Investor: Mölnlycke's surgical arm lifts its margin from about 11% to 15% ahead of a split intended for 2027

On 4 November, Investor put figures on the two businesses of Mölnlycke: over the twelve months to September, a 39% margin for wound care and 15% for surgical, against about 38% and 11% in 2025. Mölnlycke weighs 6.7% of adjusted net asset value at 30 September. The margin rising most belongs to a business still folded, for now, into a single 14.1 times multiple.

Why it matters for Investor shareholders: at 30 September 2026, Investor estimates Mölnlycke at SEK 84,725m, up SEK 9,465m over the quarter (p. 8). It is its largest subsidiary, 37% of the value of wholly owned subsidiaries, against 72% in 2015 for the largest at that time (Patricia Industries presentation of 4 November 2026, "PI inception 2015 vs. Today", Opulion cross-check: 84,725 / 228,388, p. 4). This value is an estimate, using the method described in our brief of 16 October. One turn of the multiple, meaning one times the twelve-month EBITDA of SEK 7,098m (p. 8), is worth about 0.6% of adjusted net asset value (Opulion calculation: 7,098 / 1,258,016, a sensitivity for 100% of the company, not a forecast). A single value and a single multiple today cover two businesses whose margins range from 15% to 39%.

The separation remains an intention. Announced on 16 September, it would create during 2027 two companies owned by Patricia Industries, Investor's unlisted arm, subject to customary conditions, including consultation with employee representatives. Our analysis of 17 September started from the 2025 figures, about 38% and 11% margin. The presentation of 4 November ("the intended combination") updates them: Mölnlycke Health Care, wound care and antiseptics, €1.4bn of sales and a 39% margin, Mölnlycke Surgical, operating room solutions and gloves, €0.8bn and 15%. That is about 1 point more for the first, about 4 points for the second (Opulion calculation). The two periods share a single quarter, the last of 2025. The presentation ("Financial highlights") adds that US tariffs and a weaker dollar had weighed on 2025 EBITDA. How this effect splits between the two businesses remains unpublished.

The same presentation ("Our Business Areas", twelve months to September 2026) gives a table by business: €534m of EBITDA for wound care and antiseptics (526 + 8), €117m for operating room solutions and gloves (59 + 58), or €651m against a published total of €650m. The sums reconcile to within rounding, and 82% of EBITDA comes from the first business (Opulion calculation: 534 / 651). The line-by-line attribution is an Opulion reading, cross-checked against the published margins: 534 on €1,361m of sales (1,291 + 70) makes 39%, 117 on €779m (526 + 253) makes 15%. Opulion hypothesis: if the separation went through, two multiples would replace the single one. One turn on surgical would then be worth €117m, one turn on wound care €534m, or 4.6 times more.

For Investor shareholders, there are three proofs to follow. On 1 January 2027, the two management teams will take office. On 22 January 2027, the year-end report will revalue Mölnlycke on fourth-quarter multiples. The third, undated, would be the first separate value of the two companies: it would say what this 6.7% of adjusted net asset value is made of.