Slide 1: Q4 2025 presentation
Q4 2025 presentation February 4, 2026 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: Q4 2025 – Highlights
Q4 2025 – Highlights Q4 figures Weak profitability in the fourth 1,854.3 7.0% 1.3% quarter Net revenue (SEKm) Net revenue growth EBIT margin 3
Slide 4: Quarterly update
Quarterly update • Launched growth related initiatives Net revenue and adjusted EBIT margin* R12M 7 500 6% • Successful ramp-up of the fulfilment centre in Varberg 5% 6 500 4% • Inititated the upgrade of our ecommerce platform 5 500 3% 2% 4 500 1% 3 500 0% Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q
Slide 5: Growth impacted by internal focus during 2025
Q4 Growth impacted by internal focus during 2025 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% 1,854 1,733 800 30,00% 2.3% 700 27.0% 2.3% 600 24.8%
Slide 6: Profitability impacted by increased depreciation
Q4 Profitability impacted by increased depreciation Adjusted EBIT development*, SEKm Operating costs* and D&A, % of net revenue Adj. EBIT Adj. EBIT margin Other OPEX* Personnel cost D&A 3.9% 23.4% 23.7% 1.3% 2.0% 2.9% Q4 '24 Q4 '25 8.1% 7.6% 66,9 13.3% 13.2% 24,5 Q4 '24 Q4 '25 Q4 '24 Q4 '25 • Operat
Slide 7: 2025 – a transformative year
YTD 2025 – a transformative year Q1 AI initiatives launched Net revenue and adjusted EBIT margin* 7,500 7500 6% 5% Q2 New prescription hub in Årsta, Stockholm 6,500 6500 4% 5,500 5500 3% 2% 4,500 4500 Q3 New fulfilment centre in Varberg was 1% launched 3,500 3500 0% 2023 2024 2025 Net revenue (SEKm)
Slide 8: Good growth and stable gross margin in 2025
YTD Good growth and stable gross margin in 2025 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 7,203 27.3% 26.9% 6,541 2.4% 1,936 0,00% 2.2% 1,788 59.6% 60.9% 36.9% 38.0% 2
Slide 9: Full year profitability in line with targets
YTD Full year profitability in line with targets Adjusted EBIT development*, SEKm Operating costs* and D&A, % of net revenue Adj. EBIT Adj. EBIT margin Other OPEX* Personnel cost D&A 4.4% 4.2% 304 23.2% 22.9% 290 2.0% 2.3% 8.2% 7.4% 13.0% 13.2% 2024 2025 2024 2025 • Operating margin negatively affec
Slide 10: Strong operating cash flow
YTD Strong operating cash flow Cash flow from operating activities, SEKm Cash flow from investing activities, SEKm 333 215 206 164 72 28 10 Q4 '24 Q4 '25 2024 2025 Q4 '24 Q4 '25 2024 2025 -65 • Q4 cash flow impacted by changes in account payables • Completed significant investments related to Varber
Slide 11: Net working capital
YTD Net working capital Net working capital, SEKm Other current assets* Accounts receivables Inventory Other current liabilities* Accounts payables 221 352 273 112 73 352 81 359 355 562 797 652 -559 -846 -584 -162 -152 -194 Dec '24 Sep '25 Dec '25 • Inventory turnover of 8.7x (9.8x) affected by inve
Slide 12: Solid financial position
YTD Solid financial 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 0.2x 34.5% 29.2% 52 0,0x 80 22 -27 -31 -9 2024 2025 Dec '24 Dec '25 • Lower ROCE as a result
Slide 13: Our focus ahead
Our focus ahead Continue shaping the pharmacy of tomorrow and improve customer offering and efficiency • Accelerate growth initiatives • Joanna Hummel recruited as Chief Growth Officer • Launch Apotea beauty- and health assortment in Norway • Further scale up production in Varberg • Dividend proposa
Slide 14: Q&A
Q&A 14