Seasonally, the first quarter is the weakest period of the year for our companies. Despite this, we are breaking sales records, with an organic growth of 25 % proforma for all companies that we acquired in 2021 and 2022. Given that it has been a turbulent spring with many challenging external factors spilling over into the value chain, it’s reassuring that we are starting to see the impact and benefits for our companies being part of Humble. The EBITA proforma was increased by 59 % compared with last year, and our efforts to create more favourable conditions for the companies have yielded results. In the current market situation, it is required that we continue to maintain a dynamic profile and the intensive work of growing the group and establishing ourselves as a leading player of future FMCG-products.” –  Simon Petrén, CEO Humble Group AB.



  • Net sales amounted to 879 MSEK (88).
  • EBITA amounted to 85 MSEK (0).
    Adjusted EBITDA amounted to 102 MSEK (7).
  • Adjusted EBITA amounted to 93 MSEK (3).
  • Adjusted EBITA per share amounted to 0.37 SEK (0.04).
  • Earnings per share amounted to -0.82 SEK (-0.09).
  • Cash flow from operating activities before change in net working capital amounted to 91 MSEK (-4).


  • Net sales amounted to 1,067 MSEK (194).
  • EBITA amounted to 102 MSEK (19).
  • Adjusted EBITDA amounted to 127 MSEK (27).
  • Adjusted EBITA amounted to 115 MSEK (23).
  • Adjusted EBITA per share amounted to 0.46 SEK (0.14).


  • Humble Group carries out a directed share issue of 33 million shares and raises proceeds of 528 MSEK.
  • Humble completes acquisitions of MedicaNatumin AB and Go Superfoods Ltd.
  • Annual general meeting was held on 5 May 2022, where the board was re-elected and Thomas Petrén resigned as board member.



Russia's invasion of Ukraine on 24 February 2022 changed the world trading climate, and it was difficult to predict the external political developments that would take place. As the entrepreneur-driven group that we are, we have continuously adapted our business and development to the uncertain conditions that the war entails. Challenges in the form of rising raw material and energy prices as well as increased shipping costs, which were already at a high level in 2021, are areas that have been at the top of our agenda to deal with. In the group, we have secured important agreements for transport and logistics, moved production, divested certain products, and invested in larger inventories and access to raw materials, activities that will enable us to continue to grow and maintain a strong gross profit margin. The operating cash flow before changes in NWC was 91 MSEK but due to the extraordinary investments in stock and raw materials we ended up with -1 MSEK from the operating activities in total. We do not see this as a problem as the increase in net working capital is a conscious and tactical growth-investment that will benefit the Group's growth and profitability in the long term. To add, our companies have historically proven to have a high cash generation and have yielded continuous dividends to their previous owners.

It is gratifying to sum up a first quarter with an aggregated organic growth proforma of 25 %, as well as great performances in several of our companies which have managed to find a good balance in the changing market conditions and to identify and act on new opportunities where other more slow-moving players are demonstrably facing major challenges. Furthermore, our entrepreneurs have managed to transfer increased costs to the retailers and consumers, which is reflected in that the EBITA proforma was increased by 59 % compared to the first quarter of 2021. This is a good indicator that shows the group's value creation, where we during the last quarters have established a nice trend with a steady increase of EBITA per share, which will strengthen our capacity to organically being able to finance further acquisitions.

The investment we have made in the operational team as well as the synergy projects that were initiated in the autumn of 2021 have started to have an impact. We have several case studies on how the subsidiaries share intellectual property with each other and drive the group's growth by selling their own brands in new channels and markets. The consolidated adjusted EBITA of 93 MSEK was increased by both organic growth and strengthened margin, reaching 10.2 %. Due to seasonality this is lower than the 2021-year average but higher than the comparable margin for Q1 2021 and where we are positive on our total year margin for 2022.

During the year, we acquired 6 selected companies, all of which fits perfectly into the strategic matrix we have for the Group's segments and verticals. With our structural platform and focused acquisition strategy, we naturally improve collaborations internally and offer an improved product mix to our customers.

Despite some disturbances in the capital market, we carried out a directed share issue of SEK 528 million in April, which provided the group with cash for continued acquisitions as well as new strategic owners who share the vision for our long-term journey with Humble. Moreover, we are actively looking to improve our general financing profile and have an ongoing dialogue with the banks and debt capital market, to make sure that we streamline our capital structure and maximize our free cash flow.

Our target going forward is to maintain steady and profitable growth and continue our path towards the financial goals. The management team is well staffed to handle a significantly larger company and ready to assist and integrate new operations that becomes part of the group.

We have had a good start in the second quarter, with continued sales growth and where our subsidiaries deliver as expected, increasing compared to last year. Several raw material and purchasing contracts that were signed before the Ukraine crisis, will start to take effect in Q3 and where we estimate to have the full visibility in the profit margin from Q4 and onwards. Our type of fast-moving consumer goods generally meets a non-price-sensitive consumer and we have not yet seen any major negative implications from the inflation. All in all, it gives us a good indication that Humble will be able to stand strong, regardless of how the volatile macroclimate develops in the future.

*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

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
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