Ottobock (OBCK) Q2 2026 earnings summary

Executive summary

• Achieved strong organic core revenue growth of 6.7% in H1 2026, accelerating to 8% in Q2, led by EMEA and a growing patient base, with margin improvement and targeted investments and acquisitions.

• Underlying core EBITDA increased 18.1% to €207.0 million, with margin improving to 25.3% in H1 and 27.9% in Q2.

• Strategic M&A included acquisitions in Norway (Blatchford) and Spain (Fesia Technology), investment in Blue Arbor Technologies, and divestment of the Human Mobility (wheelchair) business.

• Guidance for 2026 narrowed to 6%-8% organic core revenue growth and EBITDA margin above 27%.

Financial highlights

• H1 2026 core revenue reached €818.5 million (+7.7%), with organic core revenue growth of 6.7%; total revenue was €854.1 million (+6.7%).

• Underlying core EBITDA rose 18.1% to €207.0 million; margin increased by 2.2 percentage points to 25.3% (Q2: 27.9%).

• Underlying net income grew 23.9% to €85.1 million; net income margin improved to 7.9%.

• Free cash flow was €71.8 million, impacted by timing and one-off tax and working capital effects.

• Gross margin slightly decreased to 52.5% from 52.9% in H1 2025.

Outlook and guidance

• Full-year 2026 guidance: organic core revenue growth of 6.0–8.0%, underlying core EBITDA margin above 27.0%.

• Mid-term (2029) guidance: organic core revenue growth 7.0-9.0% p.a., underlying core EBITDA margin 29.0-30.0%.

• No significant inflationary impact expected in H2; scale and efficiency expected to drive further margin gains.