Medacta Group (MOVE) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached EUR 368.2 million, up 9.7% in constant currency, driven by innovation, medical education, and global sales force expansion, outpacing market growth.

• Adjusted EBITDA was EUR 97.4 million, with a margin of 27.8% in constant currency (26.5% reported), reflecting high profitability and resilience despite significant investments.

• Net profit for H1 2026 was EUR 41.9 million (11.4% of revenue), down from prior year due to a one-off gain in H1 2025 from the Parcus Medical acquisition.

• Growth was broad-based across all business lines and geographies, supported by new surgeon adoption and team expansion.

• Major expansion projects included new hires, facility construction in Switzerland and Italy, and land acquisition in Tennessee for a new US headquarters and manufacturing.

Financial highlights

• Gross profit rose to EUR 240.2 million (65.2% margin), but margin declined from 68.3% due to FX, price erosion, product/geographic mix, and higher depreciation.

• Adjusted EBITDA margin was 27.8% in constant currency (26.5% in Euro), down from 28.7% in H1 2025.

• Operating cash flow was EUR 56 million, down from EUR 73 million, reflecting higher working capital needs and inventory rebuild.

• Free cash flow was negative at EUR 18.6 million, impacted by higher capital expenditures.

• Total assets increased to EUR 1,008 million, equity ratio at 47.9%, and employee count rose to 2,273.

Outlook and guidance

• 2026 revenue growth targeted at 10–14% in constant currency, with adjusted EBITDA margin expansion of ~50bps.

• Mid-term (2024–2027E) revenue CAGR expected at 12–15%, with gradual EBITDA margin improvement.

• Confident in accelerating US growth and maintaining above-market performance; no material impact from US tariffs anticipated.