FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2025

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

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.