Swedencare: North America and European businesses push FY2025 sales rise

Swedencare reported revenue growth for the last quarter and for the full fiscal year (FY) 2025, ending 31 December 2025, driven by organic sales growth and strong performance from its North American and European businesses.

As reported in its trading update published on 30 January, net revenue reached SEK 682 million ($65M/€59M) in Q4, a 3% year-over-year (YoY) increase driven by 11% organic growth and 4% acquired growth, offset by a -12% negative currency impact.

This led to a 6% YoY increase in FY2025 net revenue to SEK 2.7 billion ($257M/€233M). The strong results at the pet healthcare company were driven by sales, which posted double-digit organic growth.

North America

In Q4, the North American segment posted net revenue of SEK 409 million ($39M/€35M), rising 7% YoY. This performance reflected 22% organic growth, offset by a 15% currency impact from the weaker US dollar against the Swedish krona (SEK).

For the full year, net revenue from the segment reached SEK 1.6 billion ($155M/€141M), up 4% from last year. It was driven by 12% organic growth and an 8% currency impact. In FY2025, NA accounted for 61% of total revenue, down 1 p.p. from FY2024.

Online and big box push

Sales were primarily driven by supplement brands NaturVet® and ProDen PlaqueOff®, significant private-label orders, and strong performance in the treats category.

In the second half (H2) of 2025, growth was positively impacted by sales of NaturVet on Amazon, which have been managed in-house since April, and reversed the negative sales impact of moving the account in the first months of the year.

The brand was also launched at Walmart as part of the group’s effort to increase participation in big box and food, drug, mass and club (FDMC) retailers, which further supported growth.

Europe

In the fourth quarter, the European segment posted SEK 160 million ($15M/€14M) in net revenue, up 26% YoY and accounting for 23% of total net revenue. The region registered 10% organic growth, primarily driven by UK companies, rising Amazon sales quarter by quarter and strong performance in the dental category.

Results were also boosted by a 22% increase in acquired growth, driven by the acquisition of Summit, a UK-based animal health company, in March 2025. The new portfolio entry contributed SEK 28 million ($2.7M/€2.4M) in revenue.

In FY2025, the European segment generated SEK 580 million ($55M/€50M) in sales, up 29% YoY, accounting for 22% of total net revenue. While Amazon UK led organic growth, Nordic countries were the strongest-performing market.

Production down

Production, which comprises manufacturing capabilities and expansions, saw revenue fall “driven by continued low demand for liquid dermatology products and postponement of Pharma projects to 2026,” the company says.

The segment went against the grain for sales. It reported net revenue of SEK 112.4 million ($12.6M/€10.6M), a 25% YoY decrease.

According to the company, this is due to “delays in pharma projects, as well as a cautious veterinary market for contract manufacturing.” In the full year, the production segment’s share of net revenue has decreased to 17% from 20% registered in 2024.

2026 outlook

For 2026, Swedencare anticipates completing the Amazon transition for NaturVet and Europe, which will give the company full control over marketing and pricing. Under the brand, 5 new product launches are expected this year.

“We will also expand our collaborations within the veterinary sector in both Europe and North America, launch several clinically proven products across multiple brands, significantly grow our CDMO (contract development and manufacturing organization) Pharma business, and normalize margins in the Big Box channel,” Håkan Lagerberg, CEO of Swedencare, says.