• Net sales amounted to 1 354 MSEK (401).
  • EBITA amounted to 108 MSEK (24).
  • Adjusted EBITA amounted to 125 MSEK (39).
  • Adjusted EBITA per share amounted to 0,41 SEK (0,17).
  • Earnings per share amounted to -0,89 SEK (-0,52).
  • Cash flow from operating activities before change in net working capital amounted to 105 MSEK (38).


  • Net sales amounted to 1 654 MSEK.
  • EBITA amounted to 116 MSEK.
  • Adjusted EBITA amounted to 130 MSEK.
  • Adjusted EBITA per share amounted to 0,43 SEK.


  • Net sales amounted to 3 215 MSEK (656).
  • EBITA amounted to 263 MSEK (31).
  • Adjusted EBITA amounted to 299 MSEK (63).
  • Adjusted EBITA per share amounted to 0,99 SEK (0,26).
  • Earnings per share amounted to -2,31 SEK (-0,86).
  • Cash flow from operating activities before change in net working capital amounted to 269 MSEK (33).


  • Net sales amounted to 4 648 MSEK.
  • EBITA amounted to 333 MSEK.
  • Adjusted EBITA amounted to 390 MSEK.
  • Adjusted EBITA per share amounted to 0,130 SEK.



  • Humble completes acquisitions of Amber House, Body Science, Privab Nässjö and Privab Stockholm.
  • Humble holds an additional general meeting, Ola Cronholm is appointed as a new board member and replaces Thomas Petrén.
  • Humble has successfully issued subsequent bonds of total MSEK 300 during third quarter.


  • Humble secures a new multicurrency revolving credit facility together with SEB and Nordea of a total MSEK 650, replacing the previous one with SEB of MSEK 400.



We announce another quarter characterized by strong organic growth and increasing demand from our customers, despite the challenges imposed by global economic and geopolitical factors. In total, we reached a net-sales during the third quarter of SEK 1,354 million (401), with an organic growth of 18 per cent. Several of the companies within the group are seeing all-time-high sales records for September. Delays in price increases, high cost of freight (P&L lag from previous periods) as well as a weaker Swedish Krona had a slight negative impact on the adjusted EBITA-margin which amounted to 9.2 per cent (9.7), resulting in an adjusted EBITA of SEK 125 million (39). The high demand for our products resulted in higher levels of inventory, tying up working capital, which resulted in a negative cash flow from operating activities of SEK -30 million (9) in the quarter. All in all, we feel that we have been able to address the most imminent challenges and that we have a positive momentum going into next year.

The effects of shifting energy prices, high levels of inflation, price increases as well as challenges in logistics have been significant for the entire 2022, impacting the group with a negative like-for-like effect on the gross margin of  -4 per cent for the first three quarters. The most significant factor has been the high freight prices peaking during Q2 and Q3, which have had a negative impact on our last-twelve-month profitability. However, we have seen a decline in the global freight index and the prices during the last weeks are almost back to normalised levels. Moreover, we have had negative effects from delays in transferring price increases from suppliers towards the retailers, as well as a weaker Swedish Krona in relation to the main currencies we use for the international procurement. Nevertheless, the momentum in the business is strong, evidenced by the high organic growth. The absolute majority has been driven by volume, where we see opportunities to further work with price increases and optimize the balance between expansion and profit.

Throughout the year, we have taken several important steps with initiatives to create an environment where our companies can benefit from the group’s competences and resources, in-house production, combined sales efforts, centralisation of administrative functions and logistics, as well as reaching new sales channels through our distribution network. The effects and synergy impact from this are yet to be materialised in full and our efforts to establish an efficient operational platform and to facilitate a scalable group are starting to show results.

During the third quarter, we have completed the announced acquisitions of Body Science International, Amberhouse, Privab Stockholm and Privab Nässjö. Financing of these acquisitions amounted to SEK -316 million (-853) in net cash impact.

The acquisition of Body Science International further strengthens our global position within the sports nutrition segment and the ability to expand into new international markets. Amber House was consolidated as per July 2022 and through the acquisition we add another sound entrepreneurial business in a key market, with access to additional retail channels and brands within the Personal Care segment.

From a M&A perspective, we have had relatively lower activity during the third quarter as we have been taking a slightly more passive and strategic investment approach due to the market climate and conditions. We are still experiencing a significant amount of inbound interest from entrepreneurs and companies that sees the value of joining forces with Humble. The M&A-pipeline is strong and we continuously evaluate opportunities.

Focus on balance sheet and cash flow
Many of our subsidiaries have achieved new all-time-high sales records in September, driven by the growing demand for our products and the nature of our positioning. The variety of companies, combined with our general entrepreneurial agility, ensure that the group is resilient in a demanding market and the daily adaptions to new challenges may be an opportunity to win additional market shares in the categories. The growth has implied higher levels of inventory and accounts receivables, resulting in an increase of working capital and a negative cash flow from operating activities for the quarter. This, combined with the acquisitions closed in the quarter, resulted in a higher net debt which amounted SEK 2,271 million (105) at the end of the period. It’s our priority going forward to improve the efficiency in our supply chain and strengthen the cash generation from the different segments.

We are continuing to capitalise on the fragmented and dynamic consumer market and we maintain the growth strategy for our companies. However, our short-term focus is centred on reducing costs in the underlying businesses as well as implementing strategies and certain central services, to improve the procurement and manage our working capital more efficiently.

The ESG and sustainability work is making great progress, with many new impactful initiatives in place, for example a new packaging solution in some of our candy brands that will reduce the CO2 emissions of the packaging material by ca -40%. It is an honour to be working together with our inspiring and committed team of entrepreneurs and employees that share our vision.”

Download the report in full here. 

*The Proforma figures presented in this interim report represent how the consolidated result for Humble Group would have looked like if all communicated acquisitions to the date of this report had been consolidated from January 1, 2022.

For more information, please contact:
Simon Petrén, CEO, Humble Group AB
Phone: +46 70 999 94 55

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.