Swedencare (SECARE) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record 732.2 MSEK, up 3% YoY, with 2% organic growth; late-quarter supply and delivery constraints and North American weakness limited growth.

• Europe and Production each delivered 11% organic growth, while North America declined 4%.

Financial highlights

• Q3 revenue growth comprised 2% organic growth, 1% acquired growth and rounded 0% currency impact; 9M revenue was 2,052.5 MSEK, up 3%, with 6% organic growth.

• Operational EBITDA was 150.1 MSEK, down 3% YoY, with a 20.5% margin; reported EBITDA was 152.2 MSEK, versus 128.5 MSEK.

• Operational gross margin was 59.2%, versus 58.5%; operational EBIT was 122.3 MSEK, down 8% YoY.

• Net income was 28.7 MSEK versus 22.2 MSEK; EPS was SEK 0.18 versus SEK 0.14.

Outlook and guidance

• Management aims for double-digit organic growth in Q4, but double-digit growth for FY 2026 is no longer considered probable; Q4 would require 20%+ organic growth to reach that rate.

• Q4 gross margin is expected at 58–59%; online growth is expected to accelerate, while North America is not expected to reach double-digit growth.

• Longer-term objectives include annual double-digit organic growth, operational EBITDA margin above 26% midterm and net debt/operational EBITDA below 2.0; management targets a return to solid growth and higher profitability from 2027.

• Vetio South treats production is scheduled to start in December 2026 and ramp in Q1 2027; non-sterile prescription liquids and a customer pharmaceutical product are planned for 2027.