Slides
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SEB Nordic Seminar2026-01-07withJenny Graflind, CFO
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Q3 2025 Highlights Record net revenue & profitability High international activity and internal collaboration New Financial Targets published in December Launch in Big Box: 1400 WM, 1100 CVS and more Small minority investment –VIYO –adding new product group –Nutravet first to launch Q1 2026 in UK Organizational overview, realizing synergies –UK & Tampa
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Financial Highlights Q3 2025Comments•Q: Org +15%, -9% Fx, +5% acq.•YTD•2B (1,9B) +9% organic•Stabile GM•OpEx•External costs•Cost associated with Amazon is 50% of external costs –increase with sales •Non-Amazon external costs are decreasing as % of sales•Personnel costs•Release of bonus accruals Net Revenue Operational Gross MarginOperational EBITDA+4% -13%
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Financial Highlights Q3 2025Comments Net Debt / EBITDAOp. cash flow / Cash conversionNet Debt/EBITDA•Improved compared to Q2•Impacted by payments for acquisitionsCash•99% cash conversion vs Op, EBITDA•Driven by inventory reductions•Acquisitions (total 28M)•Minority acq. of Viyo•2ndpurchase pmtand earn-out of Pack Approved•Reduced debt with 75M•CapExbelow 2%
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Swedencare’sNew financial targets •Net debt/EBITDA < 2,0 (Long term target with flexibility for acquisitions) •Annual double digit organic growth •Dividend 40% of net profit, adjusted for non-operating costs•Swedencare will take into accountconsolidation and investment needs, liquidity, and financial position•Increased every year since first payout (2021) -Historical annual increase: 5%-25% •Establish an Op. EBITDA margin above 26% midterm (approx. 23% Op. EBIT)
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Growth drivers for coming years•Market growth 7% on average yearly•Significant growth drivers•Amazon, D2C & Other Online•Pharma•FMCG/Big Box•Product portfolio expansion & Innovation•Pricing opportunities History of revenue (BSEK) & organic growth (%)+4% -13% Annual double-digit Organic GrowthWell positioned for continued faster than market growth Averageannual organic growth: 11% 2025 2026 2027 2028 2029 2030 Revenue bridge including growth drivers
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Establish an Operational EBITDA margin above 26% midterm (approx. 23% Op. EBIT) Profitability drivers over time compared to 2025:•Increased Gross Margin Operational EBIT is calculated as EBIT excluding costs, amortization and revaluation of stock, related to acquisitions as well as other non-operating costs. •Scalability in OpEx •Synergies, efficiencies & rationalization •Pharma stronger growth and profitability than average in group •Pricing opportunities
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Priorities 2026Continue our strong growth trajectory, focusing on present main markets and geographic expansion into Asia and South America Enhance operational efficiencies, particularly in production and supply chain optimization Strengthen our online platforms and D2C sales, driving brand loyalty and higher margin sales Pursue new acquisitions that align with our vision for premium, science-backed pet health products
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Q&A Thank you forparticipating!