Apotea (APOTEA) Q3 2025 earnings summary

Executive summary

• Achieved 8.9% year-over-year Q3 revenue growth to SEK 1,769.3 million, driven by strong prescription demand and the successful Varberg warehouse launch, now delivering 10,000 orders daily and ramping up capacity.

• EBIT margin reached 5.0% in Q3, with operating profit at SEK 88.2 million, reflecting stable gross margins and effective cost control.

• Cash flow from operating activities increased to SEK 109.4 million, supported by improved earnings and positive working capital changes.

• Recognized as Sweden's strongest pharmacy brand and the first online pharmacy to offer emission-free deliveries via a fully electrified chain.

• Maintained a leading position in the Swedish online pharmacy market, with market share rising to 10.2%.

Financial highlights

• Q3 net revenue: SEK 1,769.3 million (up 8.9% year-over-year); YTD net revenue: SEK 5,349.1 million (up 11.2%).

• EBIT margin for Q3: 5.0%; YTD EBIT margin: 5.1%.

• Gross margin stable at 27.2% in Q3.

• Adjusted EBIT increased to SEK 88 million from SEK 82 million year-over-year.

• Cash flow from operations Q3: SEK 109.4 million; YTD: SEK 398.0 million.

Outlook and guidance

• Focus shifting from internal projects to external growth, leveraging Varberg's capacity for customer experience improvements and new sales initiatives.

• Target to double business in four to five years remains unchanged, with a long-term EBIT margin goal of 7–8%.

• Continued emphasis on efficiency gains through technology and AI, and maintaining tight cost control.