Kvartalsrapport Q1 2025

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Fulltext

===== SIDA 1 =====

INTERIM REPORT 
JANUARY 1 – MARCH 31, 2025
Margin improvement continues, the debt level is
reduced, and acquisition activity increases
The margins improved in both business areas in line with our priorities and initiatives. The debt level continued
to decrease, and we have achieved our ambition to lower the net debt in relation to EBITDA to below 3.0.
AddLife is now ready to gradually increase acquisition activity, and at the beginning of April, the acquisition of
Edge Medical was completed.
Fredrik Dalborg,  President and CEO
FIRST QUARTER
Net sales increased by 5 percent to SEK 2,702m (2,570). The organic growth, excluding exchange
rate changes, was 4 percent and the acquired growth was 1 percent. 
EBITA increased by 18 percent to SEK 343m (291), corresponding to an EBITA margin of
12.7 percent (11.3). 
Profit after tax amounted to SEK 120m (63).
Earnings per share amounted to SEK 0.98 (0.52). Earnings per share for the last 12 months
amounted to SEK 2.53 (0.65).
Cash flow from operating activities amounted to SEK 240m (97).
The equity ratio was 41 percent (41).
Return on working capital (P/WC) amounted to 53 percent (51).
After the end of the quarter, an acquisition has been completed, Edge Medical Ltd., UK.
 
 
 Q1 Q1 ∆ Apr 2024- Full year
SEKm 2025 2024 % Mar 2025 2024
Net sales 2,702 2,570 5 10,418 10,286
EBITA 343 291 18 1,211 1,159
EBITA margin, % 12.7 11.3  11.6 11.3
Profit/loss before taxes 172 100 72 477 405
Profit for the period 120 63 90 311 254
Earnings per share (EPS), before/after dilution, SEK 0.98 0.52 88 2.53 2.06
1

===== SIDA 2 =====

NET SALES (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
600
1,200
1,800
2,400
3,000
0
2,200
4,400
6,600
8,800
11,000
EBITA (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
90
180
270
360
450
0
300
600
900
1,200
1,500
2

===== SIDA 3 =====

COMMENTS BY THE CEO
Margin improvement continues, the debt level is
reduced, and acquisition activity increases
Sales development was positive during the quarter, driven by Labtech with strong sales growth across all segments and
geographies. Within Medtech sales growth was  affected by the United Kingdom, where the normally strong first quarter
was weaker this year compared to last year’s high level of instrument sales. The future prospects in the UK healthcare
markets are good. In other areas within Medtech, sales generally developed well, and sales of consumables related to
surgical procedures increased.
The work to drive organic growth by gaining market share and developing the product portfolio is ongoing, and clear
progress is being made in these areas.
AddLife's companies have their customers primarily in healthcare and research. Demand in these areas is stable and
generally not sensitive to economic fluctuations. With over 90 percent of sales and 80 percent of suppliers within Europe,
AddLife's companies are well-positioned in a market situation with increased uncertainty around global trade.
Improved Margins
The efforts to drive margin improvements remain a high priority, and during the first quarter, we see continued clear
improvements in both Labtech and Medtech. The strengthened margins are driven by extensive improvement work in
some specific companies, continuous gradual improvements in all companies, and a general movement of the product
portfolio towards more profitable segments and product groups.
Improved Cash Flow, Reduced Debt, and Increased Acquisition Activity
After achieving a very strong cash flow in the fourth quarter of 2024, a lower cash flow followed in the first quarter of 2025,
as expected. However, compared to the first quarter of the previous year, cash flow improved significantly, and in
combination with positive currency effects, this led to a strengthening of the balance sheet. Net debt in relation to EBITDA
decreased to 2.8, and the ambition to reach 3.0 or below has now been achieved. AddLife will now gradually increase
acquisition activity in accordance with established plans. In early April, the acquisition of Edge Medical was completed, a
company with strong growth, high profitability, and that meets the acquisition criteria we have defined. The UK company
Edge Medical has strong customer and supplier relationships and a product portfolio in orthopedic surgery, a prioritized
segment for AddLife. In the acquisition process, AddLife has been able to leverage our companies' presence in geographic
markets as well as deep product knowledge, which will also be significant assets when  further developing the business.
 
3

===== SIDA 4 =====

Summary and outlook
The companies within AddLife continue to develop very well and in accordance with our priorities and business model. Our
market positions provide good stability despite uncertainty in the world. The determined work to improve margins, drive
organic growth, and improve cash flow and reduce debt continues. The work has yielded results, and we are now ready to
gradually increase acquisition activity.
I would like to conclude by thanking the team for their valuable efforts during the first quarter of the year and warmly
welcoming Edge Medical to the AddLife family!
 
 
Fredrik Dalborg
President and CEO
 
4

===== SIDA 5 =====

GROUP DEVELOPMENT
Group performance in the quarter
Net sales in the quarter increased by 5 percent to SEK 2,702m (2,570). Organic growth, excluding exchange rate effects,
was 4 percent and the acquired growth was 1 percent. Exchange rate effects had a marginally negative impact on net sales
during the quarter, amounting to SEK -6m.
Increased revenue with an improved gross margin and largely unchanged costs resulted in EBITA increased by 18 percent
to SEK 343m (291), and the EBITA margin amounted to 12.7 percent (11.3). Exchange rate fluctuations negatively
impacted EBITA by SEK -1m.
Net financial items amounted to SEK -63m (-86) and profit after financial items amounted to SEK 172m (100). Net financial
items primarily include interest expenses related to financing of previous acquisitions and exchange rate fluctuations.
Interest expenses amounted to SEK -58m (-77) and exchange rate loss to SEK -1m (-9). The profit after tax for the quarter
was SEK 120m (63) and the effective tax rate was 30 percent (37). The slightly high effective tax rate is attributable to the
effect of non-deductible interest.
The geopolitical situation in Ukraine and the Middle East has not had any significant economic impact on the financial
reports, but it cannot be ruled out that it may do so in the future. With approximately 90 percent of sales and 80 percent of
purchases in Europe, AddLife should not be heavily exposed to tariffs and trade barriers by the USA or by other countries as
countermeasures. However, there is a risk that subcontractors and components further down the supply chain may be
subject to tariffs or trade barriers. We are closely monitoring market developments regarding inflation, tariffs and trade
barriers, raw material, component and freight costs, as well as interest rate trends.
SEKm
NET SALES QUARTER
2,570​2,570
113​113 25​25 -6​-6 2,702​2,702
Q1 2024 Organic Acquisitions Currency Q1 2025
1,500
2,000
2,500
3,000
SEKm
EBITA QUARTER
291​291
21​21
33​33 -2​-2 343​343
Q1 2024 Labtech Medtech Group Q1 2025
250
300
350
5

===== SIDA 6 =====

Financial position and cash flow
The equity ratio at the end of the interim period was 41 percent (41). Equity per share totalled SEK 41.99 (43.54) and the
return on equity at the end of the interim period was 6 percent (5). Return on working capital, P/WC (EBITA in relation to
working capital) amounted to 53 percent (51).
The Group's interest-bearing net debt at the end of the interim period amounted to SEK 4,506m (4,920), including pension
liabilities of SEK 62m (62), leasing liabilities of SEK 511m (531) and contingent considerations corresponding to SEK 90m
(106). Outstanding bank loans at the end of the interim period amounted to SEK 4,183m (4,433), of which short-term bank
loans were SEK 1,766m (749). 
The Group has a good margin in the covenants applicable under the banking agreements, which stipulate an interest
coverage ratio of at least 4.0 times and an equity ratio exceeding 25 percent. As of the end of the interim period, the interest
coverage ratio was 6.0 times according to the definition in the bank agreements.
The net debt/equity ratio was 0.9 compared to 0.9 at the beginning of the interim period. The intention is to reduce debt
through self-generated cash flow.
Cash and cash equivalents, consisting of cash and bank balances, together with approved but non-utilised credit facilities,
totalled SEK 1,307m (1,311) on March 31, 2025. 
The cash flow from current operations during the quarter amounted to SEK 240m (97), mainly attributable to a higher
result after financial items. During the interim period, paid out contingent consideration related to acquisitions of companies
in previous years amounted to SEK 13m (7). Net investments in non-current assets during the interim period amounted to
SEK 64m (61) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and
repurchased call options amounted to SEK 0m (-12).
LONG TERM FINANCIAL GOALS
 *Adjusted for one-off costs
 
PROFITABILITY P/WC (%)
Rolling 12 months
Target 45%
2023 2024 2025
0
25
50
75
PROFIT GROWTH (%)
Rolling 12 months*
Target 15%
2023 2024 2025
-15
0
15
30
6

===== SIDA 7 =====

Acquisitions
Acquisitions completed from the 2024 financial year are distributed among the Group’s business areas as follows:
   Net Sales, Number of  
Company Country Time SEKm* employees* Business area
BonsaiLab S.L. Spain July, 2024 90 13 Labtech
   90 13  
Contingent consideration amounting to SEK 13m has been paid during the interim period for previous years' acquisitions of
BonsaiLab and Emmat Medical.
Acquisitions after the end of the interim period
   Net Sales, Number of  
Company Country Time SEKm* employees* Business area
Edge Medical Ltd. UK April, 2025 90 20 Medtech
   90 20  
*Refers to conditions at the time of acquisition on a full-year basis.
Employees
At the end of the interim period, the number of employees was 2,251, compared to 2,256 at the beginning of the financial
year. The average number of employees for the last 12-month period was 2,298 (2,297).
 
7

===== SIDA 8 =====

BUSINESS AREA
Labtech
Companies in the Labtech business area are active in the market areas diagnostics, biomedical research and
laboratory equipment.
 Q1 Q1 ∆ Apr 2024- Full year
SEKm 2025 2024 % Mar 2025 2024
Net sales 989 863 15 3,923 3,797
Organic growth, % 12 -5   3
EBITA 120 99 21 466 445
EBITA margin, % 12.1 11.5  11.9 11.7
Labtech's net sales increased by 15 percent in the first quarter to SEK 989m (863). The organic sales growth amounted to
12 percent and the acquired growth amounted to 3 percent. Exchange rate changes had a marginally negative impact on
net sales. EBITA increased by 21 percent to SEK 120m (99), corresponding to an EBITA margin of 12.1 percent (11.5). 
The development in Labtech was positive during the quarter, with growth across all segments and geographies. Instrument
sales were higher compared to the relatively low volume in the first quarter of 2024. Margins strengthened during the
quarter thanks to higher volumes but also due to ongoing improvement and efficiency efforts within several companies,
which are now yielding concrete results.
NET SALES QUARTER
863​863
105​105
26​26 -5​-5 989​989
Q1 2024 Organic Acquisitions Currency Q1 2025
750
900
1,050
8

===== SIDA 9 =====

The diagnostics business is stable and growing, while some caution and uncertainty still exist regarding investments,
particularly in academic research. Demand from customers in the pharmaceutical industry remains strong.
Results from tenders won in previous quarters have started to show, and important new tenders have also been won during
the first quarter.
The companies within AddLife provide market-leading service, which creates strong customer and supplier relationships
and differentiation as other players cut back on service resources.
Active work is underway to develop product portfolios and bring in new suppliers of advanced products within prioritized
segments, and progress is being made.
 
NET SALES (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
300
600
900
1,200
1,500
1,800
0
1,000
2,000
3,000
4,000
5,000
NET SALES PER MARKET 2025
Sweden, 17%
Italy, 15%
Norway, 11%
Denmark, 10%
Finland, 9%
Austria, 4%
Czech Republic, 4%
Germany, 3%
Netherlands, 3%
Poland, 3%
Rest of Europe, 16%
Rest of the world, 5%
EBITA (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
60
120
180
240
300
0
220
440
660
880
1,100
EBITA-MARGIN (%)
Quarter, %
Rolling 12 months, %
2020 2021 2022 2023 2024 2025
0
5
10
15
20
25
0
5
10
15
20
25
9

===== SIDA 10 =====

BUSINESS AREA
Medtech
Companies in the Medtech business area provide medical device products within the medtech market and assistive
equipment within Homecare.
 Q1 Q1 ∆ Apr 2024- Full year
SEKm 2025 2024 % Mar 2025 2024
Net sales 1,714 1,708 0 6,502 6,496
Organic growth, % 0 9   7
EBITA 231 198 16 779 746
EBITA margin, % 13.5 11.6  12.0 11.5
Net sales within Medtech increased marginally to SEK 1,714m (1,708) during the first quarter. Organic growth amounted
to 0.4 percent and exchange rate had a marginally negative impact on net sales. EBITA increased by 16 percent to SEK
231m (198), corresponding to an EBITA margin of 13.5 percent (11.6).
Most companies within Medtech experienced positive sales development during the quarter, but overall growth was low
primarily because sales in the UK were not as strong as the previous year. The future prospects in the UK healthcare
markets remain positive. The margin improved significantly due to gradual profitability improvements in most companies
and significant improvements in some specific companies.
 
NET SALES QUARTER
1,708​1,708
7​7 0​0 -1​-1 1,714​1,714
Q1 2024 Organic Acquisitions Currency Q1 2025
1,650
1,700
1,750
10

===== SIDA 11 =====

In the UK, sales to the national healthcare system NHS are typically strong during the first quarter, both in consumables and
instrument sales. In the first quarter of 2025, sales to the NHS were good but not as strong as in the corresponding quarter
of 2024 when several large instrument deliveries were made. Despite lower instrument sales in the UK, the margin
improved compared to the previous year.
Sales in ophthalmic surgery decreased during the quarter as a result of pruning the product portfolio to focus on profitable
products. The margin in ophthalmic surgery continued to strengthen, in line with the positive trend that is now established.
Relationships with suppliers have generally strengthened, and key suppliers have returned to our companies.
Pruning of the product range to focus on more profitable products occurred in several parts of the business, which has led to
higher margins and, in some cases, reduced sales.
In Homecare, demand was somewhat subdued due to restrained investments, especially in renovation and new
construction projects. The long-term underlying positive drivers, such as an aging population and new technologies, remain
unchanged.
Efforts to expand the product portfolio with new advanced products are making progress, and the trend of larger product
companies reviewing their commercial strategies continues, providing opportunities for companies within AddLife to take
over new product portfolios.
 
NET SALES (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
360
720
1,080
1,440
1,800
0
1,120
2,240
3,360
4,480
5,600
6,720
NET SALES PER MARKET 2025
UK, 21%
Ireland, 20%
Spain, 15%
Sweden, 8%
Norway, 7%
Switzerland, 5%
Germany, 5%
Denmark, 4%
Italy, 3%
Finland, 2%
Austria, 2%
Rest of Europe, 6%
Rest of the world, 2%
EBITA (SEKM)
Quarter
Rolling 12 months
2020 2021 2022 2023 2024 2025
0
60
120
180
240
300
140
280
420
560
700
840
EBITA-MARGIN (%)
Quarter, %
Rolling 12 months, %
2020 2021 2022 2023 2024 2025
0
4
8
12
16
20
0
4
8
12
16
20
11

===== SIDA 12 =====

FINANCIAL INFORMATION BY BUSINESS AREA
Quarterly data
Net sales by business area
    2025  2024
SEKm    Q1  Q4 Q3 Q2 Q1
Labtech    989  1,141 852 941 863
Medtech    1,714  1,679 1,494 1,615 1,708
Group items    -1  -2 -2 -2 -1
The Group    2,702  2,818 2,344 2,554 2,570
EBITA by business area
    2025  2024
SEKm    Q1  Q4 Q3 Q2 Q1
Labtech    120  161 76 109 99
Medtech    231  195 153 200 198
Group items    -8  -10 -6 -10 -6
EBITA    343  346 223 299 291
Depreciation and write-down intangible assets    -108  -117 -109 -107 -105
Operating profit    235  229 114 192 186
Financial income and expenses    -63  -79 -72 -79 -86
Profit after financial items    172  150 42 113 100
Adjusted EBITA by business area
    2025  2024
SEKm    Q1  Q4 Q3 Q2 Q1
Labtech    120  161 76 109 99
Medtech    231  195 160 193 204
Parent Company and Group items    -8  -10 -6 -10 -6
Adjusted EBITA    343  346 230 292 297
Depreciation and write-down intangible assets    -108  -117 -109 -107 -105
Operating profit    235  229 121 185 192
Financial income and expenses    -63  -79 -72 -79 -86
Profit after financial items    172  150 49 106 106
 
 
12

===== SIDA 13 =====

Net sales and EBITA
Net sales by business area
 Q1 ∆ Q1 Apr 2024- Full year
SEKm 2025 % 2024 Mar 2025 2024
Labtech 989 15 863 3,923 3,797
Medtech 1,714 0 1,708 6,502 6,496
Group items -1  -1 -7 -7
The Group 2,702 5 2,570 10,418 10,286
EBITA and EBITA margin by business area and operating profit for the Group
 Q1  Q1  Apr 2024-  Full year  
SEKm 2025 % 2024 % Mar 2025 % 2024 %
Labtech 120 12.1 99 11.5 466 11.9 445 11.7
Medtech 231 13.5 198 11.6 779 12.0 746 11.5
Group items -8  -6  -34  -32  
EBITA 343 12.7 291 11.3 1,211 11.6 1,159 11.3
Depreciation and write-down
intangible assets -108  -105  -441  -438  
Operating profit 235 8.7 186 7.3 770 7.4 721 7.0
Finance income and expenses -63  -86  -293  -316  
Profit after financial items 172  100  477  405  
Net sales by revenue type
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Products 731 620 2,792 2,681
Instruments 179 164 815 800
Services 79 79 316 316
Labtech 989 863 3,923 3,797
Products 1,373 1,299 5,356 5,282
Instruments 175 242 482 549
Services 166 167 664 665
Medtech 1,714 1,708 6,502 6,496
Group items -1 -1 -7 -7
The Group 2,702 2,570 10,418 10,286
 
13

===== SIDA 14 =====

Sales per country
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
UK 355 400 1,284 1,329
Ireland 346 342 1,278 1,274
Sweden 299 276 1,120 1,097
Spain 283 232 1,036 985
Norway 225 200 868 843
Denmark 174 161 772 759
Italy 203 157 725 679
Finland 132 131 559 558
Rest of Europe 610 567 2,466 2,423
Rest of the World 75 104 310 339
Total 2,702 2,570 10,418 10,286
 
 
 
14

===== SIDA 15 =====

FINANCIAL INFORMATION
Condensed consolidated income statement
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Net sales 2,702 2,570 10,418 10,286
Cost of sales -1,678 -1,602 -6,503 -6,427
Gross profit 1,024 968 3,915 3,859
Selling expenses -634 -615 -2,508 -2,489
Administrative expenses -147 -150 -592 -595
Research and Development -15 -23 -68 -76
Other operating income and expenses 7 6 23 22
Operating profit 235 186 770 721
Financial income and expenses -63 -86 -293 -316
Profit after financial items 172 100 477 405
Tax -52 -37 -166 -151
Profit for the period 120 63 311 254
     
Attributable to:     
Equity holders of the Parent Company 119 62 309 252
Non-controlling interests 1 1 2 2
     
Earnings per share (EPS) before dilution, SEK 0.98 0.52 2.53 2.06
Earnings per share (EPS) after dilution, SEK 0.98 0.52 2.53 2.06
Average number of shares after repurchases '000s 121,864 121,857 121,864 121,863
Number of shares at end of the period, '000 121,864 121,857 121,864 121,864
     
EBITA 343 291 1,211 1,159
     
Depreciations and write-down included in operating expenses     
- property, plant and equipment -92 -93 -373 -374
- intangible non-current assets from acquisitions -98 -97 -395 -394
- other intangible non-current assets -10 -8 -46 -44
 
15

===== SIDA 16 =====

Consolidated statement of comprehensive income
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Profit for the period 120 63 311 254
Components that may be reclassified to profit for the period     
Foreign currency translation differences for the period -309 156 -298 167
Components that can not be reclassified to profit for the period     
Revaluations of defined benefit pension plans – – 1 1
Tax attributable to items not to be reversed in profit or loss – – 0 0
Other comprehensive income -309 156 -297 168
Total comprehensive income -189 219 14 422
     
Attributable to:     
Equity holders of the Parent Company -190 218 12 420
Non-controlling interests 1 1 2 2
Condensed consolidated balance sheet
 Mar 31 Mar 31 Dec 31
SEKm 2025 2024 2024
Goodwill 5,267 5,476 5,537
Other intangible non-current assets 2,186 2,658 2,403
Property, plant and equipment 1,107 1,147 1,147
Financial non-current assets 36 157 39
Total non-current assets 8,596 9,438 9,126
Inventories 1,652 1,674 1,724
Current receivables 1,727 1,870 1,874
Cash and cash equivalents 368 280 331
Total current assets 3,747 3,824 3,929
Total assets 12,343 13,262 13,055
Total equity 5,121 5,167 5,309
Interest-bearing provisions 90 180 93
Non-interest-bearing provisions 340 417 374
Non-current interest-bearing liabilities 2,800 2,993 4,092
Non-current non-interest-bearing liabilities 3 5 2
Total non-current liabilities 3,233 3,595 4,561
Interest-bearing provisions – – 87
Non-interest-bearing provisions 45 47 54
Current interest-bearing liabilities 1,984 2,544 979
Current non-interest-bearing liabilities 1,960 1,909 2,065
Total current liabilities 3,989 4,500 3,185
Total equity and liabilities 12,343 13,262 13,055
 
16

===== SIDA 17 =====

Condensed consolidated statement of changes in equity
 Jan 1 – Mar 31, 2025  Jan 1 – Dec 31, 2024
SEKm
Equity excl.
non-
controlling
interests
Non-
controlling
interests
Total
equity  
Equity excl.
non-
controlling
interests
Non-
controlling
interests
Total
equity
Amount at beginning of
period 5,306 3 5,309  4,958 2 4,960
Exercised and issued call
options – – –  -12 – -12
Share-based payments 1 – 1  1 – 1
Dividend – – –  -61 -1 -62
Total comprehensive income -190 1 -189  420 2 422
Amount at the end of the
period 5,117 4 5,121  5,306 3 5,309
Condensed consolidated statement of cash flows
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Profit after financial items 172 100 477 405
Adjustment for items not included in cash flow 186 161 808 783
Income tax paid -44 -29 -152 -137
Changes in working capital -74 -135 105 44
Cash flow from operating activities 240 97 1,238 1,095
Net investments in non-current assets -64 -61 -284 -281
Acquisitions and disposals -13 -7 -110 -104
Change in other financial assets 0 0 -1 -1
Cash flow from investing activities -77 -68 -395 -386
Dividend paid to shareholders – – -61 -61
Dividend paid to non-controlling interests – – -1 -1
Exercised and issued call options – -12 – -12
Borrowings/repayment of borrowings, net -4 6 -434 -424
Repayments on lease liability -46 -44 -184 -182
Other financing activities 0 0 -2 -2
Cash flow from financing activities -50 -50 -682 -682
Cash flow for the period 113 -21 161 27
Cash and cash equivalents at beginning of period 331 272 280 272
Exchange differences on cash and cash equivalents -76 29 -73 32
Cash and cash equivalents at end of the period 368 280 368 331
 
17

===== SIDA 18 =====

Key figures
 Rolling 12 months ending
 Mar 31 Dec 31 Mar 31 Dec 31 Dec 31
 2025 2024 2024 2023 2022
Net sales, SEKm 10,418 10,286 9,798 9,685 9,084
EBITDA, SEKm 1,584 1,533 1,440 1,504 1,530
EBITA, SEKm 1,211 1,159 1,060 1,135 1,221
EBITA margin, % 11.6 11.3 10.8 11.7 13.4
Profit growth EBITA, % 14 2 -8 -7 -4
Return on working capital (P/WC), % 53 51 46 50 61
Profit for the period, SEKm 311 254 81 192 483
Return on equity, % 6 5 2 4 10
Financial net liabilities, SEKm 4,506 4,920 5,437 5,192 5,410
Financial net liabilities/EBITDA, multiple 2.8 3.2 3.8 3.5 3.5
Net debt/equity ratio, multiple 0.9 0.9 1.1 1.0 1.1
Equity ratio, % 41 41 39 39 38
Average number of employees 2,298 2,311 2,297 2,284 2,157
Number of employees at end of the period 2,251 2,256 2,289 2,301 2,219
Definitions can be found here. 
Key ratios per share
Attributable to owners of the parent
 Rolling 12 months ending
 Mar 31 Dec 31 Mar 31 Dec 31 Dec 31
 2025 2024 2024 2023 2022
Earnings per share (EPS) before dilution, SEK 2.53 2.06 0.65 1.56 3.96
Earnings per share (EPS) after dilution, SEK 2.53 2.06 0.65 1.56 3.95
Cash flow per share from operating activities,
SEK 10.15 8.98 6.28 6.35 7.46
Shareholders' equity per share, SEK 41.99 43.54 42.38 40.69 40.76
Average number of shares after repurchases,
'000s 121,864 121,863 121,857 121,856 121,779
Average number of shares adjusted for
repurchases and dilution, '000s 121,864 121,863 121,857 121,861 122,254
Number of shares outstanding at end of the
period, '000s 121,864 121,864 121,857 121,857 121,836
Number of shares outstanding at end of the
period after dilution, '000s 121,864 121,864 121,857 121,857 122,312
 
18

===== SIDA 19 =====

Parent company
The Parent Company’s net sales for the interim period amounted to SEK 18m (19) and profit after financial items amounted
to SEK 194m (-94). At the end of the interim period the Parent Company's net financial debt amounted to SEK 4,056m
(4,773). The share capital at the end of the interim period was SEK 62m (62).
Parent Company condensed income statement
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Net sales 18 19 74 75
Administrative expenses -26 -22 -108 -104
Operating profit -8 -3 -34 -29
Interest income/expenses and similar items 202 -91 267 -26
Profit after financial items 194 -94 233 -55
Appropriations – – 135 135
Profit/loss before taxes 194 -94 368 80
Tax -36 – -36 0
Profit for the period 158 -94 332 80
Parent Company condensed balance sheet
 Mar 31 Mar 31 Dec 31
SEKm 2025 2024 2024
Intangible non-current assets 0 0 0
Property, plant and equipment 0 0 0
Financial non-current assets 7,969 7,873 8,059
Total non-current assets 7,969 7,873 8,059
Current receivables 452 406 361
Total current assets 452 406 361
Total assets 8,421 8,279 8,420
Restricted equity 62 62 62
Unrestricted equity 2,809 2,543 2,650
Total equity 2,871 2,605 2,712
Non-current interest-bearing liabilities 2,473 2,655 3,741
Non-current non-interest-bearing liabilities 2 2 2
Total non-current liabilities 2,475 2,657 3,743
Current interest-bearing liabilities 2,996 2,974 1,919
Current non-interest-bearing liabilities 79 43 46
Total current liabilities 3,075 3,017 1,965
Total equity and liabilities 8,421 8,279 8,420
 
19

===== SIDA 20 =====

OTHER INFORMATION
Accounting policies
The interim report has been prepared in accordance with IFRS Accounting Standards, applying IAS 34 Interim Financial
Reporting. Disclosures according to IAS 34.16A are presented not only in the financial statements and accompanying notes
but also in other parts of the interim report. The Parent Company's interim report has been prepared in accordance with the
Swedish Annual Accounts Act and the Securities Market Act which is in compliance with recommendation RFR 2 Accounting
for Legal Entities. The same accounting principles and calculation methods as in AddLife's 2024 annual report have been
applied to the interim report.
Changes in IFRS standards applicable from January 1, 2025, have not had any impact on AddLife's financial statements for
the interim period ended March 31, 2025.
Comparative figures in the interim report for income statement items refer to the value for the period January–March
2024, and for balance sheet items as of December 31, 2024, unless otherwise stated.
Information on Global Minimum Tax
The Group is covered by the OECD's model rules for Pillar II. Legislation on Pillar II has been adopted in Sweden, where
AddLife AB is based, and entered into force on January 1, 2024. The Group's exposure to the legislation under Pillar II has
been calculated and analyzed. The company assesses that the effect is not material in the first quarter of 2025.
Risks and uncertainties
AddLife’s earnings and financial position, as well as its strategic position, are affected by various internal factors within
AddLife’s control and various external factors over which AddLife has limited influence. AddLife’s most significant external
risks are the state of the economy and market trends combined with public sector contracts and policy decisions, as well as
competition. The risks and uncertainties are the same as in previous periods. For more information, see the section “Risks
and uncertainties” in the administration report, in AddLife’s annual report 2024. The parent company is indirectly affected
by the above risks and uncertainties through its function in the Group.
The geopolitical situation in Ukraine and the Middle East has not had any significant economic impact on the financial
reports, but it cannot be ruled out that it may do so in the future. With approximately 90 percent of sales and 80 percent of
purchases in Europe, AddLife should not be heavily exposed to tariffs and trade barriers by the USA or by other countries as
countermeasures. However, there is a risk that subcontractors and components further down the supply chain may be
subject to tariffs or trade barriers. We are closely monitoring market developments regarding inflation, tariffs and trade
barriers, raw material, component and freight costs, as well as interest rate trends.
Transactions with related parties
No transactions with related parties that materially affected the Group’s financial position and earnings took place during
the interim period. 
 
20

===== SIDA 21 =====

Financial instruments
Fair values on financial instruments
The fair value and carrying amount are recognized in the balance sheet as shown in the table below. For quoted securities,
the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. At the reporting date the
Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the
basis of observable market data, level 2. For contingent considerations, a cash flow-based valuation is performed, which is
not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to
essentially correspond to the carrying amount.
 Mar 31, 2025  Dec 31, 2024
 Carrying    Carrying   
SEKm amount Level 2 Level 3  amount Level 2 Level 3
Derivatives measured at fair value through
profit or loss 0 0 –  0 0 –
Total financial assets at fair value per level 0 0 –  0 0 –
Derivatives measured at fair value through
profit or loss 1 1 –  0 0 –
Contingent considerations 90 – 90  106 – 106
Total financial liabilities at fair value per
level 91 1 90  106 0 106
Contingent considerations
 Q1 Q1 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Amount at beginning of period 106 87 82 87
Acquisitions during the period – – 62 62
Consideration paid -13 -7 -51 -45
Revaluation through profit or loss – – 3 3
Reversed through profit or loss – – -7 -7
Interest expenses 0 0 2 2
Exchange differences -3 2 -1 4
Amount at the end of the period 90 82 90 106
Pledged assets and contingent liabilities
 Mar 31 Mar 31 Dec 31
SEKm 2025 2024 2024
Contingent liabilities 52 54 52
 
21

===== SIDA 22 =====

Significant events after the end of the interim period
On April 1, 2025, AddLife signed an agreement to acquire all shares in the UK company Edge Medical Ltd. Edge Medical is
a leading distributor in orthopedic surgery, spinal surgery, and neurology, with operations in the UK and Irish market. The
company has an annual turnover of approximately GBP 8 million with a margin over 30 percent and about 20 employees.
No other significant events for the Group have occurred after the end of the interim period.
 
 
Stockholm April 25, 2025
Fredrik Dalborg
President and CEO
This interim report has not been subject to review by the company's auditors.
 
22

===== SIDA 23 =====

Definitions
Number of employees at the
end of the period
The number of employees in the Group at the end of the reporting period, taking into account
the degree of employment. 
This measure is used to know how many employees the Group has at the end of the year.
Return on equity Profit/loss after tax attributable to shareholders, as a percentage of shareholders'
proportion of average equity.
Return on equity measures from an ownership perspective the return that is given on the
owners' invested capital.
Return on working capital
(P/WC)
EBITA in relation to average working capital.
P/WC is used to analyse profitability and encourage high EBITA earnings and low working
capital requirements.
EBITA Operating profit before amortization and write-down of intangible assets.
EBITA is used to analyse profitability generated by operational activities.
EBITA margin EBITA as a percentage of net sales. 
The EBITA margin is used to analyze value creation from the operating activities.
EBITDA Operating profit before depreciation, amortization and write-down.
EBITDA is used to analyse profitability generated by operational activities.
Equity per share Shareholders' proportion of equity divided by the number of shares outstanding at the end
of the reporting period.
Financial net Financial income minus financial expenses. 
Used to describe the development of the Group's financial activities.
Acquired growth Changes in net sales attributable to business acquisitions compared to the same period the
previous year. 
Acquired growth is used as a component to describe the development of the Group's net
sales, where acquired growth is distinguished from organic growth, divestments, and
currency effects.
Adjusted EBITA EBITA excluding one-off costs.
Increases the comparability of EBITA over time as it is adjusted for the impact of items
considered to be non-recurring in nature and therefore do not reflect the underlying
operations.
Adjusted EBITA margin Adjusted EBITA in relation to net sales.
Used to measure the company's profitability excluding the impact of items considered to be
non-recurring in nature and therefore do not reflect the underlying operations.
One-off costs Primarily refers to restructuring costs and revaluation of contingent considerations. Other
non-recurring items may also be reported as one-off costs if this provides a more accurate
view of the underlying operating result.
 
23

===== SIDA 24 =====

Cash flow from operating
activities per share
Cash flow from operating activities, divided by the average number of shares.
The measure is used to allow investors to easily analyze the amount of surplus from ongoing
operations generated per share.
Net investments in fixed
assets
Investments in fixed assets minus sales of fixed assets. 
The measure is used to analyze the Group's investments in the renewal and development of
tangible fixed assets.
Net debt/equity ratio Financial net liabilities in relation to shareholders’ equity.
Net debt/equity ratio is used to analyse financial risk.
Organic growth Changes in net sales excluding currency effects and acquisitions/divestments compared to
the same period the previous year. 
Organic growth is used to analyze the underlying sales growth driven by changes in volume,
product range, and price for similar products between different periods.
Profit after financial items Profit/loss for the period before tax.
Used to analyse the business’ profitability including financial activities
Earnings per share Shareholders' share of the period's result divided by the number of shares outstanding at
the end of the reporting period.
Earnings per share before
dilution
Shareholders' share of the period's result divided by the average number of outstanding
shares.
Earnings per share after
dilution
Shareholders' share of the period's result divided by a weighted average of the number of
outstanding shares, adjusted for the additional number of shares upon the exercise of
outstanding options.
Profit growth EBITA The period's EBITA decreased by previous period's EBITA divided by the previous period's
EBITA.
Profit growth EBITA is used to analyse asset-creating generated from operational activities.
Financial net liabilities Interest-bearing liabilities and interest-bearing provisions, less cash and cash equivalents.
Net debt is used to monitor debt development and analyse financial leverage and any
necessary refinancing.
Financial net
liabilities/EBlTDA
Financial net liabilities divided by EBITDA.
Financial net liabilities compared with EBITDA provides a key financial indicator for
financial net liabilities in relation to cash-generated operating profit; i.e., an indication of the
ability of the business to pay its debts. This measure is generally used by financial
institutions as a measure of creditworthiness.
Working capital Sum of inventories and accounts receivable, less accounts payable. In the calculation of
P/WC, average working capital is used.
Working capital is used to analyse how much working capital is tied up in the business.
Equity ratio Equity including minority interest as a percentage of total assets.
The equity ratio is used to analyse financial risk and shows how much of the assets are
financed with equity.
 
24

===== SIDA 25 =====

Alternative performance measures
This report contains financial key figures in accordance with the frameworks applied by AddLife, which are based on IFRS.
In addition, there are alternative performance measures (APM) that cannot be directly extracted or derived from the
financial statements. These key figures are essential for understanding and evaluating AddLife's operations and financial
position. They should not be seen as a replacement for the measures defined according to IFRS but rather as a complement
to the financial reporting. Since not all companies calculate financial measures in the same way, these are not always
comparable with measures used by other companies. The key figures are presented below and commented on in other
parts of the interim report.
Return on equity
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
Profit/loss for the period (roll 12 months) 311 81 254
Average equity 5,178 5,158 5,147
Return on equity, % 6 2 5
Return on working capital 
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
EBITA (roll 12 months) 1,211 1,060 1,159
Inventories, average 1,748 1,791 1,743
Accounts receivable, average 1,550 1,475 1,537
Accounts payable, average -1,014 -945 -996
Working capital, average 2,284 2,321 2,284
Return on working capital, % 53 46 51
EBITA and EBITDA
 Mar 31 Mar 31 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
Operating profit 235 186 770 721
Amortization and impairment of intangible
assets 108 105 441 438
EBITA 343 291 1,211 1,159
Depreciation and impairment of tangible assets 92 93 373 374
EBITDA 435 384 1,584 1,533
 
25

===== SIDA 26 =====

Adjusted EBITA
 Mar 31 Mar 31 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
EBITA 343 291 1,211 1,159
One-off costs     
Restructuring reserve Camanio – 6 4 10
Revalued contingent consideration – – -4 -4
Adjusted EBITA 343 297 1,211 1,165
EBITA margin/Adjusted EBITA margin 
 Mar 31 Mar 31 Apr 2024- Full year
SEKm 2025 2024 Mar 2025 2024
EBITA 343 291 1,211 1,159
Net sales 2,702 2,570 10,418 10,286
EBITA margin, % 12.7 11.3 11.6 11.3
     
Adjusted EBITA 343 297 1,211 1,165
Adjusted EBITA margin, % 12.7 11.6 11.6 11.3
Organic growth
 Labtech  Medtech  The Group
 Q1 Q1  Q1 Q1  Q1 Q1
% 2025 2024  2025 2024  2025 2024
Total growth 14.5 -4.6  0.4 9.9  5.1 4.6
(-) Currency effect -0.7 0.2  0.0 1.4  -0.3 1.0
(-) Acquired growth 3.0 –  – –  1.0 –
Organic growth 12.2 -4.8  0.4 8.5  4.4 3.6
         
 Labtech  Medtech  The Group
 Q1 Q1  Q1 Q1  Q1 Q1
SEKm 2025 2024  2025 2024  2025 2024
Total growth 126 -42  6 154  132 113
(-) Currency effect -5 1  -1 23  -6 24
(-) Acquired growth 26 –  – –  26 –
Organic growth 105 -43  7 131  112 89
Profit growth EBITA
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
EBITA (roll 12 months) 1,211 1,060 1,159
(-) Previous year's EBITA (rolling 12 months) 1,060 1,152 1,135
EBITA growth 151 -92 24
Profit growth EBITA, % 14 -8 2
 
26

===== SIDA 27 =====

Financial net liabilities and Net debt/equity ratio
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
Borrowing 4,183 4,871 4,434
Cash and cash equivalents -368 -280 -331
Financial net debt 3,815 4,591 4,103
Pension liability 62 64 62
Lease liability 511 583 531
Contingent considerations 90 82 106
Provisions 28 117 118
Net interest-bearing deb 4,506 5,437 4,920
Total equity 5,121 5,167 5,309
Net debt/equity ratio, multiple 0.9 1.1 0.9
Financial net liabilities/EBlTDA
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
Net interest-bearing deb 4,506 5,437 4,920
EBITDA (roll 12 months) 435 384 1,533
Financial net liabilities/EBITDA, multiple 10.4 14.2 3.2
Equity ratio
 Mar 31 Mar 31 Full year
SEKm 2025 2024 2024
Total equity 5,121 5,167 5,309
Total assets 12,343 13,262 13,055
Equity ratio, % 41 39 41
 
27

===== SIDA 28 =====

The share
The share capital at the end of the interim period amounted to SEK 62m (62). The number of repurchased own shares
amounts to 586,189 Class B, corresponding to 0.5 percent of the total number of shares and 0.4 percent of the votes. The
average purchase price for shares held in treasury amounts to SEK 100.56 per share. The average number of treasury
shares held during the interim period was 586,189 (590,025). The share price at March 31, 2025 was SEK 144.90. 
AddLife has a total of two outstanding incentive programs based on call options, corresponding to a total of 355,800
B shares. Issued call options on repurchased shares have resulted in a calculated dilution effect based on average share
price for the interim period of approximately 0.0 percent (0.0). During the interim period, the 2021/2025 program expired
without impact as the exercise price during the exercise period exceeded the share price.
Outstanding
programmes
Number of
warrants
Corresponding
number of shares
Percentage of
total number of
shares, %
Exercise
price Exercise period
2023/2027 205,800 205,800 0.2 155.99 Jun 1, 2026 – Feb 26,
2027
2022/2026 150,000 150,000 0.1 250.07 Jun 9, 2025 – Feb 27,
2026
Total 355,800 355,800     
AddLife has an outstanding incentive program based on performance shares corresponding to a maximum of 107,760 of
the Company's Class B shares, which represents approximately 0.1 percent of the total number of shares. Participants
receive performance shares provided that employment continues, the investment shares are retained, and the performance
conditions are met. These are based on the average annual profit growth (EBITA) during the period from January 1, 2024,
to December 31, 2026, as well as sustainability-related goals.  During the interim period, SEK 1m (-) has been expensed as
a result of the program.
Outstanding
programmes
Number of
investment
shares
Corresponding
maximum number of
performance shares
Percentage of
total number of
shares, % Vesting period
LTIP 2024 22,565 107,760 0.1 Aug 31, 2024 – Aug 31, 2027
On March 31, 2025 the number of shareholders amounted to 11,197, where of 64.07 percent are Swedish owners with
respect to capital share. The 10 largest shareholders controlled 54.9 percent of number of capital and 64.9 percent of votes.
   Share in %
Shareholders 2025-03-31 Class A-shares Class B-shares of capital of votes
RoosGruppen AB 2,256,408 3,717,339 4.9 16.1
Tom Hedelius 2,066,572 23,140 1.7 12.7
SEB Fonder – 15,020,989 12.3 9.2
AMF Fonder – 10,873,304 8.9 6.7
Odin Fonder – 8,430,008 6.9 5.2
Cliens Fonder – 7,081,446 5.8 4.3
Första AP-fonden – 6,093,647 5.0 3.7
Fidelity Mutual Funds – 4,412,457 3.6 2.7
Vanguard Funds – 4,232,835 3.5 2.6
Tredje AP-fonden – 2,778,240 2.3 1.7
Total the 10 biggest shareholders 4,322,980 62,663,405 54.9 64.9
Other shareholders 249,816 54,627,860 44.6 34.7
Total outstanding shares 4,572,796 117,291,265 99.5 99.6
Repurchased own shares Class B – 586,189 0.5 0.4
Total registered shares 4,572,796 117,877,454 100.0 100.0
Source: Euroclear     
For further information about the share, see AddLife's website: add.life/en/investors/the-share
28

===== SIDA 29 =====

Video conference
Investors, analysts and the media are invited to a video conference where CEO Fredrik Dalborg
and CFO Christina Rubenhag will present the interim report. The presentation will be held in English and takes about
20 minutes, after which there will be an opportunity to ask questions. It will be recorded and made available online. 
The video conference will be held at 9:00 a.m. CEST on April 25, 2025
If you wish to participate via video conference, please follow this link>> 
The presentation is also available on AddLife YouTube >>
Financial calendar
The Annual General Meeting (AGM) of AddLife AB (publ) will be held on May 8, 2025, at 4 p.m. CEST, Stockholm
The interim report for January 1 - June 30, 2025 will be published on July 15, 2025
The interim report for January 1 - September 30, 2025 will be published on October 23, 2025
The year-end report for January 1 - December 31, 2025 will be published on February 4, 2026
For further information, please contact:
Fredrik Dalborg, President and CEO, +46 70 516 09 01
Christina Rubenhag, CFO, +46 70 546 72 22
AddLife's interim report for the first quarter of 2025 is published in Swedish and in an English translation. The Swedish
version takes precedence in the event of any discrepancies between the two versions
 
ADDLIFE IN BRIEF
AddLife is an independent partner in the Life Science industry that offers high-quality products, services and
advice to both the private and public sectors in Europe. AddLife has 2,300 employees in about 85 operating
subsidiaries. The Group currently has net sales of more than SEK 10 billion. AddLife shares are listed on Nasdaq
Stockholm.
 
This information is information that AddLife AB (publ) is obliged to make public pursuant to the EU Market Abuse
Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the
contact person set out above, at 7:45 a.m. CEST on April 25, 2025.
AddLife AB (publ), Box 3145, Brunkebergstorg 5, SE-103 62 Stockholm. info@add.life, www.add.life,
org.nr. 556995-8126
29