Apotea (APOTEA) investor relations material

Executive summary

• Q4 2025 revenue grew 7% year-over-year to SEK 1,854.3 million, with full-year revenue up 10.1% to SEK 7,203.3 million and adjusted EBIT margin of 4.2%.

• Q4 EBIT margin was 1.3%, with profitability impacted by lower gross margin, increased depreciation, and campaign intensity.

• Major internal focus included ramping up the Varberg fulfillment center and launching growth initiatives, including entry into Norway and hiring a Chief Growth Officer.

• Cash flow from operations was negative in Q4 at SEK -64.7 million but positive for the year at SEK 333.3 million.

• The Board proposes a dividend of SEK 0.60 per share for 2025, supported by a solid financial position.

Financial highlights

• Q4 revenues: SEK 1,854 million, up 7% year-over-year; full-year revenues: SEK 7,203 million, up 10.1%.

• Q4 EBIT margin: 1.3%; full-year adjusted EBIT margin: 4.2%.

• Q4 gross margin: 24.8%, down from 27.0% last year, due to higher campaign sales and procurement costs.

• EBITDA for Q4 was SEK 79.0 million (4.3% margin); full-year EBITDA was SEK 460.5 million (6.4% margin).

• Inventory turnover rate decreased to 8.7x from 9.8x, mainly due to Varberg inventory buildup.

Outlook and guidance

• Management targets doubling net revenue in 4–5 years and a long-term EBIT margin of 7–8%.

• Short- to medium-term EBIT margin goal is 3–5%.

• Expectation of significantly lower investments going forward, focusing on efficiency improvements in existing warehouses.

• Growth initiatives underway, including expansion into Norway and scaling up Varberg operations.

• No specific short-term growth forecast, but management anticipates improvement as new initiatives take effect.