Apoteket (A) Q1 2025 earnings summary

Executive summary

• Net sales increased by 5.4% to SEK 6,424 million compared to the same quarter last year, driven by stable in-store growth and strong e-commerce performance.

• Operating profit was SEK 119 million, down from SEK 125 million, with a margin of 1.9% (2.1%), impacted by one-time development costs and the end of a major dose packaging contract.

• Net income rose to SEK 151 million from SEK 147 million year-over-year.

• The company maintained its market-leading position in sustainability and continued investments in digital services and customer experience.

Financial highlights

• Gross profit for the quarter was SEK 1,163 million, up from SEK 1,095 million year-over-year.

• Operating cash flow improved to SEK 44 million from SEK 24 million.

• Cash and cash equivalents at quarter-end were SEK 1,915 million, up from SEK 1,472 million.

• Investments totaled SEK 36 million, mainly in store upgrades and IT development.

• Ordinary dividend of SEK 335 million and an extra dividend of SEK 1,000 million were approved, to be paid in Q2.

Outlook and guidance

• Long-term operating margin target remains at 3.0%; current margin is 1.9% for the quarter and 2.6% for the rolling 12 months.

• Solid equity ratio target of 35–45% (adjusted for pensions); current level is 52.8%.

• Dividend policy is 40–60% of annual profit, adjusted for pension effects.