Swedencare (SECARE) Pre-close call summary

Executive summary

• Q2 double-digit organic growth expected, with gross margin in the 2025 corridor and EBITDA profitability above 2025 and similar to Q1 2026.

• Strong Interzoo interest supported plans for H2 market launches and retail expansion; NaturVet launched online, with retailers onboard including the largest UK player.

• AGM appointed a new Chairman and authorized share buybacks; the first Capital Market Day was fully booked.

Trading performance and revenue trends

• Europe online sales grew month to month; North American online had a strong quarter, with consumer sentiment recovering in June after slowing mid-quarter.

• Veterinary sales in North America and US dermal liquids remained soft following the merger of the two largest distributors.

• NaturVet Amazon ROI improved month by month but remained below target; Q3 profitability and growth are expected to normalize.

• Pharma production was strong and US supplements were solid.

• Pet retail and veterinary demand was solid to good, particularly in Italy and the UK.

Profitability and margins

• Q2 gross margin expected in the same corridor as 2025 (58.1%) and Q1 2026 (59.7%).

• Q2 EBITDA profitability expected to improve vs 2025 (19.0%) and remain similar to Q1 2026 (19.6%); no material one-offs expected.

• Low-ROI NaturVet Amazon and Big Box activity remained a headwind; Walmart’s display campaign covered 2,000 stores, with marketing spend expected to align with sales going forward.