Stille (STIL) Q1 2026 earnings summary

Executive summary

• Revenue reached SEK 179 million (MSEK 179.1) in Q1 2026, up 39% year-over-year, with organic growth of 19% and strong contributions from the Surgical Holdings acquisition.

• EBIT margin improved to 16.7%, up from 13.8% in Q1 2025, reflecting operational progress and margin expansion.

• Both Surgical Instruments and Surgical Tables segments delivered robust growth, supported by strong demand, improved execution, and successful integration of Surgical Holdings.

• Operational improvements led to better delivery performance and strengthened group capabilities, including new CFO and COO appointments.

Financial highlights

• Net sales reached SEK 179 million (MSEK 179.1), up 39% year-over-year; organic growth at 19%.

• In constant currencies, total growth was 47% and organic growth 27%.

• Gross margin declined to 49.1% from 51.1% year-over-year, mainly due to FX and acquisition effects.

• EBITDA increased by 53% and EBIT by 68%, with EBIT margin up 2.9 percentage points.

• Cash flow from operating activities was SEK 28 million (MSEK 27.9), up from SEK 14 million in Q1 2025.

Outlook and guidance

• Continued focus on operational improvements and execution to drive organic growth in both business areas.

• Backorder levels for surgical instruments remain elevated but are expected to normalize gradually through 2026.

• Direct sales model in the U.K. is performing well, with potential to expand to other markets.

• M&A remains a strategic priority, with readiness for selective acquisitions and strong cash position.