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Apotea (APOTEA) investor relations material
Apotea Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 net revenue grew 7% year-over-year to SEK 1,854.3 million, with full-year revenue reaching SEK 7,203.3 million and adjusted EBIT margin of 4.2%.
Q4 profitability was weak, with an EBIT margin of 1.3%, impacted by lower gross margin and increased depreciation from the Varberg fulfilment centre.
2025 featured major investments, including the ramp-up of the Varberg fulfilment centre and launch of a prescription hub in Årsta.
Strategic shift towards external growth, with expansion into Norway and the appointment of a Chief Growth Officer.
The Board proposes a dividend of SEK 0.60 per share for 2025, supported by a solid financial position.
Financial highlights
Q4 revenues: SEK 1,854.3 million, up 7% year-over-year; full-year revenues: SEK 7,203.3 million, up 10.1%.
Q4 gross margin: 24.8%, down from 27.0% last year, due to campaign sales and higher procurement costs.
Q4 adjusted EBIT margin: 1.3% (3.9% last year); full-year adjusted EBIT margin: 4.2% (4.4% last year).
Operating costs and depreciation increased due to Varberg investments.
Strong operating cash flow for the year, but Q4 cash flow was weaker due to automation-related payments and changes in accounts payable.
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%.
Focus on accelerating growth initiatives, expanding into Norway, and scaling up Varberg operations.
Expectation of significantly lower investments going forward, focusing on efficiency improvements in existing warehouses.
No specific short-term growth forecast, but management anticipates improvement as new initiatives take effect.
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