Apotea Q2 — Continued strong profitability and stable growth
Apotea, Sweden’s leading online pharmacy, reported Q2 2026 results on July 17.
The company delivered revenue of SEK 2,025.9 million, up 10.9 percent year-on-year, with an adjusted EBIT (operating profit) of SEK 104.7 million and an adjusted EBIT margin of 5.2 percent.
The stock is up roughly 8 percent on the morning of the report.
| Consensus est. Q2 2026 | Actual Q2 2026 | Beat/Miss | |
|---|---|---|---|
| Revenue | ~1,880 MSEK | 2,025.9 MSEK | Beat |
| EBIT (operating profit) | ~88–95 MSEK | 104.4 MSEK | Beat |
| EPS (earnings per share) | ~0.68–0.72 SEK | 0.78 SEK | Beat |
What strikes me most isn’t the top-line beat — it’s the cost structure.
Personnel costs fell to 7.2 percent of revenue from 7.7 percent a year ago, and other external costs dropped from 13.1 to 12.8 percent.
Varberg depreciation is still a headwind at SEK 52.4 million versus SEK 34.8 million a year ago, and gross margin dipped slightly to 27.5 percent from 28.0 percent — the question I flagged in the preview.
But management absorbed that pressure through operating leverage elsewhere, which is exactly what the bull case requires.
The 8 percent move up this morning makes sense. This print removes the lingering doubt from Q4 2025 and puts two consecutive quarters of 5.2 percent EBIT on the board.
The next test is whether Q3 can hold the same level without the seasonal tailwinds that Q1 tends to carry. I’m watching the November lock-up window for Laulima more than the next earnings date.