FIRST QUARTER, JANUARY-MARCH           

• The Group's net sales amounted to SEK 493.8 (461.7) million, an increase of 7 percent.
• The Group's EBITA was SEK 82.9 (88.5) million, a decline of 6 percent. Adjusted for items affecting comparability, the decline was 5 percent.
• The EBITA margin was 16.8 (19.2) percent. Adjusted for items affecting comparability, the margin was 17.0 percent.
• Profit after tax amounted to SEK 50.7 (56.1) million.
• Earnings per share amounted to SEK 3.4 (3.8).
• Cash flow from operating activities was SEK 55.4 (92.4) million.

First quarter

In the first quarter of the year, the Group delivered growth and a margin recovery after the weaker fourth quarter. Sales increased by 7 percent. The organic growth was flat, but increased by 6 percent excluding the Specialty Pharma business area, which had high comparative figures for the previous year.

The Assistive Tech and MedTech business areas performed well in the first quarter, while Specialty Pharma had a significantly weaker outcome. The Group's demand, which essentially comes from the European market, is generally unchanged and is expected to remain good, although we recognise there may be indirect effects of the increased uncertainty in global trade.

The Assistive Tech business area performed strongly in the first quarter. Sales increased by as much as 29 percent, driven by both acquisitions and good organic growth. The margin was strong, despite some impact from lower-margin acquisitions, and earnings increased by over 23 percent.

MedTech also reported good results, although not fully in line with the strong quarter of the previous year, mainly due to the fact that Inpac's new production facility was not yet operating at full productivity. However, the margin recovered compared with the weaker fourth quarter.

Both the Assistive Tech and MedTech business areas reported a good margin in the first quarter, exceeding the margin for the full year 2024.

Specialty Pharma had a significantly weaker outcome. The loss of royalties for Melatonin in the UK continues to be the single largest explanation for the lower earnings in the first quarter. Other parts of the business also delivered weaker results due to previous delivery problems and lower prices and volumes in parts of the existing portfolio. Earnings are expected to improve to some extent in the second half of the year, but a more significant increase will depend on long-term efforts to renew and broaden the product portfolio through Business development. Work on broadening the portfolio of in-licensed or acquired products was very active in the first quarter, with the aim of signing several new agreements during the year.

Acquisitions

MedCap and the Group's business areas continuously evaluate potential add-on acquisitions and new "platform acquisitions". The Assistive Tech business area acquired the Danish company Danrehab during the quarter. All business areas are engaged in dialogue with companies that may join the Group.

In summary

The Group delivered a first quarter of strong growth in the Assistive Tech business area, good margins in both Assistive Tech and MedTech, but very weak earnings for Specialty Pharma.

Overall, market conditions are considered favourable and unchanged for the Group, although we are aware of the increased uncertainty.

We continue to focus on ambitious business plans and organic growth in each company within the Group. The Specialty Pharma business area faces a challenging period in which we are particularly focused on broadening the portfolio and improving profitability. The Group's financial position is exceptionally strong, providing room for acquisitions. Overall, we see favourable conditions for the Group's continued development.

Anders Dahlberg, CEO

Stockholm

29 April 2025