BUSINESS MODEL
Long-term profitable growth
AddLife develops and acquires profitable, market-leading companies in selected Life Science niches. With a proven decentralised business model, we focus on achieving long-term profitable growth and sustainable development.
The focus of AddLife’s proven and decentralised business model is long-term profitable growth and sustainable development. In 2025, the Group continued to successfully follow its growth plan, while further measures were taken to strengthen profitability and improve cash flow.
Within AddLife, the combined resources, networks and expertise of a large company are brought together with the flexibility, customer proximity and swift decision-making of entrepreneur-driven subsidiaries.
AddLife acts as a long-term and active owner with a clear focus on business development, earnings growth and improved profitability. The subsidiaries are responsible for their own business operations within the framework of the clear targets set by the Group in terms of earnings growth, profitability and sustainable development. The decentralised structure creates favourable conditions for a strong customer focus, short decision paths, networking and knowledge-sharing between the companies. At the same time, risk in the Group is reduced as operations are not dependent on individual customers or suppliers.
AddLife combines the extensive resources, network and expertise of a large company with the entrepreneur’s flexibility, personal touch and efficiency.
Market leader in selected niches
The European Life Science market is large, fragmented and growing steadily, regardless of the general economic cycle. Within this market, AddLife has built leading positions in carefully selected niches across many geographic markets. In their respective product segments, the subsidiaries aim to create clear added value through advanced and differentiated products combined with market‑leading local service and support.
To ensure long‑term growth and sustained demand for the Group’s offering, AddLife focuses on four clearly defined customer categories: Biomedical and Research, Diagnostics, Hospital and Homecare. These customer categories also constitute AddLife’s business units and form the basis for how the companies are organised.
AddLife’s customer categories and product segments
Customer contact is managed through the subsidiaries
Trust and proximity to customers are among AddLife’s most important competitive advantages. The subsidiaries are established in a large number of European countries and have strong commercial organisations with sales representatives, product specialists, marketing resources, customer support as well as training and service staff. All customer contacts and business relationships are handled by the subsidiaries, which in their respective markets build long‑term partnerships with both customers and suppliers through well‑developed local sales and service organisations.
Customers are found in both the private and public sectors, primarily in hospitals, homecare, healthcare and research laboratories, universities and colleges, as well as in the pharmaceutical and food industries. The majority of AddLife’s customers are in the public sector, where sales mainly take place through public procurement processes and long‑term agreements.
Supplier relationships are managed by the subsidiaries
The close customer relationships and the strong, locally anchored service offering give the subsidiaries a unique insight into both current and future customer needs, as well as the ability to support customers in the implementation of new technologies. Based on these insights and relationships, the subsidiaries can offer highly advanced and competitive product portfolios that are continuously developed.
Supplier relationships are often long‑term and are managed by the subsidiaries. In several cases, cooperation takes place between subsidiaries in different countries, providing suppliers with an efficient route into additional geographic markets while at the same time strengthening AddLife’s offering to customers.
Holm&Halby’s growth driven by innovative digitalisation
Through innovative solutions in the digitalisation and automation of laboratory equipment, Holm&Halby has achieved significant growth in recent years. The company continues to strengthen its position as a leading partner in the Danish market for laboratory equipment.
Priorities in 2025
In 2025, the companies within AddLife continued to work on the priorities established in 2023: earnings improvements, organic growth, cash flow and acquisitions. The order of priorities reflects the need to manage the many and relatively large acquisitions carried out in recent years and to ensure that all parts of the larger AddLife perform in line with our expectations and our long‑term business model. The Group has also been organised to even better support the companies in this work, while at the same time preparing for future growth.
1. Profitability improvements
A core element of AddLife’s business model is for each company to have a clear understanding of which products and business areas have healthy margins, and to actively nurture and develop these, while at the same time continuously working to improve or discontinue those with weak profitability.
In 2025, improvement initiatives were carried out in all companies in line with this model, and the positive effects have been clearly visible through progressively strengthened margins.
Adjusted EBITA margin: 12.1 percent (11.3)
2. Organic growth
Healthy organic growth is an important indicator of the well‑being of AddLife’s companies. It reflects strong positions in carefully selected market niches, solid customer relationships and a continuously updated and relevant offering of products and services.
AddLife achieved solid organic growth in 2025, despite weaker development in the United Kingdom, one of the Group’s largest markets, and despite the discontinuation of less profitable products.
Organic growth: 3 percent (6)
3. Cash flow
Work on optimised capital allocation and a strong cash flow is central within AddLife. Efficient use of capital is crucial to enable growth through internally generated cash flow and, in the current phase, to reduce indebtedness.
A structured and long-term effort in this area has during the year resulted in a clearly improved cash flow and a lower level of indebtedness.
Operating cash flow: SEK 1,392 million (1,095)
4. Acquisitions
The improved cash flow and reduced indebtedness increase AddLife’s room to manoeuvre for new acquisitions. In 2025, three acquisitions were completed that strengthen the Group’s position in selected markets and in prioritised segments.
With a further developed acquisition process and clearly defined priorities for market segments and acquisition criteria, AddLife is planning for increased acquisition activity in 2026.
Number of acquisitions: 3 (1)
