Slide 1: Q2 2025 presentation
Q2 2025 presentation July 18, 2025 1
Slide 2: Today's presenters
Today’s presenters Pär Svärdson Johan Mårild CEO and Co-founder CFO Co-founded Apotea in 2012 Joined Apotea in 2022 2
Slide 3: Q2 2025 – Highlights
Q2 2025 – Highlights Strengthened Q2 figures profitability and increased demand for 1,826.2 9.9% 5.4% prescription products Net revenue (SEKm) Net revenue growth (%) Adjusted EBIT margin (%) 3
Slide 4: Quarterly update
Quarterly update • Growth driven by increased Rx demand. Net revenue and adjusted EBIT margin* R12M • Improved profitability. 7,000 7000 6% 5% 6,500 6500 4% • Continued to navigate times of uncertainty. 6,000 6000 3% 2% 5,500 5500 • New Rx hub launched in Stockholm. 1% 5000 5,000 0% Q1 24 Q2 24 Q3 2
Slide 5: Growth driven by increased Rx demand
Q2 Growth driven by increased Rx 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% 1,826 800 1,661 30,00% 2.9% 700 27.7% 28.0% 2.4% 25,00% 600 51
Slide 6: Good cost control and high capacity utilisation
Q2 Good cost control and high capacity utilisation Adjusted EBIT development*, SEKm Operating costs* and D&A, % of net revenue Adj. EBIT Adj. EBIT margin Other OPEX* Personnel cost D&A 23.0% 22.4% 4.7% 5.4% 1.9% 1.9% Q2 '24 Q2 '25 8.5% 7.7% 99 79 12.6% 12.8% Q2 '24 Q2 '25 Q2 '24 Q2 '25 • Improved EB
Slide 7: Strong operating cash flow
Q2 Strong 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 165 177 259 216 66 78 76 308 355 369 539 613 588 71 45 -595 -626 -643 20 -14
Slide 8: Increased ROCE as a result of improved margins
Q2 Increased ROCE as a result of improved margins 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 33.9% 0.1x 39 -0.2x 27.1% 64 -25 -69 -69 Q2 '24 Q2 '25 Jun '24 Jun '25
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 Services % of net revenue Jan-Jun '24 Jan-Jun '25 3,580 10,00% 3,183 2.6% 5.4% 5,00% 2.3% 4.4% 0,00% 59.2%
Slide 10: Our focus ahead
Our focus ahead Continue shaping the pharmacy of tomorrow – improve customer offering and efficiency • Start production and scale up operations in Varberg. • Accelerate impact of AI. 10
Slide 11: Q&A
Q&A 11