Swedencare Ab · OMXSTO:SECARE
Swedencare Ab — Q2 2026 Earnings Presentation
23 slides from Swedencare Ab's earnings presentation, Jul 22, 2026
Slide 1: Half year report
Half year report PRESENTATION WILL BEGIN SHORTLY
Slide 2: Half year report April - June 2026
Half year report APRIL - JUNE 2026 with Håkan Lagerberg, CEO Jenny Graflind, CFO
Slide 3: Q2 2026 Highlights
Q2 2026 Highlights Europe +19%, North America -3%, Production +25%; Group +7% Strongest quarter to date for export markets, with China rebounding Dental: >30% growth for ProDen PlaqueOff® Pharma delivered strong growth in both development and manufacturing Interzoo and Capital Markets Day New Board
Slide 4: Financial Highlights Q2 2026
Financial Highlights Q2 2026 Comments Net Revenue Organic Growth • Q: Org +7%, -3% Fx • No acq. growth • YTD: 9% • Gross Margin 61,0% • Strongest since 2020 • Stronger growth in Europe/brands with higher margins • Inventory build-up • Summit Vet contribution • OpEx • Marketing intensive quarter Oper
Slide 5: Financial Highlights Q2 2026
Financial Highlights Q2 2026 Comments Net Debt/EBITDA • Increase of 0,3 since last Q • Dividend payout of 44 MSEK Net Debt / EBITDA • Expected EO for Summit included Op. cash flow / Cash conversion Cash 3,0 140 • Continued inventory build-up 2,5 120 • CapEx 4% • Investment in VS expansion 2,0 100 •
Slide 6: Rolling quarters
Rolling 4 quarters Rolling twelve months - net revenue and EBITDA 3000 600 800 160 700 140 2500 500 600 120 2000 400 500 100 1500 300 400 80 300 60 1000 200 200 40 500 100 100 20 0 0 0 0 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 R12 2026 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Net revenue EBIT
Slide 7: North America net sales
North America net sales: 366.2 55% MSEK; growth -6%, organic -3% of total net revenue • May: weak consumer sentiment 400 • Q3 order shifts weighed on growth, but new 300 FDMC launch in Q3 200 • ProDen PlaqueOff® remained very strong • Veterinary: merger impact; PL deliveries 100 started to leading p
Slide 8: Europe net sales
Europe net sales: 168.7 MSEK; growth 25% 16%, organic 19% of total net revenue • Strong demand across all markets 160 140 • Veterinary brands performed well 120 100 • “NaturVet by Swedencare” launched at 80 60 Interzoo 40 • Online started and pet retail rollout in Q3 20 0 • Amazon transition complet
Slide 9: Production net sales
Production net sales: 135.1 MSEK; 20% growth 21%, organic 25% of total net revenue 140 • EU and North America Pharma led growth 120 • Strong pipeline; Q3/Q4 go-lives 100 80 • Dermatology demand remained softer 60 • Investing in capacity for demand 40 20 • AniVatio–Vetio UK partnership 0 Q1 Q2 Q3 Q4
Slide 10: Priorities 2026 and coming years
Priorities 2026 and coming years Continue our strong growth Enhance operational growth trajectory, focusing efficiencies, particularly in focusing on present main production and supply markets and geographic chain optimization expansion into Asia and South America Strengthen our online Pursue new ac
Slide 11: NaturVet Growth Journey Update
NaturVet Growth Journey Update July 22, 2026
Slide 12: Evolving in a hyper-competitive space
Evolving in a hyper-competitive space Our Key Accomplishments “We have set the table for meaningful and sustained growth” Our Key Learnings from the Latest U.S. Supplements Market Insights “We are facing significant headwinds as the category is highly competitive and fragmented” Our Short-to-Mid-Ter
Slide 13: It All Starts with Culture
It All Starts with Culture We Strengthened Employee Sentiment • Addressed opportunities identified in 2023 Swedencare global employee survey • 2025 employee survey participation increased to 85% from 64% in 2023 • eNPS score increased to 53 from 33 in 2023 We Strengthened our Operations Leadership •
Slide 14: Positioning our Flag Ship Brand for Growth
Positioning our Flag Ship Brand for Growth NaturVet Rebrand • Launched New packaging and positioning mid-2025 • Informed by exhaustive consumer insights and key retailer input Expanded NaturVet Brand Distribution • Rebrand required for maintaining brand in legacy accounts + placement in new accounts
Slide 15: Supporting Increased Scale through the Deployment of Operational Imperatives
Supporting Increased Scale through the Deployment of Operational Imperatives ERP System Implementation • Boosting efficiency • Reducing Costs • Enabling real-time data-driven decisions SQF Certification (Safe Quality Food) • Prioritizes food safety • Enhances credibility • Provides a competitive adv
Slide 16: Channel Shifts and Increased Competition Requires an Evolving Approach
Channel Shifts and Increased Competition Requires an Evolving Approach Total U.S. Pet Supplements category forecasted at +6-8% annual growth eCommerce is the dominant channel at over 80% penetration, with Amazon driving almost 70% of the total channel volume FDMC driving the most growth with POS up
Slide 17: A Healthy Amazon Business is …
A Healthy Amazon Business is … Challenges • Reduced MAP compliance following distribution expansion & MAP increase Existential to the Overall Performance of our Brand • Unauthorized third-party seller proliferation • Inconsistent site experience post-rebrand Actions • Strong MAP enforcement • Transp
Slide 18: We are Currently Hyper-Focused on Walmart Marketing Activation
We are Currently Hyper-Focused on Walmart Marketing Activation to Effectively Compete in a Growing FDMC Channel Current Distribution of 19 Items in Up To ~1.7K Walmart Locations Awareness Weekly POS Sales/Consumption Remains Below Target Levels Activating Full Funnel Marketing to Drive Consideration
Slide 19: Mid-to-Long Term Focus is to Transform our Overall Marketing Approach
Mid-to-Long Term Focus is to Transform our Overall Marketing Approach to Maximize Conversion Scale Walmart Model Brand Clarity – One Message, One Tagline, Hero Item Focus Full Funnel Focus – Optimize Investment Across Funnel Segments Amazon – Unlock to be a Growth Engine For All Channels One Truth –
Slide 20: Stabilize Pet Specialty to Recapture Share
Stabilize Pet Specialty to Recapture Share in a Segment where NaturVet Penetration Outpaces Market by 25 points Improve … • Revitalize core assortments + accelerate innovation adoption • Earn more facings, improve shelf presence and reestablish category authority Invest … • Prioritize accounts throu
Slide 21: Driving Differentiation through Insights-Driven Product Innovation
Driving Differentiation through Insights-Driven Product Innovation and Core Assortment Revitalization 2026 New Product Innovation Core Assortment Revitalization Product Roadmap • Introducing human trends • Elevating formulations • Leveraging 3P consumer insights resources • Dual Action • Targeted Ca
Slide 22: Further Transforming our Operations to Support our Growth Journey
Further Transforming our Operations to Support our Growth Journey Automation Lean Manufacturing Supply Chain • 2026 pilot program • Teams completed lean training • From transactional purchasing dept … • Improve efficiency • Pivoting to push/pull inventory planning • To centralized supply chain funct
Slide 23: Thank you for participating!
Thank you for participating! Q&A