MEDS Apotek (MEDS) Q3 2025 earnings summary

Executive summary

• Achieved a historic quarter with a successful IPO on Nasdaq First North Premier, expanding the shareholder base to over 2,000 and raising 70 MSEK in new equity.

• Surpassed 1 million active customers and is tracking nearly SEK 1 billion in annualized net sales.

• Achieved profitability with adjusted EBIT margin of 2% and positive operating cash flow.

Financial highlights

• Q3 net sales reached SEK 249m, up 22% year-over-year, setting a sales record.

• Adjusted EBIT margin was 2% for the quarter, with operating cash flow of SEK 24m.

• Ended the quarter with SEK 97m in cash and no debt, supported by a capital-light business model.

• Gross profit grew 18.8% to 68.4 MSEK, with gross margin between 27.5% and 28.1%.

• Average order value (AOV) was SEK 450, stable year-over-year.

Outlook and guidance

• Financial target of 20%-25% annual growth, aiming to triple revenue in five to six years.

• EBIT margin target of 3%-5% expected to be reached during 2026.

• Logistics infrastructure is semi-automatic and scalable, with expansion planned for H2 2026.

• No major CapEx planned; limited investments in automation and a larger warehouse for 2026.

• No dividends planned in the medium term; cash flow will be reinvested in growth.