Apoteket (A) Q4 2024 earnings summary

Executive summary

• Net sales increased by 7.9% in Q4 2024 and 9.1% for the full year, reaching SEK 25,380 million, driven by strong consumer demand and market share gains.

• Operating income rose to SEK 670 million for the year (up from SEK 478 million), with an improved operating margin of 2.6% (2.1%).

• Net income for the year was SEK 722 million, up from SEK 652 million.

• Board proposes an ordinary dividend of SEK 335 million and an extra dividend of SEK 1,000 million due to strong liquidity and to align with capital structure targets.

• Investments in e-commerce logistics and pharmaceutical services contributed to growth and efficiency.

Financial highlights

• Q4 net sales: SEK 6,559 million (Q4 2023: SEK 6,076 million); full-year net sales: SEK 25,380 million (2023: SEK 23,270 million).

• Q4 operating income: SEK 131 million (Q4 2023: SEK 81 million); full-year operating income: SEK 670 million (2023: SEK 478 million).

• Q4 net income: SEK 150 million (Q4 2023: SEK 122 million); full-year net income: SEK 722 million (2023: SEK 652 million).

• Operating cash flow for the year: SEK 1,007 million (2023: SEK 631 million).

• Investments totaled SEK 92 million, mainly in store fittings and IT solutions.

Outlook and guidance

• Well positioned for continued development in 2025, with ongoing investments in e-commerce automation and pharmaceutical services.

• Long-term operating margin target is 3.0%; 2024 outcome was 2.6%.

• Dividend policy: 40–60% of net income adjusted for pension effects; proposed payout for 2024 is at the upper end.