Apotea (APOTEA) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue grew 7.0% year-over-year to SEK 1,854.3 million, with full-year revenue up 10.1% to SEK 7,203.3 million, driven mainly by prescription (Rx) sales.

• Q4 EBIT margin was 1.3%, impacted by campaign intensity, higher depreciation, and ramp-up costs at the new Varberg fulfilment centre.

• Major 2025 initiatives included launching and scaling up the Varberg fulfilment centre, upgrading the e-commerce platform, and opening a prescription hub in Årsta.

• Strategic focus shifted to external growth, including expansion into Norway and hiring a Chief Growth Officer.

• The Board proposes a dividend of SEK 0.60 per share for 2025.

Financial highlights

• Q4 gross margin declined to 24.8%, mainly due to higher campaign sales and procurement costs; full-year gross margin was 26.9%.

• Adjusted EBIT margin for Q4 was 1.3% (down from 3.9%); full-year adjusted EBIT margin was 4.2%.

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

• Operating cash flow was strong for the year but negative in Q4 due to automation-related payments and changes in accounts payable.

• Net debt increased to SEK 300.4 million at year-end, with net debt/EBITDA (excl. IFRS 16) at 0.0x.

Outlook and guidance

• Management targets doubling net revenue in 4–5 years and a long-term EBIT margin of 7–8%, with a short- to medium-term EBIT margin goal of 3–5%.

• Focus on efficiency improvements, scaling up Varberg operations, and expansion into Norway with a new beauty and health offering in spring 2026.

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