Kvartalsrapport Q1 2026

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F 
 
MEDCAP AB (PUBL.) 
 
JANUARY-MARCH 2026 
INTERIM REPORT

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

JANUARY-MARCH 2026 
 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
1 
 
 
 
FIRST QUARTER, JANUARY-MARCH  
• The Group’s net sales amounted to SEK 556.6 (493.8) million, an increase of 13 percent.  
• The Group’s EBITA was SEK 109.6 (82.9) million, an increase of 32 percent. EBITA adjusted for 
items affecting comparability*) amounted to 109.6 (84.2) million, an increase of 30 percent.  
• The EBITA margin was 19.7 (16.8) percent. Adjusted for items affecting comparability*), the 
margin was 19.7 (17.0) percent. 
• Profit after tax amounted to SEK 55.7 (50.7) million.  
• Earnings per share amounted to SEK 3.7 (3.4). Adjusted earnings per share amounted to SEK 
3.7 (3.4)*). 
• Cash flow from operating activities was SEK 51.7 (55.4) million.  
 
 
SEK MILLION FIRST QUARTER CHANGE LTM JAN-DEC 
  2026 2025   2026 2025 
Net sales 556.6 493.8 62.9 2 170.9 2 108.0 
EBITDA  127.3 99.0 28.2 484.5 456.3 
EBITDA, % 22.9% 20.1% 2.8 ppt 22.3% 21.6% 
EBITA  109.6 82.9 26.7 415.3 388.6 
EBITA, % 19.7% 16.8% 2.9 ppt 19.1% 18.4% 
Earnings per share (SEK) 3.7 3.4 0.3 15.0 14.7 
            
Adjusted EBITA 109.6 84.2 25.5 411.1 385.6 
Adjusted EBITA % 19.7% 17.0% 2.7 ppt 18.9% 18.3% 
  
Due to rounding, totals in tables and calculations may not always reconcile exactly. Comparisons are made with the 
corresponding period of the previous year, unless otherwise stated. Alternative performance measures and definitions 
used in this report are set out on page 29.  
 
 
*) 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. Adjustment of contingent consideration liability SEK +9.3 million in the fourth quarter.  
Strong result; EBITA increased by 30%

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

CEO’S COMMENTS  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
2 
 
"Strong result; EBITA increased by 30%” 
In the first quarter, the Group delivered solid 
growth, driven by good organic growth in several 
companies and well-performing acquisitions. 
Growth and a high margin resulted in strong 
adjusted EBITA, which increased by 30 percent. All 
three business areas performed well in the quarter 
and contributed to growth. 
First quarter 
Net sales increased by 13 percent, which included 
organic growth of 4 percent. All business areas 
showed good net sales growth in the quarter. 
MedTech reported strong organic growth, while 
acquisitions primarily contributed to growth in 
Assistive Tech and Specialty Pharma. 
The Assistive Technology business area 
performed very well, with net sales increasing, 
primarily driven by acquisitions. A favourable 
product mix in Abilia and the acquisition of 
LivAssured contributed positively in the quarter. 
EBITA increased significantly and the margin was 
particularly strong and higher than usual.   
MedTech delivered solid organic net sales growth 
in the quarter. The nutrition and ECG vacuum 
systems product areas stood out, reporting higher 
net sales. The business area delivered strong 
earnings growth and a margin in line with the full-
year level of the previous year. 
Specialty Pharma increased net sales significantly, 
largely driven by XGX Pharma, which was acquired 
in the previous year. Joint business development 
activities within the business area continued at a 
high pace and are expected to create new 
opportunities for licensing and product launches 
going forward. 
Specialty Pharma reported the largest 
improvement in earnings and margins, albeit from 
low comparative levels in the previous year. It is, of 
course, encouraging that Specialty Pharma is 
developing in the right direction, but margins 
remain unsatisfactory in the near term, and we 
expect a gradual improvement in the second half 
of the year and in the coming years.  
Acquisitions 
Acquisitions are a cornerstone of MedCap’s 
strategy and a key component in delivering on the 
Group’s long-term financial targets. We maintain 
an ongoing dialogue with companies that could 
become part of the MedCap Group, and are also 
actively working to establish new contacts with life 
science companies in Europe.   
The conditions for identifying attractive 
acquisition opportunities are considered to remain 
favourable and
 the Group is essentially 
unleveraged today. Our ambition is to continue to 
complete acquisitions and make greater 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 
businesses and platforms within the Group. 
The Group generates the majority of its sales in 
northern Europe and, to date, we have not seen 
any material impact from the prevailing external 
uncertainty. However, we remain mindful that, for 
example, increased transport costs or other 
indirect effects may arise. 
Overall, the Group delivered a very strong first 
quarter with solid net sales growth, a high margin 
and adjusted EBITA up 30 percent.  
 
 
Anders Dahlberg, CEO 
Stockholm  
April 29, 2026

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

THE MEDCAP GROUP IN BRIEF  
 
INTERIM REPORT     JANUARY-MARCH 2026      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     JANUARY-MARCH 2026      MEDCAP 
4 
 
    
 
 
JANUARY-MARCH 
Net sales 
Net sales for the first quarter increased by 13 
percent to SEK 556.6 (493.8) million. Growth was 
driven by the acquisitions of Danrehab, XGX 
Pharma and LivAssured, together with good 
organic growth in the Specialty Pharma and 
MedTech business areas. Organic growth for 
the Group was 4 percent. 
Adjusted for currency effects, net sales 
increased by 14 percent.  
Earnings 
EBITA increased by 32 percent to SEK 109.6 
(82.9) million in the first quarter. In the first 
quarter of the previous year, transaction costs 
of SEK 1.3 million reduced earnings.  Adjusted 
for items affecting comparability, EBITA 
increased by 30 percent.  
Earnings were supported by net sales growth 
across all the Group's segments in the first 
quarter, as well as a slightly stronger gross 
margin compared with the previous year. 
 
 
 
The EBITA margin was 19.7 (16.8) percent. 
Adjusted for items affecting comparability, the 
EBITA margin was 19.7 (17.0) percent. 
Amortisation of intangible assets increased year 
on year, driven by amortisation of acquisition-
related fair value adjustments from acquisitions 
completed in the previous year. 
Net financial items amounted to SEK -12.3 (-1.2) 
million and include discounting and translation 
effects of SEK -4.0 (-0.4) million related to 
contingent consideration, and unrealised 
currency effects.   
Recognised tax for the first quarter amounted 
to SEK -14.9 (-14.7) million. Recognised tax as a 
proportion of profit before tax was 21 percent.  
 
285
316
347
374 382 386 365 363 382
405
453
480
232
260
291
319 328 331
306 302 318 340
386
411
0
100
200
300
400
500
600
23Q2
23Q3
23Q4
24Q1
24Q2
24Q3
24Q4
25Q1
25Q2
25Q3
25Q4
26Q1
1 331
1 454
1 587
1 669
1 740 1 789 1 807 1 839 1 903
1 991
2 108 2 171
620
820
1 020
1 220
1 420
1 620
1 820
2 020
2 220
2 420
23Q2
23Q3
23Q4
24Q1
24Q2
24Q3
24Q4
25Q1
25Q2
25Q3
25Q4
26Q1
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 =====

FINANCIAL POSITION AND OTHER INFORMATION  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
5 
 
Financial position  
Cash flow from operating activities in the period 
January-March amounted to SEK 51.7 (55.4) 
million.  
Cash flow from investing activities amounted to 
SEK -16.2 (-77.6) million. 
Cash flow from financing activities amounted to 
SEK -19.8 (-27.4) million and included the 
acquisition of minority interests of SEK 7.1 
million. During the quarter, the Group changed 
banks, repaying existing acquisition loans with 
Danske Bank and replacing them with a new 
loan from SEB. 
The Group’s cash and cash equivalents at the 
end of the quarter amounted to SEK 394.4 
(315.2) million.  
Net debt amounted to SEK 326.6 (70.2) million. 
Net debt excl.  IFRS 16 amounted to SEK 65.5  
(-209.7) million. The increase in net debt is 
mainly due to the contingent consideration 
liability related to the acquisition of XGX 
Pharma. Net debt/EBITDA was 0.7 (0.2) incl. 
IFRS 16 and 0.2 (-0.6) excl. IFRS 16. Of the net 
debt, SEK 227.6 million relates to outstanding 
earn‑out liabilities. 
The equity/assets ratio was 57 (64) percent.  
Changes in equity 
At March 31, the Group’s equity amounted to 
SEK 1,527.3 (1,312.4) million, of which SEK 1,525.6 
(1,306.3) million was attributable to the Parent 
Company’s shareholders and SEK 1.7 (6.1) million 
to non-controlling interests. The change in 
equity attributable to non-controlling interests 
reflects the acquisition of minority interests 
during the period. 
The number of shares outstanding at March 31 
was 15,019,141. At the same date, the Company’s 
holding of treasury shares amounted to   
58,442. At March 31, share capital amounted to 
SEK 6,031,033, divided into 15,077,583 shares 
with a par value of SEK 0.4 per share. Basic 
equity per share was SEK 101.6 (87.2) and diluted 
equity per share was SEK 101.6 (87.0).  
Employees 
The average number of employees was 637 
(570). The increase was driven by acquisitions 
and higher volumes in certain 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 operational risk in 
the form of loss of major customers.  
Increased geopolitical tensions and uncertainty 
in the global environment may affect both 
demand and international supply chains. 
Uncertainty in global markets, driven by 
changing trade conditions and tariffs, may 
affect the Group’s net sales (although these are 
primarily generated in Europe) and could lead 
to higher input and freight costs, and also affect 
the availability of materials. Inflation and rising 
costs may affect the profitability of the Group’s 
companies if these cannot be passed on to 
customers through price increases to the same 
extent. A slowdown in the economy may affect 
demand for the Group's products and services. 
More information can be found in the 
Company’s most recent annual report.

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

FINANCIAL POSITION AND OTHER INFORMATION  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
6 
 
Related-party transactions 
Transactions between the Parent Company and 
Group companies during the period January-
March amounted to SEK 8.8 (9.4) million. The 
transactions consist of management fees, 
Group contributions and interest.                                              
Significant events after the end of 
the year 
No significant events have occurred after the 
end of the period.

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

ASSISTIVE TECH BUSINESS AREA  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
7 
 
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 operating companies in the Abilia Group, and Danrehab, Erimed, Huka, 
Swedelift and Trident.  
SEK MILLION FIRST QUARTER CHANGE LTM JAN-DEC 
  2026 2025   2026 2025 
Net sales 259.8 238.5 21.4 1 003.2 981.8 
EBITDA 81.3 66.7 14.6 304.1 289.5 
EBITDA margin 31.3% 28.0% 3.3 ppt 30.3% 29.5% 
EBITA 75.0 61.5 13.5 280.5 267.0 
EBITA margin 28.8% 25.8% 3.1 ppt 28.0% 27.2% 
      
Adjusted EBITA 75.0 62.7 12.3 272.0 259.8 
Adjusted EBITA % 28.8% 26.3% 2.6 ppt 27.1% 26.5% 
 
JANUARY-MARCH 
Net sales 
The Assistive Technology business area 
performed well in the first quarter, primarily 
driven by the acquisitions of Danrehab and 
LivAssured (Nightwatch). Net sales increased by 
9 percent to SEK 259.8 (238.5) million. 
Earnings 
The business area’s EBITA was SEK 75.0 (61.5) 
million, an increase of 22 percent. Adjusted 
EBITA increased by 20 percent. The item 
affecting comparability in the previous year 
relates to transaction costs. Sales growth, and 
to some extent a slightly stronger gross margin, 
contributed to the improvement in earnings.  
Adjusted EBITA margin was 28.8 (26.3) percent, 
above the normal level.   
 
 
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 reported a strong quarter, with growth 
largely driven by the acquisition of Nightwatch. 
Sales in the Norwegian and Swedish markets 
were stable, and international sales was driven 
by Nightwatch. The product mix, with a high 
share of cognitive products in Norway and 
Sweden, together with the acquisition of 
Nightwatch, contributed to the business area’s 
high margin.

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

ASSISTIVE TECH BUSINESS AREA  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
8 
 
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. 
Huka, Danrehab and Erimed had a solid quarter 
overall, with some growth and improved 
earnings. The Trident & Swedelift Group had a 
low margin, partly due to continued weak 
demand for ramps and some delayed 
installations.

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

MEDTECH BUSINESS AREA  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
9 
 
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 companies, nutrition and pharmaceutical companies. The 
MedTech business area includes the operating companies Cardiolex, Inpac, Multi-
Ply and Toul Meditech. 
SEK MILLION FIRST QUARTER CHANGE LTM JAN-DEC 
  2026 2025   2026 2025 
Net sales 171.4 160.0 11.4 701.0 689.6 
EBITDA 36.2 32.6 3.6 149.5 145.9 
EBITDA margin 21.1% 20.4% 0.8 ppt 21.3% 21.2% 
EBITA 29.9 26.4 3.6 123.4 119.8 
EBITA margin 17.5% 16.5% 1.0 ppt 17.6% 17.4% 
      
Adjusted EBITA 29.9 26.4 3.6 123.4 119.8 
Adjusted EBITA % 17.5% 16.5% 1.0 ppt 17.6% 17.4% 
 
JANUARY-MARCH 
Net sales 
The MedTech business area delivered solid 
growth in the first quarter. Net sales increased 
by 7 percent to SEK 171.4 (160.0) million, largely 
driven by Inpac, which experienced strong 
demand for nutrition products, and good 
growth for Cardiolex, although this was offset 
by Multi-ply experiencing lower demand. 
 
Earnings 
The business area’s EBITA was SEK 29.9 (26.4) 
million, 13 percent higher than in the previous 
year. Net sales growth and a slightly stronger 
gross margin had a positive impact on EBITA. 
The EBITA margin was 17.5 (16.5) percent.  
Cardiolex 
Cardiolex develops and sells ECG products and 
software to both large and small hospitals and 
cardiology centres. 
Cardiolex delivered solid growth in the quarter, 
driven by its German companies. Deliveries of 
vacuum systems remained high, supported by 
a built-up order book that has since normalised. 
Inpac 
Inpac provides contract manufacturing, mainly 
probiotics and food supplements, and 
packaging solutions for the pharmaceutical 
industry. 
Inpac continued to see strong demand for 
nutrition products, delivering solid net sales 
growth.

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

MEDTECH BUSINESS AREA  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
10 
 
Multi-Ply 
Multi-Ply provides development and 
manufacturing of carbon fibre components for 
medical applications, mainly in the field of 
radiology. 
Multi-ply reported lower net sales, which 
reduced earnings. Volumes to one of the 
company's major customers remain low but are 
expected to improve during the year. The 
company is actively pursuing business 
development initiatives to broaden its 
customer base and increase volumes over time. 
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 Meditech reported strong demand, 
although with a slightly weaker mix. The 
quarter was affected by the closure of a facility 
in the Netherlands, no longer needed as 
operations are now run from the Swedish 
company.

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

SPECIALTY PHARMA BUSINESS AREA 
 
 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
11 
 
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, XGX Pharma AS 
and Unimedic AB. 
SEK MILLION FIRST QUARTER CHANGE LTM JAN-DEC 
  2026 2025   2026 2025 
Net sales 125.4 95.3 30.1 466.7 436.6 
EBITDA 17.7 5.5 12.2 57.8 45.7 
EBITDA margin 14.1% 5.7% 8.3 ppt 12.4% 10.5% 
EBITA 12.7 0.9 11.8 38.8 27.0 
EBITA margin 10.2% 1.0% 9.2 ppt 8.3% 6.2% 
           
Adjusted EBITA 12.7 0.9 11.8 43.0 31.2 
Adjusted EBITA % 10.2% 1.0% 9.2 ppt 9.2% 7.2% 
 
JANUARY-MARCH 
Net sales 
The Specialty Pharma business area increased 
first quarter net sales by 32 percent to SEK 125.4 
(95.3) million compared with the previous year, 
driven by the acquisition of XGX Pharma and 
solid organic growth. 
Earnings 
EBITA amounted to SEK 12.7 (0.9) million, which 
is 1,242 percent higher than in the previous year. 
EBITA growth was largely driven by higher net 
sales, a favourable product mix and one-off 
transactions in unlicensed pharmaceuticals. 
The EBITA margin was 10.2 (1.0) 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 increased in the quarter, driven by the 
existing portfolio, unlicensed pharmaceuticals 
and the acquisition of XGX Pharma.  
Business development activities continued at a 
high pace, with strong collaboration between 
Unimedic and XGX to create opportunities for 
licensing deals and new product launches in 
the longer term.  
Acquired products deliver strong margins, 
while the existing portfolio has weaker margins. 
The cost base for strategic initiatives weighs on 
the margin, which remains unsatisfactory and is 
expected to improve gradually in the second 
half of 2026 and in the coming years.

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

SPECIALTY PHARMA BUSINESS AREA 
 
 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
12 
 
Overall, the registered pharmaceutical portfolio 
accounted for 58 percent of the business area’s 
net sales for the quarter.  
The unlicensed pharmaceuticals business had a 
stronger quarter, driven by a one-off 
transaction, and accounted 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.  
The CDMO business showed a decline in net 
sales and earnings, and accounted for 18 
percent of the business area's net sales.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
13 
 
CONSOLIDATED INCOME STATEMENT 
 
SEK MILLION NOTE FIRST QUARTER JAN-DEC 
    2026 2025 2025 
Net sales 1 556.6 493.8 2 108.0 
Other operating income   7.9 4.5 21.2 
    564.6 498.3 2 129.3 
Work performed by the Company and capitalised   8.5 6.4 21.7 
Raw materials and consumables   -228.5 -209.3 -897.4 
Change in inventories   1.3 0.2 3.8 
Other external costs   -68.2 -63.6 -248.8 
Personnel expenses   -146.4 -129.7 -542.7 
Other operating expenses   -4.0 -3.2 -9.5 
Operating profit before depreciation, 
amortisation and impairment (EBITDA)   127.3 99.0 456.3 
          
Depreciation and impairment of property, plant 
and equipment   -17.6 -16.1 -67.7 
Operating profit before amortisation and 
impairment of intangible assets (EBITA)   109.6 82.9 388.6 
          
Amortisation and impairment of intangible assets   -26.5 -16.3 -85.7 
Operating profit (EBIT)   83.1 66.6 302.9 
          
Finance income   1.1 3.4 17.6 
Finance costs   -13.4 -4.6 -31.5 
Net financial items   -12.3 -1.2 -13.9 
          
Profit before tax   70.8 65.4 289.0 
          
Income tax    -14.9 -14.7 -68.3 
          
Profit for the period   55.7 50.7 220.7

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
14 
 
CONSOLIDATED INCOME STATEMENT, CONT’D 
 
 
SEK MILLION NOTE FIRST QUARTER JAN-DEC 
    2026 2025 2025 
Profit for the period attributable to         
Parent Company shareholders   55.9 50.5 219.8 
Non-controlling interests   0.0 0.2 0.9 
Earnings per share, calculated based on profit 
from continuing operations attributable to 
Parent Company shareholders: 
        
Basic earnings per share, SEK   3.7 3.4 14.7 
Diluted earnings per share, SEK   3.7 3.4 14.7 
Average number of shares before dilution   15 019 141 14 974 742 14 985 342 
Avarage number of shares after dilution   15 019 828 15 007 617 15 003 898 
Dilution  687 32 875 18 556

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
15 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
 
SEK MILLION NOTE FIRST QUARTER JAN-DEC 
    2026 2025 2025 
Profit for the period    55.7 50.7 220.7 
Items that may be reclassified to profit or loss:         
Translation differences in foreign operations   20.2 -28.4 -53.2 
Comprehensive income for the period   75.9 22.3 167.5 
          
Comprehensive income attributable to:         
Parent Company shareholders   76.1 22.5 166.9 
Non-controlling interests   -0.3 -0.1 0.6

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
16 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
SEK MILLION NOTE 2026 2025 2025 
    31 MARCH 31 MARCH 31 DECEMBER 
ASSETS         
Non-current assets         
Goodwill   668.9 403.9 662.7 
Other intangible assets   558.2 318.7 566.3 
Property, plant and equipment   124.4 125.1 126.0 
Right-of-use assets   246.6 269.3 253.2 
Financial assets   1.5 0.8 1.4 
Deferred tax asset   5.4 3.8 5.1 
    1 604.9 1 121.5 1 614.7 
Current assets         
Inventories   295.8 289.0 271.4 
Current tax asset   30.8 18.8 23.1 
Trade and other receivables    371.2 289.0 326.5 
Cash and cash equivalents    394.4 315.2 370.4 
    1 092.1 911.9 991.4 
TOTAL ASSETS   2 697.1 2 033.4 2 606.0

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
17 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION, 
CONT’D 
 
SEK MILLION NOTE 2026 2025 2025 
    31 MARCH 31 MARCH 31 DECEMBER 
EQUITY AND LIABILITIES         
Equity attributable to Parent Company 
shareholders                                                   1 525.6 1 306.3 1 452.1 
Equity attributable to non-controlling interests   1.7 6.1 6.8 
TOTAL EQUITY   1 527.3 1 312.4 1 458.9 
          
Non-current liabilities         
Liabilities to credit institutions 2.4 173.5 42.7 156.6 
Other non-current liabilities   146.0 25.4 154.8 
Liabilities related to right-of-use assets   216.8 243.0 224.1 
Provisions   4.4 4.4 4.2 
Deferred tax liabilities   109.6 64.1 113.1 
    650.3 379.7 652.9 
Current liabilities         
Liabilities to credit institutions 2.4 43.5 24.7 59.3 
Liabilities related to right-of-use assets   44.3 36.9 42.9 
Current tax liabilities   52.8 26.2 41.5 
Trade and other payables 4 378.9 253.5 350.6 
    519.5 341.3 494.3 
          
TOTAL EQUITY AND LIABILITIES   2 697.1 2 033.4 2 606.0

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
18 
 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
SEK MILLION   
Equity 
attributable 
to Parent 
Company 
shareholders 
Equity 
attributable 
to non-
controlling 
interests 
Total 
Equity 
          
Equity, 1 January 2025   1 282.0 6.2 1 288.2 
          
Profit for the period   50.5 0.2 50.7 
Other comprehensive income   -28.1 -0.3 -28.4 
Comprehensive income for the period   22.5 -0.1 22.3 
Option premiums   1.8 – 1.8 
Equity, 31 March 2025   1 306.3 6.1 1 312.4 
          
Equity, 1 January 2026   1 452.1 6.8 1 458.9 
          
Profit for the period   55.7 0.0 55.7 
Other comprehensive income   20.5 -0.3 20.2 
Comprehensive income for the period   76.1 -0.3 75.9 
Transactions with non-controlling interests in non-wholly owned subsidiaries  -2.4 -4.8 -7.2 
Debt instruments measured at fair value   -0.3 – -0.3 
Equity, 31 March 2026   1 525.6 1.7 1 527.3

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
19 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
SEK MILLION   FIRST QUARTER JAN-DEC 
  Note 2026 2025 2025 
          
Cash flow from operating activities         
Operating profit before financial items   83.1 66.6 302.9 
Depreciation, amortisation and impairment   44.2 32.4 153.3 
Other non-cash items   5.3 -0.9 -25.7 
Interest received   1.1 1.5 5.1 
Interest paid   -2.1 -0.8 -6.4 
Income tax paid   -17.1 -35.4 -91.3 
Cash flow from operating activities before changes in 
working capital   114.5 63.3 338.0 
          
Increase/decrease in inventories   -23.6 -5.0 22.4 
Increase/decrease in operating receivables   -40.5 -24.9 -47.0 
Increase/decrease in operating liabilities   1.2 22.0 29.4 
Cash flow from operating activities   51.7 55.4 342.7 
          
Cash flow from investing activities         
Acquisition of subsidiaries 3 – -63.9 -330.1 
Purchase of property, plant and equipment    -4.3 -5.4 -25.7 
Purchase of intangible assets   -12.0 -8.7 -36.5 
Increase/decrease in current financial assets   0.0 -0.1 0.3 
Disposal of non-current assets   0.1 0.6 0.7 
Cash flow from investing activities   -16.2 -77.6 -391.3 
          
Cash flow from financing activities         
Proceeds from borrowings   216.0 0.0 181.0 
Repayments   -228.0 -29.0 -132.1 
New share issue   – 1.8 28.3 
Repurchase of own shares   – – -26.1 
Option premiums   – – 1.7 
Increase/decrease in short-term credit   -0.7 -0.3 -0.7 
Transactions with non-controlling interests in non-wholly 
owned subsidiaries    -7.2 – – 
Cash flow from financing activities   -19.8 -27.4 52.2 
Decrease/increase in cash and cash equivalents   15.7 -49.6 3.6 
Cash and cash equivalents at beginning of period   370.4 370.1 370.1 
Exchange difference in cash and cash equivalents   8.3 -5.4 -3.4 
Cash and cash equivalents at end of the period   394.4 315.2 370.4 
 
Non-cash items consist mainly of unrealised exchange gains.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
20 
 
PARENT COMPANY INCOME STATEMENT 
 
SEK MILLION   FIRST QUARTER JAN-DEC 
    2026 2025 2025 
Net sales   3.2 4.4 14.0 
Other income   – – 0.0 
Total   3.2 4.4 14.0 
          
Other external costs   -2.8 -2.2 -9.0 
Personnel expenses   -4.7 -3.7 -16.5 
Depreciation/amortisation   – 0.0 -0.1 
Operating profit   -4.2 -1.6 -11.5 
Interest and similar income   8.8 10.1 35.2 
Interest and similar expenses   -9.6 -1.6 -7.4 
Profit before appropriations and tax   -5.0 6.9 16.2 
Group contributions   – – 9.7 
Tax on profit for the period   – – -0.6 
Profit for the period    -5.0 6.9 25.3 
 
The Parent Company’s net sales consist of management fees. Internal interest accounted for SEK 5.6 (5.0) million 
of profit before appropriations and tax for the first quarter.

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

FINANCIAL STATEMENTS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
21 
 
CONDENSED PARENT COMPANY BALANCE SHEET 
 
SEK MILLION NOTE 2026 2025 2025 
    31 MARCH 31 MARCH 31 DECEMBER 
ASSETS         
Non-current assets         
Intangible assets   0.0 0.1 0.0 
Financial assets   854.0 665.8 675.5 
    854.0 665.9 675.5 
Current assets         
Trade and other receivables    16.0 2.4 1.8 
Receivables from Group companies   50.0 7.2 7.0 
Cash pool receivables from Group companies   80.9 67.7 61.8 
Cash and cash equivalents   247.7 235.2 227.2 
    394.7 312.5 297.7 
          
TOTAL ASSETS   1 248.7 978.4 973.3 
          
EQUITY AND LIABILITIES         
Restricted equity   40.1 40.1 40.1 
Unrestricted equity   704.6 689.1 709.6 
TOTAL EQUITY   744.8 729.2 749.8 
          
Non-current liabilities         
Liabilities to credit institutions   172.8 – – 
Liabilities to Group companies   – 1.3 – 
    172.8 1.3 – 
Current liabilities         
Liabilities to credit institutions   43.2 0.0 0.0 
Cash pool liabilities to Group companies   277.2 240.1 215.0 
Liabilities to Group companies   0.1 0.1 0.1 
Trade and other payables 4 10.6 7.7 8.4 
    331.2 247.9 223.5 
          
TOTAL EQUITY AND LIABILITIES   1 248.7 978.4 973.3 
 
There were no investments in intangible assets and property, plant and equipment during the year or the 
comparative year. During the first quarter, the Group’s acquisition loans with Danske Bank were repaid and 
replaced by a new loan from SEB. The previous loans were held in subsidiaries, while the new loan is recognised 
in the Parent Company.

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
22 
 
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, April 29, 2026 
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 April 29, 2026. 
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 not 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 
Annual General Meeting, 2026, May 4, 2026 
Interim Report 2 2026, July 21, 2026 
Interim Report 3 2026, October 23, 2026 
Year-end Report 2026, February 5, 2027 
Interim Report 1 2027, April 29, 2027

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
23 
 
 
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. The same accounting policies and calculation methods as in the most 
recent annual report have been applied for the Group and the Parent Company. No other standards, 
amendments or interpretations effective for annual financial periods beginning on or after January 1, 
2026 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 
FIRST QUARTER 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 
Segment net sales 259.8 238.5 171.4 160.0 125.4 95.3 – – 556.6 493.8 
EBITDA 81.3 66.7 36.2 32.6 17.7 5.5 -7.9 -5.7 127.3 99.0 
Depreciation/amortisation 
of property, plant and 
equipment and   
intangible assets -20.1 -16.0 -10.3 -10.4 -13.3 -5.5 -0.4 -0.5 -44.2 -32.4 
Operating profit 61.2 50.7 25.9 22.2 4.3 -0.1 -8.3 -6.3 83.1 66.6 
Finance income and costs 0.7 -3.9 -4.2 -2.1 -8.0 -3.7 -0.8 8.5 -12.3 -1.2 
Profit before tax 61.8 46.9 21.7 20.1 -3.7 -3.8 -9.0 2.2 70.8 65.4

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
24 
 
Note 1 Operating segments (cont’d) 
 
Net sales by product category 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
FIRST QUARTER 2026 2025 2026 2025 2026 2025 2026 2025 
Pharmaceuticals – – 1.8 2.6 120.1 88.8 121.9 91.4 
Assistive technology 259.8 238.2 – – – – 259.8 238.2 
Medical devices – – 79.9 83.3 – – 79.9 83.3 
Nutrition and other food – – 82.6 68.2 3.0 2.9 85.7 71.1 
Other 0.1 0.2 7.0 5.8 2.3 3.6 9.4 9.7 
  259.8 238.5 171.4 160.0 125.4 95.3 556.6 493.8 
 
 
Net sales by geographical region 
SEK MILLION ASSISTIVE TECH MEDTECH SPECIALTY PHARMA TOTAL 
FIRST QUARTER 2026 2025 2026 2025 2026 2025 2026 2025 
Sweden  97.3 95.6 75.1 63.3 74.7 61.7 247.1 220.6 
Nordic (excl. Sweden) 106.8 101.4 18.2 16.2 38.5 20.6 163.6 138.2 
Europe (excl. Nordic) 53.9 36.7 72.0 64.8 12.3 12.3 138.1 113.9 
Rest of the world 1.8 4.7 6.1 15.7 – 0.7 7.9 21.1 
  259.8 238.5 171.4 160.0 125.4 95.3 556.6 493.8

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
25 
 
Note 2 Pledged assets and contingent liabilities 
 
SEK MILLION GROUP PARENT COMPANY 
  2026 2025 2026 2025 
PLEDGED ASSETS 31 MARCH 31 MARCH 31 MARCH 31 MARCH 
Floating charges  87.7 87.7 - - 
Pledged inventory 24.4 22.4 - - 
Shares in subsidiaries  – 513.1 – 126.9 
Blocked funds – 36.0 - - 
Pledged trade receivables 22.5 15.1 - - 
Other 0.4 8.1 - - 
Total pledged assets 135.0 682.4 – 126.9 
          
  2026 2025 2026 2025 
CONTINGENT LIABILITIES 31 MARCH 31 MARCH 31 MARCH 31 MARCH 
  
    
General 
guarantee 
General 
guarantee 
 
Shares in subsidiaries were previously pledged as collateral but, at the reporting date, no longer serve as 
collateral for the liabilities of the Group or the Parent Company and are therefore no longer included in the note.  
MedCap AB has provided a guarantee to the lessor of its subsidiary Inpac in respect of the lease of premises. The 
lease runs for 15 years from commencement in 2024. The annual rent amounts to approximately SEK 10 million.  
 
 
Note 3 Business acquisitions 
No acquisitions were made during the period. For information on previous acquisitions, see the 2025 
Annual Report.

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
26 
 
 
Note 4 Financial instruments 
Financial liabilities and assets are recognised at amortised cost, except for the contingent 
consideration liability, which is recognised at fair value. The carrying amounts of loan receivables, 
trade and other receivables, cash and cash equivalents, borrowings, and trade and other payables 
are considered to approximate their fair values.   
SEK MILLION 2026 2025 2025 
  31 MARCH 31 MARCH 31 DECEMBER 
LIABILITIES MEASURED AT FAIR VALUE 
Carrying 
amount Fair value 
Carrying 
amount Fair value 
Carrying 
amount Fair value 
Opening balance 220.9 220.9 19.5 19.5 19.5 19.5 
Acquisitions, contingent consideration – – 9.1 9.1 216.8 216.8 
Settlements during the year – – – – -12.5 -12.5 
Remeasurements recognised in profit or 
loss 4.0 4.0 0.8 0.8 4.0 4.0 
Exchange differences 2.6 2.6 -0.4 -0.4 -6.8 -6.8 
Closing balance 227.6 227.6 28.9 28.9 220.9 220.9 
 
 
Comparative figures have been restated following the reclassification of the liability relating to call 
and put options, which is no longer classified as a financial instrument measured at fair value.

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

NOTES  
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
27 
 
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 29. 
 
Performance measures incl. and excl. IFRS 16, adjusted for items affecting comparability  
SEK MILLION 
ASSISTIVE 
TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
FIRST QUARTER 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 
Operating profit 61.2 50.7 25.9 22.2 4.3 -0.1 -8.3 -6.3 83.1 66.6 
Depreciation/amortisation 20.1 16.0 10.3 10.4 13.3 5.5 0.4 0.5 44.2 32.4 
EBITDA, incl. IFRS 16 81.3 66.7 36.2 32.6 17.7 5.5 -7.9 -5.7 127.3 99.0 
IFRS 16 effect on EBITDA -5.6 -4.9 -4.3 -3.7 -4.6 -3.4 -0.2 -0.2 -14.8 -12.2 
EBITDA, excl. IFRS 16 75.7 61.9 31.9 28.8 13.0 2.0 -8.1 -5.9 112.5 86.8 
Items affecting comparability – 1.3 – – – – – – – 1.3 
Adjusted EBITDA (incl. IFRS16) 81.3 68.0 36.2 32.6 17.7 5.5 -7.9 -5.7 127.3 100.3 
Depreciations on tangible fixed assets -6.4 -5.3 -6.3 -6.2 -4.9 -4.5 -0.1 -0.1 -17.6 -16.1 
Adjusted EBITA 75.0 62.7 29.9 26.4 12.7 0.9 -8.0 -5.8 109.6 84.2 
 
 
 
Working capital 
SEK MILLION ASSISTIVE TECH MEDTECH 
SPECIALTY 
PHARMA 
OTHER AND 
ELIM. TOTAL 
31 MARCH 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 
Inventory 122.7 143.0 80.6 76.0 92.5 70.0 – – 295.8 289.0 
Trade receivables 130.4 115.8 102.6 77.1 73.1 53.4 -0.4 -0.3 305.6 245.9 
Trade payables -43.0 -31.3 -29.1 -27.3 -38.0 -27.4 -1.0 -0.4 -111.2 -86.4 
Working capital 210.0 227.5 154.0 125.7 127.6 96.0 -1.4 -0.7 490.2 448.5

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

KEY PERFORMANCE MEASURES AND DEFINITIONS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
28 
 
KEY PERFORMANCE MEASURES 
 
SEK MILLION FIRST QUARTER JAN-DEC 
  2026 2025 2025 
Return on equity, % (LTM) 14.8 13.9 15.9 
Basic equity per share, SEK 101.6 87.2 96.7 
Diluted equity per share, SEK 101.6 87.0 96.6 
Basic earnings per share, SEK 3.7 3.4 14.7 
Diluted earnings per share, SEK 3.7 3.4   
Adjusted basic earnings per share, SEK 3.4 1.9 14.5 
Adjusted diluted earnings per share, SEK 3.4 1.9 14.5 
Equity/assets ratio, % 56.6 64.2 55.7 
        
Number of shares 15 019 141 14 981 353 15 019 141 
Average number of shares 15 019 141 14 974 742 14 985 342 
Number of shares after dilution  15 019 828 15 007 617 15 003 898

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

KEY PERFORMANCE MEASURES AND DEFINITIONS 
 
INTERIM REPORT     JANUARY-MARCH 2026      MEDCAP 
29 
 
DEFINITIONS OF TERMS USED IN THE REPORT 
 
EBITDA  Earnings before interest, taxes, depreciation and amortisation 
Adjusted EBITDA  EBITDA excluding items affecting comparability 
EBITDA excl. IFRS16  EBITDA excluding IFRS 16 effects 
EBITA Earnings before interest, taxes and amortisation 
Adjusted EBITA  EBITA excluding items affecting comparability 
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 
Adjusted return on equity  Profit for the period attributable to Parent Company shareholders, 
adjusted for items affecting comparability, as a percentage of average 
equity 
Equity per share Equity attributable to Parent Company shareholders divided by the 
total number of shares after dilution 
Earnings per share Profit for the period attributable to Parent Company shareholders 
divided by the weighted average number of ordinary shares 
outstanding during the year. 
Adjusted earnings per share Profit for the period attributable to Parent Company shareholders, 
adjusted for items affecting comparability, divided by the weighted 
average number of ordinary shares outstanding during the year. 
 
In this report, MedCap presents information 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.