 3.06 2.45 2.62 2.52
Number of shares outstanding as of the closing day, thousands¹ 1,655,072 1,629,687 1,610,735 1,604,491 1,597,773
Equity per share, SEK¹ 36.68 31.77 28.95 28.74 25.93
Share of risk-bearing capital, % 34.8 30.7 28.2 27.1 26.4
Equity/assets ratio, % 32.8 28.9 26.9 25.9 25.2
Total number of stores 4,721 4,414 4,338 4,213 4,050
Rolling 12 months
Average number of shares outstanding, thousands¹ 1,655,072 1,643,587 1,626,067 1,608,473 1,602,718
Earnings per share, SEK¹ 7.43 2.37 5.81 6.82 7.67
Return on equity, % 21.6 6.9 19.1 23.6 27.9
Return on capital employed, % 13.1 6.0 13.5 14.1 15.7

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
17 
Parent company income statement in summary 
 
1. R evenue from interests in group companies is included for the quarter at SEK 0 m (0). 
Parent company statement of 
comprehensive income 
 
 
  
   
Full-year
(Dec–Nov) 
SEK m 2026    2025      2025    
Net sales 513 530 2,340
Gross profit 513 530 2,340
Administrative expenses –29 –39 –122
Operating profit 484 491 2,218
Net financial items¹ –49 –12 11,529
Profit after financial items 435 479 13,747
Year-end appropriations – – –780
Tax –89 –99 –297
PROFIT FOR THE PERIOD 346 380 12,670
Q1
(Dec–Feb) 
   
Full-year
(Dec–Nov) 
SEK m 2026    2025      2025    
PROFIT FOR THE PERIOD 346 380 12,670
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit pension plans –2 2 2
Tax related to the above remeasurement 0 0 0
Other comprehensive income –2 2 2
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 344 382 12,672
Q1
(Dec–Feb)

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
18 
Parent company balance sheet in summary 
 
1. All long-term liabilities are interest-bearing.  
2. Interest-bearing current liabilities amount to SEK 2,000 m (500).   
 
SEK m
ASSETS
Non-current assets
Property, plant and equipment 122 128 124
Other non-current assets 1,458 1,463 1,458
 1,580 1,591 1,582
Current assets
Current receivables 34,472 26,609 35,145
Cash and cash equivalents 0 11 0
34,472 26,620 35,145
 
TOTAL ASSETS 36,052 28,211 36,727
EQUITY AND LIABILITIES
Equity 14,722 14,145 15,215
Untaxed reserves 16 17 16
Non-current liabilities¹ 17,727 13,080 17,902
Current liabilities² 3,587 969 3,594
TOTAL EQUITY AND LIABILITIES 36,052 28,211 36,727
2025-11-302025-02-282026-02-28

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
19 
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 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. 
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 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 207 m as at 28 February 2026. The value as at 28 
February 2025 was based on level 3 inputs according to 
IFRS 13 and amounts in total to SEK 951 m.  
 
The value of other shares and interests based on level 3 
inputs according to IFRS 13 amounts in total to SEK 
1,522 m (2,690) as at 28 February 2026, the largest 
investments being Instabee at SEK 153 m (188), Colorifix at 
SEK 142 m (129) and Printify at SEK 123 m (145). The effect 
of measurement of the group’s other shares and interests is 
reported in other comprehensive income and amounts to 
SEK –581 m (–369) 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 
2026 forward contracts with a positive market value amount 
to SEK 718 m (1,002), reported under other current 
receivables. Forward contracts with a negative market value 
amount to SEK 799 m (608), which is recognised in other 
current liabilities. 
 
Other financial assets and liabilities are measured at 
amortised cost. Measurement at fair value would not result 
in any change in the group’s liabilities to credit institutions. 
The fair values of other financial instruments are assessed to 
be approximately equal to their book values.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
20 
Note 3. Segment reporting 
 
1. South Africa  
Three months
(Dec–Feb) 
Three months
(Dec–Feb) 
SEK m 2026  2025 
Asia and Oceania
External net sales 5,829 7,111
Operating profit –373 –350
Operating margin, % –6.4 –4.9
Europe and Africa¹
External net sales 32,606 35,020
Operating profit 1,560 761
Operating margin, % 4.8 2.2
North and South America
External net sales 11,172 13,202
Operating profit –12 24
Operating margin, % –0.1 0.2
Group Functions
Net sales to other segments 13,700 16,968
Operating profit 337 768
Operating margin, % 2.5 4.5
Eliminations
Net sales to other segments –13,700 –16,968
Total
External net sales 49,607 55,333
Operating profit 1,512 1,203
Operating margin, % 3.0 2.2
Net financial items –573 –441
Profit after financial items 939 762

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
21 
Note 4. Depreciations, amortisations and write-downs  
 
  
 
Full-year
(Dec–Nov) 
SEK m 2026   2025   2025   
DEPRECIATIONS AND AMORTISATIONS
Intangible non-current assets and property, plant
and equipment excluding right-of-use assets
Cost of goods sold 191 233 951
Selling expenses 1,476 1,746 6,604
Administrative expenses 86 94 383
Total 1,753 2,073 7,938
Right-of-use assets
Cost of goods sold 304 352 1,220
Selling expenses 2,585 2,909 10,821
Administrative expenses 106 115 447
Total 2,995 3,376 12,488
Total depreciations and amortisations 4,748 5,449 20,426
WRITE-DOWNS AND LOSSES AT DISPOSALS
Intangible non-current assets and property, plant
and equipment excluding right-of-use assets
Cost of goods sold 3 0 72
Selling expenses 54 31 398
Administrative expenses 0 2 42
Total 57 33 512
Right-of-use assets
Cost of goods sold – – –
Selling expenses – – 181
Administrative expenses – 33 21
Total – 33 202
Total write-downs and losses at disposals 57 66 714
TOTAL DEPRECIATIONS, AMORTISATIONS, 4,805 5,515 21,140
WRITE-DOWNS AND LOSSES AT DISPOSALS
Q1
(Dec–Feb)

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
22 
Note 5. Events after the closing date 
There have been no significant events after the closing date that effects the financial reporting.

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
23

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

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
24

===== SIDA 25 =====

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
25

===== SIDA 26 =====

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
26

===== SIDA 27 =====

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
27

===== SIDA 28 =====

H & M Hennes & Mauritz AB   Three-month report 2026 (1 Dec 2025–28 Feb 2026) 
28