Slide 1: Q3 2025 presentation
Q3 2025 presentation November 6, 2025 1
Slide 2: Today’s presenters
Today’s presenters Pär Svärdson Johan Mårild Sarah Ahnström CEO and Co-founder CFO COO and Deputy CEO Co-founded Apotea in 2012 Joined Apotea in 2022 Joined Apotea in 2019 2
Slide 3: Q3 2025 – Highlights
Q3 2025 – Highlights Successful production launch Q3 figures in Varberg and continued good 1,769.3 8.9% 5.0% profitability Net revenue (SEKm) Net revenue growth EBIT margin 3
Slide 4: Quarterly update
Quarterly update • Successful production launch in Varberg Net revenue and adjusted EBIT margin* R12M • Solid increase of prescription demand 7,000 7000 6% 5% 6,500 6500 • Costs related to the new fulfilment centre 4% were offset by continued tight cost control 6,000 6000 3% 2% 5,500 5500 1% • Emiss
Slide 5: Growth driven by prescription demand
Q3 Growth driven by prescription demand Net revenue development, SEKm Gross margin development, SEKm Rx % of net revenue OTC and traded goods % of net revenue Gross profit Gross margin (%) Services % of net revenue 1000 40,00% 900 35,00% 1,769 800 1,625 30,00% 2.0% 700 27.3% 27.2% 2.1% 600 25,00% 50
Slide 6: High efficiency and continued cost control
Q3 High efficiency and continued cost control Adjusted EBIT development*, SEKm Operating costs* and D&A, % of net revenue Adj. EBIT Adj. EBIT margin Other OPEX* Personnel cost D&A 22.6% 22.5% 5.1% 5.0% 2.0% 2.1% Q3 '24 Q3 '25 7.6% 6.7% 82 88 13.0% 13.7% Q3 '24 Q3 '25 Q3 '24 Q3 '25 • Cost increases r
Slide 7: Improved operating cash flow
Q3 Improved operating cash flow Cash flow development, SEKm Net working capital, SEKm Cash flow from operating activities Capex Other current assets* Accounts receivables Inventory Other current liabilities* Accounts payables 109 221 218 216 112 68 76 352 55 317 59 369 554 588 797 -564 -643 -846 6 -
Slide 8: Solid net cash position
Q3 Solid net cash position Return on capital employed (ROCE) Net debt (excl. IFRS 16) development, SEKm Interest-bearing debt (excl. IFRS16) Net indebtedness/EBITDA (excl. IFRS16) Cash and cash equivalents 0.0x 35.0% 34.4% 2 -0,2x 14 - -12 -98 -98 Q3 '24 Q3 '25 Sep '24 Sep '25 • Continued high ROCE
Slide 9: Growth YTD driven by increased Rx demand
YTD Growth YTD driven by increased Rx demand Net revenue development, SEKm Adjusted EBIT development*, SEKm Rx % of net revenue OTC and traded goods % of net revenue Adj. EBIT Adj. EBIT margin 10,00% Services % of net revenue 5,349 4.6% 5.2% 5,00% 4,808 2.4% 280 2.2% 0,00% 223 59.6% 61.1% 36.7% 38.0
Slide 10: Our focus ahead
Our focus ahead Continue shaping the pharmacy of tomorrow and improve customer offering and efficiency • Scale up production in Varberg • Sales oriented initiatives • Efficiency improvements 10
Slide 11: Q&A
Q&A 11