Q1 2026 was Doktor.se's strongest quarter since its founding. Group revenue came in at 470 MSEK, around 5% above budget. EBITDA on an IFRS basis amounted to 46 MSEK — almost 30% above plan. The result was delivered even though profitability in digital care is at around half of last year's level, as a result of regulatory and market changes beyond the company's control.
- Group revenue: 470 MSEK (around 5% above budget)
- EBITDA (IFRS): 46 MSEK (almost 30% above plan)
- Vaccination +79% to 65 MSEK, margin from 2% to 7%
- Germany +44% revenue growth, stable margin of 14%
- Cash position: 450 MSEK, still cash-flow positive
- Around 40 MSEK/year in technology development — the majority now AI
Vaccination — 79% revenue growth
Vaccination revenue grew from 36 MSEK in Q1 2025 to 65 MSEK in Q1 2026. The operating margin rose from 2% to 7%. Shingles vaccination is the primary growth engine. The business continues to benefit from the exclusive collaboration with Apoteket AB, and the rebranding of all vaccination sites under the Doktor.se name is proceeding according to plan.
Physical care in Sweden — Margins are expanding
Physical care in Sweden grew 9% year on year, and the operating margin increased from 13% to 17%. The greenfield clinics showed 26% organic growth. The clinic in Norrköping is being expanded by an additional floor in Q2 2026 to meet increased patient demand. The maturity of the clinic network is now clearly visible in the figures.
Germany — Profitable scaling
Germany grew revenue by 44%, driven by the acquisitions in Hanover and Bavaria together with organic growth. The operating margin was stable at 14%. The integration of acquired clinics is progressing well, and the German portfolio is developing into a significant contributor to the group's earnings. The pipeline of future acquisition targets continues to be built, with ongoing discussions and signed letters of intent.
Digital care — A deliberate strategic restart
Doktor.se has publicly taken a position in favour of abolishing the out-of-county fee (utomlänstaxan, the tariff Swedish regions pay for care their residents receive from providers in another region) as the reimbursement model for digital care. It is the right long-term direction for the market, but it has created short-term uncertainty in the regulatory debate and in the digital business.
Digital care is here to stay. A growing private-pay market suits Doktor.se's scale, and the capitation model means that patients who register with Doktor.se as their primary care provider gain access to what the company considers to be Sweden's most effective digital care offering. The regulatory debate needs to settle before the company can carry out its IPO plans under the right conditions. Doktor.se is building towards that moment with patience and a clear direction.
Aktiv Hälsa+ and financial position
The first customer is now live on Aktiv Hälsa+ and the pipeline is active. The group holds 450 MSEK in cash, remains cash-flow positive, and the refinancing process mentioned in the previous letter is progressing well. The company is in a position to make acquisitions.
Technology and AI — Investing in the future
Doktor.se continues to integrate AI tools into its operations, and the work is accelerating. Around 40 MSEK per year is invested in technology development, the majority of which is now directed towards AI. The short-term focus is on internal efficiency and improvements to clinical workflows, while the larger patient-facing products are planned for launch in Q4 2026.
Source: Doktor.se's shareholder letter Q1 2026.
Doktor.se is traded on Eqvor Explore Doktor.se
