===== 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