Swedencare grows Q2 sales and profit as Europe leads

Swedencare entered the second half of 2026 with modest top-line growth, better margins, and a much stronger profit line. In its half-year report published July 22, the Sweden-based pet health company said Q2 net revenue rose 4% year over year to SEK 670.0 million, operational EBITDA increased 5% to SEK 129.4 million, and profit after tax improved to SEK 23.7 million from a loss of SEK 6.9 million in the prior-year quarter. Operating cash flow also climbed to SEK 78.2 million from SEK 32.8 million. (mfn.se)

The result follows a more uneven 2025, when Swedencare was still growing sales but facing pressure on profitability. In the first half of 2025, the company posted SEK 1.29 billion in revenue, up 5% year over year, while profit after tax fell 67% to SEK 16.9 million. At the time, management pointed to tariff concerns, currency movements, and cautious customer ordering patterns, alongside retail disruption tied to NaturVet rebranding and inventory normalization. (globalpetindustry.com)

This quarter, the company’s growth was driven less by North America and more by Europe and manufacturing. Swedencare said organic, currency-adjusted growth was 7% in Q2, but North America posted negative 3% organic growth after a new FDMC customer delayed a launch delivery. By contrast, Europe grew 19% and the production segment grew 25%. Management said demand was especially strong in EU and UK production and in pharma, even as dermatology demand remained softer than expected. The company also highlighted the European rollout of NaturVet, the completed transfer of Amazon operations across European markets, and expansion of veterinary brands into additional countries. (swedencare.com)

Several brand and channel details help explain why the company remains confident about the back half of the year. CEO Håkan Lagerberg said ProDen PlaqueOff, Swedencare’s dental health brand, delivered organic growth above 30% and was gaining across segments, with particularly strong export demand in Asia and renewed strength in China. Swedencare also said Summit Vet, the UK specialty animal health business it agreed to acquire in March 2025 and completed in April 2025, grew more than 20% in the quarter while maintaining high profitability. That acquisition added a stronger position in the UK animal health specials market and broadened Swedencare’s veterinary-facing portfolio. (swedencare.com)

Direct outside commentary on the Q2 2026 report appears limited so far, but prior industry reporting helps frame management’s strategy. GlobalPETS previously reported that Swedencare expected stronger sales after major customers completed the NaturVet packaging transition and after launches with large US retailers including CVS and Walmart, alongside expansion with PetSmart. The company has also been pushing harder in Europe: in 2024, Chief Commercial Officer Laszlo Varga said Swedencare aimed to bring more US brands into the region and expand local brands there, and the company reiterated that focus at its June 2, 2026 Capital Markets Day. (globalpetindustry.com)

Why it matters: For veterinary professionals, Swedencare’s quarter is less about a single earnings beat and more about where the company is placing its bets. The strongest momentum came from dental health, pharma, production, and Europe, while management also flagged “larger veterinary partnerships” as part of its second-half growth plan. That matters because Swedencare already sells through more than 20,000 veterinary clinics globally and owns brands spanning oral care, supplements, and veterinary nutraceuticals. If production capacity expands as planned and Summit Vet continues to perform, clinics may see broader product availability, more cross-border brand expansion, and a tighter link between supplement, dental, and prescription-adjacent categories. (swedencare.com)

The quarter also underscores a split market that veterinarians and suppliers are already navigating: demand is holding up in core pet health categories, but channel timing still matters. Swedencare said stronger online sales, gradually increasing big-box volumes, and larger veterinary partnerships should support the second half, even though a delayed customer launch weighed on North America in Q2. For practices, that’s a reminder that supplier performance may increasingly hinge on channel mix, inventory discipline, and the ability to translate consumer-facing brands into veterinary recommendations. (swedencare.com)

What to watch: The next key test is whether Swedencare’s second-half forecast materializes, especially in North America, and whether Europe, production, and veterinary-channel expansion can keep offsetting softer areas such as dermatology. Investors and industry watchers will also be looking for follow-through from the June 2 Capital Markets Day, including progress on updated financial targets, production expansion, and the integration of Summit Vet into the broader veterinary portfolio. (swedencare.com)