Ottobock (OBCK) Q4 2025 earnings summary

Executive summary

• Achieved record results for FY 2025 with double-digit revenue and profit growth, fully meeting or exceeding forecasts and financial guidance, driven by strong performance across all regions and business segments.

• Outperformed markets in all regions, supported by successful product launches, innovation, and strategic acquisitions.

Financial highlights

• Revenue reached €1.6 billion, up 11.7% year-over-year, with organic growth at 10.6%.

• Underlying core EBITDA increased 29.5% to €415.3 million, with margin up 3.6 percentage points to 26.0%.

• Free cash flow rose 23.7% to €228.0 million, despite €30 million in IPO-related one-off costs.

• Net debt reduced to €960.7 million, with leverage ratio declining to 2.3x from 3.5x.

Outlook and guidance

• 2026 organic core revenue growth projected at 5.0–8.0%, with underlying core EBITDA margin expected above 26.5%.

• Midterm guidance reaffirmed: average annual sales growth of 7.0–9.0% and EBITDA margin of 29.0–30.0% by 2029.

• Guidance for 2026 is conservative, reflecting strong prior-year performance and timing of innovation launches.

• FX impact for 2026 expected to be minimal due to hedging, with a €3 million negative effect on EBITDA at a 1.18 USD/EUR rate.

• Leverage targeted below 2.0x; net capex and capitalized R&D expected at €105–115 million, with ~25% cash-effective tax rate.