Apotea (APOTEA) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong profitability and stable revenue growth, with net revenue rising 10.9% year-over-year to SEK 2,025.9 million and an adjusted EBIT margin of 5.2%.

• Growth initiatives advanced, including the launch and scaling of apotea.no in Norway and increased automation at the Varberg fulfillment centre.

• Company-wide share and performance share programs were introduced, enabling broad employee participation.

• Own-brand product sales exceeded SEK 100 million on a rolling 12-month basis.

• Profit for Q2 was SEK 81.1 million, with EPS before and after dilution at SEK 0.78.

Financial highlights

• Q2 net revenue: SEK 2,025.9 million (up 10.9% year-over-year); H1 net revenue: SEK 3,963.1 million (up 10.7%).

• Adjusted EBIT for Q2 was SEK 104.7 million, with a margin of 5.2%; gross margin for Q2 was 27.5%.

• Rolling 12-month revenue reached SEK 7.6 billion, with a 4.2% adjusted EBIT margin.

• Cash flow from operating activities in Q2 was SEK 76.8 million, down from SEK 165.3 million, mainly due to increased inventory and tax payments.

• Dividend of SEK 0.60 per ordinary share paid in June 2026, totaling SEK 62.4 million.

Outlook and guidance

• The company aims to double net revenue over the next 4–5 years, with a short- to medium-term EBIT margin target of 3–5% and a long-term target of 7–8%.

• Focus remains on growth initiatives, scaling apotea.no, expanding Rx and own-brand offerings, and improving the customer journey.

• Inventory turnover is expected to gradually improve as capacity utilization increases.

• Marketing spend in Norway will ramp up slowly, with minimal near-term impact on group profits.