Malmö — July 24, 2026: Swedencare AB, the Swedish pet dental and pharma care company, posted second-quarter net sales of SEK 670 million ($69M / €60.5M), up 4% year-over-year and accelerating from 1% growth in Q1. H1 revenue reached SEK 1.3 billion ($136M), with organic growth of 9% — the first half since 2019 without contribution from acquired growth.
Context of the Swedencare Q2 2026 earnings
The standout performance came from Europe, where organic sales jumped 19% and now account for 25% of total revenue. Dental products — led by ProDen PlaqueOff® on Amazon — and pharma exports to distributor-managed markets (including China) drove the expansion. The production segment was even stronger, recording 25% organic growth for the second consecutive quarter on contract manufacturing and pharma capacity expansion in Europe.
North America, representing 55% of revenue, was the weak link with a 3% organic decline. CEO Håkan Lagerberg cited two factors: a delayed product launch with a significant new retailer (expected to clear in Q3), and inventory drawdowns at US veterinary distributors caught in the integration of the Covetrus–MWI Animal Health merger announced in February. “The merger of the two largest distributors within the veterinary segment in the US has negatively impacted the segment, as they reduced their inventory levels during ongoing negotiations,” the company stated.
Profitability improved meaningfully. Operational EBITDA rose 5% to SEK 129.4 million, lifting the EBITDA margin to 19.3% from 19.0% a year ago. Gross margin expanded sharply to 61.0% from 55.1%, driven by a higher mix of European sales where margins are superior, and by inventory build-up. The company reversed a year-ago net loss to post H1 net income of SEK 41.5 million ($4.3M).
Lagerberg also addressed the Amazon channel, where rogue sellers had been undercutting minimum advertised price (MAP) policies. “We got them under control now,” he told investors, citing renewed MAP discipline, enrollment of key SKUs in the Amazon Transparency Program, and a storefront refresh.
Swedencare guided to high single-digit to low double-digit full-year growth and expects margins to improve in Q3 as the delayed US order ships, new veterinary partnerships take hold, and dermatology inventory builds.
Why it matters for the industry: Swedencare’s results mirror the broader transatlantic split seen across the sector: Europe is firing on all cylinders, while North America is working through post-merger distributor dislocation. The 25% production growth signals strong demand for European contract manufacturing capacity — a tailwind for co-manufacturers and ingredient suppliers with European footprints. The Amazon pricing discipline story is also instructive for brands battling grey-market sellers on marketplace platforms.
