Medacta Group (MOVE) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €344.1 million, up 19.8% in constant currency year-over-year, with strong growth across all regions and business lines.

• Adjusted EBITDA margin rose to 29.6% in constant currency, with adjusted EBITDA of €98.8 million, up 27.5% year-over-year.

• Net profit for the period was €60.0 million, up 58% from H1 2024, representing 17.4% of revenue.

• Growth was driven by innovation, medical education, and expansion across all geographies and business lines.

• The acquisition of Parcus Medical expanded the sports medicine portfolio and contributed a one-off gain to net profit.

Financial highlights

• Gross profit for H1 was €235.1 million, up 18.9% year-over-year, with a gross margin of 68.3%.

• Adjusted EBITDA reached €98.8 million, up over 27% year-over-year; margin at 28.7% (29.6% in constant currency).

• Reported EBITDA was €110.5 million, including a one-off gain from the Parcus Medical acquisition.

• Operating cash flow was €73.0 million, up 74.3% year-over-year.

• Free cash flow improved to €8.5 million from -€12.2 million in H1 2024.

Outlook and guidance

• 2025 revenue growth targeted at 16–18% in constant currency, with adjusted EBITDA margin around 28%.

• Mid-term (2024–2027E) revenue CAGR expected at 10–14%, with adjusted EBITDA margin around 28%.

• U.S. tariffs currently have no material impact, but the situation is being monitored.