Medcap lifts sales 13% to SEK 566.7 million as Lindab reports lower earnings
Key Facts
Swedish companies Medcap and Lindab reported third-quarter results on October 23, 2026, revealing diverging trends in sales and profitability. Medcap’s net sales came to SEK 566.7 million, up 13% from SEK 501.5 million in the year-earlier period. Lindab’s net sales were SEK 3,237 million, compared with SEK 3,253 million a year earlier. Medcap posted growth in adjusted operating profit, while Lindab’s profit and earnings per share declined compared with the third quarter of 2025. Lindab published its report at 07:00 Central European Time, according to its financial calendar.
Medcap said quarterly sales growth included organic growth of 5%, alongside contributions from acquisitions. Adjusted operating profit, excluding items affecting comparability, rose to SEK 118.3 million from SEK 91.1 million, an increase of 30%. The company said all business areas recorded growth in net sales and profit. Cash flow from operations was SEK 96.1 million, compared with SEK 61.9 million in the third quarter of 2025. Sales growth continued through the first nine months of the year, rising 14% to SEK 1,729.6 million from SEK 1,517 million.
Medcap’s figures showed a divergence between basic and adjusted earnings per share. Basic earnings per share were SEK 5.7, compared with SEK 3.4 a year earlier, while adjusted earnings per share fell to SEK 2.3 from SEK 3.6. The company attributed a one-off positive effect excluded from adjusted operating profit to the remeasurement of contingent consideration payable for the XGX Pharma deal. It said the acquisition’s progress and contingent consideration model were in line with expectations so far. This means basic earnings per share alone do not reflect the adjusted profitability trend the company reported for the quarter.
By contrast, Lindab’s profit for the period fell to SEK 187 million from SEK 400 million in the comparable quarter, and earnings per share declined to SEK 2.42 from SEK 5.19. Adjusted operating profit was SEK 283 million, compared with SEK 315 million a year earlier. The company recorded no exceptional items or restructuring costs in the current quarter, compared with SEK 176 million in such items in the year-earlier period. The adjusted operating margin fell to 8.7% from 9.7%, despite improving from the previous quarter in both business areas. For the nine months through the end of September, sales fell 2% to SEK 9,546 million, and the adjusted operating margin dropped to 7.2% from 8.5%.
Lindab said organic sales in the Nordic markets grew 5%, while weakness in some Western European markets weighed on sales and the overall result. Its chief executive added that price adjustments largely offset higher transportation and production input costs, helping strengthen the gross profit margin. But he said further price adjustments and a lower cost base were needed to support the operating margin. During the quarter, Lindab acquired Irish ventilation distributor CVS, and on October 13, 2026, completed its acquisition of Italian ventilation smoke-control company Airnova. The net impact of acquisitions and divestments on quarterly sales fell to negative 2%, compared with organic growth of 2%.
Lindab expects limited growth in 2027 in the European ventilation market and the Scandinavian profile systems market. The outlook follows a decline in the adjusted operating margin in its nine-month results compared with the year-earlier period. The company set February 11, 2027, as the publication date for its 2026 year-end report. Medcap’s calendar sets February 5, 2027, for its year-end report. In premarket trading after Lindab announced its results, its share rose 2.88%, according to Investing.com.