Kvartalsrapport Q3 2025

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

F 
 
MEDCAP AB (PUBL.) 
 
JULY-SEPTEMBER 2025 
INTERIM REPORT

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

JULY-SEPTEMBER 2025 
 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
1 
 
 
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.  
 
SEK MILLION THIRD QUARTER CHANGE JANUARY-SEPTEMBER CHANGE LTM JAN-DEC 
  2025 2024   2025 2024   2025 2024 
Net sales 501.5 413.1 88.4 1 517.0 1 332.5 184.5 1 991.3 1 806.7 
EBITDA  106.9 95.4 11.5 315.8 301.0 14.8 402.5 387.7 
EBITDA, % 21.3% 23.1% -1.8 ppt 20.8% 22.6% -1.8 ppt 20.2% 21.5% 
EBITA  90.1 80.1 10.0 266.5 258.7 7.8 337.2 329.5 
EBITA, % 18.0% 19.4% -1.4 ppt 17.6% 19.4% -1.9 ppt 16.9% 18.2% 
Earnings per share (SEK) 3.4 3.6 -0.2 10.4 11.2 -0.8 13.1 14.0 
                  
Adjusted EBITA 91.1 69.1 22.0 272.8 239.0 33.8 340.1 306.4 
Adjusted EBITA % 18.2% 16.7% 1.4 ppt 18.0% 17.9% 0.1 ppt 17.1% 17.0% 
 
For definitions and explanations, see page 34. 
*) Items affecting comparability consist of:  
2025: Adjustment for transaction costs SEK -1.3 million in the first quarter, SEK -4.0 million in the second quarter and SEK -1.0 
million in the third quarter.   
2024: Adjustment of SEK 5.3 million to contingent consideration liability and acquisition -related negative goodwill of SEK 3.5 
million in the second quarter. Further adjustment of SEK 11.0 million to contingent consideration liability in the third quarter. 
Adjustment of SEK 6.0 million to contingent consideration liability and SEK - 2.6 million for transaction costs in the fourth quarter.
Strong organic and acquired growth; EBITA increased by 32%

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

CEO’S COMMENTS  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
2 
 
“Strong organic and acquired growth; 
EBITA increased by 32%” 
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. 
Third quarter 
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

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

THE MEDCAP GROUP IN BRIEF  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
3 
 
MedCap acquires and develops profitable, market-leading niche life science 
companies, many with international growth ambitions. Operations are conducted 
in three business areas: Assistive Tech, MedTech and Specialty Pharma.  
 
MedCap is an active and long-term owner, with 
independent subsidiaries operated under their 
own brands but benefiting from Group-wide 
strategies and synergies. Our subsidiaries have 
access to resources, expertise, networks and 
active decision-making support that may 
otherwise be difficult to achieve in smaller 
companies. MedCap’s governance is based on a 
clear allocation of mandates, values and 
corporate philosophy, with the aim of creating 
the best possible conditions for profitability and 
growth. 
 Growth through acquisitions is a key element 
of MedCap’s business strategies     
and a critical component of expected future 
growth. This growth comes mainly from add-on 
acquisitions for existing subsidiaries, but is also 
achieved through acquisitions of new core 
holdings of companies based in northern 
Europe that have international potential. 
Acquired companies normally have net sales of 
SEK 50-250 million.  
Each acquired company should have a proven 
business model enabling us to work with its 
management or founder to identify and realise 
the company’s full potential and create 
ambitious plans for further development. 
MedCap is normally a majority shareholder, but 
is happy to co-invest in companies with strong 
entrepreneurs and management as a first step 
towards a larger ownership role.  
 
The Group is listed in Nasdaq Stockholm’s Mid Cap segment. 
Further information can be found at: www.medcap.se

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

NET SALES AND EARNINGS  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
4 
 
   
 
 
JULY-SEPTEMBER 
Net sales 
Net sales for the third quarter increased by 21 
percent to SEK 501.5 (413.1) million. Growth was 
driven by the acquisitions of Danrehab, 
Picomed and Alert-it, and XGX Pharma, 
together with good organic growth in the 
Assistive Tech and MedTech business areas. 
Organic growth for the Group was 9 percent. 
Adjusted for currency effects, net sales 
increased by 23 percent.  
 
Earnings 
EBITA for the third quarter increased by 12 
percent to SEK 90.1 (80.1) million. Earnings were 
negatively affected by transaction costs of SEK 
1.0 million during the quarter. During the third 
quarter of the previous year, an adjustment of 
SEK 11.0 million was made to the contingent 
consideration liability related to the SurgiCube 
and Toul Meditech acquisitions. Adjusted for 
these items affecting comparability, EBITA 
increased by 32 percent.  
Earnings were positively affected by the sales 
growth that took place in all Group segments in 
the third quarter. 
 
 
The EBITA margin was 18.0 (19.4) percent. 
Adjusted for items affecting comparability, the 
EBITA margin was 18.2 (16.7) percent. 
Net financial items amounted to SEK -3.0 (-0.8) 
million and include discounting and translation 
effects of SEK -1.4 (-0.8) million related to 
additional consideration, and unrealised 
currency effects.   
Recognised tax for the third quarter amounted 
to SEK -17.3 (-11.6) million. Recognised tax as a 
proportion of profit before tax was 25.2 percent. 
The deviation from 20.6 percent is mainly an 
effect of differences in tax rates in foreign 
subsidiaries and non-deductible transaction 
costs. 
 
Seasonal effects  
The Group’s operations are affected by seasonal 
fluctuations owing to holiday periods. The third 
quarter is normally weaker than the rest of the 
year. 
1 111
1 229
1 331
1 454
1 587
1 669
1 740 1 789 1 807 1 839
1 903
1 991
620
820
1 020
1 220
1 420
1 620
1 820
2 020
2 220
22Q4
23Q1
23Q2
23Q3
23Q4
24Q1
24Q2
24Q3
24Q4
25Q1
25Q2
25Q3
239
257
285
316
347
374 382 386
365 363
382
405
188 203
232
260
291
319 328 331
306 302 318
340
0
50
100
150
200
250
300
350
400
450
22Q4
23Q1
23Q2
23Q3
23Q4
24Q1
24Q2
24Q3
24Q4
25Q1
25Q2
25Q3
The Group’s net sales LTM (SEK million) 
excluding items affecting comparability 
The Group’s EBITDA and EBITA (line) LTM (SEK 
million) excluding items affecting comparability

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

NET SALES AND EARNINGS  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
5 
 
JANUARY-SEPTEMBER 
Net sales 
Net sales for the period January-September 
increased by 14 percent to SEK 1,517.0 (1,332.5) 
million. Growth was driven by the acquisitions 
of Danrehab, Picomed and Alert-it, and XGX 
Pharma, but also by good organic growth for 
several Group companies in Assistive Tech and 
MedTech. Organic growth for the Group was 5 
percent. 
Adjusted for currency effects, net sales 
increased by 15 percent.  
Earnings  
EBITA for the period January-September 
increased by 3 percent to SEK 266.5 (258.7) 
million. Adjusted EBITA, excluding items 
affecting comparability, increased by 14 percent 
to SEK 272.8 (239.0) million. Earnings were 
positively affected by the sales growth that took 
place during the period. 
 
 
 
The EBITA margin was 17.6 (19.4) percent. The 
adjusted EBITA margin was 18.0 (17.9) percent. 
Net financial items for the period amounted to 
SEK -9.5 (-6.7) million and include discounting 
and translation effects of SEK -2.8 (-2.9) million 
related to additional consideration, and 
unrealised currency effects.  
Recognised tax as a proportion of profit before 
tax was 23.8 percent. The deviation from 20.6 
percent is mainly an effect of differences in tax 
rates in foreign subsidiaries and non-deductible 
transaction costs.

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

FINANCIAL POSITION AND OTHER INFORMATION  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
6 
 
Financial position  
Cash flow from operating activities in the period 
January-September amounted to SEK 191.2 
(233.6) million.  
Cash flow from investing activities was SEK  
-289.5 (-62.7) million and includes the 
acquisitions of Danrehab A/S (SEK -63.9 million) 
and XGX Pharma (SEK -187.8 million). 
Cash flow from financing activities was SEK 
94.0 (-68.5) million and includes the repurchase 
of own shares (SEK -26.1 million) and acquisition 
loans related to XGX Pharma and LivAssured 
totalling SEK 181 million. 
The Group’s cash and cash equivalents at the 
end of the quarter amounted to SEK 358.7 
(287.7) million.  
Net debt amounted to SEK 356.5 (75.0) million. 
Net debt, excl.  IFRS 16, amounted to SEK 84.1  
(-196.6) million. The increase in net debt is 
mainly due to the contingent consideration 
liability relating to the acquisition of XGX 
Pharma. Net debt/EBITDA was 0.9 (0.2) incl. 
IFRS 16 and 0.2 (-0.5) excl. IFRS 16.  
The equity/assets ratio was 56 (63) percent.  
Changes in equity 
The Group’s equity on September 30 was SEK 
1,406.0 (1,198.1) million, distributed as follows: 
1,399.6 (1,193.1) million attributable to Parent 
Company shareholders and SEK 6.4 (4.9) million 
attributable to non-controlling interests. During 
the period January-September, own shares 
were repurchased at a value of SEK 26.1 million. 
The number of shares on September 30 was   
15,044,353. With a quotient value of SEK 0.4 per 
share, the Company’s share capital at the end of 
September was SEK 6,017,741. Basic equity per 
share was SEK 93.0 (80.6) and diluted equity per 
share was SEK 92.9 (79.8).  
Employees 
The average number of employees was 592 
(534). The increase is mainly an effect of 
acquisitions, but also, to some extent, increased 
volumes in some of the Group's production 
units.  
Material risks 
Material risks and uncertainties for the Group 
and Parent Company include business risks in 
the form of exposure to a particular sector 
(pharmaceuticals, medical technology and 
assistive technology) and to individual holdings 
in the portfolio.  
The Group is exposed to short-term price and 
currency risks associated with its business 
activities involving sales and purchases of 
products and materials, and an operational risk 
in the form of loss of major customers.  
Geopolitical changes may affect both demand 
and international supply chains. Uncertainty in 
the global market due to changes in tariffs may 
affect the Group’s sales (even though they are 
essentially to the European market), and may 
lead to increased purchase prices and freight, 
and also affect availability of materials. Inflation 
and cost increases could affect the profitability 
of the Group’s companies if the increases 
cannot be passed on as price increases to 
customers to the same extent. A slowdown in 
the economy could affect demand for the 
Group’s companies. More information can be 
found in the Company’s most recent annual 
report.

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

FINANCIAL POSITION AND OTHER INFORMATION  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
7 
 
Related-party transactions 
Transactions between the Parent Company and 
Group companies during the period January-
September amounted to SEK 26.9 (26.3) million. 
The transactions consisted of management 
fees, re-invoiced costs and interest.  
Significant events after the end of 
the period 
On October 1, it was announced that Abilia, a 
subsidiary of MedCap, had signed an 
agreement to acquire LivAssured in the 
Netherlands. The acquisition was closed on the 
same day. See also note 3.

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

ASSISTIVE TECH BUSINESS AREA  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
8 
 
The companies within Assistive Tech mainly sell assistive devices and welfare 
technology. The customer offering includes both digital and physical aids in areas 
such as cognition, communication, environmental control, alarms, mobility, 
accessibility and orthopaedic aids. Customers include regions, municipalities, 
healthcare providers, property owners and users. The Assistive Tech business area 
includes the operating companies Abilia, Danrehab, Erimed, Huka, Swedelift and 
Trident.  
SEK MILLION THIRD QUARTER CHANGE JANUARY-SEPTEMBER CHANGE LTM JAN-DEC 
  2025 2024   2025 2024   2025 2024 
Net sales 221.2 167.7 53.5 700.8 552.4 148.4 915.6 767.2 
EBITDA 63.8 44.8 19.0 200.4 162.0 38.3 250.3 212.0 
EBITDA margin 28.9% 26.7% 2.1 ppt 28.6% 29.3% -0.7 ppt 27.3% 27.6% 
EBITA 58.4 40.9 17.5 184.4 150.4 34.0 229.4 195.4 
EBITA margin 26.4% 24.4% 2.0 ppt 26.3% 27.2% -0.9 ppt 25.1% 25.5% 
         
Adjusted EBITA 59.2 40.9 18.3 186.4 146.9 39.5 234.0 194.5 
Adjusted EBITA % 26.8% 24.4% 2.4 ppt 26.6% 26.6% 0.0 ppt 25.6% 25.4% 
 
JULY-SEPTEMBER 
Net sales 
The Assistive Tech business area performed 
well, delivering strong growth in the third 
quarter. Net sales increased by 32 percent to 
SEK 221.2 (167.7) million, mainly driven by good 
organic growth and acquisitions. 
Earnings 
The business area’s EBITA was SEK 58.4 (40.9) 
million, an increase of 43 percent. Adjusted 
EBITA increased by 45 percent. The item 
affecting comparability in the quarter is 
transaction costs related to the acquisition of 
LivAssured. Sales growth was the main 
contributor to the earnings improvement.  
The adjusted EBITA margin was strong at 26.8 
(24.4) percent. The strong margin in the quarter 
is primarily due to favourable product mix in 
combination with strong sales in the quarter. 
Abilia  
Abilia works to promote a socially sustainable, 
inclusive society in which people with special 
needs feel safe, independent and involved. The 
company's medical devices enable people to 
organise their daily lives, communicate, control 
their home environment or call for help. 
Abilia continued to experience good demand in 
its home markets of Sweden and Norway, 
where sales also increased based on previously 
completed acquisitions. 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. The latest acquisition is a logical 
next step for a strong epilepsy alarm product 
area in an international market, and is expected 
to contribute to both good growth and 
profitability.

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

ASSISTIVE TECH BUSINESS AREA  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
9 
 
Danrehab, Erimed, Huka, Swedelift & 
Trident 
Danrehab provides hygiene chairs and 
assistive devices with a focus on comfort, ease 
of use, safety and ergonomics for both users 
and carers. 
Erimed sells both proprietary and distributed 
orthopaedic devices that make everyday 
physical life easier for people with mobility 
problems. 
Huka provides customised bicycles to enable 
movement and freedom for both young and 
older people with disabilities. 
Swedelift & Trident work with the keywords 
accessibility, freedom of choice, safety and 
convenience in order to create accessibility 
using lifts and ramps both at home and in the 
community. 
Danrehab, which was acquired in the first 
quarter, continued to perform well. Huka 
continued to experience good demand for its 
new models and in most geographical markets. 
Erimed, Swedelift & Trident had generally stable 
demand, although there were operational 
challenges in some areas.
JANUARY-SEPTEMBER 
Net sales   
The business area’s net sales amounted to SEK 
700.8 (552.4) million, an increase of 27 percent, 
driven by acquisitions combined with good 
organic growth.  
Earnings 
The business area’s EBITA was SEK 184.4 (150.4) 
million, which is 23 percent higher than in the 
previous year. Adjusted EBITA was SEK 186.4 
(146.9) million, which is 27 percent higher than 
in the previous year. The item affecting 
comparability in the period is transaction costs 
related to the acquisitions of Danrehab and 
LivAssured. Sales growth was the main 
contributor to the earnings improvement.  
The adjusted EBITA margin was 26.6 (26.6) 
percent.

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

MEDTECH BUSINESS AREA  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
10 
 
The MedTech companies are mainly engaged in the sale of various medical 
technology products and services. The customer offering includes medical 
devices and software, components for medical device manufacturers, and 
packaging solutions for life science products. Customers are mainly regions, 
hospitals and medtech, nutrition and pharmaceutical companies. The MedTech 
business area includes the operating companies Cardiolex, Inpac, Multi-Ply and 
Toul Meditech. 
SEK MILLION THIRD QUARTER CHANGE JANUARY-SEPTEMBER CHANGE LTM JAN-DEC 
  2025 2024   2025 2024   2025 2024 
Net sales 167.1 142.9 24.2 499.3 454.6 44.8 652.5 607.7 
EBITDA 29.8 38.9 -9.2 100.3 106.9 -6.5 131.7 138.3 
EBITDA margin 17.8% 27.2% -9.4 ppt 20.1% 23.5% -3.4 ppt 20.2% 22.7% 
EBITA 23.2 32.6 -9.4 81.1 91.0 -9.8 106.0 115.8 
EBITA margin 13.9% 22.8% -8.9 ppt 16.2% 20.0% -3.8 ppt 16.2% 19.1% 
         
Adjusted EBITA 23.2 21.6 1.6 81.1 74.7 6.4 100.0 93.6 
Adjusted EBITA % 13.9% 15.1% -1.2 ppt 16.2% 16.4% -0.2 ppt 15.3% 15.4% 
 
JULY-SEPTEMBER 
Net sales 
The MedTech business area delivered good 
growth in the third quarter. Net sales increased 
by 17 percent to SEK 167.1 (142.9) million, largely 
driven by Inpac, which experienced strong 
demand for nutrition products, and good 
growth for Cardiolex, slightly offset, however, by 
lower demand in Multi-ply. 
 
Earnings 
The business area’s EBITA was SEK 23.2 (32.6) 
million, which is 29 percent lower than in the 
previous year. Adjusted EBITA was SEK 23.2 
(21.6) million, which is 7 percent higher than in 
the previous year. The item affecting 
comparability in the comparative period is the 
contingent consideration liability adjustment of 
SEK 11.0 million related to the acquisition of 
SurgiCube and Toul Meditech.  
The adjusted EBITA margin was 13.9 (15.1) 
percent. The weaker margin was mainly due to 
significantly lower net sales for Multi-ply. An 
unfavourable product mix for the business area 
also contributed to a weaker margin in the 
quarter. 
Cardiolex 
Cardiolex develops and sells ECG products and 
software to both large and small hospitals and 
cardiology centres. 
Demand was generally favourable and net sales 
increased both in the Swedish operations, 
aimed at large hospitals, and the German 
operations that manufacture vacuum systems. 
Inpac 
Inpac provides contract manufacturing, mainly 
probiotics and food supplements, and 
packaging solutions for the pharmaceutical 
industry.

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

MEDTECH BUSINESS AREA  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
11 
 
Inpac continued to experience strong demand 
for nutrition products and sales increased 
significantly. Productivity improved in the new 
facility and the old facility was decommissioned 
during the quarter. 
Multi-Ply 
Multi-Ply provides development and 
manufacturing of carbon fibre components for 
medical applications, mainly in the field of 
radiology. 
Multi-ply had a challenging quarter with 
significantly lower net sales. This was expected, 
due to lower demand from one of the 
company's major customers, which is expected 
to increase its volumes again sometime next 
year. Implemented cost reductions have not 
been able to sufficiently compensate for the 
lower volume. At the same time, intensive 
efforts are being made to broaden the 
company's customer base and the project 
portfolio grew during the quarter. 
Toul Meditech 
Toul Meditech offers flexible and cost-effective 
solutions for ultra-clean air in operating 
theatres, hospitals and small clinics, enabling 
both high quality and increased capacity for 
operating theatres. 
Toul saw stable demand in its main markets 
and still intends to establish more sales 
channels to more geographical areas and 
customer segments, and increase production. 
JANUARY-SEPTEMBER 
Net sales 
Net sales for the period January-September 
amounted to SEK 499.3 (454.6) million, an 
increase of 10 percent compared with the 
previous year, driven by good growth, 
particularly for Inpac, which was slightly offset 
by Multi-Ply’s lower demand.  
Earnings 
The business area’s EBITA was SEK 81.1 (91.0) 
million, which is 11 percent lower than in the 
previous year. Adjusted EBITA growth 
amounted to 9 percent.  
The item affecting comparability in the 
comparative period is the contingent 
consideration liability adjustment of SEK 16.3 
million related to the acquisition of SurgiCube 
and Toul Meditech. 
Net sales growth for Inpac was the main 
contributor to the improvement in earnings. 
This was slightly offset by Multi-Ply’s lower 
demand, which also had a negative effect on 
EBITA growth.   
The adjusted EBITA margin was 16.2 (16.4) 
percent.

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

SPECIALTY PHARMA BUSINESS AREA 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
12 
 
The Specialty Pharma companies develop and sell registered and unlicensed 
pharmaceuticals, as well as extemporaneous formulations. Customers are found 
mainly in the pharmacy and pharmaceutical industry, and also include public 
sector customers in regions and municipalities. The Specialty Pharma business 
area includes the operating companies Unimedic Pharma AB and Unimedic AB. 
SEK MILLION THIRD QUARTER CHANGE JANUARY-SEPTEMBER CHANGE LTM JAN-DEC 
  2025 2024   2025 2024   2025 2024 
Net sales 113.2 102.5 10.7 316.9 325.6 -8.7 423.1 431.8 
EBITDA 19.6 16.6 3.0 33.4 48.0 -14.7 44.5 59.2 
EBITDA margin 17.3% 16.2% 1.1 ppt 10.5% 14.8% -4.2ppt 10.5% 13.7% 
EBITA 14.8 11.7 3.1 19.5 33.6 -14.0 26.3 40.3 
EBITA margin 13.1% 11.4% 1.7 ppt 6.2% 10.3% -4.1 ppt 6.2% 9.3% 
                 
Adjusted EBITA 15.1 11.7 3.4 23.8 33.6 -9.8 30.5 40.3 
Adjusted EBITA % 13.3% 11.4% 1.9 ppt 7.5% 10.3% -2.8 ppt 7.2% 9.3% 
 
 
JULY-SEPTEMBER 
Net sales 
The Specialty Pharma business area reported 
net sales of SEK 113.2 (102.5) million for the third 
quarter, an increase of 10 percent compared 
with the previous year. 
Earnings 
EBITA amounted to SEK 14.8 (11.7) million, which 
is 27 percent higher than in the previous year. 
Adjusted EBITA amounted to SEK 15.1 million, 
an increase of 29 percent compared with the 
previous year. The item affecting comparability 
is transaction costs recognised in the third 
quarter. 
The adjusted EBITA margin was 13.3 (11.4) 
percent.  
 
Unimedic Pharma AB 
Unimedic Pharma markets proprietary and in-
licensed drugs in several therapeutic areas, 
predominantly in the Nordic market. The 
company also provides unlicensed 
pharmaceuticals. 
Net sales for the quarter increased, driven by 
the acquisition of XGX Pharma, which was 
completed on July 21. The acquisition adds both 
existing product sales with good profitability, as 
well as a pipeline of additional products 
expected to be registered and launched in the 
coming years. Sales in the registered 
pharmaceutical portfolio increased as a result of 
the acquisition and accounted for 57 percent of 
the business area’s sales in the quarter. 
Volumes of individual products may vary 
between quarters due to the fact that deliveries 
may be made in larger batches to wholesalers 
or hospital warehouses, which contributed 
positively in the quarter.

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

SPECIALTY PHARMA BUSINESS AREA 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
13 
 
 
 
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. 
The unlicensed pharmaceutical business 
showed stable sales in the quarter, accounting 
for 24 percent of the business area’s net sales. 
 
Unimedic AB 
Unimedic's in-house manufacturing unit offers 
product development services and contract 
manufacturing (CDMO) of sterile and non-
sterile liquid pharmaceuticals to partners. 
Net sales for the CDMO business were stable, 
accounting for 19 percent of the business area's 
net sales.  
Ongoing improvement work in the production 
during the year is resulting in slightly higher 
costs. 
 
 
 
JANUARY-SEPTEMBER 
Net sales 
Net sales for the period January-September 
amounted to SEK 316.9 (325.6) million, a decline 
of 3 percent compared with the previous year, 
partly due to lower prices and volumes to the 
UK market and partly due to weaker sales for 
unlicensed pharmaceuticals.  
Earnings 
The business area’s EBITA was SEK 19.5 (33.6) 
million, which is 42 percent lower than in the 
previous year. Adjusted EBITA (i.e. excluding 
transaction costs of SEK 4.3 million) amounted 
to SEK 23.8 (33.6) million, a decline of 29 percent 
compared with the previous year. The negative 
EBITA growth is mainly explained by lower sales 
and royalties from the UK market (which 
decreased after the first quarter of 2024).  
The adjusted EBITA margin was 7.5 (10.3) 
percent.  
 
 
 
 
. 
.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
14 
 
CONSOLIDATED INCOME STATEMENT 
 
SEK MILLION NOTE THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
    2025 2024 2025 2024 2024 
Net sales 1 501.5 413.1 1 517.0 1 332.5 1 806.7 
Other operating income   3.3 12.9 10.2 26.5 35.3 
    504.8 426.0 1 527.3 1 359.1 1 842.0 
Work performed by the Company and 
capitalised   4.2 3.1 16.2 10.7 13.7 
Raw materials and consumables   -219.5 -176.9 -649.7 -550.3 -754.0 
Change in inventories   1.3 -1.5 1.9 -6.6 -9.3 
Other external costs   -55.1 -50.6 -180.4 -168.4 -233.6 
Personnel expenses   -125.6 -102.7 -391.6 -338.4 -464.9 
Other operating expenses   -3.3 -2.0 -7.9 -5.1 -6.4 
Operating profit before depreciation, 
amortisation and impairment 
(EBITDA) 
  106.9 95.4 315.8 301.0 387.7 
              
Depreciation and impairment of 
property, plant and equipment   -16.8 -15.2 -49.3 -42.3 -58.2 
Operating profit before amortisation 
and impairment of intangible assets 
(EBITA) 
  90.1 80.1 266.5 258.7 329.5 
              
Amortisation and impairment of 
intangible assets   -18.6 -14.4 -52.6 -43.2 -57.2 
Operating profit (EBIT)   71.5 65.7 213.9 215.5 272.3 
              
Finance income   4.6 3.7 5.6 7.5 8.3 
Finance costs   -7.6 -4.5 -15.2 -14.2 -19.0 
Net financial items   -3.0 -0.8 -9.5 -6.7 -10.7 
              
Profit before tax   68.5 64.9 204.3 208.8 261.6 
              
Income tax    -17.3 -11.6 -48.7 -42.4 -52.3 
              
Profit for the period   51.3 53.3 155.7 166.5 209.2

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
15 
 
CONSOLIDATED INCOME STATEMENT, CONT’D 
 
 
 
SEK MILLION NOTE THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
    2025 2024 2025 2024 2024 
Profit for the period attributable to             
Parent Company shareholders   51.2 52.9 155.3 165.8 207.4 
Non-controlling interests   0.1 0.4 0.4 0.7 1.9 
Earnings per share, calculated based on 
profit from continuing operations 
attributable to Parent Company 
shareholders: 
            
Basic earnings per share, SEK   3.4 3.6 10.4 11.2 14.0 
Diluted earnings per share, SEK   3.4 3.5 10.3 11.1 14.0 
Average number of shares before dilution   14 985 911 14 807 353 14 981 377 14 807 353 14 818 235 
Avarage number of shares after dilution   15 000 373 14 957 682 15 004 105 14 938 164 14 864 556 
Dilution  14 462 150 329 22 728 130 811 46 321

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
16 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
 
SEK MILLION NOTE THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
    2025 2024 2025 2024 2024 
Profit for the period    51.3 53.3 155.7 166.5 209.2 
Items that may be reclassified to profit or loss:             
Translation differences in foreign operations   -7.8 -7.4 -28.5 4.5 16.0 
Comprehensive income for the period   43.5 45.9 127.2 171.0 225.3 
              
Comprehensive income attributable to:             
Parent Company shareholders   43.4 45.6 127.0 170.3 223.3 
Non-controlling interests   0.1 0.3 0.2 0.7 2.0

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
17 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
SEK MILLION NOTE 2025 2024 2024 
    30 SEPTEMBER 30 SEPTEMBER 31 DECEMBER 
ASSETS         
Non-current assets         
Goodwill   750.7 342.8 362.2 
Other intangible assets   327.4 287.9 304.8 
Property, plant and equipment   120.7 119.9 128.0 
Right-of-use assets   259.4 262.7 274.8 
Financial assets   1.4 0.5 0.6 
Deferred tax asset   6.4 6.7 3.6 
    1 465.9 1 020.5 1 074.0 
Current assets         
Inventories   305.9 266.8 268.9 
Current tax asset   21.8 19.0 16.4 
Trade and other receivables    328.5 300.1 262.0 
Cash and cash equivalents    358.7 287.7 370.1 
    1 015.0 873.7 917.4 
TOTAL ASSETS   2 480.8 1 894.1 1 991.4 
 
The increase in goodwill during the period is due to the of acquisition of Danrehab and XGX Pharma, see note 3.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
18 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION, 
CONT’D 
 
SEK MILLION NOTE 2025 2024 2024 
    30 SEPTEMBER 30 SEPTEMBER 31 DECEMBER 
EQUITY AND LIABILITIES         
Equity attributable to Parent Company 
shareholders                                                   1 399.6 1 193.1 1 282.0 
Equity attributable to non-controlling interests   6.4 4.9 6.2 
TOTAL EQUITY   1 406.0 1 198.1 1 288.2 
          
Non-current liabilities         
Liabilities to credit institutions 2.4 197.1 54.0 48.8 
Other non-current liabilities   146.5 0.5 7.5 
Liabilities related to right-of-use assets   230.5 242.1 248.6 
Provisions   4.3 4.6 4.7 
Deferred tax liabilities   62.3 62.9 62.1 
    640.6 364.1 371.6 
Current liabilities         
Liabilities to credit institutions 2.4 36.6 21.9 25.2 
Liabilities related to right-of-use assets   41.9 29.5 35.4 
Current tax liabilities   35.2 41.9 42.1 
Trade and other payables 4 320.5 238.6 228.7 
    434.2 331.9 331.5 
          
TOTAL EQUITY AND LIABILITIES   2 480.8 1 894.1 1 991.4 
The increase in other non-current liabilities mainly consists of a contingent consideration liability related to the 
acquisitions of Danrehab and XGX Pharma, see note 4.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
19 
 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
SEK MILLION   
Equity attributable 
to Parent Company 
shareholders 
Equity attributable 
to non-controlling 
interests Total Equity 
          
Equity, January 1, 2024   1 022.9 4.2 1 027.1 
          
Profit for the period   165.8 0.7 166.5 
Other comprehensive income   4.5 0.1 4.5 
Comprehensive income for the period   170.3 0.7 171.0 
          
Equity, September 30, 2024   1 193.1 4.9 1 198.1 
          
Equity, January 1, 2025   1 282.0 6.2 1 288.2 
          
Profit for the period   155.3 0.4 155.7 
Other comprehensive income   -28.3 -0.2 -28.5 
Comprehensive income for the period   127.0 0.2 127.2 
Employee share options    1.7 – 1.7 
Repurchased shares   -26.1 – -26.1 
New share issue   15.5 – 15.5 
Debt instruments measured at fair value   -0.5 – -0.5 
Equity, September 30, 2025   1 399.6 6.4 1 406.0

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
20 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
SEK MILLION   THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
  Note 2025 2024 2025 2024 2024 
Cash flow from operating activities             
Operating profit before financial items   71.5 65.7 213.9 215.5 272.3 
Depreciation, amortisation and impairment   35.4 29.7 101.9 85.5 115.4 
Other non-cash items   -5.6 -7.9 -6.4 -21.6 -27.4 
Interest received   1.5 2.2 4.0 5.9 8.3 
Interest paid   -2.2 -1.8 -3.9 -4.4 -6.6 
Income tax paid   -12.2 -11.3 -71.3 -64.3 -73.6 
Cash flow from operating activities before 
changes in working capital   88.4 76.6 238.2 216.5 288.3 
              
Increase/decrease in inventories   1.5 9.2 -12.4 31.1 42.3 
Increase/decrease in operating receivables   -6.5 1.5 -50.9 -6.9 44.1 
Increase/decrease in operating liabilities   -21.6 -17.1 16.4 -7.2 -14.7 
Cash flow from operating activities   61.9 70.2 191.2 233.6 360.0 
              
Cash flow from investing activities             
Acquisition of subsidiaries 3 -187.8 – -251.7 -17.3 -62.7 
Purchase of property, plant and equipment    -3.6 -7.3 -13.1 -30.9 -41.7 
Purchase of intangible assets   -7.9 -3.8 -25.2 -14.5 -24.5 
Increase/decrease in current financial assets   0.4 – – – 0.2 
Disposal of non-current assets   – – 0.6 – -0.1 
Cash flow from investing activities   -198.9 -11.1 -289.5 -62.7 -128.8 
              
Cash flow from financing activities             
Proceeds from borrowings   181.0 – 181.0 – – 
Repayments   -22.5 -22.8 -79.1 -47.9 -67.0 
New share issue   – – 15.5 – 35.9 
Repurchase of own shares   – – -26.1 – – 
Option premiums   – – 1.7 – – 
Increase/decrease in short-term credit   2.7 -7.3 1.0 -20.6 -15.0 
Cash flow from financing activities   161.2 -30.2 94.0 -68.5 -46.1 
Decrease/increase in cash and cash equivalents   24.1 28.9 -4.3 102.4 185.2 
Cash and cash equivalents at beginning of 
period   335.1 262.8 370.1 188.2 188.2 
Exchange difference in cash and cash 
equivalents   -0.4 -4.0 -7.1 -2.9 -3.2 
Cash and cash equivalents at end of the period   358.7 287.7 358.7 287.7 370.1 
 
Two acquisitions were made during the period January-September: Danrehab A/S and XGX Pharma ApS. See 
also note 3. Proceeds from borrowings during the period refer to loans related to XGX Pharma and LivAssured, 
which were acquired on October 1, but for which the loan was disbursed at the end of September.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
21 
 
PARENT COMPANY INCOME STATEMENT 
 
SEK MILLION   THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
    2025 2024 2025 2024 2024 
Net sales   3.2 3.0 10.8 10.5 13.5 
Other income   1.4 1.3 1.4 1.4 1.4 
Total   4.6 4.3 12.2 11.9 14.9 
              
Other external costs   -3.4 -3.8 -8.0 -8.1 -9.8 
Personnel expenses   -4.3 -2.6 -12.1 -9.7 -13.9 
Depreciation/amortisation   0.0 -0.1 -0.1 -0.2 -0.2 
Operating profit   -3.2 -2.2 -8.0 -6.0 -8.9 
Interest and similar income   8.7 10.4 25.6 27.7 35.0 
Interest and similar expenses   -3.8 -2.0 -5.6 -5.2 -7.0 
Profit before appropriations and tax   1.7 6.2 12.0 16.5 19.1 
Group contributions   – – – – 12.0 
Tax on profit for the period   -0.6 0.0 -0.6 0.0 -0.1 
Profit for the period    1.1 6.2 11.4 16.4 31.0 
 
The Parent Company’s net sales consist of invoiced management fees. Internal interest accounted for SEK 16.1 
(15.8) million of profit before appropriations and tax for the period January-September.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
22 
 
CONDENSED PARENT COMPANY BALANCE SHEET 
 
SEK MILLION NOTE 2025 2024 2024 
    30 SEPTEMBER 30 SEPTEMBER 31 DECEMBER 
ASSETS         
Non-current assets         
Intangible assets   0.0 0.2 0.1 
Financial assets   665.8 574.1 586.1 
    665.8 574.3 586.3 
Current assets         
Trade and other receivables    2.3 2.9 1.6 
Receivables from Group companies   7.2 6.5 6.2 
Cash pool receivables from Group companies   58.0 57.6 66.5 
Cash and cash equivalents   267.1 213.4 256.7 
    334.7 280.4 331.0 
          
TOTAL ASSETS   1 000.5 854.7 917.3 
          
EQUITY AND LIABILITIES         
Restricted equity   40.1 40.0 40.1 
Unrestricted equity   682.9 630.0 680.4 
TOTAL EQUITY   723.0 670.1 720.5 
          
Non-current liabilities         
Liabilities to Group companies   1.3 1.3 1.3 
    1.3 1.3 1.3 
Current liabilities         
Cash pool liabilities to Group companies   268.4 177.1 188.7 
Liabilities to Group companies   0.2 0.1 0.2 
Current tax liabilities   0.0 – 0.0 
Trade and other payables 4 7.6 6.1 6.5 
    276.2 183.4 195.4 
          
TOTAL EQUITY AND LIABILITIES   1 000.5 854.7 917.3 
 
There were no investments in intangible assets and property, plant and equipment during the period or 
comparative period.

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

DECLARATION BY THE BOARD OF DIRECTORS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
23 
 
DECLARATION BY THE BOARD OF DIRECTORS 
 
The Board of Directors and the CEO of MedCap AB hereby declare that the interim report provides a 
true and fair overview of the operations, financial position and performance of the Parent Company 
and Group and describes significant risks and uncertainties faced by the Parent Company and 
Group companies. 
 
Stockholm, October 24, 2025 
MedCap AB (publ) 
 
Karl Tobieson 
Chairman of the Board 
Otto Ankarcrona 
Board member 
Malin Enarson 
Board member 
 
David Jern 
Board member 
 
Lena Söderström 
Board member 
 
Anna Törner 
Board member 
  
Anders Dahlberg 
CEO 
 
 
 
This information is information that MedCap AB is obliged to make public pursuant to the EU Market Abuse Regulation and the 
Swedish Securities Markets Act. The information was submitted through the agency of the contact person below for publication 
at 06.30 CEST on October 24. 
This is a translation of the Swedish interim report of MedCap AB (publ.). In the event of inconsistency between the English and  
the Swedish version, the Swedish version shall prevail.  
 
This report has been reviewed by the Company's auditor.  
 
Contact details 
Anders Dahlberg, CEO, +46 704 269 262 
 
MedCap AB (publ) Corp ID 556617-1459 
Engelbrektsgatan 9-11, SE-114 32 Stockholm +46 8 34 71 10  
www.medcap.se 
FINANCIAL CALENDAR 
Year-end Report 2025, February 6, 2026 
Interim Report 1 2026, April 29, 2026 
Interim Report 2 2026, July 21, 2026 
Interim Report 3 2026, October 23, 2026

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

AUDITOR’S REVIEW REPORT 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
24 
 
 
 
Review report 
To the Board of Directors of MedCap AB (publ) 
Corp. ID 556617-1459 
Introduction 
We have reviewed the condensed interim financial information (interim report) for MedCap AB 
(publ) as of September 30, 2025 and the nine-month period then ended. The Board of Directors and 
the CEO are responsible for the preparation and presentation of this interim report in accordance 
with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on 
this interim report based on our review. 
Focus and scope of the review 
We conducted our review in accordance with the International Standard on Review Engagements 
ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity. A review of interim financial information consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review 
procedures. A review has a different focus and is substantially smaller in scope than an audit 
conducted in accordance with ISA and other generally accepted auditing practices,  and 
consequently does not enable us to obtain assurance that we would become aware of all significant 
matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim 
report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the 
Annual Accounts Act and for the Parent in accordance with the Annual Accounts Act.  
Stockholm, October 24, 2025 
 
KPMG AB  
  
Ola Larsmon 
Authorised Public Accountant

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

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
25 
 
 
ACCOUNTING AND MEASUREMENT POLICIES 
The interim report has been prepared in accordance with the IFRS adopted by the EU and the IFRIC 
interpretations of applicable standards adopted by the EU. The interim report for the Group has 
been prepared in accordance with IAS 34, Interim Financial Reporting, and applicable provisions of 
the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in 
accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Reports, and RFR 2, 
Accounting for Legal Entities. For the Group and Parent Company, the same accounting policies 
and computation methods have been applied as in the most recent annual report. No other 
standards, amendments or interpretations effective for annual financial periods beginning on or 
after January 1, 2025 have had any material impact on the Group's financial statements. 
 
NOTES 
Note 1 Operating segments 
Management has established operating segments based on the information that is dealt with by 
the CEO and used to make strategic decisions. The CEO assesses the business by operating 
segment. The operating segments for which information is disclosed derive their revenues primarily 
from the sale and production of assistive technology, medical devices, software and components, 
packaging and pharmaceuticals.  
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
THIRD QUARTER 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Segment net sales 221.2 167.7 167.1 142.9 113.2 102.5 – – 501.5 413.1 
EBITDA 63.8 44.8 29.8 38.9 19.6 16.6 -6.3 -5.0 106.9 95.4 
Depreciation/amortisation 
of property, plant and 
equipment and   
intangible assets -17.6 -11.8 -10.8 -10.7 -6.5 -6.7 -0.5 -0.6 -35.4 -29.7 
Operating profit 46.2 33.1 19.0 28.3 13.0 9.9 -6.8 -5.5 71.5 65.7 
Finance income and costs -0.7 -2.0 -3.6 -4.2 -3.6 -3.0 4.9 8.5 -3.0 -0.8 
Profit before tax 45.5 31.1 15.4 24.1 9.5 6.8 -1.8 2.9 68.5 64.9 
 
 
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
JANUARY-SEPTEMBER 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Segment net sales 700.8 552.4 499.3 454.6 316.9 325.6 – – 1 517.0 1 332.5 
EBITDA 200.4 162.0 100.3 106.9 33.4 48.0 -18.3 -15.9 315.8 301.0 
Depreciation/amortisation 
of property, plant and 
equipment and   
intangible assets -51.1 -35.0 -31.7 -28.8 -17.6 -20.2 -1.5 -1.6 -101.9 -85.5 
Operating profit 149.3 127.1 68.7 78.1 15.7 27.9 -19.8 -17.6 213.9 215.5 
Finance income and costs -9.2 -7.5 -11.0 -13.1 -9.4 -8.7 20.1 22.7 -9.5 -6.7 
Profit before tax 140.1 119.6 57.7 65.0 6.3 19.1 0.3 5.1 204.3 208.8

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

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
26 
 
 
Note 1 Operating segments (cont’d) 
 
Net sales by product category 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
THIRD QUARTER 2025 2024 2025 2024 2025 2024 2025 2024 
Pharmaceuticals – – 3.2 0.9 108.8 98.5 112.0 99.4 
Assistive technology 221.1 167.1 – – – – 221.1 167.1 
Medical devices – – 72.4 80.8 – – 72.4 80.8 
Nutrition and other food – – 82.7 54.4 2.5 1.8 85.3 56.2 
Other 0.1 0.6 8.8 6.7 1.9 2.2 10.8 9.5 
  221.2 167.7 167.1 142.9 113.2 102.5 501.5 413.1 
 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
JANUARY-SEPTEMBER 2025 2024 2025 2024 2025 2024 2025 2024 
Pharmaceuticals – – 8.7 6.9 300.5 309.7 309.2 316.6 
Assistive technology 700.4 551.3 – – – – 700.4 551.3 
Medical devices – – 232.2 243.4 – – 232.2 243.4 
Nutrition and other food – – 233.6 180.0 9.2 7.6 242.8 187.6 
Other 0.4 1.1 24.7 24.3 7.2 8.3 32.3 33.7 
  700.8 552.4 499.3 454.6 316.9 325.6 1 517.0 1 332.5 
 
Net sales by geographical region 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
THIRD QUARTER 2025 2024 2025 2024 2025 2024 2025 2024 
Sweden  78.6 73.9 70.8 52.8 70.7 75.5 220.1 202.2 
Nordic (excl. Sweden) 100.2 62.2 19.3 15.9 38.5 22.9 158.0 101.0 
Europe (excl. Nordic) 37.7 29.4 74.5 58.0 3.0 4.1 115.3 91.5 
Rest of the world 4.6 2.2 2.6 16.2 1.0 – 8.1 18.4 
  221.2 167.7 167.1 142.9 113.2 102.5 501.5 413.1 
 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
JANUARY-SEPTEMBER 2025 2024 2025 2024 2025 2024 2025 2024 
Sweden  273.8 259.4 206.4 176.8 203.9 232.0 684.1 668.1 
Nordic (excl. Sweden) 305.2 207.8 56.3 53.1 83.3 64.7 444.7 325.7 
Europe (excl. Nordic) 111.1 77.9 209.6 177.0 28.0 27.1 348.6 281.9 
Rest of the world 10.8 7.3 27.1 47.7 1.7 1.8 39.6 56.8 
  700.8 552.4 499.3 454.6 316.9 325.6 1 517.0 1 332.5

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

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
27 
 
Note 2 Pledged assets and contingent liabilities 
 
 
 
SEK MILLION GROUP PARENT COMPANY 
  2025 2024 2025 2024 
PLEDGED ASSETS 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 
Floating charges  87.7 81.6 - - 
Pledged inventory 27.4 23.9 - - 
Shares in subsidiaries  597.1 638.9 126.9 155.2 
Blocked funds – 0.7 - - 
Pledged trade receivables 16.8 15.5 - - 
Other 8.1 0.5 - - 
Total pledged assets 737.1 761.1 126.9 155.2 
          
  2025 2024 2025 2024 
CONTINGENT LIABILITIES 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 
  General 
guarantee 
General 
guarantee 
General 
guarantee 
General 
guarantee 
 
Guarantees between MedCap AB and all subsidiaries, apart from Multi-Ply, Inpac AB and MedCap Surgical 
Holding AB, are in place for all borrowings through Danske Bank. MedCap AB has a guarantee commitment to 
the subsidiary Inpac’s lessor, related to leasing of premises. The lease will run for 15 years from inception in 2024. 
The annual rent amounts to approximately SEK 10 million.

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

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
28 
 
Note 3 Business acquisitions 
 
Danrehab  
On January 31, MedCap announced the acquisition of Danrehab A/S through its subsidiary Abilia. 
Abilia acquires 85% of the company and Danrehab’s current CEO remains with 15% ownership. 
Danrehab provides hygiene chairs and bed aids with a focus on comfort, ease of use, safety and 
ergonomics for both users and carers. The company, which has 16 employees, had net sales of 
approximately DKK 42 million with good profitability in 2024. The acquisition complements the 
Assistive Tech business area and represents a step into the Danish market. 
The acquisition of Danrehab AS has had an effect of SEK 47 million on the Group's net sales,   
SEK 9.2 million on EBITA, SEK 7.6 million on operating profit and SEK 5.9 million on profit after tax for 
the period. If the acquisition had been completed on January 1, 2025, the effect would have been as 
follows: net sales SEK 51.3 million, EBITA SEK 10.0 million, operating profit SEK 8.3 million and profit 
after tax for the period SEK 6.4 million. 
Total acquisition costs amounted to SEK 3.8 million, of which SEK 1.3 million was charged to profit for 
the year. 
 
XGX Pharma 
On June 25, MedCap announced the acquisition of XGX Pharma ApS (“XGX”) in Denmark, through its 
subsidiary Unimedic Pharma AB. On July 21, MedCap announced that the acquisition of XGX Pharma 
had been completed.  
XGX is a fast-growing specialty pharma company with a pipeline of new products. XGX currently has 
seven products on the market, primarily in the Nordics. The company's pipeline consists of 20 niche 
products in either late-stage development or the registration phase. Product launches from this 
pipeline are expected in the coming years. XGX's net sales for the last 12-month period amounted to 
DKK 51 million, 91 percent growth compared with the same period in the previous year. The EBITDA 
margin for the last 12 months was 35 percent. 
The acquisition of XGX positions Unimedic as one of the leading Nordic specialty pharma 
companies, with higher profitability, organic growth and a broad pipeline of niche products. Many of 
the pipeline products are proprietary, which provides good opportunities for out-licensing outside 
the Nordic countries. 
The acquisition of XGX AS has had an effect of SEK 16.9 million on the Group's net sales, SEK 7.7 
million on EBITA  
, SEK 6.9 million on operating profit and SEK 5.4 million on profit after tax for the period. If the 
acquisition had been completed on January 1, 2025, the effect would have been as follows: net sales 
SEK 63.8 million, EBITA SEK 27.1 million, operating profit SEK 24.3 million and profit after tax for the 
period SEK 23.9 million. 
Total acquisition expenses amounted to SEK 4.3 million.

===== SIDA 30 =====

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
29 
 
Note 3 Business acquisitions, cont’d 
 
LivAssured  
On October 1, MedCap announced the acquisition of LivAssured in the Netherlands. 
LivAssured's product Nightwatch is a medical device that detects epileptic seizures, and has been in 
development for over 10 years with significant commercial success in Europe in recent years. The 
company currently has annual net sales of approximately EUR 4 million and 15 employees, and has 
an ambitious growth plan. The acquisition complements the Assistive Tech business area and 
Abilia's offering.  
The acquisition is being conducted at a cash consideration of EUR 9.5 million at closing and a 
deferred payment of EUR 0.5 million for 100% of the company's shares, and a potential additional 
consideration of up to EUR 4 million, contingent on gross profit growth in 2026. The acquisition is 
expected to have a marginally positive impact on MedCap's earnings during the current financial 
year. 
Acquisition costs of SEK 0.8 million were recognised during the quarter and charged to earnings for 
the quarter.

===== SIDA 31 =====

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
30 
 
Note 3 Business acquisitions, cont’d 
MSEK   Danrehab XGX Pharma 
Date of acquisition   2025-02-01 2025-07-21 
Acquired share    85% 100.00% 
       
Cost       
Of which cash payment   65.8 204.7 
Of which remaining consideration     9.2 180.4 
Of wich put-call option     9.5   
Total cost   84.4 385.1 
       
Intangible assets   28.8 28.8 
Tangible assets incl Right-of-use assets   3.1 1.3 
Current assets incl cash   28.1 38.7 
Non-current liabilities incl. deferred tax   -19.7 -5.8 
Current liabilites   -5.9 -23.9 
Net identifiable assets acquired   34.3 39.0 
Goodwill     50.0 346.1 
Net assets acquired   84.4 385.1 
       
Cash consideration paid   65.8 204.7 
Acquired cash    -1.8 -16.9 
Effect on cash flow   63.9 187.8 
 
The acquisition analysis for XGX Pharma is preliminary. 
 
As there is a call and put option in the shareholder agreement related to the Danrehab acquisition 
and the minority interest is considered to be non-controlling, the acquisition is recognised at 100% 
and a financial liability is recognised. See also note 4.

===== SIDA 32 =====

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
31 
 
Note 4 Financial instruments 
 
Financial liabilities and assets are recognised at amortised cost, apart from the contingent 
consideration liability, and the liability for call and put options, which are recognised at fair value. See 
the table below. The carrying amounts of loan receivables, trade and other receivables, cash and 
cash equivalents, loan liabilities, and trade and other payables are a reasonable approximation of 
their fair values. 
  
SEK MILLION 2025 2024 2024 
  30 SEPTEMBER 30 SEPTEMBER 31 DECEMBER 
LIABILITIES MEASURED AT FAIR VALUE 
Carrying 
amount Fair value 
Carrying 
amount Fair value 
Carrying 
amount Fair value 
Opening balance 19.5 19.5 28.2 28.2 28.2 28.2 
Acquistion, earn-outs 189.2 189.2 0.7 0.7 10.7 10.7 
Acquistion, put and call options 9.1 9.1 – – – – 
Settlement during the year -12.5 -12.5 -0.7 -0.7 -0.7 -0.7 
Remeasurements in Profit and loss 4.5 4.5 -14.0 -14.0 -19.4 -19.4 
Remeasurements in Equity 0.5 0.5 – – 0.0 0.0 
Exchange difference -1.6 -1.6 0.5 0.5 0.7 0.7 
Closing balance 208.6 208.6 14.7 14.7 19.5 19.5 
 
 
During the first quarter, MedCap acquired 85% of the shares in Danrehab A/S (see note 3). As there is 
a call and put option in the shareholder agreement and the minority interest is deemed to be non-
controlling, the acquisition is recognised at 100% and a financial liability of SEK 9.1 million is 
recognised on the line acquisitions, call and put options. The liability for the outstanding 15 percent 
has been valued in the same way as the acquired 85 percent. The liability has been discounted to 
present value using a discount rate of 12 percent. The purchase consideration was partly contingent 
on performance, based on EBITDA development. The best estimate at this financial closing date is 
that the performance will be achieved and full provision has therefore been made. A contingent 
consideration liability of SEK 8.8 million has been recognised (see acquisitions, contingent 
consideration in the table above). The liability has been discounted to present value using a discount 
rate of 12 percent. 
During the third quarter of the year, MedCap acquired 100% of the shares in XGX Pharma (see note 
3). The purchase consideration is partly contingent on gross profit growth in 2025 and 2026. The best 
estimate at this financial closing date is that the performance will be achieved and full provision has 
therefore been made. A contingent consideration liability of SEK 180,4 million has been recognised 
(see acquisitions, contingent consideration in the table above). The liability has been discounted to 
present value using a discount rate of 12.5 percent. 
The contingent consideration liability related to Swedelift was settled during the second quarter and 
the contingent consideration liability related to Picomed was partly settled during the third quarter.

===== SIDA 33 =====

NOTES  
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
32 
 
 
Note 5 Use of alternative performance measures 
 
In this report, reference is made to a number of alternative performance measures that are used to 
help investors and management analyse the Company’s operations. The different measures which 
are used to complement the financial information reported under IFRS but which are not explained 
in the report are described below. For definitions, see page 34. 
 
EBITDA, incl. and excl. IFRS 16 
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
THIRD QUARTER 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Operating profit 46.2 33.1 19.0 28.3 13.0 9.9 -6.8 -5.5 71.5 65.7 
Depreciation/amortisation 17.6 11.8 10.8 10.7 6.5 6.7 0.5 0.6 35.4 29.7 
EBITDA, incl. IFRS 16 63.8 44.8 29.8 38.9 19.6 16.6 -6.3 -5.0 106.9 95.4 
IFRS 16 effect on EBITDA -4.8 -3.8 -4.1 -3.8 -3.5 -3.5 -0.1 -0.2 -12.5 -11.3 
EBITDA, excl. IFRS 16 59.1 41.0 25.7 35.1 16.1 13.1 -6.4 -5.1 94.4 84.1 
 
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
JANUARY-SEPTEMBER 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Operating profit 149.3 127.1 68.7 78.1 15.7 27.9 -19.8 -17.6 213.9 215.5 
Depreciation/amortisation 51.1 35.0 31.7 28.8 17.6 20.2 1.5 1.6 101.9 85.5 
EBITDA, incl. IFRS 16 200.4 162.0 100.3 106.9 33.4 48.0 -18.3 -15.9 315.8 301.0 
IFRS 16 effect on EBITDA -14.4 -11.3 -11.6 -8.2 -10.4 -10.9 -0.5 -0.4 -36.9 -30.9 
EBITDA, excl. IFRS 16 186.0 150.8 88.7 98.6 23.0 37.1 -18.7 -16.4 279.0 270.1 
 
 
Working capital 
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
30 SEPTEMBER 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Inventory 142.4 106.0 78.0 76.9 85.5 83.9 – – 305.9 266.8 
Trade receivables 112.8 86.0 90.3 76.7 73.1 80.4 -0.4 -0.3 275.8 242.9 
Trade payables -35.1 -27.6 -35.6 -22.5 -33.4 -32.9 -0.7 -1.1 -104.7 -84.0 
Working capital 220.1 164.4 132.6 131.2 125.3 131.4 -1.1 -1.4 477.0 425.7

===== SIDA 34 =====

KEY PERFORMANCE MEASURES AND DEFINITIONS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
33 
 
KEY PERFORMANCE MEASURES 
 
SEK MILLION THIRD QUARTER JANUARY-SEPTEMBER JAN-DEC 
  2025 2024 2025 2024 2024 
Return on equity, % (LTM) 14.7 20.6 14.7 20.6 18.0 
Basic equity per share, SEK 93.4 80.6 93.4 80.6 85.6 
Diluted equity per share, SEK 93.3 79.8 93.3 79.9 85.4 
Earnings per share, SEK 3.4 3.6 10.4 11.2 14.0 
Adjusted Earnings per share, SEK 3.5 2.8 10.8 9.9 12.4 
Equity/assets ratio, % 56.4 63.0 56.4 63.0 64.4 
            
Number of shares 14 985 911 14 807 353 14 985 911 14 807 353 14 972 853 
Average number of shares 14 985 911 14 807 353 14 981 377 14 807 353 14 818 235 
Number of shares after dilution  15 000 373 14 957 682 15 004 105 14 938 164 14 864 556

===== SIDA 35 =====

KEY PERFORMANCE MEASURES AND DEFINITIONS 
 
INTERIM REPORT       JULY-SEPTEMBER 2025      MEDCAP 
34 
 
DEFINITIONS OF TERMS USED IN THE REPORT 
 
EBITDA  Earnings before interest, taxes, depreciation and amortisation 
Adjusted EBITDA  EBITDA excluding items affecting comparability 
EBITA Earnings before interest, taxes and amortisation 
Working capital Inventories plus trade receivables less trade payables 
Equity/assets ratio  Equity attributable to Parent Company shareholders as a percentage of 
total assets 
Return on equity Profit for the period attributable to Parent Company shareholders as a 
percentage of average equity  
Equity per share Equity attributable to Parent Company shareholders divided by the 
number of shares outstanding at the end of the period 
Earnings per share Profit for the period attributable to Parent Company shareholders 
divided by the average number of shares during the period 
 
In this report, MedCap presents data used by management to assess the Group’s performance. 
Some of the financial measures presented are not defined under IFRS. The Company believes that 
these measures provide valuable supplementary information to stakeholders and management as 
they contribute to the evaluation of relevant trends and the Company’s performance. As not all 
companies calculate financial measures in the same way, these are not always comparable with 
measures used by other companies. These financial measures should therefore not be considered to 
be a substitute for measures defined under IFRS.