MedCap (MCAP) Q2 2025 earnings summary

Executive summary

• Net sales rose 14% year-over-year in Q2 2025 to SEK 521.7 million, with 6% organic growth and all business areas contributing.

• Adjusted EBITA grew 20% to SEK 97.5 million, marking the strongest result to date, with a robust EBITA margin of 18.7%.

• Specialty Pharma segment showed slight growth and completed the acquisition of XGX Pharma, expected to enhance growth and margins.

• Cash flow from operating activities reached SEK 73.9 million in Q2 and SEK 129.4 million for H1.

• Maintained a strong balance sheet with Net Debt/EBITDA at -0.7 prior to the XGX acquisition.

Financial highlights

• Q2 2025 net sales reached SEK 521.7 million, up 14% year-over-year.

• Adjusted EBITA for Q2 was SEK 97.5 million, a 20% increase year-over-year.

• EBITA margin improved by 0.9 percentage points to 18.7%.

• H1 net sales increased 10% to SEK 1,015.5 million; adjusted EBITA up 7% to SEK 181.6 million.

• Last twelve months (LTM) revenue was SEK 1,903 million, with a 23% EBITA CAGR over five years.

Outlook and guidance

• Positive outlook for further M&A activity, leveraging a strong balance sheet and active acquisition pipeline.

• Ambition to make additional acquisitions and increase capital deployment, focusing on profitable growth in core business areas.