Getinge (GETI) Q1 2025 earnings summary

Executive summary

• Net sales grew 10.7% year-over-year, with 6.2% organic growth; order intake up 7.1% (2.9% organic), driven by Acute Care Therapies and strong Americas performance.

• Margins improved due to higher volumes, acquisitions, pricing, and favorable product mix, despite currency headwinds.

• Paragonix acquisition performed well, with successful product launches and EU MDR approval for most products, supporting international expansion.

• Sustainability and quality KPIs improved, with reductions in audit findings, field corrections, and CO2 footprint.

• Financial position remains solid, with leverage well below 2.5x and continued focus on customer value and profitability.

Financial highlights

• Adjusted gross profit rose to SEK 4,337 million, with gross margin up to 52.1% (from 51.3%); adjusted EBITA margin improved to 14.1% (from 12.1%).

• Adjusted EBITDA reached SEK 1,003 million, margin up to 12.1% year-over-year; FX negatively impacted margin by 1.1 percentage points.

• Free cash flow decreased to SEK 160 million, impacted by inventory build-up and restructuring costs.

• Net debt at quarter-end was SEK 9.7 billion (SEK 7.3 billion excluding pensions), with leverage at 1.4x adjusted EBITDA, unchanged from last year.

• Rolling 12-month net sales reached SEK 35,566 million.

Outlook and guidance

• 2025 outlook unchanged: organic net sales growth expected at 2–5% year-over-year, with recent acquisitions contributing about 2% to growth.

• Margin improvements anticipated from product mix and operational efficiency.

• Phased-out cervical perfusion business expected to contribute about two-thirds of 2024 sales (~SEK 300 million) in 2025.

• Priorities remain on quality improvements, sustainable productivity, and navigating geopolitical uncertainty.

• Long-term positive outlook based on global care needs and leading positions in key niches.