AddLife AB (publ)

Solid topline + margin expansion; cash flow strong - Sales +7% YoY in Q3, driven by ~4% organic growth and ~3% acquired growth. - Labtech +7% (incl. ~5% acquired; ~2% organic), Medtech +5% organic (margin slightly weaker but stable overall). - Gross margin improved by ~1pp (price management + higher share of advanced products). - Adjusted EBITA margin rose to 11.5% (positive YoY trend; ytd 12.2% vs 11.9% prior year). - Operating cash flow +62% in the quarter to SEK 236m, with cash conversion >100% and working capital negative SEK -58m (improving dynamics; efficiency focus ongoing).

Labtech momentum strong; Medtech resilient but pressured (Spain) - Labtech EBITA margin 12.9% vs 11.2% in same quarter last year—management attributes strength to tender wins, gradual installation/sales pickup, mix shift, and acquisitions; no major one-off effects called out. - Medtech EBITA margin 11.3% vs 11.6% YoY, slightly softer due to: - Summer seasonality (elective surgery volumes down) - Higher investment costs to support advanced products / advanced portfolio growth - Ongoing healthcare labor dispute in Spain weighing on activity. - Regional commentary: stable Nordics; UK & Ireland improved (incl. delivery of prior quarter’s capital orders); Eastern Europe continued strong development.

Acquisitions accelerated further—strategy stays “high-automation/advanced products + decentralization” - Management highlighted increased acquisition activity and completed: - Unicam (completed in the quarter; becomes part of Labtech; advanced analytical lab equipment—chromatography/spectrometry/microwave technology—with strong technical/service offering). - LEHNEN (completed in October; becomes part of Homecare; stainless steel products, strong German/Central & Eastern Europe position). - Decentralized model remains a key advantage (speed, customer proximity, and “ability to find/own the acquisition funnel” via business unit leaders).