Good morning. Welcome to MEDS Q2 earnings call. We released the report this morning at 7:30 A.M. It's a strong report, strong growth above market, and very strong earnings growth as well at [18%]. We're happy with the progress. We have a strong growth in order economics, order value. Even though gross margin is slightly lower, we still have very good earnings per order, which is the key parameter to track. We'll run through these numbers and also give you an update on the logistics. You can ask questions in the chat, and we'll answer those at the end. Unfortunately, there is no possibility to call in. We're doing a summer setup here for the call from our logistics center in Västberga. Here with me today, I have our CFO, Nick, but I'll start to give an overview of the quarter. As always, we start with our mission, which is the key and the foundation to everything we do. We are looking to create the customer's favorite pharmacy, which is very important in order to get returning customers, and we do have a very good growth in active customers, above 1 million in Sweden. To achieve this, we need very engaged employees. We have a very small team, and last time we checked, some time ago, actually more revenue per employee than OpenAI. We need everyone to be really engaged and contribute to this mission so we don't grow our fixed cost, we grow new customers with solid order economics. In the end, this will continue to achieve our goal of tripling revenues in five to six years and doing that within the 3%-5% long-term or mid-term EBIT target that we're closing in on right now. The quarter, I'll leave for Nick to go through the details. Of course, it's a record first quarter ever with over SEK 300 million revenue. Strong momentum, especially in the second half, and it's usually a softer period going into summer, so we're happy with that. All-time high sales record in June proves that. We had solid EBIT. Could have been even better. We are preparing our move, so I think some things are not as efficient as normal, but still good EBIT margin. As always, strong balance sheet, which is very important to us. Key agreement signed in the quarter, which I'll cover at the end, is also a new partnership with our staffing in Eskilstuna. With that, I'll leave for Nick to go through the quarter details. Yeah. As Björn mentioned, strong sales growth during the quarter at 18%. What we were glad to see was a return to higher growth in our OTC and traded goods, grew at 18% for the quarter, and still strong growth on RX at 22%. Driving that growth on the traded goods is we've been iterating a lot in our campaign strategy and engaging in customers. We succeeded in both growing volume, but also in growing average order value, which hit an all-time high at SEK 494 per order. It's a constant work within e-commerce to find the triggers to drive growth and maintain profitability. We will continue to test and iterate different strategies on campaigns. It was good to see that what we had tested succeeded in driving the growth and getting the order values that we wanted to deliver. Quarter-on-quarter, that shift up from SEK 270 [million] to SEK 304 [million] was one of our stronger quarter-on-quarter growths that we've had recently, particularly seeing in the second half of the quarter where June normally isn't as strong as even April or May, but reaching that all-time high in June, taking good momentum into the summer. RX continues to develop well, with each quarter delivering all-time highs in terms of sales, but also where you can see our development since even 2024. We're in Q2, we were at SEK 29 million to get that to SEK 49 million, and we expect RX to continue to grow. The key part, as we mentioned previously with prescription drug sales, is generally those orders aren't only prescription drugs, they're mixed orders, traded goods as well as RX, and those are both good customers and high order value orders, and that both leads to improved profitability for us. From an EBIT development perspective, we grew EBIT 38% from Q2 last year to now on 18% growth. We're getting leverage on our operating base. We did have lower gross margin in Q2 than we had prior year and even in Q1, and a big part of that was our campaign strategy, where we tried different structures and to drive up the order value. We sacrificed some on gross margin in percent, but we're also delivering higher gross profit in terms of krona. Q2 last year was a higher gross margin, a little bit different trading environment than what we've been having the last few quarters. To be at 27%, we were okay with that, particularly with the higher AOV that we were able to deliver. Ultimately, as we've mentioned before, we're looking more at, we call gross profit three or contribution margin II in the reports, is to get that at 10%. That as we see as a key to drive profitability. We want to be around 10% on contribution II. The higher we can get it, the better. Ultimately, if we're growing on 10% contribution margin, then we feel those order economics give us the economies of scale that we want to get off of our fixed cost base. We're continuing to be able to deliver this growth with marketing expense less than 7% of sales, which is very strong from an e-com perspective. A big part of that is our customer base is continuing to grow as we have more time in the market, and we're able to get customers to repurchase. The easiest customers to sell to are the ones that you already have. We're happy with where we're at with the balance of marketing spend and gross margin, and to get to that contribution II of around 10%. From an OpEx perspective, slight uptick, couple million on personnel cost and other operating cost. Some of that is our annual salary increases. Also as we've grown in RX, when we have people off on vacation, we have to replace them with contractors during that time. We had higher than the normal vacation usage during the quarter. The more contractors that we have to come in, the efficiency is not always the same as for those employees that we've had working in the pharmacy day to day, and it's a little bit higher cost there. We were still getting good operating leverage with OpEx. Our fixed cost is only 8% as a percentage of sales relative to 8.7% last year. Cash flow. Q2, going into the summer, there is seasonality in working capital. We buy in stock to make sure we have availability of stock going into July. We have many of our suppliers that have lower availability of stock during the summer months, both due to vacation and just upstream supply, which isn't as readily available during the summer. What we saw negative impact on cash flow from working capital, it was much less than what we've seen in prior years. Overall, with only decrease in cash flow of SEK 5 million, we generally have a much bigger dip in cash flow between Q1 and Q2. We're going to see SEK 10 million in contribution to cash flow from earnings. I would say better than expected in terms of working capital for Q2 as relative to other quarters. We go into the summer with strong cash position and well-financed. As I mentioned, strong balance sheet position. We have no financial debt. No real change from what we've seen in the previous quarters. I'll hand back to Björn for an update on logistics and reconfirming our guidance that we gave previously. Thanks, Nick. We are preparing, and it's progressing well for Eskilstuna. We have signed an agreement with Arena Personal, which is a local, very strong presence in the region. They will be our partner going forward for staffing the warehouse. We thank Simplex, which has done a really good job in the last couple of years here, but they're not present in Eskilstuna, which is why we did that change. We look forward to moving in, and there's some questions on how will this impact. We did give a guidance, and we can now confirm that guidance. We will soften marketing for a few weeks in order to give a good delivery experience for our customers. We don't want to impact the customer experience. We are actually moving our current automation and we will use the same software stack. That's a big risk de-leverage compared to many other warehouse moves you might have seen. A move is a move. We've done one before. We know it's a couple of tough weeks, but we do expect most of it to be limited to Q3. Of course, it will give us a very good base to grow. We are noticing now here in Västberga, it is getting tight. Some bottlenecks will disappear, and that will give a more efficient logistic process and better sales. This will be a good step for us to achieve our long-term, five to six-year goal of tripling revenues. Of course, we're almost tripling the area, so we'll get a lot of room here to smoothen out processes, continue to add new automation. We will add some to our existing stack already from Q3. We'll get even more resilience and higher capacity from the start. With that, we sum up this presentation. Again, I reiterate, very strong growth, strong profit growth, and a slightly lower gross margin, but the focus is on the margin after all variable costs. They all are connected. It's not due to higher RX share as I've seen some speculation. It's driven by primarily much higher order values, which is a good thing. That means a solid order economy in Swedish krona and also good customers, returning customers that buy from a lot of categories. It's the kind of customers we want to keep growing with. Good quarter and also good foundation for growth. We're really looking forward to Q3 and establishing our really successful move and launch, and then continue to grow as we have done for many years now, above market for the future. With that, we'll look at the questions that come in through the chat functions. Again, you're free to submit new questions there as well. Of course, if we miss anything, this recording will be available, and you can also ask questions at any time on ir@meds.se. Nick, did we get some questions on the chat? Yeah, we had a previous question regarding the timing of the costs related to the warehouse move. Those costs will be taken during Q3, August-September time. We have paid for some of the CapEx already. We've paid for around SEK 4 million-SEK 5 million in CapEx already during this part of the year. We have some of that CapEx spend that we gave guidance on uncovered. We don't expect there to be much cost to kind of fall over from Q3 into Q4. There may be small amounts. We expect the majority of it to be taken during Q3. Then in the chat, have a question regarding the gross margin decrease year-on-year to 27.1%. I would say actually, a lot of that was really in our own strategy for the quarter where we saw an opportunity with our campaigns that there were customers with the pricing that we had and the campaigns that we were having that were buying. With the order economics that we had, we saw a reason, as we mentioned before, whether we gas or brake and with the traction that we were getting, we saw a beneficial, even if the margin was lower, it was still adding to our profitability to continue to put gas there and be very competitive on pricing. We did see, particularly in the second half of the quarter, some lightning in the market conditions where it wasn't as price-pressed. That allowed us, our campaigns did have more effect than they had previously. That was good. AOV, really the driver and the increase is bigger basket size from. It doesn't take much on average to number of items in basket as that fraction increases and moves from a four to five or five to six, that helps increase the AOV. Given the assortment that we have to really isolate to say, okay, are we selling more expensive items or less expensive items? It's oftentimes correlated to what we have for campaign. What we do see is an uptick in average items in a basket. Yeah, there's a question on AOV development which we did have in slide three or four. It's SEK 494 now, record high. Of course, MEDS already have very high AOVs compared to what we've seen from others in the industry. Our customers do buy for more. We're focusing on continuing that. Yep. Related to the CapEx question in Eskilstuna, we have around 10-11 left, probably 11-12 left on cash CapEx to finance for the move, and that'll come out of our own cash. We're not going to finance that as of now externally. Fulfillment costs. Well, I can take that one. Yeah. No, we're not running dual warehouses. There will be a short period where we won't make deliveries on packing day or days. We'll extend the delivery dates for those customers. We'll still take the orders, but not overpromise. We're already building up most of what we need in the new warehouse. Everything will be there to make the switch, and we'll do all the testing during August. We, as I mentioned, have done this before, and that is how we feel it should be done and how it's usually done. We're not running dual warehouses. The last question that we have here is on inventory levels, that question of the expected inventory levels come down. In the day-to-day business of it, there is still quite a bit of time when you go from end of June to the warehouse move. The biggest thing was making sure we had stock and could take advantage of everything in July. We weren't going to gear down purchasing in June to take effect for the August warehouse move. That's going to come much closer, where our purchase volumes will go down closer to the move than in June. As I mentioned earlier, it's important that we have stock at end of June because we know from prior experiences that availability of stock during the summer is much more difficult than it is during the rest of the year. We make sure we're stocked up in advance. Yeah. We'll start by winding down the very long tail. If there's anything unusual, the customers should order it now. The bulk, we move fast, we'll, as Nick mentioned, wind down much closer to the actual move. I think that was the questions we have. Again, if you have more, feel free to email ir@meds.se and we'll happy to respond. This recording will be available if you want to watch it again. Thank you very much for your time this summer, and I wish a continued great day
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