Ottobock (OBCK) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025 with double-digit revenue and profit growth, fully meeting or exceeding forecasts and financial guidance, outpacing the market and gaining share.

• Outperformed markets in all regions, driven by successful product launches, innovation, and strategic acquisitions.

Financial highlights

• Core revenue rose 11.7% year-over-year to €1.6 billion, with organic growth of 10.6%.

• Underlying core EBITDA increased 29.5% to €415.3 million, with margin up 3.6 percentage points to 26.0%.

• Free cash flow grew 23.7% to €228.0 million, supported by higher profitability and improved receivables collection, despite IPO-related one-off costs.

• Net debt reduced to €960.7 million, with leverage ratio improved from 3.5x to 2.3x EBITDA.

Outlook and guidance

• 2026 organic core revenue growth projected at 5.0–8.0%, with underlying core EBITDA margin expected above 26.5%.

• Midterm guidance confirmed: 7.0–9.0% average annual sales growth and 29.0–30.0% EBITDA margin by 2029.

• Guidance is conservative, reflecting strong prior year and innovation launches weighted to H2 2026.

• FX impact for 2026 expected to be minimal due to hedging; EUR/USD assumed at 1.18.