2023-02-22 08:00:00


  • Net sales amounted to 1 606 MSEK (854)
  • EBITDA amounted to 143 MSEK (5)
  • Adjusted EBITDA amounted to 179 MSEK (148)
  • EBITA amounted to 119 MSEK (-1).
  • Adjusted EBITA amounted to 155 MSEK (142).
  • EBIT amounted to 63 MSEK (-36).
  • Adjusted EBIT amounted to 99 MSEK (107).
  • Adjusted EBIT per share amounted to 0,34 SEK (0,44).
  • Cash flow from operating activities amounted to 247 MSEK (111).
  • Earnings per share before and after dilution amounted to -0,19 SEK (-0,35).
  • Net sales amounted to 4 800 MSEK (1 486).
  • EBITDA amounted to 504 MSEK (-39)
  • Adjusted EBITDA amounted to 551 MSEK (235)
  • EBITA amounted to 419 MSEK (-64).
  • Adjusted EBITA amounted to 466 MSEK (210).
  • EBIT amounted to 257 MSEK (-125).
  • Adjusted EBIT amounted to 304 MSEK (149).
  • Adjusted EBIT per share amounted to 1,11 SEK (0,81).
  • Cash flow from operating activities amounted to 255 MSEK (85).
  • Earnings per share before and after dilution amounted to -0,23 SEK (-1,18).

  • Humble secures a new multicurrency revolving credit facility together with SEB and Nordea of a total MSEK 650, replacing the previous credit facility with SEB of MSEK 400.
  • Humble receives decision to grant patent for EUREBA.
  • Humble announces conditional share purchase agreements regarding Privab Ystad, Privab Trollhättan and Privab Marketing.
  • Humble obtains bondholders approval in written procedure to amend terms and conditions of its senior secured bonds.
  • Humble change accounting principles to IFRS and RFR2.


I am proud to present that Humble Group is showing organic growth of 21% in the fourth quarter. This is much higher than the growth of the underlying FMCG market and shows that the demand for our healthy and sustainable products is both strong and sustainable. Net sales amounted to SEK 1,606 million (854) and, in addition to organic growth, our acquisitions contributed to a total sales increase of 67%. Adjusted EBITA amounted to SEK 155 million (142), with a margin in line with the previous quarter despite the volatile macro climate. In addition, we have had the ambition to strengthen the balance sheet by reducing working capital. During the quarter we achieved a positive operating cash flow of SEK 247 million (111) and reduced the net debt by SEK 121 million to SEK 2,306 million (1,610). In this quarterly report, as previously communicated, we have transitioned to reporting with IFRS accounting principles. Advantages from the switch include a higher degree of transparency in the group's reporting and is a big step towards a list change to Nasdaq Stockholm's main market. We have launched a new segment reporting to provide a clearer picture of the development within the group. We have also seen a strong start of the new year with an organic growth in January of over 20% and with increased profitability, despite difficult comparative figures. My assessment is that we are well prepared for 2023.

The fourth quarter is seasonally the group's most important period, with high sales and many decisive decisions to position our products for the coming year. We end in the same spirit as previous quarters with continued high organic growth and good profitability. The underlying gross margin has been stable, despite some negative impact of shipping costs and a weak SEK (consolidation effects of Privab negatively affected the gross margin by three percentage points). As previously communicated, we expect shipping costs to stabilize at lower levels during the year. The report presents our new segments Future Snacking, Quality Nutrition, Sustainable Care and Nordic Distribution. With the new segments, it clearer how we create value between our operations and shows the attractive position we have established in short time with Humble Group, both in the Nordics and internationally. It's gratifying to see how each of the segments have had an underlying average annual revenue growth of approx. 12% and an annual EBITDA increase of 17%, on a pro forma basis, since 2015. We have also noted that the subsidiaries are growing faster and with improved profitability once they have become part of the Humble Group.
Operational focus
During the fourth quarter, we have endured the positive effects from our focus on reducing working capital and strengthening profitability in our subsidiaries. This resulted in an operating cash flow of SEK 247 million (111), strengthened liquidity and reduced net debt by SEK 121 million. We expect high growth in 2023 as well, but we will continue to have a clear focus on strengthening cash flow and implementing strategic initiatives to reduce inventory levels and streamline the use of working capital. We are at an early stage of the group's optimization process and we are not yet satisfied. Hence, there is still additional potential to further improve profitability and the cash flow going forward.

During the quarter, we have signed binding agreements in relation to three new acquisitions, which we now can integrate with the already existing Privab units in the Nordic Distribution segment. In a short time, we have gained a strong position in the Swedish FMCG market, with an efficient and dynamic distribution of both listed and unlisted products to relevant segments and stores. Through this platform we can generate growth for both our existing and new brands. There are still many exciting companies to acquire and the interest to become part of the Humble Group has never been greater. While we will maintain a slower acquisition pace than the past two years, we intend to continue to grow with selective strategic acquisitions if the right opportunities arise. A slower environment will also enable us to acquire companies at lower valuation multiples.

I feel great optimism for 2023 given all the projects and initiatives underway within the group. The year has started strong with organic growth in January of over 20% and improved profitability in many of the subsidiaries. In addition, the organization is imbued with wonderful energy and in a positive spirit, which imply that we are well equipped for the future. The journey towards building the leading FMCG company with a focus on healthy and sustainable products continues.

The report is attached and can also be downloaded in its entirety on the company's website here (

For more information, please contact:
Simon Petrén, CEO, Humble Group AB
Phone: +468 61 32 888

This information is such that Humble Group is required to publish in accordance with EU Market Abuse Regulation 596/2014. The information in this press release has been published by the above contact person, at the time specified by Humble Group's news distributor Cision at the time of publication of this press release.

About Humble
Humble Group is a Swedish food-tech and FMCG-group, supplying the next generation of products that are good for people and the planet. Humble targets the segments of foodtech, eco, sustainability and vegan to drive high organic growth, acquisitions and utilize synergies in the different operation entities: Brands, Distribution, Manufacturing and Ingredients and R&D. Humble's technology solutions, refined through scientific research and extensive market experience, facilitate new formulations and recipes that improve the taste and texture of the next generation of sugar-reduced, sustainable and vegan products. For more information visit

Humble is listed on Nasdaq Stockholm, First North Growth Market, under the ticker HUMBLE.
FNCA Sweden AB is Humble's certified adviser. Tel: 08-528 00 399 E-mail:

Forward-looking statements
This press release contains forward-looking statements that reflect Humble's intentions, beliefs, or current expectations about and targets for Humble's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which Humble operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Humble believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Humble does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this press release or any obligation to update or revise the statements in this press release to reflect subsequent events. Readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither Humble nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is not required by law or Nasdaq Stockholm's rule book for issuers.