Slide 1: Q2 Presentation 2025
GD, ae i MEDCAP INVESTOR IN LIFE SCIENCE Q2 Presentation 2025
Slide 2: We create value in Life Science and contribute to improved quality of life
We create value in Life Science and contribute to improved quality of life 2
Slide 3: MedCap Snapshot
MedCap Snapshot Revenue, Business Areas Strategy LTM million SEK Assistive MedTech Specialty Buy & Build Tech Pharma 1 903 A long-term home for well run Life Science companies EBITA margin Q2-25 Employees & locations EBITA CAGR 5 years 19% 600 23% 3
Slide 4: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter The Group’s net sales LTM (MSEK) The Group’s EBITDA and EBITA (line) LTM (MSEK) excluding one-time effects excluding one-time effects 4
Slide 5: MedCap | An active investor in Life Science companies
MedCap | An active investor in Life Science companies Last Twelve Months, Q1 2025 Sales by Business Area Sales by Market RoW 3% Specialty Pharma Europe 22% 23% Assistive Tech Sweden 1 903 45% 46% MSEK MedTech Nordic 33% 28% 5
Slide 6: MedCap Business Areas
MedCap Business Areas Assistive Tech Med Tech Specialty Pharma Cognition, Alarms, Accessibility Diagnostic ECG Probiotics, Nutrition, Pharma CDMO Communication Packaging Digitalizing work-flow Contract manufacturing Nordic Sales, Pharma Sterile & non-sterile portfolio, Non-license liquid pharma prod
Slide 7: Group Highlights Q2
Group Highlights Q2 Q2 2025 • Sales growth 14%; organic 6% • Strong sales and profitability in Assistive Tech Net Sales (MSEK) 521.7 +14% and MedTech; Specialty Pharma show slight growth • Highest EBITA to date, 20% adj EBITA growth Adj EBITA (MSEK) 97.5 +20% • Strong EBITA margin • Net Debt/EBITDA
Slide 8: Sales and EBITA by quarter
Sales and EBITA by quarter +14% Net sales per quarter (MSEK) 600 522 Q2-25 YTD R12 500 457 462 458 474 494 380 386 365 413 Net Sales 400 +14% +10% +9% 284 323 growth 300 258 263 242 227 223 233 211 206 201 175 202 Adj. EBITA 200 160 +20% +7% 0% 100 growth 0 * EBITA- Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '21
Slide 9: Assistive Tech Q2
Assistive Tech Q2 • Strong growth driven by several acquisitions Q2 2025 YTD • Acquired entities in previous quarters (Danrehab, Net Sales Picomed & Alert-It) contribute to growth and (MSEK) 241.1 +20% 479.6 +25% develop well • Solid demand in most businesses Adj EBITA (MSEK) 64.4 +17% 127.2 +20% •
Slide 10: Assistive Tech | Sales and EBITA rolling 12 months by quarter
Assistive Tech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 900 862 50% ▪ R12 Net sales +25%, primarily 821 driven by acquisitions 45% 800 767 ▪ R12 EBITA +14% 734 40% 692 700 636 35% 591 600 30% 492 500 25% 420 20% 400 345 15% 300 270 224 230 23
Slide 11: MedTech Q2
MedTech Q2 • Strong growth, all organic Q2 2025 YTD • EBITA increase by 30% and strong margin Net Sales • Growth largely driven by Inpac that continued to (MSEK) 172.3 +14% 332.3 +7% see strong demand and raised productivity in the new production site. Final installation done and old site is now to
Slide 12: MedTech | Sales and EBITA rolling 12 months by quarter
MedTech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 25% ▪ R12 Net sales +8%, organic growth 650 628 603 608 607 driven by good demand in Inpac 579 552 ▪ R12 EBITA +4% 550 20% 512 488 465 453 444 450 427 413 15% 369 390 347 350 320 299 10% 271 25
Slide 13: Specialty Pharma Q2
Specialty Pharma Q2 • Slight growth • Stable EBITA and margin Q2 2025 YTD • Registered pharma portfolio represented 50% • Business development activities resulted in 1 Net Sales (MSEK) 108.3 +2% 203.7 -9% acquisition, 1 inlicensing deal and 1 outlicensing • Acquisition of XGX, a fast-growing special
Slide 14: Specialty Pharma | Sales and EBITA rolling 12 months by quarter
Specialty Pharma | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 30% ▪ R12 Net sales -12% ▪ R12 EBITA -60% 500 485 481 25% 474 469 446 453 431 432 410 412 397 400 20% 371 352 335 331 329 315 317 309 300 15% 200 10% 100 5% 0 0% Excluding one-time
Slide 15: Sales development for portfolio of Specialty Pharma products
Sales development for portfolio of Specialty Pharma products (not including the recently acquired products which do not affect the second quarter) Portfolio of attractive products Sales development for selection of key products R12 MSEK Attractive platform of own & partner products, 0% top 8 (R12 mo
Slide 16: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter MSEK (Net sales) MSEK (EBITA) 2,100 Sales CAGR: 19% 400 2,00 0 EBITA CAGR: 26% 1,903 1,900 1,83 9 1,789 1,807 350 1,800 1,740 1,669 1,700 1,587 331 1,600 328 318 319 300 1,5 00 1,4 54 306 302 291 1,4 00 1,3 31 1,3 00 1,229 250 260 1,2 00 1,111 1,100 1,0 4
Slide 17: Working Capital and Cash Flow
Working Capital and Cash Flow Working capital/Net sales R12 Operating cash flow R12 410.0 28% 360.0 26% 310.0 24% 22% 260.0 20% 210.0 18% 160.0 16% 14% 110.0 12% 60.0 Q1-22 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q
Slide 18: Financial Targets
Financial Targets Annual EBITA Growth Return on Equity Net debt / EBITDA Compounded Average Growth Rate [MSEK] >15% >20% <3x 400 1 350 25% 0.8 0.6 300 20% 0.4 250 15% 0.2 200 0 150 10% 2020 2021 2022 2023 2024 2025 -0.2 100 -0.4 5% 50 -0.6 0% Q2-20 Q3-20 -0.8 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-2
Slide 19: How we track our financial targets in our businesses
How we track our financial targets in our businesses Financial Objectives Key Metrics In Our Businesses Organic and acquisition driven sales growth (depending on maturity of business) >15% EBITA growth (CAGR) Profit margins Core Working Capital / Sales, Cash Conversion, EBITA / (Fixed assets & WC) R
Slide 20: Our Model
Our Model Life Science Entrepreneurship Group Scale Sector focus Decentralized & local responsibility Business development Network of expertise Integrity of acquired brands Merger & Acquisitions Knowledge sharing Quick and agile Governance – ESG Market insight Long-term mindset Financing 20
Slide 21: Investment strategy
Investment strategy Scope What we look for Life Science Assistive | MedTech | Pharma Product / Software / Know-how Value creation journey Europe Clear value proposition Scalable business Add-ons globally M&A possibilities Market fundamentals ESG Innovative PEOPLE Small / Mid-size Businesses Entrepre
Slide 22: Thank You! Q&A
Thank You ! Q&A Anders Dahlberg Kristina Ekblad CEO CFO anders,dahlberg@medcap,se kristina,ekblad@medcap,se +46 704 269 262 +46 703 322 167 22