Swedencare
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Swedencare (SECARE) investor relations material

Swedencare Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Q4 2025 delivered 11% organic growth, with double-digit increases in key brands like NaturVet (33%) and ProDen PlaqueOff (17%), but profitability declined due to one-off costs, higher marketing spend, and operational disruptions.

  • Organizational changes and cost controls have been implemented to address Q4 issues and improve profitability in 2026.

  • Online, pet retail, and branded vet sales grew strongly, while contract manufacturing, especially in liquid dermatology, was soft.

  • New long-term financial targets and a five-year plan were introduced, aiming for double-digit organic growth and an EBITDA margin above 26% by 2028.

  • The board proposes a dividend of 0.28 SEK per share, up from 0.25 SEK.

Financial highlights

  • Q4 2025 revenue was SEK 682 million, up 3% (11% organic), with a negative 12% currency impact and 4% acquired growth.

  • Full-year 2025 net revenue reached SEK 2.7 billion, up from SEK 2.5 billion, with 9% organic growth.

  • Operational gross margin for Q4 was 56.8%, impacted by inventory write-offs and low-margin display campaigns.

  • Operational EBITDA for Q4 was SEK 109 million (15.9% margin), down 25% year-over-year; full-year EBITDA was SEK 511 million (19% margin).

  • Net debt to EBITDA at year-end was 2.9, up due to lower EBITDA and recent acquisitions.

Outlook and guidance

  • Gross margins are expected to recover in 2026 as one-off costs and display campaign impacts subside.

  • Focus for 2026 is on increasing profitability, with actions underway in underperforming group companies.

  • New financial targets: annual double-digit organic growth, operational EBITDA margin above 26% midterm, and net debt/EBITDA below 2.0 long-term.

  • Continued investments in manufacturing and expansion into Big Box retail and online channels are expected to drive future growth.

  • Market trends support long-term demand, with pet health spending projected to surpass $500 billion by 2030.

Big Box margin normalization strategy?
Path to Net Debt/EBITDA below 2.0?
Pharma growth impact on production segment?
Prevent recurrence of Q4 cost control failures
Timeline for pharma project revenue contribution?
NaturVet Amazon rogue seller resolution timeline?
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Frequently asked questions

Swedencare AB, develops, manufactures, markets, and sells pet healthcare products primarily in the Nordic countries of Sweden, Norway, Denmark, and Finland. The company offers veterinary pharmaceuticals in particular to small animal practitioners; and oral care and external products for dogs and cats to retailers. It also provides raw material solutions to third parties. Swedencare AB is based in Bromma, Sweden.

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