MEDS Apotek (MEDS) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached SEK 304 million, up 18% year-over-year, with record sales in June and RX (prescription medicines) as the fastest-growing segment.

• Adjusted EBIT increased by 38% to SEK 6.0 million, with a 2.0% margin, driven by higher order values and operating leverage.

• The active customer base in Sweden surpassed 1 million, with high engagement and retention.

• The company remains debt-free with a strong cash position of SEK 66.7 million and efficient cost structure.

• Signed agreement with Arena Personal for logistics operations in the new Eskilstuna warehouse.

Financial highlights

• Revenue reached SEK 304 million, up from SEK 270 million sequentially, marking a record quarter.

• Average order value hit an all-time high at SEK 494, supported by successful campaigns and increased basket size.

• Gross margin declined to 27.1% year-over-year, attributed to strategic campaigns prioritizing higher order values.

• Contribution II margin reached 10%, supporting scalable profitability.

• Cash and cash equivalents at period end: SEK 66.7 million.

Outlook and guidance

• Guidance for the year is reconfirmed, with most costs related to the warehouse move expected in Q3.

• CAPEX for the new logistics center forecasted at SEK 16 million, with SEK 4-5 million already spent.

• Anticipated negative sales impact of SEK 25 million and EBIT impact of SEK 6 million in September due to the logistics move.

• Long-term goal is to triple revenues within five to six years while maintaining a 3%-5% EBIT margin.

• No dividends planned in the medium term; cash flow to be reinvested in growth.