MedCap (MCAP) AGM 2025 presentation summary

Financial performance and growth

• Revenue reached SEK 1,839 million LTM with a 17% EBITA margin in Q1 2025 and a 23% EBITA CAGR over five years.

• Q1 2025 sales grew 7% (0% organic), with EBITA margin at 17% and net sales of SEK 493.8 million.

• EBITA decreased by 5% excluding one-time effects; adjusting for Melatonin royalties, EBITA increased 2%.

• Net debt/EBITDA at -0.6, indicating strong financial position and cash flow.

• Financial targets include >20% annual EBITA growth, >15% ROE, and net debt/EBITDA below 3x.

Business areas and market presence

• Operates in Assistive Tech, MedTech Specialty, and Pharma, with 607 employees.

• Sales split: Assistive Tech 42%, MedTech 34%, Specialty Pharma 24%.

• Market focus: Sweden 50%, Nordic 25%, Europe 21%, Rest of World 4%.

• Strong performance in Assistive Tech and MedTech, with EBITA growth of 35% and 19% respectively.

• Specialty Pharma faced a >50% result drop due to UK market changes.

Strategic highlights and recent developments

• Buy & Build strategy with long-term ownership and no exit horizon.

• Recent acquisitions: Kompany and Picomed in Norway, Alert-it in UK to expand product portfolio.

• Inpac moved to a new modern production facility, maintaining customer deliveries.

• Cardiolex signed new distributor agreements to access new markets.

• Strong operational cash flow increased acquisition capacity.