MedCap (MCAP) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 13% to SEK 566.7m, including 5% organic growth; adjusted EBITA increased 30% to SEK 118.3m, with growth across all three business areas.

• 9M net sales grew 14% to SEK 1,729.6m and adjusted EBITA rose 29% to SEK 352.4m, supported by acquisitions and organic growth.

• LTM revenue was SEK 2,321m; the snapshot reports a 20% LTM EBITA margin and 28% five-year EBITA CAGR.

Financial highlights

• Q3 EBITDA was SEK 173.1m vs SEK 106.9m; EBITA was SEK 154.7m vs SEK 90.1m, including a SEK 36.4m positive XGX contingent-consideration remeasurement.

• Q3 EBIT was SEK 127.1m vs SEK 71.5m; profit after tax was SEK 84.8m vs SEK 51.3m. Basic EPS was SEK 5.7 vs SEK 3.4; adjusted EPS was SEK 2.3 vs SEK 3.6.

• 9M EBITDA was SEK 447.7m vs SEK 315.8m; EBIT was SEK 312.0m vs SEK 213.9m; profit after tax was SEK 209.8m vs SEK 155.7m.

• 9M operating cash flow increased to SEK 270.1m from SEK 191.2m; working capital absorbed cash as receivables and inventory increased.

Outlook and guidance

• Financial objectives: annual EBITA growth CAGR above 15%, return on equity above 20% and net debt/EBITDA below 3x.

• Acquisition discussions remain relatively high and prospects for further acquisitions are considered favourable; a strong balance sheet and low leverage support acquisition capacity.

• Specialty Pharma’s margin is expected to strengthen as new launches and existing products entering additional markets contribute a larger share of sales.