Strong organic and acquired growth; EBITA increased by 32%

THIRD QUARTER JULY-SEPTEMBER            

• The Group’s net sales amounted to SEK 501.5 (413.1) million, an increase of 21 percent.
• The Group’s EBITA was SEK 90.1 (80.1) million, an increase of 12 percent. EBITA adjusted for items affecting comparability amounted to 91.1 (69.1) million, an increase of 32 percent.
• The EBITA margin was 18.0 (19.4) percent. Adjusted for items affecting comparability, the margin was 18.2 (16.7) percent.
• Profit after tax amounted to SEK 51.3 (53.3) million.
• Earnings per share amounted to SEK 3.4 (3.6). Adjusted earnings per share amounted to SEK 3.5 (2.8).
• Cash flow from operating activities was SEK 61.9 (70.2) million.

NINE MONTHS JANUARY-SEPTEMBER

• The Group’s net sales amounted to SEK 1,517.0 (1 332.5) million, an increase of 14 percent.
• The Group’s EBITA was SEK 266.5 (258.7) million, an increase of 3 percent. EBITA adjusted for items affecting comparability amounted to 272.8 (239.0) million, an increase of 14 percent.
• The EBITA margin was 17.6 (19.4) percent. Adjusted for items affecting comparability, the EBITA margin was 18.0 (17.9) percent.
• Profit after tax amounted to SEK 155.7 (166.5) million.
• Earnings per share amounted to SEK 10.4 (11.2). Adjusted earnings per share amounted to SEK 10.8 (9.9).
• Cash flow from operating activities was SEK 191.2 (233.6) million.

Third quarter

In Q3, the Group delivered good organic growth and, together with good development for acquired companies, this resulted in a strong adjusted EBITA, which increased by 32%. The third acquisition of the year was completed on October 1. Net sales increased by 21 percent, which included organic growth of 9 percent. All business areas showed high net sales growth in the quarter. The MedTech and Assistive Tech business areas had good organic growth and, in addition, acquisitions contributed to increased net sales for both the Assistive Tech and Specialty Pharma business areas.

The Assistive Tech business area performed very strongly, delivering both good organic growth and increased net sales, driven by several acquisitions made over the last 12 months. On October 1, Abilia acquired the Dutch company LivAssured, broadening and strengthening the company's portfolio in the area of epilepsy. The company's Nightwatch product has established itself in several European markets and Abilia sees good opportunities for continuing growth in both existing and new markets together with LivAssured. Demand in the key Cognition area was solid, contributing to the healthy margin for the business area.

MedTech reported good organic sales growth in the quarter, driven by solid performances by Cardiolex and, in particular, Inpac, which increased volumes in the new facility. The good growth was achieved despite weaker demand for Multi-ply, which had been expected.

Specialty Pharma showed an increase in net sales. The growth was largely due to the acquisition of XGX Pharma, which was completed on July 21. The important business development process of broadening the business area’s commercial portfolio continued with renewed momentum through the collaboration between Unimedic and XGX Pharma on new product registrations and market launches.

EBITA increased in all three of the Group’s business areas. It was encouraging to note some margin improvement in Specialty Pharma – a consequence of the XGX acquisition. The Assistive Tech business area reported a particularly strong margin, while MedTech’s margin was slightly weaker. The margin can vary between quarters and is often more representative on a rolling 12-month level.

Overall, the Group delivered a very strong third quarter with good net sales growth and a 32-percent increase in adjusted EBITA.

Acquisitions

Acquisitions are a cornerstone of MedCap's strategy and financial objectives. The level of activity remained high in the quarter with several acquisition dialogues. The acquisition of LivAssured was completed on October 1.

The prospects of finding interesting acquisition opportunities are still considered good. Our ambition is to make more acquisitions and increase the 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 areas of business and platforms within the Group. The Group's companies are active in several different areas within Assistive Tech, MedTech and Specialty Pharma. The subsidiaries’ size, market conditions, challenges and opportunities differ, but overall we believe that the conditions for a profitable growth for the group remain favourable.

Anders Dahlberg, CEO

Stockholm, October 24, 2025

This disclosure contains information that MedCap AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on October 24, 2025, 06:30 CET.

For more information, contact:

Anders Dahlberg, CEO, Mobile +46 704 26 92 62,  e-mail anders.dahlberg@medcap.se