Apotea (APOTEA) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 rose 10.5% year-over-year to SEK 1,937.2 million, with strong profitability and stable growth supported by growth initiatives such as the soft launch in Norway and scaling up operations at the Varberg fulfillment center.

• Operating profit (EBIT) increased to SEK 101.3 million, with a margin of 5.2%, despite higher depreciations from new fulfillment centers.

• Gross margin improved to 28.3%, the highest reported, driven by successful campaigns and improved procurement.

• Cash flow from operating activities was SEK 112.5 million, with a net cash position of SEK 105 million at period-end.

• Launch of beauty and health assortment in Norway and increased automation at Varberg supported operational resilience.

Financial highlights

• Q1 revenues reached SEK 1,937.2 million, up 10.5% year-over-year, with an EBITDA of SEK 155.3 million and EBITDA margin of 8.0%.

• EBIT margin was 5.2%, with adjusted EBIT of SEK 101.3 million, up from SEK 92.4 million in Q1 2025.

• Gross margin rose to 28.3% from 27.7% year-over-year, supported by successful campaigns and better purchasing.

• Profit for the period reached SEK 78.4 million, with EPS of SEK 0.76.

• Inventory increased to SEK 824.3 million, impacting turnover rate, which declined to 7.5x from 8.7x year-over-year.

Outlook and guidance

• Focus remains on profitable growth, expanding customer offerings, and increasing capacity utilization at Varberg.

• The company aims to double net revenue over the next 4–5 years and targets a long-term EBIT margin of 7–8%.

• No immediate plans for significant new CapEx; ongoing optimization of existing infrastructure.

• Financial margin targets remain at 3%-5% due to market uncertainties and recent quarterly volatility.

• No significant impact from current geopolitical risks observed, but ongoing monitoring continues.