MEDS Apotek (MEDS) Q3 2026 earnings summary

Executive summary

• Q3 net sales fell 5.9% YoY as warehouse relocation and longer-than-planned staff training constrained capacity; July–August sales grew 19% YoY with adjusted EBIT margin of 3.3%.

• For 9M, net sales grew 7.8% and EBIT returned to profit; the new Eskilstuna logistics centre was commissioned, with delivery times normalised during October.

Financial highlights

• Q3 net sales were SEK 233.9M versus SEK 248.6M; gross profit was SEK 65.3M versus SEK 68.4M, and net income was -SEK 4.9M versus -SEK 5.8M.

• 9M net sales were SEK 807.4M versus SEK 748.7M; net income was SEK 6.0M versus a SEK 2.1M loss.

• Q3 adjusted EBIT was SEK 1.1M versus SEK 4.9M; 9M adjusted EBIT was SEK 12.3M versus SEK 14.7M, including relocation-related comparability items.

Outlook and guidance

• Targets: triple organic net sales within 5–6 years and achieve a 3–5% operating margin in the short to medium term.

• Q4 priorities are to stabilise and optimise logistics operations and ensure high delivery capacity ahead of 2027; management expects cash flow to gradually normalise.

• The online pharmacy market is expected to grow; Q4 is usually one of the strongest sales quarters.