===== SIDA 1 ===== 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.