Financials Hennes & Mauritz AB

Equities

HM B

SE0000106270

Apparel & Accessories Retailers

Market Closed - Nasdaq Stockholm Other stock markets 17:00:00 12/01/2026 GMT			5-day change	1st Jan Change
179.55 ^SEK	+0.25%		-1.70%	-3.42%

01-12	H&M : Sell rating from Bernstein	ZD
01-12	New Wave Upgraded to Buy, Replaces H&M Among Handelsbanken's Sector Favorites	FW

Projected Income Statement: Hennes & Mauritz AB

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	187,031	198,967	223,571	236,035	234,478	228,953	232,101	237,939
Change	-	6.38%	12.37%	5.57%	-0.66%	-2.36%	1.38%	2.51%
EBITDA ¹	29,052	37,575	29,748	37,492	39,558	39,271	41,313	42,927
Change	-	29.34%	-20.83%	26.03%	5.51%	-0.73%	5.2%	3.91%
EBIT ¹	3,099	15,255	7,169	14,537	17,306	17,550	19,782	21,332
Change	-	392.26%	-53.01%	102.78%	19.05%	1.41%	12.72%	7.83%
Interest Paid ¹	-1,299	-955	-953	-1,527	-1,863	-2,134	-2,015	-1,979
Earnings before Tax (EBT) ¹	2,052	14,300	6,216	13,010	15,443	15,403	17,818	19,453
Change	-	596.88%	-56.53%	109.3%	18.7%	-0.26%	15.67%	9.18%
Net income ¹	1,243	11,010	3,566	8,752	11,584	11,582	13,482	14,826
Change	-	785.76%	-67.61%	145.43%	32.36%	-0.01%	16.4%	9.97%
Announcement Date	29/01/21	28/01/22	27/01/23	31/01/24	30/01/25	-	-	-

¹SEK in Million

Estimates

Fiscal Period: November	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	52,549	40,060	46,509	55,585	56,813	49,166	54,504	57,450	62,451	54,872	57,616	60,897	62,650	53,669	59,605	59,011	62,193	55,333	56,714	57,017	59,626	53,021	57,972	57,988	61,883
Change	-	-23.77%	16.1%	19.51%	2.21%	-13.46%	10.86%	5.41%	8.7%	-12.14%	5%	5.69%	2.88%	-14.34%	11.06%	-1%	5.39%	-11.03%	2.5%	0.53%	4.58%	-11.08%	9.34%	0.03%	6.72%
EBITDA ¹	9,766	4,584	9,465	11,728	11,798	5,851	10,197	7,088	6,612	6,230	10,234	10,466	10,562	7,482	12,525	8,953	10,598	6,718	11,089	10,084	11,248	7,296	12,078	10,439	11,576
Change	-	-53.06%	106.48%	23.91%	0.6%	-50.41%	74.28%	-30.49%	-6.72%	-5.78%	64.27%	2.27%	0.92%	-29.16%	67.4%	-28.52%	18.37%	-36.61%	65.06%	-9.06%	11.55%	-35.13%	65.52%	-13.57%	10.9%
EBIT ¹	3,897	-1,128	3,852	6,272	6,259	458	4,988	902	821	725	4,741	4,739	4,332	2,077	7,098	3,507	4,624	1,203	5,914	4,914	5,696	2,046	7,044	5,204	6,175
Change	-	-128.95%	441.49%	62.82%	-0.21%	-92.68%	989.08%	-81.92%	-8.98%	-11.69%	553.93%	-0.04%	-8.59%	-52.05%	241.74%	-50.59%	31.85%	-73.98%	391.6%	-16.91%	15.9%	-64.08%	244.31%	-26.12%	18.65%
Charge d'intérêts ¹	-	-261	-259	-179	-256	-176	-206	-213	-358	-329	-416	-366	-416	-471	-430	-422	-540	-441	-623	-592	-524	-485	-480	-487.5	-480
Earnings before Tax (EBT) ¹	3,665	-1,389	3,593	6,093	6,003	282	4,688	689	463	396	4,325	4,373	3,916	1,606	6,668	3,085	4,084	762	5,291	4,322	5,226	1,561	6,564	4,717	5,695
Change	-	-137.9%	358.68%	69.58%	-1.48%	-95.3%	1,562.41%	-85.3%	-32.8%	-14.47%	992.17%	1.11%	-10.45%	-58.99%	315.19%	-53.73%	32.38%	-81.34%	594.36%	-18.31%	20.93%	-70.13%	320.53%	-28.14%	20.73%
Net income ¹	2,485	-1,070	2,767	4,692	4,621	217	3,682	531	-864	541	3,296	3,328	1,587	1,209	4,995	2,319	3,081	590	3,977	3,229	3,924	1,188	4,980	3,576	4,158
Change	-	-143.06%	358.6%	69.57%	-1.51%	-95.3%	1,596.77%	-85.58%	-262.71%	162.62%	509.24%	0.97%	-52.31%	-23.82%	313.15%	-53.57%	32.86%	-80.85%	574.07%	-18.81%	21.51%	-69.71%	318.97%	-28.19%	16.28%
Announcement Date	29/01/21	31/03/21	01/07/21	30/09/21	28/01/22	31/03/22	29/06/22	29/09/22	27/01/23	30/03/23	29/06/23	27/09/23	31/01/24	27/03/24	27/06/24	26/09/24	30/01/25	27/03/25	26/06/25	25/09/25	-	-	-	-	-

¹SEK in Million

Estimates

Fiscal Period: November	2021 S1	2022 S1	2023 S1	2023 S2	2024 S1	2025 S1
Net sales ¹	86,569	103,670	112,488	123,547	113,274	112,047
Change	-	19.75%	8.51%	9.83%	-8.32%	-1.08%
EBITDA	-	16,048	-	-	20,007	-
Change	-	-	-	-	-	-
EBIT ¹	2,724	5,446	5,466	-	9,175	7,117
Change	-	99.93%	0.37%	-	-	-22.43%
Charge d'intérêts ¹	-520	-382	-745	-782	-901	-1,064
Earnings before Tax (EBT) ¹	2,204	4,913	4,721	-	8,274	6,053
Change	-	122.91%	-3.91%	-	-	-26.84%
Net income ¹	1,697	3,899	3,837	4,915	6,196	4,567
Change	-	129.76%	-1.59%	28.09%	26.06%	-26.29%
Announcement Date	01/07/21	29/06/22	29/06/23	31/01/24	27/06/24	26/06/25

¹SEK in Million

Estimates

Forecast Balance Sheet: Hennes & Mauritz AB

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	63,525	39,220	50,928	51,572	59,614	56,994	54,468	51,433
Change	-	-38.26%	29.85%	1.26%	15.59%	-4.39%	-4.43%	-5.57%
Announcement Date	29/01/21	28/01/22	27/01/23	31/01/24	30/01/25	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: Hennes & Mauritz AB

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,606	3,464	6,011	8,964	11,448	11,006	11,331	11,334
Change	-	-3.94%	73.53%	49.13%	27.71%	-3.86%	2.95%	0.03%
Free Cash Flow (FCF) ¹	22,294	41,155	18,465	24,985	20,308	23,606	27,361	28,638
Change	-	84.6%	-55.13%	35.31%	-18.72%	16.24%	15.91%	4.66%
Announcement Date	29/01/21	28/01/22	27/01/23	31/01/24	30/01/25	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: Hennes & Mauritz AB

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	15.53%	18.89%	13.31%	15.88%	16.87%	17.15%	17.8%	18.04%
EBIT Margin (%)	1.66%	7.67%	3.21%	6.16%	7.38%	7.67%	8.52%	8.97%
EBT Margin (%)	1.1%	7.19%	2.78%	5.51%	6.59%	6.73%	7.68%	8.18%
Net margin (%)	0.66%	5.53%	1.6%	3.71%	4.94%	5.06%	5.81%	6.23%
FCF margin (%)	11.92%	20.68%	8.26%	10.59%	8.66%	10.31%	11.79%	12.04%
FCF / Net Income (%)	1,793.56%	373.8%	517.81%	285.48%	175.31%	203.8%	202.95%	193.15%
Profitability
ROA	0.84%	6.22%	3.11%	4.82%	6.41%	5.62%	6.65%	7.34%
ROE	2.2%	19.2%	6.4%	17.7%	17.8%	25.37%	29.68%	31.15%
Financial Health
Leverage (Debt/EBITDA)	2.19x	1.04x	1.71x	1.38x	1.51x	1.45x	1.32x	1.2x
Debt / Free cash flow	2.85x	0.95x	2.76x	2.06x	2.94x	2.41x	1.99x	1.8x
Capital Intensity
CAPEX / Current Assets (%)	1.93%	1.74%	2.69%	3.8%	4.88%	4.81%	4.88%	4.76%
CAPEX / EBITDA (%)	12.41%	9.22%	20.21%	23.91%	28.94%	28.03%	27.43%	26.4%
CAPEX / FCF (%)	16.17%	8.42%	32.55%	35.88%	56.37%	46.63%	41.41%	39.58%
Items per share
Cash flow per share ¹	15.65	26.96	14.95	20.84	19.7	12.68	15.02	15.39
Change	-	72.27%	-44.55%	39.42%	-5.45%	-35.66%	18.5%	2.42%
Dividend per Share ¹	-	6.5	6.5	6.5	6.8	6.901	7.45	7.869
Change	-	-	0%	0%	4.62%	1.49%	7.94%	5.63%
Book Value Per Share ¹	33	36.26	31.15	29.34	29.28	27.89	28.88	30.4
Change	-	9.88%	-14.09%	-5.81%	-0.2%	-4.74%	3.56%	5.24%
EPS ¹	0.75	6.65	2.16	5.35	7.21	7.221	8.449	9.337
Change	-	786.67%	-67.52%	147.69%	34.77%	0.16%	17%	10.51%
Nbr of stocks (in thousands)	1,655,072	1,655,072	1,629,687	1,623,103	1,604,491	1,599,897	1,599,897	1,599,897
Announcement Date	29/01/21	28/01/22	27/01/23	31/01/24	30/01/25	-	-	-