The positive development in the companies continues, and the pace of acquisitions is increasing

Good sales growth

AddLife’s sales increased by 7 percent during the quarter, with positive development in both Labtech and Medtech. The increased pace of acquisitions made a clear contribution to growth. The customer activity is normally lower during the summer month, particularly within elective surgery and research, and deliveries of larger instruments and capital goods are also often lower. In Spain, healthcare labor disputes continued to hold back demand during the quarter. Despite this, growth was healthy, driven by dedicated and structured sales efforts as well as the continuous introduction of new, advanced products. Sales development in the Nordic region was stable, while growth increased in the UK and Ireland. In Eastern Europe, growth was strong, driven by sound underlying economic development and increased investments in healthcare and research. In September, customer activity increased again, leading to higher demand and stronger order intake.

Margins continue to improve

Strengthening margins and increasing profit is our highest financial priority. Margins strengthened during the quarter and total profit growth was good. We can clearly see that the introduction of new advanced products contributes to improved gross margins. These products sometimes also require investments in qualified resources, but this is offset by the higher gross margins.

Offering new technologies and advanced products is a clear focus area in all our companies. Market conditions for introducing new products that improve the efficiency of research and healthcare processes are favourable. At the same time, we see that established product companies are increasingly moving towards distributor models, while companies with new and innovative technologies are seeking distribution partners.

The pace of acquisitions has increased

Following a period in which the main focus has been on organic improvement initiatives and strengthening the balance sheet, AddLife has now entered a new phase with increased acquisition activity. The number of acquisitions has increased from one per year in 2023 and 2024 to three in 2025. Lehnen was acquired in October, bringing the number of acquisitions to six over the past twelve-month period.

Before the summer, CoaChrom and BioSpectrum were acquired, and during the past two months Unicam and Lehnen have been acquired. These companies meet our acquisition criteria well, operate within our prioritised product segments, and have margins that are clearly above our current average. We warmly welcome these companies to the AddLife family.

For some time, we have strengthened our resources for driving acquisition processes and have established a clear allocation of responsibilities. A number of acquisition processes are being pursued in parallel, and we are working in a structured and long-term manner with our acquisition pipeline.

Our decentralised model creates motivation, results and acquisition opportunities

Decentralised responsibility is a very important part of our well-established and proven business model. The companies within AddLife retain their own brands and identity, while also having responsibility for their own strategy, operations and results. Quick decision-making processes and local mandates create motivated teams with a strong customer focus and a strong ability to quickly adapt to local markets and new trends. With the Group’s operations spread across Europe, the decentralised structure also contributes to natural resilience within the Group.

AddLife actively promotes decentralisation within its companies and, in recent years, has divided larger companies into more focused divisions and removed costly central functions. This has resulted in increased growth and improved margins.

The decentralised model, combined with deep industry knowledge and an extensive network, also makes AddLife an attractive partner for entrepreneurs and a long-term home for successful companies.

Summary and outlook

The clear and evident positive development continues in AddLife’s companies, with strengthened margins, good growth and improved cash flow. The operational improvements and strengthened balance sheet have enabled increased acquisition activity, which has been prepared over an extended period.

We now see a clearly increased pace of acquisitions and are pleased to welcome more new companies to the AddLife family. A warm thanks to all employees for valuable contributions and strong commitment. Development in our companies is positive and market trends are favourable. We look forward to building further on this during the fourth quarter of the year.

Stockholm, October 21, 2026

Fredrik Dalborg
President and CEO