Getinge AB (publ)

Q2 organic net sales increased 4.6% year over year, and organic order intake rose 6.2%. Adjusted EBITA was SEK 1.478 billion, with an adjusted EBITA margin of 17.6%; management said adjusted gross and EBITA margins were up, helped by a tariff refund and continued underlying performance. Free cash flow was SEK 1 billion, cash was about SEK 2.1 billion, and net debt was SEK 11.5 billion, or SEK 9 billion excluding pension liabilities. For 2026, Getinge reiterated organic net sales growth guidance of 3%-5%, adjusted for the phase-out of Surgical Perfusion, which is expected to fall from about SEK 250 million to around SEK 50 million in 2026.

Mattias Perjos said the quarter was broadly in line with plan, with a continued shift toward recurring revenue and high-margin products, supported by solid quality improvements. He highlighted new product launches, a digital OR innovation center, the Pennamed acquisition, and progress on Cardiosave and Cardiohelp II regulatory work. His tone was constructive but measured: he emphasized resilience in demand, tighter quality execution, and ongoing navigation of tariffs, FX, and geopolitical uncertainty.

Agneta Palmér said adjusted EBITA benefited from OpEx currency effects of about +1.1 percentage points and FX of -0.4 percentage points, resulting in SEK 1.478 billion of adjusted EBITA and a 17.6% margin. She said free cash flow was SEK 1 billion, helped by improved operating profit and working-capital changes. Net debt rose to SEK 11.5 billion after the final Paragonix earn-out, Pennamed acquisition, and dividend, but leverage remained 1.7x adjusted EBITA, well below the 2.5x internal threshold, and cash was about SEK 2.1 billion.

Analysts focused on the sources of order growth in EMEA and Life Science, the impact of ventilator tenders, and whether Cardiosave/Cardiohelp II shipments were already showing up in orders; management said there were some sales in those categories and some Poland impact, but it was early days for both products. Questions on ACT margins and tariff refunds drew the response that the majority of the refund related to ACT, while underlying margin improvement was driven by mix, pricing, and productivity. Management also said Cardiohelp II’s prior limited-market issue has been resolved, they are back in the final phase, and a full market release should follow in the coming months.