===== 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