Doktor.se — CEO report Jan–Feb 2026 Doktor.se · CEO report January–February 2026
Revenue ahead of plan, EBITDA ahead of plan, strong cash position. The pace of acquisitions is expected to increase.
Revenue Jan–Feb SEK 314m +4% vs budget EBITDA SEK 31.5m +8% vs budget Cash SEK 435m Net Debt/EBITDA ~1x
Doktor.se today published its CEO report for January–February 2026, and it is a strong report on most counts. Below is what we consider most relevant.
Financial performance
The group had revenue of approx. SEK 314m in the first two months — approx. 4% ahead of budget. EBITDA came in at SEK 31.5m against a budgeted SEK 29.1m, i.e. roughly 8% better than plan. No one-off items. The company is cash-flow positive.
Sweden — strong broad-based growth
Sweden is the core of the business and delivered approx. 5% ahead of budget on revenue. Primary care EBITDA increased by ~66% compared with the same period last year (75% on a like-for-like basis), reflecting a more mature clinic structure.
The vaccination business stands out most: revenue is ~50% ahead of budget, driven by continued strong demand for Shingrix and an exclusive partnership with Apoteket AB across more than 75 pharmacies. This is a structurally strong position.
Legal clarity
The company reached a settlement with Region Stockholm of SEK 800,000, without admission of fault. All outstanding discussions and investigations are thereby closed.
Aktiv Hälsa+
The corporate insurance product Aktiv Hälsa+ has been launched commercially at SEK 289/month/employee, with the first customer going live in April. The pipeline is active with large employers.
Financial capacity
The company holds approx. SEK 435m in cash and has Net Debt/EBITDA of around 1x. It is negotiating an additional credit facility of SEK 1 billion, which would provide acquisition capacity for companies corresponding to ~SEK 350m in additional EBITDA. The pace of acquisitions is expected to increase.
