Strong growth – adjusted EBITA increased by 28 percent

SECOND QUARTER APRIL - JUNE

• The Group’s net sales amounted to SEK 606.3 (521.7) million, an increase of 16 percent.

• The Group’s EBITA was SEK 129.5 (93.5) million, an increase of 38 percent. EBITA adjusted for items affecting comparability amounted to 124.5 (97.5) million, an increase of 28 percent.

• The EBITA margin was 21.4 (17.9) percent. Adjusted for items affecting comparability, the margin was 20.5 (18.7) percent.

• Profit after tax amounted to SEK 69.1 (53.7) million.

• Earnings per share amounted to SEK 4.6 (3.6). Adjusted earnings per share amounted to SEK 4.3 (3.8).

• Cash flow from operating activities was SEK 122.7 (73.9) million.

HALF-YEAR JANUARY - JUNE

The Group’s net sales amounted to SEK 1,162.9 (1,015.5) million, an increase of 15 percent.

• The Group’s EBITA was SEK 239.1 (176.4) million, an increase of 36 percent. EBITA adjusted for items affecting comparability amounted to 234.1 (181.6) million, an increase of 29 percent.

• The EBITA margin was 20.6 (17.4) percent. Adjusted for items affecting comparability, the EBITA margin was 20.1 (17.9) percent.

• Profit after tax amounted to SEK 125.0 (104.4) million.

• Earnings per share amounted to SEK 8.3 (6.9). Adjusted earnings per share amounted to SEK 8.0 (7.3).

• Cash flow from operating activities was SEK 174.0 (129.4) million.

Second quarter
During the second quarter, the Group continued to grow, supported by strong organic growth in several businesses and positive contributions from completed acquisitions. The combination of strong sales growth and healthy margins resulted in strong adjusted EBITA, which increased by 28 percent. All business areas performed well during the period and contributed to the Group's positive development.
Net sales increased by 16 percent during the quarter, of which 7 percent was organic growth. All business areas contributed through strong sales growth. MedTech continued to deliver strong organic growth, Assistive Tech was driven by both organic growth and acquisitions, while growth in Specialty Pharma was attributable to acquisitions.

The Assistive Tech business area performed very well and delivered strong net sales growth. A favourable product mix at Abilia and the acquisition of LivAssured, which is part of Abilia, made a positive contribution during the quarter. The other companies in the business area also delivered a strong quarter. EBITA increased significantly, with the margin remaining strong. 

The MedTech business area delivered strong organic net sales growth during the quarter, driven primarily by the nutrition product area. Biopsafe was acquired at the end of the quarter, establishing a new niche business within the business area. The acquisition is expected to make a positive contribution to the business area's growth and margin and represents a step towards creating a broader business area with a larger number of companies. Overall, MedTech delivered a strong increase in earnings and margin.

The Specialty Pharma business area delivered strong net sales growth during the quarter, driven by the acquisition of XGX Pharma, while organic growth was weaker, as expected, given the business area’s high proportion of mature products.

Over the past year, the business area has built up a pipeline of product opportunities through acquisitions and in-licensing. The acquisition of XGX Pharma added a significant number of these projects, and the businesses are now working together to develop, register and commercialise the existing projects while identifying and securing the rights to new products.

Earnings and the margin for the business area improved during the quarter and are expected to strengthen further over time as newer products continue to grow and account for an increasing share of net sales.

Acquisitions
Acquisitions are a core part of MedCap’s strategy for creating long-term growth and achieving the Group's financial targets. We continuously develop relationships with companies that could become part of the MedCap Group and actively seek new opportunities across Europe. Activity remained high during the quarter, with the acquisition of the Danish company Biopsafe representing a tangible outcome of these efforts.

During the quarter, the first contingent consideration relating to XGX Pharma, based on the 2025 outcome, was remeasured, resulting in a positive non-recurring effect. Like other acquisition-related non-recurring items this is not included in adjusted EBITA. The acquisition has so far developed well, and the model for contingent consideration has also develop as expected.

Acquisition possibilities are expected to remain favourable and, with a strong balance sheet and low leverage, MedCap is well positioned to complete further acquisitions. The ambition is to continue using the Group’s financial strength to create long-term value for shareholders.

In summary
MedCap’s strategy is based on investing in and developing profitable small and medium-sized Life Science companies. Through a decentralised model, local entrepreneurship and business responsibility are combined with the advantages of being part of a larger group. The focus is on developing the existing businesses while using investments and acquisitions to broaden the Group’s platforms and create new growth areas. The Group delivered a very strong second quarter, with strong net sales growth, high profitability and adjusted EBITA increasing by 28 percent.
 
Anders Dahlberg, CEO
Stockholm, July 21, 2026