Getinge (GETI) Q4 2025 earnings summary

Executive summary

• Achieved record high organic sales in Q4 2025, with 1.2% organic net sales growth and 2.3% organic order intake growth, and full-year organic sales growth of 4.9%, driven by strong demand in ECLS therapy, Acute Care Therapies, Transplant Care, and ventilators.

• Margins were heavily impacted by currency and tariffs, but full-year adjusted EBITA margin held steady at 14.0% despite over SEK 1 billion in headwinds.

• Recurring revenue now constitutes about two-thirds of total sales, with a growing share from high-margin products and consumables.

• Several important product launches and regulatory milestones, including Automatiq, Aquadis 44, new washer-disinfectors, and CE/PMA certifications.

• Strong financial position maintained, with leverage well below internal thresholds and solid free cash flow.

Financial highlights

• Q4 2025 net sales reached SEK 10,186M, with organic growth in all business areas except Life Science; full-year organic net sales up 4.9%.

• Adjusted gross profit for Q4 was SEK 5,037M; adjusted EBITDA was SEK 1,809M (margin 17.8%); full-year adjusted EBITA at SEK 4,880M (margin 14.0%).

• Free cash flow in Q4 was SEK 1.2B–1.7B; full-year free cash flow at SEK 2,652M.

• Board proposed a dividend of SEK 4.75 per share.

• Paragonix business exceeded $100M in sales, slightly dilutive to group and ACT margins.

Outlook and guidance

• Organic net sales growth for 2026 is guided at 3%-5%, adjusted for the phase-out of Surgical Perfusion.

• Margin expansion remains an ambition, with mitigation efforts focused on pricing, productivity, and cost control.

• Tariffs and FX headwinds expected to persist in 2026, with tariffs projected at around SEK 500M.

• Midterm guidance for adjusted EBITDA margin of 16%-19% by 2028 is reiterated.

• Quality costs are expected to decline from the second half of 2026, supporting margin expansion.