Kvartalsrapport Q3 2025

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

H & M GROUP 
NINE-MONTH REPORT 
2025 
 
 
Q3

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
2

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
3 
H & M Hennes & Mauritz AB  
Nine-month report 2025 
Third quarter (1 June 2025 — 31 August 2025) 
• Sales in local currencies increased by 2 percent in the third quarter, with 4 percent fewer stores at the end of the quarter compared with the 
same point in time last year. Converted into SEK, net sales amounted to SEK 57,017 m (59,011). Net sales in SEK were negatively affected by a 
currency translation effect of around 5 percentage points due to the strengthened Swedish krona. 
• Gross profit amounted to SEK 30,143 m (30,133), which corresponds to a gross margin of 52.9 percent (51.1). 
• Selling and administrative expenses decreased by 5 percent to SEK 25,167 m (26,602). In local currencies these expenses decreased 
by 1 percent. 
• Operating profit increased by 40 percent to SEK 4,914 m (3,507), corresponding to an operating margin of 8.6 percent (5.9). An improved 
customer offering, an improved gross margin and good cost control have contributed to the increase in profit in the quarter. 
• The result after tax increased to SEK 3,212 m (2,3061), corresponding to SEK 2.01 (1.441) per share. 
• Cash flow from operating activities increased to SEK 9,985 m (8,215).  
• The stock-in-trade decreased by 9 percent to SEK 37,938 m (41,738) and the composition of the stock-in-trade is assessed to be good. 
Currency adjusted the stock-in-trade decreased by 3 percent compared with the previous year. The stock-in-trade in SEK represented 
16.4 percent (17.8) of rolling 12 months sales. 
• H&M opened its first store as well as online in Brazil at the end of August, which has been very well received by customers. 
Nine months (1 December 2024 — 31 August 2025) 
• In local currencies net sales increased by 2 percent in the first nine months of the financial year. Converted into SEK, the H&M group’s net 
sales amounted to SEK 169,064 m (172,285).  
• Gross profit amounted to SEK 88,737 m (91,357). This corresponds to a gross margin of 52.5 percent (53.0). 
• Selling and administrative expenses amounted to SEK 76,594 m (78,612). In local currencies these expenses were on par with the previous 
year. 
• Operating profit amounted to SEK 12,031 m (12,682), corresponding to an operating margin of 7.1 percent (7.4). 
• The result after tax amounted to SEK 7,753 m (8,6011), corresponding to SEK 4.86 (5.351) per share. 
• Cash flow from operating activities amounted to SEK 22,714 m (24,782). 
 
 
• The autumn collections have been well received. In local currencies the H&M group’s sales in the month of September 2025 are 
expected to be on par with the same month last year. Sales development in September 2025 should be seen in the light of high 
comparative figures from last year.  
• H&M ranks as number 1 out of 200 fashion companies in the latest What Fuels Fashion? report by Fashion Revolution, which evaluates 
companies transparency on decarbonisation and other sustainability areas. 
 
4.9 billion 52.9% 10.0 billion 
   
Operating profit Q3 
SEK (3.5) 
Gross margin Q3 
(51.1) 
Cash flow from 
operating activities in Q3 
 SEK (8.2) 
   
 
“We are taking further steps in the right direction. Through a stronger customer offering, an improved gross margin and 
good cost control, we have strengthened operating profit by 40 percent compared with the same quarter last year while also 
having reduced the stock-in-trade,” says Daniel Ervér, CEO. 
 
1. See note 5.

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
4 
Comments by Daniel Ervér, CEO 
The positive sales trend continued in the third quarter. Sales 
increased by 2 percent in local currencies during the period, 
while at the same time the number of stores decreased by 
4 percent at the end of the quarter compared with the same 
point in time last year.  
 
Through a stronger customer offering, an improved gross 
margin and good cost control, we have strengthened 
operating profit compared with the same quarter last year. 
The increase in profit shows that we are on the right track as 
a result of the progress we have made in our plan.  
 
This is also reflected in the reception we received on the 
launch of H&M in Brazil in August. With the H&M brand’s 
global strength and a locally relevant customer offering, we 
have taken an important step into a large fashion market. We 
see good potential to grow both in Brazil and elsewhere in 
Latin America. 
 
In September we opened a new flagship store in Le Marais, 
Paris, with a specially curated assortment, presentation and 
interior design concept. This is a good example of how we 
are developing the customer experience but also 
strengthening our brand. Another example is the upgrade of 
our digital store that was rolled out earlier this year. We are 
getting positive feedback from our customers and can see 
that the digital store has made an important contribution to 
the profitable growth in the quarter. We continue to focus 
fully on updating a large part of our stores globally, with 
improvements in layout, presentation and tech to further 
enhance the customer experience, while at the same time the 
physical and digital channels strengthen and complement 
each other. 
 
In an environment of ongoing uncertainty with cautious 
consumers, all of us within the H&M group are consistently 
focusing on our customer offering – always giving the best 
value for money. Our strong culture, together with good cost 
control and flexibility, allows us to continue building a stable 
foundation for long-term, profitable and sustainable growth 
in an increasingly complex environment, while taking 
additional important steps towards our ambitious 
sustainability goals. 
 
  
The launch event in São Paulo for the opening of the first H&M store, and online in Brazil.

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
5 
Sales 
Sales in local currencies increased by 2 percent in the third 
quarter, with 4 percent fewer stores at the end of the quarter 
compared with the same point in time last year. Converted 
into SEK, net sales amounted to SEK 57,017 m (59,011). 
Net sales in SEK were negatively affected by a currency 
translation effect of around 5 percentage points due to the 
strengthened Swedish krona. 
 
The continued optimisation of the store portfolio has a 
negative impact on sales in the short term, with the closure 
of stores that are not sufficiently profitable, but new more 
profitable stores are successively being opened, which 
further strengthens the H&M group’s long-term position. At 
the beginning of the third quarter there were 153 fewer 
stores than at the same point in time last year and at the end 
of the quarter there were 180 fewer stores than at the same 
point in time last year. 
 
In local currencies, net sales increased by 2 percent in the 
first nine months of the financial year. Converted into SEK, 
the H&M group’s net sales amounted to SEK 169,064 m 
(172,285). 
 
Online continued to perform well. Just over 30 percent of 
sales takes place online. 
 
Net sales for portfolio brands increased in the third quarter 
by 1 percent in local currencies. This despite around 
10 percent fewer stores at the end of the quarter compared 
with the same point in time the previous year. Converted 
into SEK, sales decreased by 4 percent. Net sales in the 
nine-month period increased by 1 percent in local 
currencies and decreased by 2 percent in SEK. 
 
The autumn collections have been well received. In local 
currencies the H&M group’s sales in the month of 
September 2025 are expected to be on par with the same 
month last year. Sales development in September 2025 
should be seen in the light of high comparative figures from 
last year. 
Net sales 
 
 
 
 
  
59,011
172,285
57,017
169,064
Δ
Δ
–3%
–2%
0
40,000
80,000
120,000
160,000
Q3 Nine months
2024
2025
SEK m
 
2025  2024  SEK   Local currencies  2025  2024  SEK   Local currencies 
The Nordics 5,248 5,313 –1 0 15,014 15,500 –3 –2
Western Europe 19,863 19,731 1 3 57,762 57,496 0 2
Eastern Europe 5,425 5,417 0 3 15,251 15,559 –2 0
Southern Europe 7,946 8,252 –4 3 22,761 22,655 0 5
North and South America 12,085 13,124 –8 1 37,307 38,857 –4 2
Asia, Oceania and Africa 6,450 7,174 –10 –2 20,969 22,218 –6 –1
Total 57,017 59,011 –3 2 169,064 172,285 –2 2
Sales per region 
Nine months
(Dec–Aug), SEK m 
Nine months
change in % 
Q3
SEK m 
Q3
change in % 
Change in number of stores (net)  
Nine months 2025  31 Aug 2025  31 Aug 2024 
The Nordics –14 366 381
Western Europe –21 995 1,025
Eastern Europe –3 476 481
Southern Europe –14 560 593
North and South America –5 754 753
Asia, Oceania and Africa –78 967 1,065
Total –135 4,118 4,298
Number of stores 
Stores per region

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 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 increased to SEK 30,143 m (30,133) for the 
third quarter, corresponding to a gross margin of 
52.9 percent (51.1). 
 
The improvement work in the supply chain and external 
factors that influence purchasing costs strengthened the 
gross margin in the third quarter. Exchange rate gains also 
had a positive impact on the quarter’s gross margin, while 
the same quarter last year was affected by exchange rate 
losses on intragroup liabilities and receivables. 
 
The cost of markdowns in relation to sales was marginally 
higher than in the corresponding quarter last year. 
 
For the nine-month period gross profit amounted to 
SEK 88,737 m (91,357), corresponding to a gross margin of 
52.5 percent (53.0). 
 
For the goods that will be sold in the fourth quarter of 2025, 
the overall effect of external factors is expected to be 
somewhat positive compared with the corresponding period 
the previous year but less positive than the effect on the 
third quarter’s gross margin, as tariff costs are expected to 
have an increased impact. 
 
The cost of markdowns as a percentage of sales in the fourth 
quarter is expected to be somewhat higher compared with 
the corresponding quarter the previous year, partly because 
Black Friday falls one day earlier than in the previous year. 
 
Gross profit and gross margin 
 
 
  
30,133
91,357
30,143
88,737
52.9%
52.5%
51.1%
53.0%
0
20,000
40,000
60,000
80,000
100,000
Q3 Nine months
2024
2025
SEK m

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
7 
Selling and administrative expenses 
Selling and administrative expenses in the third quarter 
decreased by 5 percent to SEK 25,167 m (26,602). As a 
result of good operational cost control, selling and 
administrative expenses were able to be reduced by 
1 percent in local currencies. This despite inflationary 
pressures in the cost base. 
 
In the third quarter last year, selling and administrative 
expenses were affected by wind down costs for Afound and 
a higher level of marketing costs. 
 
For the nine-month period, selling and administrative 
expenses amounted to SEK 76,594 m (78,612). In local 
currencies these expenses were on par with the previous 
year. 
 
 
 
 
Selling and administrative expenses 
 
 
Operating profit and operating margin 
Operating profit increased to SEK 4,914 m (3,507), 
corresponding to an operating margin of 8.6 percent (5.9). 
An improved customer offering, an improved gross margin 
and good cost control have contributed to the increase in 
profit in the quarter. 
 
Translation of the quarter’s sales and expenses from local 
currencies resulted in lower reported amounts in SEK and 
had a negative impact on the operating margin in the 
quarter, 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 for the nine-month period amounted to 
SEK 12,031 m (12,682), corresponding to an operating 
margin of 7.1 percent (7.4). 
 
Operating profit  
 
 
  
26,602
78,612
25,167
76,594
Δ
Δ
–5%
–3%
0
20,000
40,000
60,000
80,000
Q3 Nine months
2024
2025
SEK m
3,507
12,682
4,914
12,031
+40%
–5%
Δ
Δ
0
7,000
14,000
Q3 Nine months
2024
2025
SEK m

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
8 
Stock-in-trade 
The stock-in-trade decreased by 9 percent to SEK 37,938 m 
(41,738). Currency adjusted the stock-in-trade decreased by 
3 percent compared with the previous year.  
 
The composition of the stock-in-trade is good. 
 
The stock-in-trade in SEK represented 16.4 percent (17.8) of 
rolling 12 months sales. 
 
The investments in the supply chain and the integration of 
the sales channels continue. With a higher share of product 
purchases in current season, and a more efficient and more 
flexible supply chain, there are opportunities for 
improvement of the stock-in-trade position again in the 
fourth quarter 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 
 
 
  
41,738
37,938
Δ –9%
0
20,000
40,000
60,000
31 Aug 2024
31 Aug 2025
SEK m

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 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. 
Physical and digital stores continue to be the largest area for 
investments in the business in 2025 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 the year 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 continued optimisation of the store portfolio has a 
negative impact on sales in the short term, with the closure 
of stores that are not sufficiently profitable, but new more 
profitable stores are successively being opened, which 
further strengthens the H&M group’s long-term position. 
Just over 200 stores are scheduled for closure during 2025, 
mainly in established markets. The closures include a large 
number of Monki stores. Some of these will be converted 
into Weekday stores. For 2025 the plan is to open more 
than 80 new stores. Most of the openings will be in growth 
markets. 
 
The company is continuing its expansion in Latin America. 
H&M opened in Brazil at the end of August, with its first 
store as well as online, soon to be followed by a further two 
stores opening in the fourth quarter of 2025. Four more 
stores in Brazil, with the first in Rio de Janeiro, are so far 
contracted to open in 2026. H&M also opened its first store 
in El Salvador via franchise in September and in addition 
will open in Venezuela via franchise in the fourth quarter of 
2025. 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.  
 
Arket opened on the marketplace 29CM.com in South 
Korea in the third quarter. & Other Stories and Arket will be 
launched on Zalando in October 2025. COS is opening its 
first store in India in the fourth quarter of 2025. 
 
Store count and markets by brand 
As at 31 August 2025 the H&M group had 4,118 (4,298) 
stores, i.e. the total number of stores has decreased by 180 
stores compared with the same point in time the previous 
year, which corresponds to a reduction of around 4 percent. 
During the first nine months of the current financial year 
36 (61) new stores have opened and 171 (132) stores have 
closed. A total of 253 (259) of the group’s stores are 
operated by franchise partners. 
 
 
 
 
1. Afound had 7 online markets as at 31 August 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. 
  
  
Q3 2025   Nine months    31 Aug 2025   31 Aug 2024    Store   Online   
H&M –26 –97 3,680 3,814 79 61
COS –1 0 238 236 48 38
Monki –15 –31 17 56 9 29
Weekday –3 –3 43 47 14 29
& Other Stories –3 –4 66 71 25 32
ARKET 0 2 42 39 19 31
Afound 0 0 0 0 0 0¹
H&M HOME² 0 –2 32 35 15 45
Sellpy 0 0 0 0 0 24
Total –48 –135 4,118 4,298
Number of stores 
Number of markets
31 Aug 2025 
Change in number 
of stores (net) 
Number of
stores

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
10 
Cash flow, working capital and financing 
Cash flow and liquidity 
Cash flow from operating activities in the nine-month 
period amounted to SEK 22,714 m (24,782). Compared with 
the previous year, cash flow was positively affected mainly 
by lower stock-in-trade and negatively mainly by higher tax 
payments and lower operating liabilities. 
 
The H&M group’s liquidity remains very good. As at 
31 August 2025 cash and cash equivalents amounted to SEK 
20,363 m (23,698). In addition, the group has undrawn 
credit facilities of SEK 19,853 m (18,140). The total liquidity 
buffer, i.e. cash and cash equivalents plus undrawn credit 
facilities, amounted to SEK 40,216 m (41,838). 
Operating working capital 
Operating working capital amounted to SEK 19,859 m 
(18,875). In the third quarter changes in working capital 
made a positive contribution to cash flow of SEK 1,684 m 
(27), mainly driven by the decrease in stock-in-trade. 
Financing 
Net debt including lease liabilities in relation to EBITDA 
amounted to 1.4 (1.3) with a net cash position of SEK 
3,257 m (9,396). 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 17,106 m (14,303) as at 31 August 2025. The average 
maturity of interest-bearing liabilities was 4.0 (5.5) years. 
 
A maturity analysis of outstanding interest-bearing liabilities 
and undrawn credit facilities as at 31 August 2025 is given in 
the table below. 
 
 
 
 
 
 
 
  
Operating working capital 
SEK m
Accounts receivable 4,084 2,969 5,631
Stock-in-trade 37,938 41,738 40,348
Accounts payable –22,163 –25,832 –24,417
Total operating working capital 19,859 18,875 21,562
2024-11-302024-08-312025-08-31
Liquidity and debt financing 
Year 
2025 1,500 – 304 –
2026 – – 2,293 2,206
2027 – – – 3,309
2028 – – 118 –
2029 – 5,515 – 14,338
2030 – – 1,500 –
2031 – 5,876 – –
Total SEK m 1,500 11,391 4,215 19,853
Unused credit  
facilities   
Loans from credit  
institutions   
Bonds (EMTN)   
Commercial  
papers

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 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) was 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. 
Share buybacks 
During the period 26 June – 17 July 2025 the group repurchased shares as part of the share buyback programme initiated by 
the board of directors to secure delivery of class B shares for the company’s long-term incentive programme (LTIP 2025). In 
total 1,100,000 class B shares were repurchased for a total sum of SEK 149,421,284.39. 
Current quarter 
The autumn collections have been well received. In local currencies the H&M group’s sales in the month of September 2025 
are expected to be on par with the same month last year. Sales development in September 2025 should be seen in the light of 
high comparative figures from last year. 
 
The cost of markdowns as a percentage of sales in the fourth quarter is expected to be somewhat higher compared with the 
corresponding quarter the previous year, partly because Black Friday falls one day earlier than in 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   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
12 
Communication in conjunction  
with the nine-month report 
The nine-month report, i.e., 1 December 2024 – 31 August 
2025, will be published at 08:00 CEST on 25 September 
2025, followed by a telephone conference at 09:00 CEST 
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/AyMP5R65YbW 
To book interviews for media in conjunction with the nine-
month report on 25 September 2025, please contact: 
Anna Frosch Nordin, Head of Media Relations, telephone 
+46 73 432 93 14, anna.froschnordin@hm.com. 
 
 
 
 
 
Calendar 
29 January 2026 Full-year report,  
1 Dec 2024 – 30 Nov 2025 
26 March 2026 Three-month report,  
1 Dec 2025 – 28 Feb 2026 
26 March 2026 Annual and Sustainability 
report 2025 
5 May 2026 Annual general meeting 15:00, 
Erling Persson Hall, Aula 
Medica, Solna 
 
 
Stockholm, 24 September 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 (CE ST) on 
25 September 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 offer 
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 13 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
13 
Review report 
H & M Hennes & Mauritz AB (Publ), corporate identity number 556042-7220 
 
Introduction 
We have reviewed the interim report for H&M Hennes & Mauritz AB (publ) for the period December 1, 2024 – August 31, 
2025. The Board of Directors and the CEO are responsible for the preparation and presentation of this  
interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion  
on this interim report based on our review. 
 
Scope of Review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of 
Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, 
primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A 
review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other 
generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance 
that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed 
based on a review does not give the same level of assurance as a conclusion expressed based on an audit. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material 
respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in 
accordance with the Annual Accounts Act. 
 
Stockholm, 24 September 2025 
 
Deloitte AB 
 
 
Didrik Roos 
Authorized Public Accountant

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
14 
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      2025     2024      2024     
Net sales 3 57,017 59,011 169,064 172,285 234,478
Cost of goods sold 4 – 26,874 –28,878 –80,327 –80,928 –109,179
Gross profit 30,143 30,133 88,737 91,357 125,299
Gross margin, % 52.9 51.1 52.5 53.0 53.4
Selling expenses 4 – 22,700 – 24,167 –68,942 –70,704 – 97,153
Administrative expenses 4 –2, 467 –2,435 –7,652 –7,908 –10,762
Result from investments in associated
companies and joint ventures –62 –24 –112 –63 –78
Operating profit 4,914 3,507 12,031 12,682 17,306
Operating margin, % 8.6 5.9 7.1 7.4 7.4
Net financial items –592 –422 –1,656 –1,323 –1,863
Profit after financial items 4,322 3,085 10,375 11,359 15,443
Tax¹ –1,110 –779 –2,622 –2,758 –3,859
PROFIT FOR THE PERIOD¹ 3,212 2,306 7,753 8,601 11,584
Attributable to:
The shareholders of
H & M Hennes & Mauritz AB¹ 3,229 2,318 7,796 8,634 11,621
Non-controlling interest –17 –12 –43 –33 –37
Earnings per share, SEK¹ ² 2.01 1.44 4.86 5.35 7.21
Average number of
shares outstanding, thousands² 1,603,820 1,610,542 1,604,266 1,612,843 1,611,695
Q3
(Jun–Aug) 
Nine months
(Dec–Aug)

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
15 
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     2025    2024     2024    
PROFIT FOR THE PERIOD¹ 3,212 2,306 7,753 8,601 11,584
Other comprehensive income
Items that are or may
be reclassified to profit or loss
Translation differences 98 –1,099 –3,277 –574 717
Change in hedging reserves –585 1,144 550 205 –589
Tax attributable to
change in hedging reserves 121 –235 –113 –42 121
Share of OCI related to associated
companies and joint ventures 0 0 0 0 0
Items that will not be
reclassified to profit or loss
Remeasurement of
defined benefit pension plans 6 – 128 21 –185 –73
Tax related to the
above remeasurement –1 32 –5 46 18
Remeasurement of financial assets 2 –29 –36 –892 24 299
Other comprehensive income –390 – 322 –3,716 –526 493
TOTAL COMPREHENSIVE INCOME 2,822 1,984 4,037 8,075 12,077
FOR THE PERIOD¹
Attributable to:
The shareholders of
H & M Hennes & Mauritz AB¹ 2,839 1,996 4,080 8,108 12,114
Non-controlling interest –17 –12 –43 –33 –37
Nine months
(Dec–Aug) 
Q3
(Jun–Aug)

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
16 
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 39,163 m (43,176) and to non-controlling interests to SEK 54 m (62). 
3.  Interest-bearing non-current liabilities amount to SEK 58,953 m (61,340) and excluding leases to SEK 13,506 m (14,779), of which provisions for pensions were 
SEK 498 m (701). 
4. Interest-bearing current liabilities amount to SEK 11,820 m (11,959) and excluding leases to SEK 4,097 m (0). 
 
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 7,958 9,015 8,730
Right-of-use assets 52,042 53,639 57,062
Other property, plant and equipment 29,071 26,276 29,158
Non-current financial assets 2 2, 457 2,960 3,288
Other non-current assets 5,658 6,924 6,249
97,186 98,814 104,487
Current assets     
Stock-in-trade 37,938 41,738 40,348
Current receivables 2 16,374 16,373 18,039
Cash and cash equivalents 20,363 23,698 17,340
7
4,675 81,809 75,727
TOTAL ASSETS 171,861 180,623 180,214
EQUITY AND LIABILITIES 
Equity¹ ² 39,217 43,238 46,211
Non-current leasing liabilities³ 45,447 46,337 50,361
Other non-current liabilities¹ ³ 15,863 17,586 16,992
Current leasing liabilities⁴ 11, 820 11,959 12,476
Other current liabilities⁴ 59,514 61,503 54,174
TOTAL EQUITY AND LIABILITIES 171,861 180,623 180,214
2024-11-302024-08-312025-08-31
 
SEK m
Shareholders' equity at the beginning of the financial year¹ 46,211 47,510 47,510
Total comprehensive income for the period¹ 4,037 8,075 12,077
Transactions with non-controlling interests 28 0 –40
Dividend –10,910 –10,468 –10,456
Repurchase of shares –149 –1,879 –2,880
Shareholders' equity at the end of the period¹ 39,217 43,238 46,211
2024-11-302024-08-312025-08-31

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
17 
Group cash flow statement in summary 
 
1. Interest paid for the group amounts to SEK 477 m (520). Interest expense related to leases amounts to SEK 1,478 m (1,493) for the group. Received interest for the 
group amounts to SEK 298 m (690). 
Nine months
(Dec–Aug) 
 
Nine months
(Dec–Aug) 
SEK m 2025     2024    
Operating activities 
Profit after financial items¹ 10,375 11,359
Adjustment for non-cash items
– Provisions for pensions 84 141
– Other provisions –5 3 67
– Depreciation, amortisation and write-downs 15,860 16,278
– Other non-cash items 112 63
Taxes paid –2,921 –1,333
Cash flow from operating activites before changes in working capital 23,505 26,875
Cash flow from changes in working capital
Operating receivables –396 23
Stock-in-trade 785 –4,708
Operating liabilities –1,1 80 2,592
Cash flow from operating activities 22,714 24,782
Investing activities
Investments in intangible fixed assets –997 –1,010
Investments in tangible fixed assets –6,248 –6,0 49
Other investments –137 –514
Cash flow from investing activities –7,382 –7,573
Financing activities
Change in interest-bearing liabilities 3,462 –3,057
Amortisation lease –9,287 –9,4 67
Capital contributions non-controlling interests 28 0
Dividend –5,455 –5,235
Repurchase of shares –149 –1,927
Cash flow from financing activities –11,401 –19,686
CASH FLOW FOR THE PERIOD 3,931 –2,477
Cash and cash equivalents at beginning of the financial year 17,340 26,398
Cash flow for the period 3,931 –2,477
Exchange rate effect –908 –223
C
ash and cash equivalents at end of the period 20,363 23,698

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
18 
Five year summary  
Nine months, 1 December – 31 August 
 
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 142,154 161,120 173,385 172,285 169,064
Change net sales from previous year in SEK, % 6 13 8 –1 –2
Change net sales previous year in local currencies, % 13 8 0 0 2
Operating profit, SEK m 8,996 6,348 10,205 12,682 12,031
Operating margin, % 6.3 3.9 5.9 7.4 7.1
Depreciation, amortisation and write-downs for the period, SEK m 16,781 16,788 16,725 16,278 15,860
Profit after financial items, SEK m 8,297 5,753 9,094 11,359 10,375
Profit after tax, SEK m¹ 6,389 4,430 7,147 8,601 7,753
Cash and cash equivalents, SEK m 35,298 27,547 24,971 23,698 20,363
Stock-in-trade, SEK m 36,867 47,141 40,358 41,738 37,938
Equity, SEK m¹ 64,409 54,071 47,878 43,238 39,217
Average number of shares outstanding, thousands² 1,655,072 1,653,960 1,629,687 1,612,843 1,604,266
Earnings per share, SEK¹ ² 3.86 2.68 4.39 5.35 4.86
Cash flow from operating activities
per share, SEK² 22.48 11.02 15.18 15.37 14.16
Number of shares outstanding as of the closing day, thousands² 1,655,072 1,645,494 1,629,687 1,610,542 1,603,391
Equity per share, SEK¹ ² 38.92 32.86 29.38 26.85 24.46
Share of risk-bearing capital, %¹ 36.9 30.4 27.3 25.3 24.1
Equity/assets ratio, %¹ 34.8 28.2 25.5 23.9 22.8
Total number of stores 4,856 4,664 4,375 4,298 4,118
Rolling 12 months
Average number of shares outstanding, thousands² 1,655,072 1,654,237 1,637,189 1,616,373 1,605,254
Earnings per share, SEK¹ ² 5.36 5.47 3.84 6.32 6.72
Return on equity, %¹ 15.1 15.3 12.3 22.3 26.0
Return on capital employed, %¹ 9.6 10.1 9.3 15.0 14.9

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
19 
Parent company income statement in summary 
 
1. Revenue from interests in group companies is included for the quarter at SEK 534 m (1,066) and for the nine-month period at SEK 1,009 m (1,617). 
Parent company statement of 
comprehensive income 
 
 
  
   
Full-year
(Dec–Nov) 
SEK m 2025    2024     2025    2024     2024    
Net sales 591 593 1,706 1,721 2,364
Gross profit 591 593 1,706 1,721 2,364
Administrative expenses –32 –34 –110 –133 –170
Operating profit 559 559 1,596 1,588 2,194
Net financial items¹ 537 940 952 1,435 10,060
Profit after financial items 1,096 1,499 2,548 3,023 12,254
Year-end appropriations – – – – –1,287
Tax –115 –90 –317 –312 –217
PROFIT FOR THE PERIOD 981 1,409 2,231 2,711 10,750
Nine months
(Dec–Aug) 
Q3
(Jun–Aug) 
   
Full-year
(Dec–Nov) 
SEK m 2025    2024     2025    2024     2024    
PROFIT FOR THE PERIOD 981 1,409 2,231 2,711 10,750
Other comprehensive income
Items that will not be
reclassified to profit or loss
Remeasurement of
defined benefit pension plans 2 –7 4 –7 –14
Tax related to the above remeasurement –1 1 –1 1 3
Other comprehensive income 1 –6 3 –6 –11
TOTAL COMPREHENSIVE INCOME 982 1,403 2,234 2,705 10,739
FOR THE PERIOD
Nine months
(Dec–Aug) 
Q3
(Jun–Aug)

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
20 
Parent company balance sheet in summary 
 
1. All non-current liabilities are interest-bearing. 
2. Interest-bearing current liabilities amount to SEK 3,500 m (0). Dividend to be paid amounts to SEK 5,455 m (5,234). 
  
 
SEK m
ASSETS
Non-current assets
Property, plant and equipment 123 133 130
Other non-current assets 1,464 2,043 1,463
 1,587 2,176 1,593
Current assets
Current receivables 25,524 23,557 26,942
Cash and cash equivalents 4 0 –
25,528 23,557 26,942
 
TOTAL ASSETS 27,115 25,733 28,535
EQUITY AND LIABILITIES
Equity 4,938 6,717 13,763
Untaxed reserves 17 17 17
Non-current liabilities¹ 12,532 13,327 13,176
Current liabilities² 9,628 5,672 1,579
TOTAL EQUITY AND LIABILITIES 27,115 25,733 28,535
2024-11-302024-08-312025-08-31

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
21 
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 
2,303 m (2,691) as at 31 August 2025, the largest 
investments being Klarna at SEK 847 m (766), Sheertex at 
SEK 164 m (575) and Instabee at SEK 155 m (188). The 
effect of measurement of the group’s other shares and 
interests is reported in other comprehensive income and 
amounts to SEK –29 m (–36) for the third quarter. 
 
Currency derivatives are measured at fair value based on 
level 2 inputs in the IFRS 13 hierarchy. As at 31 August 2025 
forward contracts with a positive market value amount to 
SEK 570 m (753), reported under other current receivables. 
Forward contracts with a negative market value amount to 
SEK 843 m (778), which is recognised in other current 
liabilities. 
 
In hedge accounting, derivatives are classified as cash flow 
hedges or as fair value hedges. As at 31 August 2025 the 
nominal amount of outstanding interest rate swaps was 
SEK 0 m (554). 
 
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 22 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
22 
Note 3. Segment reporting 
 
1. South Africa  
Nine months
(Dec–Aug) 
Nine months
(Dec–Aug) 
SEK m 2025  2024 
Asia and Oceania
External net sales 20,022 21,343
Operating profit 244 786
Operating margin, % 1.2 3.7
Europe and Africa¹
External net sales 111,735 112,084
Operating profit 5,623 4,771
Operating margin, % 5.0 4.3
North and South America
External net sales 37,307 38,858
Operating profit 1,111 597
Operating margin, % 3.0 1.5
Group Functions
Net sales to other segments 54,975 57,709
Operating profit 5,053 6,528
Operating margin, % 9.2 11.3
Eliminations
Net sales to other segments –54,975 –57,709
Total
External net sales 169,064 1 72,285
Operating profit 12,031 12,682
Operating margin, % 7.1 7.4
Net financial items –1,656 –1,323
Profit after financial items 10,375 11,359

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
23 
Note 4. Depreciations, amortisations and write-downs  
 
1.  Release of unused provisions for store closures. 
  
 
Full-year
(Dec–Nov) 
SEK m 2025   2024   2025   2024   2024   
DEPRECIATIONS AND AMORTISATIONS
Intangible non-current assets and property, 
and equipment excluding right-of-use assets
Cost of goods sold 236 253 709 721 965
Selling expenses 1,618 1,790 5,006 5,395 7,236
Administrative expenses 94 96 284 287 383
Total 1,948 2,139 5,999 6,403 8,584
Right-of-use assets
Cost of goods sold 299 319 891 968 1,262
Selling expenses 2,733 2,823 8,356 8,530 11,322
Administrative expenses 111 93 343 304 430
Total 3,143 3,235 9,590 9,802 13,014
Total depreciations and amortisations 5,091 5,374 15,589 16,205 21,598
WRITE-DOWNS AND LOSSES AT DISPOSALS
Intangible non-current assets and property, 
and equipment excluding right-of-use assets
Cost of goods sold 6 20 40 25 80
Selling expenses 85 34 211 21 266
Administrative expenses 0 5 8 14 20
Total 91 59 259 60 366
Right-of-use assets
Cost of goods sold – – – – –
Selling expenses –6¹ 13 –9¹ 13 288
Administrative expenses –6¹ – 21 – –
Total –12 13 12 13 288
Total write-downs and losses at disposals 79 72 271 73 654
TOTAL DEPRECIATIONS, AMORTISATIONS, 5,170 5,446 15,860 16,278 22,252
AND LOSSES AT DISPOSALS
Nine months
(Dec–Aug) 
Q3
(Jun–Aug)

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
24 
Note 5. Restated figures attributable to amendments to IAS 12 
Equity as at 31 August 2024 and profit for the third quarter and for the nine-month period 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. 
Group income statement and balance sheet  
New restated value  
2024, SEK m  
Reported value  
2024, SEK m  
Change, SEK m   
Tax –779 –778 –1
Profit after tax/profit for the period 2,306 2,307 –1
Total comprehensive income 1,984 1,985 –1
Profit for the period attributable to the
shareholders of H & M Hennes & Mauritz AB 2,318 2,319 –1
Total comprehensive income attributable to the
shareholders of H & M Hennes & Mauritz AB 1,996 1,997 –1
Earnings per share, SEK 1.44 1.44 0.00
Group income statement and balance sheet  
New restated value  
2024, SEK m  
Reported value  
2024, SEK m  
Change, SEK m   
Tax –2,758 –2,856 98
Profit after tax/profit for the period 8,601 8,503 98
Total comprehensive income 8,075 7,977 98
Profit for the period attributable to the
shareholders of H & M Hennes & Mauritz AB 8,634 8,536 98
Total comprehensive income attributable to the
shareholders of H & M Hennes & Mauritz AB 8,108 8,010 98
Other non-current liabilities 17,586 17,593 –7
Shareholders' equity at
the beginning of the financial year 47,510 47,601 –91
Equity 43,238 43,231 7
Earnings per share, SEK 5.35 5.29 0.06
Key financial ratios  
New restated value  
2024  
Reported value  
2024  
Equity per share, SEK 26.85 26.84
Return on equity, % 22.3 22.1
Return on capital employed, % 15.0 15.0
Share of risk-bearing capital, % 25.3 25.3
Equity-asset ratio, % 23.9 23.9
Earnings per share, SEK¹ 6.32 6.26
Nine months
(Dec–Aug)
Q3
(Jun–Aug)
Nine months
(Dec–Aug)

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
25 
Note 6. Events after the closing date 
There have been no significant events after the closing date that effects the financial reporting.

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
26

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
27

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

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
28

===== SIDA 29 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
29

===== SIDA 30 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
30

===== SIDA 31 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
31

===== SIDA 32 =====

H & M Hennes & Mauritz AB   Nine-month report 2025 (1 Dec 2024–31 Aug 2025) 
32