MEDS Apotek (MEDS) Q4 2025 earnings summary

Executive summary

• Surpassed 1 million active customers and SEK 1 billion in annual sales, achieving 21.4% year-over-year growth and a 1.5% adjusted EBIT margin for 2025.

• Successfully completed IPO on Nasdaq First North, broadening the shareholder base and raising 70 MSEK.

• Gained online market share, especially in prescription medicines, which grew 46.6% year-over-year.

• Maintained a debt-free or low-debt balance sheet and strong cash position at year-end.

• Outperformed market growth estimates, with strong demand in prescription medicine (Rx) and self-care products.

Financial highlights

• Full-year net sales reached SEK 1,006.4 million, up 21.4% year-over-year; Q4 net sales were SEK 258 million, up 15%.

• Adjusted EBIT for 2025 was SEK 15.1 million (1.5% margin); Q4 adjusted EBIT was SEK 0.3 million (0.1% margin).

• Gross profit increased by 19.9% to SEK 278.2 million, with a full-year gross margin of 27.6%.

• Ended Q4 with SEK 45 million in cash and no financial debt, with SEK 458 million in tax loss carryforwards.

• Inventory levels increased by over SEK 40 million year-over-year, expected to normalize in Q1 2026.

Outlook and guidance

• Strategic plan to triple revenues organically in the next 5–6 years and achieve a 3–5% operating margin.

• New logistics center in Eskilstuna to triple warehouse space from Q3 2026, supporting scalable expansion and automation.

• Investments in automation will be tens of millions SEK, not hundreds, with no strain on the balance sheet.

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

• Inventory levels expected to normalize in the coming months.