Slide 1: Q2 2026 presentation
Q2 2026 presentation July 17, 2026 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: Q2 2026 – Highlights
Q2 2026 – Highlights Q2 figures Continued strong profitability and 2,025.9 10.9% 5.2% stable growth Net revenue (SEKm) Net revenue growth Adjusted EBIT margin 3
Slide 4: Quarterly update
Quarterly update • Good progress on growth initiatives Net revenue and adjusted EBIT margin* R12M 7 500 6% • Started to scale up apotea.no 5% 6 500 4% • Continued to develop the operations in the fulfilment centre in Varberg 5 500 3% 2% 4 500 • D-share program rolled out company-wide 1% 3 500 0% Q1
Slide 5: Revenues exceeded 2bn in the quarter
Q2 Revenues exceeded 2bn in the quarter 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% 2,025.9 900 35,00% 1,826.2 800 2.9% 28.0% 27.5% 30,00% 2.9% 700 557,8 557
Slide 6: Improved efficiency offsets higher depreciation
Q2 Improved efficiency offsets higher depreciation Adjusted EBIT development*, SEKm Selected costs in % of net revenue Adj. EBIT Adj. EBIT margin Other external expenses Adj. cost of personnel** D&A 22.7% 22.6% 5.4% 5.2% 1.9% 2.6% Q2 '25 Q2 '26 7.7% 7.2% 99,3 99.3 104,7 104.7 13.1% 12.8% Q2 '25 Q2 '
Slide 7: Strong profitability YTD
YTD Strong profitability YTD 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 3,963.1 5.4% 5.2% 5,00% 3,579.7 2.8% 2.6% 0,00% 191,7 191.7 206 206.0 58.9% 59.2% 38.2% 38
Slide 8: Lower operating cash flow in Q2 and YTD
YTD Lower operating cash flow in Q2 and YTD Cash flow from operating activities, SEKm Cash flow from investing activities, SEKm 288,6 288.6 189,3 189.3 165.3 165,3 137 137.0 76,8 76.8 20.4 20,4 2.9 2,9 4,7 4.7 Q2 '25 Q2 '26 YTD 2025 YTD 2026 Q2 '25 Q2 '26 YTD 2025 YTD 2026 • Operating cash flow Q2 a
Slide 9: Inventory turnover expected to gradually improve
YTD Inventory turnover expected to gradually improve Inventory and inventory turnover Inventory turnover (x) Inventory (SEK m) 7.7x 8.7x 8.9x 855.3 588.4 651.9 Jun '25 Dec '25 Jun '26 • Inventory turnover has declined as a result of the inventory build-up and is expected to improve gradually as capa
Slide 10: Strong net cash position
Strong net cash position Return on capital employed (ROCE) Net debt (excl. IFRS 16) development, SEKm Cash and cash equivalents Net indebtedness/EBITDA (excl. IFRS16) -0.2x -0.2x 33.9% 27.4% -69.0 -69,0 -103,5 -103.5 -69,0 -69.0 -103,5 -103.5 Q2 '25 Q2 '26 Jun '25 Jun '26 • ROCE impacted by the new
Slide 11: Our focus ahead
Our focus ahead Continue shaping the pharmacy of tomorrow and improve customer offering and efficiency • Growth remains our main focus • Scale up apotea.no • Continue to improve the Rx offering 11
Slide 12: Q&A
Q&A 12