Apotea (APOTEA) Q4 2025 earnings summary

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.