Swedencare Ab · OMXSTO:SECARE
Swedencare Ab — Q4 2025 Earnings Presentation
28 slides from Swedencare Ab's earnings presentation, Feb 12, 2026
Slide 1: Q4 Report
Q4 Report PRESENTATION WILL BEGIN SHORTLY
Slide 2: Year-end Report Oct-Dec 2025
Year-end Report OCT - DEC 2025 with Håkan Lagerberg, CEO Jenny Graflind, CFO
Slide 3: Q4 2025 Highlights
Q4 2025 Highlights Double-digit organic growth: +11% Lower profitability mainly caused by one offs but initiated different actions and actions plans in group companies that under delivered – Focus 2026 – Profitability increase New long term financial targets presented Proposal of dividend: 0.28 SEK/
Slide 4: Profitability hit Q4
Profitability hit Q4 Higher marketing costs on Amazon related to transition of NaturVet and brand protection – will still have some impact in H1 ERP implementation – caused interuptions and affected GM and volumes – no impact going forward Marketing spend to support Big Box-partners, primarily Walma
Slide 5: Financial Highlights Q4 2025
Financial Highlights Q4 2025 Comments Net Revenue 700 • Q: Org +11%, -12% Fx, +4% acq. 600 • 2025: 2,7B (2,5B) +9% organic 500 • GM 56,8% - Impacted by 1,5ppt: 400 • Inventory WO 300 • Low margin display at Walmart 200 • OpEx • External costs 100 • Additional marketing 0 Q3 Q4 Q1 Q2 Q3 Q4 connected
Slide 6: Financial Highlights Q4 2025
Financial Highlights Q4 2025 Comments Net Debt/EBITDA • Impacted by a lower EBITDA Cash Net Debt / EBITDA Op. cash flow / Cash conversion • 41% cash conversion vs Op. EBITDA • Minor change to WC 2,5 +40% 140 • Larger taxpayments in Q 120 • Reduced debt: 2,0 • Q: 65M 100 • 2025: 217M • Better usage o
Slide 7: Rolling 4 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 2020 2021 2022 2023 2024 2025 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Net revenue EBITDA Operational EBIT
Slide 8: Product- and brandsplit – Q4
Product- and brandsplit – Q4 Not adjusted for acquisition or currency Organic 16% 23% -11% -4% 12% 97% Organic 33% 17% -16% 49% 2% -4% 0% -1% 16% 25% growth growth Growth 3% 13% -21% 59% -5% 73% Growth 17% 7% -26% 31% 35% -16% -4% -14% 5% 9% quarter quarter 2024 2025 2024 2025
Slide 9: Net sales North America 409.9 MSEK
Net sales North America 409.9 MSEK 60% MSEK 7% growth, organic 22% of total net revenue • Online and Pet retail/BB drivers 400 • Strongest growth, NaturVet, ProDen 300 PlaqueOff and Riley’s 200 • NaturVet big display campaign in 2000 100 Walmart stores – almost doubling sales in 0 store from 1st wee
Slide 10: Net sales Europe 126.8 MSEK
Net sales Europe 126.8 MSEK 23% 26% growth, organic 10% of total net revenue • Overall UK group companies strong 160 140 performance 120 100 • Amazon team build out – responsible for 80 60 marketing and sales in rest of EU 40 • Nordic and Spain continue to grow 20 0 Q3 Q4 Q1 Q2 Q3 Q4 • Italien compa
Slide 11: Net sales Production 112.4 MSEK
Net sales Production 112.4 MSEK - 17% 25% growth, organic -16% of total net revenue • Cautious vet market for contract manufacturing 140 • Delays in Pharma project 120 100 • 2 new material projects signed in Q1 80 • Ophthalmic facility on track, completed q1/2, 60 first customer signed and in produc
Slide 12: Examples of Product launches 2026
Exam ples of Product launches 2026 Calm aiia® ch ew s in n o vat ive an d p at en t ed co m b in at io n o f Try t o f an Stratford’s new and improved Keto-C® Product Line combines the power of our an d PEA - UM Developed by Innovet and m anufactured by Vetio ! to CeraGuard Technology to help restor
Slide 13: Swedencare's New financial targets
Swedencare’s New financial targets • Annual double digit organic growth • Establish an Op. EBITDA margin above 26% midterm (approx. 23% Op. EBIT) • Dividend 40% of net profit, adjusted for non-operating costs • Swedencare will take into account consolidation and investment needs, liquidity, and fina
Slide 14: Structural key growth drivers
Structural key growth drivers • Pharma: Expected to be one of the fastest-growing product groups, supported by a strong pipeline • Product portfolio expansion & innovation: Ongoing and good visibility from contracted projects. With portfolio expansion across core health categories, higher profitabil
Slide 15: Record Online Growth Fueled by Key Brands in North America
Record Online Growth Fueled by Key Brands in North America Brian Nugent, Chief Commercial Officer Swedencare North America
Slide 16: Swedencare's Online Mission
Swedencare’s Online Mission To empower pet parents worldwide with seamless access to Swedencare's premium pet health products through innovative digital platforms, improving the health and well-being of pets while delivering reassurance, education, and exceptional customer experiences throughout the
Slide 17: Online Division
Swedencare North America Online Division • Founded by Ed Holden who continues to manage both Pet MD, the company, as well as the online sales of other Swedencare owned brands. • > 20% online growth YoY. • Original Pet MD team intact and utilizes in-house algorithms to assess advertising and resource
Slide 18: Online Division
Swedencare North America Online Division • Pet MD primarily sells through leading online pet e-commerce players like CHEWY and Amazon, and to a lesser extent D2C. • Proprietary algorithms and in-house creative deliver continued leading ROAS and lower customer acquisition costs versus third-party sel
Slide 19: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Grooming • Acts as the train tracks for SC’s other online brands. • Mature Online Brand. Medicated • Only sold online, never in a retail outlet. Otic Wellness Dental
Slide 20: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Dental • SC core product and premium Powder oral health care product. • High margin operator. • Online assortment grew by Chews > 30% YoY. Bones Bites
Slide 21: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Treats • SC entry into the premium treat category. • Premium treats have high re-order & subscribe & save rates Organic (16 x per year). • High purchase frequency drives strong customer lifetime value Premium and brand loyalty. • Riley’s online assortment grew
Slide 22: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Behavior • Unique evidence-based formulations. Cardio • Sold directly to 5,000 veterinary hospitals. • Pet owners are very loyal to these products. Derma Gastro Immune
Slide 23: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Allergy • Unique delivery forms (powder, tablets, chews). Digestive • Sold through veterinary distributors into veterinary hospitals. • Expansive range of premium products Grooming • Developed by Veterinarians. Joint Liver
Slide 24: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Allergy • Swedencare’s premiere brand currently sold in PetSmart, PETCO, Digestive Walmart, Tractor Supply, and other retailers. • Previously sold on Amazon and CHEWY via a 3 party relationship rd • Pet MD completed take over in April 2025. Grooming • Full marg
Slide 25: Swedencare U.S. Online Brands Snapshot
Swedencare U.S. Online Brands Snapshot Allergy Challenges overcome: • Similar to ProDen PlaqueOff…Lessons learned… Digestive • Rebranding (old labels vs new labels) • Rogue Sellers (3rd parties) • MAP Pricing established across platforms Grooming • AMZN Anti-Counterfeit transparency Programs Joint L
Slide 26: Pet MD: Proven platform for scalable, high-margin online growth
Pet MD: Proven platform for scalable, high-margin online growth Allery Continued Iniatives: Continue to market and grow SC-owned brands online. • Continued focus on launching SC internally MFG products under existing brands (line expansions). • Continue to selectively acquire and scale complementary
Slide 27: Thank you! Questions?
Pet MD [a Vitarnins] i? NaturVet. ProDen PlaqueOff Thank you! Questions?
Slide 28: Thank you for participating!
Thank you for participating! Q&A