Apoteket (A) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 6.6% year-over-year to SEK 27,062 million, driven by growth in both consumer and healthcare segments.

• Operating income declined to SEK 564 million from SEK 670 million, with the margin falling to 2.1% from 2.6% due to start-up costs and lower profitability.

• Net income for the year was SEK 665 million, down from SEK 722 million in 2024.

• The company strengthened its position through strategic contracts, notably with Region Skåne and Kriminalvården.

Financial highlights

• Q4 net sales rose 11.8% year-over-year to SEK 7,336 million.

• Q4 operating income was SEK 124 million, with a margin of 1.7% (down from 2.0%).

• Full-year operating cash flow was SEK 628 million, a decrease from SEK 1,007 million in 2024.

• Investments totaled SEK 183 million, mainly in store fittings and tech solutions.

• Dividend of SEK 271 million proposed, representing 60% of pension-adjusted net income.

Outlook and guidance

• The company aims for a long-term operating margin of 3.0%; 2025 outcome was 2.1%.

• Solidarity target of 35–45% achieved, with 2025 at 43.0%.

• Continued focus on cost control, digitalization, and service development expected in 2026.