Apoteket
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Apoteket (A) investor relations material

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Apoteket Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

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.

How will new care agreements boost future profitability?
Assess capital injection risk for pension fund.
Mitigate pharmacist shortage recruitment risk?
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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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