Getinge (GETI) Q4 2025 earnings summary

Executive summary

• Achieved record organic sales in Q4 2025, with 1.2% organic net sales growth and 2.3% organic order intake growth year-over-year, and full-year organic sales growth of 4.9% driven by strong demand in Acute Care Therapies, ECLS, and ventilators.

• Recurring revenue now constitutes about two-thirds of total sales, with a growing share from high-margin products.

• Margins were heavily impacted by currency and tariffs, but full-year adjusted EBITA margin held steady at 14.0% despite over SEK 1 billion in headwinds.

• Strong product development led to several key launches, including Automatiq, Aquadis 44 washer-disinfector, and regulatory milestones such as PMA and CE certifications.

• Entered 2026 with robust order bookings in Surgical Workflows and strong demand for Cardiosave intra-aortic balloon pump.

Financial highlights

• Q4 2025 net sales reached SEK 10,186M, with organic growth in all business areas except Life Science; Q4 adjusted gross profit was SEK 5,037M and adjusted EBITDA was SEK 1,809M (margin 17.8%).

• Full-year organic net sales up 4.9%; full-year adjusted EBITA at SEK 4,880M (margin 14.0%).

• Free cash flow for Q4 was SEK 1.2B–1.7B; full-year free cash flow at SEK 2,652M.

• Net debt/EBITDA at 1.2x–1.5x, well below the 2.5x threshold.

• Board proposed a dividend of SEK 4.75 per share.

Outlook and guidance

• Organic net sales growth for 2026 is guided at 3%-5%, adjusted for the phase-out of Surgical Perfusion.

• Margin expansion remains a priority, with ambitions to mitigate ongoing tariff and FX headwinds and mid-term adjusted EBITDA margin guidance at 16%-19% by 2028.

• Main profitability drivers include product launches, regulatory approvals, and continued rotation to high-margin products.

• Quality remediation milestones and product launches are key focuses for 2026.