Doktor.se has published its letter to shareholders for the first half of 2026, and there is plenty to be pleased about. The company is delivering growth and improved profitability – ahead of budget on both counts – and has also secured new financing of SEK 1.5 billion from Swedbank. Here are the highlights.
The group in brief (January–June 2026)
- Revenue: 994 MSEK, +9% compared with last year and 7% ahead of budget
- Adjusted EBITDA: 109 MSEK (89 MSEK), a margin of 10.9% (9.7%) – also ahead of budget
The improvement comes despite lower reimbursement for digital care visits. Digital care now plays a more strategic role in the group: it drives profitability in both the primary care centres and the vaccination business, and opens the door to new products and private-pay offerings.
Adjusted EBITDA H1 2026 · Jan–Jun| H1 2026 | H1 2025 | Change | |
|---|---|---|---|
| Group | 109 MSEK | 89 MSEK | +22% |
| Sweden | 86 MSEK | 60 MSEK | +43% |
| Vaccination | 36 MSEK | 11 MSEK | +227% |
Sweden – continued strength in the primary care centres
Revenue amounted to 547 MSEK (495 MSEK) and adjusted EBITDA rose to 86 MSEK (60 MSEK) – a margin improvement from 12.1% to 15.8% in one year. The company currently has around 212,000 registered patients.
Vaccination – the growth engine keeps delivering
- Revenue: 175 MSEK (99 MSEK) – organic growth of 77%
- Adjusted EBITDA more than tripled to 36 MSEK (11 MSEK), a margin of 20.8% (11.2%)
Strong demand for shingles vaccine is an important driver, and the partnership with Apoteket AB gives a distribution advantage that few competitors can match.
Germany – growth through acquisitions
The clinics in Germany grew revenue by 44% to 83 MSEK (57 MSEK). The acquisition pipeline is growing, and given the number of parallel negotiations, the company is now scaling up its M&A team to be able to deliver acquisitions at a steady pace going forward.
New financing of SEK 1.5 billion from Swedbank
Perhaps the most important event of the period. The agreement is split into 525 MSEK to refinance existing debt, 350 MSEK in a revolving credit facility and 625 MSEK in an accordion facility for continued acquisition-driven growth.
The agreement lowers interest costs by nearly 30 MSEK a year – a direct improvement to earnings – while also providing substantial unused credit capacity to act quickly when the right opportunities arise. The company sees the fact that several lenders showed interest in the tender process as a real seal of approval for its position.
Digital care – regulatory clarity in sight
Patient demand shows no sign of slowing – digital care currently accounts for around 13% of the group's revenue. The government's inquiry has now been published, and the company welcomes the proposal to abolish the out-of-region reimbursement. A clear and uniform set of rules benefits the whole industry.
An eventful autumn ahead
Several new products are planned for launch this autumn – including health tests, private pay and AI features – while the pace of acquisitions is stepped up. Save the date of 13 October: Doktor.se will then hold a capital markets day where the company presents the full breadth of what it is working on, including everything happening in AI and preventive care.
Source: Doktor.se, CEO's letter to shareholders for the first half of 2026.
