Slides
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Q4 2025 Presentation February 10, 2026 09.30 CET
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2 Today’s Presenters Nick Mendola CFO Björn Thorngren CEO & Co-founder
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3 Customers’ favourite pharmacy Profitable SEK billion company Super engaged employees MEDS’ mission
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4 A historic year for MEDS! Exceeded 1 million active customers Exceeded SEK 1 billion in sales with profitability Successfully IPO’d on Nasdaq First North Premier Growth Market Strengthened and broadened shareholder base 687 728 776 829 884 928 972 1 006 -6,0% -4,4% -2,6% -1,1% 0,3% 1,0% 1,5% 1,5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Net sales LTM (SEKm) Adjusted EBIT LTM % 1 1 1 Adjusted for items affecting comparability, mainly related to costs for listing preparations. Source: Company information 1
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5 5 Q4 maintained costs in highly competitive quarter Improved marketing, fulfillment (logistics) costs while scaling on fixed base Gaining market share with particularly strong Rx development Announced decision to triple logistics capacity Solid market demand but in a campaign aggressive environment - No change in consumer behaviour Low exposure to premium product segment >85% of products <300kr
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6 Sales development Strong growth in 2025 with continued acceleration in prescribed medicine (Rx) sales 829 50 122 5 1 006 2024 RX OTC & Traded goods Other 2025 Amounts presented in SEKm unless otherwise noted Net sales development 21%47% 18% 15% • Net sales exceed SEK 1 billion in 2025, with growth of 21% vs prior year driven by increased order volumes. • OTC & traded goods were the largest driver in the growth in sales while RX growth is rapidly accelerating. • RX sales accounted for 16% of total sales (13% in prior year) Comments on development Y-o-y growth %
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7 1 Adjusted for items affecting comparability, mainly related to costs for listing preparations. Source: Company information 232 278 28,0% 27,6% 2024 2025 - 8,7 15,1 -1,1% 1,5% 2024 2025 Gross profit and gross margin % Adjusted EBIT1 and adjusted EBIT %1 +46,2 +23,8 Amounts presented in SEKm unless otherwise noted Profitability Development: Best in class! Highly scalable model: 52% of gross profit growth converting to incremental EBIT
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8 8 Q4 Financial Summary Continued strong sales growth in a competitive market environment Net sales SEK 258m, growing 15% vs prior year All-time sales record in November Adj. EBIT SEK 0,3m, 0,1% adj. EBIT margin 1 SEK 45m of cash and no debt SEK 458m in tax loss carry forwards 173 156 214 205 258 249 258 -8% 0% 2,0% 0,1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Net sales (SEKm) Adjusted EBIT% 1 adjustments to reported EBIT mainly related to a legacy incentive programme
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9 Sales development Above market growth in Q4 - continued accelerated growth in prescribed medicine (Rx) 223 15 18 2 258 Q4 2024 RX OTC & Traded goods Other Q4 2025 Amounts presented in SEKm unless otherwise noted Net sales development 15%50% 10% 20% • Net sales growth of SEK 34m (15%) vs prior year driven by increased order volumes particularly in orders containing Rx products. • RX growth is accelerating with significant contribution to overall growth in the period. RX sales accounted for 17% of total sales (13% in prior year) • Competitive market conditions from both pharmacy and adjacent market peers impacted growth levels for traded goods compared to historical growth levels. Comments on development Y-o-y growth %
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10 Rx sales development Continued strong development in RX sales as shift online is accelerating Amounts presented in SEKm unless otherwise noted RX sales development L12m • 45% Rx sales growth in 2025, exceeding online market growth for Rx • 50% Rx sales growth in Q4, with Rx sales accounting for 17% of sales (13% prior year) • RX customers have a 2X higher purchase frequency then non-RX customers Comments on development 25 29 25 30 35 40 38 45 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 RX Sales 92 93 97 109 119 131 144 158 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 RX Sales LTM Quarterly RX sales development
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11 Order economics Achieved solid growth in Contribution Profit II while maintaining marketing spend 6 -3 -119 22 Q4 2024 Contribution II Δ Gross profit Δ Fulfillment Δ Marketing Q4 2025 Contribution II Contribution II development Amounts presented in SEKm unless otherwise noted +14%+10% +10% +4%% change from prior year Note: Expense classifications are Alternative measures to IFRS
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12 Order economics (cont’d) Contribution II margin at 9%, consistent with prior year Q4 69 - 30 39 - 17 22 Gross profit Fulfillment Contribution I Marketing Contribution II Gross profit to contribution II 26,7% 8,6%-11,6% 15,1% -6,5% Amounts presented in SEKm unless otherwise notedNote: Expense classifications are Alternative measures to IFRS % of net sales
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13 -4 -5 -11 -12 -4 -5-19 -22 Q4 2024 Q4 2025 Other external costs Personnel excl logistics Other income & operating costs D&A Opex cost development Continue to scale on fixed cost base Note: Expense classifications are Alternative measures to IFRS and have been adjusted for items affecting comparability 1) Excluding fulfillment and marketing costs. 2) Excluding costs for warehouse employees which are included in fulfillment costs. 3) Payment Service Provider provision income reclassified to fulfillment cost Source: Company information -1,8% -2,0% -5,1% -4,8% -2,0% -1,9% -8,6% -8,5% Q4 2024 Q4 2025 Other external costs Personnel excl logistics Other income & operating costs D&A Cost development – semi-fixed costs Semi-fixed costs % of net sales 1 2 3 Amounts presented in SEKm unless otherwise noted 1 2 3
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14 Cash flow development Elevated inventory levels driving increase in working capital at end of Q4 Source: Company information 5 - 53 - 3 - 2 45 97 Sep25 Cash position Earnings Working capital Capex Financing activities Dec25 Cash position Cash flow development Q3 2025 to Q4 2025 Amounts presented in SEKm unless otherwise noted Inventory levels have started to revert back to more normalized levels during Q1
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15 Balance sheet Strong balance sheet position with no financial debt Source: Company information 51 41 102 144 33 4021 45208 271 Q4 2024 Q4 2025 Non-current assets Inventory Other current assets Cash & cash equivalents 59 12825 8124 134 208 271 Q4 2024 Q4 2025 Equity IFRS 16 related liabilities Other long term debt Current liabilities Assets Equity and liabilities Amounts presented in SEKm unless otherwise noted
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16 Logistics update Taking MEDS logistics to next level Source: Company information • Long search to check all boxes • Cost neutral. Flexible duration and area • High standard according to industry needs • 19,200 sq/m with defined options up to 16,500 further sq/m • Initial rental period only 5.5 years • Enables financial targets to be reached New logistics center - Eskilstuna
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17 Logistics update Location ideal in terms of price/performance Source: Company information • Potentially faster deliveries to west coast with easy access to Stockholm • Solid pool of skilled workers and pharmacists • Business friendly region New logistics center - Eskilstuna
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18 Logistics update Automation next steps Source: Company information • Currently 50% automation • 75% possible • No fully automated warehouses exist! • MEDS to continue to gradually boost pack and sorting abilities • In line with previous Capex guidance • Scalable, controlled expansion without financial and operational risk New logistics center - Eskilstuna
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19 Regulatory update – change of home delivery rules Minimum impact, mainly in rural areas with limited options Source: Company information Box Pickup-point Home delivery (contactless) Home delivery (contact) Approx 70% • Majority of deliveries unaffected • Box delivery or pickup point • Not including Rx/OTC • Contactless home delivery partially impacted • Citymail/PostNord Varubrev (Minority will go to pickup point) • Earlybird (Not used for Rx to date) Approx 30%
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20 Financial Calendar and IR Info Financial Calendar • Annual report 2025: April 23 2026 • Interim report January-March 2026 (Q1): May 5 2026 – 07.30 am • AGM 2026: May 21 2026 • Interim report January-June 2026 (Q2): July 21 2026 – 07.30 am • Interim report January-September 2026 (Q2): November 6 2026 – 07.30 am Investor Relations Info MEDS Corporate Website: corporate.meds.se MEDS Investor Relations Contact: press@meds.se
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21 Q&A