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MEDS Apotek (MEDS) investor relations material
MEDS Apotek Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Surpassed 1 million active customers and SEK 1 billion in annual sales, achieving 21.4% year-over-year growth and a 1.5% adjusted EBIT margin for 2025.
Successfully completed IPO on Nasdaq First North, broadening the shareholder base and raising 70 MSEK.
Gained online market share, especially in prescription medicines, which grew 46.6% year-over-year.
Maintained a debt-free or low-debt balance sheet and strong cash position at year-end.
Outperformed market growth estimates, with strong demand in prescription medicine (Rx) and self-care products.
Financial highlights
Full-year net sales reached SEK 1,006.4 million, up 21.4% year-over-year; Q4 net sales were SEK 258 million, up 15%.
Adjusted EBIT for 2025 was SEK 15.1 million (1.5% margin); Q4 adjusted EBIT was SEK 0.3 million (0.1% margin).
Gross profit increased by 19.9% to SEK 278.2 million, with a full-year gross margin of 27.6%.
Ended Q4 with SEK 45 million in cash and no financial debt, with SEK 458 million in tax loss carryforwards.
Inventory levels increased by over SEK 40 million year-over-year, expected to normalize in Q1 2026.
Outlook and guidance
Strategic plan to triple revenues organically in the next 5–6 years and achieve a 3–5% operating margin.
New logistics center in Eskilstuna to triple warehouse space from Q3 2026, supporting scalable expansion and automation.
Investments in automation will be tens of millions SEK, not hundreds, with no strain on the balance sheet.
No dividends planned in the medium term; cash flow to be reinvested in growth.
Inventory levels expected to normalize in the coming months.
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