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Apoteket (A) investor relations material
Apoteket Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for Q3 2025 increased by 5.3% year-over-year to SEK 6,619 million, but operating profit declined to SEK 158 million from SEK 204 million, with a margin of 2.4% (3.2%).
For January–September 2025, net sales rose 4.8% to SEK 19,726 million, while operating profit fell to SEK 440 million (539), with a margin of 2.2% (2.9%).
Profit for the period was SEK 513 million, down from SEK 572 million year-over-year.
Growth was driven by new contracts and higher retail sales, but profitability was impacted by lower consumer purchasing power, weak OTC sales, and one-off costs for new agreements.
Financial highlights
Q3 net sales: SEK 6,619 million (up from 6,284); operating profit: SEK 158 million (down from 204); margin: 2.4% (3.2%).
Jan–Sep net sales: SEK 19,726 million (up from 18,821); operating profit: SEK 440 million (down from 539); margin: 2.2% (2.9%).
Net profit Jan–Sep: SEK 513 million (down from 572).
Operating cash flow Jan–Sep: SEK 861 million (down from 1,006).
Investments Jan–Sep: SEK 126 million (up from 50).
Outlook and guidance
Long-term target for operating margin is 3.0%; current margin for Jan–Sep is 2.2%.
Solidarity target is 35–45%; current level is 42.4%.
Dividend policy: 40–60% of annual result, with 2024 payout at 60% plus an extra dividend to align with capital structure goals.
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