Stille (STIL) Investor presentation summary

Business overview and strategy

• Specializes in premium surgical instruments and advanced surgical tables, focusing on cardiovascular, plastic, neuro, spine, and microsurgical disciplines.

• Operates globally with subsidiaries in the US, Germany, Switzerland, UK, Malaysia, and UAE, and maintains strong partnerships with leading healthcare companies.

• Pursues growth through product leadership, market expansion, operational excellence, and strategic acquisitions.

• Offers over 1,000 unique hand-crafted instruments and maintains premium pricing in niche clinical segments.

• Trusted by generations of surgeons, with a legacy of over 180 years of expertise and innovation.

Market position and opportunities

• Well positioned to capitalize on market consolidation in the fragmented surgical instrument sector.

• Focuses on high-growth, high-margin clinical segments, with opportunities to shift from distributor to direct sales.

• Leads in surgical tables through in-house development and partnerships with C-arm manufacturers, targeting mobile and hybrid operating room trends.

• Global market for surgical instruments and tables is growing, driven by increased surgical procedures, minimally invasive and robotic surgeries, and demand for sustainability.

• Expanding into outpatient and office-based facilities, leveraging versatile and mobile product offerings.

Financial performance

• Achieved organic sales growth of 11.5% and an adjusted EBITDA margin of 25.0% in FY 2024.

• Gross margin reached 51.9%, the highest in six years, with strong long-term profitable growth in both business units.

• Net debt/EBITDA ratio stands at -0.6, indicating a strong balance sheet and capacity for further acquisitions.

• Q2 2025 saw net sales of MSEK 124.7, a decrease due to supply-chain constraints and currency headwinds, but gross margin improved to 52.1%.

• Acquisition of Surgical Holdings completed in August 2025, strengthening the platform for future growth.