MEDS Apotek (MEDS) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached 304 million SEK, up 18% year-over-year, surpassing 300 million SEK in a single quarter for the first time.

• EBIT increased 38% compared to Q2 last year, with adjusted EBIT at 6.0 MSEK and a margin of 2.0%.

• Prescription medicines (RX) remain the fastest-growing segment, with RX sales up 22% in Q2.

• The company is executing a move to a new logistics centre in Eskilstuna, expected to triple warehouse space and support long-term scalability.

• The business remains debt-free with a strong cash position and efficient cost structure.

Financial highlights

• Q2 net sales: 304 MSEK (up from 270 MSEK sequentially), +18% year-over-year; H1 net sales: 573.5 MSEK (+14.7%).

• Q2 gross margin: 27.1% (down from 28.2%); H1 gross margin: 27.4%.

• Q2 adjusted EBIT: 6.0 MSEK (4.3), margin 2.0% (1.7%).

• Average order value reached an all-time high at SEK 494, supported by successful campaign strategies.

• Cash and cash equivalents at period end: 66.7 MSEK, with no financial debt.

Outlook and guidance

• Guidance for the year is reconfirmed, with most costs related to the warehouse move expected in Q3.

• The company aims to triple net sales organically within 5-6 years while maintaining a 3%-5% EBIT margin.

• No dividends planned in the medium term; cash flow to be reinvested in growth.

• One-off impact from logistics move expected: 25 MSEK on revenue, 6 MSEK on EBIT.

• Marketing will be softened temporarily during the warehouse transition to ensure customer experience is maintained.