Medacta Group (MOVE) H2 2025 earnings summary

Executive summary

• Full-year revenue reached EUR 684 million, up 18.5% in constant currency year-over-year, with a four-year CAGR of 17.4% from 2021-2025, significantly outpacing the market by over 4x.

• Net profit rose 31% year-over-year to EUR 95.5 million, representing 14% of revenue.

• Adjusted EBITDA increased 19.1% to EUR 190.8 million, with a margin of 29% in constant currency.

• Board proposes a dividend of CHF 1.1 per share, nearly 60% higher year-over-year.

• Growth driven by innovation, medical education, and global sales force expansion.

Financial highlights

• EBITDA margin reached 29% in constant currency (27.9% in EUR), up 2% year-over-year; reported EBITDA margin was 28%, up 0.8%.

• Gross profit increased by nearly 15% to EUR 459 million, with gross margin above 77%.

• Operating cash flow rose over 42% to EUR 153 million; free cash flow increased to EUR 16 million.

• CapEx totaled EUR 137 million, focused on instruments, facilities, and R&D.

• Leverage reduced to 0.88x EBITDA, reflecting a disciplined financial profile.

Outlook and guidance

• 2026 revenue growth targeted at 10%-14% in constant currency; Adjusted EBITDA margin expected to expand by 50 bps.

• Midterm (2024-2027) revenue CAGR expected between 12%-15%, with gradual margin improvement.

• EBIT margin expansion expected to align with EBITDA margin expansion.

• Tax rate expected to normalize to ~16% for 2026-2027 after a one-off increase in 2025.

• No impact from US tariffs anticipated.