Slides
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Presentation Q2, 2026
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We create value in Life Science and contribute to improved quality of life 2
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MedCap Snapshot 3 Revenue, LTM million SEK 2 255 Business Areas Employees & locationsEBITA margin LTM, % 19% Buy & Build A long-term home for well run Life Science companies Strategy EBITA CAGR 5 years, LTM 28% 647 Assistive Tech MedTech Specialty Pharma
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Sales and EBITA rolling 12 months by quarter 4 The Group’s net sales LTM (MSEK) excluding one-time effects The Group’s EBITDA and EBITA (line) LTM (MSEK) excluding one-time effects 1 331 1 454 1 587 1 669 1 740 1 789 1 807 1 839 1 903 1 991 2 108 2 171 2 255 620 820 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 26Q2 285 316 347 374 382 386 365 363 382 405 453 480 509 232 260 291 319 328 331 306 302 318 340 386 411 438 0 100 200 300 400 500 600 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2
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MedCap | An active investor in Life Science companies 5 Assistive Tech 46% MedTech 32% Specialty Pharma 22% 2 255 MSEK Sales by Business Area Last Twelve Months Sweden 44% Nordic 29% Europe 25% RoW 2% Sales by Market Year to Date
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MedCap Business Areas 6 Assistive Tech Specialty PharmaMed Tech Cognition, Alarms, Communication Accessibility Mobility Diagnostic ECG Probiotics, Nutrition, Packaging Components for medical imaging Ultra clean air for infection control Pharma CDMO Orthopedic aids Patient handling Safe Biopsy Containers CDMO
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Group Highlights Q2 • Revenue growth 16%; organic 7% • Revenue and profit growth in all business areas • Good organic development in two of three business areas, weaker in Pharma as expected • Very strong EBITA-margin, in particular driven by high margin in Assistive Tech, and strengthened margin in MedTech and Specialty Pharma • Acquisition of Biopsafe; new company in Medtech business area • Net Debt/EBITDA 0.4 (excl IFRS 16) • High activity in M&A dialogues and continued ambition to make us of our strong balance sheet 7 Net Sales (MSEK) 606.3 +16% Adj EBITA (MSEK) 124.5 +28% EBITA-margin 20.5% +1.8 ppt Q2 2026 excl acquisition related one-time effects
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Sales and EBITA by quarter 21 50 30 36 27 51 45 43 39 60 61 72 66 92 89 81 69 67 84 98 91 113 110 125 0 20 40 60 80 100 120 140 Q3 Q4 '20 Q1 Q2 Q3 Q4 '21 Q1 Q2 Q3 Q4 '22 Q1 Q2 Q3 Q4 '23 Q1 Q2 Q3 Q4 '24 Q1 Q2 Q3 Q4 Q1 Q2 Net sales per quarter (MSEK) EBITA per quarter (MSEK) 175 227 223 233 202 258 263 284 242 323 380 386 365 457 462 458 413 474 494 522 502 591 557 606 0 100 200 300 400 500 600 700 Q3 Q4 '20 Q1 21 Q2 Q3 Q4 '21 Q1 22 Q2 Q3 Q4 '22 Q1 23 Q2 Q3 Q4 '23 Q1 Q2 Q3 Q4 '24 Q1 Q2 Q3 Q4 Q1 Q2 Excluding one-time effects +16% +28% * Excluding one-time effects Q2-26 YTD R12 Net Sales growth +16% +15% +19% Adj. EBITA growth +28% +29% +38% EBITA- margin 20.5% 20.1% 19.4%
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Sales and EBITA rolling 12 months by quarter 9 858 885 916 956 1 007 1 046 1 111 1 229 1 331 1 454 1 587 1 669 1 740 1 789 1 807 1 839 1 903 1 991 2 108 2 171 2 255 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 1 500 1 600 1 700 1 800 1 900 2 000 2 100 2 200 2 300 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Excluding one-time effects Net Sales and EBITA-margin – Rolling 12 months
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Assistive Tech Q2 10 • Growth driven by good organic development and acquisition of Nightwatch • Solid demand in most businesses, particularly strong demand for Huka • Positive mix in Abilia and acquisition of Nighwatch (LivAssured) continue to support margin • Overall, a solid performance by the other companies in the business area • Trident & Swedelift continue to hold improvement potential Net Sales (MSEK) 284.5 +18% 544.4 +14% Adj EBITA (MSEK) 79.8 +24% 154.8 +22% EBITA- margin 28.1% +1.3 ppt 28.4% +1.9 ppt Q2 2026 Excluding one-time effects YTD
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Assistive Tech | Sales and EBITA rolling 12 months by quarter 11 230 231 237 242 249 270 345 420 492 591 636 692 734 767 821 862 916 982 1 003 1 047 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 100 200 300 400 500 600 700 800 900 1000 1100 Net Sales and EBITA-margin – Rolling 12 months R12 Net sales +21%, acquired and organic R12 EBITA +33% MSEK Excluding one-time effects
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MedTech Q2 12 • Good organic growth, especially in Inpac • Acquisition of Biopsafe adds a new platform and positive margin contribution to MedTech • Biopsafe provides and innovative container for safer work environment and handling of Biopsies • Cardiolex: Vacuum systems continue to do well although order-book now normalized; ambition to address larger German hospitals with full ECG solutions have shown little result so far • Inpac: Continued good demand in Nutrition business and raised productivity • Multi-ply: Stable volumes but too low to reach sufficient profitability, some indications of volumes improving • Toul: Solid performance; revenue somewhat lower due to variations of distributor orders and hospital buying decisions in between quarters Net Sales (MSEK) 193.9 +13% 365.2 +10% Adj. EBITA (MSEK) 39.0 +23% 68.9 +19% EBITA- margin 20.1% +1.8 ppt 18.9% +1.4 ppt Q2 2026 Excluding one-time effects YTD
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MedTech | Sales and EBITA rolling 12 months by quarter 13 347 369 390 413 427 444 453 465 488 512 552 579 603 608 607 628 653 690 701 723 0% 5% 10% 15% 20% 25% 50 150 250 350 450 550 650 750 Net Sales and EBITA-margin – Rolling 12 months R12 Net sales +15%, organic R12 EBITA +33% MSEK Excluding one-time effects
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Specialty Pharma Q2 14 • Sales growth driven by XGX acquisition • Registered pharma portfolio represented 59%; and increased share of the business area • Business development activities continue with good collaboration between Unimedic and XGX – to develop, register and commercialize existing projects and secure new product rights • Non-license showed a stable and represented 22% of revenues • CDMO had a weaker quarter, with lower revenue and result, and represented 19% of revenues • EBITA margin improved though from low levels, still unsatisfactory; margin expected to improve in second half of 2026 and coming years Net Sales (MSEK) 127.9 +18% 253.3 +24% Adj. EBITA (MSEK) 13.2 +70% 25.9 +197% EBITA- margin 10.3% +3.1 ppt 10.2% +6.0 ppt Q2 2026 YTD
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Specialty Pharma | Sales and EBITA rolling 12 months by quarter 15 309 317 329 352 371 397 431 446 474 485 481 469 453 432 410 412 423 437 467 486 0% 5% 10% 15% 20% 25% -50 50 150 250 350 450 550 Net Sales and EBITA-margin – Rolling 12 months R12 Net sales +18% R12 EBITA +79% MSEK Excluding one-time effects
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Sales and EBITA rolling 12 months by quarter 16 858 885 916 956 1 007 1 046 1 111 1 229 1 331 1 454 1 587 1 669 1 740 1 789 1 807 1 839 1 903 1 991 2 108 2 171 2 255 127 133 145 160 167 178 187 203 232 260 291 319 328 331 306 302 318 340 386 411 438 0 50 100 150 200 250 300 350 400 450 500 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 1 500 1 600 1 700 1 800 1 900 2 000 2 100 2 200 2 300 2 400 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net sales EBITA R12 MSEK (Net sales) MSEK (EBITA) Sales CAGR: 21% EBITA CAGR: 28% Excluding one-time effects
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Working Capital and Cash Flow 17 Working capital / Net sales R12 Working capital defined as inventory + account receivables – account payables Operating cash flow R12 12% 14% 16% 18% 20% 22% 24% 26% 28% 60.0 110.0 160.0 210.0 260.0 310.0 360.0 410.0
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Financial Targets 18 Annual EBITA Growth >15% Net debt / EBITDA <3x Return on Equity >20% -1 -0.5 0 0.5 1 1.5 2 2.5 3 2021 2022 2023 2024 2025 2026 0 50 100 150 200 250 300 350 400 2021 2022 2023 2024 2025 2026 [MSEK] Compounded Average Growth Rate 0% 5% 10% 15% 20% 25% LTM LTM Excluding one-time effects
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How we track our financial targets in our businesses Financial Objectives Key Metrics In Our Businesses >15% EBITA growth (CAGR) Organic and acquisition driven sales growth (depending on maturity of business) Profit margins Return on Equity >20% Core Working Capital / Sales, Cash Conversion, EBITA / (Fixed assets & WC) Capex IRR, Pay-back Acquisition valuation Net debt / EBITDA <3 Group level Grow size of business Sales growth Business development pipeline M&A Pipeline 19
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Our Model 20 Decentralized & local responsibility Integrity of acquired brands Quick and agile Long-term mindset Sector focus Network of expertise Knowledge sharing Market insight Business development Merger & Acquisitions Governance – ESG Financing Life Science Entrepreneurship Group Scale
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Investment strategy 21 Life Science Assistive | MedTech | Pharma Europe Add-ons globally Long-term Buy & Build | No exit horizon Scope What we look for Small / Mid-size Businesses Sales <50 mEUR Majority Owner 51-100% Ownership PEOPLE PROFITABILITY Product / Software / Know-how Clear value proposition Market fundamentals ESG Solid underlying business Commercially proven Self-funded and Cost control Value creation journey Scalable business M&A possibilities Innovative Entrepreneurial management
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22 Q & A Anders Dahlberg CEO anders,dahlberg@medcap,se +46 704 269 262 Kristina Ekblad CFO kristina,ekblad@medcap,se +46 703 322 167 Thank You !