Apotea — Q2 Preview: Margin Momentum or Summer Slowdown?
Apotea reports Q2 2026 results on July 17.
Sweden’s dominant online pharmacy delivered its strongest quarterly margins ever in Q1 — EBITDA at 8.0 percent, gross margin at 28.3 percent — and the stock jumped roughly 12 percent on that print, from SEK 67 to SEK 75, where it has traded sideways since.
Q2 is a harder test: summer seasonality is softer, Easter timing creates noise in the year-on-year comparison, and Varberg depreciation continues to run at around SEK 54 million per quarter.
| Consensus est. Q2 2026 | Actual Q2 2025 | Actual Q1 2026 | |
|---|---|---|---|
| Revenue | ~1,880 MSEK | 1,826 MSEK | 1,937 MSEK |
| EBIT (operating profit) | ~88–95 MSEK | 93 MSEK | 101 MSEK |
| EPS (earnings per share) | ~0.68–0.72 SEK | 0.69 SEK | 0.76 SEK |
The number watch most closely is gross margin. If it holds above 27.5 percent, Q1 wasn’t a campaign fluke — it was the Varberg automation starting to earn its keep.
Below that, questions will return about whether the margin story is real or manufactured quarter to quarter.
Going into this print, I think expectations are reasonably calibrated. The stock isn’t pricing in a blowout — at SEK 75 and roughly 33x trailing earnings, investors are paying for steady compounding, not fireworks.
A clean quarter at 5 percent EBIT and 9 to 10 percent revenue growth would be enough to hold the current level.
The risk is a gross margin miss combined with any commentary that Varberg scaling is slower than hoped.