FOURTH QUARTER OCTOBER-DECEMBER
- The Group's net sales amounted to SEK 591.0 (474.2) million, an increase of 25 percent.
- The Group's EBITA was SEK 122.1 (70.7) million, an increase of 73 percent. EBITA adjusted for items affecting comparability amounted to 112.9 (67.4) million, an increase of 68 percent.
- The EBITA margin was 20.7 (14.9) percent. Adjusted for items affecting comparability, the margin was 19.1 (14.2) percent.
- Profit after tax amounted to SEK 65.0 (42.8) million.
- Earnings per share amounted to SEK 4.3 (2.8). Adjusted earnings per share amounted to SEK 3.7 (2.6).
- Cash flow from operating activities was SEK 151.5 (126.5) million.
TWELVE MONTHS JANUARY-DECEMBER
- The Group's net sales amounted to SEK 2,108.0 (1,806.7) million, an increase of 17 percent.
- The Group's EBITA was SEK 388.6 (329.5) million, an increase of 18 percent. EBITA adjusted for items affecting comparability amounted to 385.6 (306.4) million, an increase of 26 percent.
- The EBITA margin was 18.4 (18.2) percent. Adjusted for items affecting comparability, the EBITA margin was 18.3 (17.0) percent.
- Profit after tax amounted to SEK 220.7 (209.2) million.
- Earnings per share amounted to SEK 14.7 (14.0). Adjusted earnings per share amounted to SEK 14.5 (12.4).
- Cash flow from operating activities was SEK 342.7 (360.0) million.
The Group delivered strong organic growth in the fourth quarter and, together with acquisitions, this resulted in a very strong adjusted EBITA, which increased by 68 percent. The strong performance, particularly in the second half of the year, gives a full-year 2025 in which sales amounted to over SEK 2.1 billion, with an adjusted EBITA margin of 18 percent and adjusted EBITA growth of 26 percent.
Fourth quarter
Net sales increased by 25 percent, which included organic growth of 10 percent. All business areas showed high net sales growth in the quarter. The MedTech and Assistive Tech business areas reported strong organic growth and, in addition, acquisitions contributed to increased net sales for both the Assistive Tech and Specialty Pharma business areas.
The Assistive Tech business area performed very well, delivering both strong organic growth and increased net sales from acquisitions made over the last 12 months. During the quarter, Abilia acquired the Dutch company LivAssured, whose Nightwatch product broadens and strengthens the portfolio in the epilepsy area. Demand in the key Cognition area was solid, contributing to the healthy margin for the business area.
MedTech delivered strong organic sales growth in the quarter, driven by very good performances for three out of four companies in the business area. The largest increase was in the product areas of nutrition and ECG products, followed by clean air products.
Specialty Pharma increased its net sales, driven by the acquisition of XGX Pharma, while the existing portfolio showed weaker development. Important business development work aimed at broadening the business area's commercial portfolio accelerated in the second half of the year.
EBITA showed an increase in all three of the Group's business areas. Even taking into account the weak comparative quarter, the fourth quarter was particularly strong and the Group's best ever.
Specialty Pharma had an unchanged margin. The acquisition of XGX is expected to contribute to improved margins. However, the weaker existing portfolio and costs related to strategic initiatives mean that margins remain relatively low and unsatisfactory, although they are expected to improve gradually in the second half of 2026 and in the coming years.
The Assistive Tech and MedTech business areas showed a particularly strong margin in the quarter, driven by growth and a favourable mix. The margin can vary between quarters and is often more representative at rolling 12-month levels.
Overall, the Group delivered a very strong fourth quarter with high sales growth, a high margin and a 68 percent increase in adjusted EBITA. For full-year 2025, net sales increased by 17 percent and adjusted EBITA by 26 percent.
Acquisitions
Acquisitions are a cornerstone of MedCap's strategy and financial objectives. The acquisition of LivAssured was completed in the quarter and a total of three acquisitions were made during the year.
MedCap's strong balance sheet is very well placed to pursue further acquisitions and continue delivering on its financial growth targets while creating 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 business areas and platforms within the Group.
The Group's companies are active in several different areas within Assistive Tech, MedTech and Specialty Pharma. The subsidiaries differ in size, market conditions, challenges and opportunities, but overall we believe that the conditions for profitable growth for the Group as a whole remain favourable. With a strong fourth quarter, the Group has achieved its best full-year result to date.
Anders Dahlberg, CEO
Stockholm
February 6, 2026
For more information, contact:
Anders Dahlberg, CEO, mobile +46 704 26 92 62, e-mail anders.dahlberg@medcap.se
About MedCap
MedCap builds successful life sciences companies to improve people's lives. MedCap unites the strengths of a larger the company with the smaller companies' entrepreneurial power, agility, and business acumen. MedCap is publicly listed on NASDAQ Stockholm OMX, with the symbol MCAP. More information is available on the company web site www.medcap.se.
This information is information that MedCap is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-06 06:30 CET.
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