Getinge AB (publ)

Q2 organic net sales increased 4.6%, while organic order intake increased 6.2%. Adjusted EBITA was SEK 1.478 billion and the adjusted EBITA margin was 17.6%; management said margins were up due to a tariff refund and continued underlying performance. Adjusted for currency, OpEx added about +1.1 percentage points to margin, while FX reduced margin by -0.4 points. Free cash flow was SEK 1 billion. Net debt was SEK 11.5 billion, or SEK 9 billion adjusted for pension liabilities, and leverage was 1.7x adjusted EBITA (1.3x adjusted for pensions). The company received an IEEPA refund of approximately $36 million in the quarter. For 2026, Getinge reiterated organic net sales growth guidance of 3%-5%, adjusted for the phase-out of Surgical Perfusion, which is expected to decline from about SEK 250 million to around SEK 50 million.

Mattias Perjos framed the quarter as a healthy step forward, emphasizing solid top-line growth, better quality execution, and progress toward a higher mix of recurring and high-margin revenue. He said the company is “closing in” on its 16%-19% adjusted EBITA margin target for end-2028, supported by cost releases from Cardiosave and Cardiohelp II remediation, productivity, and product launches. His tone was constructive but measured, with repeated references to geopolitical uncertainty, tariffs, and the need to keep improving Acute Care Therapies.

Agneta Palmér said adjusted EBITA was SEK 1.478 billion with a 17.6% margin, helped by the tariff refund, while OpEx contributed +1.1 percentage points and FX hurt by -0.4 points. She highlighted strong cash generation, with free cash flow of SEK 1 billion, and said cash ended at about SEK 2.1 billion. Net debt rose to SEK 11.5 billion due to the final Paragonix earn-out, the Pennamed acquisition, and the dividend, but leverage remained comfortable at 1.7x adjusted EBITA, or 1.3x adjusted for pensions.

Analysts focused on the strength and composition of order intake, especially in EMEA and Life Science, and management said some of the strength came from ventilators, Cardiohelp II, Cardiosave shipments, sterile transfer, and improved bioprocessing, while declining WIS remained a drag. On margins, management said the tariff refund mainly benefited ACT, but underlying margin performance was also strong due to mix, pricing, and productivity. Questions also centered on Cardiohelp II, where management said the prior issue has been resolved and the product is back in the final phase before a full market release, and on IABP capacity, where they said they remain supply constrained and are still ramping up.