Slide 1: Q1 Presentation 2025
GD, ae i MEDCAP INVESTOR IN LIFE SCIENCE Q] 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 1 839 A long-term home for well run Life Science companies EBITA margin Q1-25 Employees & locations EBITA CAGR 5 years 17% 607 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 4% Specialty Pharma 22% Europe 23% Assistive Sweden Tech 1 839 45% 45% MSEK MedTech 33% Nordic 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 Q1
Group Highlights Q1 • Sales growth 7%; organic 0% (6% organic growth excl. Specialty Pharma Q1 2025 with high comparison figures) Net Sales • Good sales in Assistive Tech and MedTech; (MSEK) 493.8 +7% Specialty Pharma weaker as expected • EBITA decreased by 5% excluding Adj EBITA acquisition related
Slide 8: Sales and EBITA by quarter
Sales and EBITA by quarter +7% Net sales per quarter (MSEK) 600 Q1-25 R12 500 457 462 458 474 494 413 380 386 365 Net Sales 400 323 +7% +10% 300 258 263 284 growth 227 223 233 242 211 206 201 202 200 160 175 Adj. EBITA -5% -5% 100 growth 0 Q3 Q4 Q1 Q2 Q3 Q4 '20 * Q1 Q2 Q3 Q4 '21 Q1 Q2 Q3 Q4 '22 Q1 Q
Slide 9: Assistive Tech Q1
Assistive Tech Q1 • Good sales driven by both acquisitions and good Q1 2025 R12 demand in most businesses Net Sales • EBITA increased by 23% (MSEK) 238.5 +29% 821.3 +29% • EBITA margin at 26%; restored from the lower margin Q4 Adj EBITA (MSEK) 62.7 +23% 206.4 +23% • Abilia continue to see good deman
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 50% ▪ R12 Net sales +29%, primarily 821 driven by good demand and 45% 800 767 acquisitions 734 692 40% ▪ R12 EBITA +23% 700 636 35% 591 600 30% 492 500 25% 420 20% 400 345 15% 300 27
Slide 11: MedTech Q1
MedTech Q1 • Flat growth; although good demand • EBITA decline -9% Q1 2025 R12 • Inpac did not reach full productivity in the new facility, compared to last year, explaining flat Net Sales growth and lower EBITA (MSEK) 160.0 -1% 607.2 +10% • EBITA margin at 16.5%; restored from the lower level in Q4
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 650 25% ▪ R12 Net sales +10%, organic 603 608 607 579 growth driven by good demand 552 550 ▪ R12 EBITA +0% 512 20% 488 465 453 444 450 427 413 369 390 15% 347 350 320 299 271 10% 250 5% 150 50
Slide 13: Specialty Pharma Q1
Specialty Pharma Q1 • EBITA decline -93% • EBITA margin at 1%; R12 7% Q1 2025 R12 • Registered pharma portfolio represented 46% Net Sales • Decline of top 8 products by 13% (MSEK) 95.3 -18% 410.3 -15% • Lost 5.9 MSEK royalties from UK Melatonin outlicensing vs comparison quarter; but also weaker EBI
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 -15% ▪ R12 EBITA -68% 500 485 481 25% 474 469 446 453 431 432 410 397 400 20% 371 352 335 331 329 315 317 309 300 15% 200 10% 100 5% 0 0% Excluding one-time eff
Slide 15: Sales development for portfolio of Specialty Pharma products
Sales development for portfolio of Specialty Pharma products Portfolio of attractive products Sales development for selection of key products R12 MSEK Attractive platform of own & partner products, -7% top 8 (R12 months) pipeline with new product launches, established expertise in product developmen
Slide 16: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter MSEK (Net sales) MSEK (EBITA) 2,00 0 Sales CAGR: 19% 400 1,900 EBITA CAGR: 23% 1,83 9 1,789 1,807 1,800 1,740 1,669 350 1,700 1,587 1,600 32 8 331 1,5 00 1,4 54 319 300 306 302 1,4 00 1,331 291 1,3 00 1,229 250 1,200 260 1,111 1,100 1,0 46 1,0 07 23 2 1,0
Slide 17: Working Capital and Cash Flow
Working Capital and Cash Flow Working capital/Net sales R12 Operating cash flow R12 28% 410.0 26% 360.0 24% 310.0 22% 260.0 20% 210.0 18% 160.0 16% 14% 110.0 12% 60.0 Q4-21 Q1-22 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-22 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 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