Apoteket (A) investor relations material

Executive summary

• Strong Q3: revenue and operating profit increased YoY, with the operating margin rising to 3.2% from 2.4%.

• All business areas developed positively in the first nine months, supported by consumer sales growth, new dosage and care contracts, and improved pricing.

• Stable summer operations maintained quality and availability across channels; sick leave declined and employee satisfaction improved.

Financial highlights

• Q3 revenue was SEK 7,251m vs SEK 6,619m; operating profit SEK 235m vs SEK 158m; net income SEK 246m vs SEK 179m.

• 9M revenue was SEK 22,310m vs SEK 19,726m, up 13.1%; operating profit was SEK 546m vs SEK 440m, and net income SEK 607m vs SEK 513m.

• 9M operating costs increased, mainly from technology initiatives and start-up costs for a new care agreement; higher sales supported operating profit.

Outlook and guidance

• Long-term operating margin target is 3.0%; trailing 12-month outcome through September 2026 was 2.3%.

• Equity ratio target is 35–45%, adjusted for pension accounting effects; the reported outcome at September 30 was 46.2%.

• Dividend policy targets 40–60% of annual earnings adjusted for pension-related items; the 2025 dividend of SEK 271m represented 60% of pension-adjusted net income.