Apoteket (A) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 increased by 3.7% year-over-year to SEK 6,683 million, with stable in-store sales and continued e-commerce growth, but lower demand in some categories due to a cold spring and economic volatility.

• Operating profit for Q2 was SEK 163 million, down from SEK 210 million last year, mainly due to the end of a major dose packaging contract and weaker seasonal product sales.

• The company is preparing for several significant new contracts in healthcare and defense supply, expected to strengthen its market position in the coming quarters.

Financial highlights

• Q2 2025 net sales: SEK 6,683 million (Q2 2024: SEK 6,443 million); H1 2025: SEK 13,107 million (H1 2024: SEK 12,537 million).

• Q2 operating profit: SEK 163 million (Q2 2024: SEK 210 million); H1: SEK 282 million (H1 2024: SEK 335 million).

• Q2 net income: SEK 183 million (Q2 2024: SEK 216 million); H1: SEK 334 million (H1 2024: SEK 363 million).

• Operating cash flow H1: SEK 737 million (H1 2024: SEK 806 million); period-end cash: SEK 1,193 million (Q2 2024: SEK 1,910 million).

• Ordinary dividend of SEK 335 million and extra dividend of SEK 1,000 million paid in Q2.

Outlook and guidance

• Several major contracts in healthcare and defense logistics will commence in Q3, expected to reinforce the company’s role as a key partner to public sector clients.

• Management notes a clear recovery and strong growth at the end of Q2, despite ongoing market uncertainty.

• Long-term financial targets: operating margin of 3.0% and equity ratio of 35–45%.