Ottobock (OBCK) Q3 2026 earnings summary

Executive summary

• 9M organic core revenue grew 6.6%; underlying core EBITDA rose 16.4% to €327.1m and margin expanded 190 bps YoY to 26.1%.

• Q3 core revenue rose 9.0% to €433.4m, with 6.4% organic growth; margin reached 27.7%.

• B2B remained the growth engine, while slower Patient Care momentum and regional divergence tempered results.

Financial highlights

• 9M revenue rose 7.4% to €1,307.9m; core revenue was €1,251.8m, up 6.6% organically.

• 9M gross profit increased to €697.9m and gross margin to 53.4%; reported EBIT rose to €212.3m.

• Net income was €115.1m versus €54.3m; underlying net income rose 16.3% to €138.0m.

• 9M free cash flow was €151.1m versus €172.8m, mainly reflecting higher income tax payments; Q3 was broadly stable at €79.3m.

Outlook and guidance

• FY 2026 guidance confirmed: organic core revenue growth of 6.0%–8.0% and underlying core EBITDA margin above 27.0%; current growth expectation is 6%–7%.

• Q4 seasonal uplift is expected to be more moderate as reimbursement delays and regional headwinds slow demand conversion; structural demand drivers remain intact.

• 2027 and midterm guidance will be updated with FY 2026 results in March 2027; 2029 ambitions are 7.0%–9.0% annual organic core revenue growth and 29.0%–30.0% underlying core EBITDA margin.