Executive Summary: Swedencare reported third-quarter 2026 net revenue of SEK 732.2 million, up 3% year on year, but currency-adjusted organic growth slowed to 2% from 7% in the second quarter. Operational EBITDA fell 3% to SEK 150.1 million and the margin narrowed to 20.5%. The Swedish pet healthcare group ruled out double-digit organic growth for the full year and said chief executive Håkan Lagerberg will leave by the third quarter of 2027.
Key Facts
- Company
- Swedencare AB (publ), Malmö, Sweden; NASDAQ First North Growth Market and OTCQX
- Report
- Interim report, 1 July – 30 September 2026, published 21 October 2026
- Q3 net revenue
- SEK 732.2 million, up 3% year on year from SEK 712.9 million
- Q3 organic growth
- 2%, currency-adjusted, against 7% in Q2 2026
- Operational EBITDA
- SEK 150.1 million, down 3%; margin 20.5% from 21.7%
- Nine-month revenue
- SEK 2,052.5 million, up 3%; organic growth 6%
- Full-year outlook
- Double-digit organic growth for 2026 no longer probable; Q4 return to double digits targeted
- CEO
- Håkan Lagerberg, in post since 2014, to leave no later than Q3 2027
What Happened
Swedencare’s third quarter came in below expectations. Net revenue was SEK 732.2 million, 3% higher than a year earlier, with organic growth of 2% after currency adjustment — a step down from the 7% the company delivered in the second quarter and short of the SEK 762 million consensus. Operational EBITDA fell 3% to SEK 150.1 million, and the margin slipped to 20.5% from 21.7%. Profit after tax still rose, to SEK 28.7 million from SEK 22.2 million.
The chief executive, Håkan Lagerberg, put the miss down to three things: an SQF inspection in September that disrupted production more than planned, weaker-than-expected European veterinary brand sales at the end of the quarter, and supply-chain problems that delayed deliveries and cut into online sales for several brands. The inspection did produce an additional approved facility, which opens the group to mass and club retailers that require SQF certification.
Europe and the Production segment each grew 11% organically. Europe reached SEK 184 million in net sales, up 13%, and now represents a quarter of group revenue, with the United Kingdom the strongest market ahead of Germany and Spain. Sales outside Europe almost doubled, driven mainly by China and Chile, and export sales for the year have already surpassed the full 2025 total.
Background
Swedencare has assembled a portfolio of pet healthcare brands through acquisition: NaturVet and Pet MD in North America, ProDen PlaqueOff and Rx Vitamins, Innovet and nutravet in Europe, plus a contract manufacturing business that develops and produces supplements and pharmaceuticals for third-party brands on both sides of the Atlantic.
The balance of that portfolio is the problem in 2026. North America was meant to be the growth engine after the NaturVet acquisition, but the US veterinary channel has been weak all year and the group’s largest North American manufacturing site, which makes dermatology products and supplements, has not recovered. The company’s answer is a widening of the product offer at that plant, plus new treats and non-sterile liquid capacity at Vetio South, scheduled to ramp up in the first quarter of 2027.
Industry Context
Pet supplements have attracted a lot of capital on the argument that humanisation pushes owners towards preventive health spending. The last two quarters of listed results, this pet market report included, show the argument holding at the brand level and stalling at the channel level. Brands sold online and through export are growing at double digits; brands that depend on veterinary clinics for recommendation are not, because clinic traffic and discretionary spending in the US veterinary channel have been soft, and because owners facing how much does a vet visit cost are increasingly buying supplements online instead of on a clinic recommendation.
Pet industry insights from the quarter point in the same direction from two other angles. The FDA pre-approval inspection clearance for Swedencare’s North American pharmaceutical facility offers a different route: contract manufacturing of approved animal drugs, where the customer is a pharmaceutical company rather than a pet owner, and where capacity is scarce. That business also feeds veterinary products wholesale channels rather than consumer retail, which insulates it from promotional pressure. Production there is planned to start during 2027.
Market & Business Impact
For the group, the practical consequence is that full-year organic growth guidance is now about 6%, and double-digit growth for 2026 has been ruled out. Net debt to rolling twelve-month operational EBITDA rose to 3.0 from 2.7, partly because of the Summit Vet earn-out, and cash stood at SEK 91.2 million at the end of September with operating cash flow of SEK 96.3 million.
Swedencare is also preparing an in-store push in the UK, with NaturVet by Swedencare and an expanded ProDen PlaqueOff range launching at the country’s leading pet retailer in October and November. That puts a supplement brand into physical retail shelves in its fastest-growing European market at a point when its online and export channels are already working, which is a cheaper way to grow than another acquisition.
Companies & Brands Involved
Swedencare AB (publ) trades on NASDAQ First North and OTCQX. Its brands include ProDen PlaqueOff (oral health), NaturVet and Pet MD (US supplements), Innovet, nutravet and Rx Vitamins, plus the Rileys range. Summit Vet, acquired earlier, added soft chews to its portfolio in the quarter. The group sells in around 70 countries through online channels, pet stores, veterinarians and food, drug and mass retail.
Data & Evidence
Pet industry growth rate context: Q3 net revenue SEK 732.2m (2025: SEK 712.9m), +3%. Q3 organic growth: 2% currency-adjusted (Q2 2026: 7%). Q3 operational EBITDA: SEK 150.1m, −3%; margin 20.5% (2025: 21.7%). Q3 operational EBIT: SEK 122.3m, −8%; margin 16.7% (2025: 18.6%). Profit after tax Q3: SEK 28.7m (2025: SEK 22.2m). Nine-month net revenue: SEK 2,052.5m, +3%; organic growth 6%; profit after tax SEK 70.1m (2025: SEK 39.1m); EPS SEK 0.44 (2025: SEK 0.24). Europe Q3: SEK 184m, +13%, organic +11%, 25% of group revenue. Production Q3: SEK 142m, organic +11%. Net debt/EBITDA: 3.0 (2025: 2.7). Cash: SEK 91.2m. ProDen PlaqueOff growth: above 30%. Source: Swedencare interim report Q3 2026, 21 October 2026.
What This Means for the Pet Industry
Swedencare’s quarter is a cleaner read on pet supplements than the sector’s growth narrative allows: the brands that work are the ones with an online route to the owner and an export route to a new market, and the ones that stall are the ones waiting on a veterinary recommendation in a soft US clinic market. The SQF approval and the FDA pre-approval inspection clearance are the more consequential news for suppliers, because both widen the customer base from pet owners to retailers and pharmaceutical companies. Brands that sell only through clinics should expect a harder 2027 than the category growth rate implies.
Key Takeaways
- Swedencare reported third-quarter 2026 net revenue of SEK 732.2 million, up 3% year on year, with currency-adjusted organic growth of 2% against 7% in the previous quarter.
- Operational EBITDA fell 3% to SEK 150.1 million and the margin narrowed to 20.5%, as North America, supply-chain disruption and a September facility inspection weighed on the quarter.
- ProDen PlaqueOff, the group’s oral health brand, grew more than 30% for another quarter, and ProDen PlaqueOff exports have already passed the full-year 2025 total.
- Chief executive Håkan Lagerberg will leave no later than the third quarter of 2027, after twelve years in which group revenue grew from about SEK 20 million to SEK 2.7 billion.
Frequently Asked Questions
How much did Swedencare’s revenue grow in the third quarter of 2026?
Net revenue rose 3% to SEK 732.2 million from SEK 712.9 million a year earlier. Currency-adjusted organic growth was 2%, down from 7% in the second quarter, and revenue came in below the SEK 762 million consensus of five analysts compiled by Modular Finance.
What is a pet dental supplement and why is ProDen PlaqueOff growing?
ProDen PlaqueOff is a seaweed-based supplement intended to reduce plaque build-up on dogs’ and cats’ teeth. Swedencare said sales grew more than 30% in the quarter, helped by online sales and exports, and that the brand is being expanded with a wider range at a leading British pet retailer from October and November 2026.
Why is North America weak for pet supplement makers?
Swedencare said the US veterinary channel remained weak and that its NaturVet brand and its largest North American manufacturing unit, which produces dermatology products and supplements, were the main drags. It expects the larger partnership launches planned for early 2027 to show an effect.
Is the pet oral health category growing faster than pet supplements overall?
For Swedencare, yes: the group grew 2% organically in the quarter while ProDen PlaqueOff grew more than 30%. That is one company’s product line, not a market total.
Sources
- Primary — Swedencare AB (publ), interim report 1 July – 30 September 2026, https://www.swedencare.com/en/press/swedencare-ab-publ-interim-report-july-1st-september-30th-2026, 21 Oct 2026
- Secondary — Kalki Media, ‘Swedencare AB (0ABG) Reports 3% Revenue Growth to 732.2 MSEK in Q3 2026’, https://kalkinemedia.com/uk/news/announcements/swedencare-ab-0abg-reports-3-revenue-growth-to-7322-msek-in-q3-2026-amid-north-american-market-challenges, 21 Oct 2026
- Secondary — Swedencare Q3 2026 earnings call transcript, Yahoo Finance, https://finance.yahoo.com/quote/0ABG.L/earnings/0ABG.L-Q3-2026-earnings_call-540346.html, 21 Oct 2026
