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Apoteket (A) investor relations material
Apoteket Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for 2025 increased by 6.6% year-over-year to SEK 27,062 million, driven by growth in both consumer and healthcare segments.
Operating income declined to SEK 564 million from SEK 670 million, with the margin falling to 2.1% from 2.6% due to start-up costs and lower profitability.
Net income for the year was SEK 665 million, down from SEK 722 million in 2024.
The company strengthened its position through strategic contracts, notably with Region Skåne and Kriminalvården.
Financial highlights
Q4 net sales rose 11.8% year-over-year to SEK 7,336 million.
Q4 operating income was SEK 124 million, with a margin of 1.7% (down from 2.0%).
Full-year operating cash flow was SEK 628 million, a decrease from SEK 1,007 million in 2024.
Investments totaled SEK 183 million, mainly in store fittings and tech solutions.
Dividend of SEK 271 million proposed, representing 60% of pension-adjusted net income.
Outlook and guidance
The company aims for a long-term operating margin of 3.0%; 2025 outcome was 2.1%.
Solidarity target of 35–45% achieved, with 2025 at 43.0%.
Continued focus on cost control, digitalization, and service development expected in 2026.
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