Apotea (APOTEA) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 rose 9.9% year-over-year to SEK 1,826.2 million, driven by strong demand for prescription products and stable online ordering trends.

• Profitability improved, with adjusted EBIT margin at 5.4% and reported EBIT margin at 5.1%.

• Major operational highlights include the inauguration of the Varberg automated fulfilment centre and the launch of a new prescription hub in Stockholm.

• Cash flow from operating activities strengthened to SEK 165.3 million, reflecting improved profitability and working capital management.

• Earnings per share before and after dilution were SEK 0.69 for the period.

Financial highlights

• Q2 net revenue: SEK 1,826.2 million (up 9.9% year-over-year); H1 net revenue: SEK 3,579.7 million (up 12.5%).

• Gross margin for Q2: 28.0% (27.7% last year); H1: 27.8% (27.5%).

• Adjusted EBIT for Q2: SEK 99.3 million; adjusted EBIT margin: 5.4%.

• Operating cash flow in Q2: SEK 165 million; strong cash flow conversion and high inventory turnover.

• Return on capital employed: 33.9% (27.1% last year).

Outlook and guidance

• Management expects increased costs and initially lower capacity utilization as the Varberg facility ramps up, with a temporary negative margin impact.

• Short- to medium-term EBIT margin guidance is 3%-5%, with a long-term target of 7%-8%.

• Focus remains on scaling up operations in Varberg and leveraging AI to improve efficiency and customer offering.

• RX share of net revenue expected to continue increasing, driven by ongoing demand and capacity expansion.