FIRST QUARTER, JANUARY-MARCH

• The Group’s net sales amounted to SEK 556.6 (493.8) million, an increase of 13 percent.

• The Group’s EBITA was SEK 109.6 (82.9) million, an increase of 32 percent. EBITA adjusted for items affecting comparability amounted to 109.6 (84.2) million, an increase of 30 percent.

• The EBITA margin was 19.7 (16.8) percent. Adjusted for items affecting comparability, the margin was 19.7 (17.0) percent.

• Profit after tax amounted to SEK 55.7 (50.7) million.

• Earnings per share amounted to SEK 3.7 (3.4). Adjusted earnings per share amounted to SEK 3.7 (3.4).

• Cash flow from operating activities was SEK 51.7 (55.4) million.

First quarter
In the first quarter, the Group delivered solid growth, driven by good organic growth in several companies and well-performing acquisitions. Growth and a high margin resulted in strong adjusted EBITA, which increased by 30 percent. All three business areas performed well in the quarter and contributed to growth. Net sales increased by 13 percent, which included organic growth of 4 percent. All business areas showed good net sales growth in the quarter. MedTech reported strong organic growth, while acquisitions primarily contributed to growth in Assistive Tech and Specialty Pharma.

The Assistive Technology business area performed very well, with net sales increasing, primarily driven by acquisitions. A favourable product mix in Abilia and the acquisition of LivAssured contributed positively in the quarter. EBITA increased significantly and the margin was particularly strong and higher than usual. 

MedTech delivered solid organic net sales growth in the quarter. The nutrition and ECG vacuum systems product areas stood out, reporting higher net sales. The business area delivered strong earnings growth and a margin in line with the full-year level of the previous year.

Specialty Pharma increased net sales significantly, largely driven by XGX Pharma, which was acquired in the previous year. Joint business development activities within the business area continued at a high pace and are expected to create new opportunities for licensing and product launches going forward. Specialty Pharma reported the largest improvement in earnings and margins, albeit from low comparative levels in the previous year. It is, of course, encouraging that Specialty Pharma is developing in the right direction, but margins remain unsatisfactory in the near term, and we expect a gradual improvement in the second half of the year and in the coming years.

Acquisitions
Acquisitions are a cornerstone of MedCap’s strategy and a key component in delivering on the Group’s long-term financial targets. We maintain an ongoing dialogue with companies that could become part of the MedCap Group, and are also actively working to establish new contacts with life science companies in Europe. 

The conditions for identifying attractive acquisition opportunities are considered to remain favourable and the Group is essentially unleveraged today. Our ambition is to continue to complete acquisitions and make greater use of MedCap’s strong balance sheet to create long-term shareholder value. 

In summary
The Group's strategy is to invest in and develop profitable small and medium-sized life science companies, combining local ownership of the business with the strength of a larger group through a decentralised organisation. Each company is expected to develop its business, and investments and acquisitions are made both to grow existing companies and establish new businesses and platforms within the Group.

The Group generates the majority of its sales in northern Europe and, to date, we have not seen any material impact from the prevailing external uncertainty. However, we remain mindful that, for example, increased transport costs or other indirect effects may arise.

Overall, the Group delivered a very strong first quarter with solid net sales growth, a high margin and adjusted EBITA up 30 percent.
 
 
Anders Dahlberg, CEO
Stockholm, April 29, 2026