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Apoteket (A) investor relations material

Apoteket Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary18 Jul, 2025

Executive summary

  • Net sales for Q2 2025 increased by 3.7% year-over-year to SEK 6,683 million, with stable in-store sales and continued e-commerce growth, but lower demand in some categories due to a cold spring and economic volatility.

  • Operating profit for Q2 was SEK 163 million, down from SEK 210 million last year, mainly due to the end of a major dose packaging contract and weaker seasonal product sales.

  • The company is preparing for several significant new contracts in healthcare and defense supply, expected to strengthen its market position in the coming quarters.

Financial highlights

  • Q2 2025 net sales: SEK 6,683 million (Q2 2024: SEK 6,443 million); H1 2025: SEK 13,107 million (H1 2024: SEK 12,537 million).

  • Q2 operating profit: SEK 163 million (Q2 2024: SEK 210 million); H1: SEK 282 million (H1 2024: SEK 335 million).

  • Q2 net income: SEK 183 million (Q2 2024: SEK 216 million); H1: SEK 334 million (H1 2024: SEK 363 million).

  • Operating cash flow H1: SEK 737 million (H1 2024: SEK 806 million); period-end cash: SEK 1,193 million (Q2 2024: SEK 1,910 million).

  • Ordinary dividend of SEK 335 million and extra dividend of SEK 1,000 million paid in Q2.

Outlook and guidance

  • Several major contracts in healthcare and defense logistics will commence in Q3, expected to reinforce the company’s role as a key partner to public sector clients.

  • Management notes a clear recovery and strong growth at the end of Q2, despite ongoing market uncertainty.

  • Long-term financial targets: operating margin of 3.0% and equity ratio of 35–45%.

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Frequently asked questions

Apoteket AB is a state-owned pharmacy chain in Sweden. It operates a nationwide network of pharmacies, providing a wide range of pharmaceutical products, over-the-counter medications, health and wellness products, and healthcare services. Apoteket also offers online shopping and mail-order pharmacy services, catering to the needs of customers who prefer digital platforms for their healthcare purchases. The company is committed to promoting health and preventing illness through its products and services, focusing on accessibility, quality, and sustainability. It plays a critical role in Sweden's healthcare system by ensuring the availability of medicines and healthcare products to the public. The company is headquartered in Stockholm, Sweden, and its shares are not listed on any stock exchange due to its state ownership.

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