Apotea (APOTEA) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue grew 7% year-over-year to SEK 1,854.3 million, with full-year revenue up 10.1% to SEK 7,203.3 million, driven by strong Rx sales.

• Q4 profitability was weak, with an EBIT margin of 1.3%, impacted by campaign intensity, higher depreciation, and ramp-up costs at the new Varberg facility.

• Major operational focus on scaling up the Varberg fulfillment center, launching new growth initiatives including AI, and preparing for Norwegian market entry.

• Board proposes a dividend of SEK 0.60 per share for 2025, reflecting a solid financial position.

• Cash flow from operations was negative in Q4 but positive for the year; significant investments in Varberg are now complete.

Financial highlights

• Q4 gross margin declined to 24.8%, down from 27.0% last year, mainly due to higher campaign sales and procurement costs.

• Adjusted EBIT margin for Q4 was 1.3% (3.9% last year); full-year adjusted EBIT margin was 4.2% (4.4% last year).

• EBITDA for Q4 was SEK 79.0 million (4.3% margin); full-year EBITDA was SEK 460.5 million (6.4% margin).

• Net debt increased to SEK 300.4 million at year-end, with net debt/EBITDA (excl. IFRS 16) at 0.0x.

• Inventory turnover rate decreased to 8.7x from 9.8x, reflecting Varberg inventory build-up.

Outlook and guidance

• Focus shifting from internal projects to external growth, including expansion into Norway and new sales initiatives.

• Management targets doubling net revenue in 4–5 years and a long-term EBIT margin of 7–8%; short- to medium-term EBIT margin goal is 3–5%.

• Maintenance CapEx projected at SEK 50-70 million annually, with lower investments expected going forward.

• Growth initiatives, including new product assortments and AI, expected to take a few quarters to show significant impact.