Strong growth – adjusted EBITA increased by 30 percent

THIRD QUARTER JULY-SEPTEMBER 

• The Group’s net sales amounted to SEK 566.7 (501.5) million, an increase of 13 percent.

• The Group’s EBITA was SEK 154.7 (90.1) million, an increase of 72 percent. EBITA adjusted for items affecting comparability*) amounted to 118.3 (91.1) million, an increase of 30 percent.

• The EBITA margin was 27.3 (18.0) percent. Adjusted for items affecting comparability*), the margin was 20.9 (18.2) percent.

• Profit after tax amounted to SEK 84.8 (51.3) million.

• Basic earnings per share amounted to SEK 5.7 (3.4). Adjusted earnings per share amounted to SEK 2.3 (3.6)*).

• Cash flow from operating activities was SEK 96.1 (61.9) million.

NINE MONTHS JANUARY-SEPTEMBER

• The Group’s net sales amounted to SEK 1,729.6 (1,517.0) million, an increase of 14 percent.

• The Group’s EBITA was SEK 393.8 (266.5) million, an increase of 48 percent. EBITA adjusted for items affecting comparability*) amounted to 352.4 (272.8) million, an increase of 29 percent.

• The EBITA margin was 22.8 (17.6) percent. Adjusted for items affecting comparability*), the EBITA margin was 20.4 (18.0) percent.

• Profit after tax amounted to SEK 209.8 (155.7) million.

• Basic earnings per share amounted to SEK 14.0 (10.4). Adjusted earnings per share amounted to SEK 10.6 (10.6)*).

• Cash flow from operating activities was SEK 270.1 (191.2) million.

 
The Group delivered a strong third quarter with both organic and acquisition-driven growth and high profitability. All business areas contributed to the earnings growth. Net sales for the quarter increased by 13 percent, which included organic growth of 5 percent. All business areas reported net sales and earnings growth, which contributed to the adjusted EBITA increase of 30 percent.

The Assistive Tech business area performed well, with good net sales growth and strong margins. The improvement in earnings was mainly driven by Abilia and the acquisition of LivAssured. Other companies in the business area delivered a stable overall performance, with good growth in Huka but weaker growth in a couple of the companies.

MedTech reported strong net sales growth during the quarter, driven by the nutrition product area and the acquisition of Biopsafe. Net sales for ECG products declined compared with the strong previous year, while the market position is considered unchanged. The smaller companies in the business area performed well and contributed to the improvement in earnings. Overall, the business area reported a strong margin and solid earnings growth.

Specialty Pharma’s net sales increased as a result of the acquisition of XGX Pharma in July of the previous year and higher non-recurring sales of unlicensed pharmaceuticals.
During the quarter, further progress was made in integrating Unimedic and XGX, with a focus on commercialising and developing existing products and new products in the pipeline. The business area's margin is expected to strengthen as recently launched products as well as existing products introduced into additional markets account for an increasing share of net sales. Business development activities progressed in the right direction during the third quarter.

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. During the quarter, a couple of acquisition processes were concluded without resulting in acquisitions. However, the number of ongoing discussions remains relatively high and the prospects for further acquisitions are still considered favourable.
During the quarter, the outstanding contingent consideration for XGX was remeasured. The acquisition and the contingent consideration model have developed in line with expectations to date, resulting in a positive one-off effect excluded from adjusted EBITA.
MedCap has a strong balance sheet and low leverage, providing ample capacity for 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. A decentralised model combines local entrepreneurship and business responsibility 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 strong third quarter, with solid net sales growth, high profitability and adjusted EBITA increasing by 30 percent.
 
Anders Dahlberg, CEO
Stockholm, October 23, 2026