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Apoteket (A) investor relations material

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Apoteket Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary27 Oct, 2025

Executive summary

  • Net sales for Q3 2025 increased by 5.3% year-over-year to SEK 6,619 million, but operating profit declined to SEK 158 million from SEK 204 million, with a margin of 2.4% (3.2%).

  • For January–September 2025, net sales rose 4.8% to SEK 19,726 million, while operating profit fell to SEK 440 million (539), with a margin of 2.2% (2.9%).

  • Profit for the period was SEK 513 million, down from SEK 572 million year-over-year.

  • Growth was driven by new contracts and higher retail sales, but profitability was impacted by lower consumer purchasing power, weak OTC sales, and one-off costs for new agreements.

Financial highlights

  • Q3 net sales: SEK 6,619 million (up from 6,284); operating profit: SEK 158 million (down from 204); margin: 2.4% (3.2%).

  • Jan–Sep net sales: SEK 19,726 million (up from 18,821); operating profit: SEK 440 million (down from 539); margin: 2.2% (2.9%).

  • Net profit Jan–Sep: SEK 513 million (down from 572).

  • Operating cash flow Jan–Sep: SEK 861 million (down from 1,006).

  • Investments Jan–Sep: SEK 126 million (up from 50).

Outlook and guidance

  • Long-term target for operating margin is 3.0%; current margin for Jan–Sep is 2.2%.

  • Solidarity target is 35–45%; current level is 42.4%.

  • Dividend policy: 40–60% of annual result, with 2024 payout at 60% plus an extra dividend to align with capital structure goals.

Net impact of new/terminated contracts?
Explain solvency drop and extra dividend.
New services impact on pharmacist shortage?
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Frequently asked questions

Apoteket AB is a state-owned pharmacy chain in Sweden. It operates a nationwide network of pharmacies, providing a wide range of pharmaceutical products, over-the-counter medications, health and wellness products, and healthcare services. Apoteket also offers online shopping and mail-order pharmacy services, catering to the needs of customers who prefer digital platforms for their healthcare purchases. The company is committed to promoting health and preventing illness through its products and services, focusing on accessibility, quality, and sustainability. It plays a critical role in Sweden's healthcare system by ensuring the availability of medicines and healthcare products to the public. The company is headquartered in Stockholm, Sweden, and its shares are not listed on any stock exchange due to its state ownership.

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