Improved Profitability and Margins
Adjusted EBITA margin improved to 12.4% in the quarter (vs 12.3% a year ago) and the full-year EBITA margin rose to ~12.1% (up from 11.3% the prior year and 10.5% in 2023). Labtech Q4 margin remained strong at 14.1% and Medtech Q4 margin improved to 12.0% (from 11.6%). Full-year margins: Labtech ~12.5% and Medtech ~12.4%.
Strong Cash Generation and Working Capital Performance
Operating cash flow was almost SEK 900 million in the quarter and SEK 1.4 billion for the full year. Working capital contributed SEK 426 million in the quarter, inventory-to-sales improved to 16% (from 17% in 2024), and cash conversion remained high at 111% (98% excluding sale of operations).
Debt Reduction and Balance Sheet Strengthening
Net debt decreased by almost SEK 900 million in 2025 (almost SEK 800 million reduction in the quarter). Net debt-to-EBITDA finished at 2.2 (well below the target of 3) and net debt-to-adjusted EBITA was 2.5, providing capacity for further acquisitions.
Organic and Acquisition-Fueled Growth in 2025
For the full year 2025 organic growth was ~10% and acquired growth contributed ~2%. Total EBITA growth for 2025 was ~8%. In the quarter currency-adjusted sales rose ~2% while adjusted EBITA increased ~5%.
Portfolio & Margin Improvement Initiatives Paying Off
Management reported stronger gross margin driven by price management, higher-margin product mix and new tenders, active pruning of low-margin products, and an increased share of own products—all contributing to the margin improvement trend.
Active M&A Pipeline and Selected Additions
Acquisitions in December included Pharmacold and Opitek (adding refrigeration and patient positioning capabilities). Management indicated a healthy pipeline focused on targets typically between EUR 10–30 million turnover and reiterated discipline on valuation.