MedCap (MCAP) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales rose 16% year-over-year to SEK 606.3 million, with 7% organic growth and profit growth across all business areas, driven by both organic demand and acquisitions.

• Adjusted EBITA increased by 28% to SEK 124.5 million, with margin improvements across all business areas.

• EBITA margin reached 20.5%, up 1.8 percentage points, led by strong performance in Assistive Tech and improved margins in MedTech and Specialty Pharma.

• Acquisitions, including Biopsafe and XGX Pharma, expanded MedTech and Specialty Pharma segments and remain a core strategy.

• All business segments delivered strong performance, with acquisition-driven growth supporting long-term ambitions.

Financial highlights

• Q2 2026 net sales were SEK 606.3 million, up 16% year-over-year; H1 net sales reached SEK 1,162.9 million, up 15% year-over-year.

• Adjusted EBITA was SEK 124.5 million, up 28% year-over-year; Q2 EBITA margin was 21.4% (adjusted: 20.5%).

• Rolling 12-month revenue reached SEK 2,255 million, with a 19% EBITA margin.

• Q2 profit after tax was SEK 69.1 million; EPS was SEK 4.6 (adjusted: SEK 4.3).

• H1 cash flow from operating activities was SEK 174.0 million, up 34% year-over-year.

Outlook and guidance

• Margin in Specialty Pharma expected to improve in the second half of 2026 and coming years as the product mix shifts toward higher-margin offerings.

• Management expects continued favorable acquisition opportunities and further margin improvements as new products gain traction.

• Continued ambition to leverage a strong balance sheet for further M&A activity.