MEDS Year-End Report 2025: Net sales exceeded SEK 1 billion, with solid growth and profitability

January – December 2025

• Net sales increased by 21% (27%) to SEK 1,006 million (829).
• Operating profit (EBIT) excluding non-recurring items rose to SEK 15.1 million (-8.7), corresponding to an adjusted EBIT margin of 1.5% (-1.1%).
• Earnings per share before dilution were SEK 0.44 (-0.60).
• Non-recurring items amounted to SEK 7.2 million (-0.6), primarily related to costs associated with the listing of MEDS shares and recognition of historical tax losses as deferred tax assets.
• Cash flow from operating activities was SEK -21.2 million (20.3).
• Cash flow for the period was SEK 24.0 million (-29.4).
• Cash and cash equivalents totaled SEK 45.2 million at the end of the period.

Fourth Quarter (October 1 – December 30, 2025)

• Net sales increased by 15% (31%) to SEK 258 million (223).
• Operating profit (EBIT) excluding non-recurring items rose to SEK 0.3 million (0.1), corresponding to an adjusted EBIT margin of 0.1% (0.1%).
• Earnings per share before dilution were SEK 0.53 (-0.01).
• Non-recurring items amounted to SEK -9.4 million (0.0), primarily related to recognition of historical tax losses as deferred tax assets.
• Cash flow from operating activities was SEK -47.3 million (6.0).
• Cash flow for the period was SEK 52.3 million (1.9).

Björn Thorngren, CEO, comments:
“When we launched in 2018, one of our major goals was to create a profitable company with revenues exceeding SEK 1 billion. In 2025, this goal was achieved, with revenues of over SEK 1 billion and an adjusted EBIT margin of 1.5 percent. This would not have been possible without our more than one million active customers and our highly engaged employees.”

“During the fourth quarter, MEDS grew by 15 percent and once again gained online market share. As in previous quarters, prescription medicines contributed particularly strongly, with sales growth of 50 percent. However, unusually intense price competition during the second half of the quarter had a negative impact on gross margin and, consequently, on our EBIT.”

“After year-end, we have signed a contract for a new logistics center, which will nearly triple warehouse capacity from the third quarter onwards. The facility is very well suited to our needs and provides opportunities for further growth. We are very pleased to have secured MEDS’ long-term development potential in a cost-neutral and flexible manner.”

The results for the period January – December 2025 will be presented by MEDS CEO Björn Thorngren and CFO Nick Mendola today at 09:30 CET. The presentation will be held in English. Please contact ir@meds.se to receive a link to the presentation (at latest 09:00 CET today).

For further information, please contact:
Press contact, email: press@meds.se
IR contact, email: ir@meds.se

About MEDS
MEDS, launched in 2018, is a full-scale online pharmacy licensed by the Swedish Medical Products Agency, operating in the Swedish market. MEDS offers customers prescription medicines, over-the-counter medicines, and a wide range of pharmacy-related products. As of December 31, 2025, the company had more than 1 million active customers. Net sales for the past twelve months as of December 31, 2025 amounted to approximately SEK 1,006 million. The company’s headquarters are in Stockholm, and as of December 31, 2025, the number of employees was 51.