Apotea (APOTEA) Q1 2025 earnings summary

Executive summary

• Achieved 15.2% year-over-year revenue growth in Q1 2025, with net revenue reaching SEK 1,754 million and stable underlying demand.

• EBIT margin improved to 5.3% from 4.1%, driven by higher gross margin and cost control.

• Profit for the period rose to SEK 71.8 million (from SEK 47.7 million), with EPS at SEK 0.69 (0.48).

• Continued preparations for the Varberg fulfillment centre, on track for summer launch, expected to boost capacity by 50%.

• Focus remains on efficiency, customer experience, and risk management amid global uncertainties.

Financial highlights

• Net revenue: SEK 1,753.5 million, up 15.2% year-over-year.

• EBIT: SEK 92.4 million (SEK 62.2 million), EBIT margin 5.3% (4.1%).

• Gross margin: 38.6% (or 27.7% in some reports), supported by better purchasing terms.

• Operating cash flow increased to SEK 123.2 million from SEK 78.4 million year-over-year.

• Investments of SEK 117 million, mainly for Varberg fulfillment centre.

Outlook and guidance

• Guidance for EBIT margin remains at 3-5%, despite Q1 outperformance.

• Preparations for the Varberg fulfilment centre are on track, with increased costs and depreciation expected from Q3.

• Focus on ramping up Varberg and launching new Rx hub in Årsta/Stockholm.

• The company targets to double net revenue in 4–5 years and aims for a long-term EBIT margin of 7–8%.

• Gross margin expected to remain stable, not promising further increases.