Doktor.se ended 2025 with a clear year-on-year improvement and strong operating momentum, despite a politically challenging market climate. The company beat its communicated forecast and delivered a particularly strong fourth quarter.
Preliminary group revenue amounted to 1,860 MSEK, corresponding to 14% YoY growth. Adjusted EBITDA (IFRS) increased by 18% YoY to 196 MSEK, reflecting continued margin expansion, operating leverage and disciplined cost control.
The vaccination business was a key growth engine, with 301,578 vaccinations administered and 48.6% organic growth within Doktor24 Vaccination. Within Swedish primary care, EBITDA improved by 10% YoY, confirming the scalability of the core business even under regulatory pressure.
Internationally, Germany delivered 26% revenue growth, while four strategic acquisitions were completed to strengthen the company's consolidation platform.
Doktor.se is now cash-flow positive, with a strong balance sheet and around 400 MSEK in acquisition capacity. The ambition to carry out an IPO towards the end of 2026 or the beginning of 2027 remains, with a continued focus on sustainable profitability and long-term value creation.
Source: CEO Letter to Shareholders, 4 February 2026.
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