Apotea (APOTEA) Q3 2025 earnings summary

Executive summary

• Achieved solid growth and profitability in Q3 2025, with net revenue up 8.9% to SEK 1,769.3 million, driven by strong prescription demand and the successful launch and ramp-up of the Varberg warehouse, now delivering 10,000 orders daily and increasing capacity.

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

• Maintained focus on scaling production, sales initiatives, and efficiency improvements for future growth.

• Rolling twelve-month net revenue surpassed SEK 7 billion, maintaining a leading position in the Swedish online pharmacy market.

Financial highlights

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

• EBIT margin was 5.0% in Q3 2025; rolling 12-month adjusted EBIT margin at 4.9%.

• Gross margin stable at 27.2% in Q3.

• Operating cash flow increased to SEK 109.4 million in Q3, more than doubling year-over-year.

• Profit for Q3 was SEK 68.6 million; earnings per share SEK 0.67.

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 net revenue 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.