===== 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.