Ottobock (OBCK) Q2 2026 earnings summary

Executive summary

• H1 organic core revenue grew 6.7% and core revenue rose 7.7% to €818.5m; Q2 organic growth accelerated to 8%.

• Underlying core EBITDA increased 18.1% to €207.0m, with margin up 2.2 percentage points to 25.3%; Q2 margin reached 27.9%.

• Portfolio moves included the Blatchford acquisition, investments in Fesia and Blue Arbor Technologies, and an agreed sale of the wheelchair business to DHCare.

Financial highlights

• H1 revenue was €854.1m, up 6.7%; underlying net income rose 23.9% to €85.1m, while reported net income was €67.3m.

• Free cash flow declined 23.0% to €71.8m, affected by tax-payment timing and higher working capital.

• Gross margin was 52.5%, versus 52.9% in H1 2025.

Outlook and guidance

• FY 2026 organic core revenue growth guidance narrowed to 6%-8% from 5%-8%; underlying core EBITDA margin guidance rose to above 27% from above 26.5%.

• Management expects to finish in the upper half of the growth range, subject to execution; net leverage is expected below 2x at year-end.

• Midterm 2029 targets are 7%-9% annual organic core revenue growth and a 29%-30% underlying core EBITDA margin.