Swedencare (SECARE) Q3 2025 earnings summary

Executive summary

• Achieved record net revenue of 712.9 MSEK and record operative EBITDA over 154.9 MSEK in Q3 2025, with high international activity and internal collaboration driving growth.

• Expanded presence in major US retailers, now in 1,400 Walmart stores, 1,100 CVS pharmacies, and 140 Meijer stores, with further expansion planned.

• Organizational restructuring in the UK to focus on online sales, with retail sales shifting to Nutravet and synergies realized between UK and Tampa operations.

• Minority investment in Viyo to add a new liquid recuperation product line, launching under Nutravet in Q1 2026, with option for full acquisition.

• High international activity with new distribution agreements in Asia and South America.

Financial highlights

• Q3 net revenue reached 712.9 MSEK, up 11% year-over-year; organic growth was 15%, acquired growth 5%, and currency impact -9%.

• Operational EBITDA was 154.9 MSEK, up 14% year-over-year, with a margin of 21.7%.

• Operating gross margin stable at 58.5%.

• Net debt to EBITDA improved to 2.7, with SEK 75 million debt reduction during the quarter.

• Cash conversion at 99% for the quarter, aided by reduced inventory levels.

Outlook and guidance

• Double-digit organic growth and improved profitability expected in Q4 and for full year 2025.

• New long-term financial targets to be presented before year-end.

• No significant acquisitions expected in Q4; focus remains on operational efficiency and organic growth.

• Strong momentum anticipated in Europe and North America, with production segment expected to recover in 2026.

• Expansion of manufacturing capabilities in North America and Europe to support future growth.