SECOND QUARTER APRIL-JUNE                  

• The Group's net sales amounted to SEK 521.7 (457.7) million, an increase of 14 percent.
• The Group's EBITA was SEK 93.5 (90.1) million, an increase of 4 percent. EBITA adjusted for items affecting comparability amounted to 97.5 (81.4) million, an increase of 20 percent.
• The EBITA margin was 17.9 (19.7) percent. Adjusted for items affecting comparability, the margin was 18.7 (17,8) percent.
• Profit after tax amounted to SEK 53.7 (57.1) million.
• Earnings per share amounted to SEK 3.6 (3.8). Adjusted earnings per share amounted to SEK 3.8 (3.2).
• Cash flow from operating activities was SEK 73.9 (70.9) million.

HALF-YEAR JANUARY-JUNE

• The Group's net sales amounted to SEK 1,015.5 (919.4) million, an increase of 10 percent.
• The Group's EBITA was SEK 176.4 (178.6) million, a decline of 1 percent. EBITA adjusted for items affecting comparability amounted to 181.6 (169.9) million, an increase of 7 percent.
• The EBITA margin was 17.4 (19.4) percent. Adjusted for items affecting comparability, the EBITA margin was 17.9 (18.5) percent.
• Profit after tax amounted to SEK 104.4 (113.2) million.
• Earnings per share amounted to SEK 6.9 (7.6). Adjusted earnings per share amounted to SEK 7.3 (7.0).
• Cash flow from operating activities was SEK 129.4 (163.4) million.

Second quarter

In the second quarter of the year, the Group delivered good growth, our strongest EBITA result to date, and an important acquisition for the Specialty Pharma business area.  Net sales increased by 14 percent, which included organic growth of 6 percent. All business areas showed an increase in net sales for the quarter.

The Assistive Tech business area showed the highest growth, driven by acquisitions, followed by MedTech, which had high organic growth, and Specialty Pharma also showed a slight increase in net sales. 

The Assistive Tech business area had very strong quarter, delivering a high increase in sales that was mainly due to a positive performance from several acquisitions from the previous two quarters. Demand in the important Cognition area was stable and contributed to the good margin for the business area.

MedTech delivered strong organic sales growth in the quarter, driven by strong demand and sales growth for Inpac, which ramped up its new production facility. The investment in the new, modern facility addresses increased demand and enables continued growth. Toul, the business area's smallest company, also performed very well. In contrast, Multi-Ply had a more challenging quarter and adjusted its operations for a lower volume. 

Both the Assistive Tech and MedTech business areas showed strong margins in the quarter, mainly driven by product mix and favourable volumes. The margin can vary between quarters and is often more representative on a full-year basis and taking into account the effects of acquired businesses.

Specialty Pharma returned to growth, albeit limited. The important business development work to broaden the company's commercial portfolio resulted during the quarter in an acquisition, an in-licensing agreement and an out-licensing agreement. All of these, particularly the acquisition, are expected to contribute to sales growth and increased margins for the business area over time.

The acquisition of XGX Pharma in Denmark brings net sales that amounted to DKK 51 million when the agreement was signed, with an EBITDA margin of 35 percent, based on seven products on the market and a pipeline of 20 additional products expected to be launched in the coming years.  This represents a significant addition to Unimedic's current portfolio, which largely consists of 8 products. The acquisition is expected to contribute to the development of the business in the Nordic region, as well as, in the longer term, broader geographic market opportunities. The acquisition of XGX Pharma was completed on 21 July and does not have an impact on the second quarter.

Overall, the Group delivered a very strong second quarter with good net sales growth and the highest EBITA result to date. EBITA increased by 20 percent adjusted for acquisition-related costs.

Acquisitions

Acquisitions are a cornerstone of MedCap's strategy and financial objectives. The level of activity remained high in the quarter, with several ongoing acquisition dialogues and processes, one of which resulted in the acquisition of XGX Pharma, while a couple were ended and several will continue. We are in continuous dialogue with companies that can join the MedCap Group and we are also actively engaged in initiating new contacts and dialogues with life science companies in Europe. 

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 long-standing 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. The Group's companies are active in several different areas within Assistive Tech, MedTech and Specialty Pharma. Market conditions, challenges and opportunities differ between the companies, but overall, we believe that the conditions for the Group remain favourable.

Anders Dahlberg, CEO

Stockholm 23 July 2025