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GROUP DEVELOPMENT

THIRD QUARTER

Net sales increased by 7 percent to SEK 2,599 million (2,429). Organic growth amounted to 3 percent and acquired growth to 3 percent. Organic growth was negatively impacted by the divestment of the endoscopy operations in the United Kingdom in December 2025, corresponding to SEK 27 million. Adjusted for the divestment, organic growth amounted to 4 percent. Exchange rate effects had a positive impact on net sales of SEK 24 million, corresponding to 1 percent.

Adjusted EBITA increased by 11 percent to SEK 298 million (270), corresponding to an adjusted EBITA margin of 11.5 percent (11.1). Adjusted EBITA excludes the remeasurement of contingent consideration of SEK 32 million. Exchange rate effects had a marginal impact on EBITA.

Net financial items amounted to SEK -42 million (-54) and profit after financial items totalled SEK 179 million (111). Net financial items primarily include interest expenses related to the financing of previous acquisitions as well as exchange rate effects. Interest expenses amounted to SEK 46 million (47) and exchange rate gains to SEK 3 million (5).

Profit after tax increased by 56 percent to SEK 128 million (82), and the effective tax rate was 28 percent (29). The slightly high effective tax rate is attributable to the effect of non-deductible interest expenses.

Chart: Net sales quarter
Chart: EBITA quarter
Chart: Net sales
Chart: Adjusted EBITA

JANUARY – SEPTEMBER, 2026

Net sales increased by 3 percent to SEK 7,965 million (7,709). Growth, excluding exchange rate effects, amounted to 4 percent, of which organic growth was 2 percent and acquired growth was 2 percent. Organic growth was negatively impacted by the divestment of the endoscopy business in the UK in December 2025, corresponding to SEK 120 million. Adjusted for the divestment, organic growth amounted to 4 percent. Exchange rate effects had a negative impact on net sales of SEK 89 million, corresponding to 1 percent.

Adjusted EBITA increased by 6 percent to SEK 972 million (920), corresponding to an adjusted EBITA margin of 12.2 percent (11.9). Adjusted EBITA excludes the remeasurement of contingent consideration of SEK 32 million. Currency effects had a negative impact on EBITA of SEK 9 million, corresponding to 1 percent.

Net financial items amounted to SEK -135 million (-171) and profit after financial items totalled SEK 551 million (429). Net financial items mainly include interest expenses related to the financing of previous acquisitions as well as exchange rate fluctuations. Interest expenses amounted to SEK 133 million (156) and exchange rate losses to SEK 9 million (6).

Profit after tax increased by 28 percent to SEK 386 million (302), and the effective tax rate was 30 percent (30). The slightly high effective tax rate is attributable to the effect of non-deductible interest expenses.

Chart: Net sales January – September
Chart: EBITA January – September

 

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