FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
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F
MEDCAP AB (PUBL.)
JANUARY-MARCH 2026
INTERIM REPORT
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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%
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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
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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
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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
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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.
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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.