MCAPNasdaq StockholmHealth CareIFRS · SEK

MedCap

MedCap is a Swedish investment and operating group that acquires and develops niche life science companies through majority-owned subsidiaries. Its portfolio is organized into three business areas: Assistive Tech, MedTech and Specialty Pharma, with companies run under their own brands but supported by group-level ownership and governance.

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Revenue2,108m SEK
+16.7 %y/y
Operating profit (EBIT)303m SEK
+11.2 %y/y
EBIT margin14.4%
−0.7 ppy/y
Net income221m SEK
+5.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01,0002,0003,0004,0005,000m SEK2021: 916 m SEK2021: EBIT 127 m SEK20212022: 1,111 m SEK2022: EBIT 171 m SEK20222023: 1,587 m SEK2023: EBIT 228 m SEK20232024: 1,807 m SEK2024: EBIT 272 m SEK20242025: 2,108 m SEK2025: EBIT 303 m SEK2025TTM 2026: 4,321 m SEKTTM4,321
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Assistive Tech35 %

Assistive technology businesses serving users and care environments with specialized products.

MedTech40 %

Medical technology products, software, components and packaging solutions for healthcare and life science customers.

Specialty Pharma25 %

Specialty pharmaceutical operations focused on niche products and related commercial activities.

Customers

MedCap sells through its operating subsidiaries to healthcare and life science end markets rather than to a single end customer type. Buyers include regions, hospitals, medtech companies, and nutrition and pharmaceutical companies, depending on the business area. The portfolio is built around niche products where customers value specialization, reliability and application-specific support.

Regions and public healthcare systems

Buy assistive technology and related solutions for care delivery and patient support.

Hospitals and care providers

Purchase medical technology products and software used in clinical workflows.

Medtech manufacturers

Source components and packaging solutions that support device production and compliance.

Nutrition and pharmaceutical companies

Buy packaging and related life science solutions for regulated products.

Specialty pharma end markets

Use niche pharmaceutical products distributed through the group’s pharma operations.

Strategy

MedCap’s strategy is to acquire profitable niche life science companies and develop them through active ownership, decentralized governance and group-level support. Growth is driven by add-on acquisitions, new core holdings in northern Europe and operational development within existing subsidiaries.

Pursue acquisitions in niche life scienceShort term

Acquisitions are a core growth engine and expand the portfolio.

Develop existing portfolio companiesMedium term

Operational support and synergies are intended to improve each subsidiary's potential.

Use balance sheet capacity for growthMedium term

Financial flexibility supports continued deal-making and portfolio expansion.

Geography

MedCap is headquartered in Stockholm and operates as a Nordic life science owner with companies based mainly in northern Europe. The group actively seeks acquisitions in Europe and its subsidiaries serve international markets, so revenue and supply chains are exposed to cross-border demand, currency and trade conditions. Its operating footprint is decentralized, with each subsidiary run under its own brand while benefiting from group-wide support.

Risks

MedCap is exposed to sector concentration risk because its portfolio is focused on pharmaceuticals, medical technology and assistive technology. Its acquisition-led model also creates execution risk around deal sourcing, integration, contingent consideration and the performance of individual holdings. As a Nordic group with international sales and supply chains, it faces currency, trade and geopolitical risks that can affect demand and sourcing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Sector and portfolio concentration1Acquisition and integration risk2Currency and trade exposure3Customer concentration in niche businesses4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Sector and portfolio concentrationImpact: HighLikelihood: Medium

    The group is concentrated in pharmaceuticals, medtech and assistive tech, so setbacks in one holding can matter.

    Exposure: Individual subsidiaries and end markets

  2. Acquisition and integration riskImpact: HighLikelihood: Medium

    Growth depends on buying and developing companies, which can lead to valuation, integration and execution issues.

    Exposure: Add-on acquisitions and new core holdings

  3. Currency and trade exposureImpact: MediumLikelihood: Medium

    Sales and purchases span multiple countries, creating FX and tariff sensitivity.

    Exposure: International operations and supply chains

  4. Customer concentration in niche businessesImpact: MediumLikelihood: Medium

    Smaller specialized companies can depend on a limited number of large customers or channels.

    ExposureHospitalsRegionsIndustrial customers
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Accounting

Judgemental items
Contingent consideration fair value

Earn-out liabilities are material and remeasurement flows through profit or loss.

Impact: Can move reported earnings and net debt

Goodwill and intangible asset impairment

Acquisitions create goodwill that depends on the future performance of subsidiaries.

Impact: Potential write-downs if portfolio companies underperform

IFRS 16 lease accounting

Lease liabilities affect leverage metrics and comparability across periods.

Impact: Changes reported net debt and EBITDA-based measures

Adjusted EBITA and items affecting comparability

Management uses adjusted measures to isolate underlying operating performance.

Impact: Important for comparing acquisition-driven growth with recurring earnings

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Last updated: 24/09/2026