Apotea (APOTEA) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was SEK 1,990.4m, up 12.5% YoY; adjusted EBIT was SEK 108.3m and adjusted EBIT margin was 5.4%.

• Jan–Sep net revenue rose 11.3% to SEK 5,953.6m; adjusted EBIT was SEK 314.3m versus SEK 279.9m.

• Rolling 12-month net revenue exceeded SEK 7.8bn; adjusted EBIT margin was 4.3%, up from 4.2% in Q2.

Financial highlights

• Q3 adjusted EBIT rose to SEK 108.3m from SEK 88.2m, up ~23%; adjusted EBIT margin improved to 5.4% from 5.0%.

• Q3 gross profit was SEK 533.4m versus SEK 481.1m; gross margin was 26.8% versus 27.2%.

• Q3 profit was SEK 81.8m versus SEK 68.6m; EPS was SEK 0.79 versus SEK 0.67.

• Jan–Sep gross margin was 27.5% versus 27.6%; adjusted EBIT improved to SEK 314.3m from SEK 279.9m.

Outlook and guidance

• 2027 CapEx guidance is SEK 50m–SEK 75m; potential Varberg automation investments are under evaluation, with current capacity sufficient.

• Targets are to double net revenue over 4–5 years, achieve a 3–5% short- to medium-term EBIT margin and a 7–8% long-term EBIT margin.

• Inventory turnover is expected to improve gradually as capacity utilisation rises and fulfilment-centre optimisation continues.

• Priorities include accelerating growth, improving the customer offering through technology and AI, and optimizing logistics operations.

• No specific Q4 EBIT margin guidance; targets are assessed over a full financial year, with seasonality and higher Q4 campaign activity affecting margins.