MedCap (MCAP) Q4 2025 earnings summary

Executive summary

• Achieved 25% sales growth in Q4 2025 and 17% full-year growth, with 10% organic growth and strong performance across all segments.

• Adjusted EBITA grew by 68% in Q4 and 26% for the year, with a Q4 margin of 19.1% excluding acquisition-related one-time effects.

• Three acquisitions completed: Danrehab, XGX Pharma, and LivAssured (Nightwatch), expanding the portfolio and geographic reach.

• Continued ambition for further acquisitions leveraging a strong balance sheet.

• All business areas contributed to growth, with particularly strong performance in Assistive Tech and MedTech.

Financial highlights

• Q4 2025 net sales reached 591.0 MSEK, up 25% year-over-year; full-year net sales were 2,108.0 MSEK, up 17%.

• Adjusted EBITA for Q4 was 112.9 MSEK, up 68% year-over-year; full-year adjusted EBITA was 385.6 MSEK, up 26%.

• EBITA margin for Q4 was 19.1%; full-year margin was 18.4%.

• Profit after tax for the year was 220.7 MSEK; earnings per share 14.7 SEK (adjusted 14.5 SEK).

• Cash flow from operating activities for the year was 342.7 MSEK.

Outlook and guidance

• Margin in Specialty Pharma expected to improve in the second half of 2026 and beyond.

• Ongoing focus on acquisitions and increasing use of the strong balance sheet.