Company pany Pr Pres esenta entation tion August st 2020 020 - PowerPoint PPT Presentation

Company pany Pr Pres esenta entation tion August st 2020 020

Vision We create value and contribute to improved life quality in Life Science 2

Introduction About us Geographical split ▪ Home markets for Decentralised investment company in Life portfolio Science companies ▪ Value creation through active ownership Important export markets + Australia and the ▪ 2 business segments: MedTech and Specialty US Pharma ▪ Sales: 786 MSEK (c. 76 MEUR) ▪ Employees: ~ 280 ▪ Listed on Nasdaq Stockholm Small Cap Net Sales (rolling 12 months) 1% 16% MedTech Specialty Pharma 43% 57% 24% 59% Sweden Nordic MedTech Specialty Pharma Europé RoW 3

First quarter (Q2 2020) Financials Comments Net sales per quarter (MSEK) ▪ Sales growth in Q2 compared to previous 1 year driven by both segments 250 211 206 209 ▪ 183 173 166 188 200 186 160 Group revenue growth in Q2 of 12% and 2 200 EBITDA increased by 13%, excluding the 132 140 139 152 120 150 effect of IFRS16 implementation of 6.7 100 MSEK 50 ▪ Positive sales and profit development in 3 0 the MedTech segment was driven by * Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cardiolex’ acquisition of Amedtec (from 1 16/17 17/18 18 19 20 Nov 2019) and Abilia’s acquisition of Somna (from 1 Feb 2020). The quarter was EBITDA per quarter (MSEK) also negatively impacted by the continued weak development in Abilia’s Norwegian 40 35 34 31 business (Covid-19 lock-down). 35 30 30 25 22 ▪ 25 20 20 4 Growth in sales and profit in Specialty 19 17 17 20 14 Pharma compared to previous year. The 12 15 8 7 development was mainly driven by strong 10 market demand but also partly due to non- 5 0 recurring sale of available stock to a * ** ** ** ** ** ** Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 logistics partner. The growth in the Nordic 16/17 17/18 18 19 20 specialty pharma portfolio continues. * Q3 2017/18: two months * * Excluding IFRS16 effect 4

R12 update (development vs last year) Financials Comments ▪ Profit increased by 7% and sales by 6% Net Sales vs. last year (MSEK) 1 compared to the equivalent period 15 786 32 739 800 previous year ▪ 600 2 Positive sales development in both MedTech and Specialty Pharma 400 ▪ R12 EBITDA increased by 5% for 3 200 MedTech. The development was mainly driven by strong sales growth and 0 increasing margins in Cardiolex. The R12 Q2 2019 MedTech Specialty Pharma R12 Q2 2020 acquisitions of Somna and Amedtec EBITDA vs. last year (MSEK) contributed since Nov 19 and Feb 20, respectively 140 * 5,3 120 4,8 108,8 101,4 ▪ R12 EBITDA increased by 25% for 4 100 -2,8 Specialty Pharma. The development 80 was primarily driven by the growth in the 60 Nordic Specialty pharma portfolio. As 40 the business mix changes over time, 20 margins will increase due to a higher 0 R12 Q2 2019 MedTech Specialty Other R12 Q2 2020 average gross margin and scalability of Pharma the cost base. * Excluding IFRS16 5

Sales and EBITDA – MedCap over time Sales, EBITDA and EBITDA margin development over time MSEK (Net sales) MSEK (EBITDA) / % 900 140 Sales CAGR: 14% EBITDA CAGR: 28% 786 800 757 120 709 109 700 116 100 596 600 525 80 500 466 423 78 406 400 60 349 337 316 59 300 259 40 47 45 43 187 41 200 38 33 20 27 100 22 0 0 7 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 2018 FY 2019 FY 2020 Q2 R12 Nettoomsättning R12 EBITDA R12 EBITDA % 6

Sales and EBITDA – R12 per quarter Sales, EBITDA and EBITDA margin development Q1 15/16 – Q2 20 MSEK (Net sales) MSEK (EBITDA) / % Sales CAGR: 15% EBITDA CAGR: 38% 1 000 120 116 109 104 900 102 101 100 786 800 763 757 739 734 726 709 699 672 90 700 78 77 639 80 72 596 600 564 66 540 525 513 508 504 59 500 60 466 439 53 51 410 46 45 377 44 43 43 400 39 40 34 300 21 200 15,3 20 13,7 13,9 13,8 13,7 12,4 10,8 11,0 10,9 10,5 10,3 9,7 9,9 8,9 8,7 9,0 9,0 8,3 8,2 8,0 100 5,6 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 15/16 15/16 15/16 15/16 16/17 16/17 16/17 16/17 17/18 17/18 17/18 Net sales EBITDA R12 EBITDA % 7

Overview of segments MedTech Specialty Pharma Net Sales R12: 451 MSEK Net Sales R12: 335 MSEK EBITDA R12: 98 MSEK EBITDA R12: 27 MSEK Technical aid solutions and services for individuals with functional disabilities Specialty pharma (nische pharmaceuticals) and CDMO (contract development and production) Vacuum system and for ECG- systems Package solutions for pharmaceuticals and probiotic products 8

Investment strategy Investment strategy Small and mid-sized Private life science companies Majority Ownership Central/Northern Europe Located companies with international potential Unlimited Ownership period Relationship Based investments Targeting 5 – 10 core investments 0-500 MSEK (5-50 MEUR) In investment size 9

Value creation through active ownership MedCap’s ownership model: Combines the larger company’s strengths with the smaller company’s entrepreneurial spirit Long-term value Assessment based creation on transparent financial and operational targets Investment in development Active ownership Access to Add-on competencies, acquisitions of networks and companies with resources synergies 10

Acquisitions and exits since the start Emfit, Add-on 1 Unimedic, 1 (Abilia) Sale of product Handitek, Add-on 1 (D-droppar) Miwana, Add-on 1 (GEWA – changed Scandinavian 2 (Unimedic) Somna, 1 name to Abilia) Nutrients, 2 IM-Medico, Exit Add-on 1 IM-Medico, 1 GEWA (Abilia), Add-on (Inpac Cardiolex, Add-on (Abilia) Acquisition Acquisition 2 Falck Igel, Add-on AirContainer) 2 Ergobe, Add-on (Quickels) 3 (Abilia) (Unimedic) Strässle, 3 Add-on (Cardiolex) 2001 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Toby Churchill, Add- 1 on (Abilia) Quickels, Acquisition 1 1 VC-portfolio, VC-portfolio, Acquisition 1 Pharmadone, Comai, 1 Dunmedic, 2 2 Exit Abilia, Add-on (Unimedic) Add-on (Abilia) 1 Add-on (IM-Medico) Inpac, 1 Refinancing Acquisition IM-Medico, Sale 2 (30 MSEK) Cross Pharma, Add-on Amedtec, 2 Unimedic, 3 3 of property (Unimedic) Add-on (Cardiolex) Acquisition ForGetMeNot, Add-on 4 (Abilia) 11

Financial Targets Focus on growth Net sales in 3-4 years Annual EBITDA growth* Net debt / EBITDA* 1,500 MSEK <3x 15% * Average over economic cycle 12

MedTech – Operating and financial update Financials 2020 Q2 Comments Net Sales – Rolling 12 months 1 ▪ The companies included in the MedTech segment primarily sell different types of MSEK medical equipment and products 199 209 223 238 258 268 280 296 312 336 364 381 400 410 419 424 431 444 451 500 400 ▪ 2 The segment consists of the subsidiaries 300 Cardiolex, Abilia and Inpac AirContainer 200 ▪ Net sales for the rolling 12-months period 3 100 increased by c. 8 percent during the second 0 quarter compared to the same period last Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 year, primarily driven by strong growth in 15/16 15/16 16/17 16/17 16/17 16/17 17/18 17/18 17/18 18 18 18 18 19 19 19 19 20 20 Cardiolex and Abilia EBITDA* – Rolling 12 months ▪ However, negative impact in Abilia’s 5 MSEK Norwegian business during Q1 and Q2 2020 120 102 due to Covid-19 lock-down 99 98 98 93 91 100 78 ▪ The German ECG company Amedtec was 6 80 65 65 55 52 49 part of the Group from 1 November 2019 and 60 46 40 34 29 the Swedish assistive technology company 40 26 25 25 Somna from 1 February 2020 20 0 ▪ 7 R12 EBITDA increased by 5 percent Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 ** Q2 Q3 ** Q4 ** Q1 ** Q2 ** ** 15/16 15/16 16/17 16/17 16/17 16/17 17/18 17/18 17/18 18 18 18 18 19 19 19 19 20 20 compared to the same period last year *) Adjusted, excluding management fees from the mother company. ▪ Net working capital for the segment was 92 **) Excluding IFRS16 which was implemented in Q1 2019 8 MSEK (78 MSEK) as per 30 June 2020 13

Value Drivers in MedTech - Abilia Value drivers Diagnoses, children 0-14 years (Sweden) ▪ Children 0-14 years in Sweden Since 2000 there has been an 1 17 429 accelerating trend with an increasing 18 000 number of young people being diagnosed 15 380 16 000 with neuro phycological disabilities ▪ 14 000 13 187 Treatment therapies as well as diagnostic 2 methods have developed rapidly in 11 724 12 000 combination with increased capacity in the established systems 9 708 10 000 ▪ 3 In Sweden and Norway there is a 7 552 8 000 7 024 ”tradition” of using (electronic) support for 5 924 time and structure management. There is 5 540 6 000 also a common understanding in these 4 736 4 279 markets that Abilia’s products add 3 622 3 277 4 000 3 033 significant socio-economic value. 2 580 2 245 2 080 1 906 1 709 2 000 1 250 2 105 2 079 2 042 2 001 1 524 1 731 843 988 990 619 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ADHD Autism Asperger Sources: Patientregistret, Socialstyrelsen och Statistiska Centralbyrån 14