Interim report
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1 Interim report Q3 2026 Apotea AB (publ) corporate ID no. 556864-7324
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2 Interim report Q3 2026 Increased growth and improved profitability Net revenue (SEKm) Growth Adjusted EBIT margin 1,990.4 12.5% 5.4% Selected financial information (SEK million) 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Revenue growth (%) 12.5 8.9 11.3 11.2 10.2 Gross margin (%) 26.8 27.2 27.5 27.6 26.9 EBITDA 159.2 125.1 471.2 381.5 550.2 EBITDA margin (%) 8.0 7.1 7.9 7.1 7.0 Operating profit (EBIT) 107.4 88.2 313.1 273.7 337.6 EBIT margin (%) 5.4 5.0 5.3 5.1 4.3 Adjusted operating profit (EBIT)1) 108.3 88.2 314.3 279.9 338.8 Adjusted EBIT margin (%)1) 5.4 5.0 5.3 5.2 4.3 Profit for the period 81.8 68.6 241.3 212.1 255.5 Earnings per share before and after dilution (SEK) 0.79 0.67 2.34 2.05 2.49 Cash flow from operating activities 25.8 109.4 215.1 398.0 150.4 Net debt (+)/Net cash (-) 152.7 223.4 152.7 223.4 152.7 Net debt (+)/Net cash (-) excluding IFRS 16 Leasing -110.7 -97.7 -110.7 -97.7 -110.7 Inventory turnover rate, R12m (x) 7.0 7.6 7.0 7.6 7.0 Third quarter 2026 (July-September) Third quarter 2026 • Net revenue increased by 12.5% (8.9) to SEK 1,990.4 million (1,769.3) • Gross margin was 26.8% (27.2) • Operating profit (EBIT) amounted to SEK 107.4 million (88.2), corresponding to an EBIT margin of 5.4% (5.0) • Adjusted operating profit (EBIT) increased to SEK 108.3 million (88.2), corresponding to an adjusted EBIT margin of 5.4% (5.0) • Adjusted operating profit (EBIT) excludes costs of SEK 0.9 million related to share-based payments, see note 4. The comparative period was not affected by any items affecting comparability • Profit for the period amounted to SEK 81.8 million (68.6) • Earnings per share before and after dilution was SEK 0.79 (0.67) • Cash flow from operating activities was SEK 25.8 million (109.4) January-September 2026 • Net revenue increased by 11.3% (11.2) to SEK 5,953.6 million (5,349.1) • Gross margin was 27.5% (27.6) • Operating profit (EBIT) amounted to SEK 313.1 million (273.7), corresponding to an EBIT margin of 5.3% (5.1) • Adjusted operating profit (EBIT) increased to SEK 314.3 million (279.9), corresponding to an adjusted EBIT margin of 5.3% (5.2) • Adjusted operating profit (EBIT) excludes costs of SEK 1.2 million related to share-based payments, see note 4. Items affecting comparability in the comparative period amounted to SEK -6.2 million • Profit for the period amounted to SEK 241.3 million (212.1) • Earnings per share before and after dilution was SEK 2.34 (2.05) • Cash flow from operating activities was SEK 215.1 million (398.0) 1) Previously referred to as Operating profit (EBIT) excluding items affecting comparability and EBIT margin (%) excluding items affecting comparability, respectively. From the second quarter of 2026, the definitions have been expanded to also exclude share-based payments. See definitions on pages 29–32.
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3 Apotea's revenue increased by 12.5 per cent (8.9) to SEK 1,990.4 million in the third quarter, while the adjusted EBIT margin improved to 5.4 per cent (5.0). Growth was driven by prescription products, which increased by 18.9 per cent (13.6) and were supported by a strengthened customer offering. Growth in OTC and traded goods amounted to 8.1 per cent (6.3). Growth remains our top priority, and we are continuously launching new initiatives to make it even easier and more attractive to buy from Apotea. One example is faster deliveries to more customers, and as of September we can offer same-day delivery to 3.7 million people, seven days a week. In parallel, we are developing our beauty and health offering in Norway through apotea.no. The site was soft-launched this spring, and sales have gradually increased during the autumn. Although the initiative is still at an early stage, it has the potential to contribute to our growth over time. Profitability also improved during the quarter. The adjusted EBIT margin rose to 5.4 per cent (5.0), and adjusted operating profit (EBIT) amounted to SEK 108.3 million (88.2). The improvement was the result of a stable gross margin combined with continued good cost control and better logistics efficiency. A contributing factor to the improved efficiency is the successful establishment and ramp-up of our fulfilment centre in V arberg. The highly automated facility has now been in operations for just over a year, and the efficiency gains have more than offset the increased depreciation that followed the investment. At the same time, the fulfilment centre has strengthened our delivery capability and laid the foundation for long-term growth. In September, we set a new record when we shipped more than 90,000 parcels in a single day. Today, approximately 40 per cent of our parcels are delivered from Varberg, and we continue to scale up operations and optimise the order allocation between our fulfilment centres. Apotea's commitment to war-torn Ukraine remains firm. This autumn, we symbolically handed over another 150 backpacks of emergency medicines to Ukraine's ambassador. Together with our customers and suppliers, Apotea has now contributed a total of 1,500 backpacks to the front line. In September, Evimetrix recognised Apotea as the strongest brand among online pharmacies and one of the strongest in the entire survey. We are proud to have received this award many years in a row. It confirms that our long-term customer focus is delivering results, and it inspires us to keep developing. With the customer at the centre and a constant ambition to improve our offering, we continue our journey towards the pharmacy of tomorrow! Pär Svärdson CEO and co-founder, Apotea CEO comment
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4 Financial performance Net revenue Third quarter Net revenue for the third quarter increased by 12.5% (8.9) to SEK 1,990.4 million (1,769.3) while the organic growth for the period amounted to 12.4% (9.0). Growth was primarily driven by Rx, which increased by 18.9% (13.6), supported by a strengthened customer offering. Sales of Rx amounted to SEK 793.1 million (667.0) and accounted for a total of 39.8% (37.7) of net revenue. Sales of OTC and traded goods grew by 8.1% (6.3) to SEK 1,153.6 million (1,066.9). Services increased by 23.4% (3.2) to SEK 43.7 million (35.4) and accounted for 2.2% (2.0) of net revenue. January-September Net revenue for January-September increased by 11.3% (11.2) to SEK 5,953.6 million (5,349.1) while the organic growth for the period amounted to 11.2% (11.3). Rx grew by 13.7% (15.2) and amounted to SEK 2,311.5 million (2,033.8). OTC and traded goods grew by 9.4% (8.5) and amounted to SEK 3,486.6 million (3,185.8) while services grew by 20.3% (22.1) and amounted to SEK 155.5 million (129.3). Breakdown of net revenue Net revenue and EBIT margin (%) rolling 12 months Earnings Third quarter The gross margin for the quarter was stable and amounted to 26.8% (27.2). Depreciation amounted to SEK 51.8 million (36.9). The increased depreciation is attributable to the Group's fulfilment centre in Varberg. Adjusted operating profit (EBIT) increased by 22.8% to SEK 108.3 million (88.2), corresponding to an adjusted EBIT margin of 5.4% (5.0). Profit strengthened, despite higher depreciation, as a result of improved logistics efficiency and maintained good cost control. Other external expenses amounted to 13.0% (13.7) of net revenue and adjusted cost of personnel to 6.0% (6.7). Personnel costs attributable to the Group's performance share programme amounted to SEK 0.9 million (-) and are excluded from adjusted operating profit (EBIT). The comparative period was not impacted by any items affecting comparability. Operating profit (EBIT) for the third quarter amounted to SEK 107.4 million (88.2), corresponding to an EBIT margin of 5.4% (5.0). Net financial items of SEK -1.6 million (-2.4) were mainly attributable to interest expenses related to lease liabilities. The tax expense amounted to SEK 24.0 million (17.2), corresponding to an effective tax rate of 22.7% (20.0), and was mainly affected by higher non-deductible expenses. Profit for the period amounted to SEK 81.8 million (68.6). January-September The gross margin amounted to 27.5% (27.6) and was in line with the previous year. Depreciation increased to SEK 158.1 million (107.8), mainly as a result of the Group's fulfilment centre in Varberg, which was completed in 2025. Adjusted operating profit (EBIT) amounted to SEK 314.3 million (279.9), corresponding to an adjusted EBIT margin of 5.3% (5.2). Profit increased as a result of improved logistics efficiency and continued good cost control. Other external expenses amounted to 13.0% (13.3) of net revenue and adjusted cost of personnel to 6.8% (7.3). Operating profit (EBIT) for January-September increased to SEK 313.1 million (273.7), corresponding to an EBIT margin of 5.3% (5.1). Adjusted operating profit (EBIT) excludes personnel costs of SEK 1.2 million (-) related to the Performance share programme 2026/2029. The comparative period was impacted by items affecting comparability of SEK -6.2 million attributable to the revaluation of the shareholding in Apomera AB. Net financial items for January-September of SEK -4.9 million (-5.7) were mainly attributable to interest expenses related to lease liabilities. The tax expense amounted to SEK 66.9 million (55.9), corresponding to an effective tax rate of 21.7% (20.9), and was mainly affected by higher non-deductible expenses. Profit for the period amounted to SEK 241.3 million (212.1). Net revenue EBIT margin 0% 1% 2% 3% 4% 5% 6% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q3 2026 39.8% (37.7) 58.0% (60.3) 2.2% (2.0) January-September 2026 2.6% (2.4) 38.8% (38.0) 58.6% (59.6) OTC and traded goods Rx Services
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5 Cash flow Third quarter Cash flow from operating activities amounted to SEK 25.8 million (109.4). The decrease was attributable to changes in working capital. Cash flow before changes in working capital increased to SEK 140.8 million (115.2), driven by improved operating profit, while changes in working capital amounted to SEK -115.0 million (-5.8), mainly due to lower accounts payable. In the comparative period, the cash flow effect of higher inventories was largely offset by a corresponding increase in accounts payable. Cash flow from investing activities amounted to SEK -3.7 million (-68.0). The investments in the comparative period were primarily attributable to the Group’s fulfilment centre in Varberg. Cash flow from financing activities amounted to SEK -15.3 million (-12.8), attributable to amortisation of lease liabilities. Cash flow for the period was SEK 6.8 million (28.6). Cash and cash equivalents at the end of the period amounted to SEK 110.7 million (97.7). January-September Cash flow from operating activities amounted to SEK 215.1 million (398.0), driven by changes in working capital of SEK -152.0 million (45.6), primarily attributable to increased inventory during the period. Cash flow before changes in working capital was stable and amounted to SEK 367.1 million (352.4), as higher operating profit was offset by higher tax paid. In the comparative period, cash flow from operating activities was positively impacted by increased accounts payable related to the inventory build-up in Varberg. Cash flow from investing activities amounted to SEK -8.4 million (-205.0). The investments in the comparative period were primarily related to the Group's fulfilment centre in Varberg. Cash flow from financing activities amounted to SEK -127.2 million (-122.6) and is mainly attributable to a dividend, amortisation of lease liabilities and changes in short-term borrowing. Cash flow for the period was SEK 79.5 million (70.4). Cash and cash equivalents at the end of the period amounted to SEK 110.7 million (97.7). Investments Third quarter The Group's investments in tangible fixed assets during the quarter amounted to SEK 3.6 million (67.8). Investments in the comparative period related to automation at the Group's fulfilment centre in Varberg. January-September Following the completion of the fulfilment centre in Varberg, the Group's investment activity has been lower during 2026. The Group's investments in tangible fixed assets during January-September amounted to SEK 8.0 million (204.4). The investments in the comparative period were primarily attributable to the fulfilment centre in Varberg. Financial position Total assets as at 30 September 2026 increased to SEK 2,140.9 million, compared with SEK 1,980.5 million as at 31 December 2025. The increase was driven by higher inventories. The inventory turnover rate amounted to 7.0 times on a rolling 12-month basis, compared with 7.6 times as at 30 September 2025. The decrease is mainly attributable to the build-up of inventory in Varberg during the autumn of 2025, which affects the average inventory value used to calculate the ratio. The inventory turnover rate is expected to improve gradually as capacity utilisation increases, supported by continued optimisation of the Group's fulfilment centres. Accounts receivable, which primarily consist of the receivable from the E-health Agency, amounted to SEK 409.2 million compared to SEK 355.4 million as at 31 December 2025. Total liabilities decreased to SEK 1,093.5 million compared to SEK 1,120.6 million as at 31 December 2025. Amortisation of lease liabilities and settlement of tax liabilities were partly offset by higher accounts payable. Financing As at 30 September 2026, the Group had a total granted line of credit of SEK 301.6 million (506.4), consisting of a long-term revolving credit facility of SEK 300 million and a smaller separate overdraft facility. At the end of the quarter, the existing credit facility was unutilised compared to SEK 21.6 million that was utilised as at 31 December 2025. The Group's net debt amounted to SEK 152.7 million compared to SEK 300.4 million as at 31 December 2025. Net debt excluding IFRS 16 Leasing amounted to SEK -110.7 million compared to SEK -9.0 million as at 31 December 2025. Net debt in relation to rolling 12-month EBITDA, excluding IFRS 16 Leasing, amounted to -0.2 times compared to 0.0 times as at 31 December 2025. Seasonal variations The Group's sales and results are partly affected by seasonal factors, such as the timing of Easter and generally lower sales during major holidays and public holidays. The extent of campaign sales is also partly seasonal and may affect sales and margins.
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6 Organisation and employees Apotea's head office is located at Sveavägen 168 in Stockholm, Sweden. The majority of the employees work in Sweden and in the Group's fulfilment centres in Morgongåva and Varberg. Apotea also has three prescription branches in the Stockholm area. The Group's Norwegian operations are located in Oslo. The average number of employees in the third quarter amounted to 680 (726). For the period January–September, the average number of employees was 713 (724). Apotea uses both its own and agency staff in its logistics operations. The number of employees is affected by the proportion of agency staff. Parent Company Apotea AB (publ) (corporate ID. no. 556864–7324) is a public limited company with its registered office in Stockholm, Sweden. Apotea AB (publ) is the Parent Company of Apotea Sverige AB, Apotera.no AS and Zoeco AB and these four companies together constitute the Group. As at 30 September 2026, Apotea AB (publ) owned 56.80% (56.80) of Apotera.no AS as well as 100% (100) of Zoeco AB and 100% (100) of Apotea Sverige AB. The share Apotea AB (publ)'s share capital on 30 September 2026 amounted to SEK 528,326 (526,326), divided into 105,665,254 (105,265,254) shares with a nominal value of SEK 0.005 (0.005). The shares comprised 104,070,966 (104,070,966) ordinary shares with voting rights, 1,194,288 (1,194,288) Class C shares with one-tenth voting rights and 400,000 (–) Class D shares with one-tenth voting rights. The share has been listed on Nasdaq Stockholm under the ticker symbol APOTEA since 6 December 2024. Significant events during the quarter No significant events have occurred during the quarter. Significant events after the quarter end No significant events have occurred after the end of the financial period. Share-based payment arrangements Class C share scheme The Group has had an outstanding Class C share scheme since December 2024, aimed at employees, members of the Board of Directors and other key individuals within the Group. Subject to certain conditions, the Class C shares may be redeemed for cash payment or converted into ordinary shares during the period from 1 January 2028 to 31 December 2029. Further information about the Class C share scheme is provided in note 7 to the 2025 Annual Report. Class D share scheme At the Annual General Meeting held on 26 May 2026, it was resolved to adopt a Class D share scheme for all employees within the Group. The Class D shares are so-called threshold shares and follow substantially the same structure as the Class C shares. On 28 May 2026, Apotea issued 400,000 Class D shares to a financial institution and subsequently repurchased those shares at their nominal value. Subsequently, 266,322 of the issued Class D shares were transferred to participants in the scheme at market value, as determined by an independent valuation firm using the Black-Scholes model. The market value per Class D share at the valuation date amounted to SEK 11.65, determined based on the volume-weighted average price of the ordinary share during the ten trading days preceding the transfer. The Class D shares have a threshold value of SEK 99.10, corresponding to 130 per cent of the volume-weighted average price of the ordinary share during the ten trading days preceding the share issue. The Class D shares will be converted into ordinary shares or redeemed for cash if the volume-weighted average price during the ten trading days preceding 1 June 2029 exceeds the threshold value. Further information about the Class D share scheme is available on the Company's website, www.apotea.se, under Governance – General Meeting. Performance share programme 2026/2029 At the Annual General Meeting held on 26 May 2026, it was resolved to adopt the Performance share programme 2026/2029, aimed at the Chief Executive Officer, Group management and key employees, comprising a maximum of 30 participants. The programme entitles participants to receive ordinary shares free of charge, provided that the established performance conditions are met at the end of the vesting period on 1 June 2029. Participation in the programme is conditional upon the participant remaining employed and holding Class D shares throughout the vesting period. As of 30 September 2026, a total of 213,000 performance share awards had been granted to participants in the programme. Fair value was determined on the grant date as the share price on the grant date, adjusted for expected dividends during the vesting period. Performance is measured separately for each of the financial years 2026, 2027 and 2028, each accounting for one-third (1/3) of the total award. Each performance condition is assessed separately, and the minimum level must be achieved for the condition to result in vesting for the relevant year. The performance conditions and their weighting are presented below: Other information
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7 Award Revenue growth (weighting 40%) Adjusted EBIT (%) (weighting 40%) ESG (weighting 20%) 50% ≥15% ≥3% 1 of 3 targets 75% ≥17% ≥4% 2 of 3 targets 100% ≥19% ≥5% 3 of 3 targets The ESG targets relate to the achievement of Apotea's sustainability targets in line with the Paris Agreement. The targets measure reductions in absolute greenhouse gas emissions, increases in the share of renewable electricity and the proportion of suppliers with science-based climate targets. The specific target levels are determined by the Board of Directors. For a complete description of the terms of the programme and its financial effect, see note 4. Other information Since 2025, the Swedish Competition Authority has been conducting a review of a number of pharmacies, including Apotea, regarding their online keyword advertising. Apotea considers that the Company has complied with applicable laws and regulations and is cooperating with the authority in the matter. Risks and uncertainties The Group is exposed to a number of risks and un certainties, which are described in more detail in the 2025 Annual Report. The risks and uncertainties affecting the Parent Company are considered to be indirectly the same as those affecting the Group. No new significant risks have been identified since the publication of the Annual Report. Financial targets Growth The Company’s goal is to double its net revenue over the next 4-5 years. Profitability The Company’s short- to medium-term goal is an operating margin (EBIT margin) of 3-5 per cent. The long-term goal is an operating margin (EBIT margin) of 7-8 per cent. Dividends The Company will primarily use positive cash flows for investments in profitable growth. Any surplus may be distributed to shareholders, considering strategic and financial considerations.
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8 About the pharmacy market In 2009, the pharmacy market was re-regulated. Since then, more pharmacies as well as the rise of e-commerce have contributed to greater accessibility for consumers. The growth of e-commerce in the pharmacy industry has been strong in recent years for both non-prescription and prescription drugs. The pharmacy market in Sweden had a turnover of approximately SEK 71 billion (67) in the rolling 12 months as of the end of September 2026. According to the Swedish Pharmacy Association, the pharmacy market grew by approximately 7% (6) in the third quarter and by approximately 6% (6) for the period January-September. Market growth was relatively evenly distributed between prescription products and traded goods in both periods. During the period January-September, e-commerce's share amounted to 27% (25) of the total pharmacy market. Apotea's market share amounted to 10.6% (10.2) for the period January-September 2026.1) E-commerce's share of the Swedish pharmacy market ¹) Apotea's share of the Swedish pharmacy market ¹) 1) Note: Market data based on preliminary figures from the Swedish Pharmacy Association, adjusted for Apotea’s actual sales data during the period. About the Company Apotea was founded in 2012 by Pär Svärdson, founder of Adlibris, together with five colleagues from Adlibris. Today, Apotea is Sweden’s leading online pharmacy, offering an extensive range of medicines and consumer goods at low prices with fast, free delivery. The vision is to become tomorrow’s pharmacy by continuously simplifying and enhancing the customer experience. Apotea's head office is located in Stockholm, Sweden. Apotea has prescription branches in Lidingö and Stock- holm, as well as fulfilment centres in Morgongåva and Varberg. The Group’s Norwegian subsidiary, Apotera, operates out of Oslo. The majority of the Group’s employ- ees work in warehousing and logistics. Apotea has the largest assortment of pharmacy products on the market with nearly 60,000 items. The range in cludes Apotea’s own brand products (private labels) which currently include e.g. products for pets, beauty and health, vitamins and supplements. Private label makes up a small but growing share of Apotea’s sales. Apotea’s private label products are produced with high demands on durability and the packaging is made from renewable or recycled materials. The Group has won several notable awards that confirm Apotea's strong brand and customer offering. For the past eight years, Apotea has ranked highest in PostNord's E-barometer as the Swedes' e-commerce favourite and has been named the strongest brand among digital pharmacies for several years in a row. The Group has high sustainability standards and has since 2021 adopted climate targets in accordance with the international Science Based Targets framework, which aims to limit global warming in line with the Paris Agreement. Apotea’s sustainability work focuses on reducing resource use in its value chain. For example, Apotea uses electricity from solar cell plants at the fulfilment centres in Morgongåva and Varberg and only uses renew able energy in its operations. Apotea is the only online pharmacy in Sweden to have a fully electrified supply chain from warehouse to the customer's home. Apotea is also actively working to implement a new standard for e- commerce transport packaging, adapted for efficient delivery to e-commerce warehouses. With e- commerce-adapted transport packaging, the goal is to achieve a reduced climate footprint, a better working environment and more efficient inbound logistics. The sustainability work also includes collections for charitable purposes and since the start, Apotea has collected SEK 192 million. 22% 25% 27% 0% 5% 10% 15% 20% 25% 30% Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2026 0% 2% 4% 6% 8% 10% 12% Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2026 10.2% 10.6% 9.7% Apotea and the pharmacy market
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9 Condensed Group consolidated statement of comprehensive income Amounts in SEK million Note 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Net revenue 1 1,990.4 1,769.3 5,953.6 5,349.1 7,203.3 Work performed by the entity and capitalised - - - - 1.7 Other operating income 4.7 4.1 11.9 14.4 18.5 1,995.1 1,773.4 5,965.5 5,363.5 7,223.5 Operating costs Cost of goods sold -1,457.0 -1,288.2 -4,313.4 -3,872.2 -5,267.4 Other external expenses -258.8 -242.0 -776.0 -711.1 -956.1 Cost of personnel -119.8 -117.8 -404.0 -390.6 -530.9 Depreciation and amortisation -51.8 -36.9 -158.1 -107.8 -162.3 Other operating expenses 2 -0.3 -0.3 -0.9 -8.1 -8.6 -1,887.7 -1,685.2 -5,652.4 -5,089.8 -6,925.3 Operating profit (EBIT) 107.4 88.2 313.1 273.7 298.2 Financial income and expenses Financial income 0.9 1.2 2.7 2.8 3.6 Financial expenses -2.5 -3.6 -7.6 -8.5 -12.0 Net financial items -1.6 -2.4 -4.9 -5.7 -8.4 Profit before tax 105.8 85.8 308.2 268.0 289.8 Income tax -24.0 -17.2 -66.9 -55.9 -63.5 Profit for the period 81.8 68.6 241.3 212.1 226.3 Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 2.1 - 4.6 -1.3 -2.4 Total comprehensive income for the period 83.9 68.6 245.9 210.8 223.9 Profit for the period attributable to: Shareholders of the Parent Company 82.7 69.6 243.4 213.3 228.7 Non-controlling interests -0.9 -1.0 -2.1 -1.2 -2.4 81.8 68.6 241.3 212.1 226.3 Total comprehensive income for the period attributable to: Shareholders of the Parent Company 83.9 69.5 246.0 212.5 227.4 Non-controlling interests - -0.9 -0.1 -1.7 -3.5 83.9 68.6 245.9 210.8 223.9 Earnings per share for profit attributable to the ordinary shareholders of the Parent Company: Earnings per share before and after dilution (SEK) 0.79 0.67 2.34 2.05 2.20
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10 Condensed Group consolidated statement of financial position Amounts in SEK million Note 2026-09-30 2025-09-30 2025-12-31 ASSETS Non-current assets Goodwill 33.9 31.3 30.5 Other intangible assets 11.2 13.9 14.1 Tangible fixed assets 408.1 535.7 505.8 Right-of-use assets 259.6 319.1 306.8 Non-current financial assets 2 1.5 1.5 1.5 Deferred tax assets 3.9 3.0 3.3 Total non-current assets 718.2 904.5 862.0 Current assets Inventory 837.7 796.6 651.9 Accounts receivable 409.2 352.4 355.4 Other current receivables 41.6 89.8 62.0 Current financial assets 2 - 0.1 - Prepaid expenses and accrued income 23.5 21.8 18.6 Cash and cash equivalents 110.7 97.7 30.6 Total current assets 1,422.7 1,358.4 1,118.5 TOTAL ASSETS 2,140.9 2,262.9 1,980.5
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11 Amounts in SEK million Note 2026-09-30 2025-09-30 2025-12-31 EQUITY AND LIABILITIES EQUITY Share capital 0.5 0.5 0.5 Other capital contributions 14.6 14.7 14.7 Reserves -0.2 -3.0 -3.8 Retained earnings including profit for the year 1,016.7 815.5 832.6 Equity attributable to Parent Company shareholders 1,031.6 827.7 844.0 Non-controlling interest 15.8 19.1 15.9 TOTAL EQUITY 1,047.4 846.8 859.9 LIABILITIES Deferred tax liabilities 0.3 - 0.3 Lease liabilities 201.2 261.8 248.8 Total non-current liabilities 201.5 261.8 249.1 Accounts payable 675.2 845.8 584.1 Lease liabilities 62.2 59.3 60.6 Current tax liabilities 20.4 55.5 53.3 Liabilities to credit institutions - - 21.6 Other current liabilities 11.3 22.2 21.0 Accrued expenses and deferred income 122.9 171.5 130.9 Total current liabilities 892.0 1,154.3 871.5 TOTAL LIABILITIES 1,093.5 1,416.1 1,120.6 TOTAL EQUITY AND LIABILITIES 2,140.9 2,262.9 1,980.5 Condensed Group consolidated statement of financial position, cont.
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12 Condensed Group consolidated statement of changes in equity Amounts in SEK million Share capital Other capital contribu- tions Reserves Retained earnings incl. profit for the year Total Non- controlling interests Total equity Opening balance at 1 January 2025 0.5 14.7 -2.2 602.2 615.2 20.8 636.0 Profit for the period - - - 213.3 213.3 -1.2 212.1 Other comprehensive income for the period - - -0.8 - -0.8 -0.5 -1.3 Total comprehensive income for the period - - -0.8 213.3 212.5 -1.7 210.8 Closing balance at 30 September 2025 0.5 14.7 -3.0 815.5 827.7 19.1 846.8 Opening balance at 1 January 2026 0.5 14.7 -3.8 832.6 844.0 15.9 859.9 Profit for the period - - - 243.4 243.4 -2.1 241.3 Other comprehensive income for the period - - 2.7 -0.1 2.6 2.0 4.6 Total comprehensive income for the period - - 2.7 243.3 246.0 -0.1 245.9 Reclassification - -0.1 - 0.1 - - - Transactions with shareholders in their capacity as owners Share issue1) - - - - - - - Transfer to employees1) - - - 3.1 3.1 - 3.1 Share-based payments 2) - - 0.9 - 0.9 - 0.9 Dividend3) - - - -62.4 -62.4 - -62.4 Closing balance at 30 September 2026 0.5 14.6 -0.2 1,016.7 1,031.6 15.8 1,047.4 1) On 28 May 2026, 400,000 Class D shares were issued under the Class D share scheme in accordance with the authorisation granted by the Annual General Meeting held on 26 May 2026. The share capital increased by SEK 2,000. A total of 266,322 Class D shares have been transferred to participants in the scheme at a market value of SEK 3.1 million, which was recognised against retained earnings. See note 5 and the section Share-based payment arrangements for a complete description. 2) Relates to the IFRS 2 expense attributable to the Performance share programme 2026/2029, recognised as an increase in reserves within equity. See note 4 for further information. 3) Dividend of SEK 0.60 per ordinary share in respect of the 2025 financial year, resolved by the Annual General Meeting held on 26 May 2026 and paid on 2 June 2026.
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13 Condensed Group consolidated statement of cash flow Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Cash flow from operating activities Operating profit (EBIT) 107.4 88.2 313.1 273.7 298.2 Adjustment for non-cash items 52.7 39.2 160.0 114.7 168.7 Interest received 0.8 1.2 2.7 2.8 3.6 Interest paid -2.4 -3.6 -8.2 -8.5 -11.3 Income tax paid -17.7 -9.8 -100.5 -30.3 -40.1 Cash flow from operating activities before changes in working capital 140.8 115.2 367.1 352.4 419.1 Cash flow from changes in working capital Change in inventories 18.6 -208.2 -183.8 -234.6 -90.3 Change in operating receivables 2.5 -19.3 -38.2 -38.6 -11.3 Change in operating liabilities -136.1 221.7 70.0 318.8 15.8 Total change in working capital -115.0 -5.8 -152.0 45.6 -85.8 Cash flow from operating activities 25.8 109.4 215.1 398.0 333.3 Cash flow from investing activities Investment in intangible assets -0.1 -0.2 -0.4 -0.6 -2.6 Investment in tangible fixed assets -3.6 -67.8 -8.0 -204.4 -213.0 Proceeds from sale of tangible fixed assets - - - - 1.1 Cash flow from investing activities -3.7 -68.0 -8.4 -205.0 -214.5 Cash flow from financing activities Amortisation of lease liabilities -15.3 -12.8 -45.7 -43.0 -57.3 Amortisation of current borrowing - - -21.6 -79.6 -79.6 Dividend - - -62.4 - - Sale of treasury shares - - 3.1 - - Other financing costs - - -0.6 - - Raising current borrowing - - - - 21.6 Cash flow from financing activities -15.3 -12.8 -127.2 -122.6 -115.3 Cash flow for the period 6.8 28.6 79.5 70.4 3.5 Cash and cash equivalents at the beginning of the period 103.5 69.0 30.6 27.3 27.3 Net foreign exchange differences 0.4 0.1 0.6 - -0.2 Cash and cash equivalents at the end of the period 110.7 97.7 110.7 97.7 30.6
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14 Condensed Parent Company income statement Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2025 Jan-Dec Other operating income 6.9 4.8 20.0 Total operating income 6.9 4.8 20.0 Other external expenses -2.5 -1.3 -3.4 Cost of personnel -7.7 -4.9 -24.9 Total operating costs -10.2 -6.2 -28.3 Operating profit -3.3 -1.4 -8.3 Financial income and expenses Interest income and similar items 0.1 0.1 0.4 Interest expense and similar items -0.1 - -6.2 Net financial items - 0.1 -5.8 Profit after financial items -3.3 -1.3 -14.1 Appropriations - - 8.0 Profit before tax -3.3 -1.3 -6.1 Income tax - - - Profit for the period -3.3 -1.3 -6.1
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15 Condensed Parent Company statement of financial position Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Shares in Group companies 264.0 264.0 264.0 Non-current financial assets 1.5 1.5 1.5 Receivables from Group companies 3.2 2.3 10.9 Other current assets 1.1 0.5 0.6 Cash and cash equivalents 25.6 24.3 21.7 TOTAL ASSETS 295.4 292.6 298.7 Restricted equity 0.5 0.5 0.5 Non-restricted equity 283.8 277.3 289.5 TOTAL EQUITY 284.3 277.8 290.0 Current liabilities 11.1 14.8 8.7 TOTAL LIABILITIES 11.1 14.8 8.7 TOTAL EQUITY AND LIABILITIES 295.4 292.6 298.7
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16 Notes to financial reports Accounting principles The financial report has been prepared in accordance with IAS 34 and applicable provisions of the Annual Accounts Act. The accounting policies applied for the Group and the Parent Company are consistent with those used in the preparation of the latest Annual Report, unless otherwise stated below. The accounting policies applied are described in the Annual Report for 2025, note 2. Share-based payments The Performance share programme 2026/2029 is classified as an equity-settled share-based payment in accordance with IFRS 2. The cost of share-based payments is recognised as the value of the services received, measured at the fair value of the performance share awards granted at the grant date. The cost is recognised over the vesting period, separately for each financial year's measurement period, and is adjusted on an ongoing basis to reflect the expected vesting level. No subsequent remeasurement of fair value is made. The cost is recorded against an increase in reserves within equity. Fair value is determined at the grant date as the share price at the grant date adjusted for expected dividends during the vesting period. The performance conditions are taken into account when estimating the number of performance share awards expected to vest. The estimate of the number of performance share awards expected to vest is revised at each reporting date and forms the basis for the recognised IFRS 2 expense and the provision for social security contributions. Social security contributions attributable to the programme are recognised as an accrued expense in the statement of financial position and remeasured at each reporting date based on the current share price and the estimated number of performance share awards expected to vest. Accordingly, the expense is affected by changes in the share price. Significant estimates and judgements for accounting purposes Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. For further information, see note 3 of the Annual Report for 2025. Note 1 Revenue from contracts with customers The Group derives most of its revenue from the sale of over-the-counter medicines and traded goods (”OTC and traded goods”), as well as prescription products (”Rx”). The Group also derives revenue from services, which primarily consist of marketing contributions, but also includes lease income related to premises as well as rental of personnel to affiliated companies. Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Sale of Rx 793.1 667.0 2,311.5 2,033.8 2,735.8 Sale of OTC and traded goods 1,153.6 1,066.9 3,486.6 3,185.8 4,294.8 Services 43.7 35.4 155.5 129.3 172.7 Total net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,203.3
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17 Note 2 Financial instruments Financial instruments measured at amortised cost For financial assets and liabilities measured at amortised cost, the carrying amount is considered to be a reasonable approximation of the fair value of the asset or liability. Financial instruments valued at fair value through profit or loss The balance sheet contains non-current financial assets consisting of holdings of unquoted shares. The Group's unquoted shareholding in Apomera AB, with opera- tions in Finland, is valued according to Level 1 and thus according to market data in the form of transactions in the relevant instrument or similar transactions in other companies. In the balance sheet for the comparative period, there are also current financial assets consisting of forward foreign exchange contracts with maturities of less than twelve months. As these do not meet the requirements for hedge accounting, they are measured at fair value through profit or loss via Level 2. Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Financial instruments valued at fair value through profit or loss Non-current financial assets - unquoted shares 1.5 1.5 1.5 Current financial assets - forward foreign exchange contracts - 0.1 - Total 1.5 1.6 1.5 Amounts recognised in the income statement No changes in value have been recognised in the income statement during the period. Changes in fair value are recognised in the items other operating income or other operating expenses. The amounts in the comparative periods relate to the revaluation of the shareholding in Apomera AB and to forward foreign exchange contracts. Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Fair value changes on equity instruments recognised at fair value through profit or loss - -6.2 -6.2 Fair value changes on derivative instruments recognised at fair value through profit or loss - 0.1 - Total - -6.1 -6.2
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18 Note 3 Transactions with related parties Apotea AB (publ)'s related parties and the extent of its relationships with related parties are described, unless otherwise stated below, in note 35 of the Annual Report for 2025. During the second quarter of 2026, the Chief Executive Officer and Group management acquired Class D shares under the Class D share scheme, which was adopted by the Annual General Meeting held on 26 May 2026. The Class D shares were acquired at market value and, accordingly, the transaction does not give rise to any benefit for the participants or any IFRS 2 expense for the Group. The Chief Executive Officer and Group management also participate in the Performance share programme 2026/2029. For a description of the terms of the programme, see note 4. Note 4 Share-based payments The Performance share programme 2026/2029 is classified as an equity-settled share-based payment in accordance with IFRS 2. A description of all outstanding share-based payment arrangements is provided in the section Share-based payment arrangements under Other information. The programme entitles participants to receive ordi - nary shares free of charge, provided that the estab- lished performance conditions are met at the end of the vesting period on 1 June 2029. As of 30 September 2026, 213,000 performance share awards have been granted to participants in the programme. The fair value of the performance share awards at the grant date was determined at SEK 73.70 per award, corresponding to the share price on the grant date, 12 June 2026, adjusted for expected dividends during the vesting period. The maximum total IFRS 2 expense based on the performance share awards granted, assuming full vesting, amounts to SEK 15.7 million. As at 30 September 2026, a total of 106,500 performance share awards are expected to vest over the term of the programme. During the period from 1 July to 30 Septem- ber 2026, no performance share awards were forfeited, repurchased or expired. At the end of each reporting period, an assessment is made of the expected vesting level, i.e. the proportion of the granted performance share awards expected to vest. The assessment is based on the Group's expected achievement of the programme's performance conditions relating to revenue growth, adjusted EBIT margin and ESG, based on the rolling 12-month outcome, which is used as an assumption for the outcome for the current financial year. A change in the assessment affects the expense for the period and the provision for social security contributions. The IFRS 2 expense for the period is recognised as Cost of personnel in the income statement, with a corresponding increase in reserves within equity. The cost of social security contributions is recognised as an accrued expense in the statement of financial position under Accrued expenses and deferred income. The IFRS 2 expense and social security contributions attributable to the programme are excluded from the Company's reporting of adjusted performance measures and are recognised as a separate adjusting item in Adjusted operating profit (EBIT). See the section Alternative performance measures. The share-based payment expense for the period is presented below: 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec IFRS 2 expense 0.6 - 0.9 - - Social security contributions 0.3 - 0.3 - - Total share-based payments 0.9 - 1.2 - - Further information about the Performance share programme 2026/2029 is available on the Company's website, www.apotea.se, under Governance – General meetings.
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19 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Number of shares, opening balance 105,665,254 105,265,254 105,265,254 105,265,254 105,265,254 Class D shares issued in the share issue 1) - - 400,000 - - Total number of shares, closing balance 105,665,254 105,265,254 105,665,254 105,265,254 105,265,254 Treasury shares, opening balance -133,678 - - - - Repurchase of Class D shares (Class D share scheme) 1) - - -400,000 - - Transfer to employees 1) - - 266,322 - - Treasury shares, closing balance -133,678 - -133,678 - - Total number of shares, net 105,531,576 105,265,254 105,531,576 105,265,254 105,265,254 Weighted average number of ordinary shares before dilution 2) 104,070,966 104,070,966 104,070,966 104,070,966 104,070,966 Weighted average number of ordinary shares after dilution 2) 3) 104,177,466 104,253,922 104,114,658 104,128,298 104,120,640 Share capital, SEK 528,326 526,326 528,326 526,326 526,326 1) On 28 May 2026, 400,000 Class D shares were issued to a financial institution at their nominal value and were repurchased by Apotea AB (publ) at their nominal value in connection with the share issue. A total of 266,322 Class D shares have been transferred to participants in the scheme at an established market value totalling SEK 3.1 million. The difference between the transfer price and the nominal value was recognised against retained earnings. 2) Treasury shares are excluded from the weighted average number of shares before and after dilution. 3) The weighted average number of shares after dilution includes ordinary shares and the expected number of shares that may be delivered under the Performance share programme 2026/2029 based on the estimated vesting level at the reporting date. In addition, for the Class C and Class D shares, the number of shares corresponding to the value of each respective share is included if the Company's volume-weighted average share price during the period exceeds the respective threshold values of SEK 86.40 (87.00) and SEK 99.10 (-) per share. The threshold values are adjusted for dividends paid after the established starting point for each share class, in accordance with the terms of the respective share. Note 5 Number of shares and share capital As at 30 September 2026, the number of shares amounted to 105,665,254 (105,265,254), comprising 104,070,966 (104,070,966) ordinary shares, 1,194,288 (1,194,288) Class C shares and 400,000 (-) Class D shares. The shares have a nominal value of SEK 0.005 (0.005). 5 (a) Share issues during the period On 28 May 2026, a directed share issue was carried out under the Class D share scheme in accordance with the resolution of the Annual General Meeting held on 26 May 2026. A total of 400,000 Class D shares were issued to a financial institution at a nominal value of SEK 0.005 per share and were repurchased by Apotea AB (publ) at their nominal value in connection with the share issue. As a result of the share issue, Apotea AB (publ)'s share capital increased by SEK 2,000, from SEK 526,326.27 to SEK 528,326.27. Class D shares carry one-tenth (1/10) of a vote. A total of 266,322 Class D shares have been transferred to participants in the programme. The remaining 133,678 Class D shares are held as treasury shares pending future transfer to employees under the Class D share scheme. 5 (b) Number of shares
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20 This interim report has been the subject of a review by the Company’s auditors. Financial calendar 4 February 2027 Year-end report January-December 2026 (Q4) 15 April 2027 Annual report 2026 29 April 2027 Interim report January-March 2027 (Q1) 24 May 2027 Annual General Meeting 16 July 2027 Interim report January-June 2027 (Q2) 28 October 2027 Interim report January-September 2027 (Q3) Contact details For further information, please visit www.ir.apotea.se or contact: Stefan Eriksson, deputy CEO & Investor Relations ir@apotea.se This information is information that Apotea AB (publ) is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the contact person above, on 5 November 2026, at 07:30 CET. Certification The CEO assures that the interim report provides a fair overview of the Parent Company’s and the Group’s operations, position and results, and describes significant risks and uncertainty factors that the Parent Company and the companies that are part of the Group face. Stockholm 5 November 2026 Pär Svärdson CEO and Board member
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21 Apotea AB (publ), corporate identity number 556864-7324 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Apotea AB (publ) as of September 30, 2026 and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. Scope of review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report has not, in all material respects, been prepared, for the Group, in accordance with IAS 34 and the Swedish Annual Accounts Act and, for the Parent Company, in accordance with the Swedish Annual Accounts Act. Auditor's review report Stockholm, 5 November 2026 Öhrlings PricewaterhouseCoopers AB Tobias Stråhle Authorized Public Accountant
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22 Quarterly overview Amounts in SEK million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net revenue 1,990.4 2,025.9 1,937.2 1,854.3 1,769.3 1,826.2 1,753.5 Revenue growth (%) 12.5 10.9 10.5 7.0 8.9 9.9 15.2 Gross margin (%) 26.8 27.5 28.3 24.8 27.2 28.0 27.7 EBITDA 159.2 156.8 155.3 79.0 125.1 127.9 128.6 EBITDA margin (%) 8.0 7.7 8.0 4.3 7.1 7.0 7.3 Operating profit (EBIT) 107.4 104.4 101.3 24.5 88.2 93.1 92.4 EBIT margin (%) 5.4 5.2 5.2 1.3 5.0 5.1 5.3 Adjusted operating profit (EBIT) 108.3 104.7 101.3 24.5 88.2 99.3 92.4 Adjusted EBIT margin (%) 5.4 5.2 5.2 1.3 5.0 5.4 5.3 Profit for the period 81.8 81.1 78.4 14.2 68.6 71.7 71.8 Earnings per share before and after dilution (SEK) 0.79 0.78 0.76 0.15 0.67 0.69 0.69 Cash flow from operating activities 25.8 76.8 112.5 -64.7 109.4 165.3 123.2 Net debt (+)/Net cash (-) 152.7 175.8 189.8 300.4 223.4 262.9 370.5 Net debt (+)/Net cash (-) excluding IFRS 16 Leasing -110.7 -103.5 -104.7 -9.0 -97.7 -69.0 61.5 Inventory turnover rate R12m (x) 7.0 7.7 7.5 8.7 7.6 8.9 8.7 Average number of employees 680 726 744 733 726 722 727 Note: Financial measures that are not defined according to IFRS are reported on pages 24-28. Definitions of the measures are reported on pages 29-32. Net revenue per quarter (SEK million) EBIT per quarter (SEK million) 2025 2026 2025 2026 0 20 40 60 80 100 120 Q1 Q2 Q3 Q40 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Q1 Q2 Q3 Q4
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23 Financial measures Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Revenue growth (%) 12.5 8.9 11.3 11.2 10.2 Organic growth (%) 12.4 9.0 11.2 11.3 10.1 Gross margin (%) 26.8 27.2 27.5 27.6 26.9 EBITDA 159.2 125.1 471.2 381.5 550.2 EBITDA margin (%) 8.0 7.1 7.9 7.1 7.0 Other external expenses as a percentage of net revenue (%) 13.0 13.7 13.0 13.3 13.1 Adjusted cost of personnel as a percent- age of net revenue (%) 6.0 6.7 6.8 7.3 7.0 Depreciation and amortisation as a percentage of net revenue (%) 2.6 2.1 2.7 2.0 2.7 Operating profit (EBIT) 107.4 88.2 313.1 273.7 337.6 EBIT margin (%) 5.4 5.0 5.3 5.1 4.3 Items affecting comparability - - - -6.2 - Adjusted operating profit (EBIT) 108.3 88.2 314.3 279.9 338.8 Adjusted EBIT margin (%) 5.4 5.0 5.3 5.2 4.3 Profit for the period 81.8 68.6 241.3 212.1 255.5 Return on capital employed (%) 27.5 34.4 27.5 34.4 27.5 Solvency ratio (%) 48.9 37.4 48.9 37.4 48.9 Net debt (+)/Net cash (-) 152.7 223.4 152.7 223.4 152.7 Net debt (+)/Net cash (-) excluding IFRS 16 Leasing -110.7 -97.7 -110.7 -97.7 -110.7 Net debt/EBITDA excluding IFRS 16 Leasing R12 (x) -0.2 -0.2 -0.2 -0.2 -0.2 Inventory turnover rate R12m (x) 7.0 7.6 7.0 7.6 7.0 Average number of employees 680 726 713 724 717 Data per share Number of shares 105,665,254 105,265,254 105,665,254 105,265,254 105,665,254 Weighted average of shares before dilu- tion 104,070,966 104,070,966 104,070,966 104,070,966 104,070,966 Weighted average of shares after dilution 104,177,466 104,253,922 104,114,658 104,128,298 104,103,645 Earnings per share before and after dilu- tion (SEK) 0.79 0.67 2.34 2.05 2.49 Note: Financial measures that are not defined according to IFRS are reported on pages 24-28. Definitions of the measures are reported on pages 29-32.
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24 Alternative performance measures Apotea AB (publ) presents certain performance measures in the interim report that are not defined according to IFRS. Since not all companies calculate performance measures in the same way, these are not always comparable to measures used by other companies. These measures should therefore not be seen as a replacement for meas- ures defined according to IFRS. The tables below present reconciliations of certain financial measures that are not defined under IFRS. From the second quarter of 2026, the definitions of certain performance measures have been updated. Updated comparative figures are presented in the tables below. The definitions are provided on pages 29–32. Performance measures, rolling 12 months ("R12m") Amounts in SEK million 2026-09-30 2025-09-30 Net revenue for the period Jan-Sep 5,953.6 5,349.1 Net revenue for the period Oct-Dec previous year 1,854.3 1,732.9 Net revenue, R12m 7,807.9 7,082.0 Cost of goods sold for the period Jan-Sep 4,313.4 3,872.2 Cost of goods sold for the period Oct-Dec previous year 1,395.2 1,265.1 Cost of goods sold, R12m 5,708.6 5,137.3 Other external expenses for the period Jan-Sep 776.0 711.1 Other external expenses for the period Oct-Dec previous year 245.0 246.1 Other external expenses, R12m 1,021.0 957.2 Cost of personnel for the period Jan-Sep 404.0 390.6 Cost of personnel for the period Oct-Dec previous year 140.3 139.9 Cost of personnel, R12m 544.3 530.5 Share-based payments period Jan-Sep 1.2 - Share-based payments period Oct-Dec previous year - - Share-based payments, R12m 1.2 - EBITDA for the period Jan-Sep 471.2 381.5 EBITDA for the period Oct-Dec previous year 79.0 86.3 EBITDA, R12m 550.2 467.8 Depreciation and interest expenses IFRS 16 for the period Jan-Sep 53.1 51.4 Depreciation and interest expenses IFRS 16 for the period Oct-Dec previous year 17.2 16.4 Depreciation and interest expenses IFRS 16, R12m 70.3 67.8 Depreciation and amortisation for the period Jan-Sep 158.1 107.8 Depreciation and amortisation for the period Oct-Dec previous year 54.5 34.4 Depreciation and amortisation, R12m 212.6 142.2 Operating profit (EBIT) for the period Jan-Sep 313.1 273.7 Operating profit (EBIT) for the period Oct-Dec previous year 24.5 51.9 Operating profit (EBIT), R12m 337.6 325.6 Financial expenses for the period Jan-Sep 7.6 8.5 Financial expenses for the period Oct-Dec previous year 3.4 2.0 Financial expenses, R12m 11.0 10.5 Profit after financial items for the period Jan-Sep 308.2 268.0 Profit after financial items for the period Oct-Dec previous year 21.8 53.9 Profit after financial items, R12m 330.0 321.9 Profit for the period Jan-Sep 241.3 212.1 Profit for the period Oct-Dec previous year 14.2 48.8 Profit for the period, R12m 255.5 260.9
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25 Revenue growth (%) Organic growth (%) Gross margin (%) Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue current period 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Net revenue previous year/period 1,769.3 1,625.3 5,349.1 4,808.2 7,082.0 Revenue growth (%) 12.5 8.9 11.3 11.2 10.2 Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue previous year/period 1,769.3 1,625.3 5,349.1 4,808.2 7,082.0 Organic growth 219.1 145.6 599.1 545.5 718.7 Exchange rate effects 2.0 -1.6 5.4 -4.6 7.2 Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Organic growth (%) 12.4 9.0 11.2 11.3 10.1 Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Cost of goods sold -1,457.0 -1,288.2 -4,313.4 -3,872.2 -5,708.6 Gross profit 533.4 481.1 1,640.2 1,476.9 2,099.3 Gross margin (%) 26.8 27.2 27.5 27.6 26.9 EBITDA Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Operating profit (EBIT) 107.4 88.2 313.1 273.7 337.6 Depreciation and amortisation 51.8 36.9 158.1 107.8 212.6 EBITDA 159.2 125.1 471.2 381.5 550.2 EBITDA margin (%) Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m EBITDA 159.2 125.1 471.2 381.5 550.2 Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 EBITDA margin (%) 8.0 7.1 7.9 7.1 7.0
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26 Selected costs in relation to net revenue (%) Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Other external expenses 258.8 242.0 776.0 711.1 1,021.0 Other external expenses as a percentage of net revenue (%) 13.0 13.7 13.0 13.3 13.1 Cost of personnel 119.8 117.8 404.0 390.6 544.3 Share-based payments (note 4) -0.9 - -1.2 - -1.2 Adjusted cost of personnel 118.9 117.8 402.8 390.6 543.1 Adjusted cost of personnel as a percentage of net revenue (%) * 6.0 6.7 6.8 7.3 7.0 Depreciation and amortisation 51.8 36.9 158.1 107.8 212.6 Depreciation and amortisation as a percentage of net revenue (%) 2.6 2.1 2.7 2.0 2.7 * Cost of personnel as a percentage of net revenue has, from the second quarter of 2026, been renamed Adjusted cost of personnel as a percentage of net revenue, and the definition has been updated to exclude share-based payments. EBIT margin (%) Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Operating profit (EBIT) 107.4 88.2 313.1 273.7 337.6 Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 EBIT margin (%) 5.4 5.0 5.3 5.1 4.3 Adjusted operating profit (EBIT) * Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Operating profit (EBIT) 107.4 88.2 313.1 273.7 337.6 Items affecting comparability Revaluation of unquoted shares - - - 6.2 - Share-based payments Performance share programme 2026/2029 (note 4) 0.9 - 1.2 - 1.2 Adjusted operating profit (EBIT) 108.3 88.2 314.3 279.9 338.8 * Operating profit (EBIT) excluding items affecting comparability has, from the second quarter of 2026, been renamed Adjusted operating profit (EBIT), and the definition has been expanded to also exclude share-based payments.
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27 Interest free debt Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Total debt 1,093.5 1,416.1 1,120.6 Liabilities to credit institutions - - -21.6 Lease liabilities – non-current -201.2 -261.8 -248.8 Lease liabilities – current -62.2 -59.3 -60.6 Interest free debt 830.1 1,095.0 789.6 Return on capital employed (%) Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Profit after financial items, R12m 330.0 321.9 289.8 Financial expenses, R12m 11.0 10.5 12.0 Profit after financial items plus financial expenses, R12m 341.0 332.4 301.8 Total assets 2,140.9 2,262.9 1,980.5 Interest free debt -830.1 -1,095.0 -789.6 Capital employed 1,310.8 1,167.9 1,190.9 Capital employed at the end of the comparison period 1,167.9 765.8 878.0 Average capital employed 1,239.4 966.9 1,034.4 Return on capital employed (%) 27.5 34.4 29.2 Solvency ratio (%) Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Total assets 2,140.9 2,262.9 1,980.5 Equity 1,047.4 846.8 859.9 Solvency ratio (%) 48.9 37.4 43.4 Adjusted EBIT margin (%) * Amounts in SEK million 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Rolling 12m Adjusted operating profit 108.3 88.2 314.3 279.9 338.8 Net revenue 1,990.4 1,769.3 5,953.6 5,349.1 7,807.9 Adjusted EBIT margin (%) 5.4 5.0 5.3 5.2 4.3 * EBIT margin excluding items affecting comparability has, from the second quarter of 2026, been renamed Adjusted EBIT margin.
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28 Net debt (+)/Net cash (-) excluding IFRS 16 Leasing Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Net debt 152.7 223.4 300.4 Non-current lease liabilities -201.2 -261.8 -248.8 Current lease liabilities -62.2 -59.3 -60.6 Net debt (+)/Net cash (-) excluding IFRS 16 Leasing -110.7 -97.7 -9.0 Net indebtedness/EBITDA excluding IFRS 16 Leasing (x) Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Net debt excluding IFRS 16 Leasing -110.7 -97.7 -9.0 EBITDA, rolling 12 months 550.2 467.8 460.5 Depreciation and interest expenses IFRS 16, R12m -70.3 -67.8 -68.5 EBITDA excluding IFRS 16 Leasing, R12m 479.9 400.0 392.0 Indebtedness towards EBITDA excluding IFRS 16 Leasing (x) -0.2 -0.2 0.0 Inventory turnover rate, rolling 12 months (x) Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Cost of goods sold, R12m 5,708.6 5,137.3 5,267.4 Inventory end of period 837.7 796.6 651.9 Inventory at the end of the comparison period 796.6 554.0 562.3 Average inventory 817.2 675.3 607.1 Inventory turnover rate, R12m (x) 7.0 7.6 8.7 Net debt (+)/Net cash (-) Amounts in SEK million 2026-09-30 2025-09-30 2025-12-31 Liabilities to credit institutions - - 21.6 Non-current lease liabilities 201.2 261.8 248.8 Current lease liabilities 62.2 59.3 60.6 Total borrowings 263.4 321.1 331.0 Cash and cash equivalents -110.7 -97.7 -30.6 Net debt (+)/Net cash (-) 152.7 223.4 300.4
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29 Definitions of performance measures Alternative performance measure Definition Motivation for use of measure Return on capital employed (%) Profit after financial items plus financial expenses for the rolling 12 months in relation to average (average of the values at the end of the period and at the end of the comparison period) capital employed. Return on capital employed shows how efficiently the Group uses shareholders’ capital and any interest bearing loans to generate profits for the Group. Depreciation, amortisation and impairment losses as a percentage of net revenue (%) Depreciation and amortisation divided by net revenue. The purpose of the measure is to show the development of Depreciation, Amortisation and Impairment in relation to net revenue and evaluate these costs against net revenue generated. Gross margin % Net revenue less cost of goods sold divided by net revenue. The gross margin shows the contribution margin generated by operating activities. EBITDA Operating profit (EBIT) before depreciation and amortisation (Earnings Before Interest, Taxes, Depreciation and Amortisation). Shows the overall result generated by the business excluding the effect of depreciation. EBITDA margin % Operating profit (EBIT) before depreciation and amortisation in relation to net revenue. To assess efficiency and value creation excluding the effect of depreciation related to the Group’s investments. EBITDA excluding IFRS 16 Leasing EBITDA excluding depreciation and interest expenses according to IFRS 16. Shows EBITDA adjusted for the effect of IFRS 16 adjustments. EBIT margin % Operating profit before financial items and tax in relation to net revenue. To assess efficiency and value creation including the effect of depreciation related to the Group's investments. Adjusted EBIT margin % Adjusted operating profit (EBIT) as a percentage of net revenue. Measures the underlying operating margin excluding items that are not representative of the development of the ongoing operations. From the second quarter of 2026, the following changes have been made to the Company's alternative performance measures and other definitions: Operating profit (EBIT) excluding items affecting comparability has been renamed Adjusted operating profit (EBIT), and the definition has been expanded to also exclude share-based payments. Similarly, EBIT margin excluding items affecting comparability has been renamed Adjusted EBIT margin. Cost of personnel as a per- centage of net revenue has been renamed Adjusted cost of personnel as a percentage of net revenue, and the definition has been updated to exclude share-based payments. In addition, treasury shares and the dilutive effect of outstanding share-based payment arrangements have been clarified in the definition of earnings per share.
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30 Alternative performance measure Definition Motivation for use of measure Adjusted operating profit (EBIT) Operating profit (EBIT) excluding items affecting comparability and share-based payments. Provides a fair view of the underly- ing operating profitability, excluding non-recurring items and share-based payments, the cost of which fluctuates with the share price and the assess- ment of the expected vesting level, making comparisons between periods more difficult. The programmes are equity-settled and do not affect cash flow. Adjusted cost of personnel as a percentage of net revenue (%) Cost of personnel excluding share-based payments divided by net revenue. Shows the underlying cost of personnel as a percentage of net revenue, excluding the IFRS 2 expense and related social security contributions, the amount of which fluctuates with the share price and the assessment of the expected vesting level. This facilitates comparisons between periods without the effect of these items. Items affecting comparability Significant events and transactions that are not representative of ordinary operations and that are relevant to note when comparing one period's results with another. Items affecting comparability refer to restructuring costs of a significant nature (consultancy costs, costs related to staff reductions, onerous contracts and impairment losses), acquisition costs, impairment losses and transactions arising from strategic decisions such as issue and listing costs, litigation and insurance matters, severance payments or similar to members of the Group’s management team or its subsidiaries. Items affecting comparability are excluded to facilitate the comparison of results between periods. Inventory turnover rate, rolling 12 months (x) Calculated as cost of goods sold rolling 12 months divided by average inventory 12 months (OB+CB)/2. Shows how many times the stock is turned over per year and measures the efficiency of the stock and purchasing process. Net debt (+)/Net cash (-) Interest-bearing liabilities less cash and cash equivalents. Shows the available cash after a notional deduction of all interest-bearing liabilities, whether short-term or long-term and indicates the Group's indebtedness. Net debt (+)/Net cash (-) excluding IFRS 16 Leasing Interest-bearing liabilities excluding lease liabilities less cash and cash equivalents. Shows the available cash after a notional deduction of all interest-bearing liabilities excluding lease liabilities, whether short- term or long-term, and indicates the Group's indebtedness.
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31 Alternative performance measure Definition Motivation for use of measure Net debt excluding IFRS 16 Leasing against EBITDA, rolling 12 months (x) Interest-bearing liabilities excluding lease liabilities less cash and cash equivalents in relation to EBITDA excluding IFRS 16 costs, rolling 12 months. Shows the Group’s ability to make strategic investments and to honour its financial commitments, and indicates the Group’s indebtedness. Organic growth (%) Change in net revenue compared to the same period last year adjusted for acquisitions/divestments and currency effects. The measure shows growth in net revenue adjusted for acquisitions/divestments or currency effects compared to the same period previous year. Acquired busi ness- es are included in organic growth when they have been part of the Group for four quarters. The measure is used to analyse underlying net revenue growth. Interest free debts Total liabilities less liabilities to credit institutions and leasing liabilities. Shows interest free liabilities for calcu- lating capital employed and provides an idea of the Group's interest free finan- cing. Operating profit (EBIT) Operating profit before financial items and tax. Operating profit shows the profit gen- erated from ongoing operations. Solvency ratio (%) Adjusted equity in relation to total assets. The Group reports the solvency ratio as it shows the Group’s long-term viability. Capital employed Total assets minus interest free liabilities. Used in the analysis of Group’s ability to streamline and increase profitability. Revenue growth (%) Development of net revenue compared to the previous period. Used to analyse the Group's total net revenue growth in order to compare it to competitors and the market as a whole. Other external expenses as a per- centage of net revenue (%) Other external expenses divided by net revenue. The purpose of the measure is to show the development of Other external expenses and to evaluate these costs against net revenue generated.
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32 Other performance measure Definition Motivation for use of measure Share-based payments The Group's expense for share-based payments settled through the issuance of shares, comprising the IFRS 2 expense and related social security contributions attributable to the share-based incentive programmes. Isolates all costs relating to share-based payments. As these costs fluctuate with the share price and the assessment of the expected fulfilment of the performance conditions, the measure facilitates an evaluation of the Group's results excluding these items. Average number of employees Calculated as an average of the number of employees at four representative occasions during the selected period, where the number of employees is the number of active positions regardless of employment rate and form of employment. Shows the average number of employees for the selected time period and gives an idea of the size and development of the Group's organisation. Net revenue Gross sales including shipping and billing revenue less discounts and returns excluding VAT. The objective of the measure is to show total consumer value less returns and VAT. Earnings per share before and after dilution Profit for the period attributable to the shareholders of the Parent Com- pany divided by the weighted average number of shares before and after dilution, respectively. Treasury shares are excluded from the weighted average number of shares. Performance share awards under the Performance share programme 2026/2029 are included in the diluted earnings per share calculation based on the number of shares that would have been awarded if the reporting date had been the last day of the vesting period. The shares are included only if the effect is dilutive. Class C and Class D shares are included if the volume-weigted average share price during the period exceeds the respective threshold values. Shows the Group's earnings per share and facilitates comparisons with other companies. Calculated in accordance with IAS 33.
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