Apoteket (A) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 increased by 5.3% year-over-year to SEK 6,619 million, but operating profit declined to SEK 158 million from SEK 204 million, with a margin of 2.4% (3.2%).

• For January–September 2025, net sales rose 4.8% to SEK 19,726 million, while operating profit fell to SEK 440 million (539), with a margin of 2.2% (2.9%).

• Profit for the period was SEK 513 million, down from SEK 572 million year-over-year.

• Growth was driven by new contracts and higher retail sales, but profitability was impacted by lower consumer purchasing power, weak OTC sales, and one-off costs for new agreements.

Financial highlights

• Q3 net sales: SEK 6,619 million (up from 6,284); operating profit: SEK 158 million (down from 204); margin: 2.4% (3.2%).

• Jan–Sep net sales: SEK 19,726 million (up from 18,821); operating profit: SEK 440 million (down from 539); margin: 2.2% (2.9%).

• Net profit Jan–Sep: SEK 513 million (down from 572).

• Operating cash flow Jan–Sep: SEK 861 million (down from 1,006).

• Investments Jan–Sep: SEK 126 million (up from 50).

Outlook and guidance

• Long-term target for operating margin is 3.0%; current margin for Jan–Sep is 2.2%.

• Solidarity target is 35–45%; current level is 42.4%.

• Dividend policy: 40–60% of annual result, with 2024 payout at 60% plus an extra dividend to align with capital structure goals.